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An Expression of Interest (EOI) is a document or letter submitted by a potential buyer expressing their interest in a particular property. It is the first step before entering a negotiation process or signing a formal agreement.
India is currently making impactful developments towards infrastructure, spurred by the government's dedication to align with the country's expanding economy. Mumbai, the financial capital, is one of the focal points of this surge, undergoing significant projects like the Mumbai Trans Harbour Link, Dombivli-Mankoli Bridge, Navi Mumbai International Airport and the Coastal Road. These endeavours not only aim to enhance connectivity and reduce travel times but also have a profound impact on Mumbai's real estate market, solidifying its position as a premier residential and commercial destination in India.
<p>• A residential flat spanning 1847 square feet sold in Oberoi Sky City in Borivali East on the 48th floor for INR 6.14 Crores<br /><br /> • A residential flat spanning 668 square feet sold in Drushti Sapphire in Ghatkopar East on the 3rd floor for INR 1.55 Crores<br /><br /> </p>
DLF, a leading real estate developer, is set to launch a luxury residential project in Gurugram's Sector 76, projecting revenues between Rs 8,000 crore and Rs 10,000 crore. The formal launch is anticipated in January 2024, marking DLF's significant venture into the Southern Peripheral Road (SPR) area. The project, part of the integrated 'Privana' township spanning 120 acres, is expected to offer 1,100 premium residences in the price range of Rs 17,000 to Rs 18,000 per square foot, following the success of DLF's earlier project, 'The Arbour.'
State-owned NBCC has announced the completion of the sale of 5,000 residential units valued at Rs 2,900 crore across various projects of the Amrapali Group, as part of the Supreme Court-directed initiative through Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE). This significant milestone represents over 80 percent of the available inventory, providing relief to buyers who have awaited possession for years. NBCC, committed to completing Amrapali projects, aims to finish all remaining projects by March 2025, as it actively addresses challenges and contributes to the resolution of the long-standing issue of stalled residential developments.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has achieved a significant milestone by securing over Rs 140 crore in compensation this year from developers failing to deliver apartments, marking one of the country's highest regulator successes. Issuing 1,123 warrants, MahaRERA aims to recover Rs 764 crore, freezing accounts and attaching assets as warnings. Of 459 projects, recovery occurred in 110. This success stands out amid national challenges in enforcing orders.
Delhi Lieutenant Governor VK Saxena has instructed officials to develop a time-bound plan for the regularisation of unauthorised colonies, stressing the need for a simplified process. The directive follows the recent passage of the National Capital Territory of Delhi Laws (Special Provisions) 2023. Saxena urged prompt implementation of PM-UDAY, PMAY, and the DDA's Land Pooling Policy, emphasising an expedited approach to address long-standing issues related to unauthorised colonies and slum rehabilitation.
The Punjab Agricultural University (PAU) police have filed charges against two farmers from Malakpur village for allegedly defrauding a city-based realtor of Rs 13 crore in a land deal near South City. The accused, Boota Singh and Jugraj Singh, reportedly accepted the money from the realtor but refused to transfer the land ownership after property rates surged due to the construction of a bypass. The FIR, registered under multiple sections of the IPC, highlights the complexities of real estate transactions and the need for thorough legal scrutiny to prevent fraudulent activities.
In 2023, India's major cities experienced an unprecedented surge in office leasing, reaching a record 62.3 million square feet, a 12% increase from the previous year, according to a report by Savills India. Bengaluru, Delhi-NCR, and Mumbai led, contributing to nearly 60% of gross leasing. Mumbai saw a remarkable 51% increase, totalling 10.1 million square feet, fuelled by tech and consulting occupiers. Bengaluru, despite a 10% YoY decline, dominated with 15.6 million square feet. Delhi-NCR maintained 11.3 million square feet, while Hyderabad and Chennai recorded 34% and 32% increases, respectively. Pune reported 7.1 million square feet, an 11% rise. New supply reached 53.3 million square feet, with Bengaluru and Hyderabad contributing 61%. The resilient and adaptable office market signals a promising future for India's commercial real estate.
Sachin Tendulkar's sports management company, SRT Sports Management, led by the cricket legend and his wife Anjali, has leased two apartments on Mount Mary Road in Mumbai's Bandra suburb. The lease, registered on December 7, involves monthly rentals of Rs 10.83 lakh for both 3,358 sq ft apartments located on the fifth floor of Raheja Bay. The exact lease tenure remains undisclosed. The company secured the deal directly from the developer Ferani Developers. SRT Sports Management is involved in managing the iconic cricketer's social and commercial engagements.
The Municipal Commissioner of Thane, Abhijit Bangar, has issued a "zero tolerance" directive against unauthorized construction in the city. Following the suspension of a senior official accused of protecting illegal structures, Bangar emphasized strict measures and consequences for those associated with such activities. Officials were instructed to comply with the Chief Minister's directive to demolish illegal structures, with a focus on cutting water connections to these constructions. Disciplinary actions were warned for officials involved in permitting illegal constructions, particularly those with water connections.
Prada has invested $425 million in acquiring its Fifth Avenue flagship property in New York, highlighting the brand's strategic focus on prime locations. The five-storey boutique, leased since 1997, witnessed a cash transaction, reflecting Prada's financial prowess. The move aims to secure long-term value in a prestigious locale, while the broader Americas region faces a 1.3% decline in retail sales. Prada's strategic investment aligns with its commitment to global expansion and adapting to evolving luxury retail dynamics.
Godrej Properties Ltd achieves a remarkable milestone with the sale of over 600 apartments in its upscale Gurugram project, Godrej Aristocrat, raking in an impressive Rs 2,600 crore. This exceeds the previous record set by Godrej Tropical Isle in Noida, showcasing the company's most successful launch to date. Managing Director Gaurav Pandey highlights Gurugram's strategic importance, revealing plans for four new projects in 2024. The company reports a 48% increase in sales bookings, reaching Rs 7,288 crore in April-September 2023-24, with Delhi-NCR contributing significantly. Executive Chairperson Pirojsha Godrej expresses confidence in achieving a Rs 14,000 crore sales target this fiscal year, signalling robust growth and expansion.
Maharashtra's real estate regulatory authority, MAHARERA, has effectively resolved 15,423 consumer complaints in the seven years since the enactment of the Real Estate (Regulation and Development) Act, according to a report from the Ministry of Housing and Urban Affairs (MoHUA). The state ranks among the top three, alongside UP and Haryana, in addressing homebuyers' grievances. The report also reveals that 32 states and UTs have functional real estate regulatory authorities. Maharashtra leads in project registrations under RERA, accounting for 36% nationally.
ICICI Securities, the financial services arm of ICICI Bank, secures over 188,000 square feet of office space in Mindspace Juinagar, Navi Mumbai, through a 12-year lease. The deal with Newfound Properties & Leasing entails monthly rentals of Rs 92.15 lakh, escalating 4% annually. Commencing on January 1, 2024, the lease includes exclusive access to 190 parking slots. The BFSI sector's rising office space demand, outpacing IT, is evident in this notable transaction, showcasing sustained growth in India's 2023 office sector. Despite global challenges, the year stands to surpass the 2017–2019 average in office leasing activity in India.
In the current fiscal year, global investors have exercised caution in the Indian real estate sector, with PE inflow registering a significant decline of 44% at USD 3 billion, compared to the previous year's USD 5.36 billion, according to Knight Frank's report. This trend, persisting since 2021, reflects near-record low deal volumes with only 23 transactions in 2023. Geopolitical uncertainties and a high-interest rate environment have restrained investments, notably from the US and Canada. However, Singapore has emerged as a key contributor, representing over 50% of total inflow. Office assets lead PE investments at 58%, followed by warehousing at 23%, and residential properties at 19%. Mumbai attracts the highest investments, signalling potential positive shifts with rising interest from Asian private equity players as global challenges ease.
The Bruhat Bengaluru Mahanagara Palike (BBMP) is undertaking a comprehensive initiative to revamp property tax collection in Bengaluru. Of the city's estimated 4 million properties, only 2.02 million pay taxes, with over 1.5 million lacking 'A' or 'B' khata documentation. BBMP is launching a program to integrate these unregistered properties into the system, enhancing revenue collection. The goal is to collect Rs 4,790 crore in property tax for FY 2023-24, surpassing the previous year's Rs 3,155 crore.
Skechers, the American footwear giant recently inaugurated a massive 600,000 square feet national distribution centre in Mumbai, India, at the Lodha Industrial and Logistics Park in Kalyan. Part of a broader project, this facility is designed to optimize supply chain operations, capable of dispatching 60,000 units daily. The warehouse boasts Free Movement (FM1) super flat flooring, a first in western India, enhancing shipment movement. Meeting IGBC Platinum pre-certification, it aligns with sustainability standards. Skechers executives noted India's status as one of their fastest-growing markets, expressing plans to localize production. The move reinforces Skechers' commitment to growth and sustainability, setting industry benchmarks in India.
Uttar Pradesh is set to launch India's inaugural AI city in Lucknow, spread across 40-acres in the Nadarganj Industrial Area. An Expression of Interest has been extended to real estate developers, promising financial incentives like Capex support and stamp duty exemption. The AI city aims to integrate advanced technology, research centres, and educational institutions, fostering an ecosystem conducive to AI and MedTech. The plan envisions plug-and-play infrastructure, premium Grade- A office spaces, a mix of housing options, and AI-driven internal transport, aligning with a walk-to-work model and dedicated spaces for academic collaboration.
The Chennai Metropolitan Development Authority (CMDA) is undertaking a significant five-fold expansion, encompassing areas like Gummidipoondi and Kancheepuram. The CMDA aims to develop self-sustaining neighbourhoods, floating tenders for a comprehensive 'Sustainable Economic Growth Strategic Plan in Chennai Metropolitan Area.' The 24-week study will identify locations for industries, recreational spaces, and transit corridors, with a focus on decongesting the core city. Satellite towns are in the pipeline, addressing concerns like relocating the automobile hub in Pudupet. Experts stress eco-friendly urbanization, flood-resilient structures, and efficient spatial planning for balanced growth, acknowledging the potential for increased job opportunities.
In 2023, several high-profile Hollywood celebrities made notable adjustments to their real estate portfolios. Helen Mirren and Taylor Hackford listed their long-held Los Angeles residence for just under $17 million, while Mark Wahlberg sold his 30,000-square-foot estate in North Beverly Park for $55 million. James Corden listed his Los Angeles mansion for $22 million, and Britney Spears swiftly sold her Calabasas home for $10.1 million. Oprah Winfrey doubled her investment, selling her Montecito mansion for $14.23 million. Brad Pitt offloaded his Los Feliz compound for $33 million, and Drake listed his Tuscan-style estate for $88 million. Sylvester Stallone sold his Hidden Hills equestrian abode for $17.2 million, Terry Bradshaw sold his 800-acre Oklahoma ranch, and Rod Stewart increased the asking price of his Los Angeles mega mansion to $80 million.
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Leasehold refers to the legal right given to an individual or entity, by the owner, to live in or use a building or piece of land for an agreed period of time. In India, leasehold land most commonly have tenures ranging between 30 to 99 years.
The real estate sector in India has witnessed unprecedented growth in land deals during 2023, with a focus on diverse developments across the country. According to ANAROCK Research, the surge in residential real estate and warehousing demand has led to a 50% annual increase in land transactions, exceeding 2,300 acres. Key highlights include record-breaking deals by the Wadia Group and Godrej Properties, the largest land deal in Mumbai, and Foxconn's acquisition of 300 acres in Bengaluru. The Mumbai Metropolitan Region dominates with 30% of total transactions, followed by the National Capital Region.
<p>• A residential flat spanning 973 square feet sold in Piramal Mahalaxmi in Mahalaxmi for INR 5.48 Crores<br /><br /> • A residential flat spanning 691 square feet sold in Santoor CHS in Goregaon East for INR 1.10 Crores<br /><br /> </p>
FSI, also referred to as FAR (Floor Area Ratio), is a ratio of the total built-up area to the total area of the plot. It measures the total built-up area that can be constructed on a parcel of land.
MahaRERA has taken a slew of ground breaking decisions in 2023 promising long-term benefits for the real estate sector, fostering transparency and accountability. Standardized agreements, a grievance redressal cell, and certified real estate agents empower homebuyers by ensuring fairness. MahaRERA also reigns in developers with initiatives like a micro-control room for compliance and mandatory DIN information, stringent project verification for registration and a focus on quality construction, initiated through a consultation paper. Most of the decisions emphasize a proactive approach to dispute prevention and customer protection in the construction sector. These have been deemed so impactful that RERA’s across India are starting to emulate them.
<p>• A residential flat spanning 849 square feet sold in New West Wind in Dadar West for INR 1.2 Crores<br /><br /> • A residential flat spanning 1464 square feet sold in Dosti Mezzo 22 in Sion for INR 5.76 Crores<br /><br /> </p>
Curated Living Solutions, under the Divyasree Group, launches its first Green Field project in Visakhapatnam, providing 500 beds catering to Andhra Pradesh Medtech Zone (AMTZ) employees and students. This venture, the sole housing on AMTZ grounds, marks a novel collaboration boosting industrial housing. With plans to expand to 50,000 beds in five years and a robust portfolio, the company eyes significant growth in alternative housing. Their pioneering initiatives signal a promising trajectory, drawing parallels to commercial real estate for investment potential and service standards.
Over a year after the Slum Rehabilitation Authority (SRA) suspended projects in Mumbai's koliwadas pending demarcation, a recent order rejecting slum enclave status for Worli koliwada highlights ongoing challenges. The SRA insists no projects will proceed in koliwadas until specific development rules are established or the state revenue department demarcates boundaries. This decision underscores the complexity of balancing urban development with preserving cultural identities in Mumbai's fishing villages.
The Securities and Exchange Board of India (SEBI) plans to auction 13 properties, including those of Sunheaven Agro India and RaviKiran Realty India, on January 22, 2024, to recover funds allegedly collected illegally from investors. The auction, featuring land parcels in West Bengal and Jharkhand, aims to address non-compliance with public issue norms by these companies. SEBI's initiative underscores its commitment to enforcing regulatory compliance and protecting investor interests in the capital markets.
Toro Investment Managers aims to raise Rs 1,600 crore real estate alternative investment fund (AIF) in Gujarat International Finance Technology City (GIFT City). As the first real estate AIF in GIFT City, its exclusivity in investing within the offshore hub underscores its strategic significance. With a seven-year dollar-denominated fund tenure, inclusive of two occasions of two-year extensions, the fundraising targets diverse investors. The fund is set for success with IFSCA approval and favourable regulations, notably due to a July clarification exempting non-resident investors from taxes on offshore AIF investments in IFSCs.
Sidvin Core-Tech India has secured a 10-year lease for 54,300 sq. ft. at Brigade Deccan Heights, Yeshwanthpur, Bengaluru. The environmentally conscious and technologically advanced commercial space, spanning 2.2 acres with 4.3 lakh sq. ft. of development area, reflects Brigade Enterprises' forward-thinking approach to ecological design. The move allows Sidvin Core-Tech India to boost engineering capabilities and fortify its Bengaluru presence. VP of Operations KN. Karumbaiah anticipates the exciting growth and innovation this spacious, strategically located office affords the company.
The Pune Municipal Corporation (PMC) is unlikely to increase property taxes in the upcoming fiscal year, citing it as a policy decision. With property tax being the PMC's primary revenue source at Rs 2,000 crore annually, this decision provides relief to owners of 11.3 lakh properties. The move is welcomed by activists, who emphasize the need to focus on recovering dues from significant defaulters. The decision's rationale is speculated to be influenced by upcoming elections and the absence of an elected body to ratify decisions. Despite facing a recovery target of Rs8,000 crore, the PMC aims to boost revenue by taxing Metro properties, expecting Rs20 crore annually.
The National Company Law Appellate Tribunal (NCLAT) has ruled in favour of Appu Hotels' existing promoters, restoring the Board of Directors' powers suspended during a takeover bid by MGM Healthcare's Managing Director M K Rajagopalan. Acceptance of the settlement proposal by Appu Hotels' promoter, Palani G Periasamy, led to the withdrawal of the resolution process, reinstating AHL's original board and control over assets. The decision allows the full-scale operation of Hotel Le Royal Meridien in Chennai, marking a significant step forward. The tribunal's approval of the Rs. 595 crore settlement sets a rare precedent for complete debt resolution, offering hope for industries navigating financial distress under the Insolvency and Bankruptcy Code.
HouseEazy, a proptech specializing in home resale, secured a significant $1 million seed funding from investors including Antler, India Accelerator, and industry leaders like Pirojsha Godrej and Sandeep Aggarwal. The funds will fuel HouseEazy's mission to bring trust, transparency, and efficiency to secondary real estate transactions through a data-driven technological platform. The surge in proptech funding, totaling $4 billion since 2009, reflects the industry's accelerated integration of technology. Notable proptech ventures securing funding include NoBroker.com, Reloy, Property Pistol, Landeed, and newcomers Crib and Settl., highlighting the sector's dynamic growth and transformative potential.
Nagpur's MIHAN-SEZ has requested DLF and other companies, to return over 140 acres allotted in 2007 for an IT Park, citing the company's failure to initiate construction over 15 years. DLF was expected to develop IT towers, generating employment for 1 lakh people, but no progress has been made. Notices have been issued, urging DLF to submit a development plan. MIHAN, spanning 4,300 hectares, aimed for an IT boom, but competition from other cities hindered progress. SEZ authorities reveal 20% occupancy, 68% vacant land, and inactive units. MADC leased land to major IT companies, emphasizing the need for strategic development in Nagpur.
British landlords LondonMetric Property and LXI, a London-based real estate investment trust, are contemplating a merger that could create a £3.9 billion ($4.94 billion) firm. The potential union aims to establish the UK's fourth-largest listed landlord, focusing on consistent income-driven returns. LondonMetric, with logistics platforms and grocery-related ventures, complements LXI's diverse investments, spanning healthcare, budget hotels, theme parks, and more. The combined portfolio, valued at £6.4 billion, emphasizes logistics, healthcare, convenience, entertainment, and leisure.
Bollywood celebrities, known for their influence in fashion and film, mde substantial real estate acquisitions in 2023, showcasing a blend of luxury and financial acumen. Kartik Aaryan purchased a Mumbai apartment for Rs. 17.50 crore in Juhu. Sonakshi Sinha secured a Bandra apartment for Rs 11 crore, and Preity Zinta acquired a Pali Hill residence for Rs 17.01 crore. Samantha Ruth Prabhu invested in a sea-facing Mumbai apartment worth Rs 15 crore, and Ananya Panday celebrated her first home purchase, designed by Gauri Khan. Film producer Dinesh Vijan acquires a duplex in Pali Hill for an impressive Rs 103 crore. These acquisitions signify Bollywood's foray into upscale living and real estate prominence in 2023.
MakeMyTrip's CEO, Rajesh Magow, and Genpact's CHRO, Piyush Mehta, recently acquired luxurious apartments at The Magnolias by DLF in Gurugram, each valued at around Rs 33 crore. These 6,500 sq ft residences have seen an incredible price increase since October 2022. The Golf Links projects, including the Aralias, the Magnolias and the Camellias, have become prominent addresses in the National Capital Region (NCR). The surge in luxury real estate prices reflects a growing trend, with DLF's Golf Links residences commanding top rentals and drawing comparisons to Delhi's prestigious Lutyens zone. Property transactions in the region have experienced heightened demand, contributing to a notable surge in the luxury real estate market.
<p>• A residential flat spanning 410 square feet sold in Ruparel Millennia in Lower Parel on the 39th floor for INR 1.24 Crores<br /><br /> • A residential flat spanning 492 square feet sold in Mahalaxmi Prasad in Borivali West on the 4th floor for INR 83 Lakhs<br /><br /> </p>
Raymond Realty unveiled a grand 51,000-square-foot clubhouse in Thane's Ten X Habitat, marking a major milestone in its prime real estate venture. Featuring facilities like squash and badminton courts, a movie theatre, gym, and a serene pool. It also houses a communal catering kitchen for large gatherings. Gautam Hari Singhania, Chairman of Raymond Ltd, expressed pride, highlighting the commitment to creating vibrant communities. This clubhouse, accessible to all residents, sets a new standard in communal living, offering a space for connection, recreation, and a holistic living experience. Ten X Habitat project had already made headlines for completing three of its ten towers in December 2022, 4 years of its RERA schedule.
DLF Limited, a leading real estate developer, has revealed plans to launch a commercial plotted development project, "Central 67," in Gurugram, and a low-rise residential township, "The Valley Orchard," in Panchkula, Haryana, with a combined revenue projection of over Rs 1,400 crore. "Central 67" encompasses commercial plots across 8.6 acres in Gurugram, strategically located near the Sohna Elevated Road, while "The Valley Orchard" is a 15.83-acre low-rise township offering 3BHK-plus-study and 3BHK residences with scenic views of the Shivaliks mountain range. The projects form part of DLF's ambitious growth strategy, aiming to achieve Rs 13,000 crore in sale bookings during the fiscal year, backed by a strong financial performance in Q2 2023.
The Bihar Revenue and Land Reforms Department recently launched the e-mapi portal, streamlining land measurements for transparency. Landowners can apply online, eliminating the need for physical visits to offices. The entire process can now be completed within a 30-day completion timeline. The fees for Amin are set at Rs 500 for rural and Rs 1,000 for urban plots. A 'Tatkal' service expedites measurements for individuals living outside the State. Landless individuals receive the services free of cost.
hBits, a fractional ownership platform for commercial real estate, anticipates substantial investments of Rs 1500-2000 Crore from High Net Worth Individuals (HNIs) and investors in Gujarat over the next 3 to 4 years. With Gujarat contributing almost 20 percent of hBits' investor base, the platform aims to leverage the state's versatile investors. hBits provides innovative opportunities for fractional ownership in Grade-A commercial assets across India, diversifying portfolios for Gujarat's HNIs. Founder and CEO Shiv Parekh actively targets Gujarat's HNI population to enhance and scale up their investment value amid positive sector sentiments. hBits strategically broadens its portfolio in cities like Ahmedabad, Surat, and Rajkot, reinforcing its commitment to expanding in lucrative markets and capitalizing on the positive sentiments in commercial real estate.
The Yamuna Expressway Industrial Development Authority (YEIDA) is conducting an e-auction for institutional plots near Jewar Airport in Greater Noida. The plots in Sectors 18, 20, and 22E are ideal for nursing homes, hospitals, corporate offices, and senior secondary schools. Interested parties can apply for plot acquisition until January 1, 2024, and the e-auction, involving 11 plots ranging from 1000 to 10900 square meters, will conclude by February 29, 2024. Plots will be allotted on a 90-year leasehold basis, with reserve prices ranging from Rs 4.75 crore to Rs 25.95 crore. The initiative aims to boost development and connectivity in the region, emphasizing YEIDA's commitment to Greater Noida's growth.
The Nashik Municipal Corporation (NMC) is intensifying efforts to recover property taxes, targeting defaulters with warrants to seize properties from January. Despite issuing notices to over 2 lakh defaulters in November, only Rs 30 crore has been collected out of Rs 150 crore dues. In addition to considering water connection disconnection for defaulters, NMC plans to identify untaxed properties even after receiving building completion certificates. The NMC chief has directed officials to engage with state and central government departments to ensure timely payment of property and water tax dues, emphasizing a comprehensive approach to boost revenue collection.
In Ludhiana, over 64,000 property owners are benefiting from the one-time settlement (OTS) scheme, clearing tax dues without penalties or interest by depositing property tax by December 31. The municipal corporation (MC) encourages residents to seize this opportunity, generating an impressive Rs 6.42 crore revenue since the scheme's September launch. The MC Chief has directed officials to expedite recovery, emphasizing the crucial role of funds in city development. Online payment options, a 10% rebate on water-sewer charges, and efficient tax collection underline the MC's commitment to civic progress. The successful OTS scheme implementation reflects proactive government policies promoting tax compliance and financial responsibility.
Welspun One, a major in industrial real estate, is set to invest Rs 700 crore in building a 1.2 million sq. ft. industrial and logistics hub within the Jawaharlal Nehru Port Authority (JNPA) Special Economic Zone (SEZ) near Mumbai. This strategic partnership with JNPA aims to create futuristic infrastructure leveraging their respective strengths. The project is financed through debt and equity. Welspun One is near JNPA Port, which handles 35% share of India's container cargo. The initiative reflects Welspun One's commitment to transforming India's trade landscape and socio-economic development, marking the second deployment from its Rs 2,000-crore Fund 2.
Union Minister Nitin Gadkari is set to inaugurate the second four-lane section of the Zuari bridge in Goa, along with laying the foundation stone for two major projects valued at Rs 911 crore. These include twin towers atop the new bridge and an elevated six-lane highway corridor at Porvorim. Chief Minister Pramod Sawant announced the opening of the 14km approach road and the new Zuari bridge section, costing Rs 2,500 crore, on Goa Liberation Day. Other initiatives include a revolving restaurant on the Zuari tower and a six-lane elevated corridor on NH-66. Sawant highlighted the state's commitment to environmental sustainability and outlined Goa's impressive economic growth. The government aims for zero carbon emissions by 2050 and encourages comprehensive development for continued progress.
This refers to the mechanical, electrical and plumbing services in the design and construction of the building. Builders enlist firms specialising in MEP services for the construction of their building.
Suraj Estates, a prominent Mumbai Metropolitan Region developer focused on premium areas in South-Central Mumbai like Prabhadevi and Parel, conducted a successful Initial Public Offering (IPO) of Rs. 400 crores. The IPO was oversubscribed by 15.65 times. The company, with an impressive portfolio of over 10 lakh square feet in residential and commercial developments, aims to use the proceeds to reduce debt, acquire land, and for general corporate purposes. Analysts cite the company's impressive portfolio of over 10 lakh square feet in residential and commercial developments and its consistent growth, with FY23 profits rising 20.98% YoY and revenue rising 12% to Rs 306 crore, as the reason behind the enthusiasm in the market.
<p>• A residential flat spanning 1371 square feet sold in X Bkc in Bandra East for INR 6.45 Crores<br /><br /> • A residential flat spanning 469 square feet sold in Swastik Divine in Mulund East on the 4th floor for INR 86.76 Lakhs<br /><br /> </p>
The Prestige Group is gearing up to enter the Pune real estate market in 2024, planning to launch 1 million square feet of residential units with an estimated revenue of Rs 750 crore to Rs 1,000 crore. The Bengaluru-based developer also aims to introduce 3 million square feet of property in Mumbai, projecting a top-line of Rs 15,000 crore for the next year. While currently focused on commercial projects in Pune, the Prestige Group aims to cater to IT and tech communities, mirroring its success in Bengaluru. In Mumbai, recent projects like Prestige Ocean Tower in Marine Lines and upcoming ventures underscore the company's strategic expansion plans, capitalizing on the city's lucrative real estate landscape.
As per MahaRERA data, out of 1,123 recovery warrant complaints filed with 13 district collectorates in Maharashtra over six years, only 204 have been executed. The recovery warrants issued against developers by the RERA are forwarded to district collectors for attachment of properties and recovery of dues. Only Rs 137.74 crore has been recovered out of Rs 736.66 crore. This indicates a gap between the issuance of recovery warrants and their actual implementation. Mumbai suburban leads in complaints, while Pune has the most projects facing complaints. MahaRERA has announced weekly meetings and an official has been appointed by MahaRERA specifically to expedite recovery proceedings. Homebuyers, awaiting recovery for years, find relief in MahaRERA's heightened intervention.
The Lucknow Development Authority (LDA) has revealed a comprehensive plan to address the concerns of families facing eviction from residences along the Kukrail riverbed. LDA Vice-Chairman Indramani Tripathi cited the area's designation as a floodplain since 1904 and 1920, emphasizing unauthorized construction issues. To mitigate displacement impact, LDA has offered discounted housing options, reduced registration fees, and assistance for shop relocation. Business owners can relocate to LDA-developed shops with a 15% upfront payment and a convenient 10-year payment plan. The initiative aims to balance addressing encroachment issues while minimizing the impact on affected residents.
The remarkable success of the Kanpur Development Authority (KDA) in an online auction of residential plots, showcases a 98% increase in income compared to the reserve prices set for 480 plots. The initiative, launched during the festive occasion of Diwali, aimed to reclaim land previously occupied by unauthorized individuals, marking a significant legal victory for the KDA. The overwhelming response from the public, with 4,645 applicants bidding for 405 plots, reflects a notable enthusiasm, with some bids exceeding the fixed reserve prices by up to five times.
Mira Bhayandar, a vibrant area in northern Mumbai, stands out for its diverse residential and commercial offerings, appealing to a broad demographic. With well-connected roads and railways, it provides easy access to Mumbai and neighbouring regions. In November, 41 apartments in 9 buildings changed hands, with 85% from developers and 15% resale. Kalpataru Srishti Namaah - Sector 2A led with 18 deals. The most expensive flat sold for Rs. 1.60 Crores. The locality's rate per square foot ranged from Rs. 1,300 to Rs. 19,300, with a weighted average of Rs. 15,000. Mira Bhayandar, with 70% of flats below Rs. 1 Crore, emerges as an affordable and thriving housing option.
Alder Residency, a Kalpataru Group subsidiary, has secured Rs 525 crore in debt facilities from global alternative investment firm PAG, facilitated by Asia Pragati Strategic Investment Fund. The funds, provided in two tranches as non-convertible debentures with an 18.75% internal rate of return, are earmarked to complete the construction of 10 residential towers in Mumbai suburbs under the Kalpataru Vivant project, estimated at Rs 750-800 crore. This financial injection underscores PAG's confidence in the Kalpataru Group's real estate ventures and aims to fortify the completion of the Kalpataru Vivant project.
WSB Real Estate Partners, an alternative asset manager, plans to invest Rs 1,200 Crore in the Indian warehousing sector over the next two years, covering nearly 4 million sq ft. Engaging developers in major cities, the company is eyeing projects in Mumbai, Delhi-NCR, Chennai, and Bengaluru. Collaborating with Panattoni, WSB has invested Rs 110 crore in its first 16-acre warehousing park in Delhi-NCR, targeting completion by March 2025. With 3-4 deals in the pipeline (Rs 500-700 crore), WSB aims to solidify its real estate presence. With total assets currently over Rs 2,200 crore, WSB sees promising prospects in warehousing and logistics, citing strong infrastructure and favourable government policies.
Real estate firm NILA Spaces is making a forward-looking move by investing $1 million in its innovative VisionX Program, aimed at supporting early-stage prop-tech start-ups in India. Managed by Awfficacy Capital, the 12-week rolling accelerator program provides financial backing and essential phases like business planning, strategy development, and market research. Participants receive personalized mentorship, access to the prop-tech network, and immersive sessions on business development. The program focuses on scalability and explores technological advancements in real estate. The initiative aims to shape the future of the prop-tech sector in India through comprehensive support and a focus on sustainability.
The Indian road transport ministry has proposed a National Highway Development Programme, aiming to build and widen approximately 41,000 km of national highways, including 15,000 km of high-speed corridors, by 2031-32. This ambitious plan requires an investment of Rs 19.5 lakh crore. The proposed master plan's first phase projects are set to be bid out by 2028-29, with completion slated for 2031-32. The initiative aims to almost double the average travel speed on national highways from 47 kmph to 85 kmph, enhancing logistics efficiency and reducing costs to 9-10% of GDP. Currently, logistics costs in India are around 18% of GDP.
Global online residential property search platform, Housearch, has introduced its inaugural "Housearch Investment Index," spotlighting top markets for 2024. Notably, Oman, Qatar, and the United Arab Emirates, especially Dubai, have secured leading positions, with impressive gross rental yields, ranging from 6% in Qatar to 10% in specific Dubai areas. The Index evaluates 50 countries considering factors like rental yields, stability ratings, property rights, and economic growth rates. This underscores the Gulf's pivotal role in the 2024 real estate landscape, offering stable and reliable investment havens in contrast to cooling markets in Europe and North America.
The registration fee is calculated at the rate of 1% of the agreement value of the property with a maximum cap of Rs. 30,000/-.
NBCC (India) has successfully sold approximately 2.23 lakh square feet of commercial space in New Delhi's World Trade Centre for Rs. 905.01 crore. This sale is part of a larger strategy to monetize unsold inventory. NBCC has presently sold 23.92 lakh square feet valued at Rs. 9,656.62 crore. The sale highlights NBCC's significant role in real estate, further enhanced by its recent MoU with SAIL Durgapur Steel Plant for infrastructure projects. This achievement not only demonstrates NBCC's market prowess but also boosts confidence in India's real estate sector.
<p>• A residential flat spanning 2970 square feet sold in Narain Terraces Apartment in Pali Hill for INR 19.5 Crores<br /><br /> • A residential flat spanning 1962 square feet sold in Rustomjee Crown in Prabhadevi on the 37th floor for INR 10.11 Crores</p>
The Enforcement Directorate (ED) has initiated a case against Tulsiani Builders' Chief Managing Director Anil Kumar Tulsiani and Director Mahesh Tulsiani under the Prevention of Money Laundering Act (PMLA) for allegedly securing a loan of Rs 4.63 crore with forged documents. The ED's action follows a complaint from Punjab National Bank, asserting that the directors failed to respond to requests for loan recovery. The investigation also reveals allegations of money laundering and deceptive practices, including collecting funds from homebuyers without the necessary land for construction, prompting the ED to issue summons to the firm's directors.
Efforts to improve slum areas in Pune and nearby regions are getting a boost with new rules allowing redevelopment within a larger 5 km radius, up from the previous 2 km limit. This change aims to make it easier to find suitable spaces. Despite this positive step, corruption is still a big problem, slowing down projects by the Slum Rehabilitation Authority (SRA). The SRA CEO, Nilesh Gatne, is hopeful about the new rules speeding up projects, but notices have been sent to 20 developers facing delays. While 61 projects have been completed, 46 are still in progress, and the rules now empower the SRA to enforce deadlines and penalties to ensure efficiency.
In a significant move, the Uttar Pradesh cabinet has given the green light to implement recommendations from the Amitabh Kant Committee report on real estate projects. The approved measures, aimed at providing relief to countless homebuyers in the state, include granting immediate registry and sub-lease deed rights to buyers. Additionally, developers will benefit from a 'zero period,' exempting them from penalties for COVID-19-related delays between April 1, 2020, and March 31, 2022. The decision, addressing legacy stalled housing projects, was announced by UP Cabinet Minister Suresh Kumar Khanna, who emphasized the focus on safeguarding buyers' interests.
GIFT City in Gujarat is experiencing a real estate boom, attracting local and international investors. Authorities are allocating additional land for 5,000 residential flats, with a massive 1.2 million square feet open for bidding. Despite a 30-35% rise in residential apartment prices, developers report successful pre-sales of around 80% of units, indicating a robust market. Investors are enticed by advanced infrastructure, streamlined processes, and government incentives. While optimism prevails, caution is advised due to challenges like limited social infrastructure and price disparities within and outside GIFT City, posing questions about the long-term returns on premium-priced properties.
Ahmedabad's civic bodies, AUDA, AMC, and SRFDCL, are set to auction 21 plots before the Vibrant Gujarat Global Summit 2024, with expectations of raising Rs 3,000 crore in revenue. The most expensive plot, owned by SRFDCL, is valued at Rs 3.68 lakh per sq m. The 21 plots include 8 plots by AMC, AUDA's 11 plots, and SRFDCL's 2 plots. Despite challenges in previous auctions, interest from real estate firms is prominent. The Vibrant Gujarat Global Summit, established in 2003, remains a prestigious forum for business networking and sustainable development, with the 2024 edition focusing on key themes and national priorities.
The Karnataka High Court, in response to M/s BM Habitat's petition, has ruled that property tax on a building is only applicable post-completion, emphasizing the importance of the occupancy certificate. Despite the corporation's insistence on an earlier start date, the court recognized delays in property inspection and certificate issuance. The directive mandates property tax collection from a date that aligns with the certificate's issuance, promoting fair tax application based on actual utilization rather than theoretical completion dates. This interpretation ensures a practical approach to property tax and safeguards against undue taxation during the construction phase.
The Mumbai Metropolitan Region Development Authority (MMRDA) has submitted a proposal to the state government, seeking permission to develop a sprawling 323.44 square kilometres of land in Raigad district. The proposed development, under the New Town Development Authority (NTDA), mirrors the successful model of Bandra Kurla Complex. The initiative aims to meet rising demand post the Mumbai Trans Harbour Link (MTHL) and Navi Mumbai International Airport, generating revenue amid diminishing land in BKC. The involvement of NTDA marks a strategic expansion, offering new opportunities and income for MMRDA's infrastructure projects.
Mayfair, London's prestigious district, is experiencing a surge in luxury real estate sales, with properties priced at £10 million and above doubling in the past year, reaching £313 million in 2023. The trend is attributed to affluent buyers from the U.S. and the Middle East, particularly high-net-worth individuals from Saudi Arabia and the UAE. A report by Beauchamp Estates reveals these discerning buyers contributed over £80 million towards Mayfair's residential real estate investments. Meanwhile, other global markets, like California and Manhattan, are witnessing luxury property markdowns and reduced sales momentum, showcasing Mayfair's resilience in the ultra-luxury sector.
Preferential location charge is a premium charged for superior features in a flat. These features can include but are not limited to sea views, park views, higher floors, corner flats, terrace access flats, etc. PLC charges can be calculated on a squarefoot basis or a slab rate.
The National Real Estate Development Council (NAREDCO) has submitted proposals to the finance ministry for the FY 2024-2025 budget, urging the release of the second tranche of the Special Window for Affordable and Mid-Income Housing (SWAMIH) fund with a suggested Rs 50,000 crore corpus. NAREDCO has reiterated its request for residential project developers to have the option of claiming input tax credit (ITC) with higher GST, emphasising improved accounting practices post the implementation of the RERA. The organisation's recommendations include addressing the tax burden related to notional income from unsold properties, exempting notional rental income tax, and making various amendments to foster growth in the real estate sector and support the government's vision of housing for all.
• A residential flat spanning 491 square feet sold in Crescent Nexus in Kalina on the 11th floor for INR 1.23 Crores<br /> • A residential flat spanning 400 square feet sold in My Divine Chsl in Chembur on the 12th floor for INR 89.36 Lakhs
Casagrand, a prominent South Indian real estate developer has introduced Casagrand Dior, an upscale residential community in Chennai's Kilpauk. Comprising 30 meticulously designed 3 and 4-bedroom apartments, the project offers a seamless blend of functionality and aesthetics, with prices starting from Rs.2.71 Crores. Casagrand Dior boasts contemporary architecture with features like a glass façade, grand entrance arch, and landscaped block entrances. Casagrand Dior caters to the growing demand for exclusive, well-located residences. The apartments prioritize spacious living, double balconies, and maximum ventilation. Apart from excellent connectivity and accessibility, the units are complemented by ultra-luxurious amenities, including a rooftop cabana, private barbecue station, and fitness frame.
Emaar India, a subsidiary of Emaar Properties, is set to invest Rs 900 crore in a luxury housing project in Gurugram as part of its expansion strategy. The 'Urban Oasis' project at Sector 62, Golf Course Extension Road, has already sold out its first phase, comprising 424 luxury homes, generating revenue of Rs 1,723 crore. The overwhelming response, with 10 times subscription and 4,259 expressions of interest, reflects robust demand for luxury homes in Gurugram and major cities. Emaar India, having completed legacy projects, aims to launch more residential developments in Delhi-NCR and other North Indian locations.
Maharashtra Deputy Chief Minister Devendra Fadnavis has mandated biennial inspections for high-rise structures across the state to bolster safety measures, particularly in densely populated regions like Mumbai, Pune, and Thane. The decision follows a tragic fire incident at a candle factory in Talwade, Pimpri-Chinchwad, prompting the government's commitment to public safety. Fadnavis emphasized compliance with safety regulations and revealed updated building codes necessitating refuge areas every two to three floors in high-rises. The move aims to prevent misuse and enhance emergency preparedness.
The Supreme Court has brought relief to investors in Mumbai's Palais Royale skyscraper, upholding the 2019 public auction sale by Indiabulls Housing under the Sarfaesi Act. Pune's Honest Shelters secured the property for Rs 705 crore, ending a decade-long saga of uncertainty initiated by Shree Ram Urban Infrastructure's default on Rs 900 crore loans. The Palais Royale Members' Association, representing buyers, faced a tumultuous journey. The Supreme Court clarified NCLT's inability to scrutinize Sarfaesi Act auctions, endorsing High Court and MahaRERA orders. Of the 164 apartments, 76 are booked, with the rest available. Honest Shelters aims for March 2024 handovers, addressing compliance concerns with over Rs 580 crore in additional expenses.
The Delhi Development Authority (DDA), traditionally focused on affordable housing, is venturing into luxury real estate, signalling a strategic shift to meet diverse housing demands in the city. Vice Chairman Subhasish Panda announced plans for a project featuring luxury apartments, including penthouses, offering three categories of flats. With a total of 2,093 flats available for bidding, prices range from Rs 2 crore for HIG apartments to Rs 5 crore for penthouses. The move, responsive to evolving housing needs, aligns with DDA's commitment to inclusive housing. This initiative sets a precedent for government-led luxury housing, diversifying DDA's portfolio while ensuring housing for all.
India's flexible office space market is projected to surge by 60% to over Rs 14,000 crore in the current fiscal year, driven by rising per-desk rents and portfolio expansion, reveals a report by Upflex India. The co-working market's estimated annual size, in terms of rental income, is set to reach Rs 14,227 crore, compared to Rs 8,903 crore in the previous year. The flexible workspace operators' total portfolio has expanded from 10.4 lakh to 12.66 lakh, with an increase in the average price per seat per month from Rs 9,200 to Rs 10,400 and occupancy rising to 90% from 75%.
The Bruhat Bengaluru Mahanagara Palike (BBMP) has commenced the sealing of properties belonging to individuals with overdue property tax payments in Bangalore. The measure, proposed in November, aims to recover Rs 300 crore from 8,000-10,000 defaulters. BBMP Special Commissioner Munish Moudgil revealed that 500-600 commercial properties have already been sealed, with a focus on those who ignored tax notices. The crackdown extends to residential units among the city's estimated 6 lakh defaulters, including those falsely claiming residential status for commercial purposes.
The municipal administration in Pune will reissue nearly two lakh property tax bills without a 40% discount as occupants failed to submit mandatory self-occupancy certificates. Ajit Deshmukh, head of the property tax department, stated the need for occupants to complete necessary procedures within the extended deadline. The process to finalize new bill amounts for properties deemed 'not self-occupied' is underway, with PMC expecting around Rs 50 crore in revenue. Some citizens advocate for a streamlined process to verify self-occupied properties. A citizen highlighted the reluctance of individuals due to stringent conditions, leaving over two lakh property owners outside the scheme benefits.
The National Highways Authority of India (NHAI) has achieved a significant milestone by successfully awarding Toll, Operate, and Transfer (TOT) bundles 13 and 14, covering a combined stretch of 273 km, for Rs 9,384 crores. This accomplishment brings the total TOT bundles awarded in the current fiscal year to an impressive Rs 15,968 crore, surpassing the fiscal monetization target of Rs 10,000 crores set for 2023-24. The Ministry of Road Transport and Highways highlights that the TOT model, fostering private participation in the highway sector, continues to play a pivotal role in advancing the nation's road network development.
California's once-overvalued housing market is experiencing a significant drop in home prices, reflecting a national trend of correction. Data from the California Association of Realtors reveals a median sale price of $840,360 in October, a 5.3% YoY increase. Urban areas like San Francisco witness notable declines, with downtown condo prices hitting a 10-year low. Cities across the state, including Palo Alto, Fremont, and Santa Cruz, also see drops. Despite recent Federal Reserve announcements indicating a shift in interest rates, the future remains uncertain, contingent on factors like inflation and inventory levels in California's real estate landscape.
Puzzle parking is an entirely automated system wherein the car owners give his car to a valet or parks it in a lift and the car is automatically placed into a parking slot.
<p>• A residential flat spanning 971 square feet sold in Vasant Oasis Veronica in Andheri East for INR 2.6 Crores<br /><br /> • A residential flat spanning 568 square feet sold in Sambhav Bayvue in Fort for INR 1.4 Crores</p>
Dosti Realty is making its foray into redevelopment with rights secured for a Thane project near the Eastern Express Highway. The 1 lakh sq ft land parcel promises a cumulative development potential of 3.10 lakh sq ft, with 2.10 lakh sq ft available for sale. The project has a revenue potential of over Rs 400 crores and is slated for a launch in FY 24-25. In addition to this, Dosti Realty is also said to be finalising two cluster redevelopment projects in Mumbai at an estimated investment of over Rs 1,000 crore. The company witnessed robust sales this fiscal year with sales exceed 3,000 residential units.
Chalet Hotels Ltd. and K Raheja Corp Homes have joined forces to launch Raheja Vivarea, a luxury residential project in Koramangala, Bengaluru.. Encompassing 8.25 acres, the development offers high-end gated residences and Grade A commercial space. The project comprises nine towers and a total saleable area of 8.5 lakh sq. ft., with four towers have already received Occupancy Certificates. The project offer spacious 3 & 4 BHK apartments with decks and over forty common amenities. The collaboration leverages Chalet Hotels' expertise in hospitality and asset development with K Raheja Corp Homes' marketing prowess.
The Maharashtra Housing and Area Development Authority (MHADA) has taken action to revamp 17 police colonies in Mumbai, addressing long-standing complaints about the deteriorating condition of service quarters for low-ranking police personnel. Following discussions between the housing and state home departments, MHADA is set to appoint a project management consultant for the redevelopment. Once completed, 4,725 upgraded flats, offering more space than current tenements, will be allocated to police personnel. The move aims to address the persisting issue of neglected housing for constables and head constables.
The Uttar Pradesh government has implemented new guidelines for the purchasable floor area ratio (FAR) to curb unauthorised constructions and enhance transparency in the approval process. Under the revised regulations, developers are now required to purchase FAR before commencing construction, eliminating the previous practice of buying FAR after construction, which often led to disputes. The changes aim to streamline the construction approval process, reduce violations, and ensure adherence to sanctioned layout maps from the outset of the construction phase.
In Kolkata, 18 individuals were arrested for orchestrating an elaborate real estate fraud involving the sale of 14 flats within their criminal network. The fraud scheme included identity theft, forgery, and financial fraud, with the perpetrators not only manipulating property transactions but also securing substantial loans using fabricated documents. The complex operation was exposed when the genuine owner of one flat filed a complaint, leading to a thorough investigation that uncovered a web of deception within the real estate and banking sectors.
In 2023, Bengaluru leads India's cities with a remarkable surge in rental rates, surpassing 30%, as reported by No Broker's Real Estate Report and Anarock Consulting. Seven percent of Bengaluru and Mumbai landlords opted for a significant over-30% increase. Over half of Bengaluru landlords rely solely on rental income, and 42% of residents consider property acquisition due to rising rents. Anarock's report reveals a 31% rise in Whitefield's 2BHK flat rents and a 27% increase in Sarjapur. This surge, fuelled by population growth and limited space, outpaces Delhi NCR, Mumbai, Chennai, and Kolkata, marking a broader trend of escalating urban rental costs.
The recent e-auction by the Jawaharlal Nehru Port Authority (JNPA) secured an impressive Rs 426 crore for leasing 14 plots, totalling 42 hectares, in the JNPA Special Economic Zone (SEZ). Notable industries like Welspun One and Fine Organics secured plots, marking a significant milestone in the region's socio-economic development. The JNPA SEZ, part of the Sagarmala national flagship policy, aims to enhance exports, attract investments, and generate employment. With a transparent leasing process, 31 units have been allotted SEZ plots, covering 59 hectares, fostering industrial development with strategic connectivity through water, road, rail, and air.
Gurugram faces a rampant proliferation of unauthorized guesthouses, covering 145 acres in key sectors, with approximately 1,400 operating illegally. Despite enforcement efforts by the Town and Country Planning Department, these establishments persist, often breaking seals or obtaining court stays. State policies for guesthouse construction include minimum plot sizes and sector-wise caps, but recent data reveals 70% of guesthouses operate unlawfully. Many serve as alternative accommodations for medical, IT, and industrial entities, maintaining a high 90% occupancy rate. The issue, stemming from 2010 B&B licenses, persists due to lax enforcement. Authorities face the urgent task of curbing this unchecked growth to restore order in the city's accommodations.
The Uttar Pradesh Electronics Corporation Limited (UPECL) is developing an Illegal Land Use Detection Notification System (ILDNS) for Meerut, aimed at curbing unauthorized land use. Through a common portal, ILDNS will streamline 13 processes, including property registration, lottery draws, and e-auctions. It encompasses user management, finance systems, parole management, and more, fostering transparency and digitization within the Meerut Development Authority (MDA). The ILDNS initiative, backed by cloud housing and cybersecurity measures, is set to enhance workflow management, fortify MDA's processes, and set the stage for comprehensive digitization across various modules, bringing transparency and efficiency to land-use operations in Meerut.
The Mumbai Metropolitan Region Development Authority (MMRDA) is embarking on a slum redevelopment initiative in Ramabai Ambedkar Nagar, a 75-acre slum near Ghatkopar’s Eastern Express Highway. Collaborating with the Slum Rehabilitation Authority (SRA), MMRDA aims for a mutually beneficial project, potentially acquiring slum land without freeway extension costs. According to the proposed plans, MMRDA will rehouse 16,575 slum dwellers and secure 5,000 tenements for project-affected persons (PAPs) from various projects. The project is estimated to generate Rs 1,073 crore, potentially alleviating MMRDA's financial strain amidst substantial infrastructure investments.
Mercedes-Benz is entering real estate with "Mercedes-Benz Places," a luxury residential skyscraper in Dubai developed in collaboration with Emirati developer, Binghatti. The 65-story tower, reaching 1,118 feet, is strategically located near Dubai Mall and Burj Khalifa. Beyond luxury living, it aims to redefine intelligent living, featuring community-centric spaces with mobility at its core. Inspired by Mercedes-Benz's "Sensual Purity" design philosophy, the tower's silhouette mirrors the iconic logo. The project, set to launch officially in January 2024, creates a unique space that reflects the brand's DNA and offers residents an exceptional home and lifestyle experience.
The Transfer of Property Act 1882 is an Indian legislation which regulates the transfer of property in India. It contains specific provisions regarding what constitutes a transfer and the conditions attached to it.
In 2023, the Indian residential sector achieved unprecedented heights, surpassing previous records in housing sales and overall sales value. The quarter-on-quarter growth, even before Q4, suggests the year's total home sales could exceed Rs 4.5 lakh crore, a remarkable 38% increase from 2022. The surge is attributed to increased demand for premium luxury homes, reflected in a significant rise of 8–18% in average prices across top cities. Regional variations, with Pune leading at 96%, underscore the sector's resilience. The last quarter is likely to sustain this momentum, projecting an impressive end to 2023.
<p>• A residential flat spanning 335 square feet sold in Swastik Riverview in Asangaon for INR 23.50 lakhs<br /><br /> • A residential flat spanning 693 square feet sold in Dynamix Parkwood in Kavesar for INR 1.10 crores</p>
Godrej Properties is launching the 'Godrej Aristocrat' luxury housing project in Gurugram, anticipating a revenue potential of approximately Rs 3,000 crore. With nearly 750 apartments in a 9.5-acre plot, the project at Sector 49, Gurugram, has a starting price of Rs 4 crore per unit. The company has already garnered over 1,200 expressions of interest. On the real estate performance front, Godrej Properties achieved a 48% growth in sales bookings during April-September 2023.
Mumbai police's Economic Offences Wing (EOW) has arrested developer Jayesh Tanna in connection with a housing fraud case involving 28 home buyers and Rs 40 crore. This marks Tanna's third arrest in housing fraud cases, as part of the ten FIRs he faces. The latest case involves the Goregaon Pearl Cooperative Housing Society, where Tanna allegedly diverted funds, failed to deliver promised flats, and left the project incomplete. Previous allegations include selling the same property to multiple buyers. Mumbai police's actions reflect a commitment to addressing malpractices and safeguarding homebuyers' interests.
Over the last five years, the Navi Mumbai Municipal Corporation (NMMC) has identified 3,500 illegal constructions, raising concerns about the extent of violations in the well-planned city. Data shows 534 unauthorized buildings were identified in the first ten months of this year alone, bringing the total to over 15,000. While the NMMC has taken actions, residents believe efforts remain insufficient. The surge in illegal constructions raises infrastructure strain and concerns about water scarcity. Buyers are also at risk, lured by low-priced flats lacking essential permissions.
During a committee meeting aimed at settling disputes between homebuyers and builders, the Greater Noida Authority addressed various concerns. Topics discussed included the timely completion of flats, the establishment of Apartments Owners Association (AOA), the transfer of Infrastructure Maintenance Fund (IFMS) funds, and the registry process for flats. The committee actively sought solutions to these issues, emphasizing the importance of a comprehensive resolution for the benefit of both buyers and builders involved in the dispute. The next committee meeting is scheduled for January 3.
Bengaluru Urban police have issued a legal notice to a private builder following a criminal complaint accusing them of encroaching on Hennagara Lake in Jigani. CEO of Jigani city municipal council, Rajesh, lodged the complaint, citing violations of the Karnataka Land Revenue (Amendment) Act-2007 and IPC sections 447 and 427. An FIR has been registered. The police directed the builder's representatives to appear before them, emphasizing the need for land records and measurements. The alleged encroachment involved dumping soil and materials on the lake bed without permission. Investigations are set to accelerate pending document submission.
The Income-Tax Appellate Tribunal (ITAT) in Mumbai ruled in favour of a taxpayer, Rekha Singh, who jointly purchased a flat with her husband. The ITAT held that the difference between the agreement value and stamp duty value at registration, cannot be taxed in her hands. The decision applies to Section 56(2)(x) and its predecessor, protecting taxpayers from heavy tax demands. The ITAT emphasised that, as joint property owners, payment responsibility before registration is immaterial. This case establishes a precedent against taxing such differences as income, benefiting numerous taxpayers facing similar challenges with income-tax officers.
The Yamuna Expressway Industrial Development Authority (YEIDA) plans to auction land for hotels near the upcoming Noida International Airport in Jewar. An e-auction is scheduled for December 22 which will offer three commercial plots in Sector 28, adjacent to the airport and the Yamuna Expressway. These strategically located plots aim to attract big players. Big entities like the ITC Group have already expressed interest. With applications accepted until December 14, the auction anticipates a minimum revenue of Rs 108 crore. Successful bidders will secure 90-year leases for constructing multi-storey hotels, pending clearance for structures exceeding 24 meters in height from the Airports Authority of India.
Assetmonk has introduced its latest venture, AM Whitefield, offering retail investors the chance to participate in Bengaluru's Grade A commercial property landscape. Developed by the Brigade Group, this LEED-certified property is situated within Brigade Tech Park in Whitefield, covering an entire floor, spanning 32,300 square feet, and featuring 31 leased car parking spots. The property is currently occupied by a leading American multinational. With a targeted internal rate of return (IRR) of 16%, an initial rental yield of 8.50%, and a capital multiplier of 1.8 over 4-6 years, AM Whitefield aims to be a significant investment opportunity through its fractional ownership model.
The Kanpur Development Authority (KDA) has informed private tenants about its plan to acquire their land for the development of the New Kanpur City township. KDA officials held a meeting with tenants, requesting their consent for selling the land to facilitate the scheme. The purchase will be at the prevailing Arrent DM circle rate, with payment transferred directly to farmers' accounts through RTGS. The New Kanpur City initiative spans over 150 hectares between Mainawati Marg and Kalyanpur-Bithoor Road. The state government has allocated Rs 200 crore for the effective implementation and development of new cities under the Chief Minister Urban Expansion/New Cities Promotion Scheme.
Proven Partners, specializing in upscale real estate marketing, have identified 20 desirable destinations for UK investors seeking second homes, considering factors like property prices, taxes, dining expenses, car rental rates, flight costs, and potential Airbnb revenue. Ireland tops the list as the most economically viable country, with a perfect affordability score of 10. Boasting an average cost of £453,808 for a 3-bedroom waterfront property, a tax-friendly environment, and favourable square foot prices, Ireland stands out. Proximity to the UK, affordable summer flights, and a one-hour travel time further enhance its appeal. The study encourages investors to explore exotic destinations like Mauritius and South Africa for value.
In November, new home listings in the Greater Toronto Area rose by just 16.5% compared to the previous year, signalling a notable deceleration from October’s impressive 38% surge. This data suggests a shifting trend in the real estate market, reflecting a moderation in the pace of listing. The nuanced dynamics could be influenced by various factors, including market conditions and changing economic factors. As the real estate landscape continues to evolve, these statistics provide valuable insights into the ongoing developments and trends in the Greater Toronto Area’s housing market.
REITs are listed securities that provide derived ownership of rent-yielding real estate.
MahaRERA’s strong action against projects that don't update their Quarterly Progress Reports (QPR) on the website has yielded results. In January, only 2 out of 746 projects updated their reports, but in February, 131 out of 700 projects did, and in March, 150 out of 443 projects did so. Thus, the response rose from 0.2% in January to 18.71% in February and nearly doubled to 34% in March. Developers are required by law to register and update details on the MahaRERA website, and failure to do so results in notices and, in some cases, suspension of project registration. Through these measures, MahaRERA emphasizes transparency and accountability in the real estate sector.
Kharghar, situated in Navi Mumbai, is a rapidly developing residential and commercial hub known for its well-planned infrastructure, modern amenities, and green spaces. In November, the real estate landscape in Kharghar witnessed 35 apartment transactions across 14 different buildings, with Developer Sales dominating the market. Notable projects like Mahaavir Exotique and Sai World Empire led in terms of deals, with Sai World Empire achieving the highest-priced and largest carpet area apartment at Rs. 2.17 Crores for 1,058 square feet. The rate per square foot ranged from Rs. 7,770 to Rs. 33,600, with a weighted average rate of Rs. 13,500. Kharghar remains an affordable and thriving locality, with more than 60% of flats sold below Rs. 1 Crore.
<p>• A residential flat spanning 1045 square feet sold in Indiabulls Blu in Worli on the 12th floor for INR 5.81 Crores<br /><br /> • A residential flat spanning 1075 square feet sold in Nathani Heights in Mumbai Central on the 71st floor for INR 5.10 Crores<br /><br /> </p>
In response to a petition from CNC Mangalore-Kavoor Project Pvt Ltd, Karnataka High Court has affirmed that authorities must acquire land owned by private individuals through Section 69 of the Karnataka Town and Country Planning (KTCP) Act, 1961. The ruling underscores the legal obligation for proper acquisition procedures, restricting the use of private land for public projects. The decision establishes a precedent for adherence to the statutory framework in land acquisition, emphasizing the importance of due process and regulatory compliance in such matters.
The National Company Law Tribunal (NCLT) has granted approval for IIFL Finance's claim against Satra Properties as financial debt, following an insolvency resolution dispute. IIFL Finance's claim, surpassing Rs 185 crore, includes principal amounts and interest. The loan was secured through various means, including mortgages and pledges, and later Satra Properties' defaulted on these loans. Despite a consent agreement in 2019, the resolution professional rejected IIFL's claim during insolvency proceedings. NCLT's recent decision emphasizes that Satra Property Developers had agreed to mortgage its property, prioritizing proceeds for repaying IIFL Finance, reinforcing the financial nature of the claim by IIFL Finance.
The joint venture, Digital Connexion, comprising Brookfield Infrastructure, Reliance Industries, and Digital Realty, has concluded a three-way partnership aimed at developing data centres in India. With each entity holding a one-third stake, the collaboration combines diverse expertise. Ongoing projects in Chennai and Mumbai, notably the upcoming MAA10 launch in January 2024, signify the venture's proactive approach. The Mumbai expansion, coupled with strategic locations and connectivity hubs, strategically positions Digital Connexion for success. The escalating demand for data centres in India, driven by 5G, digital service accessibility, and the adoption of data-intensive technologies, aligns with this initiative.
The Income-tax Appellate Tribunal (ITAT) ruled that failure to deposit long-term capital gains (LTCGs) in a designated account won't automatically deny tax benefits for purchasing a new house under section 54 of the Income-tax Act. Quashing a revisionary order by the Principal Commissioner of Income-tax, the ITAT emphasised that non-deposit of LTCGs into a 'capital gains account' during the interim period cannot be the sole reason to not allow deductions. This decision offers relief to taxpayers and underscores the importance of meeting Section 54's conditions for claiming deductions.
Yes Bank is actively seeking buyers for its distressed loan portfolios totalling over Rs 4,200 crore, encompassing both corporate and retail loans. The corporate portfolio comprises eight accounts, with notable entities like UK-based affiliates of Cox and Kings. The retail portfolio includes personal loans, vehicle loans, credit cards, and more. Seeking all-cash offers, this move follows Yes Bank's Rs 48,000 crore distressed loan sale last year. The bank aims to identify an anchor bidder through the auction process. The successful divestment would enhance the bank's liquidity and financial stability in the competitive banking sector.
The National Highways Authority of India (NHAI) has formalized an agreement with DC Multi Modal Park (Nagpur) to develop a Rs. 673 crore Multi-Modal Logistics Park (MMLP) in Nagpur, covering 150 acres. Aligned with the PM Gati Shakti National Master Plan, this project is a crucial component of the Bharatmala Project, aiming to enhance India's freight logistics sector. The strategic location, proximity to transportation hubs, and phased development approach underscore the significance of the Nagpur MMLP in fostering efficient multimodal connectivity and contributing to the broader vision of logistics infrastructure development in the country.
PWD Minister Ravindra Chavan has proposed upgrading poorly maintained roads in integrated townships like Palava City and Casa Rio, developed by the Lodha Group, to district roads. This effectively enables the state government to allocate funds for their reconstruction. The finance department has approved Rs18.50 crore for road reconstruction. Improving the roads has been a long-standing demand as pothole-ridden roads affect thousands of residents in the township. This decision aligns with the government's commitment to improving infrastructure in the townships, with the Kalyan-Dombivli Municipal Corporation previously granting a 66% property tax concession to flat owners in Palava City.
The Haryana Urban Development Authority completed a drone survey of 619 slums, laying the foundation for rehabilitation and addressing issues in Indira Colony, Rajiv Colony, and Kharak Mangoli. Huda Chief Administrator T. L. Satyaprakash assured prompt rehabilitation, prioritized slums, and granted Supreme Court relief. In a separate evaluation, a multi-feature park in Sector 24, Panchkula, aims for completion by June 2024. Featuring unique attractions like a maze, meditation garden, skating rink, and solar tree-based charging station, the park seeks international recognition. Superintendent Engineer A.K. Rana oversees coordination, ensuring the park meets global standards while contributing to Panchkula's cultural landscape.
Australia's Charter Hall Retail REIT has completed the sale of two major shopping centres, Southgate Square in South Australia and Rosebud Plaza in Victoria, for a total of A$225.5 million ($148 million). The sale, in line with June valuations, exceeded their mid-2022 valuations, reflecting a premium despite challenges in the real estate market, particularly in retail and office sectors. Charter Hall Retail REIT's successful transaction showcases resilience in the face of real estate challenges, reinforcing its commitment to strategic management and financial strength, garnering positive market response and confidence in its adaptability.
In downtown San Francisco, condo prices have plunged to levels not seen in over a decade, settling just above $800,000, a stark contrast to the soaring prices above $1,200,000 in other regions. The downtown area, traditionally a hub for major projects and tech employment, has been affected by the post-pandemic shift to remote work, leaving office spaces vacant and impacting the housing market. The city has witnessed a significant decline in new listings and sales, with a 28% decrease in sales in 2023 compared to the previous year. The duration and trajectory of this housing price correction in San Francisco remain uncertain, with expectations of a gradual recovery amidst evolving market conditions.
A RERA registration number is a number provided by the RERA authorities to a project upon successful registration with the body. One project may have multiple RERA registration numbers. This number can be used to view the progress of the project on the corresponding RERA website.
Pune's property market in November 2023 witnessed a 6.7% YoY increase in registrations, totalling 14,607 units. Stamp duty collections for the month reached Rs 473 crores, contributing to a cumulative property value of Rs 13,342 crores. YTD registrations showed a robust 9.2% growth, with 137,217 properties registered. The upper segment, properties valued at Rs 1 crore and above, notably increased its market share from 9% to 13%. Central Pune dominated with a 77% market share in residential transactions. Homebuyers aged 30-45 years constituted the largest segment at 52%, indicative of Pune's robust end-user market.
<p>• A residential flat spanning 1230 square feet sold in Belle Vista Apartments in CBD Belapur on the 9th floor for INR 2.47 Crores<br /><br /> • A residential flat spanning 605 square feet sold in Shapoorji Pallonji The Canvas Residences in Sewri on the 14th floor for INR 2.28 Crores</p>
DLF Group is set to re-enter Mumbai's property market with a project in Andheri West which is part of a Slum Rehabilitation Authority (SRA) initiative. The project is being developed in partnership with Trident Group. The first phase of this project encompasses 1 million sq ft, with DLF injecting Rs 400 crore as equity. DLF holds 51% of the special purpose vehicle and aims to launch before June 2024. This Andheri West project serves as a pilot and will influence DLF’s future Mumbai strategies. DLF's return follows strong financials, reporting a 29% YoY rise in Q2 net profit and targeting Rs 13,000 crore in sale bookings for the fiscal year.
The government's initiative to expedite housing society redevelopment in Mumbai and Pune by offering quick deemed conveyance for those opting for self-redevelopment faced low interest, with none of the 716 applications filed between May and October choosing this route. Deemed conveyance, a legal document facilitating land ownership transfer to cooperative housing societies, was part of a policy introduced on May 31 to streamline the process. Challenges cited include limited availability of loans for self-redevelopment, with only one bank currently offering such loans, and reluctance among elderly or retired residents in buildings to undertake the complexities of the self-redevelopment approach.
MHADA lottery flat winners, receiving possession of 4,082 flats, are struggling to complete formalities due to an alleged gap in communication concerning stamp duty, registration and metro tax payments. This has resulted in long qeues at the MHADA office. Some winners also claim to lack essential details required for the eSBTR form, preventing them from completing the online process independently. MHADA officials have informed winners that they can find the requisite information on the ‘Quick Links’ section of the MHADA website or in the draft allotment letter provided to them. They have acknowledged the problem being faced and have promised to address the communication gaps that are crucial for improving the overall experience for lottery winners.
The BBMP plans to digitize 5,100 handwritten property registers by March 2024, seeking proposals for scanning and digitization. Handwritten records are often prone to wear and illegibility. Their transition to digital format will enhance readability and longevity. The BBMP aims to complete this undertaking by March 2024, with BBMP Revenue Department officials ensuring accuracy. Outsourcing, instead of using internal teams, is now the chosen approach. The initiative, part of the Nanna Swathu program, involves door-to-door visits to digitize property records, aiming to uncover tax evasion and building violations, potentially boosting BBMP revenue. Digitizing land records curtails corruption and ensures accountability.
In a significant overhaul, Cognizant Technologies is set to sell its office properties in Hyderabad and Chennai as part of a cost-cutting strategy to save $400 million in two years. The divestment includes a 10-acre campus in Hyderabad and a 14-acre facility in Chennai. This move aligns with the company's plan to become asset-light, focusing on hybrid and flexible workspaces in the post-pandemic era. The initiative mirrors a broader industry trend, where tech giants are revaluating their physical office needs amidst evolving work dynamics.
CBRE South Asia Pvt. Ltd. analyses Hyderabad's real estate landscape, projecting a significant surge in the next 2-3 years. The city anticipates adding 35-38 million sq. ft. of premium business parks, driven by global corporations establishing operational hubs, back offices, R&D facilities, and regional headquarters. The office space demand, especially along the IT Corridor, increased by 63% since 2019, with Life Sciences, BFSI, and Technology sectors leading leasing. The residential market is stimulated by technology sector expansion, with over 130,000 units expected in the next years, concentrated in the western part near IT Corridor. Developers face challenges like rising costs and potential oversupply, emphasizing the need for strategic planning and partnerships. Overall, Hyderabad is positioned for vertical growth, attracting investors and homebuyers with generous FSI norms.
Prayagraj Municipal Corporation (PMC) is taking stringent measures against major house tax defaulters, issuing 'red notices' to 7,303 individuals with outstanding amounts exceeding Rs 50,000. Among them, 2,433 owe over Rs 1 lakh. Failure to pay within the stipulated time will result in actions such as attaching and sealing their properties. Despite collecting Rs 53.76 crore in house tax from 1,11,827 building owners in the current fiscal year, more than 1.25 lakh individuals haven't fulfilled their obligations. The PMC clarified that no compound interest is charged on house tax; instead, a simple interest rate of 1% per month is applied, seeking to dispel misconceptions about interest accumulation.
Panchkula Mayor Kulbhushan Goyal has ordered the demolition of illegal farmhouses in Billa village and the sealing of five institutions failing to pay property taxes. The decisions were made during a meeting of the Panchkula Municipal Corporation's revenue realization committee, where concerns were raised about insufficient revenue from building approval plans and development charges. The mayor emphasized the urgency of addressing these issues, including the hiring of a consultant to boost municipal revenue and the imposition of additional taxes on Vita booths and stricter measures against unregistered dogs.
ICRA projects a 14-15% growth in retail trading values for FY2024 and a 10-12% rise in FY2025, buoyed by robust consumer demand. Mall operators are expected to witness a 9-10% YoY growth in rental income for FY2024 and 8-9% in FY2025, fuelled by healthy occupancy rates and rental escalations. H1 FY2024 already saw an 8.4% YoY increase in rental income. The rebound in footfalls and trading values from FY2023 persists into H1 FY2024, with ICRA anticipating continued growth. The Indian retail sector, particularly malls, shows resilience and recovery supported by increased household spending and positive consumer sentiment.
The National Highways Authority of India (NHAI) has expanded the list of highways for monetization in the third round of Infrastructure Investment Trust (InVIT). Adding five new stretches, the total length now stands at 1,029 km, up from the initial 580 km. These highways will be offered to the National Highways Infra Trust. The move is part of NHAI's plan to achieve a monetization target of Rs 10,000 to Rs 15,000 crore for the fiscal year 2023-24 through InVIT, contributing to the overall target of Rs 45,000 crore. Notably, the revised list includes stretches initially identified for the fourth round of InVIT.
WeWork has resolved objections from landlords regarding its bankruptcy financing by agreeing to reserve a portion of any future loans for rent payments. Approved by U.S. Bankruptcy Judge John Sherwood, this agreement enables SoftBank to redirect up to $682.5 million into new credit facilities, supporting WeWork's rent obligations and preventing attempts by landlords to collect on collateral. While not borrowing new money, WeWork will reserve funds for landlords if introduced through future loans or asset sales. The resolution, commended by Judge Sherwood, signifies progress in WeWork's Chapter 11 restructuring, addressing concerns raised by landlords as the company aims to negotiate reduced rent costs and cancel leases in bankruptcy.
ROSHN Group's alliance with Saudi National Bank (SNB) for the Home Ownership Program marks a transformative step, offering SNB employees exclusive access to discounted off-plan homes in ROSHN's developments across Saudi Arabia. This pioneering collaboration echoes ROSHN's commitment to empowering Saudis with homeownership opportunities while supporting Vision 2030's objectives. The partnership with SNB signifies a strategic move toward advancing quality living standards and expanding access to high-quality residential spaces, aligning with Saudi Arabia's ambitious national goals.
Free Hold land is one which is “free from hold” of any entity besides the owner. The owner owns the building and the land upon which it has been built in perpetuity.
The real estate sector has welcomed the Reserve Bank of India's decision to keep the repo rates unchanged at 6.5%, providing relief to homebuyers. The move ensures that homebuyers can continue to enjoy low-interest rates, supporting ongoing momentum in housing registrations. While some developers expressed a preference for a rate cut, the decision is seen as beneficial for both homebuyers and developers, ensuring that EMIs don't increase and the cost of capital remains consistent. The stable repo rates are expected to contribute to a stronger 2023, with housing sales projected to be higher than 2022.
<p>• A residential flat spanning 1393 square feet sold in Seawoods Estate in Seawoods for INR 3.5 Crores<br /><br /> • A residential flat spanning 858 square feet sold in Bhavya Heights in Dadar East on the 1st floor for INR 2.1 Crores<br /><br /> </p>
Prestige Group, a prominent real estate developer, unveiled its first project in Calicut - Prestige Ocean Pearl. Spanning 6.5 acres along the beach road, the property hosts 530 finely-crafted homes in four high-rise towers, showcasing 3 and 4-bedroom units. Strategically located with excellent road connectivity, it boasts a landscaped podium, ensuring serene living. Amenities include an infinity pool, gym, clubhouse, and more, alongside a commitment to sustainability. The property's unique design offers maximum privacy, natural light, and cross ventilation. Prestige Ocean Pearl is set to redefine living in Calicut, combining luxury, strategic location, and eco-friendly features.
Shriram Properties (SPL) is set to strive for ambitious targets in FY23-24, projecting 4.8 million sq ft of pre-sales volume, valued between Rs 2,400 to Rs 2,500 crore. H1 FY24 results showcase sales volumes of 1.9 million sq ft and sales values of Rs 1,066 crore. SPL intends to deliver around 7 million sq ft in the next two years, with Pune as a focus for a 2 million sq ft project. The company is eying three new project launches in Q3 FY24. The New Delhi-based real estate firm is said to be seriously considering the fractional ownership model, anticipating market traction. The company, however, does not plan to explore Real Estate Investment Trusts (REITs) due to challenges in acquiring Grade-A assets.
Citizens, represented by the Maharashtra Society Welfare Association (MSWA), are urging the state housing minister, Atul Save, to establish a robust monitoring system for redevelopment projects. Residents in cities like Mumbai, Pune, and Thane have expressed concerns about the lack of a monitoring mechanism for redevelopment timelines, leading to delays and legal disputes. MSWA has submitted a proposal for a regulatory authority dedicated to overseeing the redevelopment of housing societies, covering private and government structures. They hope the state government addresses this issue in the upcoming housing policy, as existing regulations like RERA do not adequately cover redevelopment projects.
The Pune Municipal Corporation (PMC) conducted an anti-encroachment operation, demolishing 15 unauthorized structures covering 1.5 lakh sq ft along DP Road between Rajaram and Mhatre bridges. In line with National Green Tribunal (NGT) directives, PMC issued notices to establishments, including marriage halls and food joints. Approximately 6,000 cubic feet of sand removed during the operation will be used for riverbank reclamation. Responding to an NGT case, PMC filed an affidavit in October, denying permission for structures within the river's blue line. The demolition is part of PMC's commitment to environmental preservation and compliance with legal directives.
In a bid to safeguard consumer interests and enforce strict compliance with the RERA Act, the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has issued comprehensive directives concerning real estate project bank accounts. The guidelines explicitly prohibit promoters from creating liens on project-specific accounts and extracting interest, penalties, or assured returns from these accounts. Promoters must maintain a collection account for allottee payments, ensuring transparency. The regulations also mandate the disclosure of three bank accounts during the project's registration application, and strict control mechanisms aim to ensure timely project completion and enhance transparency in project fund management.
Toronto-Dominion (TD) Bank has set a new record in Mumbai’s real estate market, renewing its lease at Maker Maxity in Bandra-Kurla Complex (BKC) at Rs 604 per sq ft per month. This rate surpasses previous highs set by LinkedIn and Bank of China in India's most expensive office district. The deal for the 1,600-sq-ft space highlights BKC's status as a prime corporate hub, even as global trends show weaker demand. This lease renewal by the Canadian banking giant underscores the sustained appeal and strategic significance of BKC in Mumbai's growing commercial landscape.
Gurugram's real estate market continues its robust momentum, achieving record-breaking sales with a Rs 100 crore apartment sale, marking one of the city's most expensive property transactions. Square Yards' quarterly report reveals that Gurugram's top fifteen developers collectively sold 2,578 properties valued at Rs 4,374 crores in Q3 2023. DLF led in volume, selling 336 units worth Rs 1,775 crore, while Signature Global topped units sold (631) worth Rs 234 crore. Gurugram's rise in residential real estate is attributed to its cosmopolitan appeal and emerging reputation as the next Silicon Valley.
The Securities and Exchange Board of India (SEBI) is contemplating the introduction of a framework for the issuance of subordinate units by Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) to sponsors and their associates. Additionally, SEBI has proposed a framework for unit-based employee benefits (UBEB) within the context of REITs and InvITs. The regulatory body is seeking public comments on these proposals until December 29. These frameworks aim to provide clear guidelines and mechanisms for the issuance of subordinate units and unit-based employee benefits within the REIT and InvIT structures, enhancing regulatory oversight in these areas.
The Varanasi Municipal Corporation (VMC) initiated attachment proceedings against major house tax defaulters, prompting a hotel in Lahurabir to promptly settle its dues of Rs 6.25 lakh. Another defaulter paid Rs 4 lakh following the initiation of attachment proceedings, in response to notices served by the municipal commissioner, Akshat Verma. In addition to targeting defaulters, the municipal commissioner conducted inspections of sanitation and cleanliness in various localities, imposing a Rs 10,000 fine on an operator for neglecting toilet maintenance during the assessment.
Alok Kumar Singh, head of Rushmore Estates, and Prabhat Kumar Tiwary, leading YourOwnROOM, have formalized a $4 million collaboration. The partnership aims to construct studio pads in Bangalore, catering to the demand for high-quality residences for young professionals. Over the next 5-7 years, they plan to develop 8–10 projects with 7,500–10,000 units. The first project in Sarjapur, valued at Rs 200 crore, comprises 630 units and is set for phased possession in April 2025. YourOwnROOM will serve as the exclusive rental and property management partner for the project, expecting a total rental value of Rs 34 crore over 5 years.
The Maharashtra State Road Development Corporation (MSRDC) has issued tenders for leasing 50 acres near Amane in Thane to establish an international cricket stadium and coaching academy along the Mumbai-Nagpur Samruddhi Expressway. The Mumbai Cricket Association (MCA) has expressed interest, with stringent financial and expertise criteria to be met. The 99-year lease aligns with MCA's plans for new grounds in Thane and Navi Mumbai, addressing the lack of cricket coaching facilities in Thane compared to Mumbai. Additionally, MSRDC is involved in land pooling initiatives at Igatpuri, contributing to infrastructure enhancement and traffic flow improvements on the Mumbai-Nashik highway.
Abu Dhabi Housing Authority has allocated AED7.6 billion ($2.1 billion) in housing benefits, coinciding with the UAE’s 52nd Union Day. The comprehensive package covers housing loans, exempting certain individuals from repayments, and granting residential lands and houses to UAE nationals. This initiative, approved by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, brings the total housing benefits for 2023 to AED13.44 billion, benefiting 9,292 UAE nationals. Mohamed Ali Al Shorafa, Chairman of the Department of Municipalities and Transport, commended the continuous support for the housing sector, emphasizing its role in achieving citizens’ aspirations and ensuring family and social stability.
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Adar Poonawalla, India's "vaccine prince," is set to acquire London's Aberconway House for Rs 1440 crore, marking the year's priciest home sale in London. The 25,000 sq ft Mayfair mansion near Hyde Park, owned by Dominika Kulczyk, will serve as a guest house for Serum Life Sciences, the UK subsidiary of Poonawalla's Serum Institute of India (SII). This strategic purchase aims to facilitate global opportunities and events for SII. Despite the UK's housing market challenges, high-end London properties remain attractive to international buyers. Poonawalla, CEO of the world's largest vaccine producer, adds this prestigious acquisition to the family's significant investments in vaccine research and manufacturing facilities.
Kandivali West in Mumbai is a lively neighbourhood blending homes and businesses. It offers a mix of apartments and houses, making it attractive for families and professionals. November saw a rise in home transactions with 92 sales, reflecting the festive season buzz. Sangam Emporio Towers and Skylon Suburbia led with 5 deals each. Prices ranged from Rs. 11,000 to Rs. 30,000 per square foot. Most flats sold this month were below 500 square feet. With 95 percent of sales below Rs. 2 crores, it's clear that Kandivali West is an affordable choice, ideal for first-time buyers or those looking to upgrade.
• A residential flat spanning 871 square feet sold in Pebbles Marina Apartments in Santacruz West for INR 3.10 Crores<br /> • A residential flat spanning 3236 square feet sold in Vikas Park Society in Juhu for INR 12 Crores
Mumbai police arrested Niraj Vaid, director of Srinath Builders, in connection with a cheating case where a complainant paid nearly Rs 3.3 crore for a Ghatkopar flat, facing delays in possession. Vaid has around 10 cases related to cheating and forgery, and this arrest follows a similar incident in 2020. The complainant alleged Srinath Builders failed to complete the project on time, leading to the cheating case. Vaid and his wife faced accusations of accepting bookings but selling flats to third parties in earlier cases. This highlights recurring legal issues, emphasizing the need for regulatory compliance and transparency in real estate projects.
A Delhi court has initiated proceedings to declare builder Rahul Chamola, Director of 'Nivas Promoters Pvt Ltd,' an "absconder" in a case involving alleged cheating of home buyers in a Greater Noida project. The court observed that non-bailable warrants against Chamola were returned unexecuted, citing a change of address without proper intimation. The magistrate ordered the publication of a notice in a newspaper, emphasizing concerns about the accused's attempts to avoid court appearances through frivolous grounds. The case underscores challenges faced by home buyers and raises questions about accountability in the real estate sector.
The Maharashtra settlement commissioner's office has successfully concluded an extensive drone survey covering 12,084 villages. As part of this initiative, details of residential land parcels, totalling 18.66 lakh property cards, have been uploaded on the revenue department's official website. This drone survey, initiated three years ago, has covered nearly 37,000 villages, with plans to complete the remaining 50 lakh property cards for the remaining villages by 2025. The integration of drone technology has revolutionized the surveying process, enabling precise demarcation of boundaries for various properties, including rural, private, government, and semi-government lands, and mapping of roads and canals.
In Ludhiana, the municipal corporation demolished two unauthorized colonies and labour quarters, aiming to curb illegal constructions under MC zone C. Despite prior actions, renewed construction prompted this recent crackdown. Officials stressed obtaining approved building plans before commencing construction and warned of strict penalties for illegal activities. The persistent challenge of unauthorized structures necessitates a multifaceted approach, including community awareness, stringent penalties, expedited approvals, and improved monitoring. Collaborative efforts between authorities and residents are vital to mitigate this issue and ensure planned urban development and citizen safety.
Commercial office space activity in India's top 7 cities showed a subdued first half of fiscal year 2024, with minimal growth in net absorption and new completions compared to the previous year. Rental values, however, saw a 7% rise due to increased construction costs. Chennai led with a 10% increase in average monthly office rental values, and Hyderabad followed with an 8% growth. Despite global layoffs, office activity remained steady, with a modest 5% yearly increase in new completions. The year is expected to end with 55–57 million square feet of office demand, lower than last year but higher than anticipated.
Indore and Ujjain divisions have witnessed an 11% YoY growth in property sales, with 3.5 lakh registrations in the current fiscal year until November. Despite a dip in November due to assembly elections, the income from property registrations reached Rs 2604 crore, compared to Rs 2334 crore in the previous year. Indore accounted for the highest revenue at Rs 1450 crore, reflecting an 11.6% increase. Developers attribute this surge to infrastructure development, specialty hospitals, and academic growth in the region, leading to a 30% reduction in unsold inventory. Indore's real estate market is thriving with rising demand and increased property prices in specific areas.
The Pimpri Chinchwad Municipal Corporation (PCMC) administration has enlisted the services of an external agency to conduct a comprehensive survey aimed at assigning a Unique Property Identification Code (UPIC). This initiative seeks to establish a distinct identification for every property falling under the PCMC jurisdiction. The UPIC will serve as a singular and uniform identifier, streamlining property management and enhancing administrative efficiency. The outsourcing of this survey underscores the municipality's commitment to adopting modern systems for effective governance and ensuring a systematic approach to property documentation within its administrative boundaries.
Following a state government notification revising lease rates for civic body properties, the Nashik Municipal Corporation (NMC) is set to reduce rates for its commercial and socially allocated properties. The government's directive significantly decreases lease rates from 8% to 0.7% for commercial properties and from 8% to 0.5% for properties designated for social causes, impacting 1,900 commercial galas/shops and 1,075 other properties. The revised rates will take effect after the expiration of existing lease agreements, with a committee, chaired by the civic chief, tasked with determining the new rates.
The Uttar Pradesh State Government has allocated Rs 200 crores for the development of New Kanpur City and the Bingawan Scheme. The Kanpur Development Authority (KDA) swiftly decided to formalize and implement the plan following the funds' release. Commercial plots are included in the development, with Rs 150 crores earmarked for purchasing land from farmers for the New Kanpur City Scheme. The remaining Rs 50 crores will be allocated to the Bingawan Scheme. The government's approval aids the Chief Minister’s Urban Expansion/New Cities Incentive Scheme for comprehensive city development.
Leptos Estates, a premier property developer in Cyprus and Greece, has introduced the Zeus Signature Collection, an exclusive array of luxury apartments tailored for Indian investors in Cyprus. These apartments, located in the second luxury residential tower at Limassol Blu Marine, offer stunning views of the Mediterranean Sea, high-end appliances, elegant furniture, and luxurious interiors. The Zeus Tower residents will have access to a 14,000-square-foot health and spa facility, a private beach, and other premium amenities. With strategic placement, thoughtful preservation of green space, and proximity to upscale infrastructure projects, Limassol Blu Marine aims to provide a sophisticated lifestyle and investment opportunity.
Renowned fashion label Karl Lagerfeld is expanding its residential portfolio with plans to unveil 10 luxury apartments in Lisbon, Portugal, between Rua Castilho and Avenida da Liberdade. Each unit, covering one or two entire floors, will feature communal gardens and private swimming pools. Partnering with Lisbon’s eco-conscious developer ‘Overseas’ which prioritizes environmental sustainability, the Karl Lagerfeld brand aims to create a reference in comfort and elegance. This Lisbon project follows previous ventures into branded residences, including villas in Dubai and apartments in Marbella, Spain. Karl Lagerfeld's CEO, Pier Paolo Righi, envisions a stunning addition to Lisbon's vibrant landscape.
Configuration refers to the arrangements of different elements in a particular form or combination. In real estate, configuration refers to the arrangement of different rooms in a single unit (flat).
Air India has finalized a lease agreement for 6.2 lakh sq ft in Gurgaon's E-Innovation Centre, Sector 75, at an annual rent exceeding Rs 60 crore. It has leased blocks B, C, and E for 21 years. The leases, featuring a 4% annual rent escalation, were registered on October 18, 2023. The property comes with 450 car parking spots. The developer will construct the facility, catering to Air India's pilot training needs. In the past few months, Air India leased 1,80,750 sq ft of office space in Vatika One on One in Gurugram and also has sold its Air India building at Nariman Point to the Maharashtra State Government.
<p>• A residential flat spanning 417 square feet sold in Hiranandani Regent Hill in Powai on the 1st floor for INR 1.48 Crores<br /><br /> • A residential flat spanning 1270 square feet sold in Lodha Venezia in Parel on the 55th floor for INR 4.6 Crores</p>
Kalpataru Projects International Limited (KPIL) has secured fresh orders worth Rs 2,263 crore, spanning domestic and international markets. The transmission and distribution (T&D) division obtained orders of Rs 1,564 crore, covering Indian and overseas territories. Additionally, the water division and buildings and factories sector secured orders valued at Rs 458 crore and Rs 241 crore, respectively. The company's total order inflows now stand at Rs 14,441 crore, reflecting strategic advancements in various sectors. Presently, KPIL is actively involved in executing projects across more than 30 countries, with a footprint established in over 70 nations.
The Ministry of Commerce and Industry has introduced amendments to the Special Economic Zones (SEZ) Rules-2006, allowing for the delineation of specific portions of the built-up area within an SEZ unit on a floor-by-floor basis, designating them as non-processing or non-SEZ areas. This amendment is specifically applicable to developers of Information Technology or Information Technology-enabled services SEZs, allowing them to request the demarcation of a portion of the built-up area as a non-processing area. However, certain conditions apply, including the prohibition of partial floor demarcation, and the processing area must not fall below 50% of the total area for category A, B, or C cities. This amendment aims to enhance leasing prospects and boost the attractiveness of the Indian commercial space for investors.
The Kerala Cabinet's recent approval of new regulations for industrial estate land ownership marks a pivotal step towards easing bureaucratic hurdles and simplifying title deed processes. These amendments, eliminating wait times and allowing modifications in ownership structures, respond to longstanding demands aimed at streamlining land transfers and facilitating smoother industrial ventures within the state. The changes reflect a proactive approach to aligning bureaucratic procedures with entrepreneurs' needs, potentially transforming the landscape of industrial ventures in Kerala.
Greater Noida has started a comprehensive land audit and door-to-door survey for its villages. The Greater Noida Industrial Development Authority (GNIDA) is engaging a consultant agency to conduct surveys utilizing aerial drone technology. The agency's year-long contract involves compiling data, executing door-to-door surveys, and digitizing land boundaries. This meticulous initiative aims to update land records, identify discrepancies, and ensure precision in land usage. It demonstrates a commitment to transparent and accurate records, benefiting urban planning and future development in the region.
Hindustan Construction Company (HCC) has finalized the sale of a 2,35,870 sq meter land parcel in Karnala village, Panvel, near Mumbai, for Rs 95 crore to Oak and Stone Construction. Stamp duty for the deal amounted to Rs 5.70 crore. The Board's resolution on November 9 paved the way for this strategic move. The transaction, facilitated through a 'deed of conveyance,' supports HCC's asset monetization and debt resolution plan. The sale aligns with a broader trend, as FY23 witnessed over 87 land deals covering 1,862 acres in India, emphasizing the ongoing significance of asset monetization in the real estate sector.
Maharashtra's Property Registration Department unveiled an amnesty scheme aimed at aiding 2.32 lakh stamp duty defaulters from 1980 to 2020. The initiative grants relief from penalties if dues are cleared within two months. Concentrated in Mumbai, Pune, Thane, and Nagpur, defaulters have an opportunity to rectify non-payments, potentially earning the government Rs 3,000 crore. The scheme, announced at a state cabinet meeting, offers a waiver on stamp duty and penalties in two phases from December 1 to March 31. This move aims to legitimize old documents and prevent legal disputes, benefiting citizens and societies state-wide.
The Securities and Exchange Board of India (SEBI) has introduced a standardized framework for calculating Net Distributable Cash Flow (NDCF) by Real Estate Investment Trusts (REITs), Infrastructure Investment Trusts (InvITs), and their holding companies. Effective from April 1, 2024, this move aims to enhance the ease of doing business in capital markets. The NDCF computation, applicable to REITs, InvITs, and their HoldCo/SPVs, mandates a minimum distribution of 90% at the Trust and HoldCo/SPV levels, with the option to retain 10% subject to certain provisions. SEBI emphasizes cumulative periodic compliance and excludes restricted cash from NDCF computation.
The Leela Palaces, Hotels and Resorts has ventured into Northeast India with the signing of a management agreement for Leela Sikkim, a 140-room luxury hotel set to open in December 2026. Located near Gangtok Hill, the resort, owned by the SIBIN Group, aims to redefine hospitality in the region with its Himalayan backdrop, innovative design, and signature services. Featuring independent villas, wellness facilities, diverse dining options, and a casino, Leela Sikkim promises an authentic experience, showcasing the cultural richness and natural beauty of this unexplored Himalayan destination. The expansion aligns with The Leela's strategy to grow in key leisure destinations across India.
Pune-based Naiknavare Developers, known for community-centric projects, introduces India's first tech-assisted senior living homes in Talegaon. With 60 smart home units, the Kutumb project offers 2 & 3 BHK options, duplex houses, and townhouses. Developed in partnership with Primus, it features senior-friendly smart tech, including Alexa-controlled devices. The 16-acre site provides a tranquil environment with healthcare, leisure, and entertainment services. The project caters to diverse lifestyle needs, emphasizing healthy aging. Naiknavare aims to enhance its real estate portfolio with quality, affordable, and holistic senior living homes, addressing evolving demands in the senior care category.
The recently constructed concrete road in Aarey Colony, Mumbai, has developed cracks at various locations, raising concerns about the quality of construction. The Brihanmumbai Municipal Corporation's (BMC) Road department officials have acknowledged the issue and assured residents that necessary repairs will be carried out. The construction project involved the concretization of Aarey Colony's main road from Goregaon Junction to the L & T junction of Powai. The project, initiated in 2022 and expected to be completed by 2025 with a budget of Rs. 51 crore, has a 10-year defect liability period.
The National High-Speed Rail Corporation (NHSRCL) is set to lease 580,000 sq ft of space at the Sabarmati Multi-Modal Transit Hub, a key terminal for the Mumbai-Ahmedabad High-Speed Rail Corridor. The property, in the final stages of the request for proposal process, will be leased for 35 years, extendable to 70 years. Comprising two towers and a super-built-up area of 579,980 sq ft, the hub will feature automated parking for 1,300 vehicles. As a multimodal transport hub, it will connect the high-speed rail to Indian Railways, a metro station, and a bus rapid transit system, enhancing regional connectivity.
In H1 of this year, the share of land and residences owned by international individuals in South Korea increased, with Chinese citizens dominating home ownership and Americans leading in land ownership. The Ministry of Land, Infrastructure and Transport reported a 4.6% rise in foreign individuals owning homes, totalling 85,358 by June. Chinese nationals held 54.3%, with Americans at 23.5%. In total, foreign-owned properties constitute 0.46% of South Korea's housing. The land area owned by foreigners grew by 0.6%, reaching 264.72 million sqm, while the publicly disclosed value rose to US$25.68 billion. Ethnic Koreans abroad comprised 55.8% of foreign landowners.
This is a certificate issued by the local municipal authority permitting the developer to begin construction of the project. The CC is usually granted only after the building has met with all legal requirements and obtained the relevant sanctions for the building’s plan.
Chakan in Pune, known as the 'Detroit of India,' has been the country's auto hub and has now emerged as the driver for robust residential and real estate growth. Chakan hosts major players like Tata Motors, Bajaj, Volkswagen and Mercedes-Benz. Chakan's strategic location, well-connected infrastructure, and proximity to key industrial areas contribute to its attraction for both residents and businesses. Of all properties, 58% are available in the range of Rs20Lac - Rs40Lac and the 1 BHK configuration is the most sought after. Rental properties are also growing in demand, with the rent range of 5-10K being most sought-after. As more investors recognize Chakan's potential, property prices are expected to rise, promising attractive returns in this rising economic powerhouse.
<p>• A residential flat spanning 784 square feet sold in D R Annapurna Sadan in Bhuleshwar for INR 1.36 cr<br /><br /> • A residential flat spanning 382 square feet sold in Priyanaka Paradise in Juinagar for INR 60 lakhs<br /><br /> </p>
AltF Coworking, led by founder Yogesh Arora, plans to open 14 co-working centres in FY 2023–24 and an additional 22 in FY 2024–25, investing Rs 10 crore. Seeking $1–2 million in Q1 2024 for property acquisition, the company recently launched a 50,000-square-foot space in Okhla, New Delhi. Expansion targets Hyderabad, Pune, and Delhi NCR, recognizing challenges in tier-II and tier-III cities. Two properties opened in Noida and Gurugram in June 2023, adding to the existing 11 centres with over 5 lakh square feet of workspace and 6,000 desks. AltF's philosophy emphasizes creating optimal workspaces for happiness and efficiency.
The Jharkhand State Housing Board (JSHB) has taken a decisive stance against the misuse of residential plots, announcing its intent to initiate legal proceedings against allottees who have transformed their residential plots into commercial establishments. Notices have been issued to over 500 identified defaulters who engaged in such violations, particularly in cities like Ranchi, Hazaribag, Jamshedpur, and Dhanbad. The violations involve the conversion of residential plots into commercial ventures, with areas like Harmu and Ashok Nagar in Ranchi being notable hotspots. The board is also actively conducting surveys to identify and reclaim encroached areas, demonstrating its commitment to restoring the intended use of residential plots.
The Supreme Court has directed the Bihar government to immediately halt further construction activities in the vicinity of the Ganga River, particularly in and around Patna. The court has instructed the state government to submit an affidavit detailing the removal of identified illegal structures on the floodplains of the Ganga River in Patna. The plea, filed by a Patna resident, raised concerns about illegal encroachments and constructions on the ecologically sensitive Ganga floodplains, highlighting environmental degradation, threats to residents, obstruction of the river's natural course, and adverse impacts on biodiversity. The court's directive underscores the importance of environmental conservation and compliance with regulations to protect vital ecosystems.
In a significant move, Gap Associates, SUN Realty Partnership, and BMS Projects have acquired a 42,241 sq meter plot in Dholera Special Investment Region (SIR) for Rs 17.42 crore. This joint venture, facilitated by Dholera Industrial City Development Limited's first land auction, aims to leverage the plot's high Floor Space Index (FSI) for extensive development. The deal signals a major boost in Dholera's economic growth and infrastructure, reinforcing its position as a key industrial and urban hub near Ahmedabad, and is set to transform the region's real estate and commercial landscape.
India's primary residential markets, including major cities like Kolkata, Delhi, and Mumbai, experienced a rise in property prices from July to September 2023, according to the NHB RESIDEX. All eight metros recorded increases, with Kolkata leading at 9.1 percent, while Delhi and Chennai saw the least rise at 0.8 percent. The Housing Price Index revealed an annual increase of 4.9 percent, varying across cities. Among the 50 cities, 41 saw property prices rise, and nine observed declines. On the supply side, the HPI for under-construction properties reported a 10.7 percent annual increase. This growth is attributed to factors like pent-up demand, stable interest rates, and renewed investor interest.
Actis and Mahindra Lifespace Developers are jointly orchestrating a partial exit of over Rs 120 crore from their joint venture, Mahindra Homes. This strategic move, presented to the National Company Law Tribunal (NCLT), aims to reduce equity share capital, providing a pay-out to both entities. Mahindra Homes, with steady cash flows, prioritizes repatriation of surplus funds to shareholders over immediate expansion. This follows their collaborative venture established last year for developing industrial and logistics real estate facilities in India. The proposal awaits NCLT approval, reflecting a strategic realignment for sustained growth in India's real estate sector.
The Ahmedabad Municipal Corporation (AMC) has introduced the 'GreenBlueYellow Roof' (GBY Roof) incentive program, aiming to promote eco-friendly practices among owners of independent houses such as rowhouses, bungalows, and tenements. Under this scheme, residents can avail themselves of benefits and incentives for incorporating green and sustainable features into their roofs. The initiative underscores the municipality's commitment to environmental sustainability and encourages citizens to contribute to a greener and more eco-conscious community. The GBY Roof initiative aligns with the AMC's broader vision of fostering responsible and environmentally conscious urban living.
PNB Housing Finance is poised for significant expansion, with plans to increase its loan book from the current Rs 60,000 crore to one lakh crore in the next 3-4 years. The company has reported a 12.5% year-on-year growth in its retail segment as of September 30, 2023, and aims for a 17% year-on-year growth for the financial year 2023-24. The company's overall gross non-performing assets (GNPAs) stand at 1.78%, with plans to reduce GNPAs to 1.2% within the next 3-4 quarters. PNB Housing Finance is strategically concentrating on the affordable home loan segment with its Roshni initiative, aiming for retail loans to constitute around 90% of the overall loan book in 4-5 years, with the affordable home loan segment contributing 40% to this share.
Housing.com, a prominent real estate platform in India, introduces an AI-driven price trend engine employing machine learning and artificial intelligence to furnish users with vital pricing data and insights for property transactions. Initially available in Mumbai, Gurugram, Bengaluru, and Hyderabad, the tool utilizes a proprietary algorithm to analyse current market prices and price movements over the past 2-3 years. This innovative feature enhances user decision-making by offering in-depth insights into specific neighbourhoods, facilitating informed choices in property transactions.
The Mumbai Trans Harbour Link (MTHL), envisioned in 1962, symbolizes connectivity between Mumbai Island and Navi Mumbai. Despite delays, work began in 2018 with a proposed opening on December 25, 2023. While deck work nears completion, crucial technological systems under Package 4, including toll and transport management, pose challenges. The BJP announced the bridge's opening, contrasting with the MMRDA's acknowledgment of pending works. Over 97% of the sea link is finished, yet concerns persist about traffic management. The MTHL, India's longest sea bridge, represents ambition tempered by logistical complexities in infrastructure development.
The Aqua Line Metro extension project in Greater Noida is to add eight new stations to enhance connectivity. The revised plan, proposed by the Delhi Metro Rail Corporation (DMRC), aims to link Greater Noida with the Blue and Magenta lines at Botanical Garden. This strategic expansion, seeking approval after local authorities' scrutiny, intends to streamline travel between Greater Noida, Delhi, and IGI Airport Terminal 1. The project, estimated at Rs 2,254 crore and expected to take three years for completion, aims to cater to evolving transportation needs in the booming residential and commercial sectors along the Noida Expressway.
Private capital, particularly from High NetWorth Individuals (HNIs), is set to drive the Asia-Pacific commercial real estate market in 2023, with a focus on capital preservation over chasing yields. The report from Knight Frank highlights that HNIs, equipped with substantial cash reserves, can secure assets at competitive prices without heavy reliance on debt. Despite challenges like higher financing costs and economic uncertainty, private capital is expected to persist in the market. Market volatility has led investors to prioritize stability, resulting in a conservative risk appetite and a preference for core assets in the Asia-Pacific region.
China's securities regulator, the CSRC, has granted approval for the nation's first publicly traded REITs focused on consumption-related assets. This move comes as part of broader efforts to bolster the property sector, expanding the scope of REITs to include properties associated with SCPG Holdings, Shanghai Xingxiumao Business Management, and the commercial unit of China Resources Land. Despite the approval, concerns persist within the market due to Beijing's prior crackdowns on property sector leverage and challenges faced by major developers. Investors remain cautious, with some expressing heightened scrutiny towards these newly approved financial tools.
The results of the third exam for real estate agents conducted by Maharashtra Real Estate Regulatory Authority (MahaRERA) in the immovable property sector were announced on December 7, with 89% of the 4954 candidates passing. With 4461 candidates successful, 3803 are male and 658 females. Two candidates aged 80 and above add uniqueness to the results. MahaRERA has mandated the exam to certify and train the real estate agents and keep the agents informed to bring in awareness and uniformity in the sector. The deadline for obtaining certifications for all agents is January 1, 2024.
<p>• A residential flat spanning 650 square feet sold in Darvesh Belleza on 8th floor in Khar for INR 3.55 cr<br /><br /> • A residential flat spanning 1512 square feet sold in Sheth Beaumonte in Sion for INR 5.36 cr<br /><br /> </p>
Technopark in Thiruvananthapuram is set for a new development with the introduction of a 50,000 sq ft prefabricated office facility at the main campus (Phase 1). The initiative is inspired by the success of the Taurus Downtown project and aims to redefine workspace solutions. The tender for the project is expected to be released soon. Colonel Sanjeev Nair (Retd), CEO of Park Centre at Technopark, highlighted the significance of prefabrication for accommodating parking companies, offering time-saving benefits and potentially reducing the load on the queue system. The project aligns with Technopark's focus on optimizing existing infrastructure and enhancing marketability.
Wave City's Veridia project has unveiled an additional tower, enhancing the residential experience. With possession underway in Tower 1 and Tower 2, which have received completion certificates, over 600 families have already booked their homes. The development offers world-class amenities, including the expansive Oakwood clubhouse with facilities like a swimming pool, gym, library, multipurpose halls, and more. Veridia, launched in 2021, is located along the National Highway-24. The project offers 4 BHK and 5 BHK ultra-spacious floors with charging points for electric vehicles and home automation provisions.
The Department of Town and Country Planning (DTCP) in Haryana has sealed six houses in Sushant Lok 2 for illegal commercial activities, part of a broader crackdown on unauthorized businesses in residential areas. This initiative, ongoing since October, has resulted in around 500 properties being sealed and more than 750 violators receiving notices for breaching occupation certificate (OC) rules. The department's rigorous enforcement, exemplified by recent actions in Sushant Lok 2 and DLF 1, highlights a commitment to upholding building norms, discouraging violations, and maintaining the integrity of residential neighbourhoods in Haryana.
Starting in January, the Kolkata Municipal Corporation (KMC) will introduce a streamlined process allowing owners of small plots to commence house construction within a week of submitting building plans. This departure from the previous bureaucratic approach enables plot owners with small plots, not exceeding seven cottahs, to have their plans sanctioned by engaging an architect or licensed building surveyor (LBS) without direct intervention from KMC buildings department officials. The initiative, designed to expedite approvals and enhance transparency, involves online plan submissions, swift sanctions, and subsequent inspections to ensure adherence to the approved plans.
The Flat Owners' Association of City Plaza, facing structural stability concerns, has decided to take legal action against the city corporation. The association plans to submit a petition to the Local Self Government Department (LSGD) principal director as the initial step. The civic body recently revoked 84 building numbers for both commercial and residential structures within the City Plaza building due to worries about its stability. Despite an eviction notice, residents are refusing to vacate. The association, having received a favourable structural stability certificate, is pursuing legal recourse to address concerns and hold the corporation accountable for ensuring safety.
The Gujarat High Court has mandated Snehanjali Cooperative Housing Society near Gulab Tower to deposit Rs 79 crore with AUDA by December 31 or face eviction from a 4,645 square metre plot. Failure to comply with the order will lead to transfer of the plot to Nidhi Cooperative Housing Society. This emphasises the prolonged legal battle involving land disputes and the importance of meeting legal obligations promptly to avoid contentious issues.
Oberoi Realty has concluded the acquisition of approximately 6.4 acres in Thane for Rs 196 crore, following a memorandum of understanding with NRB Bearings. This strategic move aligns with Oberoi Realty's existing land holdings and development plans near Raymond Group's property. Recently entering the Delhi-NCR market with a Rs 597 crore land purchase in Gurugram, the company launched the upscale Forestville project in Thane. Despite a 17 percent decline in Q2 sale bookings, Oberoi Realty reported a robust 43 percent rise in consolidated net profit to Rs 456.76 crore, reinforcing its position as a leading luxury real estate developer.
Mumbai's ultra-luxury real estate market, featuring homes over Rs. 40 Crore, has seen a phenomenal 247% increase in sales value in 2023 compared to the previous year. Dominating the sector, Mumbai recorded 53 of the 58 high-end transactions in top Indian cities. The market, fuelled post-COVID-19, attracted predominantly businessmen and professionals, highlighting a shift in luxury housing demand. This surge underscores a significant recovery and transformation in the luxury real estate sector, marking a new era of upscale living preferences among India's wealthy populace.
Edtech giant Byju's is reducing its real estate footprint in Bengaluru, vacating 620,000 sq ft of office space, including 550,000 sq ft in Kalyani Tech Park and 70,000 sq ft in IBC Knowledge Park between 2022 and 2023. Think and Learn, parent company of Byju's, continues to hold 350,000 sq ft in Prestige Tech Park and 150,000 sq ft in IBC Knowledge Park. The move aligns with cost-cutting measures amid various crises, including legal battles and a restructuring initiative impacting over 4,000 employees. Byju's aims to raise capital and address ongoing challenges through these measures.
Cinépolis introduces a state-of-the-art multiplex at Hyderabad's LULU Mall, boasting 5 screens and 1427 seats, setting a new standard in cinematic indulgence. With an emphasis on comfort, RealD 3D technology and Dolby Atmos, this venture elevates the movie watching experience. The multiplex features a gourmet dining counter and expands Cinépolis's footprint to 27 screens across Hyderabad and 127 screens in South India. This collaboration between Cinépolis and LULU Mall promises an immersive, culturally rich entertainment experience, blending world-class cinema with vibrant surroundings, setting a new benchmark in cinematic excellence.
Dusit Hotels and Resorts collaborates with property developer Gamuda Land for its inaugural venture in Malaysia named ASAI Gamuda Cove. It is set to open in Q1 2026. This 280-key hotel follows Dusit's unique ASAI brand and the enhanced 'ASAI Tropical' model, offering diverse amenities. Positioned strategically in Gamuda Cove, near the biodiversity-rich Paya Indah Discovery Wetlands, it seamlessly integrates with nature and community. The hotel supports eco-friendly practices, featuring a first-of-its-kind e-tram network. Anticipating a million annual visitors, this partnership aligns with Gamuda Cove's eco-tourism focus. Dusit International's global portfolio and plans for new hotels reinforce its industry prominence.
Panattoni, a prominent global industrial real estate developer, has announced its entry into the Indian market with the launch of its first project, Panattoni Park NH71, in Delhi NCR. The company is collaborating with an institutional investor and has committed an investment of INR 110 crores in the project's first phase. This marks the beginning of Panattoni's ambitious projects in India, with a total investment plan of 100 million euros over the next year. The Phase 1 launch covers 717,000 square feet and is strategically located along National Highway 352 in Delhi-NCR, close to major warehousing clusters and industrial hubs. The project underscores Panattoni's commitment to environmental, social, and governance (ESG) practices and its aim to contribute to India's industrial growth.
<p>• A residential flat spanning 384 square feet sold in Atmiya Centria in Santacruz East for INR 88.55 lacs<br /><br /> • A residential flat spanning 1332 square feet sold in SHapoorji Pallonji The Minerva in Mahalaxmi for INR 5.76 cr<br /><br /> </p>
In a major development, the Enforcement Directorate (ED) has made its second arrest in connection with the money laundering investigation linked to Shine City in Lucknow. Abhishek Kumar Singh, identified as a key figure in facilitating the laundering of illicit proceeds, was apprehended from Sitapur. The investigation originated from approximately 250 FIRs against Rasheed Naseem and Shine City Group of Companies, accused of orchestrating a financial scheme that allegedly siphoned off Rs 800-1000 crore from the public. Singh's role in aiding Naseem in collecting, concealing, and laundering the ill-gotten gains has come under scrutiny, highlighting the complex web of financial misconduct surrounding Shine City.
Brigade Enterprises unveils 'Brigade Sanctuary,' a premium residential project spanning 14 acres on Whitefield-Sarjapur Road, Bengaluru. The joint development features 1275 units with 1-, 3-, and 4-bedroom homes, boasting a gross revenue potential of Rs. 2,000 Cr. Positioned strategically for easy access to Sarjapur, Varthur, Whitefield, and the outer ring road, the project prioritizes comfort, functionality, and aesthetics. Brigade Group commits to preserving over 500 trees, maintaining 80% open spaces, and providing a 32,000 sq ft clubhouse and 35 modern amenities. The project incorporates diverse natural elements and has set a completion target for December 2028.
Nagpur Municipal Corporation's fire audit exposed serious safety lapses, identifying 1,848 high-rise and special buildings lacking firefighting measures, violating Maharashtra's fire safety laws. Among these, 1,286 were declared unsafe, prompting eviction notices. To enforce the eviction, authorities disconnected water and power to 821 buildings, with criminal cases filed against 122 building owners. The audit also revealed alarming data that of the 5,595 buildings, only 903 obtained fire compliance certificates. The police are instructed to act, while district court cases highlight violations, primarily related to missing firefighting arrangements and unauthorized constructions. The situation underscores the critical need for stringent fire safety measures.
Haryana’s Department of Town and Country Planning (DTCP) intensified checks on illegal constructions in Saraswati Kunj, Golf Course Road, demolishing eight unauthorized buildings due to the absence of permissions and ongoing litigation. Over the past two years, more than 3,000 unauthorized structures have been razed in multiple drives, yet violators persist in rebuilding. District Town Planner Manish Yadav led the recent demolitions amid police presence. Saraswati Kunj, entangled in a legal dispute since 2004, faces ongoing challenges related to plot allotments. Concerns about the area becoming a hub for illegal structures prompted the DTCP to request barricading the colony's boundaries and restricting building material entry.
The Bangalore Development Authority (BDA) contemplates raising prices of 1,700 unsold flats by 10% due to the state government's upward revision of property guidance values. With poor sales in projects in Kaniminike and Konadasapura, officials are considering the move to pose a challenge to their marketing strategy. The potential hike may also affect the Puneeth Rajkumar Housing Complex's villa project, complicating the sale of the 322 villas there. Officials indicate a possible 10-20% increase in villa prices from the base cost, impacting BDA's ambitious development plans.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has successfully mediated and resolved disputes related to the Royal Castle project in Ghaziabad, developed by Suncity Hightech Infrastructure. The allottee, Ram Kumar Bansal, faced delays and interest accrual since the scheduled possession in 2017. Following UP-RERA's intervention, the developer agreed to allocate two plots and pay approximately Rs. 22 lakhs as delay interest. The matters were transferred to UP-RERA's Conciliation Forum, emphasizing its efficacy in resolving disputes. UP-RERA has previously directed several developers to participate in online hearings for 21 complaints, showcasing its commitment to addressing grievances in the real estate sector.
Ericsson has signed a substantial office space deal with Skootr at Gurgaon's Vatika One on One building, marking one of India's largest managed workspace agreements. Covering 525,000 square feet, Ericsson's commitment involves an immediate occupancy of 325,000 square feet, with a right of first refusal for an additional 200,000 square feet. The move highlights a growing demand for flexible office spaces in the country. The builder, Vatika, is expected to deliver the first phase in 3-6 months, with Skootr handling fit-out over the subsequent 3-4 months.
The Greater Noida Industrial Development Authority (GNIDA) aims to expedite Uttar Pradesh's economic growth by inviting applications for 22 commercial plots. The Commercial Plot Allocation Scheme (FAR-4.0) offers plots in various sectors, including Delta-2, Alpha-2, Ecotech-12, Technozone-8, Sector 12, and Sector 10. The registration deadline is December 8, with the process conducted through the State Bank of India's e-tendering portal. The earnest money deposit (EMD) ranges from Rs 2.19 crores to Rs 10.17 crores. This strategic initiative seeks to attract investment and stimulate industrial development in Greater Noida, contributing to the overall economic progress of the region.
Over the past four months, the Greater Noida Industrial Development Authority (GNIDA) has processed nearly 5,000 registries across more than 20 housing projects. This initiative, following developers settling their dues and obtaining occupation certificates, has contributed Rs 100 crore in revenue, with stamp duty payments amounting to Rs 150 crore for the state government. GNIDA's CEO, Ravi Kumar NG, highlighted the adoption of a flat-wise registration system for efficiency, ensuring smooth ownership rights for homebuyers. The Authority actively addressed homebuyer concerns through camps, and despite awaiting the state government's rehabilitation package, GNIDA remains committed to resolving builder-buyer issues within existing policies.
The Itomachi Hotel O in Saijo, Japan, designed by architect Kengo Kuma and spearheaded by semiconductor company Advantec, is drawing attention as the nation's first zero-emissions hotel. Inaugurated as part of a regional revitalization effort, the hotel achieves net-zero carbon emissions through rooftop solar panels, contributing to the city's renewal amid population decline. The multifunctional complex, featuring a market and restaurants, serves as an emergency shelter with a 140-kilowatt solar capacity. The hotel enhances this to 300 kilowatts, securing the highest green accreditation in Japan. This innovative project not only addresses environmental concerns but also exemplifies the integration of sustainability with community-driven regional development.
The BMC is actively reassessing two ambitious projects on Little Gibbs Road, Malabar Hill, situated above twin coastal road tunnels, following the Silkyara tunnel collapse. This safety review, triggered by a citizen-activist complaint, involves scrutinizing proposals for 3-4 storey basement construction by Aakar Architects and Barai Architects. Both firms, acting as liaising consultants, received no-objection certificates for high-rise buildings. Concerns arose about the potential risks to the twin tunnels and their structural integrity. Chief Engineer MM Swami emphasized adherence to the original plans for safety. Barai Architects acknowledged the BMC's letter, while Aakar Architects' response remains pending.
In a significant development in the Indian real estate market, both property buyers and sellers are now required to link their Aadhaar with their PAN card. Failure to do so can result in a substantial increase in the tax rate on property sales, jumping from 1% to 20%. The Income Tax department has initiated the process by sending notices to buyers of properties over Rs. 50 lakhs, emphasizing the importance of this digital connection. According to the Income-Tax Act, buyers in transactions exceeding Rs 50 lakhs must pay 1% TDS to the Central Government, making it crucial for both parties to ensure compliance to avoid financial penalties. The recent enforcement serves as a reminder of the evolving dynamics and financial implications of Aadhaar-PAN linkage in property transactions in India.
Knight Frank's Ski Report 2024 notes a substantial 4.4% increase in average ski chalet prices from June to June, the highest since 2014, excluding a pandemic-induced surge. The surge is attributed to a shortage of luxury chalets and robust demand, with a 56% decline in listings across major French resorts. A global survey reveals 60% of respondents anticipate further price increases in Alpine properties. The market expansion draws buyers from Asia, the Middle East, and southern Europe, attracted by low costs, currency diversification, and climate considerations. Despite challenges like climate change, Alpine resorts are adopting sustainability measures. The report underscores the enduring appeal and profitability of Alpine properties for investors amid evolving market dynamics.
A legal title report is a written analysis of the status of the title of the property, including a description of the said property, names of titleholders and how the title is held (e.g. joint tenancy). It also includes applicable taxes and encumbrances for the same.
<p>• A residential flat spanning 660 square feet sold in Amrut Angan in Kalwa for INR 49.5 lacs<br /><br /> • A residential flat spanning 199 square feet sold inSai Iccha in Taloja for INR 9 lacs<br /><br /> </p>
The Greater Noida Industrial Development Authority (GNIDA) green-lit extra construction in Amrapali Group projects supervised by NBCC, foreseeing a revenue boost of Rs 450 crore. This adjustment involves raising the floor area ratio (FAR). The Amrapali Group, which is in financial turmoil, owes GNIDA nearly Rs 5,200 crore. GNIDA stands fourth in the creditor line. The present approval is part of extensive discussions with the court receiver to benefit stakeholders, notably homebuyers. This strategic move aims to address the complexity surrounding Amrapali's projects and contribute to a comprehensive resolution process.
Birla Estates Pvt Ltd, the real estate arm of the Aditya Birla Group, has unveiled a project pipeline with a gross development value (GDV) of Rs 45,000 crore. CEO K T Jithendran announced plans, including the launch of the second phase of the Birla Niyaara project in Mumbai's Worli area, offering 8.5 to 9 lakh sq ft of saleable area. With acquisitions in Walkeshwar, Mumbai, and RR Nagar, Bengaluru, the company aims for a gross pre-booking value of Rs 3,000 crore. Birla Niyaara, priced at approximately Rs 80,000 per sq ft, emerged as the highest-selling project in the Mumbai Metropolitan Region in CY2022.
Tenants associations across Mumbai are urging the chief minister and housing minister to appoint senior counsel and a reputable solicitor firm to advocate for the Maharashtra Rent Control Act, 1999, and Chapter VIII of the MHADA Act before the Supreme Court. The Property Owners Association and other stakeholders have challenged the constitutional validity of these acts since 2000, with a crucial hearing scheduled for February 6. Tenants fear a ruling in favour of property owners could jeopardize rent control in Maharashtra, potentially allowing arbitrary rents and evictions. Political leaders, including Mumbai's guardian minister and BJP representatives, pledge to address tenant concerns and protect their interests.
The director of a Mumbai real estate company, accused in a Rs 7.5 crore fraud case involving cheating the public with promises of flats in Juhu, has reportedly been detained in Colombia following a red-corner notice. In 2017, the company allegedly sold promised flats to others during discussions about an alternate project. The accused directors, family members, had left the country before the FIR was filed. The Economic Offences Wing is investigating, and an RCN was issued against the director, her brother, mother, and company officials. Authorities are verifying her identity, signalling international cooperation in addressing financial fraud.
The Odisha Real Estate Regulatory Authority (ORERA) has cancelled a land deal near the city, alleging violations of the Odisha Real Estate (Regulation and Development) Act, 2016. The landowner in Balianta subdivided 20 plots without registering the larger plot with ORERA, breaching the requirement for plots larger than 500 square meters. ORERA responded to a complaint, directing the landowner to obtain layout plans within two months and register them within 45 days. The authority nullified sale deeds of sub-plots until proper registration and urged action against the sub-registrar. ORERA's action reinforces its commitment to regulatory compliance and transparency in real estate activities.
The Municipal Corporation of Delhi plans to lease its newly constructed office complex in Karkardooma, covering three blocks over 22,918 sq meters, for 30 years. The modern complex, equipped with amenities like air-conditioning and CCTV surveillance, is open for leasing to government departments, PSUs, and others. The minimum rent is set at Rs 115 per sq ft, with a 7% annual enhancement. Central government departments have shown interest, and the corporation will reach out to others. The lease agreement will be awarded based on the best rate exceeding the floor rate, providing a contemporary workspace solution.
hBits, a fractional ownership platform in India, has acquired 13,500 sq. ft. of prime commercial real estate in Mumbai's bustling Goregaon area, valuing at INR 27.31 crore. This strategic move opens a Grade A commercial real estate investment avenue for retail investors. The property, near Mumbai's economic hub, is leased to a prominent Indian-origin multinational tech firm for five years, ensuring a solid 3-year lock-in period. Boasting robust financial metrics with a 9% gross entry yield and a 15.49% expected internal rate of return, hBits aims for an INR 500 crore AUM by March 2024, capitalizing on Mumbai's thriving commercial real estate demand.
The Municipal Corporation of Delhi has announced the exemption of property tax collection from rural residential areas in Fural, Delhi. The move aims to provide relief to residents from property tax liabilities, with Deputy Mayor Aaley Mohammad Iqbal affirming the exemption across all 70 constituencies with rural areas. The announcement was made by Mayor Shelly Oberoi during a press conference over the weekend. Some political parties have voiced their concerns over this move while others have lauded it.
Pune Municipal Corporation contemplates an amnesty scheme to encourage property tax compliance, offering reduced penalties through Lok Adalat. PMC's administrator, Vikram Kumar, aims to motivate defaulters, despite concerns from civic activists. Records indicate a substantial Rs 4,500 crore outstanding from property owners. A Lok Adalat is scheduled for December, following PMC's successful collection of Rs 479.09 crore in 2021-22. Despite opposition, PMC targets Rs 2318.15 crore in property tax for 2023-24, emphasising its crucial role post-octroi and LBT removal, with tax payment options based on property ARV.
Peerless Hotels is set for a transformative journey, planning to double its room capacity in the next five years. Following the successful upgrade of the Peerless Kolkata property, the company eyes expansion through acquisitions or management contracts. With a focus on internal consolidation first, the 30-year-old company aims to rejuvenate existing properties over a two-year period. Collaborative ventures with partners are on the horizon to broaden market reach. Amid a post-Covid recovery and rebranding all city hotels as Peerless Hotels, the company anticipates a record-breaking fiscal year, with significant revenue growth underlining its success.
The Bangalore Metro Rail Corporation Limited (BMRCL) is gearing up for significant developments as it prepares to embark on Phase 3 of the Namma Metro project. In an upcoming initiative, the corporation will commence preliminary activities related to land acquisition, marking a crucial step forward for the ambitious expansion. The initial phase involves the identification of 100 acres of land for the construction of a depot and viaducts along specific stretches of the corridor. Anticipating progress, officials are set to initiate a joint survey of the targeted properties earmarked for acquisition.
The latest Global Real Estate Bubble Index reveals a 5% average decline in house prices across 25 major cities, signalling a sustained downward trend and reducing the risk of a real estate bubble. Zurich and Tokyo remain in the "bubble risk" category, down from nine cities the previous year, while European cities like Frankfurt and Munich shift to the "overvalued" category. Madrid, aligning with Milan and Warsaw, is now considered "fairly valued." Factors such as Russia's invasion of Ukraine and the COVID-19 pandemic contribute to the decline. Despite corrections in Paris and London, housing affordability remains a challenge, prompting UBS to predict continued price decreases if high-interest rates persist.
Bank of America is set to pay a $12 million fine for inaccurately reporting mortgage applicant data, violating the Home Mortgage Disclosure Act. Over 400 loan officers allegedly failed to inquire about race, ethnicity, and sex, according to the Consumer Financial Protection Bureau (CFPB). The bank neither admitted nor denied wrongdoing, covering conduct from 2016 to 2021. The CFPB vows additional measures to ensure compliance. In response, Bank of America claims over 99% accuracy in collecting demographic data, citing improved employee training. The bank’s consumer lending business in first mortgages also reported a 61% decline this year.
Despite fewer working days in November, property registrations in Mumbai rose 8% YoY to 9,713 units, contributing over Rs. 711 crores to the state exchequer. Factors such as rising incomes, positive homeownership outlook, festive discounts, and attractive home loan offers drove this success. While November's registrations dipped from October, the overall trend remains positive, with a 10% YoY rise, and stamp duty revenues likely to surpass Rs. 10,000 crores for the first time. Prime property prices saw a 6.5% YoY increase in Q3 2023, contributing to Mumbai's sustained housing sales momentum.
<p>• A residential flat spanning 1088 square feet sold in Pushpanjali CHS in Vile Parle East for INR 4.05 cr <br> • A residential flat spanning 839 square feet sold in Dimple La Vista in Borivali East for INR 1.4 cr</p>
Runwal Group recently reviled ambitious plans for the current financial year, aiming to acquire 10 million square feet for mixed-use development with a substantial investment of approximately Rs 1,500 crore. With an impressive land bank of nearly 55 million square feet in Mumbai, the company seeks a 20% growth from the previous year's revenue exceeding Rs 3,000 crore. Their diversified portfolio spans affordable, mid-segment, and luxury housing, alongside ventures into commercial and retail segments. Expansion plans include entry into Pune, slum rehabilitation projects, and upcoming launches in affordable and luxury housing sectors, reflecting a strategic vision for sustained growth and market responsiveness.
Magnolia Quality Development Corporation (MQDC), a Thai real estate giant, is in discussions with local builders for potential projects in the National Capital Region (NCR), eyeing a partnership announcement early next year. The focus is on luxury residential developments in Delhi and Gurugram, forming part of mixed-use projects. MQDC also plans to establish five co-working facilities in the NCR, with one operational in Greater Kailash-II and another on Golf Course Road in Gurugram. The co-working space in Gurugram started operations on November 30. MQDC, valued at over $9 billion globally, anticipates project details and investments to be finalized in early 2023.
The government is reportedly reconsidering its plan to introduce a specialized framework for the real estate sector, which would limit insolvency proceedings to individual stressed housing projects and exclude their developers, according to a reliable source. This potential revision aims to prevent unscrupulous promoters from exploiting relief measures to abandon projects for higher profits, potentially diverting funds and worsening challenges for homebuyers. The proposed project-wise insolvency is under scrutiny for its potential to allow promoters to evade responsibilities. The government is seeking stakeholder feedback to strike a balance between homebuyers and real estate sector interests.
The Delhi Development Authority (DDA) has initiated registrations for penthouses, super High-Income Group (HIG), and various other flats in its 'Diwali Special Housing Scheme 2023.' Accessible through an e-brochure, the online registration system integrates advanced technology. The scheme offers 14 penthouses, 170 super HIGs, and 946 HIGs in Dwarka's Sector-19 B, along with 316 and 647 Middle-Income Group (MIG) flats in Sector-14 and Lok Nayak Puram. Prospective buyers can register until December 29 for the e-auction, starting on January 5, 2024. The 'first come first serve' (FCFS) registration, open until March 31, has already recorded over 500 applicants, signalling high interest and anticipation.
The Everest Food Products promoter group, known for the Everest spice brand, has invested over Rs 143.50 crore in two sea-view Mumbai apartments, boosting the total deal size to exceed Rs 213 crore. Previously securing a 53rd-floor residence in Oberoi Three Sixty West for Rs 73.50 crore, they expanded with an adjacent apartment and a similar-sized one on the 50th floor. The 53rd-floor unit was directly acquired from Oberoi Realty, while the 50th-floor residence was bought from SKS Infrabuild. Registered in November, these acquisitions include exclusive access to eight parking slots each, totalling 14 parking slots within the tower.
Knight Frank's recent analysis reveals a dynamic shift in Kolkata's real estate market. With 35,467 apartments registered in 2023, October stood out with 4,441 registrations, a 2% increase from the previous month. Despite this, there's a notable 35% YoY decline. This is attributed to a robust surge experienced in 2022. The report also reveals a change in the size preferences, with 501-1,000 sq ft units dominating. Micro-market dynamics show the South Zone claiming the top spot, marking a significant shift from last year. The extension of stamp duty rebates and RBI's unchanged repo rate add optimism for future trends.
HCL Technologies Ltd. is strategically divesting its Bengaluru office assets, including a special economic zone campus spanning 27 acres valued at approximately Rs 550 crore. This move aligns with HCL Tech's broader strategy to optimize its portfolio and exit non-core assets, adapting to changing workplace dynamics. Amid the transition to hybrid work model’s post-pandemic, the real estate market in India is seeing a shift towards collaboration-centric spaces. HCL Tech's proactive response reflects the company's commitment to streamlining operations and focusing on core business areas, embodying a trend observed among IT firms reassessing their property portfolios for a flexible and collaborative future.
Gujarat RERA has introduced an advanced online portal, addressing the issue of outdated progress report photos. The platform was launched on Nov 24. It ensures compliance with the RERA Act and precise reporting to tax departments. Earlier, developers manipulated tax obligations with old photos, exploiting a loophole in the previous website. The new website mandates real-time updates, thereby curbing inaccuracies. Experts, emphasising transparency, highlight the need for developers to adopt this technology. The website streamlines tasks and accelerates the registration process, thereby meeting industry demands.
Bhutani Infra's Avenue 133, the cutting-edge high-street mall in Noida Sector 133, has made history in the local real estate scene by selling all its retail spaces within a remarkable 12 hours of its grand launch. Situated strategically along the Noida-Greater Noida Expressway, Avenue 133 offers a mix of retail shops, wellness centres, office spaces, and a vibrant food court, aiming to be the longest high-street commercial project in Delhi NCR. With metro connectivity, modern facilities, and a diverse range of brands, its swift success reflects trust in Bhutani Infra's commitment to quality, innovation, and environmental responsibility.
Construction activities in Delhi-NCR have resumed after a 26-day gap as the Commission for Air Quality Management (CAQM) revoked the third stage of its Graded Response Action Plan (GRAP-III) imposed on November 2 due to high air pollution levels. GRAP-III restrictions included a ban on construction and demolition activities. The AQI dropped from 395 to 312 on November 28, prompting the revocation. Real estate developers welcomed the move. Industry bodies urged future exemptions for real estate from GRAP restrictions, emphasizing the impact of the restrictions on project costs, delays, and job losses and highlighting pollution-mitigating measures already implemented.
Workspace, distinct from WeWork by owning its buildings, sees potential benefits from WeWork’s restructuring. Dave Benson, the finance chief, notes that WeWork’s serviced offices often funnel clients to Workspace, creating increased opportunities. Despite a unique business model, Workspace is optimistic about gaining clients after WeWork’s recent bankruptcy filing. The company provides unfurnished spaces to diverse clients, from architects to brewers. This highlights Workspace’s strategic position and adaptability amid shifts in the flexible office space Industry.
In Q3 2023, Saudi Arabia’s residential property market saw a 24% decline in total transaction value, with a substantial 37.5% drop in mortgage contracts year-to-date. Single-family homes dominated lending, comprising 69.8% of the total value, while apartments and land accounted for 24.8% and 5.4%, respectively. Despite these declines, Riyadh, Dammam, and Al-Khobar experienced positive trends in average villa prices. The market’s resilience in the face of decreased transactions is attributed to buyers’ cautious approach amid high-interest rates, awaiting the delivery of anticipated new housing stock in the short to medium term.
MahaRERA, aiming to boost real estate developer accountability, has introduced the consultation paper for robust quality assurance. As per MahaRERA, during the defect liability period, which is 5 years after possession, any structural issues must be rectified by builders at no cost. The proposed mechanism ensures that any such defect is registered by the developers, and its rectification is verified by third-party agencies selected by MahaRERA, ensuring a transparent and comprehensive project inspection. Developers adopting this benchmark will be published on MahaRERA's site, and all the reports regarding individual projects will also be available on the website. This would go a long way in addressing the issue of quality in the real estate sector.
MahaRERA's Conciliation Benches, designed to streamline homebuyers' complaint resolutions, have successfully addressed concerns from 1343 individuals. Currently, 52 state-wide benches are handling hearings for 876 cases in key locations like Mumbai, Pune, Thane, Nashik, Nagpur. Committed to prioritizing complainants' rights, these benches are gaining traction among those seeking redressal. The Conciliation Bench is recommended as an option and cases proceed to these benches upon mutual agreement. These benches decide on complaints within 60 days which extends to 90 days in some cases. The emphasis on the serviceability of the complaint resolution process and a customer-centric approach by Maharashtra RERA continues to yield positive responses from stakeholders.
The Navi Mumbai police have initiated legal action by filing an FIR against five individuals accused of coercively demanding Rs 1 crore from a builder in Panvel. The primary aggressor forcefully entered the builder's residence, physically assaulted him, and demanded the sum. Four additional individuals joined in, escalating the threat by issuing ominous warnings, including the potential harm to the builder's son if the demanded amount was not promptly paid. The situation presents a serious threat beyond financial extortion, involving the safety of a family member. The ongoing investigation aims to identify and apprehend the perpetrators while exploring the motives behind this alarming incident.
In Noida, the fate of Unitech housing projects hangs in the balance as thousands of anxious homebuyers await a crucial Supreme Court hearing. The projects, delayed for years due to the company's promoter's legal troubles, are now under a government-appointed board. The Supreme Court had earlier directed the submission of revised layout plans, emphasizing the commencement of construction without upfront payment of dues. The recent court order urged collaboration between Unitech and Noida Authority to resolve issues. Noida Authority, however, insists on clearing the realtor's Rs 10,000 crore dues before approving revised maps.
In Mudaliarkuppam, along Chennai's East Coast Road, unauthorized sea-view villas and apartments have sparked environmental concerns. Following a complaint by Thazuthali kuppam villagers, the National Green Tribunal (NGT) is investigating these constructions which allegedly lack mandatory clearances. State officials confirm some buildings violated planning permissions, while environmentalists warn of potential ecological impacts on local fisheries and erosion patterns. The issue, involving private properties, a church, and a school in restricted zones, highlights the need for stringent adherence to environmental regulations in sensitive coastal areas. The NGT is set to revisit the case next month.
According to a report by Colliers, a notable upswing in real estate investment activities is expected in the Asia Pacific region in 2024, with India emerging as a key destination for capital inflows. The report highlights India's prominence due to its robust economic growth, drawing investor interest in various real estate segments such as office spaces, logistics, private credit, residential properties, and data centres. Institutional investments in India's real estate sector saw a 27% year-on-year surge in the initial nine months of 2023, totalling $4.6 billion, with foreign inflows constituting a dominant 77% share. The report anticipates major transactions and increased investment volumes in 2024, signalling a positive outlook for the region, particularly in India.
Greater Noida West has become a hotspot for real estate investors as property prices surged by an impressive 21.6% YoY, according to a recent Magicbricks report. The study highlights a growing demand for spacious residences, with apartments exceeding 1,250 sq ft contributing to 54.5% of the total demand. The area's strategic location and affordable housing options have attracted both domestic and international investors, with NRIs from the United States, Canada, United Kingdom, and UAE constituting 85% of the international demand. This surge solidifies Greater Noida West as a thriving real estate destination.
Oyo has revived its self-operated hotels, now labelled 'Managed by Oyo,' seeking partnerships with real estate developers for 200 premium hotels across Indian metros. After closing its self-operated model in 2020, Oyo is re-entering the space, emphasizing a revenue-sharing basis for long-term management contracts. During the pilot phase, 30 realtors partnered, initiating operations in over 35 hotels across key cities. The program targets high-traffic metros and major tourist destinations, focusing on premium offerings like Townhouse. Oyo aims to create a mutually beneficial scenario for landlords, operators, and travellers, and hints at a potential increase beyond the initial 200 hotels.
Breach Candy and Jaslok hospitals in Mumbai are undergoing substantial expansions to meet rising patient demands. Breach Candy plans to operate from a new 11-storey building with upgraded facilities like ICUs, outpatient departments, and isolation wards, costing around Rs300 crores. Jaslok is reorganizing spaces for better patient movement, adding annexes with specialized units like ICUs and dialysis. Both hospitals aim to optimize functionality, improve fire safety, and create separate parking facilities. These initiatives reflect their commitment to evolving healthcare needs while ensuring top-notch care for patients in South Mumbai.
The Goa State Urban Development Agency (GSUDA) is prioritizing sustainable development through 3D-based urban planning. Addressing challenges like traffic congestion and resource mismanagement, GSUDA has invited firms to express interest in providing a 3D application for urban planning. The 3DCity Platform aims to simulate scenarios such as green energy potential, traffic solutions, new infrastructure, and security measures. GSUDA aims to integrate technology seamlessly with the urban landscape, becoming a model for sustainable development and innovation. The platform will assess air quality, flood levels, sound pollution, and security coverage, fostering efficient resource management for a smarter future.
Central Railway's (CR) harbour line in Mumbai, plagued by encroachments and hygiene issues impacting train speeds, witnessed a significant initiative. CR authorities commenced the demolition of encroachments between Chunabhatti and GTB Nagar stations on November 27 to increase speeds to 105 km per hour. Railway security forces assisted in removing 140 shops and 25 hutments, aiming to clear soft encroachments and address the challenge of garbage and excreta on the tracks. The upgrade, crucial for track improvements, seeks to enhance punctuality for the substantial commuter base. Despite ongoing efforts, challenges, including political opposition, persist, reflecting the persistent dissatisfaction with services.
In a concerning trend, a second fire occurred within a week in South Mumbai, this time at Nathani Heights, a 21-storey residential building in Agripada. Fortunately, all six families were safely evacuated, and no casualties were reported in this level 1 fire. The blaze originated in the electrical duct between the 5th and 15th floors, prompting a swift response from the Mumbai Fire Brigade. The building's upgraded inbuilt firefighting system played a crucial role in managing the situation. The incident underlines the importance of adhering to fire safety norms and regulations, emphasizing the need for residents to comply with guidelines and promote responsible electrical usage to prevent future incidents.
Tata International is expanding operations in Nigeria through a strategic partnership with the Lagos Free Zone (LFZ). The agreement involves leasing a 6000 square meter facility within LFZ, enhancing Tata International's operational capabilities. The signing ceremony, attended by key representatives, signifies a new era in the relationship, fostering economic growth and attracting investors to Nigeria. The LFZ, integrated with the Lekki Port, offers a strategic location for market access. This expansion affirms Tata International's dedication to strengthen its footprint and create positive impacts in Africa.
Land constitutes of all things permanently attached to the surface of the earth such as ground, trees, wells, rivers. etc. It is a natural resource that is the centre of all economic activities. Therefore, land is classified on the basis of its economic use, i.e., agricultural land, non-agricultural land and forest land.
Residents of Hiranandani Gardens in Powai are mobilizing to oppose Canadian real estate company Brookfield Properties' plan to replace the Citipark building with a mega mall. The proposed 18-storey tower in the bustling Central Avenue has raised concerns about increased congestion, worsened traffic during peak hours, and potential dust and noise pollution during construction. Residents also lament the diminishing green cover, signalling a broader transformation from a predominantly residential to a more commercialized neighbourhood. While Brookfield Properties claims efforts to increase green cover, residents are forming an official forum to voice concerns, even as the mall proposal awaits BMC approval.
<p>• A residential flat spanning 325 square feet sold in Jade Gardens in Palghar Town for INR 20.64 lakhs<br /> • A residential flat spanning 787 square feet sold inLodha Luxuria in majiwade for INR 1.26 cr<br /> </p>
EFC (India), the sole listed company in integrated serviced offices and co-working spaces, is set to triple its seat capacity from 32,000 to 92,000 by March 2026, capitalizing on strong institutional demand. Founder & CEO Umesh Sahay revealed the ambitious plan, funded through a mix of equity and debt, citing India's surge as the world's second-largest co-working market. The expansion aims to make EFC a major industry player. With enterprise solutions under EFC and co-working as Sprint, the company operates across seven Indian cities, offering comprehensive office space management services and anticipating significant revenue growth by FY26.
Roha Realty and Sabari Group have announced a strategic joint venture in Chembur, strengthening Roha Realty's position in the Mumbai Metropolitan Region. The collaboration aims to redefine premium living with sustainable residences covering 6 lakh sq. ft. and an estimated revenue of Rs 1000 crore. This follows Roha Realty's redevelopment agreement with MHADA for two societies in Subhash Nagar, aligning with their commitment to community enhancement. The collaboration with Sabari Group and the Subhash Nagar redevelopment anticipates generating approximately Rs. 1,500 crores, furthering Roha Realty's vision to be a leading developer prioritizing enduring value and customer-centric principles.
The state cabinet, in a recent meeting, announced a substantial 50% reduction in the flat transfer fee for slum rehabilitation units, easing the financial burden on buyers. The Slum Rehabilitation Authority (SRA), which provides flats to slum dwellers at no cost, had imposed a Rs 1 lakh transfer fee during flat transactions. This decision aims to facilitate easier access to SRA flats by cutting the transfer fee to Rs 50,000. The move builds on previous reforms, such as reducing the lock-in period for selling slum dwellings from ten to five years in 2020. The initiative aligns with a broader commitment to inclusive housing solutions.
The Patna High Court has issued a directive instructing the state's Economic Offence Unit (EOU) to expedite investigations into 61 criminal cases against the Agrani Group. Flat buyers allege the real estate giant unlawfully misappropriated Rs 100 crore intended for flat bookings. The court's order, part of the resolution of a criminal writ application by victims, mandates a swift investigation and allows victims to file pleas before EOU courts overseeing the 61 FIRs. The allegations centre on fund misappropriation for flat bookings, with victims collectively claiming Rs 100 crore in losses, emphasizing the urgency of investigations and the need for a timely resolution.
Home buying in Mumbai is undergoing a significant shift, as buyers now prioritize convenience over the traditional emphasis on location. Modern home buyers seek proximity to large retail outlets, malls and social infrastructure to align with their busy lifestyles. This shift reflects a more knowledgeable and research-oriented approach. Improved connectivity in Mumbai and the MMR region, driven by ongoing infrastructure projects, has contributed to this transformation. Areas like Goregaon, Kandivali, Borivali and Mira Road in the western suburbs are witnessing heightened demand, driven by connectivity improvements and better social infrastructure. This trend signifies a departure from the traditional focus on location, with convenience and lifestyle choices taking precedence.
<p>• A residential flat spanning 395 square feet on the 19th floor sold in Nandivardhan Avisha in Girgaon for INR 89 lakhs • A residential flat spanning 808 square feet sold in Posiedon Sukruti Samyra in Kalbadevi for INR 1.60 cr</p>
Hiranandani Group introduces Eleva, a service consultant development model providing expertise in development, construction, design, marketing, and sales solutions for landowners and developers. Founder Niranjan Hiranandani notes the potential to aid projects in the market. The initiative, requiring no new investment, focuses on utilizing existing infrastructure. The first project, Vista in Andheri West, Mumbai, spans 3.33 lakh square feet, with plans for five projects covering nearly five lakh square feet by March 2024. The model's service-fee revenue approach positions the group as consultants for landowners with clear titles and statutory approvals.
Chennai-based WorkEZ, a managed office and co-working space provider, is set to invest Rs 63 crore in its expansion across Chennai, Bengaluru, and Coimbatore. Leasing four new centres, including spaces in Velachery and Alwarpet in Chennai, Bengaluru, and Coimbatore, the company's managed office space portfolio now spans 1.1 million square feet. WorkEZ aims to achieve a six-million-square-foot overall portfolio by FY2028. With an annual growth rate exceeding 50 percent, the company reported over 90 percent occupancy across its eight operational centres in Chennai and marked profitability in FY23 with a CAGR of just over 150 percent.
Ganga Realty unveils the Nandaka 84 uber-luxury residential project in Gurugram, committing an investment of over 1000 crores for its development. Strategically located near Dwarka Expressway and NH-48, the self-funded project spans 8.33 acres, featuring 3BHKs, 4BHKs, and penthouses across four towers. Partnering with London-based firm UHA, the project emphasizes green inclusivity with Miyawaki Gardens, medicinal and air-purifying flora, EV charging stations, and various amenities. Ganga Realty aims for single-phase completion by 2028, echoing the success of their first luxury project in Gurugram. The company's symbolic focus on "pure luxury" aligns with the growing demand for high-end residences in Gurugram.
The Bombay High Court, in a landmark decision, has assured tenants of the Ismail Baug building in Malad that their tenancy rights will be preserved despite the building's demolition. The court upheld the BMC's demolition notice, citing safety concerns, but emphasized that tenants would be reinstated once the building is reconstructed. The ruling came after a detailed consideration of conflicting structural audit reports and underlines the judiciary's commitment to balancing public safety with the protection of tenants' rights in urban development scenarios.
The Maharashtra Real Estate Appellate Tribunal (MREAT) has modified a 2019 MahaRERA order, directing the promoter, Neelkamal Realtors, of a Mira Road real estate project to pay interest from 2013 on amounts paid by home buyers until possession is granted. The case involved a couple who booked a flat in Orchid Ozone in 2010, and paid 90% without a registered agreement. Although possession was to be given in 2013, the couple hasn’t received it yet. The tribunal found flaws in MahaRERA's order and instructed the promoter to execute a sale agreement promptly upon receiving the occupancy certificate. The judgment highlighted the promoter's breach of payment ceiling and obligations under real estate laws.
The Enforcement Directorate (ED) recently apprehended Shashi Bala in connection with a money-laundering probe involving a Lucknow-based company accused of defrauding investors of Rs 800-1,000 crore. Bala, an active associate of the main accused, Rasheed Naseem, in the Shine City fraud, has been taken into custody. Naseem, the primary accused, is currently at large. A special court under the Prevention of Money Laundering Act has remanded Bala to ED custody until November 30. The ED revealed that Bala played a crucial role in assisting Naseem in concealing and laundering the proceeds of the alleged crime. The case involves raids, FIRs, and investigations into the financial misconduct.
The Mayor of Kolkata, Firhad Hakim, has recently directed the buildings department to collaborate with architects or licensed building surveyors for expedited approval of building plans on plots not exceeding three cottahs. This move aligns with a new regulation allowing citizens to apply for building sanction online for smaller plots, ensuring quick approval within 15 days if the submitted documents adhere to civic regulations. The initiative aims to address delays and simplify the building plan approval process, emphasizing the Kolkata Municipal Corporation's commitment to supporting citizens in construction endeavours on smaller plots.
At a recent event, UP Chief Minister Yogi Adityanath announced that over 55 lakh underprivileged individuals in Uttar Pradesh have received free housing under state and central government initiatives during his tenure. Speaking at the inauguration of development projects in Gorakhpur, Adityanath emphasized the success of housing schemes like Pradhan Mantri Awas Yojana and Mukhyamantri Awas Yojana, transforming the lives of millions by providing homes with essential amenities. The Chief Minister highlighted the broader development initiatives in the region and outlined plans for future projects, reaffirming the commitment to improving the quality of life for residents.
Tata AutoComp Systems sells a 13.26-acre land parcel in Pune's Maan area to Titania Industrial Development for Rs 134 crore. Tata has applied for rezoning the property in the industrial zone to residential zone. The strategic move aligns with Pune's growth dynamics, particularly in areas like Hinjewadi, which is witnessing increased business activity. Pune is hailed as a top real estate investment destination, exhibiting remarkable growth in sales and value. The present land transaction reflects the current trend of developers opting for residential development on acquired or existing land parcels amid the ongoing upcycle in the housing market across key cities.
The Securities and Exchange Board of India (SEBI) board has unveiled plans to regulate online platforms offering fractional ownership of real estate assets. These platforms will now need to register under a framework designed for small and medium real estate investment trusts (REITs), part of SEBI's efforts to oversee evolving online investment platforms. Additionally, SEBI announced the implementation of electronic storage for fresh investments by alternative investment funds (AIFs) from September 2024, aiming to enhance transparency.
The Nagpur Municipal Corporation (NMC) has intensified its crackdown on property tax defaulters by attaching 225 vacant plots in the Hanuman Nagar zone, totalling Rs 45.52 lakh in defaults. The affected plots include those owned by Shewanta Co-operative Housing Society Limited, Suvikas Co-operative Housing Society Limited, and Gangotri Developers, all located in the Hudkeshwar area. This action follows earlier notices and warrants issued by the NMC to property owners, emphasizing the municipality's commitment to enforcing property tax regulations and recovering outstanding dues.
The Nashik Municipal Corporation (NMC) plans to implement Geographic Information System (GIS) mapping for all properties within the city, aiming to identify and record over 5.2 lakh properties. Each property will receive a unique index number, facilitating easy access to information on built-up area and other details. This initiative aims to bring unrecorded properties under the tax net, boosting NMC’s revenue. The NMC also intends to outsource property tax bill distribution to a private agency, allowing the civic body to focus on tax recovery. Additionally, the mapping will cover both authorized and unauthorized slums to curb illegal settlements.
Wyndham Hotels & Resorts is set to launch its European brand, Vienna House, in India by mid-next year, aiming for 100 hotels in the country by 2025. The move seeks to attract foreign tourists bound for India, leveraging the Wyndham Rewards program. The company, with over 5,333 operational rooms and 35 hotels under development in India, emphasises tier two and tier three cities for broader distribution. The strategy aligns with infrastructure development, focusing on religious and wellness tourism, including strategic locations at pilgrimage sites, highlighting a multifaceted approach for sustainable growth over the next five years.
Bengaluru is gearing up for a major upgrade in urban transport with the announcement of a 287 km circular rail network by the Ministry of Railways. Aimed at easing traffic congestion, the project will connect various peripheral areas of the city, enhancing connectivity. The government has allocated 7 crore rupees for initial studies, with plans for detailed surveys and project reports underway. This initiative is part of a broader effort to modernize Bengaluru's infrastructure, promising a more connected and accessible city in the coming years.
Hong Kong's TEC plans a substantial Rs 240 crore investment for UAE expansion, aiming to add one lakh sq ft in the Middle East. The company allocates AED 62.75 million (Rs 142.48 crore) for Dubai and Rs 98 crore for Abu Dhabi. Recently securing a lease in Abu Dhabi's Al Maryah Tower, TEC's second centre in the UAE, underscores its growth trajectory to meet escalating demand for dynamic workspace solutions. Launching in January 2024, the Abu Dhabi centre will offer 175 workstations. TEC's global performance includes over Rs 100 crore investments, agreements for eight new centres in H1 2023, and a 24% annual revenue growth in India, contributing to its $283 million global revenue across 15 markets and 33 cities.
Godrej Properties Limited (GPL), the real estate arm of the Godrej Group, is set to launch a luxurious residential project in Mumbai following the strategic acquisition of Raj Kapoor's bungalow in Chembur. The project, with an estimated sales booking value of Rs 500 crore, promises state-of-the-art amenities and green spaces. GPL aims to further expand its presence in the real estate market, with a particular focus on Hyderabad. The company's strategic vision includes group housing and plotted development in key markets, exemplified by the successful launch of 18 projects with a cumulative future booking value exceeding Rs 32,000 crore.
<p>• A residential flat spanning 653 square feet on the 2nd floor sold in Sai mahima Lake View in CBD Belapur for INR 80 lakhs<br /> • A residential flat spanning 313 square feet sold on the 7th floor in Laxmi Galaxy in Diva for INR 30 lacs<br /> </p>
The Rustomjee Group, also known as Keystone Realtors Ltd. (KRL), is in negotiations with landowners for joint ventures and joint development initiatives for projects near the Mumbai-Ahmedabad Bullet Train Project. Boman Irani, the Chairman and Managing Director of KRL, shared this strategy during the Q2FY24 earnings conference call. The company is also eyeing opportunities around the Mumbai Trans Harbour Link (MTHL). With an anticipated completion date of 2027 for the bullet train project, KRL is positioning itself for future cash flow in areas adjacent to major infrastructure projects. The company aims to launch projects with a revenue potential of Rs 4,000 crore in the current fiscal year, focusing on redevelopment and projects in the Mumbai Metropolitan Region.
Flexible office space provider IndiQube, supported by WestBridge Capital, reported a net profit in the last fiscal year, ending four years of consecutive losses. With a 70 percent year-on-year revenue increase, reaching Rs 595 crore, it anticipates a 40 percent rise in the current fiscal. IndiQube targets Rs 850 crore in revenue, planning to add 3–4 million square feet to its portfolio. Founded in 2015, the Bengaluru-based company caters to over 450 customers in 13 cities. Boasting over 90 percent occupancy, it earns 75–80 percent of revenue from rentals, with stable cash flows and a strategic focus on profitability.
UAE-based real estate firm Emaar Properties PJSC and its Indian subsidiary, Emaar India, along with 13 others, have been booked by the police following allegations of cheating from their former business partner, MGF, involving undervaluation of land and other offenses. The complaint suggests that Emaar manipulated valuation reports through an independent valuer, Jones Lang Laselle (JLL), leading to significant undervaluation of land in Gurugram sectors. Emaar India strongly denies any wrongdoing, labelling the accusations as another attempt by MGF to harass the company and its employees, emphasizing prior investigations that found no criminality in similar claims.
In a recent ruling, the Gujarat State Consumer Dispute Redressal Commission has instructed Sambhav Infrastructure Pvt Ltd and its directors, Mihir Desai and Toshal Desai, to deliver possession of flats to five customers who booked housing units in the Stavan Parishray scheme in Gota. The Commission has ordered compensation of Rs 3.80 lakh or a refund for these 5 customers. The directive also follows a case where the builder failed to fulfil its commitment made in 2012, leading to a legal intervention.
Haryana Shahari Vikas Pradhikaran (HSVP) has served notices to 150 property owners in Sector 110A, demanding a "enhancement amount" of Rs 409 crore. Residents must pay between Rs 30 lakh to Rs 1 crore, based on plot size, within 30 days or face interest penalties. The notices follow a Punjab and Haryana High Court directive for enhanced compensation to landowners affected by the 2015 demolition of homes in New Palam Vihar for Dwarka Expressway construction. Allotted alternative plots in Sector 110A in 2017, affected families now grapple with the unexpected demand, prompting protests and appeals.
The Chandigarh Housing Board (CHB) has been facing challenges in generating interest from potential buyers for its auctioned properties. Despite efforts, including significant price reductions, the response to both residential and commercial properties has been lacklustre. The most recent auction, held in November, saw only three out of 116 residential properties finding buyers, and none of the 88 commercial properties were taken. Previous auctions have also witnessed limited success, raising concerns about the effectiveness of CHB's auction strategies and the overall market conditions for property transactions in the region.
Aamor Inox Limited, a stainless steel bars manufacturer, has acquired 12 bighas of farmland with a farmhouse in South Delhi's Rangpuri for Rs 87.5 crore. The deal, completed in September, involved a stamp duty of Rs 6.12 crore. This transaction is part of a trend of significant real estate deals in Delhi this year. The move reflects a growing interest in farmhouses, with wealthy individuals seeking spacious residences after pandemic-related restrictions. The surge in farmhouse investments extends beyond Delhi, with locations near Mumbai and Rishikesh gaining popularity among high net worth individuals and celebrities.
Luxury housing sales in India, particularly those priced over Rs 4 crore, have doubled, according to CBRE. The festive season from October to December is expected to witness further growth in this sector, with rising aspirations, economic growth, and smart home technologies contributing to the surge. The post-pandemic need for larger spaces has intensified the demand for luxury homes, attracting high-net-worth individuals (HNIs) and non-resident Indians (NRIs). CBRE forecasts a potential 10-year high in premium and luxury residential sales in 2023, emphasizing evolving lifestyle preferences and a robust Indian economy.
Magicbricks, a prominent real estate platform, has observed a significant uptick in property rents across major Indian cities, recording a robust 22.4 percent YoY and 4.6 percent QoQ surge in July–September 2023. Thane, Gurugram, and Greater Noida witnessed the highest increases. Millennials constituted 67 percent of rental demand. Thane led with 57.3 percent YoY growth, followed by Gurugram (41.4 percent), Greater Noida (28.7 percent), Noida (25.2 percent), and Hyderabad (24.2 percent). The report also highlighted tenant preferences for mid-segment rentals and semi-furnished units.
SEBI, India's securities regulator, unveiled a set of decisions to boost investment through Small and Medium Real Estate Investment Trusts (SM REITs), strengthen investor protection in Alternative Investment Funds (AIFs), and establish regulatory measures for index providers. The move aims to broaden market participation and transparency while introducing flexibility for not-for-profit organizations in fundraising through social stock exchanges. SEBI's regulatory framework includes a shift to demat form for AIF investments and changes to social stock exchange parameters to encourage wider participation and positive impact assessment.
The municipal administration in Ludhiana is intensifying efforts to optimize property tax revenue by targeting longstanding arrears from government entities. The Municipal Corporation (MC) is engaging with various departments, offering settlement opportunities without additional penalties. Notices have been dispatched to entities, including the police department, with an estimated sum of Rs 15 crore. The MC, aiming for Rs 130 crore in the current fiscal year, has already recovered over Rs 105 crore. Municipal Commissioner Sandeep Rishi emphasizes the duty of government entities to clear outstanding dues promptly. Persistent efforts include notices to the DC office, court complex, and other departments, reflecting a commitment to financial transparency and civic welfare.
Sarovar Hotels & Resorts is embarking on a bold expansion plan, aiming to launch 70 new hotels across India and key international markets within the next five years, contributing around 5,000 rooms to its portfolio. With a current total of 105 hotels and approximately 7,500 keys, the hotel chain has already inaugurated properties in various Indian cities this year. Sarovar's strategic growth includes international ventures in Africa and Nepal, showcasing its commitment to catering to the escalating demand in the hospitality sector. The company plans to hire 6,000 employees to support this ambitious expansion, reinforcing its position in the competitive hotel industry.
The Mumbai Metropolitan Region Development Authority (MMRDA) plans to construct a Rs 700-crore, 2.5 km elevated road in Kalyan, aiming to alleviate traffic for commuters from Ulhasnagar, Ambernath, and Badlapur heading towards Thane and Mumbai. The project, set to float a tender soon, begins near Vithalwadi, crossing key railway lines and terminating at Kalyan-Ahmednagar National Highway. Traffic police anticipate relief on Waldhuni Bridge and Kalyan station road, while local residents are also happy with the impending solution to persistent traffic issues.
Pune residents can soon enjoy a faster Metro route to the airport as Maharashtra Metro Rail Corporation Limited (Maha Metro) plans to operationalize the Ruby Hall Clinic to Ramwadi stretch next month. The extended line introduces four stations – Bund Garden, Yerawada, Kalyaninagar, and Ramwadi, offering city centre residents a convenient route to Nagar Road. While safety inspection details are pending confirmation, Maha Metro is well-prepared for a December completion, ensuring at least one entry-exit point at each station. Efforts to enhance last-mile connectivity, especially in Yerawada and Ramwadi, are underway, promising a seamless travel experience for Pune's metro commuters with improved feeder services and designated pick-up/drop-off points for cab aggregators.
Vietnam’s listed property developers, grappling with mounting debts, face challenges as profits decline and cash reserves hit a five-year low. Moody’s co-owned rating agency reported a deterioration in debt ratios and a credit crunch in the real estate sector. No Va Land, amid missed payments, is discussing debt restructuring. Despite some improvement due to increased bank credit, the Asian Development Bank (ADB) warns of potential spillover into the banking sector. The agency anticipates subdued sales in H1 2024 due to a low property supply and slow recovery in homebuyers’ sentiment but expects a gradual recovery in developers’ performance from H2 2024.
Bollywood icon Amitabh Bachchan has gifted his Juhu bungalow, "Prateeksha," to his daughter Shweta Nanda. The property, divided into two plots totalling 16,840 sq ft, was officially transferred through two gift deeds on November 8th this year. Amitabh Bachchan and Jaya Bachchan owned the larger plot, while the smaller plot was solely owned by Amitabh Bachchan. The stamp duty paid for both gift deeds was Rs 50.65 lakh. The Bachchans own several other properties in the notable Juhu area, including the bungalows ‘Jalsa’ their primary residence and ‘Janak’ which is said to be used as an office.
<p>• A residential flat spanning 823 square feet on the 14th floor sold in 49 Elina in Tilak Nagar for INR 2.02cr<br /> • A residential flat spanning 486 square feet sold in Shyam Shreeji Neelkanth in Ulwe for INR 45 lacs<br /> </p>
India's prominent real estate advisory firm, The Guardians Real Estate Advisory, has introduced two verticals – The Guardians Cavalry and The Guardians Luxury. The Guardians Cavalry targets emerging developers with projects under Rs 100 crore, offering strategic guidance and transformative solutions, even for smaller-scale initiatives. Simultaneously, The Guardians Luxury caters to high-net-worth individuals, providing an exclusive platform for high-value residences and projects priced between Rs 10 crore and Rs 100 crore, ensuring a personalized and refined experience. This strategic move aligns with the firm's ethos of innovation, client-centricity, and a commitment to setting industry standards.
Ludhiana Improvement Trust is set to resume construction of Atal Apartments on Pakhowal Road after multiple stalled attempts. The project, initiated over a decade ago, faced delays, dropouts, and multiple inaugurations. The latest effort, backed by the current government, plans to start construction after the formal inauguration at the end of the month, possibly attended by Punjab Chief Minister Bhagwant Mann or Local Bodies Minister Balkar Singh. The project, marked by a tumultuous history of allotments, withdrawals, and changing political climates, aims to provide 576 flats with modern amenities on 8.8 acres of land.
Brigade Group has expanded its BuzzWorks flexible office brand by opening a premium workspace in Brigade Towers. This move is part of BuzzWorks' strategy to reach over 5000 seats in its portfolio by FY24, including the establishment of new centres in key locations like Hyderabad, Chennai, and Ahmedabad GIFT City. BuzzWorks strategically positions its centres within Brigade Group's Grade A tech parks, providing access to top-notch amenities. The workspaces feature biophilic design, collaborative spaces, and a plug-and-play model, reducing overall costs for users. Brigade Towers, the first commercial venture by the group, remains an iconic landmark in the city.
Vaishnavi Group, a leading real estate developer, has expanded its collaboration with Manipal Hospitals to construct a built-to-suit hospital in South Bengaluru. This strategic partnership responds to evolving healthcare needs and quality medical infrastructure, heightened by the COVID-19 pandemic. The Vaishnavi Sushrutha project, spanning 3.3 lakh square feet, will house a world-class tertiary care hospital with 250 beds, offering comprehensive healthcare services. Construction on Kanakapura Main Road commenced in March 2022, aiming for completion by December 2024. The move aligns with India's growing demand for healthcare infrastructure, emphasizing a shift towards prevention and wellness, along with its popularity in the medical tourism sector.
The Maharashtra Housing and Area Development Authority (MHADA) has unveiled a comprehensive policy to sell 11,184 unsold flats across divisional circles. Directed by MHADA's Vice Chairman & CEO, Sanjeev Jaiswal, the move follows recommendations from a committee reviewing unsold inventory. The policy offers various avenues, including bulk discounts, instalment sales, leasing to institutions, and auctions. It aims to optimize the sales process, unlocking funds stagnant for a decade. This strategic decision is expected to rejuvenate MHADA's finances, facilitating new housing projects and addressing the persistent challenge of unsold flats in the market.
The Bombay High Court's ban on open carrying of construction debris, implemented to combat rising pollution, has lapsed, potentially bringing relief to 9,000 construction sites in Mumbai. Initially imposed on November 6 and extended until November 19, the ban aimed to curb pollution caused by the transportation of debris. The BMC is now likely to permit the uncovered transport of construction debris by trucks, addressing concerns raised by project proponents about the inconvenience caused by debris accumulation. The Union environment ministry had directed stringent measures against debris transport due to its significant contribution to air pollution in the Mumbai Metropolitan Region.
A recent RTI revelation exposed a critical gap in India's hillside development: the lack of a dedicated regulatory body. This oversight, brought to light by environmental activist B N Kumar, has sparked concerns among experts about the potential risks of uncontrolled development in these ecologically sensitive areas. Kumar's plea to the Ministry of Environment for regulatory measures follows recent disasters in hilly regions, emphasizing the need for a comprehensive framework to balance development with environmental integrity. The situation demands immediate action to establish a regulatory authority for sustainable hill development.
The insolvency proceedings for Lavasa Corporation have taken a new turn as the National Company Law Appellate Tribunal (NCLAT) granted State Bank of India (SBI) permission to challenge the lower court's approval of the resolution plan submitted by Darwin Platform Infrastructure (DPIL). This marks the second objection by a bank to Lavasa Corporation's loan default resolution. SBI contends that DPIL did not adhere to the waterfall mechanism of the Insolvency and Bankruptcy Code (IBC). The case is scheduled for a hearing on January 10, 2024. Despite the ongoing legal developments, DPIL has not implemented its resolution plan, raising doubts about its intentions and the future of Lavasa Corporation.
The Delhi Development Authority (DDA) has initiated the registration process for 5,000 newly constructed Economically Weaker Section (EWS) and Low-Income Group (LIG) flats in Lok Nayak Puram, Narela, and Dwarka. This is part of the Festival Special Housing Scheme 2023, which includes a total of 27,000 EWS and LIG flats. The registration process is online, and applicants can visit the official DDA website to fill out the application form. The flats will be allocated on a first-come-first-serve basis, and applicants are encouraged to ensure they have all necessary documentation for a smooth application process. The scheme aims to address the demand for affordable housing in Delhi and cater to the housing needs of economically vulnerable sections of society.
In the latest high-profile real estate transaction in Delhi, Laxmi Devi Agarwal, wife of GR Infraprojects Limited's key promoter, Devkinandan Agarwal, acquired a luxurious Vasant Vihar bungalow for a staggering Rs 86 crore. The expansive property, spanning 1,003.32 square meters, comes with a hefty stamp duty of Rs 4.36 crore and e-registration charges of Rs 86 lakh. This acquisition aligns with a broader pattern of substantial real estate deals in Delhi, showcasing the enduring demand for high-end properties among the city's affluent elite.
In anticipation of the upcoming general elections, key players in India's financial sector, including the National Bank for Financing Infrastructure and Development (NABFID) and major public sector banks like Bank of Baroda and Canara Bank, are gearing up for substantial bond issuances, eyeing a cumulative raise of about Rs 30,000 crore. Timed amidst a decline in government bond yields, the strategy involves diverse maturities, with NABFID opting for a 15-year term. The Delhi-Mumbai Expressway is also set to mobilize funds. State-owned banks, following SBI's lead, are actively issuing infrastructure bonds, reflecting robust investor interest and fortifying essential development initiatives.
Fortune Hotels has entered southern India's textile powerhouse Tiruppur. The all-new Fortune Park Tiruppur, strategically nestled in the heart of the knitwear hub, is Fortune’s sixth in Tamil Nadu, amplifying the brand's presence in the region. The hotel epitomizes modern luxury, offering stylish rooms, eclectic dining experiences, and rejuvenating wellness facilities. Managed by KPK Hotels Private Limited, this alliance bridges Fortune's luxury hospitality with KPK's regional expertise. Fortune had recently unveiled two hotels in Tamil Nadu, and another one in Aligarh, Uttar Pradesh, as part of its expansion spree.
The reopening of the Delisle Bridge in Mumbai after a five-year closure is a significant relief for commuters heading to South Mumbai. The bridge, closed in 2018 due to structural concerns, underwent reconstruction as a collaborative effort between the BMC and Western Railway. Despite facing challenges, such as shortages of oxygen and gravel during the pandemic, and missing multiple deadlines, the bridge has finally reopened to traffic. The Delisle Bridge is a vital link for pedestrians and commuters accessing commercial and office complexes in Lower Parel, providing essential connectivity in the region.
BMC is set to revamp Mumbai's Eastern Freeway with a Rs 33.66 crore project, calling for tenders to address crucial upgrades. The 16.8-kilometer elevated road, linking Mankhurd to P D'Mello Road, has been operational since 2014 under BMC's jurisdiction. Identified issues include potholes and joints affecting traffic flow, prompting comprehensive repairs. The project covers bridge bearing changes, pothole fixes, and utility management over 18 months. Once completed, it promises smoother and safer commuting, representing a key stride in BMC's commitment to Mumbai's transportation infrastructure.
Khan Market in Delhi has been identified by real estate consultancy firm Cushman & Wakefield as India's priciest retail market, ranking 22nd globally among top main street markets. Despite a minor slip in global standings, the market exhibited a notable 3 percent year-on-year rental growth, maintaining its esteemed position. The report highlights the resilience of Khan Market, showcasing a remarkable 7 percent rental growth from pre-pandemic levels, reaching an annual rent of $217 per square foot. With 16 Indian main streets among the Asia-Pacific region's top 51, the report delves into the evolving dynamics influenced by supply, demand, and premium brands.
Yamuna Expressway Industrial Development Authority (YEIDA) is reportedly planning a new residential sector, likely named Sector 5, near the upcoming Noida International Airport. YEIDA aims to acquire 1,100 hectares of land for this purpose, anticipating strong buyer interest. The proposal includes dedicating 50% of the land for a residential plots scheme, with the remaining portion allocated for group housing societies. The acquisition process is expected to start soon, with completion anticipated by December 2023 or January 2024. YEIDA plans direct connectivity between Yamuna Expressway and Chola Railway Station through the new sector, enhancing overall accessibility and appeal.
NAREDCO Maharashtra is advocating for a reduction in premiums for affordable and other categories of housing in the state. President of NAREDCO Maharashtra, Sandeep Runwal, emphasized that such a move would support the government's "Housing for All" initiative by making home ownership more accessible to a broader segment of the population. Dr. Niranjan Hiranandani, Chairman of NAREDCO, acknowledged the challenges, particularly in Mumbai, where there is a cap of Rs 45 lakh for affordable housing. He urged the state government to consider re-pricing the affordable housing segment and increasing the cap to align with market rates.
The Maharashtra State Housing Minister, Shri Atul Save, recently announced plans to amend the Housing Policy, aligning with the 'Housing for All' vision. The objective is to ensure every citizen owns a home, utilizing initiatives like MHADA, SRA, and others. This initiative echoes the PM Awaas Yojana, focusing on affordable housing. The government prioritizes the real estate sector, aiming for increased investment and housing development in Mumbai and the state. The upcoming Housing Policy will address pending issues, streamline approvals through a one-window clearance, and encourage developer participation. The government is committed to providing ten lakh houses for the Low-Income Group (LIG) in the OBC category.
At the recent NAREDCO Maharashtra HOMETHON Property Expo 2023 in Mumbai, Deputy Chief Minister Shri Devendra Fadnavis addressed various real estate issues, including the high interest rate of 18% compounded annually charged by MHADA to developers. He acknowledged the industry's demand for reducing premiums and assured that the state government is working to address these concerns, emphasizing the government's commitment to improving conditions in the real estate sector. Fadnavis also praised the impact of MahaRERA in transforming the real estate industry and increasing buyers' faith by creating a genuine market with level-playing field conditions for developers following MahaRERA rules.
<p>"• A residential flat spanning 614 square feet on the 3rd floor sold in Sanghvi Infenia in Kalina for INR 1.92cr <br>• A residential flat spanning 572 square feet sold on the 3rd floor in Sao Balaji Atlanta Edenworld in Bhiwandi for INR 29.5 lacs "</p>
The National Company Law Tribunal (NCLT) has sanctioned an extraordinary exclusion of 936 days in the Corporate Insolvency Resolution Process (CIRP) for realty developer Lok Housing and Constructions, marking one of the lengthiest extensions in insolvency cases. Under bankruptcy regulations, the resolution process must be completed within 270 days, or the company faces mandatory liquidation. This significant exclusion is expected to defer Lok Housing's liquidation, granting approximately two and a half years to finalize the resolution. The decision followed a plea from the interim resolution professional.
Praneeth Group launches IXORA, a luxurious residential project spanning 8.31 acres in Hyderabad's JNTU area. With 1,504 modern residences ranging from 1305 to 3130 square feet, the development offers 2, 2.5, 3, and 3.5 BHK configurations, all designed according to vastu principles. Amenities include a children’s play area, walking spaces, swimming pool, amphitheatre, pet park, and diverse indoor-outdoor facilities. This upscale project epitomizes opulent living, strategically situated for easy access to amenities, educational institutions, and commercial hubs. IXORA showcases Praneeth Group's commitment to crafting sophisticated living spaces with meticulous design and top-notch amenities, redefining Hyderabad's real estate landscape.
Navin’s, a reputable Tamil Nadu-based real estate developer, has entered Bengaluru's residential market with a Rs. 250 Crores investment. The project would be its first luxury residential apartment project located at JP Nagar, 4th stage. It has also launched its new office at Infantry Road, Bengaluru. Navin’s aims to build upon their strengths, viz. ethical business practices, customer centricity and adherence to rules and regulations that are proved over three decades through 125+ projects delivered on time in Chennai. The proposed luxury project, set for early 2024, features a biophilic theme, integrating green spaces for a harmonious 'Being within the Landscape' experience.
The National Consumer Disputes Redressal Commission (NCDRC) has taken significant steps to address consumer concerns by compelling Parsvnath Developers to disburse approximately Rs 80 lakh in compensation to a flat buyer in Delhi. This intervention comes after the real estate company failed to fulfil its obligations, including refunding payments and compensating for project delays, as directed by the NCDRC over three years ago. The commission has warned of daily penalties if the developer fails to honour cheques totalling Rs 15 lakh. The matter is set for a hearing on November 29, with the commission emphasizing compliance with its directives.
Chheda Nagar, a 156-acre residential cluster in Mumbai with a 50-year history, faces a new twist in its land dispute. A court stayed the suburban collector's 2022 order declaring the area as state government land. The collector's decision canceled titles, recognized housing societies' rights, and restricted BMC's authority. The Salt Commissioner, Government of India, Chheda family, and Maharashtra government are key claimants. Legal battles, dating back to the 1970s, continue, impacting redevelopment plans. Residents sought relief through land conversion, but the court's stay, pending final decision, has left the fate of Chheda Nagar in limbo.
The District Town Planner Enforcement (DTPE) in Gurugram took action by sealing 21 floors across two apartment buildings in response to alleged violations of occupation certificate norms. The move is part of a crackdown on unauthorized commercial activities within residential premises. Malibu Town Club also faced closure due to complaints about illicit construction within its premises. The authorities issued show cause notices and restoration orders, emphasizing their commitment to curbing unauthorized developments in the region. The enforcement action aims to deter illegal construction and commercial activities within residential spaces, highlighting the importance of adhering to occupation certificate norms for planned development in Gurugram.
The Ludhiana Municipal Corporation has abandoned plans to designate a road in Sarabha Nagar as commercial after facing backlash from residents who deemed it illegal, emphasizing that the area was meant to be purely residential. An MLA had recommended converting one of the roads into a commercial zone citing commercial activity in the region, but this was met with resistance. Following complaints about illegal commercial activities, the municipal corporation will now issue notices to those establishments. The Ludhiana Improvement Trust, responsible for developing Sarabha Nagar, questioned the deviation from the original residential plan and urged the Municipal Corporation to obtain an NOC before approving building plans.
The Gujarat government has initiated the creation of special town planning schemes around Ahmedabad-Mumbai bullet train stations. The focus is initially on Sabarmati and Surat stations, aiming for harmonious development in proximity. It targets land currently occupied by slums or owned by railways. The officials studied Japanese bullet train stations which work as comprehensive utility hubs integrated with transport, malls, and residential blocks. The proposed redevelopment at Gujarat is to be on these lines with the aim to give the bullet train stations in India an international appearance by using the town planning schemes. The ongoing Ahmedabad-Mumbai high-speed rail project is set to become India's first bullet train route.
Land speculation in Navi Mumbai surged as small developers, aided by brokers, acquired CIDCO plots at inflated prices and then started selling unregistered apartments without allotment letters from CIDCO. Despite lacking permissions, buyers were attracted by offering significant discounts. MahaRERA has intervened against these practices and started issuing notices and orders to developers. Recent actions emphasise regulatory compliance and transparency in real estate dealings. Upholding standards, authorities aim to create a secure and transparent real estate environment, safeguarding the interests of homebuyers and investors.
Bengaluru-based RMZ Corporation, a leading real estate developer, has unveiled an ambitious $7 billion investment plan for the next five years. The company, led by Raj Menda and Manoj Menda, plans to develop 125 million square feet in projects valued at $25 billion. This diversification strategy includes luxury residences, mixed-use developments, industrial and logistics spaces, office facilities, and forays into the hospitality sector. The projects will unfold across major cities, including Mumbai, Bengaluru, Delhi, and Hyderabad. RMZ aims to fund this substantial investment through internal accruals and by establishing an investment platform in collaboration with global institutional investors.
Hanto Workspaces, a leading provider of managed commercial real estate solutions, has secured a significant infusion of Rs 15 crore in seed funding. Anurag Jain, founder of KredX, led the capital infusion, supplemented by other angel investors. The funds, a mix of equity and debt, aim to propel Hanto's ambitious expansion across major Indian cities. Focused on metropolises and Tier 2 cities like Hyderabad and Pune, Hanto targets a revenue exceeding Rs 700 crore by 2028. The funds will be allocated for team expansion, acquiring new spaces, and anticipating a doubling of revenue in the next fiscal year. Hanto employs a unique "pod"-based model, integrating various commercial real estate solutions with IoT technology.
The Nagpur Municipal Corporation (NMC) is undertaking an extensive recovery drive to address financial challenges exacerbated by defaults in property tax payments. The corporation aims to earn Rs 300 crore in property taxes for the current financial year and has already added Rs 150 crore to its exchequer as of November 20. To boost collection efforts, the NMC has initiated property attachments and public auctions, utilizing legal provisions to recover outstanding arrears. The proactive approach underscores the municipality's commitment to achieving revenue targets and addressing financial constraints. Zone assistant commissioners have been directed to expedite proceedings for property tax recovery warrants issued to defaulters.
Last week, Home First Finance Company witnessed substantial share transactions as its promoters, True North Fund V LLP and Aether Mauritius Ltd, along with Warburg Pincus affiliate Orange Clove Investments BV, engaged in open-market sales totalling Rs 753 crore. Following these transactions, the combined shareholding of the promoters diminished from 30.19 percent to 23.69 percent, and Orange Clove Investments BV's equity decreased from 26.43 percent to 23.16 percent. Simultaneously, SmallCap World Fund Inc. and Fidelity Global Investment Fund Asia Pacific Equity Fund collectively acquired 28.71 lakh shares. The repercussions of these activities manifested in a 3.99 percent decline in Home First Finance Company India's shares.
Construction has commenced on a 3,747-meter-long boundary wall in Mumbai's Aarey Milk Colony for safeguarding 812 acres of designated forested area. The Public Works Department (PWD) is overseeing the project. Allegations of tree damage by locals prompted forest department investigations, finding no evidence of harm. While wildlife enthusiasts welcome the protective measure, green activists criticizes the construction, citing hindrance to animal movement and the fact that walls or any such construction is not allowed in an Ecologically Sensitive Zone (ESZ)/Forest area.
The Uttar Pradesh government has sanctioned a Rs 1,779 crore interest-free loan to the Yamuna Expressway Industrial Development Authority (YEIDA) for land acquisition. This funding will support the development of five industrial parks, including a logistics park and an electronic manufacturing cluster, covering over 1220 hectares near the Noida International Airport and along the expressway. YEIDA will match the state's contribution and is aiming to repay the loan over 25 years. This move marks a significant step in boosting industrial growth and infrastructure development in the region.
The struggling Chinese real estate sector, marked by defaults and economic challenges, faces another setback as Shimao Group’s auction of valuable land plots in Shenzhen fails for the second time due to lack of bidders. The assets, part of Shimao’s attempt to raise funds after defaulting on $11.8 billion in offshore debt, highlight the ongoing challenges in the Chinese property market. Despite government measures to support the real estate sector, including relaxing home purchase restrictions and lowering borrowing costs, the industry continues to grapple with a bleak economic outlook and declining sales, as evidenced by recent data.
NAREDCO Maharashtra is gearing up for the second edition of the HOMETHON Property Expo 2023, India's largest real estate event at the JIO World Convention Centre, Bandra-Kurla Complex (BKC), Mumbai, from November 24 to 26, 2023. Following the remarkable success of last year's inaugural expo, this edition boasts an even greater developer presence. With prominent developers and leading housing finance companies giving attractive offers, the expo anticipates a revenue generation of Rs. 1000 crore for the finance companies, leveraging the post-Diwali surge in homebuyer sentiments.
<p>• A residential flat spanning 639 square feet sold in Shubham Trident in Chembur for INR 1.99 cr<br /> • A residential flat spanning 420 square feet sold in Lodha Palava Lakeshore Greens in Airoli for INR 41.55 Lacs</p>" with "• A residential flat spanning 639 square feet sold in Shubham Trident in Chembur for INR 1.99 cr • A residential flat spanning 420 square feet sold in Lodha Palava Lakeshore Greens in Airoli for INR 41.55 Lacs"
Siddha Group, in collaboration with Sejal Group, celebrates the receipt of the Occupational Certificate for 'Siddha Seabrook,' their first premier 57-storied residential project in Mumbai. Located in Kandivali (W), this iconic tower stands as the tallest in the area. Despite Covid-related delays, the project, with 282 well-designed units, including 2 BHK Smart & Premium and 3 BHK Premium + Sky Garden apartments, was completed in 60 months. Boasting luxurious amenities, scenic views, and strategic connectivity in Kandivali, the project signifies Siddha Group's commitment to quality and timely delivery
The Allahabad High Court has overturned a local development authority's 2021 order restraining real estate developer Ace Infracity in connection with its Noida Sports City project, nullifying a demand for Rs 79 crore due to the developer's inability to complete work amid land possession issues. The court deemed the restrictions imposed by the Noida Authority unwarranted, highlighting that Ace Infracity had deposited more than the required premium amount. Consequently, the court granted the developer the benefit of the 'Zero Period' and directed the authority not to collect lease premium and rent while instructing a reconsideration of the revised building plan for the project in Sector 150 of Noida.
Draper Start-Up House inaugurates its largest co-living and co-working space in Hyderabad, marking a pivotal moment in global entrepreneurship. With a capacity of 108 beds, the space aims to foster collaboration among start-ups, digital nomads, and entrepreneurs. The launch event, attended by key industry figures, highlights Hyderabad's thriving start-up ecosystem with over 8,000 start-ups and 75+ incubators. This expansion solidifies Draper Start-Up House's commitment to nurturing innovative ventures, providing not just physical spaces but also educational support, venture capital, and technology assistance, all aimed at empowering entrepreneurs on their journey to global success.
Bengaluru-based real estate firm MANA is making strategic moves in East Bengaluru with its latest project, MANA Dale. Positioned in the premium segment, MANA Dale, located in Kodathi off Sarjapur Road, follows the success of MANA Verdant. With the tagline 'Live Brilliantly,' MANA aims to cater to older millennials and their families, offering a lifestyle of luxury and convenience. MANA Dale features apartments, villas, and townhouses, with a clubhouse for community gatherings, dedicated play areas for children, and abundant green spaces. This expansion reflects MANA's commitment to redefining modern living standards and delivering a tranquil oasis in the bustling city.
Property registration in the city has been halted following the Real Estate Regulatory Authority's (RERA) directive to sub-registrars not to register new properties exceeding permitted dwelling units on a plot, as outlined in Delhi's building laws. RERA's order, impacting both sanctioned building plans and sale deeds, requires clear documentation of approved dwelling units, prompting a pause in registrations and sparking controversy over perceived biases in the regulations. The delayed receipt of RERA's order by sub-registrars adds uncertainty to the real estate landscape, with political parties engaging in a dispute over its implications.
The Trichy district administration is inviting qualified professionals such as civil engineers and architects to seek temporary recognition for expediting the plan approval process for residential and commercial constructions in rural areas. The initiative aligns with the Tamil Nadu government's online service for plan approvals, allowing eligible professionals to play a vital role in the issuance of building plans. The call is open to architects, engineers, structural engineers, construction engineers, quality auditors, town planners, and developers. Applications can be submitted through email or in person, and the deadline is November 24. The recognition granted is temporary, subject to the collector's approval.
The Bruhat Bengaluru Mahanagara Palike (BBMP) has taken decisive action in Whitefield, serving self-demolition notices to 26 structures, including completed and under-construction buildings, in the White Rose Layout of the Mahadevapura zone. A total of 70 buildings were scrutinized, and 26 were identified for violations such as unauthorized floors and setback non-compliance. Owners have been given a 15-day window for voluntary demolition; otherwise, the BBMP may proceed with forced demolition after issuing two additional notices, each with a 15-day grace period. Owners of 40 buildings are yet to submit their plans, facing potential legal consequences for unauthorized construction.
After an 11-year legal battle, the Usha Sadan Housing Society has won its case against the BMC regarding the demolition of an 'unauthorized' structure in one of its wings. The city civil court dismissed the municipal order, criticizing the BMC for initiating proceedings without an approved building plan. The society argued that the structure in question had existed since the building's construction in 1958 and was used for storing old files. The court questioned the basis for deeming the structure unauthorized and emphasized the lack of examination of the complainant resident. This victory highlights the importance of due process in such matters.
The Yamuna Expressway Industrial Development Authority (YEIDA) has conducted a draw for the allocation of 109 industrial plots in Sectors 28, 29, 32, and 33 along the Yamuna Expressway. The move aims to stimulate industrial growth and economic development in the region. The industrial plots, available through a scheme launched in October 2023, cover sectors such as toy parks, handicrafts, furniture manufacturing, and micro, small, and medium enterprises (MSMEs). The initiative is expected to generate significant revenue for YEIDA, with an estimated investment of Rs 16,498 crore and the creation of around 5,132 jobs.
In October, Mumbai Central's real estate market experienced robust activity with 35 high-end deals. The luxury segment saw significant transactions, with Lodha Bellevue and K Raheja Modern Vivarea leading in the number of flats sold. K Raheja Modern Vivarea also recorded the highest sale value for a flat at Rs. 21.76 Crores, with a substantial per square foot rate of Rs. 75,761. Shelaji Avenues led in the affordable segment with 5 deals. The weighted average rate per square foot settled around Rs. 31,000, showcasing the diverse range of housing options in the area. Mumbai Central's allure is evident in the diverse aspirations of its residents, ranging from luxury to affordability, solidifying its status as a sought-after locale.
The property market in Mumbai's south and central regions, known for luxury apartments and high prices, has witnessed a significant decrease in unsold luxury apartment inventory. This decline, the lowest in the past 15 years, is attributed to an increase in the pace of sales outstripping the number of new property launches. Over the last 12 months, more than 722 luxury apartments priced at Rs 10 crore and above were sold, compared to the introduction of 532 new apartments, according to Liases Foras Real Estate Rating & Research. The market has experienced a surge in prices, maintaining a weighted average price at approximately Rs 65,500 per sq ft, positioning it as one of the costliest globally.
The Bruhat Bengaluru Mahanagara Palike (BBMP) has identified a significant challenge in its revenue collection efforts, estimating that around 15 lakh properties in Bangalore lack 'A' or 'B' Khata documentation. This means that these properties are currently not contributing any amount towards property tax. In response to this, BBMP is launching a comprehensive initiative to locate and integrate these properties into the Khata system, a move that aims to not only streamline property documentation but also boost the city's overall revenue. BBMP's initiatives reflect a proactive approach to streamline property documentation, enhance revenue collection, and regulate construction in a manner that aligns with the city's development goals and financial targets.
CBRE South Asia Pvt. Ltd reports that Kolkata's Industrial and Logistics (I&L) sector is poised for a 5-year high supply in 2023, reaching approximately 5.2 million sq. ft. The completion of pent-up projects in the city and its peripheries contributed to this surge. Kolkata's strategic location as an entry point to the east and access to land-locked countries enhances the I&L sector, with leasing expected to reach 3.5 million sq. ft. in 2023. The city's potential for industrial and commercial development is concentrated in NH-2, NH-6, and Taratala regions, particularly in Dankuni, Singur, and evolving areas like Uluberia.
Fortune Hotels, an ITC group member, unveiled its latest additions: a brownfield resort in Uthandi, Chennai, and a 100+ room conversion hotel in Hosur, Bangalore. These hotels are set to open in a few months, enhancing Fortune Hotels' portfolio with 64 alliances in 54 Indian cities. Managing Director Mr. Samir MC expressed excitement about the growth potential of the Hosur and Chennai properties. The Fortune Beach Resort ECH Chennai offers aesthetically designed rooms, multiple dining options, banquet facilities, and modern amenities suited for a suitable getaway. Meanwhile, Fortune Hosur, catering to business travellers, is undergoing refurbishment and will feature stylish rooms, dining outlets, a spa, and banquet venues.
The Ministry of Statistics and Programme Implementation (MoSPI) has revealed that 411 major infrastructure projects in India, each with an investment of Rs 150 crore or more, are facing cost overruns exceeding Rs 4.31 lakh crore as of October 2023. The original cost of these projects was projected at Rs 24,78,446.60 crore, but the estimated completion cost has risen to Rs 29,09,526.63 crore, indicating an overall cost overrun of approximately 17.39%. The report also notes delays in 837 projects, with an average delay of 36.94 months. Timely clearances, improved project management, and coordination among stakeholders are essential to address these challenges.
Kochi Metro Rail Limited (KMRL) is set to begin the Phase III expansion of its network, focusing on an essential airport line. The work is expected to begin at the start of next year. This follows the completion of a comprehensive mobility plan by a Delhi-based consultancy. The project includes two proposed lines, enhancing connectivity to Cochin International Airport. The revised detailed project report (DPR), reflecting updated population and passenger flow data, will be submitted to the state government soon. This expansion is expected to significantly boost ridership and profitability for the metro system.
The Surat Municipal Corporation's ambitious conventional barrage project, spanning the Tapi River near Rundh-Bhatha, has received formal approval from the Coastal Regulation Zone (CRZ). Valued at Rs 706 crore, the project aims to enhance water supply to Surat city and meet the industrial needs along the Tapi's right bank. The barrage includes an adjoining flyover bridge and a freshwater storage reservoir. Designed with ecological preservation in mind, it ensures a minimum water flow of 300 cusecs, aligning with regional water resource management strategies. The project's phased implementation involves land acquisition and funding from the state and central governments, marking a significant milestone.
Nikki Beach Residences, a new development by Aldar Properties on Al Marjan Island in Ras Al Khaimah, promises a unique beach living experience. The community, strategically located between Rixos Bab Al Bahr and Doubletree by Hilton, offers one- to five-bedroom serviced apartments with expansive balconies and smart living features. Residents will enjoy exclusive services, amenities, and access to Little Nikki Kids Club. The development aims for LEED Silver certification and adheres to Fitwel standards. Al Marjan Island, a prominent leisure destination, provides a serene escape with ocean views, running and cycling routes, and proximity to key attractions and natural landscape.
Real estate couple Pronit Prem Nath and Amisha face allegations of defrauding actor Karishma Tanna's husband and TV host Samir Kochhar, along with real estate businessman Varun Bangera, of Rs 1.03 crore. The duo promised flats in Bandra, but after receiving payments, Nath reportedly concealed a bank loan on the property. Despite assurances, he reneged on the deal, prompting legal action. Nath allegedly sold the flats to a third party, leading to a police complaint and High Court involvement. Kochhar's legal efforts resulted in injunctive relief against Nath's attempts to create third-party rights.
<p>&bull; A residential flat spanning 756 square feet sold in Silver Melody in Santacruz West for INR 2.85cr<br /> &bull; A residential flat spanning 1,234 square feet sold in NN Tower in Khar for INR 6.2cr<br /> &nbsp;</p>
Oberoi Realty has unveiled Forestville, an expansive residential project spanning 18 acres in Thane's Kolshet area near Mumbai. Comprising five towers, the development offers 3 BHK apartments starting at 1,090 square feet and a base price of Rs 1.87 crore. Inspired by biophilic design principles, Forestville aims to seamlessly integrate nature with urban living, incorporating green spaces, water features, and eco-conscious design. Oberoi Realty strategically focuses on the 3 BHK segment, aligning with market demands in Kolshet. Forestville reflects Oberoi Realty's commitment to innovation and meeting the evolving preferences of discerning homebuyers.
The National Company Law Tribunal (NCLT) in Kolkata has initiated insolvency proceedings against Fort Projects following a complaint from Emami Realty, with claims totalling Rs 91 crore. Emami Realty, a part of Emami Group, accused Fort Projects of defaulting on a principal amount of Rs 82 crore, plus over Rs 9 crore in interest. The decision underscores financial challenges in the real estate sector, appointing an interim resolution professional to oversee the Corporate Insolvency Resolution Process for Fort Projects.
The Dakshina Kannada District Consumer Disputes Redressal Commission has sentenced city-based builders Naveen Cardoza and Ujwal D'Souza, along with landowners William Saldanha, B Gayathri Pai, and Lucy Saldanha, to three years in prison and a Rs 1 lakh fine for their failure to comply with the commission's orders. The charges originated from a complaint filed by Dr Laveena Noronha, who alleged a deficiency in service by Marian Infrastructures, developers of the Lake View project. Despite previous orders, the developers failed to provide allocated parking space and compensation to Dr Laveena, leading to the sentencing. The court revoked their bail and imposed additional penalties for non-payment.
The Building and Construction Department (BMC) has decided to lower the initially proposed height requirement for tin sheets at construction sites from 35 feet to 25 feet. This decision follows concerns raised by developers and architects about the structural stability of taller tin sheets. While a formal order confirming the change is pending, the BMC is recommending the use of a green cloth above 25 feet. Experts have highlighted the on-site challenges posed by the original guidelines, emphasizing the importance of sturdy sheets to prevent life-threatening incidents. The BMC is also urging other authorities to establish flying squads to monitor compliance with air pollution guidelines.
The Gujarat government plans to integrate 80 Narmada dam project resettlement colonies into nearby villages, per an official statement. These colonies, built by the Sardar Sarovar Punarvasvat Agency, aimed at rehabilitating families affected by dam-induced displacement. The inclusion involves merging nine colonies in Bharuch, 14 in Chhota Udepur, 13 in Narmada, 38 in Vadodara, five in Panchmahal, and one in Kheda districts with their closest villages. This move allows residents access to village services and involvement in local decision-making. The decision follows representations to panchayats and housing departments for the incorporation of these colonies into village limits.
Tamil Nadu Chief Minister M K Stalin inaugurated 4,272 flats constructed by the Tamil Nadu Urban Habitat Development Board across nine districts, costing Rs 453.67 crore. A newly built multi-storeyed apartment housing with 32 units in Palayamkottai, Tirunelveli district, worth Rs 31.26 crore, was also unveiled under the 'Housing For All' scheme. These flats measure 400 square feet each and cost Rs 9.77 lakh, with a contribution of Rs 1.65 lakh from each beneficiary. The Chief Minister also inaugurated Cooperative department warehouses and distributed sanction orders to 100 differently-abled individuals, commemorating M Karunanidhi's birth centenary. Pattas were given to those affected by Neyveli Lignite Corporation's expansion. The F-Line online service was also launched to modernise land measurement.
Slum dwellers in Bhubaneswar are hesitant to move into the affordable housing projects, newly constructed for them in Chandrasekharpur and Saheed Nagar. BDA officials express the aim to provide quality housing for those affected by slum redevelopment. The apartments, with a built-up area of 300 to 320 square feet, are deemed too small for even a small family to live comfortably. Residents cite inadequate parking space, security, and the absence of service elevators as concerns. With the project ready for inauguration, and the allotment process set to commence in phases post-inauguration, it remains to be seen how things would proceed.
In the wake of significant amendments to the Unlawful Activities (Prevention) Act in 2019, the National Investigation Agency (NIA) has been actively seizing properties linked to terror suspects, with a notable surge in such actions observed in 2023. Since the amendments, which conferred the Director General of NIA with the authority to approve property seizures in relevant cases, the agency has confiscated over 350 properties, attaching 215 of them in the current year. This marks a substantial increase in comparison to the period preceding the legislative changes.
DLF Building and Services Private Ltd has acquired a 31,254-square-foot office property in Gurugram for Rs 81.04 crore, previously leased to WeWork India. Located at Two Horizon Centre, Sector 43, Gurugram, the office is among the city's premium office parks. DLF had constructed the Two Horizon Centre skyscraper. The seller, a non-resident Indian (NRI) with a Singaporean address, initially purchased the property in 2018 from DLF and leased it to WeWork for ten years. Despite global uncertainties, CRISIL projects stable net leasing in India's commercial office space in the mid-term.
Crisil Ratings reports a stagnation in India's office space leasing at 32-34 million sq ft this fiscal due to global uncertainties. Despite this, the market's strength and a shift towards office work are expected to drive future growth. The slowdown faced by the IT/ITeS sector, a major occupant, is impacting demand. However, resilience in domestic sectors like BFSI, consulting, and e-commerce, is likely to maintain leasing levels. With companies increasingly advocating for physical office presence, a recovery in leasing activity is anticipated in the medium term.
In response to its new hybrid work policy, Wipro, India's fourth-largest IT firm, is strategically selling parts of its office assets in Bengaluru and Hyderabad. This move aims to streamline operations and optimize real estate holdings. The sale includes significant portions of their campuses in Gachibowli, Hyderabad, and Electronic City, Bengaluru. The decision aligns with the company's shift to a minimum three-day office work week, reflecting broader changes in workspace utilization and operational efficiency in India's evolving IT and commercial real estate sectors.
The Haryana Government is addressing an oversight, offering refunds to 1588 property owners who mistakenly paid development fees. Errors were identified across various categories, including HSVP, HSIIDC, licensed colonies, CLU acquired properties, Lal-Dora residential properties, and agricultural properties. The Urban Local Bodies Department notified affected owners via SMS, urging them to claim refunds through the NDC portal. A dedicated fund of Rs 5.19 crore has been allocated. While 51 applications are processed efficiently, 1537 property holders are urged to expedite their claims, demonstrating the government's commitment to a prompt resolution.
The Thrikkakara municipality has issued an eviction notice to the residents of the Apple Heights apartment complex in Vazhakkala, alleging non-payment of taxes. The notice, sent on October 27, claims that the municipality incurred losses due to non-receipt of permit fees and taxes from the 85 families residing in the complex. The municipality asserts that the building is "illegal" and lacks necessary No Objection Certificates (NOCs). The eviction notice warns of potential issues if residents continue to stay without proper documentation and calls for steps to vacate them. The matter stems from an ongoing dispute over land acquisition for metro route development.
The Imperial, a historic hotel in the heart of New Delhi, is undergoing a comprehensive refurbishment led by Louis Sailer, the senior executive vice president. Instead of a conventional renovation, the project focuses on preserving the hotel's historical essence while introducing modern amenities. The refurbishment spans accommodations, food and beverage areas, grounds, wellness facilities, and service philosophies. Notable changes include individualized bar menus, a bespoke Imperial boutique showcasing handcrafted items, and technological upgrades in accommodations. The approach reflects a commitment to retaining the hotel's historic charm while providing guests with a unique, culturally immersive experience.
Belagavi Airport in Karnataka is set for a major expansion with the acquisition of an additional 57 acres. The state government's move builds on the 2017 upgrade, which saw a new terminal and runway extension. Authorities, emphasizing fair compensation, are addressing local farmers' concerns regarding land acquisition. The Airports Authority of India plans to invest Rs 229.5 crore for a new terminal spanning 20,000 square meters, aimed at boosting regional connectivity and economic growth. The expansion underscores the balance between development and community interests.
Matharpacady, a compact area within Mazgaon, is witnessing tug-of-war between progress and heritage in the village. Locals wrestle with a pivotal choice – to cherish their historic haven or embrace redevelopment. The struggle pits those yearning for better living against owners anxious about losing their distinct identity. Shreepati Build Infra Heritage emphasises urgent redevelopment, citing compromised infrastructure. Amid legal complexities, the village stands at a crucial juncture, its fate hanging in the balance of collective desires and legal intricacies, leaving the community in suspense about what lies ahead.
JSW Infrastructure has secured a Rs 4,119 crore contract from the Karnataka Maritime Board to develop the Keni Port in Karnataka. The greenfield port, one of two planned by the state government, is set to have an initial cargo-handling capacity of 30 million tonnes per annum (MTPA). JSW Infrastructure emerged as the winning bidder, with plans to address the logistics demand in the rapidly growing state and the region's economy. The Keni Port will be strategically located between Mormugao Port in the north and New Mangalore Port in the south, catering to various industries in the region.
Bank of Spain Governor Pablo Hernandez de Cos has stated that there is no need for banks to extend mortgage relief measures for vulnerable households in the country. He noted that there has been limited uptake by citizens, with only 42,000 requests submitted in the first seven months of 2023, despite the government granting mortgage relief support to over a million households in November 2022. The Spanish government had announced plans to raise the annual income threshold for mortgage relief support to 38,000 euros. The governor mentioned that the economy has been performing reasonably well, and there is no immediate need for modifications.
NAREDCO Maharashtra is set to host the second edition of the HOMETHON Property Expo 2023, India's largest real estate event at the JIO World Convention Centre, BKC Mumbai, from November 24 to 26, 2023. Following last year's success, this edition will feature an even larger developer presence, with Riteish and Genelia Deshmukh as brand ambassadors. The three-day event will showcase 500 projects from 150+ developers, offering properties ranging from affordable to luxury housing with prices will range from Rs 20 lakhs to 15 crores. Leading developers like Hiranandani, Godrej, L&T, and finance companies including ICICI Bank and HDFC will participate, offering attractive home loan incentives.
Former district judge Mr. Ravindra Padmakar Rao Deshpande is appointed as the judicial member of MahaRERA. The decision for appointment was taken by the Maharashtra government and the oath was administered by Chairman Mr. Ajoy Mehta. With a career starting in 1995, Mr. Deshpande, residing in Ambajogai, Marathwada, has a B.Com from Ambajogai and an LL.B. from Ch. Sambhaji Nagar. He served at various judicial positions throughout his career and retired in March last year as the district judge-2 in Bhoom, Osmanabad. The judicial member's inclusion enhances MahaRERA's judicial perspective, now functioning at full capacity.
<p>&bull; A residential flat spanning 1,197 square feet on the 35th floor sold in Raheja Imperia II in Lower Parel for INR 5.88cr<br /> &bull; A residential flat spanning 805 square feet sold on the 17th floor in Sheth Auris Serenity in Malad West for INR 2cr<br /> &nbsp;</p>
Man Infraconstruction Limited (MICL) anticipates revenue exceeding Rs 8,000 crore from three Mumbai real estate projects, including the Tardeo project, touted as one of India's tallest buildings. Aaradhya Avaan, MICL's ultra-luxury venture in Tardeo, envisions revenue surpassing Rs 3,000 crore. Collaborating with stakeholders, MICL employs a nuanced revenue-sharing model for the Tardeo project. Additionally, strategic projects in Goregaon and Ghatkopar contribute to MICL's expansive real estate portfolio. Sales achievements for H1 2023 showcase robust performance, while a confident stance prevails amid rising interest costs, reflecting the evolving dynamics of the real estate landscape.
Bengaluru-based Shriram Properties aims to deliver 2.5 million sq ft (msf) of residential space worth Rs 1,500 crore by FY24, with 50% of the units in the mid-market segment and affordable range. Locations include Bengaluru, Chennai, Kolkata, Coimbatore, and Vizag. The company plans to launch 5,000 units, which is about 5.3 msf, primarily in Electronic City, Yelahanka, and Jalahalli. Despite rising land prices, Shriram Properties aims to manage debt, currently at Rs 430 crore, through asset liquidation and debt reduction strategies including joint investments.
Provident Housing, a Puravankara Group subsidiary, is set to launch its inaugural themed villament project, Provident Deansgate, in Bengaluru. Priced at over Rs 1.9 crore per villa, the project spans 15 acres in North Bengaluru's IVC Road and comprises 288 duplex villaments themed in Manchester architectural style. With pre-sales already accounting for 30%, the CEO anticipates a robust response to the December 10 launch. The company aims for a top line of Rs 600 crore and plans to expand its total launched space to 3.3 million square feet by the end of FY24, investing Rs 1,150 crore across Bengaluru, Chennai, and Kochi.
Real estate developer Omaxe is set to invest approximately Rs 4,000 crore in the next four years primarily focusing on Tier II and Tier III cities. The projects, spanning 1,200 acres, will be in Uttar Pradesh, Madhya Pradesh, and Punjab. Omaxe plans to launch residential and commercial ventures in cities like Indore, Ujjain, Amritsar, Chandigarh, Gorakhpur, and more. In Uttar Pradesh alone, the investment is expected to reach Rs 2,500 crore. The company is diversifying its portfolio with townships, plotted projects, and mid-segment developments, aiming for higher returns in these burgeoning markets.
On Monday, the BMC's K-West ward filed an FIR against a private developer for non-compliance with air pollution mitigation measures at a construction site in Vile Parle (West). Despite receiving guidelines and a subsequent stop-work notice, the developer allegedly failed to implement a 25-ft tall sheet fencing around the site. The FIR, filed under IPC Section 291, reflects the BMC's strict approach to enforcing environmental regulations. The formation of specialized squads and the legal action underscore the municipality's commitment to monitoring and ensuring compliance with air pollution guidelines in construction projects, setting a precedent for developers to adhere to mandated measures.
Odisha Chief Minister Naveen Patnaik is set to inaugurate 1,700 housing units for the urban poor, a result of the 2015 Housing for All in Urban Areas policy. Constructed through a public-private partnership by the Bhubaneswar Development Authority, these projects integrate social infrastructure. Buddha Vihar, a greenfield initiative, targets 2,600 housing units for the economically weaker sections. The EWS houses, ranging from 23 to 30 square meters, aim to ease financial burdens through bank loans. Keshari Residency pioneers slum redevelopment, symbolising a commitment to inclusive and sustainable urban development.
Despite a two-year delay, Ludhiana's Municipal Corporation has launched the installation of Unique Identity Number (UID) plates, funded by the Smart City Mission. This transformative project aims to enhance civic services and modernise the city. The UID plates, featuring QR codes, facilitate seamless access to property details. While residents benefit from streamlined services, concerns arise in areas like Dhandhari, reflecting the hesitation to providing such amount of transparency nevertheless MC Commissioner Sandeep Rishi expresses confidence in achieving technological advancements and urban development through projects completion.
Kochi is advancing the construction of two housing complexes designed for slum dwellers in West Kochi. The Thuruthy complex, led by the Kochi Corporation and financially supported by Cochin Smart Mission Ltd (CSML), is utilizing approximately Rs 18 crore from Rajiv Awas Yojana (RAY) and Rs 21 crore from CSML. The Mattancherry complex, overseen by CSML, is a ground-plus-13-floor development costing Rs 44 crore. Despite delays in approvals from the Kerala Coastal Zone Management Authority for the Mattancherry project, the set completion date remains steadfast at February 2024. The timely commissioning of these complexes is crucial for urban development and addressing housing challenges in Kochi, underscoring the need for efficient project management and adherence to deadlines.
The Gujarat High Court has responded to a petition by Valibhai Vajibhai, probing Bhuj Wind Energy Pvt Ltd's installation of windmills on government land. Alleged breaches include disregarding local laws, encroachment on the petitioner's farm, and environmental disruption. The petitioner seeks cancellation of the lease, compensation, and stricter adherence to regulations. The case highlights corporate responsibility, environmental impact, and agricultural welfare. This legal battle holds implications for renewable energy policies, emphasizing the need for transparent practices and sustainable development.
Mumbai-based Oberoi Realty is making its debut in the NCR market by acquiring 14.8 acres in Gurugram for Rs 597 crore. The land, purchased from Ireo Residences, will be used for a luxury group housing project, marking Oberoi's foray outside Mumbai Metropolitan Region. The deal, involving event/ time-linked payments up to Rs. 597 crore, allows existing owners to retain a portion of the project area. Oberoi's entitlement from the project is estimated at 2.6 million sq ft. The move aligns with Oberoi's expansion plans, which include entering Thane, Bengaluru, and Pune, while focusing on premium luxury residences.
Macrotech Developers, under the Lodha brand, plans to invest Rs 800 crore into two Bengaluru housing projects amid strong demand. The first project launched this month, with the second targeted for Q4 or Q1 of the next financial year. Construction costs are estimated at Rs 800 crore, anticipating a sales value of Rs 2,500 crore. The company plans to sell apartments in the range of Rs 1.5–2.5 crore. With Rs 6,890 crore in sales bookings in H1 and a robust launch pipeline, Macrotech aims to surpass the Rs 14,500 crore sales target for the fiscal year.
To recover outstanding taxes, the Pune Municipal Corporation (PMC) plans to auction 202 properties whose owners have not settled their dues. The online auction is scheduled for December, and if defaulters do not comply by the extended deadline of December 20, the auction will proceed. The PMC aims to generate around Rs 60 crore through this auction, considering it a last resort for tax recovery. The administration has already sealed over 1,300 properties due to tax defaults, and the remaining 1,100 are set to be auctioned in phases over the coming months. The PMC has set a property tax collection target of Rs 2,318.15 crore for the fiscal year 2023-24.
In a recent move, the Nagpur Municipal Corporation (NMC) has taken stringent action against property tax defaulters in the Mangalwari zone. The NMC has attached five open plots in Gorewada, Hazaripahad, and Borgaon to recover Rs 28 lakh in unpaid property taxes. Assistant Municipal Commissioner Prakash Warade issued seizure warrants against 15 property tax defaulters, prompting 10 property owners to settle their dues promptly. However, five property owners who owed a cumulative amount of Rs 28 lakh had their properties collectively attached. The seized properties will be auctioned to recover the outstanding tax amount, reinforcing the municipality's commitment to enforcing tax compliance.
In response to numerous grievances lodged by resident welfare organizations and citizen groups, the Bruhat Bengaluru Mahanagara Palike (BBMP) has taken decisive action to regulate paying guest accommodations. This initiative addresses concerns voiced by the community, highlighting the transformation of residential neighbourhoods into burgeoning commercial zones due to the increasing prevalence of PG accommodations. The move by the civic body aims to strike a balance between residential and commercial interests, safeguarding the character of local communities amidst a surge in the number of paying guests in the city.
The Brihanmumbai Municipal Corporation (BMC) has floated a Rs 42 crore tender for a long-delayed project - a Y-shaped vehicular bridge connecting Yari Road and Lokhandwala in Mumbai's western suburbs. Initially proposed in 2002, the project faced legal hurdles, causing significant cost escalation. The 100-meter-wide bridge over Kavathe Creek aims to reduce travel time from 30-45 minutes to just five minutes. Concerns were raised over destruction of mangroves for the bridge, but the Supreme Court quashed the stay after BMCs assurance regarding replanting. With a proposed completion by 2025, locals anticipate relief from the lengthy commute, while the BMC emphasizes environmental friendliness and improved connectivity.
Despite enforcement efforts and issuing fines, construction activities in Gurugram persist in violation of Graded Response Action Plan (GRAP) norms. Haryana Shahri Vikas Parishad (HSVP) and Municipal Corporation of Gurugram (MCG) have struggled to curb these activities, leading to dust pollution. Construction work and uncovered building materials are observed in sectors 27, 28, 42, 43, 51, 52, 56, 57, and 46. Despite the authority's power to penalize, strict implementation is lacking. The sectors' maintenance falls under MCG, while HSVP handles property approvals. MCG has issued 195 challans totalling Rs 23 lakh, predominantly targeting construction sites for non-compliance.
In October, there was a slight increase in U.S. single-family homebuilding, despite a decline in homebuilder confidence to an 11-month low in November. The Commerce Department's report revealed a surge in permits for future single-family homebuilding to the highest level in nearly 1 1/2 years. This suggests a supportive environment for new construction amid a severe shortage of available houses. The third-quarter uptick in residential investment, following a nine-quarter decline, indicates a positive trend. Economists anticipate potential declines in building activity during the winter due to rising loan rates for builders, but there's optimism for increased demand if mortgage rates decrease in the latter half of the following year.
The increased occupancy of top-tier offices in Seoul, with over 98% currently filled, signals a return to the office for white-collar workers post-pandemic. This surge in demand has led to a 15% rise in rental prices over the past year. The trend is attributed to cultural factors, with Koreans more willing to return to the office when asked. The shift is notable, considering that in the summer of 2021, a survey indicated that 91.5% of major firms implemented a work-from-home policy. Now, less than 60% allow remote work, and the scarcity of office space is expected to persist until ongoing construction projects are completed, potentially easing by 2025. South Korea's economic growth and consistent investments contribute to sustained demand for office space. This contrasts with the Western scenario, where office spaces are being reduced, and property prices are declining.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended the registration of 248 real estate projects for non-compliance with quarterly progress reports (QPRs). Out of the 700 projects registered in February 2023, 452 complied, while the rest faced suspension, with their bank accounts frozen. Prohibited from marketing and selling, these projects also risk agreement cancellations. MahaRERA has also issued notices to 224 projects registered in March, with a 30-day deadline for compliance. This regulatory move was initiated in January and it emphasizes quarterly reporting so as to ensure transparency. The stern action against non-compliance shows MahaRERA's commitment to customer empowerment and regulatory adherence in real estate.
Everest Food Products Pvt Ltd, renowned as Everest Spices, a leading Indian spice brand for over 52 years, spices-up its portfolio with its promoter acquiring a Rs 73.50 crore apartment in Mumbai's luxurious Three Sixty West project by Oberoi Realty. The high-rise project registered on October 30, is a part of Oberoi's 60-plus acquisitions in the luxurious development, previously making headlines for India's largest property deal in 2023.
• A residential flat spanning 721 square feet on the 7th floor in Lodha Amara in Balkum for INR 1.17cr • A residential flat spanning 610 square feet on the 20th floor sold in Bhagwati Greens 1 in Kharghar for INR 2.05cr
The Bombay High Court has ruled against the Thane Municipal Corporation's (TMC) refusal to grant Sheth Developers additional space, calling it "manifestly arbitrary." The court found the TMC's decision violated legal principles, including legitimate expectations and the doctrine of promissory estoppel. The dispute centred on the TMC's suspension of its Buy-Back Policy (BBP), which Sheth Developers contested, citing principles of legitimate expectations and promissory estoppel. The ruling underscores the court's commitment to preventing arbitrary actions by authorities and upholding fairness in administrative decisions, promoting transparency and adherence to commitments made by governmental bodies.
Brigade Group, Krishna Priya Estates, and Micro Labs have entered into a joint development agreement (JDA) to develop over 14 acres of land in Yelahanka, Bengaluru. The estimated revenue for the project is Rs 2,000 crores, with around two million sq ft dedicated to residential housing. Brigade Group's recent land acquisitions in key locations like Bengaluru, Hyderabad, and Chennai provide a significant development potential of 7 million sq ft and a gross development value (GDV) of Rs. 7,700 crores. The company plans to launch approximately 13 million sq ft in the next four quarters, with a focus on aggressive growth.
Delhi-based realty firm Eldeco Group is set to invest Rs 300 crore in constructing an ultra-luxury housing project with 80 villas in Himachal Pradesh. Acquiring a 30-acre land parcel in Sirmaur district, the project is part of a new subsidiary, 'Terra Garden,' dedicated to developing high-end projects across tourist destinations. CEO Amar Kapoor stated that 35 villas have been launched for sale, starting at Rs 5.5 crore. The seven-year project aligns with rising demand for luxury villas, and Eldeco is exploring opportunities in states like Uttarakhand and Goa, open to joint ventures for expansion.
MahaRERA gears up for its third real estate agent exam, drawing 5,592 candidates statewide. Mumbai leads with 2,732 participants. The focus remains on ensuring agents possess a thorough understanding of real estate transactions. 3,217 have successfully passed the exam so far. It is important to note that 13000 real estate agents have not renewed their registration which brings the number of active agents down. Recognising the importance, MahaRERA extends the certification deadline to January 1, 2024, underlining its commitment to industry competence and professionalism.
Former mill workers queued at Mumbai's Samaj Mandir Hall to prove work history for Maharashtra Housing and Area Development Authority (MHADA) subsidized housing eligibility. The three-month verification process, ongoing since September 15, sparked concerns due to uncertainty about the lottery. Although an online option exists, many found it ineffective. MHADA recently allotted keys to 100 eligible mill workers from the 2020 lottery, emphasizing ongoing efforts to determine eligibility for the total 1,50,484 applicants. These developments highlight the challenges and aspirations tied to subsidized housing initiatives in Mumbai, emphasizing the need for efficient and timely eligibility processes.
Delhi's State Environmental Impact Assessment Authority (SEIAA) is set to scrutinize the compliance of projects granted environmental clearance (EC) in the last two years. Concerned about potential air quality impacts due to non-compliance, SEIAA aims to assess whether project proponents adhere to specified conditions. In response to citizen complaints and acknowledging a lack of current monitoring processes, the authority emphasizes the importance of ensuring compliance with EC conditions. SEIAA directs the Delhi Pollution Control Committee (DPCC) to ascertain the mandate for overseeing compliance and requests data submission within two weeks. Legal opinion will be sought before the next SEIAA meeting.
The Sinhagad Road police have charged two real estate agents accused of defrauding a 66-year-old client out of Rs57 lakh. The victim alleged he was enticed into investing in two apartments and a shop in a Vadgaon Budruk project in January 2021. The realtors presented him with an occupancy rights certificate, asserting the legality of the building. However, the complainant later discovered that one of the booked flats was sold to a third party, and the PMRDA had not issued an occupancy certificate. The case underscores the importance of transparency in real estate transactions and authorities' efforts to address fraudulent practices.
The CBRE report outlines India's booming Global Capability Centres (GCCs) landscape, projecting a 60-62 million sq. ft. office space lease between 2023-25. Key sectors like tech and BFSI drive this expansion, with North American firms leading the charge. Emerging micro markets in major cities signal new hubs for GCC operations, with Bangalore, Chennai, and Hyderabad taking the lead. The GCC trajectory in India showcases the nation's appeal, driven by talent, cost advantages, and government support, promising a diverse and innovative future.
Religare Enterprises is going through a tough time, facing legal battles and regulatory scrutiny, especially from the influential Burman family. The parent company, Religare Finvest, is seeking a change in ownership, waiting for regulatory approval to transfer its stake to Religare Enterprises. Despite these challenges, Religare Housing, a subsidiary, is showing resilience, experiencing growth in affordable housing disbursements. A significant settlement with lenders brought some financial relief. With plans for further expansion and profitability, Religare Housing is navigating the complex financial landscape with determination and strategic vision.
In a move that promises to reshape the landscape of industrial and logistical infrastructure, TVS Industrial and Logistics Parks Pvt Limited (TVS ILP) has proudly unveiled a transformative strategic partnership with Lingotto, a distinguished investment management company under the esteemed Exor N.V. umbrella. This significant collaboration has been set into motion through a secondary stake sale, marking a pivotal moment in TVS ILP's journey towards excellence in the logistics sector.
Mumbai Metro Rail Corporation (MMRC) has finalized the Detailed Project Report (DPR) for extending underground Metro Line 3 up to Navy Nagar, covering a five-kilometre stretch. The DPR awaits state government approval following the 2022-23 budget announcement. The expansion aims to benefit densely populated areas, including central government residential quarters. Construction is slated for a 2025 start, post the existing Metro Line 3's commercial operations. MMRC acquired nine train sets for Phase 1, delayed to early next year, while Phase 2 operations begin in 2024. Recent trials and ongoing track installations mark progress for the extensive metro network.
The Odisha cabinet, led by Chief Minister Naveen Patnaik, has given the green light to the Bhubaneswar Metro Rail Project (BMRC) Phase I. The Delhi Metro Rail Corporation (DMRC) will spearhead the Rs 5,929.38 crore turn-key project, spanning 26 km with 20 stations from Biju Patnaik International Airport to Trisulia Square near Cuttack. The infrastructure, part of the Greater Capital Region metropolitan city plan, aims to serve around 50 lakh people. The first phase, focusing on Bhubaneswar, Khurda, Cuttack, and Puri regions, is slated for completion in four years, featuring elevated viaducts, modern coaches, and advanced systems.
A historic New Orleans mansion, once owned by Angelina Jolie and Brad Pitt, is set for auction with a starting bid of $1 million, managed by Interluxe Auctions. The 7,703-square-foot property, built in the 1830s, boasts private balconies and a storied past, including ownership by Microsoft co-founder Paul Allen. The interiors showcase modern design elements, with seven bedrooms, five bathrooms, and a two-story guest house. Amenities feature a home gym, elevator, workshop, and a gated driveway, complemented by a private courtyard with a pool and fountain. The property, initially listed at $5.35 million, underwent price reductions before reaching its current.
Denmark's iPAVE technology, mounted on trucks, is revolutionizing road assessment in South Australia. Using lasers and cameras, iPAVE swiftly gathers data on road texture, condition, and bearing capacity at highway speeds, covering 400 state-maintained roads without traffic control. This innovation aids in prioritizing road repairs and upgrades, offering insights into surface and structural conditions. The Minister for Regional Roads plans to leverage iPAVE data for a comprehensive regional road audit. With 2,500 km already surveyed, the project aims to complete 18,000 km by April, showcasing a promising leap in road infrastructure management.
October marked a 25.4% YoY contraction in China's government land sales revenue, alarms caution among property developers amid financial constraints. From January to October, a substantial 20.5% YoY revenue drop unfolded, reflecting a ten-month financial downturn with broader economic implications. The diminishing revenue from land sales poses a risk to local governments, entwined with debt and project hurdles. Beijing responds proactively, instructing state-owned banks to extend local government debt maturity, showcasing strategic financial adaptation to address economic concerns amid the evolving challenges.
The Greater Noida Industrial Development Authority (GNIDA) is set to allocate land for the establishment of shopping malls, hotels, and commercial complexes. Under the scheme, 22 plots of varying sizes will be auctioned, with registration closing on December 1 and fee submission deadline on December 5, 2023. Plots, strategically located in six sectors, offer proximity to major corridors and the upcoming Noida International Airport. Prices range from Rs 21.94 crore to Rs 109.1 crore, with a 10% earnest money deposit.
Bollywood star Priyanka Chopra Jonas recently completed the sale of two penthouses spanning 2,292 square feet in Mumbai's Oshiwara area. The properties, located on the 9th floor of Karan Apartment Tower in Lokhandwala, Andheri, were sold for a total of Rs 6 crore. The smaller penthouse, covering 860 sq ft, was sold for Rs 2.25 crore, while the larger one, measuring 1,432 sq ft, fetched Rs 3.75 crore. Bollywood director, producer, and screenwriter Abhishek Choubey acquired these properties. The transactions were facilitated by Priyanka's mother, Madhu Chopra, and were registered on October 23 and 25. Priyanka and several other Bollywood stars have been actively involved in real estate dealings in the Oshiwara region.
<p>&bull; A residential flat spanning 333 square feet on the 14th floor sold in Raheja Exotica in Madh for INR 66 lacs<br /> &bull; A residential flat spanning 555 square feet sold in LK Vivanta in Kamothe for INR 70 lacs<br /> &nbsp;</p>
Nexus Select Trust reported a 27.18% decline in net consolidated profit for Q2 FY 24, amounting to Rs 251.46 crore. The total income also dropped by 34.38%, reaching Rs 557.32 crore. Despite the profit decrease, the trust declared distributions of Rs 452.07 crore for the quarter, emphasizing robust consumption growth and resilient net operating income. CEO Dalip Sehgal announced the signing of a non-binding term sheet for the acquisition of three malls in southern India, showcasing strategic expansion amid market challenges. Nexus Select Trust maintained strong performance indicators, including 97% leased occupancy in the retail segment and 18% YoY growth in tenant sales.
Prestige Estates Projects achieved a remarkable 512.58% YoY growth in net profit, reaching Rs 910.3 crore in Q2 FY 24, compared to Rs 148.6 crore in the same period last year. The company's net consolidated total income surged by 120.79%, reaching Rs 3,256 crore. Notably, strategic acquisitions, including stakes in Dashanya Tech Parkz and Techzone Technologies, exemplify Prestige Estates Projects' commitment to diversification and expansion. These robust financials and strategic initiatives position the company for sustained success in India's real estate sector.
A level-II fire erupted in Byculla West, Mumbai, damaging structures including the Jubali building and Dhobighat chawl. The fire, covering 5,000 to 6,000 square feet, was extinguished by 12:03 p.m. Nine people were rescued, and no injuries were reported. The affected area housed manufacturing units for leather goods, causing significant losses. While the cause is under investigation, a short circuit is suspected. The incident highlights vulnerabilities due to limited ventilation and the use of inflammable materials. Residents escaped unharmed, but the economic impact on workers and business owners is substantial, emphasizing the need for fire safety measures.
The Bombay High Court has rejected interim relief in response to a petition by slum dwellers seeking over Rs 15 crore in transit rent arrears or the cancellation of a developer's appointment in a significant Slum Rehabilitation Authority (SRA) project at Jerbai Wadia Road, Parel. The court stayed the proceedings before the Apex Grievance Redressal Committee (AGRC) and questioned the spectrum of rights claimed by the slum societies. The court highlighted the issue of enormous inequity in the city and emphasized the need for statutory interpretation in the case. The next hearing is scheduled for January 29, 2024.
The Real Estate Regulatory Authority (RERA) has issued notices to several real estate firms, including Neemsboro Group, Excellence Properties, Prestige Group, Urban Yards, Happy Dream Homes, Seven Hills, Kavuri Hills, Rivendell Farms, and Sumadhura Infra Projects, for advertising projects and pre-launches without obtaining RERA registration. This crackdown extends to real estate agents involved in selling open plots on behalf of infrastructure companies without proper registration. The notices demand responses within 15 days, emphasizing RERA's commitment to enforcing regulatory compliance in the real estate sector. This action reinforces the importance of adherence to regulatory procedures and transparency within the industry.
The New Okhla Industrial Development Authority (Noida) has introduced two plot allocation schemes to boost industrial and commercial activities in the region. The registration process for commercial builder plots, ranging from 812.73 sq m to 51,417.25 sq m, has begun. The Commercial Plots Scheme targets sectors 32, 35, 40, 50, 94, 96, 97, 98, 105, 108, 124, 132, and 135 in Noida. These plots will be allocated through an e-auction process, with the bidding date to be announced after a pre-bid meeting on November 21. Additionally, an open-ended scheme for plot allocation in Noida Industrial Area Phase 1 and 2 will commence registration on November 21.
The Odisha Cabinet, chaired by Chief Minister Naveen Patnaik, has approved amendments to existing legislation, allowing Scheduled Tribe (ST) members to sell land to non-tribals in scheduled areas, with certain restrictions to prevent landlessness. The move, based on recommendations from the Scheduled Tribes Advisory Council, aims to address concerns raised by the ST community and boost industrialization. The amendment is to the Odisha Scheduled Areas Transfer of Immovable Property (by STs) Regulation, 1956, and follows 2002 amendments that restricted ST-category citizens to transfer property only to other tribals. The decision is expected to provide economic opportunities and support development in the state.
The Madras High Court directed authorities to compensate 39 individuals with Rs 5,000 each for land parcels earmarked for acquisition but left undeveloped, citing a lack of implementation of development plans by the state government. Justice B Pugalendhi expressed dissatisfaction with the government's failure to acquire properties within the stipulated five-year period, deeming them lapsed reservations. The judge ordered the release of petitioners' lands from the respective development plans and mandated the Director of Town and Country Planning to pay compensation within a month, highlighting broader concerns about the government's commitment to plan implementation and the need for just compensation.
WeWork India continues its strategic expansion with the finalization of lease agreements for two new properties—Manyata Redwood in Bengaluru and RMZ Spire in Hyderabad. Manyata Redwood, spanning 117,000 sq ft, is located in Bengaluru's Manyata Tech Park, while RMZ Spire in Hyderabad's HITEC City covers 154,000 sq ft. Both properties offer modern amenities and showcase WeWork India's resilience and growth, unaffected by the SoftBank Group-backed parent company's recent Chapter 11 filing. WeWork India operates over 6.5 million sq ft across 50 locations in major Indian cities.
Edelweiss Alternatives plans to raise Rs 5,000 crore for its rental yield plus fund, targeting high-quality commercial properties in major Indian metros. Subahoo Chordia leads the fund, focusing on southern markets and aiming to build a 10-million-square-foot portfolio in three years. It will invest Rs 400 crore to Rs 2,000 crore per transaction, emphasizing core office assets and value-added older buildings. The second phase explores data centres and warehousing. Chordia highlights a decade of experience, stressing the appeal of the Indian market for private debt and real assets, expecting it to reach $5 trillion by 2027 with evolving regulations benefiting alternative asset managers.
Hyderabad's property market experienced a robust 25% YoY growth in residential property registrations in October 2023, totalling 5,787 properties valued at Rs. 3,170 crore. Notably, higher-value homes saw increased sales, with the Rs. 25 – 50 lakh range dominating registrations. The shift was evident in the reduced share of properties below Rs. 25 lakh. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy. Medchal-Malkajgiri led in registrations, comprising 43%, followed closely by Rangareddy at 42%. The weighted average prices witnessed a 6.8% YoY increase, and developers prioritized 3 BHK units, reflecting evolving homebuyer preferences for larger living spaces in Hyderabad's real estate landscape.
The Kerela government is facing a financial setback as lease arrears totalling Rs 436 crore remain unrecovered due to legal complications, with 88.90% currently under court-ordered stay. Thrissur, Ernakulam, and Thiruvananthapuram contribute to over 85% of the outstanding amount. An audit by the Comptroller and Auditor General (CAG) revealed irregularities in land assignments and leasing practices, including non-compliance with rules, non-maintenance of land lists, lapses in monitoring leased and assigned land, and a significant monetary loss due to the waiver of lease rent for certain entities. Resolving legal hurdles and streamlining land management practices are crucial for revenue recovery.
Indian Hotels Company (IHCL), renowned for the Taj brand, is set to expand its affordable brand Ginger hotels with 24 new properties. The expansion responds to robust travel demand, targeting cities like Agra, Ahmedabad, and Goa. IHCL plans to enhance Ginger's footprint from 40 to 60 cities, adding 10 hotels annually. Post expansion, Ginger would have 86 hotels driven by a lease model spanning 10-30 years. Despite a decrease in net revenue, Ginger's enterprise revenue surged to INR 360 crores in FY23. The hotel chain remains focused on domestic growth, excluding international ventures as of now.
Kochi Metro Rail Limited (KMRL) is taking a proactive approach to the construction of Chembumukku and Padamugal stations along the Phase II line. If there are delays in land acquisition for these stations, KMRL plans to proceed with the construction of the other eight stations. The government has provided administrative sanction for land acquisition, but opposition from residents may delay decisions for Chembumukku and Padamugal. KMRL is exploring vacant government land as an alternative. The consideration to start construction on other stations while awaiting decisions reflects KMRL's commitment, with a focus on innovative solutions to mitigate potential challenges and streamline the process.
In the third quarter of 2023, Indian investors surpassed the British to become the top real estate investors in Dubai, according to Betterhomes Real Estate. The surge in Indian investments is attributed to factors such as the Golden Visa program and increased interest in diversifying investment portfolios. Russia, a consistent top player, dropped out of the top three rankings due to economic turmoil. Dubai's real estate sector recorded 28,249 deals in Q3, a 23% YoY increase. Indian investors' interest has impacted luxury real estate prices, which surged 50% over the year. This shift underscores the evolving landscape of Dubai's real estate market.
D.R. Horton, a major U.S. homebuilder, anticipates a decline in home prices in the future due to affordability concerns. The current prices are high as there is a gap in supply of houses for sale. A reluctance among homeowners with lower fixed mortgage rates to re-sell and upgrade at higher interest rates is cited as the key reason behind this shortage. In Q4, D.R. Horton’s net income fell 4.71% to $4.45 per share but exceeded analysts’ estimates. Meanwhile, revenue surged 8.96% to $10.50 billion, surpassing expectations of $10.01 billion, fuelled by increased demand driven by incentives. The builder plans to sustain higher incentives in fiscal 2024, including rate buydowns, aiming to sell 86,000 to 89,000 units, up from 82,917 the previous year.
China is planning to allocate at least 1 trillion yuan ($137 billion) in low-cost financing to support urban village renovation and affordable housing programs. This move aims to bolster the struggling property market, with funds to be injected in phases through policy banks. The People's Bank of China is considering options like Pledged Supplemental Lending and special loans, signalling a significant effort to stabilize the property market amid its most significant downturn in decades. The initiative follows Beijing's recent announcement of fiscal stimulus measures and underscores China's commitment to supporting economic recovery and stabilizing consumer confidence.
Paresh Parekh and Vijay Parekh, directors at Suraksha Realty, recently acquired two luxury sea-facing apartments in Mumbai's Worli area for a combined Rs 100 crore. The high-end residences, located on the 26th and 27th floors of Naman Xena, offer 6,458 sq ft each. Despite elevated mortgage rates and property prices, Mumbai witnessed a staggering October with 10,566 property registrations, reflecting a strong demand and increased sales during the festive season.
<p>• A residential flat spanning 354 square feet on the 12th floor sold in Gulmohar CHS in Pali Hill for INR 75 lacs<br /> • A residential flat spanning 372 square feet in Goodwill Unity in Sanpada for INR 17.58 lacs</p>
The Supreme Court has issued an interim order directing Mantri Castles Private Ltd (now Castles Vista Pvt Ltd), also known as Mantri Developers, to hand over possession of the delayed Mantri Serenity project to 48 homebuyers in Bengaluru. Despite full or nearly full payment, the buyers faced prolonged delays, prompting legal action. The court mandates possession within a week, adhering to the agreement terms, with completion before the next hearing on February 14. The National Consumer Disputes Redressal Commission had earlier disposed of the case, leading the homebuyers to appeal to the Supreme Court for resolution.
Bengaluru's Brigade Group reported stellar financials in Q2 FY24, achieving a net profit of Rs 134 crore, a substantial increase from the previous year. Total revenue reached Rs 1,408 crore, with collections of Rs 1,439 crore and EBITDA at Rs 366 crore. The real estate segment saw bookings of 1.67 million sq ft valued at Rs 1,249 crore. The residential sector contributed significantly, with revenue at Rs 1,063 crore and EBITDA of Rs 155 crore. The commercial and hospitality segments also exhibited robust growth, underlining Brigade Group's diversified and resilient approach to real estate.
Piramal Enterprises Limited has reported a remarkable recovery with a net profit of Rs 48.19 crore in Q2 FY24, compared to a loss in the same quarter last year. The company's total income rose to Rs 2,205.21 crore, marking a 12.73% increase year-on-year. Additionally, PEL announced a buyback of equity shares worth Rs 1,750 crore. The firm's strong performance is further emphasized by a robust growth in its total assets under management and a significant increase in retail lending disbursements, indicating a positive trajectory in its financial services sector.
Indiabulls Housing Finance reported a 2.94% increase in net consolidated profit at Rs 297.98 crore for Q2 FY24. The company's net consolidated total income rose by 0.49% to Rs 2,242.30 crore. The board approved the issuance of nonconvertible debentures up to Rs 5,000 crore. Additionally, 79,34,267 equity shares were allotted upon stock option exercise. Securities issuance included 1,013,259 NCDs worth Rs 101.32 crore and 1,131,783 NCDs worth Rs 113.17 crore. As of September 30, 2023, net worth was Rs 16,736.92 crore, debt-equity ratio at 2.59, net profit margin at 13.32%, gross NPAs at 3.72%, and net NPAs at 2.22%.
The Bombay High Court has intervened in a dispute between Swashray CHS in Borivali (West) and developer Shanti Enterprises, emphasizing that a housing society should not be bound by a development agreement if the developer consistently defaults, leaving the project incomplete. The court restrained the builder from obstructing construction either through self-development or a new appointee. Swashray CHS terminated its 2018 agreement with Shanti Enterprises in March 2023, citing a lack of faith in completion and outstanding transit rent of Rs 90 lakh.
The Telangana High Court has ruled in favour of 320 Telangana Housing Board employees, putting an end to a 25-year legal battle over house plots. The court dismissed government and housing board arguments, directing the registration of plots for all allottees who make the specified payments within four months. The decision also nullified Government Order (GO) 32, which had restricted genuine allottees, providing relief to employees who had been entangled in the dispute since 1986. The verdict addresses concerns over the conversion of allotted plots into flats and marks a significant resolution to a prolonged legal conflict.
The Punjab and Haryana High Court has instructed the Haryana government to address the alleged seizure of 100 square yard plots in Gurugram, designated for disadvantaged communities by the state, by the 'land mafia'. The court's directive to the state government emphasizes the urgency of addressing these illicit transactions and upholding the rightful allocation of plots meant for the underprivileged. There is a need for prompt legal action to prevent further encroachments and ensure justice for the intended beneficiaries.
Triveni Developers, led by Ashok Jethwa and Mihir Jethwa, face legal action for alleged fraud involving delays and deception in housing transactions, particularly impacting an 82-year-old buyer. Rameshchand Joshi filed a case against the developers, accusing them of failing to deliver a promised flat despite receiving payments. Multiple assurances and missed deadlines led to a case citing breach of trust and cheating. The complaint, now expanded by Joshi's daughter, reveals a wider pattern of fraudulent practices, including selling the same flats to multiple buyers without necessary permissions, emphasizing the importance of vigilance in real estate transactions.
A JLL report published recently reveals that India's senior living market, currently at less than 1% penetration, offers substantial growth potential. Southern cities dominate with a 68% share, driven by factors like nuclear families, career mobility, and evolving perceptions. Independent living units hold an 84% market share, with 2 BHK units comprising 43% of current supply. Senior living projects command a 10-15% premium due to tailored amenities. The aging population is expected to double by 2050, making government support vital for market expansion. Key operators include Columbia Pacific, Vedaanta, Ashiana, and few others collectively holding over 50% market share.
Curated Living Solutions (CLSPL) has acquired a 766-bed student housing facility in Durgapur, West Bengal, marking its entry into brownfield ventures in student housing. Facilitated by real estate consultancy firm JLL, the acquisition adds substantial capacity, bringing CLSPL's portfolio to around 10,000 beds. The strategic move aligns with their growth strategy, combining greenfield developments and brownfield acquisitions across India. CLSPL's partnerships with educational institutions underscore their commitment to tailored student housing solutions, addressing the country's pressing demand, estimated at around 12 million students in need of hostel facilities.
Residential rental values are surging in India's top 7 cities, particularly in IT hubs like Bengaluru, Hyderabad, and Pune, according to ANAROCK Research. Bengaluru's Whitefield witnessed a remarkable 31% growth in rents for a standard 2BHK flat in the first nine months of 2023, leading the trend. Hyderabad and Pune followed with up to 24% and 17% growth, respectively, in key localities. However, rental values may stabilize in the current quarter before potentially rising again in early 2024. Bengaluru boasts the highest rental yield at 4.35%, drawing renewed interest from investors in the housing market.
Panjab University (PU) has contested a municipal corporation (MC) demand for Rs 25 crore in property tax, arguing that certain campus areas categorized as commercial actually fall under the residential segment. A meeting has been scheduled by the civic body to address PU's objections, considering records and surveys. The outcome of this case may set a precedent for how similar matters are handled in the future, impacting the financial dynamics between municipal bodies and autonomous entities. As the meeting approaches, stakeholders eagerly await a resolution that balances the financial interests of the municipal corporation and the perceived tax obligations of Panjab University.
The Sahara Group is embroiled in a protracted legal battle, primarily centred around its Aamby Valley City, a sprawling property near Mumbai and Pune. The legal disputes stem from financial complexities involving Optionally Fully Convertible Bonds (OFCBs) and resulted in the Supreme Court's intervention, leading to attempts to auction Aamby Valley. However, numerous hurdles, including title issues, complicated the liquidation process. The Bombay High Court is currently the focal point for resolution. Despite these challenges, Sahara Group asserts control over its real estate assets, emphasizing its commitment to navigate legal complexities and safeguard its valuable holdings.
The BMC, in response to a structural audit, will undertake both minor and major repairs on 51 bridges from Malad to Andheri, costing Rs 41 crore. M/s CE Infra (India) secured the contract at 23.40% below the estimated cost of Rs 35 crore. M/s SGS Consultancy Services conducted a survey, making recommendations that the initiative follow. This survey covered P/South (Goregaon), P/North (Malad), and K/West (Andheri West) wards. The proactive approach arises from the 2019 Himalaya Bridge collapse, signalling a commitment to safety. The repairs aim for completion within 12 months, navigating the challenges posed by the monsoon.
Ghatkopar station in Mumbai is undergoing a Rs 130 crore makeover, featuring a new middle foot over bridge (FOB) and an elevated deck on the east side. The 12-meter-wide middle FOB will incorporate modern technology and escalators on key platforms, ensuring efficient vertical movement for passengers. The elevated deck, spanning 15 meters in width and 47 meters in length, will connect with the existing Metro FOB and house a booking office with five counters. The project is headed by the Mumbai Rail Vikas Corporation (MRVC) and is expected to be completed in two phases. The upgrade aims to enhance connectivity, streamline passenger movement, and alleviate congestion at the station.
UK home-builder Persimmon experienced a significant uptick in sales rates since October. Analysts from Investec suggest that this improvement may be attributed to increased marketing efforts and additional selling incentives. The housing market faces challenges, with elevated mortgage rates impacting sales and builders issuing profit warnings. Persimmon remains cautiously optimistic, reporting stable overall pricing but acknowledging a slight decline in private average selling prices within its order book. The company anticipates a reduction in headcount as part of a group-wide recruitment.
The festive season in India, spanning Navratri to Diwali, brought a surge in property registrations in Mumbai, with a 30% YoY increase totalling 12,600 registrations and Rs 1,257 crores in revenue. Maharashtra Real Estate Regulatory Authority approved 823 projects, addressing challenges and ensuring a less than 4% customer complaint rate, emphasizing commitment to a stringent registration process. The impact highlights the positive influence of festivities on India's real estate market.
• A residential flat spanning 532 square feet on the 4th floor sold in Swaminarayan Dham in Asalpha for INR 1.02crs. • A residential flat spanning 1,151 square feet on the 34th floor in Earth Enclave in Girgaon for INR 3.15cr
Mahindra Lifespace Developers, the real estate arm of Mahindra Group, has terminated the joint development of a 4.8-acre land parcel in Dahisar East, Mumbai, citing significant delays in regulatory clearances. The project, initially announced in October 2021, aimed to provide approximately 5 lakh sq. ft. of carpet area. Additionally, the company faces a Rs. 4.6 lakh penalty from Pimpri Chinchwad Municipal Corporation for alleged violations related to air pollution control at its Pune construction site, as per the Air (Prevention and Control of Pollution) Act 1981 and state regulations.
Risland India achieves a milestone as Sky Mansion, its South Delhi skyscraper, receives an advanced Occupancy Certificate, signalling readiness for immediate move-in. The subsidiary of Singapore-based Risland boasts a global residential portfolio of Rs 1 lakh crores and aims to apply a 5% price hike this month following the project's completion before the scheduled date. With top-notch amenities, infinite views, and a strategic location, Sky Mansion positions itself as a premium residential choice, with notable neighbours including celebrities like Yuvraj Singh who owns a penthouse in the building.
Eldeco Housing and Industries reported a significant 27.82% decrease in its consolidated net profit for the quarter ending September 30, 2023, with profit after tax at Rs 6.41 crore. The company's total income also dipped by 48.02% to Rs 18.65 crore. Chairman Pankaj Bajaj highlighted their successful land acquisitions, a 6% increase in bookings, and the delivery of 96,546 sq.ft during H1 FY24. Eldeco saw a booking value of Rs. 24.7 crore in Q2 FY24 and secured a capital infusion of Rs. 160 crores. Despite the profit decline, the company remains focused on expansion and development initiatives.
State registration officials in Maharashtra have highlighted the need to relocate 143 out of 519 property registration offices to ground floors for improved accessibility, particularly targeting offices without lifts and currently situated on the first floor. Pune alone has earmarked 16 out of its 27 offices for potential relocation due to these accessibility issues. This initiative aims not only to address physical accessibility but also to ensure that essential amenities are available to all visitors, emphasizing inclusivity and a citizen-centric approach.
The Delhi High Court has addressed a significant issue involving the alleged fraudulent allotment of 128 properties in Delhi based on forged recommendation letters. The court raised concerns about the lack of follow-up actions by relevant authorities and directed the Delhi Development Authority (DDA) to prevent any further third-party interests or sales related to the properties in question. The court expressed dissatisfaction with the lax approach of the Land and Building Department (L&BD) and other authorities involved, emphasizing the importance of holding officials and beneficiaries accountable for their actions. The court called for a thorough investigation, considering the gravity of the situation.
The Uttar Pradesh Housing Board, in a strategic move, has decided to offer a 35 percent discount on around 5,000 unsold flats in Siddharth Vihar, Mandola, and Vasundhara. This initiative, aimed at revitalizing the housing market and providing affordable housing solutions, follows a lukewarm response to a previous 20 percent discount. Online registrations for the discounted properties opened on Diwali, with specific allocations for each location. The housing schemes include approximately 4,700 unsold units, and awareness campaigns are planned to boost their popularity. The move aligns with the board's commitment to affordable housing, potentially addressing the demand surge in Ghaziabad.
The Kolkata Municipal Corporation's (KMC) water supply department has taken a significant step to address water wastage by implementing water meters in upcoming constructions. This initiative aims to gauge neighbourhood water consumption patterns and minimize the significant loss of treated water. Following a survey in the Dum Dum-Cossipore region, the program is being expanded to other parts of the city, starting with the Mukundapur area. The KMC plans to install water meters in all new constructions, including individual apartments and housing complexes. The move comes after alarming figures revealed high water consumption in certain households, prompting officials to take measures to curb wastage and promote responsible water use in Kolkata.
WeWork India, resilient amid WeWork Inc.'s global challenges, seeks to repurchase its 27% stake held by the parent company after the latter filed for bankruptcy. The Embassy Group, the majority owner of WeWork India, remains in talks with WeWork Inc. despite the initial rejection by WeWork. WeWork India, valued at over $500 million in 2020, reported robust financials, targeting a Rs 1,800 crore revenue in FY24. The flexible office space sector, witnessing a resurgence, reflects the changing dynamics of workspace preferences. WeWork India's growth plans include adding 1.5-2 million sq ft annually, emphasizing its independent trajectory in India's co-working landscape.
Warburg Pincus, a global private equity major, has exited its joint realty development platform with Runwal Group, with over Rs 600 crore. The joint venture, initiated in 2019 for retail-led mixed-use properties, involved the development of shopping malls in key Indian cities. Warburg Pincus, which had infused Rs 250 crore in equity capital, achieved superior returns through the exit. Runwal Group has now taken full ownership, acquiring the 50% stake held by Warburg Pincus. The joint platform has commenced projects in Mumbai and Pune, and Runwal is expected to proceed independently with their construction.
In Q3 2023, India's industrial and logistics sector experienced robust growth, with 11.4 million sq. ft. absorption and 17.8 million sq. ft. supply. Tier I cities dominated absorption at 78%, driven by manufacturing, 3PL, and retail demand. Tier I cities supplied 79% of the total space, emphasizing the shift to grade A structures. This reflects the rising importance of Environmental, Health, and Safety (EHS) standards in warehousing. The manufacturing sector led absorption at 33%, supported by incentives, while 3PL closely followed at 32%. Delhi-NCR topped both supply (31%) and absorption (14%), reflecting the sector's dynamic landscape.
Livsyt, a real estate platform in India, has secured $2.5 million in funding from Silicon Valley Quad and Inventus Cap. Livsyt simplifies the home buying and selling process using artificial intelligence, providing users with an integrated platform for exploring homes, negotiating, and handling paperwork. The funding is seen as a significant boost, indicating confidence in Livsyt's approach to revolutionizing the real estate market in India. The platform collaborates with top developers and brokers, aiming to expand its presence in Indian cities. The investment serves as a vote of confidence in Livsyt's potential to bring positive change to the real estate sector.
Dumping of construction materials on Nagpur's footpaths and roads has more than doubled in the last six years, signalling increased encroachment on public spaces. In 2018, Nagpur Municipal Corporation fined 4,747 people (individuals and builders) Rs 77.46 lakh for such violations. By October 2023, this surged to 8,428 people penalized, with fines totalling Rs 1.92 crore. Concerns were raised by the Commissioner of Police, noting risks to motorists. Ashi Nagar zone experienced the highest violations. Despite regulations mandating permission from the municipal department, these practices persist.
The enforcement wing of the Town and Country Planning Department (DTCP) in Gurugram has taken a proactive approach to penalize developers violating Graded Response Action Plan (GRAP) norms. Residents can now use helpline numbers to report any violations, leading to site inspections and appropriate actions. The department has issued challans and warnings to developers, emphasizing adherence to GRAP norms. Penalties are set to be collected before the issuance of occupation certificates, and strict actions are promised against non-compliance. Monitoring teams and field staff have been deployed for continuous site inspections, underscoring the commitment to upholding environmental standards and ensuring sustainable urban development in Gurugram.
In the first nine months of the year, Spain’s Inmobiliaria Colonial faced a net loss of 299 million euros due to declining asset values amid tightened central bank policies. The valuation of assets until June impacted the nine-month results. Despite market challenges, the real estate group reported an 8% rise in operating profit to 129 million euros, driven by lease adjustments and increased occupancy. Colonial adjusted its full-year earnings forecast to 0.31 euros per share. The company’s net debt decreased to 5.12 billion euros, as a result of divestments totalling 574 million euros. However, Colonial’s shares saw a 5.3% decline year-to-date.
IHG Hotels & Resorts, a leading global hotel company, has inked a management agreement with NK Sharma Hospitality Pvt Ltd for the development of two new hotels in the Chandigarh tri-city area - Crowne Plaza Chandigarh Zirakpur in the premium segment with 150 keys and Holiday Inn & Suites Chandigarh Zirakpur from the essentials collection with 200 keys. The hotels are set to open in January 2027 and are strategically located adjacent to National Highway 22 for easy accessibility. The hotels will offer extensive banqueting facilities with approximately 100,000 sq ft of meeting space, poised to cater to weddings, conferences, and events. Guests of both hotels will enjoy benefits from IHG’s loyalty program - IHG One Rewards.
The Hindujas, renowned for their diverse business ventures, made a significant mark in hospitality with the acquisition and transformation of the OWO (old war office) building into the prestigious Raffles Hotel. Their strategic vision and commitment to preserving heritage led to a meticulous seven-year project resulting in a luxurious blend of heritage and modernity. While not aggressively expanding, the Hindujas remain open to unique opportunities globally, emphasizing quality and distinctiveness. Sanjay Hinduja and Shalini Hinduja's hands-on approach underscores the family's dedication to unparalleled luxury experiences, positioning them as pioneers in the hospitality industry.
Beauty and wellness giant VLCC is set to invest approximately Rs 100 crore in revamping existing clinics and expanding its outlets, focusing on both physical and e-commerce channels. The company, boosted by a strong financial performance, has witnessed over 100% growth in customer acquisition. With recent acquisitions like men's grooming brand Ustraa and a strategic investment by Carlyle, VLCC aims to strengthen its position in the beauty and personal care sector, betting on sustained growth and product innovation. The company is open to additional inorganic growth opportunities, eyeing a diverse and dynamic market.
The recent USD 400 million policy-based loan deal between the Central Government and the Asian Development Bank (ADB) in Manila is a significant step toward enhancing India's urban infrastructure, service delivery, and governance systems. This loan, part of the Sustainable Urban Development and Service Delivery Programme, focuses on supporting investment planning and reform actions at the state and urban local body levels. It aligns with the government's urban sector strategy, emphasizing reforms to create liveable cities that foster economic growth through inclusive, resilient, and sustainable infrastructure. The program aims to support reforms for the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) 2.0, addressing universal access to water supply and sanitation, urban planning, legal and regulatory reforms, and more.
The Charkop lake in Mumbai, once a 4.5-acre wetland, is now reduced to 1,000 sq ft due to alleged collusion between the land mafia and government officials. Encroachers have built garages, go downs, restaurants, and stalls, leading to civic demolitions with limited impact. Activists claim the land mafia, with officials' support, filled the lake with debris. In 2013, the Bombay High Court ordered protection for identified wetland areas, but enforcement remains lax. Residents emphasize the ecological role of the wetland, urging officials to act. Despite ongoing environmental studies and complaints, effective conservation measures are yet to be implemented.
The Brihanmumbai Municipal Corporation (BMC) is cracking down on gold and silver smelting units emitting harmful gases during metal melting in South Mumbai. The move addresses public health threats and extends to foundries in Kurla, aiming to curb poor air quality in neighbourhoods like Chembur and Colaba. The BMC has dismantled chimneys in Kalbadevi and imposed strict regulations on industrial facilities for particulate matter emissions, with non-compliance risking legal action. Stop-work notices and warnings have been issued to ready-mix concrete plants. Civic officials are actively notifying construction sites, aligning with BMC's pollution control guidelines released on October 25.
The Abu Dhabi Department of Municipalities and Transport (DMT) has launched the Abu Dhabi Real Estate Centre (ADREC), aiming to enhance the emirate’s real estate sector. ADREC seeks to unify and strengthen the sector through comprehensive regulations, increasing efficiency, transparency, and support for residents, investors, and professionals. It focuses on strategic planning, promotion, regulation, and transaction management. The centre will oversee development projects, participate in real estate events, and promote the Abu Dhabi market globally.
Savills predicts that the UK housing market has passed its lowest point, with prices expected to stabilize by next summer. Despite a 4% decline in 2023, the agency forecasts a 3% drop in average house prices in 2024, followed by a recovery in subsequent years. Savills anticipates Bank of England interest rate cuts in 2024, contributing to the market's revival. London and the south-east may experience further price declines, while Wales and the north-east are projected to see robust growth. Cash buyers remain resilient, but overall property transactions are expected to decrease by 20% in 2023.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has achieved a significant milestone by recovering over Rs 133.56 crore in compensation from real estate developers who failed to deliver possession of apartments to homebuyers. Out of 1,053 warrants issued to recover Rs 627.70 crore, MahaRERA initiated recovery against 190 developers, marking one of the highest recoveries by any real estate regulator in the country. The authority's proactive approach in executing recovery orders sets a template for faster enforcement of Real Estate (Regulation & Development) Act, 2016 mandates, addressing concerns raised by homebuyers and their associations. MahaRERA is also proposing amendments for enhanced regulatory effectiveness.
• A residential flat spanning 425 square feet on the 11th floor sold in Blumen in Vikhroli West for INR 1 cr • A residential flat spanning 1,507 square feet in Cassias Apartment in Bandra for INR 9.59cr
Bengaluru's Prestige Group recently unveiled its largest township, The Prestige City, in Hyderabad on November 9, anticipating sales exceeding Rs 8,000 crore. Spanning 64 acres in Rajendranagar, the project comprises 4,647 apartments, 119 luxury villas, and a retail mall, with a total investment of around Rs 5,000 crore. The development is expected to be delivered in 2027, offering apartments ranging from Rs 79 lakh to over Rs 2.5 crore. Leveraging Hyderabad's unrestricted floor area ratio policy, the project features 13 towers with unrestricted height. Prestige Group aims to generate Rs 5,000 crore annual revenue from Hyderabad real estate.
The Thiruvananthapuram City Corporation is taking action to cancel building numbers and trade licenses for residents and shop owners in City Plaza, a residential-cum-commercial building in Ulloor. Concerns over structural stability arose after a portion of the building's retaining wall collapsed during heavy October showers. The civic body issued an eviction notice, directing residents to vacate within three days. Despite reminders to reconstruct the retaining wall, there was no concrete response. Residents cite the corporation's failure to address unauthorized constructions, urging temporary accommodation. The corporation cancelled building numbers and trade licenses, awaiting a stability assessment report from the public works department.
The state government launched a unified, single-window portal for housing and urban affairs services, promoting digital governance. Residents in 103 urban local bodies can now access municipal and departmental services online. The portal facilitates tasks like property tax payment, trade license approval, and complaint filing, enhancing transparency and citizen engagement. Offering comprehensive information about municipal bodies, it extends beyond ULBs to include services from various entities. The move represents a notable stride towards providing accessible, transparent, and efficient public services, aligning with the government's dedication to digital governance.
The Securities and Exchange Board of India (SEBI) has announced the auction of 13 properties linked to Bishal Group of companies and NVD Solar as part of the recovery proceedings against these companies. The auction, scheduled for December 12, will feature properties with a reserve price exceeding Rs 17 crore. Eight properties are associated with Bishal Group of companies, and the remaining five belong to NVD Solar. The regulatory action is in response to the mobilization of funds through the issuance of Redeemable Preference Shares, allegedly violating public issue norms. The auction will be conducted online, and SEBI urges potential bidders to conduct due diligence.
IndiQube, a leading co-working space provider, has entered into a leasing arrangement to allocate a 1,037-seater managed workspace to Ninjacart, a Bengaluru-based agritech startup. The transaction, advised by Colliers India, supports Ninjacart's expansion into various sectors, including commerce and fintech. The leasing decision aligns with Ninjacart's goal of empowering stakeholders in the agricultural value chain. The company plans to expand its workforce and operations, operating across 70 locations and aiming for a presence in 200 cities and towns in the coming year. The choice of a managed office space, facilitated by Colliers, offers Ninjacart flexibility and cost-effectiveness in its expansion plans.
Peak XV Partners, previously known as Sequoia Capital India & SEA, divested a 1.5 percent stake in Aptus Value Housing Finance India for Rs 213 crore through open market transactions. This strategic move on the National Stock Exchange involved selling 74,35,937 shares at a median price of Rs 287, reducing Peak XV Partners' shareholding from 2.61 percent to 1.11 percent. Concurrently, SBI Mutual Fund and Blue Diamond Properties acquired shares, contributing to a 1.2 percent and 0.3 percent stake, respectively. The shares' identical purchase price led to a 5.98 percent surge in Aptus Value Housing Finance India's stock, closing at Rs 303.20 per share.
CapitaLand India Trust (CLINT) secures a significant INR 13 billion loan from J.P. Morgan for its Navi Mumbai data centre project, signalling a turning point in India's digital evolution. The move reflects CLINT's commitment to astute capital management and diversification. With a robust real estate portfolio and proactive entry into the data centre sector, CLINT emerges as a key player shaping India's digital and real estate future. Stakeholders anticipate how these strategic moves will contribute to the evolving narrative of India's transformation.
The recent disclosure that over 60% of Thane's total property tax collections come from just three affluent wards—Majiwada, Vartak Nagar, and Naupada-Kopri—raises concerns about the city's economic disparities. The underdeveloped suburbs like Mumbra, Diva, and Wagle Estate contribute the least, with experts attributing delayed payments to municipal neglect in these areas. Residents in both affluent and neglected zones face various challenges, from traffic congestion to poor infrastructure. The situation calls for a re-evaluation of municipal priorities to ensure equitable development across all parts of the city.
The Kolkata Municipal Corporation (KMC) has increased the cleaning fees for vacant plots by 75% to curb mosquito breeding and dengue spread. This decision, targeting all 144 city wards, aims to motivate property owners to maintain their plots. The move follows challenges faced by KMC in managing plot cleanliness, especially in dengue-prone areas. The increased fees are expected to reduce the reliance on KMC’s services, encouraging owners to take direct responsibility for their properties' upkeep, thus aiding in the city's public health efforts against dengue.
Phoenix Mills, a leading retail mall developer and operator in India, has acquired 11 acres of land in Thane from Huhtamaki's Indian arm for Rs 429 crores. The acquisition, facilitated by Phoenix Mills' subsidiary Sparkle Two Mall Developers, is part of a strategic move for the development of a commercial project with office spaces in the Majiwada locality. Phoenix Mills has reported a 36% increase in net profit and a 34% growth in income from operations in the fiscal year 2023-24. The company is actively expanding retail destinations across major Indian cities and has a growing commercial office portfolio.
"• A residential flat spanning 1,056 square feet sold on the 25th floor in Marathon Monte South in Byculla for INR 3.74cr • A residential flat spanning 601 square feet on the 20th floor sold in Pearl Residency in Dharavi for INR 92 lacs "
Peninsula Land Limited reported a 112 percent YoY growth in PAT for H1FY24, attributing it to a 57 percent reduction in debt as of September '23. The company's focus on efficient project execution and debt reduction has led to consistent growth, with over 850 apartments delivered in the current fiscal year. Vice Chairman Rajeev Piramal expresses gratitude to stakeholders and envisions robust future growth with over 90 percent debt reduction and a proven track record of delivering multiple projects across cities. The company remains confident in meeting its current liabilities through operational cash flows and planned initiatives.
The Supreme Court has granted interim bail for three months to Rakesh Wadhawan, the promoter of Housing Development Infrastructure Ltd (HDIL), in the Rs 4,300-crore Punjab and Maharashtra Cooperative (PMC) Bank scam case, citing medical reasons. The court considered Wadhawan's health condition and specified that he would be allowed to stay at his residence under police custody at his own expense. The bench delegated the determination of the required police presence and related expenses to the state government. Wadhawan faces charges related to an alleged Rs 200-crore loan fraud from Yes Bank and is under investigation for an alleged Rs 4,300 crore loan fraud at PMC Bank.
A total of 370 construction projects in the state of Maharashtra have been served with show-cause notices and fined a cumulative sum of Rs 33 lakh for their failure to display MahaRERA (Maharashtra Real Estate Regulatory Authority) registration numbers and QR codes. The regulatory measure, implemented in August, mandates the prominent display of QR codes on advertisements to provide potential buyers with essential project information. This move reinforces the commitment to enforcing compliance, curbing misleading advertising practices, and enhancing transparency in the real estate market. A total sum of Rs 22 lakhs have been recovered through such penalties so far.
The Delhi High Court has invalidated a demolition notice issued by the Delhi Development Authority (DDA) targeting "unauthorized" constructions near the Mehrauli Archaeological Park. The court directed the DDA to restart the process, emphasizing the importance of granting a fair hearing to the affected parties before taking further action on alleged encroachments. The court highlighted procedural lapses, stating that no intimation was issued to the petitioners before the demolition notice, and quashed the notice issued in December 2022. The ruling underscores the need for administrative actions to adhere to statutory procedures and principles of natural justice.
Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has taken strict action against promoters of real estate projects, penalizing over a thousand projects for failing to submit Quarterly Progress Reports (QPR) as required. Among these projects, promoters of 732 have neglected to provide any target and completion date details, while 356 projects have not updated their progress targets on the UPRERA portal. The penalties imposed by UPRERA amount to Rs 2 lakh per project for the former and Rs 1 lakh per project for the latter. These penalized projects encompass various categories, including residential, commercial, and plotted developments, and are predominantly situated in regions like Gautam Budh Nagar, Ghaziabad, Lucknow, Meerut, Varanasi, and Agra.
In Greater Noida, a newly formed nine-member committee, led by additional CEO Saumya Srivastava, aims to address and resolve disputes between builders and buyers. This committee, established to expedite conflict resolution, will focus on issues such as the issuance of No Objection Certificates (NOCs), the formation of Apartment Owners Associations (AOAs), and the transfer of interest-free maintenance security (IFMS) funds. The panel comprises officials from various GNIDA departments, including legal representation, and includes two members nominated by the Confederation of Real Estate Developers' Associations of India (CREDAI) to represent builders. This initiative seeks to streamline conflict resolution and improve communication between stakeholders
The City and Industrial Development Corporation (CIDCO) has extended the deadline for payments under the Mass Housing Scheme 2018-19 to January 10, 2024. This extension provides relief to applicants who have been struggling to meet the initial payment deadlines for their housing tenements. CIDCO's decision aims to assist citizens in securing their dream homes, acknowledging the financial challenges faced by many. The extension applies to defaulting applicants who received allotment letters between 2019 and 2022, requiring them to pay the remaining instalments along with any delayed payment charges by the new deadline to avoid cancellation of allotments.
The Karnataka government is deliberating the development of the Knowledge, Healthcare, Innovation, and Research (KHIR) City near Bengaluru, seeking a substantial Rs 40,000 crore investment. Aimed at fostering healthcare, innovation, and knowledge sectors, the project envisions creating 80,000 jobs across 2,000 acres. Phased development within a 60-kilometer radius of Bengaluru signifies a transformative urban expansion. Shri M. B. Patil, Minister for Large and Medium Industries, highlighted the diverse gathering's potential to create a hub of excellence. The initiative engages key figures from the government, research centres, private enterprises, medical institutions, academia, and Karnataka's Strategic Investment Committee.
The Knight Frank-NAREDCO Real Estate Sentiment Index for Q3 2023 reports a decrease in the Current Sentiment Score from 63 to 59, attributed to Middle East conflicts and regional tensions. Despite concerns about a global economic slowdown, the overall sentiment remains optimistic (above 50). The Future Sentiment Index slightly increased to 65, driven by optimism about India's ongoing economic growth. The residential market outlook is strong, with confidence in higher sales and pricing. The office market also shows optimism in leasing, supply, and rental rates. The Developer Future Sentiment score increased to 66, while non-developers achieved their highest score in six quarters at 64.
Star Housing Finance Limited (Star HFL) announced a significant Rs 60 crore capital injection, pending shareholder approval, to accelerate growth and expansion. The company reported a 110% year-on-year increase in Assets Under Management, reaching Rs 319.43 crore. This fiscal strength, marked by a 49% hike in disbursements during H1 FY24, underlines its robust performance. The funds, raised through convertible warrants, will enhance market presence, diversify loan portfolios, and invest in technology. The appointment of Chinnathambi Ilango as a non-executive independent director further strengthens Star HFL's governance.
The Municipal Corporation of Delhi (MCD) has issued new guidelines to address low property tax returns. In cases where tax arrears exceed Rs 25 lakh, punitive actions, including prosecution under the Delhi Municipal Corporation (DMC) Act, will be taken against defaulters. Despite previous measures, such as attaching bank accounts and properties, proving insufficient, the MCD will now initiate prosecution under sections 152A and 467 of the DMC Act for tax amounts exceeding Rs 25 lakh. Assessing officers are mandated to file complaints and commence prosecution proceedings against individuals who have wilfully defaulted on payment or attempted to evade tax.
Knight Frank India has been designated as a Knowledge Partner for the sale of land parcels owned by the Central Warehousing Corporation (CWC), part of the Government of India's initiative. These parcels, located in 54 prime locations across India, cover an estimated total land area of approximately 572 acres. The CWC is monetizing and modernizing its warehouses as part of the National Monetisation plan, involving public-private partnerships under the Design Build Finance Operate and Transfer model. With a concession period of 45 years, the CWC has partnered with Knight Frank India to guide the monetization process and contribute to the nation's vision of reducing logistics costs.
Over the past three decades, Mumbai's Bandra-Kurla Complex (BKC) has undergone a remarkable transformation from an empty marshland into one of the city's most coveted commercial districts. BKC has evolved into a thriving hub for offices, retail, food, entertainment, and luxury living. Notable brands like Apple, Louis Vuitton, Gucci, and others have established their presence in BKC, contributing to its status as a prime location. The area has become more than a business district, offering amenities like restaurants, bars, multiplexes, high-end residential projects, cultural centres, hospitals, schools, and five-star hotels. BKC stands as a symbol of Mumbai's dynamic urban progress.
The Mumbai Metropolitan Region Development Authority (MMRDA) is collaborating with expert consultants to extend the Versova-Virar Sea Link to Palghar, aiming to alleviate Mumbai's traffic issues. With the assistance of consultants, a detailed project report and peer review are in the works, ensuring the project meets industry standards. Once completed, the extended route will link Nariman Point to Palghar, reducing congestion, fostering tourism, and bolstering the economy. By 2026, it's anticipated to handle 60,000 vehicles daily, marking a significant step towards a more accessible and prosperous Mumbai.
The BMC (Brihanmumbai Municipal Corporation) in South Mumbai has terminated its contract with Roadway Solutions India Infra Ltd (RSIIL) due to the contractor's 10-month delay in starting road work. RSIIL now faces a penalty of Rs 52 crores. The decision came after complaints from local officials and politicians about the lack of progress and mismanagement of the road project. This move signifies the BMC's commitment to holding contractors accountable for delays and ensuring the timely completion of infrastructure projects in the region.
Turkey, facing the aftermath of a devastating earthquake, imposed a 25% cap on property rent increases, spurring tensions. Landlords, aiming to sidestep the cap, resorted to illegal means, resulting in 47,000 eviction cases and 100,000 instances of unauthorized rent hikes in the first half of 2023—double the figures from the same period in 2022. Turkey's housing market, ranked as the least affordable globally, has witnessed a surge in rental rates, up by an average of 121% in the past year, leading to violent conflicts and raising concerns about housing affordability and social stability.
In the third quarter of 2023, the Asia-Pacific commercial real estate market investment activity declined by 53.4% year-on-year due to high-interest rates, causing negative risk premiums in some markets. Canada attracted the largest share of outbound investments from the Asia-Pacific region for the first time, surpassing the United States. Canada secured 42% of APAC outbound investments, with the United Kingdom at 26% and Germany at 10%. This shift was accompanied by an eighteen fold increase in deal volumes from APAC to Canada, primarily driven by investments in data centres.
The prefabricated housing market is experiencing a rebound in the U.S. as Americans, priced out of traditional real estate options, turn to more affordable alternatives. Census Bureau data reveals a consistent increase in manufactured home shipments for five consecutive months until August. Elevated mortgage interest rates and soaring home prices have made traditional homeownership challenging for many, leading to increased interest in prefabricated homes. Despite past stigma, these factory-built homes offer cost advantages, with the average price of a prefabricated home, according to May data, at $129,900—about 40% more economical than new or existing site-built homes, even when factoring in land costs.
Group 108's latest venture, "ONE FNG," is set to revolutionize Noida's commercial sphere with a massive investment of around Rs. 1000 crore. Comprising high-rise office towers and a substantial retail area, the project is strategically located near the FNG Expressway. Emphasizing sustainability, wellness, and innovation, ONE FNG aligns with Group 108's commitment to redefine the city's economic landscape. With its Platinum-rated green building certification, registered under RERA, and an estimated completion within five years, this project embodies a visionary approach, indicating a transformative future for Noida's commercial real estate.
Several apartment residents in Bengaluru are facing a dilemma as they are forced to pay significant sanitary charges by the Bangalore Water Supply and Sewerage Board (BWSSB) despite treating their sewage on their own. According to BWSSB rules introduced in 2014, apartments with over 20 flats must establish sewage treatment plants (STPs). Residents argue that they are being charged unjustly, as they are bearing the expenses of STPs. They have raised this issue with BWSSB, stating that they are not receiving services in return for these charges. BWSSB claims they don't impose sanitary charges on apartments complying with sewage treatment norms set by the National Green Tribunal.
In Ladakh, concerns have arisen regarding the Ladakh Industrial Land Allotment policy. The Kargil Democratic Alliance (KDA) and the Leh Apex Body (LAB) have sounded the alarm, highlighting a lack of transparency and local engagement in the policy's development. There are fears that the policy may deprive the people of Ladakh of their land and job opportunities while potentially altering the region's demographics. LAB plans to submit a comprehensive response, emphasising the importance of inclusive governance and the need for transparent policymaking in Ladakh's development.
The Insolvency and Bankruptcy Board of India (IBBI) has proposed significant amendments to enhance the insolvency resolution process for real estate projects. These changes include mandatory project registration with the Real Estate Regulatory Authority (RERA), the exclusion of properties in the possession of homebuyers from liquidation, segregated bank accounts for each project, compliance with RERA Act provisions, streamlined handover processes for units available 'as is, where is,' and the facilitation of separate resolution plans for specific projects. These reforms aim to provide substantial relief to homebuyers and improve transparency, efficiency, and compliance within the real estate insolvency resolution framework.
The Khed district court in Mumbai greenlights the demolition of Sai Resort in Dapoli, Ratnagiri, overturning a trial court's restraining order. Originally owned by Shiv Sena leader Anil Parab, later transferred to Sadanand Kadam, the resort faced legal scrutiny for violating Coastal Regulation Zone (CRZ) guidelines. The Ratnagiri collector's demolition order, challenged in the trial court, was contested by Kadam. However, the district court, citing unauthorized construction exceeding sanctioned plans, emphasizes the importance of upholding environmental regulations. The ruling sets a precedent, reinforcing the necessity of adhering to construction guidelines in ecologically sensitive areas and maintaining the rule of law.
Yamuna Expressway Industrial Development Authority (YEIDA) has allocated two out of five data centre plots in Delhi's Sector 28, generating revenue of Rs 59 crore. These two plots, promising a proposed investment of Rs 1,757 crore, are set to create around 775 jobs. The allocation process was based on thorough evaluations and interviews, with Sify Infinite Spaces Limited and Jackson Limited emerging as the deserving recipients of data centre plots D10 and D9, respectively. These strategic steps align with YEIDA's vision of fostering data centre industry growth, marking a pivotal move in the region's digital transformation and economic development.
Pokhran Road, situated in Thane district, is a burgeoning locale in Mumbai's Metropolitan Region, offering a harmonious mix of residential and commercial developments. The area, with diverse housing options and ongoing infrastructure enhancements, attracted 21 transactions in October. Tata Housing Serein led with 8 transactions, while Raymond The Address showcased the highest-priced flat at Rs. 3.15 Crores. The carpet area ranged from 335 to 1,396 square feet, reflecting varied preferences. With an average rate per square foot of Rs. 20,000, Pokhran Road signifies steady growth and maturation, making it a promising hub in Mumbai's real estate landscape.
The Bruhat Bengaluru Mahanagara Palike (BBMP) is actively digitizing over 40 lakh properties in an effort to combat property tax evasion and boost revenue collection. Four specific wards, including Kodigehalli, CV Raman Nagar, Horamavu, and Arakere, have already initiated the digitization process, with a goal to complete this task for all wards within three months. This move comes in response to Deputy Chief Minister DK Shivakumar's "Nanna Swathu" (My Property) initiative, aimed at improving property tax collection. Digitizing property documents will provide accurate details online, reducing misrepresentation and potentially increasing tax collection, currently at Rs 3,000 to Rs 4,000 crore annually. Defaulters are being sent reminders and may face penalties if dues are not settled by November 30.
Indian real estate developers are embracing the electric vehicle (EV) wave by incorporating EV charging stations in new residential projects. With only 435 EVs per public charger in India, developers like Sobha Ltd and Prestige Group see an opportunity to attract eco-conscious buyers amid a surge in EV sales. The disparity between EVs and public chargers, 2.4% of total vehicle sales being electric in H1 2023, signals a consumer shift. Sobha Ltd's projects in Bengaluru offer EV charging for all parking spots, and other major developers follow suit. As states implement pro-EV measures, this trend not only adds property value but aligns with India's green goals, anticipating over 10 million EVs sold annually by 2030.
Mother Dairy is set to invest Rs 500 crore in establishing a dairy and value-added dairy plant in Nagpur, Maharashtra, as part of its Rs 700 crore capital expenditure plan. The move aims to expand the company's presence beyond North India. The plant will also apply for the production-linked incentive scheme for food processing. It is expected to help Mother Dairy extend its dominance in North India's dairy, edible oil, and frozen vegetable markets while strengthening its position in South India. The company has already expanded its manufacturing capacity and plans to introduce 100 new products over the next three years.
Larsen and Toubro (L&T) subsidiary, L&T Construction, has secured a substantial contract for the Bhogapuram International Airport project in Andhra Pradesh. The greenfield venture, valued between Rs 2,500 to Rs 5,000 crore, will initially handle 6 million passengers per annum, expandable to 12 MPA. Awarded by GMR Visakhapatnam International Airport Limited, the project includes terminal construction, air traffic control tower, runway development, and landside facilities. L&T's expertise in airport construction strengthens its position in the sector and underscores its commitment to enhancing India's aviation infrastructure.
Mira Road's enduring quest for a dedicated court complex, stretching over a decade, is finally approaching fruition. Despite numerous setbacks, including missed deadlines and budget constraints, the community's optimism remains unwavering. Recent inspections of the nearly completed three-story complex offer a ray of hope, with occupancy certificates on the horizon. However, bureaucratic challenges, including pending no-objection certificates and staffing issues, persist. The imminent court operation promises improved access to justice and streamlined legal processes for Mira Road's residents.
Australia is experiencing an unprecedented surge in foreign property investments, particularly from mainland China, Hong Kong, Taiwan, and Vietnam. Inquiries have risen by 400%, with Chinese buyers leading the trend. Government approvals have increased by 40%, especially in major cities like Sydney and Melbourne. Median house prices attracting Chinese investors have risen by over 25% since 2019. This surge aligns with China's post-COVID economic resurgence and increased migration, with Australian net overseas migration reaching a record 500,000 people. Chinese buyers are now inclined toward family homes, indicating a shift in their investment approach.
Germany's residential construction sector faces a crisis with a record number of project cancellations, reaching 22% in October, up from 21% the previous month. Rising interest rates and construction costs have created a challenging environment, leading to a lack of orders reported by 48% of companies. This downturn contrasts sharply with the previous market stability, causing disruptions, insolvencies, and stalled deals. Industry leaders remain hopeful, emphasizing adaptation and financial planning to navigate these challenges, shaping the future trajectory of Germany's real estate sector.
Bollywood actor Ranveer Singh has reportedly sold two residential apartments in Oberoi Realty’s Goregaon project, Oberoi Exquisite, for an alleged sum of Rs 15 crores. The properties, located on the 43rd floor, have a combined area of 2,600 square feet and were sold along with six parking slots. Singh is said to have purchased these apartments in 2014 with his mother. Bollywood actors, including Singh, often make headlines for their real estate purchases, reflecting the industry's trend of investing in real estate as a substantial part of their wealth management strategy.
The Maharashtra government approved the acquisition of Mumbai's iconic Air India building at Nariman Point for Rs 1,601 crore. The decision, made during a cabinet meeting, includes waiving around Rs 250 crore in unrealized income and interest on the property. With the government owning the land, the move aims to transform the building into the state's new office space, addressing space constraints following the 2012 fire at Mantralaya. The 23-storey building, designed by architect John Burgee, will provide essential office space for various departments, showcasing a forward-thinking approach to repurposing iconic structures and utilizing Mumbai's architectural legacy strategically.
• A residential flat spanning 354 square feet on the 12th floor sold in Gulmohar CHS in Pali Hill for INR 75 lacs <br> • A residential flat spanning 372 square feet in Goodwill Unity in Sanpada for INR 17.58 lacs
Man Infraconstruction Limited (MICL), headquartered in Mumbai, declared its Q2FY24 and H1FY24 results, showcasing impressive growth. Notably, MICL launched the iconic 'Aaradhya Avaan' residential tower in Tardeo, Mumbai, adding 21 lakh sq. ft. to its real estate portfolio with a revenue potential of Rs. 5,200 crore. The company secured a significant Rs. 680 crore EPC order from BMCT for the Fourth Container Terminal of JNPT. Despite a dip in Q2 operating revenue, H1FY24 reported steady total income, 8% YoY EBITDA growth, and a substantial 65% YoY surge in net profit. MICL remains optimistic about Mumbai's real estate market and anticipates strong performance with upcoming project launches.
Between January and September 2023, Greater Noida witnessed a surge in flat registrations, with 5,741 flats registered—a notable 30.5% increase compared to the same period in the previous year. On average, 21 flats were registered daily during this timeframe. The Greater Noida Industrial Development Authority (GNIDA) attributes this rise to measures like special registration camps and notices to developers. Currently, 80,000 to 90,000 registries are pending due to various reasons, including builder dues. The GNIDA plans special camps before Diwali to expedite more registries. However, stakeholders emphasize the need for swift resolution of builder dues to address the larger issue.
SEBI has introduced detailed procedures effective March 1, 2024, to address unclaimed funds in entities with listed non-convertible securities, REITs, and InvITs. The move aims to establish a uniform and streamlined process for investors to claim unclaimed amounts. SEBI has defined the handling of such funds, including their transfer to the IPEF and the claiming process for investors. The circulars standardize procedures for listed entities, REITs, and InvITs, ensuring minimal disruptions for investors seeking to claim their unclaimed amounts. Any unclaimed amount in escrow accounts for seven years will be transferred to IEPF.
Reliance Retail has introduced Swadesh, a premium-to-luxury store in Hyderabad, dedicated to promoting India's traditional arts and crafts. Spanning 20,000 to 30,000 sq.ft., Swadesh offers handmade textiles, handicrafts, agricultural products, jewellery, and more. The store emphasizes preserving India's artistic heritage and plans to collaborate with a million artisans by 2025. Swadesh aims to establish ten stores in Indian cities and expand internationally to the US and Europe, integrating with JioMart. As the ethnic handicrafts market grows, Swadesh's entry provides consumers with a unique, upscale shopping experience, celebrating India's diverse artistic traditions.
Anant Raj Limited, a prominent real estate developer, unveils an ambitious expansion plan encompassing residential, commercial, and industrial projects, estimated to generate a collective revenue of nearly Rs 4,000 crore. The flagship project is a luxury housing venture in Gurgaon, spanning five acres with a revenue potential of Rs 1,800 crore. Other initiatives include converting a South Delhi hotel into a versatile office and service apartment centre, expanding the Anant Raj Estate in Gurgaon, and developing the Anant Raj Centre in South Delhi. Additionally, a Tirupati affordable housing project is underway. With diverse offerings, Anant Raj Limited positions itself as a forward-thinking player in the real estate landscape.
The Airports Authority of India (AAI) has retracted its plan to build a restaurant-cum-hangout space at the Juhu parking lot in Mumbai. The decision came after strong opposition from residents and local authorities who emphasized that the area was designated for parking in the city's development plan. The proposed project by AAI was met with resistance, and local officials clarified that current regulations only allow for a security booth (chowky) to be constructed on land reserved for parking. The rollback is seen as a positive step, with hopes for the parking lot to be optimally utilized to address Juhu's parking issues.
The Belagavi Urban Development Authority (BUDA) has called for tenders to create a new master plan for the city that will remain in effect for the next 17 years. The existing 2014 master plan covers Belagavi and 27 surrounding villages. With 28 additional villages set to be included in the new plan, BUDA's jurisdiction now extends to encompass 55 villages. A GPS-based survey, costing ?1.8 crore, will be conducted to gather detailed data in accordance with specified guidelines. The consultancy firm has eight months to submit the new master plan report. This move has sparked opposition from some organizations and farmers concerned about the inclusion of the additional villages.
The State Higher and Technical Education Department has approved Rs. 90 crore for the renovation of the Savitribai Phule girls' hostel at Charni Road following a tragic incident in June. The proposed redevelopment involves an eight-storey building to replace the deteriorating hostel. Two committees were formed to investigate the incident and evaluate security measures in 40 state-wide hostels. The government, responding to recommendations, mandated stringent security measures, including a secure boundary wall, CCTV surveillance, and trained personnel. The reforms reflect a commitment to female students' safety and mark a significant response to the tragic event.
The Gujarat Industrial Development Corporation (GIDC) in Surat is facing a surge in unauthorized construction activities within its industrial estates, prompting the GIDC to seek police intervention. Despite opposition from some industrial unit owners and allegations of external influence, GIDC has requested police assistance to combat these illegal structures. This unauthorized construction issue threatens regulatory compliance, safety, and environmental concerns within Surat's industrial zones. GIDC's efforts to restore order and address the problem signify a crucial step in upholding established norms and ensuring the integrity of the region's industrial landscape.
Kochi and Thiruvananthapuram in Kerala stand out with a cumulative 14 million sq. ft. office space, marking substantial potential in the state's real estate. A report, by CREDAI Kerala and Cushman & Wakefield, outlines the cities' advantageous features like robust infrastructure, income levels, and housing affordability. The state is positioned to attract corporate interest beyond primary markets due to policies, skilled diaspora, and improving infrastructure. While Kerala shows promise, limitations in land availability and high land conversion charges post as challenges, presenting the need for strategic solutions to foster sustained real estate growth.
Panvel Municipal Corporation (PMC) is intensifying property tax collection efforts by deploying 10 teams to issue pre-seizure notices to the highest defaulters within its jurisdiction. This expansion follows instructions from PMC's civic chief, Ganesh Deshmukh, with additional staff appointed since November 1 for this purpose. PMC issued notices to 750 defaulters, including 100 industrial, 301 residential, and 349 commercial properties across Kharghar, Kalamboli, Kamothe, and Panvel. Defaulters may face property attachment and future auctions if they don't settle their tax dues. The current fiscal year has already seen substantial tax collection, with Rs 210 crores collected by November 1, incentivized by a 2% monthly penalty for non-payment and a 2% online payment discount.
Repco Home Finance has recorded a 37.88% surge in net profit for Q2 FY24, reaching Rs 98.10 crore alongside a 20.89% increase in total income. The board has sanctioned fundraising through NCDs and CPs totalling Rs 450 crore. Loan sanctions and disbursements grew by 4% and 7%, respectively, with a stable loan spread of 3.4%. GNPA and NNPA ratios improved significantly, and the capital adequacy ratio stood at a strong 35.8%, signalling a robust financial standing and a confident stride forward in the housing finance market.
Mumbai's iconic Dhobi Ghat witnessed a historic moment as the Slum Rehabilitation Authority (SRA) and Omkar Realtors allocated 1,000 homes in the world's tallest rehabilitation towers. This milestone project, developed under Maharashtra's slum rehabilitation scheme, has already provided shelter to 900 families. With a vision to house 16,000 slum residents, the project covers 12 acres in Mahalaxmi, offering luxury homes with scenic views. Omkar has delivered over 17,000 units in Mumbai. This achievement marks a significant step in improving living conditions for the city's slum dwellers.
Mindspace Business Parks REIT is revolutionising commercial real estate with the launch of its Infrastructure Monitoring & Operations Centre (IMOC). IMOC offers centralised control and real-time analytics for Mechanical, Electrical, and Plumbing (MEP) utilities, enhancing energy and water efficiency while improving occupant experience. Implemented in key projects in Mumbai, Pune, and Hyderabad, IMOC streamlines operations, optimises man-hours, reduces downtime, and extends infrastructure life cycles. This aligns with Mindspace Business Park REIT's sustainability goals, already meeting global Green Building standards, further emphasising the importance of operational energy efficiency in commercial real estate.
Mumbai's suburban railway network has expanded with the inauguration of its sixth line, aimed at improving capacity, connectivity, and passenger comfort. The project, initiated on October 7, 2023, successfully rehabilitated approximately 607 Project Affected People (PAPS) and relocated nearly 1,000 trees. It also provided independent connectivity to both the 5th and 6th lines at Bandra Terminus Yard by modifying existing tracks and dismantling obstacles. The project involved land acquisition, upgrading 27 foot overbridges, constructing new railway structures, including flats, electronic Interlocking buildings, traction substations, and booking offices. All previously cancelled and rescheduled services were fully restored by November 6.
The Brihanmumbai Municipal Corporation (BMC) has successfully installed the second girder of the Vidyavihar Railway Over-Bridge (ROB) in Mumbai, with each girder weighing 1,100 metric tonnes and measuring 100 meters in length and 9.5 meters in width. This marks a critical step in a project aimed at easing traffic congestion between Ghatkopar and Vidyavihar in the eastern suburbs while providing direct connectivity between Lal Bahadur Shastri (LBS) Marg and Ramkrishna Chemburkar Marg. The completion of both girders, among the longest in India without pillars for support, brings the project closer to its goal of full operation by December 2024, with an estimated cost of Rs 178 crore.
The Public Works Department (PWD) of Goa faces a budget shortfall, bringing state road repairs to a standstill. Having already spent its Rs 90 crore budget on the Western bypass project due to an order by the National Highway Authority, the PWD now seeks additional funds. PWD Minister Nilesh Cabral acknowledges the urgency for road maintenance and anticipates discussions with the Chief Minister for financial reinforcement. As the department awaits a post-National Games resolution, road repairs are slated to begin by December, conditional upon the release of consolidated fund allocations.
Google, owned by Alphabet, is facing significant cutbacks and uncertainty surrounding its ambitious Downtown West campus project in San Jose. Once envisioned as a sprawling urban development with housing units and public parks, the project is now mostly a demolition site, raising concerns about its long-term impact. Google's downsizing efforts, which began earlier this year, have included reducing its San Jose development team. While the company had made commitments to the San Jose community, offering a substantial community benefits package, the fate of the project remains uncertain. San Jose Mayor Matt Mahan maintains confidence in Google's commitment, but the situation reflects the challenges and adjustments tech giants like Google are making in their real estate ventures.
China saw a 32.3% increase in property foreclosures in the first nine months of the year, with 584,000 homes being seized due to owners struggling with debt amid a property market downturn and an uncertain economic recovery. The survey by China Index Academy highlighted a rise in residential foreclosures and a decrease in properties being bought at auctions. The province of Sichuan experienced the highest number of foreclosures. Despite better-than-expected economic growth in Q3, the troubled property sector, facing a liquidity crisis, remains a major concern that could impact the financial sector both domestically and internationally.
DB Realty Limited has finalized the sale of its subsidiary, Real Gem Buildtech Private Limited (RGBPL), to Kingmaker Developers Private Limited for approximately Rs 231.42 crores. This strategic move allows DB Realty to optimize assets and fund expansion plans. The transaction includes RGBPL's luxury project, 'Rustomjee Crown,' enhancing Kingmaker Developers' position in Mumbai's real estate market. This all-cash deal demonstrates DB Realty's adaptability to evolving regulations and signifies strategic industry collaborations, reflecting the dynamic nature of the real estate sector.
Mumbai's Food and Drug Administration (FDA) has intensified inspections, leading to the closure of 18 restaurants, including Burn-Bar and Kitchen, for hygiene violations. The FDA's crackdown highlights the importance of adhering to food safety regulations for public health. Violations at Burn-Bar and Kitchen included expired goods, synthetic food colour use, and inadequate segregation of vegetarian and non-vegetarian items. The FDA's vigilance, despite manpower challenges, emphasizes the city's commitment to stringent food safety standards. In a separate operation, the FDA collaborated with the police to dismantle a milk adulteration racket, reinforcing the agency's dedication to food integrity.
NDTV has secured a lease for 1,28,000 sq ft in Max Square, a project by Max Estates Limited. Max Square has already leased out 50% of its office space within six months of its completion. Located on Noida Expressway, the development has a total leasable area of 700,000 sq ft, with New York Life Insurance Company as a 49% partner. The high demand for this premium space has led to a rental premium of 25%-30% over the prevailing market rate. Despite challenging financials in H1 FY24, Max Estates has strategically acquired land parcels, signaling its intent for potential future developments in the Delhi-NCR region.
• A residential flat spanning 609 square feet on the 22nd floor sold in Godrej Nirvaan in Thane West for INR 66cr • A residential flat spanning 829 square feet on the 8th floor sold in L&T Seawoods Residences in Seawoods for INR 2.14cr
In the heart of Manhattan's Nolita, a 2,900 sq ft, three-bedroom haven once owned by Joe Jonas and Sophie Turner hits the market for $5,999,999, embodying the intersection of love, divorce, and celebrity real estate. Purchased in 2018 for $5.6 million, the upscale condo underwent price reductions from $6.5 million to $5.4 million before being taken off the market in 2021. In an exclusive boutique building, the residence showcases the couple's sophisticated lifestyle with an open-concept space, oak flooring, a stylish kitchen, and a private terrace. This real estate chapter adds to their ventures, including homes in Encino, CA, and Miami, revealing a tale of love and property in the world of celebrity real estate.
• A residential flat spanning 385 square feet sold on the 8th floor in Greenstone Heritage in Fort for INR 1cr • A residential flat spanning 744 square feet sold in Sai World Empire in Kharghar for INR 1.51cr
The Delhi Development Authority (DDA) is soliciting bids for a consulting firm to oversee the demolition of the structurally troubled Signature View Apartments in Mukherjee Nagar. A study by the Indian Institute of Technology Delhi in 2021-2022 confirmed the building's unsound condition. The DDA is seeking an experienced consultant to manage the demolition, waste removal, and recycling, with a potential six-month engagement. A pre-bid meeting has been scheduled to address potential bidders' questions and concerns. Meanwhile, residents are requesting a reduction in the 100% evacuation requirement to 75% to facilitate a smoother transition to temporary accommodations. This initiative aims to ensure a safe and efficient demolition process.
Godrej Properties, the real estate arm of the renowned Godrej Group, has announced outstanding financial performance for Q2 ending on September 30, 2023, signalling a promising future in India's real estate market. The company is set to surpass its projected new bookings of Rs. 14,000 crores, achieve record cash collections, and complete projects at an all-time high in the current fiscal year. The company plans to launch 14 new projects and expand 10 existing projects. Q2 saw their highest quarterly sales, a 48% increase in half-yearly sales, and an impressive 29% increase in collections, highlighting financial stability. The company's net profit increased by 22%, reflecting strong growth in total income and effective cost management.
Golden I's IT/ITES project, 'Blue-Signature Suites', in Greater Noida West has achieved an unprecedented milestone, selling out on its launch day. This success highlights the intense demand for contemporary commercial spaces in the area. With an IGBC certification, the project comprises 210 corporate suites and 850 square feet of saleable area. The star attraction of the project is the iconic Blue Sky Tower with luxurious corporate suites featuring low density rooftop spaces with unique and exclusive features. This pioneering development aims to set new industry standards in the realm of luxury and innovation within Greater Noida West.
Two brothers, Vasant Sham Gulhane and Sajan Sham Gulhane, were arrested for attempting to illegally claim and sell government-owned land in Chembur allotted to the Mumbai police. They erected a signboard warning trespassers and submitted forged property documents, including a 7/12 extract with their father's name as the owner. The police suspect they were manipulated by developers seeking financial gain. The brothers have not revealed the extent of their involvement with the developers. An FIR was registered against them for cheating, criminal trespass, and forgery. Further investigations are underway to identify additional suspects involved in this land-grabbing scheme.
The state government of Andhra Pradesh is in the process of refining its proposed land allotment policy for industries to attract potential investors. This follows the recent approval of the new policy by the state cabinet, led by Chief Minister YS Jagan Mohan Reddy. The cabinet has directed the industries department to prepare a comprehensive plan for further discussion, particularly regarding land allotment options. While no decisions have been made on the third option, which involves executing a sale deed for projects executed in phases, the cabinet did deliberate on the prospect of allotting land based on sale agreements or sale deeds instead of the current lease-based model. These efforts aim to create a more investor-friendly environment and foster economic growth.
A proposal is in motion to establish an overseeing authority for housing societies in Gujarat, addressing the inadequacies of the current cooperative registrar's manpower. The move comes in response to the growing complexities and challenges faced by housing societies. Many residential societies have faced prolonged delays in auditing their accounts, resulting in a pressing need for a more efficient regulatory body. The new authority aims to ensure better management, accountability, and governance within these societies, ultimately benefiting residents and stakeholders alike.
The Karnataka Real Estate Regulatory Authority (K-RERA) has issued an interim order instructing the Bangalore Development Authority (BDA) to promptly register its Arkavathy Layout project, following a complaint by a site allottee regarding project delays and lack of amenities. The K-RERA panel noted the BDA's absence during proceedings from September 2022 to September 2023 and has directed the BDA commissioner to complete the project's registration under Section 3 of the Real Estate (Regulation and Development) Act, 2016, within two weeks. Additionally, the BDA has three weeks to justify why penalty proceedings should not be initiated under Section 59(1) of the Act.
According to a survey by Localcircles, cash transactions in property deals have risen, with 24 percent of respondents stating they did not need to use cash for property purchases, compared to 30 percent two years ago. While digital transactions have seen growth, the survey revealed that 82 percent used cash for daily purchases such as groceries and dining out over the past year. The survey, involving 44,000 individuals from 363 districts, noted that a significant portion of property transactions involved cash payments, despite efforts to reduce reliance on cash in the economy, particularly following demonetization in 2016.
Borivali East, a thriving Mumbai suburb, offers diverse housing options and robust infrastructure, making it a sought-after living destination. In October, the real estate market witnessed 57 transactions, with CCI Rivali Park leading with 20 deals. The carpet area varied from Ambrosia Tower's generous 1,518 sq ft to Chandak Nishchay's snug 368 sq ft. Oberoi Sky City set a record with a luxury apartment selling for Rs. 4.4 Crores, surpassing the average rate per sq ft. Borivali East's real estate narrative highlights demand for spacious homes and a growing attraction for high-value investments.
The Bruhat Bengaluru Mahanagara Palike (BBMP) is taking robust measures to compel property tax compliance. Defaulters now face severe consequences, including vehicle seizures, bank account freezes, and property sealing. BBMP aims to collect Rs 4,790 crore in property tax and related cess for the fiscal year 2023-24. BBMP is intensifying reminders, sending text messages to defaulters with online payment links and warnings of legal actions under the BBMP Act-2020. A proactive physical verification process is also in place to ensure accurate property data. BBMP's comprehensive approach and digital initiatives set a positive precedent for efficient tax administration and equitable resource allocation.
Fortune Hotels, a part of ITC's hotel group, has inaugurated Fortune Park in Aligarh, marking its fourth establishment in Uttar Pradesh. The hotel boasts 65 well-designed rooms with modern interiors and top-notch amenities. The hotel features spacious banquet areas, cutting-edge facilities, and gourmet options, catering to diverse events. Located conveniently near key landmarks, the hotel ensures easy access to prominent attractions and business centres. With this launch, Fortune Hotels expands its presence in Uttar Pradesh, complementing its existing hotels in Lucknow, Noida, and Ghaziabad.
Square Yards, a prominent real estate platform, celebrates a significant milestone as its asset management division, PropsAMC, which has successfully helped over 300 homebuyers reclaim Rs 100 crore in contentious legal battles with developers. This achievement underscores Square Yards' dedication to safeguarding their clients' investments. Recognizing the challenges faced by homebuyers in complex legal disputes, PropsAMC established legal services to address these issues, along with property tax conflicts and owner disputes. The division's impact extends to digitizing 20 million property registration records, empowering users with valuable information for informed real estate decisions.
The Brihanmumbai Municipal Corporation (BMC) faces challenges in its ambitious road concreting project, with penalties exceeding Rs 82 crore imposed on contractors due to delays. Roadway Solutions India Infra bears the largest share of Rs 54.1 crore in penalties for roadwork in the island city. The project, covering 890 stretches on 110 roads, totalling 397 kilometres, lacks clear completion percentages, raising concerns. BMC plans to deduct fines from ongoing invoices, with contractors holding a 1% security deposit to offset penalties. Following a termination notice to Roadway Solutions, the BMC may consider an ex-parte termination order. The project's future is uncertain, sparking political debates and concerns.
A new Foot Over Bridge (FOB) was inaugurated at Kurla Station on November 4, 2023, marking the sixth addition to Kurla's FOB network. Costing approximately Rs 10.62 crore, this bridge boasts a width of 8.00m and a length of 79.85m with 44 columns and 4 spans to accommodate a large number of passengers. The FOB features five strategically located staircases, a Skywalk of 13.61 x 4.00m, and is expected to alleviate overcrowding and enhance passenger flow at Kurla Station. This development aims to improve Mumbai's public transportation network and enhance the daily commute experience for thousands of passengers.
India and Bhutan have agreed to enhance regional connectivity, focusing on projects like a 58-km cross-border rail link connecting Gelephu and Kokrajhar in Assam and an 18-km rail link between Samtse in Bhutan and Banarhat in West Bengal. This collaboration aligns with Bhutan's plan for a smart city at Gelephu, boosting trade and tourism between the two countries. Additionally, the Darranga-Samdrup Jongkhar border crossing was designated as an immigration check post, promoting smoother travel and facilitating exchanges with Bangladesh. These initiatives are expected to support Bhutan's economic growth and create employment opportunities.
Skanska, a Swedish construction company, reported disappointing third-quarter earnings due to property market challenges, resulting in asset write-downs and goodwill impairment charges. Skanska’s shares dropped by 12% as the operating profit fell from 1.52 billion crowns to 549 million crowns, missing the estimated 1.58 billion crowns. The company attributed these issues to changing property values and interest rate hikes globally. They expect weak property markets in the Nordics but anticipate strong construction activity in the U.S. Despite concerns about a recovery in the development businesses, Skanska’s CEO, Anders Danielsson, emphasized the need for stability in inflation and interest rates.
A recent report by JLL, reveals that Mumbai and Hong Kong, the lowest-ranked cities in sustainable office spaces, are expected to face a severe shortage of 62% and 68% in high-quality eco-friendly office spaces, respectively. Singapore, Melbourne, and Delhi are also projected to experience undersupply, with deficits of 56%, 43%, and 44%. This scarcity is driven by businesses' ambitions to achieve net-zero carbon (NZC) goals, causing tenants to prioritize building-specific sustainability criteria, like energy efficiency and renewable energy sourcing. The report underscores the need for retrofitting in the Asia Pacific region to align with impending regulations and meet the rising demand for sustainable office spaces, encouraging investors and property owners to make gradual improvements to gain a competitive edge and reduce the risk of financial penalties or rental losses. Some governments are actively supporting these efforts through incentives and regulations.
Canada's Liberal government has announced plans to maintain its immigration targets at 465,000 new residents for this year, rising to 485,000 in 2024 and 500,000 in 2025. The levels are set to be sustained in 2026. This decision aims to balance economic and population growth while considering impacts on critical systems like housing and infrastructure. However, experts, including the Royal Bank of Canada, suggest that a higher immigration rate might be necessary for long-term stability. The delicate balance between attracting immigrants for growth and managing associated challenges remains a significant concern for Canada.
Kinnteisto LLP, led by accomplished investor Rekha Jhunjhunwala, completes a significant real estate transaction in Mumbai. The acquisition includes over 1.94 lakh square feet of commercial office space in the prominent business areas of Bandra Kurla Complex (BKC) and Chandivali, valued at approximately 740 crore rupees. This comprises 1.26 lakh square feet in BKC's 'The Capital' and 68,195 square feet in Chandivali's Boomerang building. The properties were purchased from Wadhwa Group Holdings Pvt Ltd and Kanakia Spaces Realty Pvt Ltd, respectively. The acquisitions, part of Jhunjhunwala's long-term investment strategy, also provide access to 234 parking slots, enhancing their overall value.
Macrotech Developers reported a net consolidated profit of Rs 202.8 crore, a substantial shift from the loss of Rs 932.9 crore in the corresponding quarter of the previous fiscal. Their total income marginally decreased to Rs 1,755.1 crore from Rs 1,761.2 crore it recorded in the similar quarter last year. Notably, the company achieved impressive pre-sales of Rs 3,530 crore, marked by a 12% year-on-year growth, and recorded a 16% increase in customer collections, reaching Rs 2,750 crore. The firm's present focus is on reducing debt, trimming it by Rs 540 crore to Rs 6,730 crore. The company remains on track to meet its set financial targets amid steady development in the real estate sector.
The Bombay High Court has accepted a Public Interest Litigation (PIL) concerning the Panel City Municipal Corporation's (PCMC) handling of a slum rehabilitation project in Panvel. The PIL alleges that the PCMC divided a flood-prone plot without environmental clearances for a slum rehabilitation building. This plot falls under the Coastal Regulation Zone (CRZ), where construction is prohibited due to flood risks. The PCMC is accused of failing to obtain a technical report, potentially impacting the environment. The PIL also questions the PCMC's transparency and eviction of slum residents without adequate alternative housing. The PCMC denies the allegations, stating that all necessary formalities were completed before commencement of work.
The Delhi Development Authority (DDA) is set to light up this Diwali with a major housing scheme, offering over 30,000 apartments across prime locations including Dwarka, Narela, and Vasant Kunj. The festive rollout caters to various income brackets, with luxurious penthouses and budget-friendly options. Prospective buyers are advised to register promptly, as the scheme operates on a first-come basis. Prices are likely to range from Rs 11 lakh for EWS flats to Rs 3 crore for premium SHIG units, subject to final revisions at launch.
The Yamuna Authority is set to launch an industrial township on 500 acres in sectors 10 and 32 off the Yamuna Expressway, aimed at attracting Japanese companies in the field of electronics, chips, semiconductors, and AI sectors. It allows multiple land uses, including industrial, residential, commercial, and institutional spaces. The state cabinet's new FDI policy, offering exemptions in land costs and stamp duties, is expected to entice more companies to establish factories. Companies have to invest at least Rs 100 crore to qualify for these FDI benefits, including GST exemptions and financial support for worker accommodations. The proposed township will provide all essential facilities for Japanese nationals, creating a self-sufficient unit.
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The Odisha Apartment (Ownership and Management) Act, 2023 has been officially announced by the Housing And Urban Development Department in Odisha. This legislation aims to provide clarity and structure to apartment ownership in multi-unit housing complexes. It outlines the rights and responsibilities of apartment owners, developers, and apartment associations. Key provisions include defining exclusive apartment ownership, transferring ownership of common areas and facilities to apartment associations, and specifying the responsibilities of developers and apartment owners. This Act is expected to bring transparency and accountability to the apartment ownership landscape in Odisha, benefiting both developers and apartment owners.
Air India, owned by the Tata Group, has signed a lease agreement for seven floors, spanning 1,80,750 square feet of office space, at Gurugram's Vatika One on One building. The five-year lease, with an annual rent of Rs 24.05 crore, commenced on September 29, 2023. Air India paid an interest-free refundable security deposit of Rs 11.34 crore and a rent-free fit-out period is granted until March 2024. The rent would be hiked by 15% after three years. Vatika One on One is a 12-acre office complex located just six kilometres from Indira Gandhi International Airport, offering signal-free connectivity.
In the first half of the current fiscal year, India's listed Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) have collectively raised Rs 18,658 crore. During the entire 2022-23 fiscal year, InvITs gathered Rs 2,596 crore, while listed REITs did not mobilize any funds, according to data from the Securities and Exchange Board of India (SEBI). The surge in fundraising can be attributed to strong demand for infrastructure investments, appealing returns, and favourable government policies. Experts predict these trends will continue in the second half of the year, with a focus on infrastructure development.
Brookfield Properties, a subsidiary of Brookfield Asset Management, has successfully refinanced a Rs 2,100 crore debt associated with Equinox Business Park in Mumbai. This strategic move, facilitated by Punjab National Bank, replaces prior loans from Housing Development Finance Corporation (HDFC). The new debt offers improved terms with an 8.60% interest rate, extending until September 2038. High occupancy rates and a strong client base led to this refinancing, reflecting the property's exceptional performance since its acquisition in 2018. The recent leasing success highlights Brookfield's prudent financial approach and commitment to enhancing commercial real estate.
The Pune Municipal Corporation (PMC) is aggressively addressing property tax defaulters to bolster its financial stability. In just four days, they've taken action against 40 delinquent property owners, owing a total of approximately Rs 8 crore in arrears. After issuing notices and warnings, PMC has begun sealing these properties and has already collected Rs 1.8 crore. They plan to auction around 200 sealed properties, potentially adding Rs 60 crore to their coffers. However, critics raise concerns about amnesty schemes for defaulters, underscoring the need to balance fiscal responsibility and fairness for diligent taxpayers. PMC's efforts are crucial for sustaining essential city services.
GIC Housing Finance, a prominent player in India's housing finance sector, reported a 46.39 percent decrease in its net consolidated profit in Q2 FY24, with a profit after tax of Rs 30.19 crore, down from Rs 56.31 crore in the previous year. The company's net consolidated total income also dipped by 3.81 percent to Rs 270.19 crore from Rs 280.89 crore in the previous year. Factors contributing to this decline include stagnation in the Indian real estate sector, rising costs of funds, and increasing competition from banks and NBFCs. GIC Housing Finance is actively pursuing cost optimization and diversification to overcome these challenges.
Kamat Hotels India Ltd has recently launched a new addition to their upper mid-segment hotel chain, 'IRA by Orchid Hotels,' in Nashik. This strategic expansion follows the successful establishment of two IRA hotels in Mumbai and Bhubaneswar. The new Nashik hotel is ideally situated along the bustling Nashik highway, offering 32 well-appointed rooms with modern amenities. It features two restaurants, 'Makeba' for outdoor dining and 'Crossroads' for formal dining, serving a variety of Indian and continental cuisine. It also provides electric vehicle (EV) charging stations for eco-conscious guests.
The Brihanmumbai Municipal Corporation (BMC) has sent a strong message to more than 100 contractors and real estate firms in Mumbai, warning them to strictly adhere to dust mitigation norms or face punitive measures. As the city grapples with deteriorating air quality, the BMC issued a new set of guidelines, giving builders and contractors one month to acquire essential equipment to combat air pollution. The move is part of a comprehensive effort to enhance Mumbai's Air Quality Index (AQI).
The BMC's K west ward in Mumbai demolished 45 unauthorised structures, allowing the Metro 6 project to progress. This initiative not only promises to enhance connectivity but also addresses traffic congestion and waterlogging issues. The Mumbai Metropolitan Region Development Authority (MMRDA) is set to further improve civic amenities, facilitating urban planning. With these infrastructure projects, Mumbai is determined to overcome challenges, enhance public transportation, and elevate the quality of life for its residents. This progress sets an inspiring precedent for cities globally.
The revenue department in Kochi has issued an 11(1) notification for land acquisition for five metro stations on the Phase II line of the Kochi Metro, with two more notifications expected soon. The proposed stations at Palarivattom Junction, Kakkanad, Cochin SEZ, Chittethukara, and Kinfra will require the acquisition of 0.9544 hectares of land from Edappally South and Kakkanad villages. KMRL aims to create eco-friendly, modern architectural designs for the stations. Construction work is planned to be expedited, with a precast method for station construction. There are some concerns about the proximity of the St Michael's Church to the metro alignment which had earlier led to protests.
In Q3 2023, Dubai’s housing real estate market showed mixed trends. Housing prices surged by 27.2% year-on-year and 2.1% quarter-on-quarter, with villa rentals experiencing a substantial 38.7% annual increase. Average annual rents for various villa sizes ranged from Dh312,000 to Dh492,000, while apartment asking rents increased by 19.1% annually. Residential occupancy reached 88.9% in Dubai. Despite the strong demand, the rental market witnessed a gradual slowdown with a 20.6% annual growth, slightly lower than the previous year. The market also saw a significant increase in transactions and market value, underscoring Dubai's enduring appeal as a dynamic real estate hub.
• A residential flat spanning 1,218 square feet on the 3rd floor sold in Kalpataru Imperia in Santacruz West for INR 4.86cr • A residential flat spanning 422 square feet on the 30th floor sold in Supremeo Salvia in Mulund East for INR 78 lacs
The Adani Group is considering investing a substantial Rs 12,000 crore for the redevelopment of Dharavi, Asia's largest slum. Adani owns 80% of the Special Purpose Vehicle (SPV), while the Maharashtra government holds the remaining 20%. The project aims to enhance living conditions, promote sustainable development, and stimulate economic growth. It is expected to serve as a model for slum redevelopment on a global scale. Additionally, the transformation of Dharavi includes a Metro rail project linking it to Mumbai and a new road connecting it to the Bandra-Worli Sea Link. The first round of additional funding is expected in 2024.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has upheld the suspension of registration for 182 real estate projects due to their failure to meet the mandated conditions for updating quarterly progress reports. This decision comes after promoters of 222 projects sought to have the suspension lifted, claiming to have paid penalties and provided updated reports. However, MahaRERA found that only 40 projects met all necessary conditions, leading to a directive for the remaining 182 to resubmit required information. The regulatory body also identified deficiencies in the reports. MahaRERA's commitment to transparency, accountability, and protecting homebuyers is evident, underscoring the importance of complying with reporting and regulatory obligations in the real estate sector.
WeWork, supported by SoftBank, has filed for U.S. bankruptcy protection due to its struggling business model, with shares plummeting by about 98.5 percent in a year. The company, which maintained office spaces at 777 locations worldwide as of June, acknowledged its inability to survive without restructuring costly leases. About 92 percent of WeWork's lenders have agreed to convert their debt into equity, reducing the debt load by $3 billion. Expensive leases and the shift of corporate clients to remote work challenged WeWork's profitability, with space costs accounting for 74 percent of Q2 2023 revenue. SoftBank hopes the restructuring agreement will pave the way for WeWork's revival.
Ipsita Dasgupta, the Managing Director of HP India, recently purchased a luxury apartment in Mumbai's prestigious Worli locality for over Rs 22.50 crore. She acquired the 2,964 sq ft flat on the 4th floor of the super-premium project, Raheja Artesia, from K Raheja Corp Homes. The deal, completed on October 26, includes exclusive access to three car parking slots. Notably, the same building has seen other high-value transactions with prices averaging around Rs. 1.25 lakh per sq.ft. Mumbai's property market remains robust, with over 1.04 lakh property registrations in the first ten months of 2023.
• A residential flat spanning 350 square feet on the 1st floor sold in DB Orchid Heights in Mumbai Central for INR 63.40 lacs<br>• A residential flat spanning 402 square feet on the 20th floor sold in AIM Paradise in Jogeshwari East for INR 61.15 lacs
Arvind SmartSpaces reported a remarkable upswing in its financial performance for Q2 FY24, with a net profit of Rs 10.83 crore, marking a substantial increase from the Rs 4.89 crore recorded in the same quarter of the previous fiscal. The company's net consolidated total income also demonstrated robust growth, reaching Rs 75.27 crore, a 45.82% expansion from the previous year. Sales value for the quarter was Rs 369 crore, with a 95% year-on-year growth, and collections reached Rs 263 crore, growing by 133%. Net debt decreased to Rs.141 crore, primarily due to strong internal accruals, leading to a net debt to equity ratio of 0.30.
State-owned NBCC has made substantial progress in completing Amrapali's stalled housing projects in Noida and Greater Noida. Around 13,500 homes have been completed, with 5,100 units already handed over. Acting as a Project Management Consultant (PMC), NBCC is overseeing the completion of 38,159 units and pending facilities in 25 projects. Funding support, including Rs 1,496.45 crore from a consortium of banks, has facilitated this progress. NBCC's dedication to fulfilling homebuyers' dreams is evident, with a commitment to completing all projects by March 2025. This progress marks a significant achievement in the real estate sector.
Mumbai's urban landscape is set for a transformation as the state's urban development department has proposed a minimum area of 405 square feet for all BMC and MHADA rehabilitation homes. The move aims to enhance living conditions for residents in these housing complexes. Notably, a key provision in the proposal mandates that the fungible compensatory area should be granted to existing tenants without a premium charge, ensuring additional living space beyond the minimum requirements. This change, which puts an end to developer objections, marks a significant shift in urban development. The notification also facilitates the demolition of 19 BMC-owned buildings to make way for the Bandra-Sewri connector, boosting connectivity in the city.
The Yamuna Expressway Industrial Development Authority (YEIDA) has introduced a plot allotment scheme aimed at promoting the establishment of hotels in Greater Noida's Sector 28. These hotel plots come in three different categories and will be allocated through e-auctions. With their proximity to Jewar Airport, these plots are in an attractive location for both budget and premium hotels. The application deadline for plot allotment is November 20. The Uttar Pradesh Government will lease the plots for 90 years to selected bidders.
Realtors in Hyderabad are calling for revisions to the Real Estate Regulation and Development (RERA) Act of 2016 and the TS RERA portal to boost transparency and expedite project approvals. Their demands, raised at a RERA conclave organized by the National Association of Realtors (NAR), include reducing penalties for non-registration under RERA, making government agencies stakeholders to streamline processes, implementing a title guarantee scheme, and enhancing title insurance. These changes aim to create a more transparent and accountable real estate environment, ensuring the interests of both buyers and developers are safeguarded. If implemented, they could significantly improve the sector's efficiency and trustworthiness.
Eight builders in the Tricity region are facing fraud allegations for allegedly obtaining a loan of Rs 6.07 crore from a private firm and failing to repay it. The accused individuals, who presented themselves as established builders with multiple construction companies, secured the loan in July 2016 but later stopped making loan payments, despite initial instalments. The private firm took legal action, and the police registered a case under various sections of the Indian Penal Code. This case highlights the importance of due diligence in financial transactions and may impact the lending and financial sector's practices. The investigation will determine the veracity of the allegations and whether there was deliberate fraud.
India's commercial real estate sector experienced a 7% surge in ready supply and a 20% increase in net occupancy during Q3 2023, reaching 12.31 million square feet. The demand was driven by global captive centres, attracted by skilled labour, cost-efficiency, and favourable exchange rates. While vacancy rates increased by 2% in top Tier-1 cities, the sector remains dynamic. The trend highlights the sector's adaptability, but stakeholders must maintain flexibility to navigate evolving market dynamics effectively. India's commercial real estate continues to offer promising opportunities amid changing business needs.
The recent proposal to merge Kanakapura with Bengaluru by Karnataka's Deputy Chief Minister has sparked a surge in the local real estate market. Property prices in Kanakapura and adjacent regions have witnessed significant appreciation due to the prospect of integration with the capital city. The new Namma Metro line and the Bengaluru-Mysuru Expressway have contributed to the area's growth. However, real estate professionals emphasize that sustained interest and investments depend on the successful implementation of this merger, reminding us of the past's transient real estate boom in Ramanagara caused by the Bollywood classic "Sholay." The future transformation depends on infrastructure development becoming a reality.
Bajaj Finserv Health has secured a five-year lease for 97,000 square feet of office space in Pune's Trion IT Park, Kargil Vijay Nagar, Wadgaon Sheri. The deal with Mindspace Business Parks is valued at Rs 72.26 lakh per month starting from December, with a rental increase of 5% every year. The lease began on November 1, 2023, with a lock-in period of three years. In a similar context, co-working spaces have seen significant growth in Pune's office leasing market, accounting for 40% of transactions in FY23, with demand expected to grow 15-20% over the next few years.
The Nashik Municipal Corporation has experienced a significant uptick in property tax payments, with over 27,000 individuals settling their dues amounting to Rs 16 crore following notices to defaulters. The municipal body has served notices to 2.37 lakh people who owe property tax totalling Rs 470 crore, granting them a 15-day ultimatum to pay. Failure to comply will initiate the process of issuing warrants for tax recovery. The NMC aims to achieve its Rs 210 crore property tax collection target for the current fiscal year by the end of the calendar year and is actively pursuing payments from government offices to bolster revenues.
Accor, a global hospitality leader, has strengthened its foothold in India with the launch of the Novotel Jaipur Convention Centre (NJCC), its 24th property in the country. NJCC serves as a pivotal milestone in Accor's expansion strategy, catering to the booming business and conference travel market. The hotel, strategically located near Jaipur International Airport and major attractions, offers 226 modern rooms and exceptional amenities. It distinguishes itself as a versatile MICE facility, spanning 42 acres with 13 meeting rooms, a grand ballroom, and a vast lawn for events. This move enhances Accor's presence in India's hospitality sector and elevates Jaipur as a prime destination for large-scale events and conventions.
Housing.com, a prominent digital real estate platform in India, is set to invest in EASILOAN, a fintech start-up specializing in digitizing the home loan process. While the exact investment amount remains undisclosed, this collaboration aims to establish India's largest digital home loan origination platform. Housing.com, owned by REA India, intends to leverage its extensive digital presence and expand the reach of mortgage products through this partnership. EASILOAN has previously secured seed funding from Tomorrow Capital and has shown strong growth in customer acquisition and loan disbursement. This partnership is expected to play a pivotal role in both the fintech and real estate sectors' evolution in India.
The Pune metro extension to Nigdi, a project worth over Rs 900 crore, has received the Union government's approval and is set to begin work in February. The extension, covering 4.4 km, will connect Chinchwad, Akurdi, and Nigdi. The project does not require any major land parcel, except for the stations, due to its alignment along the existing Pune-Mumbai highway median. The viaduct will extend from PCMC station to Chinchwad, with discussions to determine station locations and land requirements in coordination with the PCMC. This extension will benefit industrial workers in Chinchwad and Akurdi, as well as students traveling to Nigdi and Akurdi. Some commuters express disappointment at the three-year wait for these metro services.
The Gautam Buddh Nagar administration in Noida will enforce GRAP III as invoked by CAQM amid deteriorating air quality, implementing a strict ban on construction activities across Noida and Greater Noida. The ban excludes essential works but covers all others, following CAQM guidelines. Violations recorded in October led to penalties of approximately Rs 89 lakh. The main contributors to pollution in Noida are construction and road-side dust, along with vehicular emissions. The Air Quality Index (AQI) fluctuated between "very poor" and "severe". Measures like an odd-even scheme and road rationing have been proposed to combat the issue.
Hong Kong's potential supply of new private homes has reached a record 107,000 units, reflecting a cautious approach by buyers due to economic factors and borrowing costs. However, this surge doesn't guarantee immediate completion. Developers completed 10,100 units in the first nine months, half of the yearly forecast. Construction slowed, with 3,200 units started in Q3, yet 11,500 commenced in the first three quarters. Despite market uncertainties, Chief Executive John Lee Ka-Chiu relaxed property curbs to stimulate sales, potentially influencing buyer behaviour. The impact of these changes on the market remains uncertain.
Australia’s rental housing market is currently facing skyrocketing prices and limited supply, with rents increasing significantly, leading to affordability challenges. A record influx of 500,000 people through net migration has worsened the situation. The construction industry struggles with high borrowing costs, labour shortages, and soaring raw material prices, leaving a substantial gap in housing supply. Data shows that servicing new rentals now demands a record 31.4% of income, impacting low-income households even more at 52%. Many individuals are seeking shared accommodations as the middle class’s traditional stability becomes increasingly elusive.
The Maharashtra government is aiming to improve the accuracy of Ready Reckoner (RR) rates in 2024 by implementing Geographic Information System (GIS) mapping for all land parcels. The GIS data, integrated with the registration website, will enhance the assessment of value zones before announcing RR rates. The mapping work, in collaboration with the Maharashtra Remote Sensing Application Centre (MRSAC), is in progress, covering 19 districts already. This geospatial technology will enable the administration to scientifically estimate RR value zones based on accurate property locations. Citizens will have access to RR rates and property information through a geoportal.
DB Realty has sold its complete stake in Real Gem Buildtech (RGBPL) to Kingmaker Developers for about Rs 231.42 crore, ceasing RGBPL as its subsidiary. Simultaneously, DB Realty sold its Siddhivinayak Realties (SRPL) for Rs 376.18 crore to Reliance Commercial Finance. These divestments indicate a strategic move, focusing on core operations, streamlining the balance sheet, and optimizing financial structures, particularly by settling a part of the company's liabilities. DB Realty aims to enhance flexibility, strengthen its financial position, and possibly reshape its trajectory within the real estate market through these deliberate divestment actions.
Trehan Iris introduces OMEGA, a high-rise office tower in Iris Broadway Greno West, Noida, aiming to redefine workspaces. With a unique focus on lockable offices and the exclusive Omega Corporate Lounge, it offers a sophisticated environment for meetings and collaboration. Boasting exceptional features like rooftop access, conference facilities, and a strategic location near the Aqua Metro line, it signifies a shift in commercial real estate. Strategically positioned to accommodate the region's rapid growth, OMEGA is set to emerge as a pioneering project set to elevate work-life balance and set new standards in Noida's commercial landscape.
Netflix's Indian subsidiary has extended its lease for a 137,000-square-foot office space in Mumbai's Bandra-Kurla Complex for five years, with a total value exceeding Rs 280 crore. The lease covers the 11th and 12th floors of Godrej BKC's commercial tower. Rental fees will be nearly Rs 4.30 crore per month, with a provision for annual rental increases of 5 percent. Netflix had originally leased the space in 2019 from D Decor Properties LLP. India has become a vital content hub for Netflix, with substantial investments in the Indian market. In Q3 2022, India's office space leasing market reached a six-quarter high, absorbing 10.37 million sq. ft.
• A residential flat spanning 710 square feet on the 3rd floor sold in Jamuna Sagar in Colaba for INR 2.6cr <br>• A residential flat spanning 472 square feet sold in Shree Ganesh Krupa in Vashi for INR 49.85 lacs
Ajmera Realty & Infra India Ltd (ARIIL) reported a 34.08% decline in its net consolidated profit for Q2 FY24, with a profit after tax of Rs 22.53 crore, down from Rs 34.18 crore in the same quarter the previous year. Their net consolidated total income also decreased by 21.13%, reaching Rs 147.59 crore in Q2 FY24. Despite ongoing business activities, the company maintained a stable debt-to-equity ratio of 0.97x. The board approved the re-appointment of K. G. Krishnamurthy as an independent director. ARIIL highlighted an expansive launch pipeline and substantial sales growth, with a net worth of Rs 807.40 crore as of September 30, 2023.
Sunteck Crescent Park (Phase 1) is a luxurious residential project spanning 7 acres in Kalyan, Mumbai. It boasts stunning towers with a 360-degree panoramic view of 80% open spaces, a 1.4-acre open podium, and an elevated infinity pool. This development redefines high-end living, seamlessly blending luxury residences, amenities, retail, and fine dining. Sustainability is a core focus, with green building features, solar energy, and waste recycling. Sunteck Realty aims to transform Kalyan into a premier residential destination, with potential top-line revenue of Rs 9,000 crore over 7-8 years. Kalyan's real estate market is growing due to infrastructure development, making it a promising investment destination. Sunteck Crescent Park is a testament to luxury and sustainability, reshaping Kalyan's real estate landscape.
DLF, a major real estate company, reported a strong financial performance in Q2 FY24. Their net consolidated total income rose to Rs 1,476.42 crore, an 8.52% increase from the previous year. Notably, the net consolidated profit surged by 30.32% to Rs 621.89 crore. DLF declared a dividend of Rs 4 per share, totaling Rs 990.12 crore. The company underwent corporate changes, with a subsidiary, Pegeen Builders & Developers, forming a joint venture by ceding a 49% stake to Trident Buildtech. New sales bookings for the quarter were Rs 2,228 crore, and DLF Cyber City Developers showed a 7% YoY revenue increase, reaching Rs 1,463 crore. The consolidated profit for the quarter notably climbed by 17% to Rs 416 crore.
Raymond Limited's subsidiary, Ten X Realty, recently unveiled plans to redevelop the Navjivan Society in Mumbai's Mahim area, projecting a revenue potential of Rs 1,700 crore. This move aligns with Raymond's real estate expansion strategy within the Mumbai Metropolitan Region. The company emphasized leveraging its vast land assets, aiming for substantial growth through joint ventures and development projects. This strategic step reflects Raymond's commitment to advancing real estate initiatives, diversifying its portfolio, and solidifying its position in Mumbai's real estate market.
In a recent verdict, the Ernakulam District Consumer Disputes Redressal Commission has ordered Holy Faith Builders and Developers to reimburse a couple over Rs 20 lakh. The couple had purchased a flat in Maradu, later demolished on Supreme Court orders due to violations of coastal zone regulations. The reimbursement includes over Rs 17 lakh for the flat's balance consideration and Rs five lakh as compensation for the deficient service and unfair trade practice. The builder must also pay Rs 25,000 for litigation costs.
The Ahmedabad Municipal Corporation (AMC) is set to provide relief to plot owners who lost portions of their land due to errors in town planning schemes. Landowners will receive TDR certificates, which can be sold to developers in their designated areas. This initiative is pending approval and will initially benefit plot owners within Naranpura Town Planning Scheme 29, who have been in a 25-year dispute with the AMC over the error that occurred in 1973 when a smaller area was allocated than expected. The compensation is valued at Rs 3.35 crore, aiming to rectify the long-standing issue.
The recent arrest of contractor Nitin Subhash Sharma in a case involving alleged fraudulent activities against the National Project Construction Co-operative Limited (NPCC) has raised significant concerns in the industry. Sharma is accused of engaging in fraudulent practices related to a contractual agreement with NPCC, amounting to over Rs 10 crore. The investigation revealed that Sharma had provided counterfeit Performance Bank Guarantees as part of the contract. This case underscores the importance of strong oversight and regulatory measures to prevent fraud in the construction industry. It also highlights the need for organizations to enhance due diligence processes and scrutiny of contractor guarantees to maintain transparency and integrity in the sector.
In 1976, a 2,500-square-foot plot of land was granted to a Project-Affected Person (PAP). After nearly four decades, a complaint emerged, alleging a violation of the allocation's terms, which mandated the construction of a dwelling on the land within a year. As a result of this alleged non-compliance with the stipulated condition, the state authorities took the decision to cancel the land allotment. This move has ignited a debate surrounding the legality and fairness of revoking an allocation made many years ago, raising questions about the rights and responsibilities of land beneficiaries in long-standing cases of land distribution.
In Mumbai, over 56% of properties sold between January and October 2023 were priced above Rs 1 crore. Rising property prices and a 250 basis point increase in the policy repo rate over the past two years have affected registrations for properties below Rs 1 crore. However, higher-value properties have seen minimal impact with a consistent increase in their share. Mumbai achieved a total registration count of 104,832 units in this period, with 58,706 priced above Rs 1 crore. The Central and Western Suburbs have seen a surge in launches and strong demand, driven by factors like metro connectivity. This trend reflects the shifting preference towards more upscale accommodations, signifying buyers' capability and willingness for long-term commitments in the Mumbai residential real estate market.
Provident Housing Ltd., a subsidiary of Puravankara Ltd., is in discussions with HDFC Capital Advisors for a substantial equity investment exceeding Rs 1,000 crore. The aim is to finance the construction of mid-income residential properties in Bangalore, Chennai, and Hyderabad and to expand into new markets. These discussions are anticipated to result in the creation of a dedicated platform for the acquisition and development of residential assets. Provident plans to double its residential portfolio to over 20 million square feet by entering cities like Mumbai and Pune. The company is actively involved in over 11.32 million square feet of ongoing projects in multiple locations.
CapitaLand Investment has inaugurated the first phase of its International Tech Park in Chennai, covering 1.3 million square feet and marking a significant economic boost for the region. The entire project, valued at Rs 1600 crore, is set to accommodate 50,000 IT engineers, aligning with the government's vision for Chennai as a tech hub. Securing international investments, including $262.5 million from Mitsubishi Estate Co. Ltd, demonstrates the project's appeal. CapitaLand Investment's substantial commitment underscores its dedication to Chennai's infrastructure development, supporting the city's progress and growth.
In response to increased property taxes, revised electricity rates, and heightened water charges, the Greater Chennai Corporation has doubled company taxes and building permit fees, imposing these changes through a recently approved resolution. While residential buildings under 100 square meters remain unaffected, larger structures will see increased fees, with commercial buildings and industrial properties also subject to higher charges. Simultaneously, company taxes have tripled, with varying rates based on annual investments. Additionally, the cost of demolition permits has doubled. These changes aim to enhance revenue collection and transparency while ensuring fairness in property and company taxation in Chennai.
The Chandigarh Municipal Corporation (MC) is set to initiate attachment proceedings against the top 2,000 property tax defaulters, including both commercial and residential entities. Many have failed to settle their dues within the stipulated timeframe. Section 138 of the Municipal Act empowers the MC to recover overdue taxes and associated recovery costs by attaching and selling the immovable properties of defaulters. A considerable sum, approximately Rs 150 crore, is pending in property tax dues, with Rs 8 crore attributed to residential properties. Despite offering incentives, the MC now faces no alternative but to resort to attachment proceedings due to persistent non-compliance.
Olive by Embassy, a leading multi-brand hospitality management firm, is excited to announce its entry into the realm of hybrid hospitality and leisure, driven by the changing landscape of hospitality. Olive introduces four distinct brands aimed at meeting the diverse requirements of today's travelers. This approach is built on a "hospitality first" ethos and integrates various elements like hotels, co-living, coworking spaces, members' clubs, wellness amenities, and dining options within one location. Olive aims to expand its presence across India, with plans for premium resorts and luxury stays in key leisure destinations, along with an employment boost for various cities.
In Trichy, a resolution was passed to allocate 14.1 acres of land in Panjapur near the Trichy-Madurai national highway for the construction of Tidel Park. The previous allotment of 8.9 acres was cancelled to accommodate the Tidel management's request for a larger land parcel to build a mega office space for IT and ITES companies near the upcoming integrated bus terminus (IBT). The Trichy corporation has agreed to transfer ownership of the land to Tidel Park Limited at a cost of Rs. 282 per sqft. The construction is expected to begin in March 2024. Additionally, the council approved road improvements at the Central bus stand.
Global real estate fundraising significantly declined in the third quarter of the year, dropping by 71% compared to the previous quarter. A total of $18.2 billion was raised by 61 funds. Property markets worldwide have been affected by central banks' interest rate hikes, resulting in increased borrowing costs and reduced property valuations, particularly for offices due to the growth of remote work. This reduced investor risk appetite. North America-focused funds remained dominant but saw a decline in their proportion, while Asia-Pacific funds increased their share. Funds focused on Europe and the rest of the world raised just 6% of the total capital. Uncertainty surrounding interest rates is expected to continue impacting real estate fundraising and transactions, keeping investment sentiment subdued.
The Hong Kong High Court has postponed the hearing to wind up Evergrande, the troubled Chinese real estate giant, to December 4. This hearing is pivotal, as it's the final opportunity for Evergrande to present a concrete restructuring proposal before the court considers liquidation. Evergrande, struggling with massive debt, defaulted on its offshore debt in 2021 and had been working on a restructuring plan. However, the recent investigation of its founder and regulatory restrictions on issuing new bonds have complicated the process. The court's decision has added immense pressure on the company, emphasizing the need for a viable restructuring plan. A liquidation could have broader implications on China's real estate sector, and its ongoing projects would continue without immediate impact.
Akshara Haasan, daughter of actor Kamal Haasan, recently acquired a luxurious 2,354-square-foot apartment in Khar, Mumbai, for a staggering Rs15.75 crore. The apartment, located in the high-end Ekta Verve tower on 16th Road, offers opulent living with three parking spaces and a range of amenities. Ekta Verve, developed by Ekta World, boasts 18 apartments and a duplex, featuring 4, 5, and 7-bedroom luxury residences. Akshara Haasan, a Bollywood actress herself, is following in her family's footsteps. Khar, a rapidly growing neighbourhood near Bandra, remains a hotspot for celebrity real estate investments, further enhancing its appeal.
Shapoorji Pallonji Real Estate (SPRE) launches 'Wildernest' and 'Joyville Celestia' in its 200-acre Pune township, 'SP Kingstown,' with expectations of approximately Rs 1,500 crore in revenue. 'Wildernest' is a low-density luxury residential project emphasizing biophilic design principles, offering 3 and 4 BHK luxurious residences. 'Joyville Celestia' under the Joyville brand features 2 and 3 BHK configurations and over 40 wellness amenities. SP Kingstown enjoys strategic placement along the Pune-Solapur Highway, with proximity to prominent areas and upcoming infrastructure developments, showcasing growth potential. SPRE's commitment to excellence aligns with Pune's rapidly expanding real estate market, reflecting a promising future.
Unitech, a real estate developer in India, has seen prolonged periods of project stagnation with no progress on its 74 residential and twelve commercial projects, leaving 15,000 homebuyers waiting for over a decade. The company's troubles began when its promoters, the Chandras, became embroiled in the 2G scam in 2011. In 2020, a new board was appointed, but progress remains elusive. Unitech's financials have also suffered, with significant losses and almost no revenues. While the management is working to complete projects and raise funds, buyers continue to face uncertainty, delays, and financial stress. The situation remains complex and challenging.
Indiabulls Real Estate has reported a significant shift in its financial performance for the quarter ending on September 30, 2023, compared to the same period in the previous fiscal year. The company registered a net consolidated loss of Rs 18.23 crore, a departure from the net consolidated profit of Rs 56.73 crore in the previous year. The decline in net consolidated total income, revenue from operations, pre-sales, and EBITDA further underscores the challenges faced in the evolving real estate sector. The increase in net debt and the voluntary dissolution of a subsidiary reflect the company's strategic adjustments to adapt to market conditions.
Macrotech Developers, formerly Lodha Group, is on track to exceed its Gross Development Value (GDV) guidance for the fiscal year. The company had set a full-year GDV target of Rs 17,500 crore and has already added projects worth Rs 14,300 crore in the first half of the fiscal year. Macrotech will continue its strategy of developing projects every 3-5 kilometres in key property markets, particularly in Mumbai and Pune. Despite not launching new locations, the company achieved its best-ever first-half pre-sales of Rs 6,890 crore. Macrotech is also focused on reducing leverage and is actively pursuing business development opportunities.
• A residential flat spanning 1,247 square feet on the 11th floor sold in L&T Crescent Bay in Parel for INR 4cr <br>• A residential flat spanning 1,325 square feet on the 24th floor sold in Oberoi Exquisite in Goregaon East for INR 5.2cr
In a significant shift, the Maharashtra Housing Area Development Authority (MHADA) has revoked its decision to impose an annual fee of Rs 10 lakh for the renewal of its no objection certificate (NOC), benefiting developers. The fee hike, initiated in September to deter builders from delaying old building redevelopment, faced backlash. MHADA has now introduced a six-month amnesty scheme for NOC revalidation at a flat fee of Rs 1 lakh, regardless of plot size. After the amnesty period, renewal costs Rs 5 lakh per year, with fees based on plot area, ranging from Rs 50,000 to Rs 6 lakh.
Maharashtra's Housing Minister, Atul Save, has announced a plan to review and revive 7,500 stalled realty projects in the state, based on recommendations from a committee led by former NITI Aayog CEO Amitabh Kant. The government aims to expedite the approval process for new developers to take over stalled projects, ensuring that homebuyers' investments are protected and lapsed plans are revitalized. This proactive approach addresses the concerns of both homebuyers and the real estate industry, reflecting the government's commitment to economic growth and timely project revival.
The second phase of the Jaga Mission, launched in 2018, is set to provide land rights certificates (LRCs) to eligible slum residents, part of a government initiative to eliminate slums and empower urban poor. The first phase achieved a significant milestone by granting LRCs to 51,000 slum dwellers, with 75,000 more identified beneficiaries. In August, 65,000 homeless families in 875 slums across five cities received LRCs, providing stability and recognition. BMC's preparation to distribute 5,500 LRCs in three zones highlights efficient execution. The mission operates within legal frameworks to grant homestead land, creating inclusive and equitable cities.
Uttar Pradesh RERA Authority implements measures for real estate transparency
Standard Chartered Bank is seeking to sell loans totalling Rs 569 crore given to the troubled real estate developer, Radius Sumers Developers. Radius Sumers Developers is a joint venture, between Sanjay Chabaria promoted Radius Group and Sumer Buildcorp, for developing the 'Harbour Heights' luxury residential project in South Mumbai. Loan sales occur when the lender and the company are negotiating a deal. The bank has invited asset reconstruction companies (ARCs) to bid on the debt, setting a reserve price of Rs 230 crore. The developer has defaulted on loans, and the case is currently under consideration by the Mumbai National Company Law Tribunal (NCLT), with negotiations for a settlement ongoing.
Mumbai, New Delhi, and Bengaluru have seen an uptick in annual prime residential property prices in Q3 2023, according to the 'Prime Global Cities Index Q3 2023' by Knight Frank. Mumbai surged by 6.5 percent, elevating it to the fourth position, compared to the 22nd rank in Q3 2022. New Delhi leaped from the 36th rank to secure the 10th spot with a 4.1 percent year-on-year growth, while Bengaluru moved from 27th to 17th with a 2.2 percent year-on-year rise. A 2.1 percent average growth was reported across 46 global markets in prime residential prices over the year ending September 2023.
Approximately 26,000 residents of Palava township in Dombivali, the first integrated township project in Maharashtra, received significant relief as the state government decided to grant them a 66% property tax rebate just before Diwali. Previously, residents were burdened with double property taxes, paying both the township's Palava City Management Association (PCMA) and the Kalyan-Dombivli Municipal Corporation (KDMC). This adjustment aims to reduce property tax from Rs 6,000 to Rs 2,000 per flat per year for Palava township residents. The demand was based on a 2016 circular from the state’s Urban Development (UD) department which said that Integrated townships that provide common amenities and infrastructure are entitled to this rebate.
The Municipal Corporation of Delhi (MCD) is introducing a compensatory regulatory charge to support civic infrastructure development across the city. This charge, previously applicable only in areas under the north corporation, will now apply citywide, including south and east Delhi. The fee is based on the prevailing circle rate in each colony and will be charged when seeking building plan approvals. The funds collected will contribute to the maintenance and development of civic infrastructure in MCD areas, including regularized colonies and village abadis. The decision comes in response to changing population densities and increased demand for infrastructure development.
Adani Logistics Ltd, a wholly owned subsidiary of the Adani Group, has acquired a 50% stake in Veracity Supply Chain Private Ltd (VSCPL) for Rs. 5 lakh. VSCPL, a newly incorporated entity with authorized and paid-up share capital of Rs 10,00,000, aims to offer last-mile connectivity to customers from in-land container depots through a digital transport management system. The acquisition signifies Adani's commitment to enhancing its logistics capabilities and expanding its presence in the supply chain sector, contributing to its comprehensive logistics infrastructure.
Roostels India, the master licensee for Roadies Rostel, plans expansion into diverse travel segments, including backpackers and co-living accommodations. With the flagship Roadies Rostel Leisure brand expanding to holiday destinations, Roadies Rostel Backpackers targets budget-conscious backpackers, and Roadies Rostel Co-living caters to short and long-term stays, including corporate guests. Roostels India's strong social media presence, coupled with its franchise model and strategic approach, positions it as a significant player in the evolving hospitality landscape, with plans for expansion in key cities and holiday destinations.
Nagpur District Collector Vipin Itankar conducted a meeting to expedite the land acquisition process for the second phase of the Nagpur Metro project. The meeting addressed several pending land acquisition proposals and emphasised the need for timely planning to avoid delays. Itankar instructed the revenue department to ensure prompt disposal of all acquisition proposals and encouraged better coordination between the revenue department and the Metro for quicker results. Additionally, discussions with the defence department about land issues on Wardha Road were urged. The Metro project aims for completion by 2024 but has been hindered by lingering land acquisition proposals.
Indian Prime Minister Narendra Modi and Bangladesh Prime Minister Sheikh Hasina jointly inaugurated three significant development projects, further enhancing the bilateral ties between the two nations. The projects include the historic Agartala-Akhaura cross-border rail link, the Khulna-Mongla Port Rail Line, and Unit 2 of the Maitree Super Thermal Power Plant in Bangladesh's Rampal. The rail link is crucial for improving cross-border trade, reducing travel time, and expanding connectivity between India’s Northeast and Bangladesh. These projects reflect the strong collaboration and friendship between the two countries, ultimately contributing to regional development and cooperation. India has played a vital role as Bangladesh's largest development partner.
A transformation is underway in London's real estate market as Indian investors, traditionally drawn from the ranks of industrialists and Bollywood stars, shift their focus to the city. Their motivations include affordability and the desire to provide accommodations for their children's education in the metropolis. Old brownfield sites, reminiscent of Mumbai's mill projects, are being revitalized to meet the increasing demand. Barratt London, a key player, is leading the charge with eight projects and ambitious plans for more. This marks a turning point as London becomes an attractive destination for first-time investors and a global education hub.
The FIAT House, a new collaboration between FIAT and UNLMTD Real Estate, is poised to redefine luxury living In New Jersey. Located strategically near the iconic George Washington Bridge in Fort Lee, New Jersey, this visionary project offers over 300 rental residences with an emphasis on hospitality and premium amenities. What makes this development truly exceptional is its innovative car-sharing program featuring electric FIAT 500e vehicles, aligning perfectly with the project's sustainability goals. The FIAT House represents a bold step towards the future of urban living, enhancing connectivity, community, and elegance.
"• A residential flat spanning 659 square feet on the 5h floor sold in Arkade Prime in Marol for INR 1.63cr • A residential flat spanning 500 square feet sold in Rajlaxmi Tower on Vasai Road for INR 35 lacs "
Popular real estate developer Casagrand recently launched Casagrand Palm Springs, a posh residential complex in Medavakkam Extension in Chennai. The project consists of 352 well-designed 2 and 3 BHK apartments with over 75 amenities. The price starts at just Rs. 4099 per sq. ft., which is much less than Medavakkam's normal pricing at Rs. 6500 per sq. ft. Medavakkam, a popular destination, is just 5 minutes away from the property, thus offering easy access to a number of social amenities. With a focus on open areas, the property features a 6,200 sq. ft. swimming pool, a 13,000 sq. ft. clubhouse, and a variety of amenities suitable for all age groups. Casagrand's dedication to offering reasonably priced luxury living alternatives in a prime Chennai location is reaffirmed with this launch.
Urban Vault, a leading managed office space provider, is set to augment Bengaluru's co-working landscape by adding 10,000 desks across key micro-markets. This move comes amid rising demand for flexible workspaces, propelling Urban Vault's total desk count in the city to 25,000. The new seats will be distributed among prime locations including Sarjapur Road, Hebbal, Koramangala and HSR Layout. This expansion marks a significant stride in Urban Vault's journey, aligning with its future plans of venturing into market space in Delhi, Hyderabad, and Pune.
Mahindra Lifespace Developers (MLDL) has reported a significant increase in consolidated net loss after tax, with a loss of Rs 18.93 crore for the quarter ending on September 30, 2023, compared to a loss of Rs 7.51 crore in the corresponding quarter of the previous fiscal year. The company also saw a substantial decline of 63.83 percent in net consolidated total income, falling from Rs 73.82 crore to Rs 26.70 crore. Despite these challenging financial results, the company achieved pre-sales of Rs 455 crore in its residential business, launched additional saleable area, and reported collections of Rs 311 crore. The company's allotment of shares under the Employee Stock Ownership Scheme (ESOS) demonstrates its commitment to its workforce. The future performance of MLDL will depend on market conditions and its ability to adapt to the evolving real estate and infrastructure development sectors.
The New Delhi bankruptcy court has admitted the insolvency case of the Serene Residency Group Housing Project, a subsidiary of Anal Properties and Infrastructure Ltd, due to its default on financial obligations of around Rs 257 crore. The National Company Law Tribunal (NCLT) has acknowledged Indian Bank's insolvency resolution application and appointed Navneet Kumar Gupta as the interim resolution professional (IRP). The case dates back to 2013 when the company secured a loan for the project. The NCLT's decision to restart the limitation period from the date of payment represents a significant juncture for the project, and the insolvency proceedings will unfold in the future.
Haryana has become the first Indian state to implement the property ID system, receiving praise from Prime Minister Narendra Modi. Dr. Kamal Gupta, the Minister of Urban Local Bodies, announced this milestone, highlighting the integration of 34 lakh properties into the Property ID system for automated data entry from property registries. Furthermore, significant progress has been made in regularizing unauthorized colonies and granting ownership rights to long-standing shopkeepers. The government has also introduced SMS services for property-related updates and offered temporary tax relief. Additionally, an automated system for property registration will enhance efficiency, making Haryana a trailblazer in urban development and property management.
A three-member panel, appointed by the Jharkhand High Court, conducted a surprise inspection of residential and commercial buildings within the Jamshedpur Notified Area Committee (INAC) limits. The inspection aims to determine whether the Jharkhand Municipal Act rules and Building Bylaws 2016 have been adhered to. The panel, consisting of Raj Nandan Sahay, Sudarshan Shrivastava, and Neeraj Pandey, scrutinized several structures in Bistupur, Sakchi, and other areas. The findings will be presented to the court, with the inspection continuing in the following days.
Property sale registrations in Mumbai achieved a remarkable 25% year-on-year increase, with over 10,000 units registered for the fifth consecutive month in 2023, generating Rs 831 crore in revenue during October. In the first ten months of the year, total registrations in Mumbai surpassed 1.04 lakh, marking a decade-high record. The increase in luxury housing is evident, with properties valued at Rs1 crore or more accounting for about 56% of registrations in the first ten months of 2023, indicating a growing preference for spacious and upscale accommodations. The Mumbai residential real estate market has shown impressive resilience, driven by a stable economic environment and favourable interest rates. The strong demand is attributed to factors such as consumers' willingness to buy larger homes and a stable lending environment.
WSB Real Estate Partners, formerly known as Walton Street BlackSoil, has revealed plans to launch a new fund within the next two months. Following the successful deployment of its Rs 700-crore second fund, the firm will target the burgeoning southern Indian growth markets, with a particular focus on Bengaluru, Hyderabad, and Chennai. Two-thirds of the fund's capital will be invested in these areas through structured debt in mid-income residential real estate projects. The company aims to partner with developers known for their execution and delivery track records.
Vridhi Home Finance, a tech-enabled housing service provider, has secured Rs 150 crore in a Series A funding round led by Elevation Capital. The company, headquartered in Bengaluru, plans to use the funds for geographical expansion in North Karnataka and Andhra Pradesh, strengthening its technology infrastructure, hiring, and building a liability franchise. Vridhi received its NBFC-HFC license earlier this year and has opened twenty branches in Karnataka and Andhra Pradesh. The company aims to address the underpenetrated housing finance market in India and provide accessible housing solutions to semi-urban and rural areas, emphasizing financial inclusion and digital processes.
Home First Finance Company has reported robust financial results for Q2 2023-24, showing a 36.91% increase in net consolidated profit and a 46.77% growth in total income compared to the previous year. The company's efficient financial management, expansion strategy, and responsible borrowing were highlighted in the results. With Assets under management (AUM) of Rs 8,365 crore and disbursements reaching Rs 959 crore, the company demonstrated its commitment to meeting housing finance needs. Home First Finance's strong performance reaffirms its position as a key player in the housing finance sector, capable of impacting individuals and families nationwide.
Reliance Industries Ltd (RIL) recently transferred Rs 5,150 crore to its warehouse Infrastructure Investment Trust (InvIT). This move allows RIL to monetize its warehousing and logistics assets through the InvIT. The funds raised will be utilized for further acquisitions in this domain. Reliance Retail, a subsidiary of RIL, is expanding aggressively and focusing on enhancing its backend infrastructure, including warehousing and logistics. As of September 30, 2023, Reliance Retail operated 18,650 stores covering 71.5 million square feet. This strategic financial step enables RIL to strengthen its position in the retail market while capitalizing on its logistical assets.
Beyond Green, a global hotel portfolio focused on sustainability, has added two palace hotels from The Leela Group: The Leela Palace Bengaluru and The Leela Palace Udaipur. Beyond Green, by Preferred Hotels & Resorts, focuses on aligning with the Sustainable Development Goals related to nature, culture, and community. Currently comprising 38 hotels, mostly upper upscale and luxury properties, Beyond Green plans to expand to 42 by year-end. Around 50% of Beyond Green member hotels are not Preferred Hotel members, indicating its growth beyond the Preferred brand. This initiative aims to set higher sustainability standards beyond typical green practices.
In the midst of a wave of urban beautification projects sweeping through the city, the Brihanmumbai Municipal Corporation (BMC) has now turned its attention to the iconic Shivaji Park in Dadar. This latest development was spurred by a recent visit from Member of Parliament Rahul Shewale, during which he unveiled a comprehensive plan to revamp the beloved park. The proposed enhancements encompass a wide range of changes, including measures to combat pollution and dust, the installation of smog towers, and the addition of impressive new features like the country's tallest tricolour flag. However, these beautification plans have not been without controversy, as concerns arise regarding their impact on the park's historical and recreational significance.
The Uttar Pradesh government has approved an additional Rs. 880 crore as compensation for the second phase of the Noida International Airport, bringing the total pay out to landowners to Rs 4,780 crore. Approximately 70% of the 1,181 hectares of land required across six villages in Jewar has been acquired, with Rs 2,800 crore already distributed to farmers. The remaining land will be used for a maintenance, repair, and overhauling (MRO) hub. NIAL plans to attract international investments for the MRO centre, positioning the region as an aviation hub in India. The first phase of the airport is set to commission in October 2024, with future phases expanding its capacity and facilities. NIAL would be India’s largest airport once completed.
A federal jury has ruled against the National Association of Realtors (N.A.R.) and major brokerages, ordering them to pay approximately $1.8 billion in damages and potentially up to $5 billion. The verdict addresses the practice of home sellers covering commissions for buyers' agents, a controversial practice criticized for imposing high fees on sellers. The significant change is that sellers will no longer be required to pay commissions to buyers' agents, giving real estate agents the freedom to set their own rates. This ruling could transform agent commissions, lead to industry changes, and prompt further legal action, potentially reshaping the U.S. real estate market.
Singapore's luxury housing market is experiencing a significant downturn, primarily due to a major money-laundering scandal involving Chinese individuals. High-end bungalow sales have hit a nearly decade-low, with just eight properties sold by the end of September. Investigations into money laundering, higher taxes on foreign buyers, and rising interest rates have all contributed to this decline. Sellers and agents are becoming more cautious, conducting rigorous background checks and in some cases rejecting potential clients. Foreign investors are adopting a wait-and-see approach, further impacting the market.
The Central Board of Indirect Taxes and Customs (CBIC) has clarified that rent, including electricity charges, collected by real estate companies, malls, airport operators, and others from occupants will attract GST, except when they act as agents of state electricity boards. In a circular, the CBIC stated that when electricity is supplied bundled with renting of immovable property or maintenance, it forms a composite supply. In such cases, the rate of GST applicable to the principal supply (renting or maintenance) will be levied on the entire supply, including electricity. If these entities charge for electricity at actual rates, they are deemed pure agents, excluding electricity charges from the value of supply. Some experts raised questions regarding this clarification, particularly in cases where electricity supply is exempt from GST.
The Brihanmumbai Municipal Corporation (BMC) has demolished six unauthorized structures within the privately-run Marine Aqua Zoo in Dadar, following concerns over unauthorized development within the zoo. The structures included unapproved brick buildings and sheds made of bamboo, tarpaulin, and leaves. Despite a 15-day notice to remove these structures, the zoo management did not comply, leading to their demolition. The zoo had already been under scrutiny due to animals appearing in the nearby civic-run swimming pool. The BMC's actions emphasize the importance of adhering to regulations and ensuring responsible management practices within the zoo.
Mumbai's property tax billing for the 2023-24 fiscal year has been delayed due to the BMC's retrospective tax assessment. To address the issue, the civic body plans to send provisional bills with a 10% hike to taxpayers next month. The problem arose from the BMC's adoption of the capital value system for property tax calculations, retrospectively from 2010. In 2019, the Bombay High Court invalidated certain rules related to retrospective taxation. Though the BMC approached the Supreme Court, it got no relief and was asked to create new rules and issue fresh bills. BMC would need to refund significant amounts to affected taxpayers.
Tata Motors has won a significant compensation award of Rs 766 crore plus 11% annual interest from an arbitration tribunal for its losses in the halted Singur manufacturing plant. The West Bengal Industrial Development Corporation Ltd (WBIDC) has been directed to pay the compensation. Government sources hint at challenging the tribunal's decision in the High Court. The Singur case, a pivotal test case for Indian land acquisition and industrial development, traces back to 2006 when Tata planned to build the "people's car," Nano. Protests led to the project's abandonment and the relocation of the plant to Sanand in Gujarat. Subsequent legal battles culminated in the recent arbitration verdict in Tata's favour. This case underscores the need to protect industrial projects from populist politics and work in a manner beneficial to all stakeholders.
• A residential flat spanning 1,990 square feet on the 28th floor sold in Hubtown 25 South in Prabhadevi for INR 19cr <br>• A residential flat spanning 585 square feet on the 14th floor sold in Raj Legacy in Vikhroli for INR 1.65cr
The Maharashtra Real Estate Regulatory Authority (MahaRERA) Appellate Tribunal has imposed restrictions on the sale of flats within 'THE NEST,' a luxury residential project in Mumbai's Andheri West, jointly developed by the Sai Group and the Wadhwa Group. This decision follows a decade-long delay and numerous complaints from homebuyers. The tribunal's actions came in response to the plight of Vijay Choksi, a buyer who had paid in full but had not received his property. The tribunal's injunction halts flat sales. Legal proceedings are ongoing. The case highlights challenges and conflicts in the real estate sector concerning property delivery and consumer rights.
Residents of Gurugram's Chintels Paradiso rallied at Jantar Mantar, protesting against the developer for leaving them stranded. Claiming the building is unsafe due to inferior materials and that it still received an occupancy certificate from DTCP, residents have started protesting against the district administration. They demand either proper reconstruction or fair market compensation. The residents have sought intervention from the Prime Minister's Office and the Ministry of Housing and Urban Affairs demanding ‘Ghar Ke Badle Ghar'. Allegations also arise about potential misuse of the disaster management act by the administration to favour the developer.
CRC Group has announced three major projects in Noida, aiming for a top revenue of Rs 3500 crore. The projects include a Grade-A IT/ITES commercial hub ‘The Flagship’, a luxurious residential complex in collaboration with Jaypee, and the second phase of CRC Sublimis housing project. With a combined area of 72 lakh square feet under construction, these projects signify a significant stride in Noida's real estate landscape. The substantial investments underscore CRC Group’s confidence in the region’s thriving real estate and economic potential, promising a blend of luxury living and commercial vibrancy.
Co-working firm Innov8 has announced its plans for aggressive expansion in the ongoing financial year 2023-2024. The company is set to invest over Rs 100 crore to add 8,000 seats across 300,000 square feet of co-working space in major Indian cities, including Delhi NCR, Mumbai, Pune, Bengaluru, and Chennai. Innov8 has already opened five new centres earlier in the year and plans to inaugurate five more centres in the current quarter. This strategic expansion demonstrates Innov8's commitment to staying at the forefront of the dynamic co-working sector in India. The company's growth is driven by increasing demand for flexible office spaces.
The BMC in Mumbai has initiated stop-work notices for builders who fail to adhere to recent anti-air pollution guidelines. Multiple construction sites, including one in Mulund and Santacruz, received these notices. The Prestige City site in Mulund was found in violation of 13 conditions, leading to the notice. The guidelines cover various aspects, including the use of metal sheets, wet cloth, enclosed areas for certain tasks, and protective equipment for workers. Compliance is required within 15-30 days. However, some in the construction industry argue that these guidelines may lead to safety issues, and many of the required equipment are not readily available in the market.
The state of Maharashtra is struggling to get construction workers to register. Out of an estimated workforce of 70 lakh laborers employed across various construction sites, a mere 14 lakh are officially registered with the Maharashtra Labour Welfare Board. The sluggish pace of registration is primarily due to challenges in meeting registration criteria. This leaves unregistered workers and their families ineligible for essential welfare programs, such as health and accident insurance. Statistics show that accidents involving unregistered workers are alarmingly high on sites, making registration all the more imperative. To address this issue, the labour department is said to be streamlining the registration process and reducing the number of documents required for registration.
Residents of HRBR Layout in Bengaluru have identified 130 illegal buildings, a mix of commercial and residential, that violate zoning regulations and lack adequate parking space. People expressed concern about the congestion and deteriorating living conditions due to the commercialization of the area. Despite premium charges for residential land, commercial buildings have been constructed, often with more than three floors and insufficient parking. Vehicles of employees and customers are being parked on roads, footpaths, and in front of other residential houses and gates, making it a nuisance to the people. Frustrated with the BBMP's inaction, residents petitioned the BBMP Chief Commissioner and Deputy Chief Minister, urging the cancellation of licenses for commercial buildings on residential plots.
Maharashtra is set to introduce a revolutionary housing policy, emphasizing the "walk to work" concept in industrial zones. The policy is expected to come into effect next financial year. The new policy comes after 17 years and aims to enhance land availability for developers and streamline project approvals. Key features include rental housing for migrant workers, and specialized colonies for seniors. While there were proposed policies in 2015 and 2021, they were never approved. The present policy, shaped through consultations with developers and consumer groups, seeks to address Maharashtra's evolving housing demands in industrial cities like Nashik, Aurangabad, and parts of Mumbai Metropolitan Region (MMR).
Mindspace Business Park REIT, supported by K Raheja Corp, is expanding with an 800,000 sq. ft. mixed-use project in Airoli, featuring commercial office spaces and a luxury hotel in collaboration with Chalet Hotels. Mindspace REIT also reported a 17.7% increase in net operating income and a 72.2% growth in consolidated profit for the quarter ending on September 30, 2023. Mindspace's total leasing portfolio amounts to 32.3 million sq.ft., including 26.1 million sq.ft. of completed area, 2.9 million sq.ft. under construction, and 3.3 million sq.ft. of future development. Their strong leasing activity and robust financial position underscore their status as a leading player in India's office space market, ready to meet the evolving needs of businesses.
Delhi-NCR is the sixth most expensive office space rental market in Asia Pacific (APAC) for Q3 2023, with Hong Kong SAR topping the list. Strong demand from Global Capability Centres (GCC) has offset slower demand from flexible workspace providers. Prime office rentals in Delhi-NCR, Mumbai, and Bengaluru are steady and expected to remain so for the next year. Region-wide rental rates show quarter-on-quarter stability, with rental growth in developed markets counterbalancing declines in Chinese mainland markets. Delhi-NCR's prime office rent is Rs 340 per sq. ft per month, securing the sixth position in the APAC, while Mumbai ranks ninth at Rs 302 per sq. ft per month.
percent discount, reinstated this year after being revoked in 2019, requires residents to prove eligibility by November 15. Keskar is requesting an extension until December 20 due to the festival season. The discount was introduced in 1970 to assist residents in maintaining properties damaged during the 1961 Mutha River flood. Activists and residents support the extension, relieving the burden during the festive season. The PMC originally withdrew the discount after objections from the state audit department.
Sundaram Home Finance has demonstrated strong financial performance in the second quarter with an 18% increase in its net profit, at Rs 59.33 crore, for the second quarter. This success is attributed to its strategic expansion in Tier II and III towns and a customer-centric approach. With a significant increase in disbursements, the company has strengthened its lending portfolio and ventured into the affordable housing segment. Its focus on smaller towns aligns with India's urbanisation trend. The company's commitment to fulfilling housing aspirations not only reflects market demand but also contributes to the government's 'Housing for All' initiative, positioning Sundaram Home Finance as a key player in the housing finance sector.
Mahindra Lifespaces Developers Limited (MLDL) has revolutionised the real estate industry by launching India's first home-buying experience in the Metaverse. This pioneering initiative was introduced through a spectacular drone show in Pune, unveiling Mahindra Citadel's Phase 2, Bastion. The immersive Metaverse experience allows prospective buyers to explore, interact and customise their future homes, marking a significant leap in real estate innovation. MLDL's commitment to pushing technological boundaries and enhancing customer experience positions it as a trailblazer in the real estate sector.
Suburban Guardian Minister Mangal Prabhat Lodha has responded to local opposition to the reconstruction of the Malabar Hill Water Reservoir by instructing the Brihanmumbai Municipal Corporation (BMC) to establish a technical assessment committee. This committee will include professors from IIT (Bombay), BMC engineers, and local residents with technical expertise. Its primary task is to evaluate the reservoir and decide whether it should be repaired or demolished. The controversy arose due to the reconstruction plan's potential impact on trees and opposition from residents. This committee's diverse composition and its technical assessment will play a crucial role in determining the reservoir's fate, balancing historical preservation with contemporary needs.
Amid worsening air quality in the National Capital Region (NCR), real estate developers have requested that the government not impose bans on construction activities that don't contribute to pollution. The revised graded response action plan (GRAP) mandates construction bans during "severe" air quality conditions. Developers argue that not all construction activities cause pollution and have urged authorities to allow non-polluting work to continue to meet project deadlines. They emphasize the impact on laborers, who often return home due to frequent bans, causing delays in apartment deliveries and then hefty RERA fines for delivery delays.
Junagadh Municipal Corporation's pioneering rainwater harvesting initiative has earned them the distinction of being the first Indian civic body to accumulate water credits, as endorsed by the United Nations Framework Convention on Climate Change. With a substantial 9 million water credits secured for conserving 100 million litres of water in their Hasnapur reservoir, JuMC sets an example for sustainable water management. This innovative endeavour, overseen by UN-designated agencies and supported by voluntary collaboration, promises both a water-secure future and financial prospects for civic bodies.
In a pivotal move, China witnesses the initiation of publicly-traded Real Estate Investment Trusts (REITs) backed by consumer-related commercial properties, signalling a shift in the nation's real estate market dynamics. Asset managers including China Asset Management, Harvest Fund Management, and CICC Fund have submitted applications, diversifying REITs from infrastructure to shopping malls and department stores. This strategic expansion aligns with China's efforts to revive its real estate sector, offering diverse investment avenues and fostering market resilience. The move signifies a progressive step in adapting to market demands, potentially reshaping China's real estate landscape.
In Q3, Singapore's property market defied expectations, rebounding strongly. Private residential values made a notable comeback after a brief dip. This resilience contrasts with Hong Kong's housing tax reduction. Analysts foresee moderate growth amid economic uncertainties. Home sales dipped but are set to rise with new projects. Affordability concerns linger, and government restrictions persist. Meanwhile, rental rates are showing signs of easing. Navigating Singapore's dynamic real estate market requires vigilance and adaptability for investors and enthusiasts.
HDFC Bank has acquired a ten-floor office tower spanning 2,84,567 square feet in South Delhi's Nauroji Nagar for Rs 1,130 crore from NBCC (India) Ltd. This was NBCCs 21st auction for the sale of commercial space in the World Trade Centre. This marks the highest single auction sale since the launch of the World Trade Centre (WTC) in New Delhi in 2017. The WTC, which covers 3.4 million sq ft of saleable area including 12 commercial towers, is part of Nauroji Nagar redevelopment. The government had announced redevelopment of seven housing colonies in Delhi, of which three—Nauroji Nagar, Netaji Nagar and Sarojini Nagar—were assigned to NBCC. NBCC funds this redevelopment from the sale of commercial units at WTC.
• A residential flat spanning 587 square feet on the 30th floor in Sunbeam Apartment in Santacruz West for INR 1.88cr <br> • A residential flat spanning 748 square feet sold in Safal Park in Nerul for INR 1.4cr
The Bombay High Court has taken a decisive stance by ordering the Director General of Police (DGP) to launch a thorough investigation into a prominent builder accused of defrauding over 11,500 flat buyers in Thane. Expressing strong disapproval of the lacklustre investigative approach, the court emphasized the need to prioritize the victims' interests over the accused. The case involves allegations against Karam Infrastructure Private Limited and its directors. The DGP has been given four weeks to complete the inquiry, highlighting the urgency of addressing this alleged fraud and delivering justice to the victims.
Mumbai's BMC has terminated a contract with DBS Realty for a project to construct 4,000 tenements for project-affected people (PAPs) due to the developer's failure to transfer land titles as required under the "credit note" policy. Under the "credit note" policy, the BMC wanted developers to buy land, construct houses and give them to the BMC in exchange for a credit note which can be sold in the market or to settle BMC dues. The BMC was to pay DBS Realty Rs 1,584 crore for this project. The PAP scheme was introduced to construct over 35,000 flats for rehabilitating people whose homes might be demolished for various civic infrastructure projects. BMC has already issued credit notes worth about Rs 350 crore to developers though actual construction work hadn’t started in most of them.
Former M3M Group promoter Roop Bansal has withdrawn his application for anticipatory bail following an FIR filed against him by the anti-corruption bureau (ACB) in April. Notably, the ACB had prepared a response to the bail application but did not file it due to the withdrawal. The case involves charges under the IPC and the Prevention of Corruption Act and also involves former CBI judge Sudhir Parmar and his nephew Ajay Parmar, who are in judicial custody for their involvement in a PMLA case. Roop Bansal faces allegations related to the misappropriation of funds from investors of the Ireo Group. This strategic withdrawal keeps the legal proceedings open-ended, leaving room for further developments in this intricate legal puzzle.
Oberoi Realty (ORL) has divested its 31.67% stake in Sangam City Township to Balewadi Techpark for Rs 3.60 crore. This move follows a 17% decline in sales bookings for ORL in the quarter ending September 30, 2023. However, the company maintains a strong financial position, reporting a significant increase in profit after tax and net consolidated total income. ORL's strategic divestment decisions and ongoing real estate developments, including a project in Tardeo, Mumbai, showcase its resilience and adaptability in the face of market challenges, reaffirming its position as a key player in the real estate sector.
The Maharashtra government's plan to redevelop 290 slum clusters along the coastline, potentially freeing up around 188 hectares of prime land, awaits approval from the central government under Coastal Regulation Zone (CRZ)-2 regulations. The Ministry of Environment, Forest and Climate Change (MoEFCC) is considering the proposal pending a comprehensive environmental analysis. The redevelopment initiative, if approved, could transform Mumbai's urban landscape, offering opportunities for luxury housing projects. Although landward side slums can be redeveloped, challenges related to seaward-side slums remain till the MoEFCC approval.
Despite a proposal from the revenue department introduced a year ago, the state government has yet to grant approval for the introduction of vertical property cards for flat owners, according to senior revenue officials. These proposed cards aim to contain crucial details like ownership information, carpet area, and bank loans, with the broader goal of mapping vertical urban and rural expansion. This initiative would serve to establish an independent record of rights and registrations for individual residential apartments, improving ownership documentation. Currently, there's no specific document proving ownership for flat owners in residential buildings, making this approval crucial to streamlining property transactions and reducing legal disputes in the real estate market.
The Delhi government's revenue department has digitized various property records and integrated them into a central server, accessible through the Delhi Online Registration Information System (DORIS) portal. This enables the public to easily verify property status and ownership details, ensuring they are not disputed or prohibited. Sub-registrar offices categorize properties, simplifying property searches. Sub-registrars can swiftly authenticate property records, eliminating the need for time-consuming no-objection certificates. This initiative seeks to prevent fraudulent property transactions, reduce corruption, and streamline property registration in Delhi, marking a significant leap in transparency and efficiency.
The Karnataka High Court has quashed an FIR and vacated Enforcement Directorate (ED) attachments worth about Rs 285 crore in a case involving the real estate firm Mantri Group. The ED had attached assets under the Prevention of Money Laundering Act after homebuyers filed an FIR against the Mantri group for diverting funds collected from homebuyers and not completing the projects. But the court ruled that a breach of contract or agreement does not fall under criminal law. The court stated that if the FIR is quashed, the ED attachment becomes invalid.
Kolkata Metropolitan Area (KMA) reported 4,347 apartment registrations in September 2023, a 25 percent YoY decline. However, there have been 31,026 registrations since the beginning of 2023. In September, 14 percent of the year's registrations occurred, marking a 21 percent increase from August. The drop in YoY registrations is attributed to a base effect, as the previous year saw a surge due to strong consumer sentiment and stamp duty rebates. The extension of stamp duty reduction by the West Bengal government is expected to maintain a positive trend in property purchases and registrations.
The Indian real estate sector saw a substantial boost in institutional investments, reaching $679.9 million in the third quarter of 2023, marking 82 percent growth compared to the same period last year. Residential assets dominated the investments, accounting for $298.3 million, a 71 percent increase year-on-year. Domestic investors led the way with 71 percent of the institutional investments, while foreign investors' share dropped from 55 percent in Q3 2022 to 27 percent in Q3 2023. Commercial assets' share decreased from 40 percent to 24 percent. Despite a slowdown attributed to foreign investors' limited interest, prospects for increased office space investments are expected as companies recall employees to offices.
The Nashik Municipal Corporation (NMC) has issued notices to a staggering 2.4 lakh property tax defaulters with accumulated dues of almost Rs 470 crore. These defaulters have been given a 15-day ultimatum to clear their outstanding dues, failing which, the NMC will proceed to issue warrants. With a property tax collection target of Rs 210 crore for the current fiscal year, the NMC is cracking down on non-compliance. Panchavati division has the highest number of defaulters, with 59,961 individuals and businesses owing a total of Rs 124.11 crore. The NMC aims to secure government grants by meeting its collection target.
" The Pune Metropolitan Region Development Authority (PMRDA) has proposed changes in development charges associated with the third Metro line, aiming to fund urban transport projects. These changes include a 100% increase in development charges for areas near the Metro, while interior areas may see a 75% or 50% increase based on their growth potential. The PMRDA is implementing the third Metro line, and the proposal is under consideration. However, there are concerns about the need for region-specific charges and potential amendments to the Maharashtra Regional Town Planning Act. Balancing infrastructure funding and affordability for homebuyers is crucial as the proposal progresses."
Reliance Industries is set to unveil Jio World Plaza, India's largest luxury shopping destination, on November 1. Located in Mumbai's Bandra Kurla Complex, the 750,000 square feet mall will host prestigious luxury brands like Bulgari, Cartier, Louis Vuitton, and many more. Notably, Bulgari will make its debut in the Indian market through this venture. The mall will provide exclusive services such as personal shoppers, VIP concierge, wedding concierge, and porter service, enhancing the luxury shopping experience in India. With the country's evolving luxury retail landscape and increased demand, this launch marks a new era in luxury retailing.
The Indian hospitality industry is witnessing a surge in investments from family offices and high net worth individuals (HNIs). In the first nine months of 2023, family offices have invested Rs 900 crore in hotels, which is two-thirds of the total investments of Rs 1,400 crore made in the industry. This marks a substantial increase compared to 2022 when family offices invested Rs 190 crore out of the total Rs 600 crore in the hotel sector. The investment momentum is expected to continue, reaching Rs 2,000 crore in 2023, driven by robust average daily rates (ADR) and occupancy levels in hotels across the country. Emerging markets like Ayodhya, Varanasi, Haridwar, and Rishikesh are also attracting investment.
Qdesq, an innovative coworking start-up, has secured undisclosed funding from venture capital firm Gruhas amid rising demand for flexible office spaces in India. Qdesq stands out with its tech-enabled coworking solutions and introduced Qudify, a cutting-edge SaaS platform, further enhancing its appeal. With a vast network spanning 4,300 centres across 100 cities and a monthly run rate of 6,500 desk reservations, Qdesq is a key player in India's coworking landscape. The recent funding will fuel its growth, enabling the company to expand its team and enhance its technological capabilities.
Ganesh Housing Corporation is partnering with US real estate firm Tishman Speyer to develop a massive IT Special Economic Zone (SEZ) called "Million Minds Tech City" in Ahmedabad, Gujarat, with an investment of Rs 8,000 crore. Spanning 65 acres near Chharodi village along SG Road, this SEZ will offer office space for IT and ITes companies, along with dedicated residential, commercial, and hospitality areas. The project will encompass 80 lakh sq.ft. of IT office space, 53 lakh sq.ft. of residential space, and more. It is expected to create direct employment for 1.6 lakh people and attract major tech companies like Apple, IBM, Google, and Amazon. The project will commence by 2026 and is aimed at positioning Ahmedabad as a hub for the IT sector.
The National Green Tribunal (NGT) has issued a crucial directive to the Haryana government, demanding a comprehensive review of stone-crushing units in Mahendragarh and Charkhi Dadri districts within eight weeks. This decision follows a report by the Haryana government, revealing that 49 out of 133 units in Mahendragarh violated environmental regulations, posing a significant threat to air and water quality. The NGT's action was prompted by a petition filed by a concerned resident, Vinod Kumar Jangra. The government has already closed non-compliant units, initiated air quality monitoring projects, and taken steps to address violations. The NGT's commitment to environmental and public health is evident, and the upcoming November 23rd review will be pivotal in addressing these environmental concerns.
European real estate stocks have plummeted to their lowest levels in nearly 12 years due to mounting concerns over financing issues triggered by rising interest rates. The Stoxx 600 Real Estate Index, which tracks major companies like Vonovia SE, British Land Co., and Unibail-Rodamco-Westfield, witnessed a 2.0% drop, poised for its lowest closing point since January 2012. This decline is adding to worries of declining asset values and escalating debt costs, which could necessitate raising capital for some companies. Lack of transactions are further impacting property prices in the region.
• A residential flat spanning 1,192 square feet on the 14th floor sold in Fortune Avirahi in Borivali West for INR 3.1cr <br>• A residential flat spanning 1,192 square feet sold in Meher Apartment in Altamount Road for INR 8.75cr
The Mumbai Repairs and Reconstruction Board (MRRB) has taken action against Satra Property Developers and Firstwave Developers, who are managing the redevelopment of Mahavir Building complex in Matunga. The MRRB issued a stop-work notice after the builders failed to settle outstanding rent payments to original occupants, consisting of more than 200 shopkeepers and tenants, despite a prior order to do so. Consequently, the MRRB revoked the No Objection Certificate (NOC) for the project and halted construction activities related to the property's sale component. The project is one of the largest redevelopment projects in Mumbai and aims to redevelop an area of 5560 sq.m. in Matunga East.
Shravan Kumar Chaudhary, director of Gujara Construction Pvt Ltd, was arrested at Delhi's airport over a fraudulent property deal involving over Rs 2.3 crore. The victim, Sushil Kumar of Noida, filed a complaint alleging Chaudhary duped him in a fraudulent property transaction. Chaudhary had claimed ownership of a seven-story building in Harola village, Sector 5, and promised to sell half of it for Rs. 9.50 crores. The real owner was later identified as the Noida Authority. Chaudhary is now in police custody.
The Prestige Group is embarking on a range of real estate projects across India, with a notable focus on luxury housing in Central Delhi in collaboration with TDI. They are actively seeking additional land in Delhi-NCR for more housing projects. In Aerocity, a significant commercial project featuring two large hotels is in progress, set to be completed by 2025-26. The group is also partnering with ACE Group for a mid-income housing project in Noida's Sector 150, with pending approvals related to a sports city. In Goa, the Prestige Group is working on the Prestige Ocean Towers and planning a hotel project in Morjim. Their diversification strategy spans various segments, including senior living, warehousing, retail, and office spaces, with a strong focus on the Indian market.
The Bombay High Court has criticized the BMC for inaction and permitted a tenants association to seek permission for the reconstruction of a demolished building. Chandralok building on Aarey Road, Pahadi village, was constructed in 1965. It was dubbed a C-1 category dangerous building by the BMC in 2014. In July 2019, the 103 tenants vacated the building and it was demolished. The owner - who is also lessee of the land - failed to take steps for reconstruction or redevelopment or provide alternative accommodation. The HC noted the obligation of the BMC to act when there is no owner-led proposal and upheld tenants' statutory right to reconstruction.
The Yamuna Expressway Industrial Development Authority (YEIDA) plans to launch a new residential plot scheme in January-February 2024 following the success of a recent scheme. The new scheme will offer over 2,000 residential plots near the upcoming Noida International Airport. While the exact sectors for these plots are yet to be finalized, the move comes in response to strong demand for residential plots in the region. A recent draw for 1,184 plots saw a remarkable 1.4 lakh applicants, indicating a robust demand for affordable housing options. The land acquisition process is underway, and the scheme is expected to be launched early next year, supporting housing and infrastructure development in the area.
The Ghaziabad Development Authority (GDA) has introduced an online platform to facilitate the sale of 1,629 units across various housing schemes, making property purchases more accessible. The units span a wide range, from affordable 1BHK and 2BHK apartments in Koyal Enclave and Indraprastha, to premium 2BHK, 3BHK, and 3BHK with a study in Madhuban Bapudham Pocket C. There are also 19 affordable MIG flats in Madhuban Bapudham Pocket B. Prices vary from Rs 10.8 lakh to Rs 69.4 lakh. Prospective buyers can reserve units by paying 10% of the flat’s cost online and can spread the remaining amount over 12 instalments within three years.
Embassy Office Parks REIT reported notable achievements in Q2 FY2024, leasing 2 million square feet of office space across 25 deals, resulting in a 4 percent revenue growth to Rs 889 crore. The diverse nature of these deals, with 1.2 million square feet from new leases and seven large deals over 1 lakh square feet, highlights the REIT's strong market position. Bengaluru and Mumbai drove 90 percent of leasing activity, while Embassy 247 in Mumbai achieved full occupancy. Infrastructure development included a 1 million square feet office tower in Bengaluru. The hospitality segment thrived with a 52 percent occupancy rate, 24 percent ADR growth, and an EBITDA of Rs 37 crores. The leasing pipeline for the full year is promising, leading to a revised FY2024 leasing guidance of 6.5 million square feet.
The Bank of New York Mellon Corporation (BNY Mellon), a prominent American investment banking services company, has expanded its presence in Pune, India, by leasing over 162,000 square feet of flexible workspace in Raheja Woods through a partnership with leading co-working provider 315Work Avenue. Situated in Pune's bustling Kalyani Nagar commercial hub, BNY Mellon now occupies five entire floors in this strategic location. This expansion is part of BNY Mellon's ongoing efforts to grow its presence in India, including a recent lease for a million square feet in Pune's Kharadi locality. With roots dating back to 1983 in Mumbai, BNY Mellon continues to enhance its operations across multiple Indian cities, serving its expanding client base.
Bengaluru's luxury real estate market is experiencing unprecedented demand, driven by high-net-worth individuals and start-up founders seeking opulent residences for tax-saving benefits. Exclusive properties like Adarsh Palm Retreat and Radical Rhapsody are highly sought after, resulting in surging property prices. The resale luxury home market is also flourishing, fuelled by employees cashing in their ESOPs. With the introduction of a capital gains deduction limit, HNIs are investing in luxury properties, and the future looks bright as India's population of wealthy individuals is predicted to grow significantly.
In order to reduce total debt while taking on new projects, Macrotech Developers has obtained Rs 650 crore from Standard Chartered Bank and Deutsche Bank to refinance expensive debt. The money was given out as non-convertible debentures (NCDs) with different interest rates and terms. The corporation wants to lower its net debt after making significant cuts since 2021. The company's rating was raised by Crisil, a sign that a plan to lower gross debt in fiscal 2024 is in place. This action demonstrates Macrotech Developers' deliberate attempt to streamline its debt and improve its financial structure in the midst of continuous operational growth.
Indian Bank has announced the winding up of its subsidiary, Ind Bank Housing Ltd, after the Reserve Bank of India (RBI) cancelled the certificate of registration (CoR) for the Housing Finance Company (HFC). The subsidiary, which had been non-operational for the past two decades, faced ongoing challenges, including mounting non-performing assets (NPAs). Indian Bank's Managing Director and CEO, S L Jain, emphasized that the decision to wind up the subsidiary is final, as the bank has entered the housing loan market itself, rendering the subsidiary redundant. Despite challenges, Indian Bank has reported strong financial results, including substantial growth in net profit and advances, and effective NPA management through recoveries from corporate clients.
The Panvel Municipal Corporation is proactively addressing property tax defaulters, serving pre-seizure notices to 750 individuals. These include owners of 100 industrial, 301 residential, and 349 commercial properties. The corporation has recorded its highest-ever property tax collection of Rs 200 crore in a six-month period. To encourage compliance, a 2% discount is offered for online payments via the 'PMCTAX APP.' Deputy Municipal Commissioner Ganesh Shete emphasizes including the property ID in property transactions. Teams responsible for issuing notices to high defaulters will be expanded, and the Superintendent of Taxes will lead a mobile number update initiative for seamless property tax transactions.
Two government offices in Nashik, including a central government establishment, have made headlines by clearing their property tax arrears, amounting to Rs 4.2 crore, owed to the Nashik Municipal Corporation. This follows the NMC's proactive campaign to prompt government offices to settle their property tax dues, as a collective Rs 20 crore in unpaid taxes looms over approximately 60 state and central government offices. One central government office opted for a service charge agreement, contributing Rs 1.7 crore to resolve their tax dues, while another office on Nashik Road, delinquent for nine years, paid an impressive Rs 2.5 crore in property tax. The NMC's pursuit of service charges from central government establishments aims to meet its property tax target of Rs 210 crore by year-end, and the engagement continues with various government offices to expedite tax settlements.
The Indian hotel sector is on track for a double-digit revenue growth in FY24 powered by robust domestic and international tourism, states a recent report by ICRA Limited. The growth got a boost from global events like the G20 Summit and ICC World Cup 2023 held in India. ICRA anticipates a 70-72% occupancy rate in premium hotels across India in FY24, with average room rates expected to hover around Rs 6,000 to Rs 6,200. The report highlights improved infrastructure, enhanced air connectivity, and a rise in MICE (Meetings, Incentives, Conferences, and Exhibitions) events as key drivers behind this optimistic outlook, indicating a resilient rebound for the industry post-pandemic.
The Navi Mumbai Municipal Corporation (NMMC) has been releasing 37 million litres of untreated sewage daily into Thane creek due to the shutdown of its sewage treatment plant (STP) amid a land dispute with CIDCO. The landowner claimed that he had not received compensation for the land acquired by CIDCO, leading to the dispute. The release of untreated sewage violates a Supreme Court order and could incur penalties from the National Green Tribunal. NatConnect Foundation, an NGO, raised concerns about this issue, emphasizing the threat to marine life and biodiversity in the creek. The NMMC is working to resolve the matter and reopen the STP. Swift action is essential to mitigate the ecological and public health risks posed by the untreated sewage discharge into the creek.
The Municipal Corporation of Delhi (MCD) is taking determined steps to address pollution and enforce environmental standards. Over a two-week period, they issued 24 challans with fines totalling Rs 8.2 lakh for violations related to construction and demolition guidelines. The MCD has deployed 511 surveillance teams to monitor environmental concerns, including open burning, illegal construction, waste dumping, and road dust. They've stationed anti-smog guns at high-rise buildings, landfills, and hotspot areas to combat air and dust pollution. The MCD's efforts are aimed at ensuring environmental compliance, especially in anticipation of the upcoming winter smog and pollution.
California grapples with a severe housing crisis, marked by a scarcity of affordable housing options and a substantial homeless population. Governor Gavin Newsom has responded by signing more than 50 housing-related bills, with SB 4, known as "Yes in God’s Backyard," drawing significant attention. This legislation streamlines the process for non-profit colleges, universities, and faith-based organizations to construct affordable housing on their existing land, allowing them to bypass certain environmental regulations and permitting requirements. UC Berkeley's Terner Centre for Housing Innovation has identified over 170,000 acres of underused land, presenting a significant opportunity to address housing needs, particularly for low-income and homeless individuals, through religious institutions and mission-driven organizations.
Chinese developer Country Garden Holdings Co has defaulted on a dollar bond and it has been declared for the first time. Trustee Citicorp International Ltd declared the default after the company failed to pay $15.4 millions of dollar bond interest within the grace period. This default, affecting one of China's largest developers, raises concerns about the nation's economy as the property market constitutes about 20% of its GDP. The firm has yet to officially default on any onshore bonds. Country Garden's default highlights the challenges faced by China's property sector and emphasises broader concerns in the global financial market. Experts are closely monitoring the situation for potential global economic implications.
CIDCO's 'Maha Nivas' housing scheme offers luxurious apartments to Maharashtra's legislators, judges, and bureaucrats at a fraction of the market rate, with price at about Rs. 19,500 per sqft, significantly lower than the area's market price of Rs. 30,000 to Rs. 60,000 per sqft. The scheme is part of a government initiative for specific VIPs and CIDCO is entrusted to construct and allocate the apartments on a lottery basis. It is designed by renowned architect Hafeez Contractor and encompasses 350 apartments on Palm Beach Road with carpet areas of 1270 sq ft and 1800 sq ft. CIDCO is welcoming applications till November 12 and has received 270 applications so far. While some praise the initiative, concerns have been raised within the real estate community about the pricing disparities and eligibility criteria.
Macrotech, a developer in Mumbai, has secured a Bombay High Court directive for a 50% premium rebate on the development of the Bradbury Mills plot in Byculla. The court determined that if a party or developer couldn't pay the premium due to reasons beyond their control, such as issues with the planning authority (BMC in this case), they should not be disqualified from the rebate scheme. The scheme, established to revitalize economic growth post-COVID-19, required applications to be submitted by December 31, 2021. The court upheld the developer's right to the rebate, emphasizing that they were not at fault for the delay due to BMC's misclassification of their application.
• A residential flat spanning 1,352 square feet on the 19th floor sold in One Marina in Marine Lines for INR 5.7cr <br>• A residential flat spanning 456 square feet on the 3rd floor sold in The Oasis in Belapur for INR 1.18cr
Kosmos Developers and West Avenue Realty have unveiled Eirene, an 18-storey luxury residential project in Dadar, Mumbai. The project features spacious 800 sq.ft. two-bedroom apartments, with opulent sea-view options on higher floors. Notable for its easy accessibility to key locations in Mumbai, Eirene is within walking distance of Dadar railway station and boasts proximity to landmarks like Siddhivinayak Mandir and Shivaji Park. The Bhoomi Pujan ceremony, attended by dignitaries including Deputy Chief Minister Devendra Fadnavis, marked the project's launch. Both developers expressed their commitment to delivering high-end luxury residences at affordable prices to meet market demand for modern smart living.
Roop Bansal, a promoter in the M3M group, has filed an anticipatory bail application in response to a corruption case he was implicated in earlier this year. The case involves Bansal, former CBI judge Sudhir Parmar, and Parmar's nephew, Ajay Singh Parmar, all held in Ambala jail for distinct legal issues instigated by the enforcement directorate. Bansal's legal woes began with his arrest in a 2021 money laundering case involving Ireo Realty Group's Lalit Goyal. His defence argues the case lacks credible evidence, mainly relying on WhatsApp messages and intercepted conversations. They challenge investigative procedures and emphasize the need for preliminary investigations, supported by legal precedents. This case remains a complex and high-profile legal battle with an upcoming bail application that has garnered significant attention and controversy.
In a pivotal ruling, the Bombay High Court reaffirmed the right of tenants in cessed buildings to receive 405 sq ft of carpet area for their rehabilitation flats. This decision came as a result of a writ petition filed by 59 residents of Mohamed Taibhai Chawl in Worli, contesting a developer's attempt to provide them with only 351 sq ft of carpet area under Section 33(7) of the Development Control and Promotion Regulations (DCPR) 2034. Armed with building plans obtained through the RTI Act, the residents argued for larger rehab flats, more parking space, and increased amenity open space.
The High Court of Bombay at Goa has taken a decisive stance against illegal construction in ecologically sensitive No Development Zones (NDZ). In a case involving a four-storeyed hotel built near the seashore without any necessary permissions, the court has ordered the structure's immediate sealing. The judgment emphasises the need for strict enforcement of environmental regulations and highlights the alarming prevalence of such illegal constructions near shorelines. This resolute action serves as a warning to potential violators and underscores the importance of protecting the environment and upholding regulatory compliance.
Almost 100 days after its launch, the Delhi Development Authority (DDA) has successfully sold nearly 2,300 flats. The housing scheme, which began on a 'first-come, first-served' basis in June, offered 5,600 flats in various configurations across Jasola, Rohini, Dwarka, Lok Nayak Puram, Narela, and Siraspur areas. 2BHK units in Dwarka, priced between Rs 1 crore and Rs 1.2 crore, were quickly snapped up. The surge in sales was attributed to measures like allowing the combination of two flats and physical property visits before purchase.
Justice Subodh Abhyankar of the Madhya Pradesh High Court has issued a directive to the Madhya Pradesh Housing and Infrastructure Development Board (MPHIDB), instructing them to settle their outstanding dues totalling Rs 435 crore. The court ordered the board to make the entire payment within a strict two-week timeframe upon receiving the certified copy of the order. Additionally, the order stipulates that the MPHIDB should transfer a sum of Rs 6.54 crore directly to a labour union as part of a settlement agreement. This legal action marks the end of a long standing dispute over a land where Hukumchand mills stood.
Antriksh NRI City, a Haridwar-based developer, has been ordered by the Uttarakhand state consumer commission to repay Rs 3 lakh plus 6% interest to petitioner Vikas Malik. Malik had initially paid Rs 6.4 lakh as part payment for a Rs 34 lakh plot but later wished to cancel the deal. The developer argued that the COVID-19 pandemic prevented the refund, a stance the commission rejected. They ruled in favour of Malik, emphasizing that banks and government institutions were operational during the pandemic, rendering the developer's excuse insufficient. In addition to the refund, the developer was directed to pay Rs 10,000 in litigation charges. This case underscores the importance of upholding contractual agreements even during unforeseen circumstances.
Alta Capital has secured a significant deal in India's largest student housing transaction by acquiring a 100 percent stake in Good Host Spaces for $320 million, marking the complete exit of Goldman Sachs and Warburg Pincus. Good Host Spaces operates purpose-built on-campus student housing assets at key universities. Founded in 2017, it manages an operational portfolio of around 25,000 beds across five cities, with plans for further expansion. The company partners with universities to offer specialized accommodations, enabling institutions to monetize non-core housing assets. The strong investor appetite for Indian real estate and the student housing sector is evident in this transaction.
Infibeam Projects Management, a subsidiary of Infibeam Avenues, has acquired a partially constructed Sintex Group corporate house near Vaishnodevi Circle in Ahmedabad for a reported sum of Rs 90–100 crore. The property spans 7,000 square metres with 4.20 lakh square feet of built-up area. Infibeam intends to transform it into a commercial space tailored for start-ups and IT companies. Vaishnodevi Circle is becoming a burgeoning corporate hub, drawing prominent companies to the area. Infibeam Avenues established Infibeam Projects Management to provide workspaces for fintech start-ups and IT firms, aligning with the growing appeal of Ahmedabad's cost-effective and talented IT workforce.
During the nine-day Navratri festival from October 15 to October 23, 2023, Mumbai witnessed a remarkable 37.4% year-on-year increase in property registrations. Knight Frank India, a prominent real estate consultancy firm, reported that 4,594 units were registered, up from 3,343 units in Navratri 2022. This surge generated a revenue of Rs 435 crore for the state exchequer. The daily average registration rate rose from 371 units in 2022 to 510 units in 2023. The surge was attributed to improved buyer confidence, stable interest rates, and a growing interest in larger homes.
The government of Maharashtra is actively tackling the issue of high premiums on real estate development projects in Mumbai, with plans to reduce them by 50%. This move aims to make Mumbai more affordable for homebuyers and businesses. It has garnered support from real estate developers and industry representatives. The reduction in premiums is expected to ease the financial burden on buyers and boost tax revenue for the government, ultimately promoting long-term economic growth for the city. A comparative analysis underscores the economic growth disparity between Mumbai and other major Indian cities and highlights the need for such measures to rejuvenate Mumbai's appeal as a thriving economic centre.
The Indian finance ministry has instructed state-owned banks to accelerate the development of an advanced property auction platform and mobile app. This move aims to enhance transparency in the sale of approximately 500,000 properties seized due to loan defaults. Prospective bidders will have access to property details, ownership type, photos, and videos. The new platform, an upgrade to the existing Indian Banks Auctions Mortgaged Properties Information (IBAPD) portal, is expected to go live by the end of the year. PSB Alliance Ltd. will oversee the upgrade of the IBAPD portal, further promoting transparency in property auctions.
Leasing of industrial and warehouse spaces in India's premier cities declined by 12% in Q3 2023, with a total of 6.2 million square feet leased, as per a Colliers report. While Pune dominated with a 24% share, Mumbai closely followed at 23%. Third-party logistics firms (3PLs) maintained their lead in the sector, contributing to 40% of the warehousing demand, followed by FMCG and automobiles. In terms of these substantial deals, Mumbai stood first, followed by Chennai. Despite the current dip, experts anticipate a resurgence in leasing activity in the final quarter of 2023.
The restoration of Mumbai's Haji Ali Dargah, a project initiated over 17 years ago, continues to face significant delays and challenges. Trustees and government officials, including the guardian minister and representatives from various agencies, have held multiple meetings to address the project's sluggish progress. The renovation effort is divided into two components: the restoration of the shrine complex and structures, managed by the dargah trust, and the reconstruction of the pathway leading to the shrine, overseen by the state government. The estimated costs for these components have significantly increased. The restoration aims to preserve the historical significance of the dargah, emphasizing the need for efficient project management in cultural heritage preservation.
Mumbai's present real estate construction boom has contributed to worsening air pollution. The ongoing real estate construction activity spanning approximately 3.24 crore square feet is equivalent to five times the size of Nariman Point. Since 2022, incremental construction in Mumbai has grown by 68%. This surge in construction is attributed to a government initiative in 2021 which halved premiums for developers, sparking a rush by developers to get projects approved. While this construction surge has driven housing production and the state's economy, it has come at the cost of increased pollution, with a noxious haze enveloping the city.
Lidl has become London's third-largest supermarket, claiming a staggering 91% market share. With over 100 stores in the M25 area and £9.3 billion in UK sales, their rapid rise is clear. Asda, now in fifth place, plans to counter this by opening 17 new convenience stores, having acquired 132 sites from the Co-op. Lidl's CEO, Ryan McDonnell, highlights their dedication to affordability and quality. Their vision includes 247 potential store locations in the UK and aims to reach 1,100 stores by 2025, underscoring London's evolving retail landscape.
The United States has witnessed a significant surge in the interest rate for the most popular home loan, reaching levels not seen since 2000. This is the seventh consecutive weekly increase, leading to a notable drop in mortgage applications to a 28-year low. Surprisingly, this surge is occurring despite the Federal Reserve pausing its rate-hike campaign. The rise in the 30-year fixed-rate mortgage closely follows the upward trajectory of the 10-year Treasury note yield, a key benchmark for long-term borrowing rates. This situation raises concerns about housing affordability, compounded by rising home prices and supply chain disruptions. The complex interplay of economic factors is challenging for prospective homebuyers and the real estate market. The housing sector's evolution in the coming months will be closely watched.
DNE Group, a Shanghai-based company formed through a merger in 2021, is partnering with Bain Capital in a $250 million joint venture to invest in manufacturing park assets in China. DNE specializes in smart manufacturing facilities for products like automobile parts and integrated circuits. They also develop and manage real estate in sectors such as logistics, cold chains, life sciences, and office buildings. In this joint venture, DNE will handle project management, while Bain Capital is the strategic investor. This collaboration comes as China seeks to upgrade its manufacturing sector by encouraging investment in advanced fields like chipmaking, data centres, and robotics.
Dubai’s real estate market witnessed substantial growth in the third quarter of the year. Property consultancy ValuStrat reported a 6.1% quarterly increase in the ValuStrat Price Index (VPI) for the residential market, with villa and apartment prices rising by 7.6% and 4.8%, respectively. Additionally, prime properties experienced significant gains, with prime property valuations increasing by 16.5% annually. The economic impact of Expo 2020 Dubai and higher oil prices further contributed to this growth. Off-plan property transactions also saw a surge, with a 19.1% annual increase, representing Dh36.9 billion in investments. Popular transaction areas included Jumeirah Village, Dubai Marina, Business Bay, Downtown Dubai, and International City.
Piramal Group has profitably divested Rs 531 crore in distressed loans linked to its Advantage Raheja exposure, including prominent properties like the JW Marriott in Bengaluru and Crowne Plaza in Pune, to Omkara Asset Reconstruction Co. This strategic transaction concluded at a premium, yielding a substantial gain exceeding Rs 700 crore. In addition, Piramal successfully sold an outstanding loan pool worth Rs 3,656 crore to Omkara ARC, achieving a commendable 17 percent recovery. Piramal's current focus involves building a new asset-backed wholesale portfolio called 'Wholesale 2.0,' prioritizing real estate and corporate mid-market lending while resolving stressed loans to enhance asset quality and reduce the wholesale AUM.
Jailed builder Jayesh Tanna, along with his brother Deep and son Vivek, face a ninth FIR for allegedly cheating 28 flat buyers of Rs 40 crore. Tanna, imprisoned at Arthur Road jail, is implicated in multiple cases across Mumbai, primarily involving the sale of flats to third parties. The latest complaint revolves around a 2012 redevelopment project in Goregaon, where Tanna was redeveloping a building. A buyer, Bhavin Barot, booked a flat for Rs 1.6 crore with possession due in 2013, but encountered disputes in 2016. Eventually, he found that 27 more flat buyers were affected and approached the police. The case may be transferred to the economic offenses wing.
The Indian government has announced an accelerated timeline to achieve its 'housing for all' initiative in rural India, now targeting completion by December 2023, three months ahead of the previous deadline. Under the Pradhan Mantri Awas Yojana (Gramin), the government aimed to build 29.5 million houses for rural families. As of September 30, 24.5 million houses were constructed, with the rest set to be finished by the new December target. The initiative reflects the government's proactive approach toward fulfilling housing promises, highlighting its commitment to rural development and providing housing for millions of families across the country.
Delhi's 2018 land pooling policy, designed to revamp 105 villages within P-II, K-I, L, N, and J zones, has hit a roadblock as it garners limited interest from landowners. The policy mandates that landowners form a consortia to collectively pool land, with 70% of the land required for development needing to be contiguous and free from encumbrances. Despite its potential to unlock urban development opportunities, the low uptake underscores challenges and skepticism faced by landowners, possibly due to complexities and uncertainties associated with the policy. Delhi Development Authority (DDA) continues to encourage participation, hoping to boost this redevelopment initiative.
In its ongoing investigation into Kerala's LIFE Mission, the Enforcement Directorate (ED) has confiscated assets totalling Rs 5.38 crore. LIFE Mission was meant to aid flood victims who lost their homes. The assets, linked to alleged money laundering, include properties and bank balances of Santhosh Eappen and Swapna Suresh. The probe reveals a suspected conspiracy involving officials from the UAE consulate and Kerala government to divert funds from the Red Crescent donation. Further revelations point to illicit overseas transfers and involvement of several high-profile names. The investigation continues and more details emerge.
Eight individuals have been charged by Division 8 police in Ludhiana following a nearly 8-year investigation into a property fraud in Ghumar Mandi. The accused allegedly forged documents to claim and sell a property originally owned by the complainant's maternal grandfather. The fraud came to light when Vinod Kumar, a descendant and rightful heir, raised suspicions after discovering discrepancies in property records. While charges have been filed, no arrests have been made yet.
Qualcomm is set to bolster its presence in the technology hub of Bengaluru with a significant expansion. The company has secured 600,000 square feet of office space at Bagmane Capital-Angkor, an established location for tech enterprises. This expansion will be executed in two phases, ultimately spanning the ground floor and 12 additional levels within the forthcoming facility. According to official documents, Qualcomm is committed to a lease term of 108 months, pointing to the company's commitment to the region and its mission to be part of the flourishing tech ecosystem in Bengaluru.
The state has generated a significant revenue of Rs 3,597 crore through the Metro cess, a 1 percent stamp duty imposed on property registrations in major cities. Initially introduced in 2019 to fund crucial public infrastructure projects, the cess was briefly suspended in 2020 due to the pandemic and reintroduced in 2022. Revenue is collected through stamp duty on property transactions. Mumbai's stamp duty increased from 5 percent to 6 percent, while other cities went from 6 percent to 7 percent, adding around Rs 50,000 to property costs. Despite concerns, experts believe the cess will persist as long as property sales remain robust.
PNB Housing Finance has released impressive financial results, with a striking 45.83% increase in consolidated net profit during Q2 FY24, reaching Rs 383 crore compared to the previous year. Their total income also saw robust growth, surging by 5.70%. The credit for this achievement goes to successful efforts in resolving a major corporate account, which significantly reduced their non-performing assets. With a solid financial position, boasting a strong CRAR of 30.38%, PNB Housing Finance demonstrates robust performance and a commitment to affordable housing, reflecting its unwavering dedication to financial excellence and growth.
Karma Group, led by Chairperson and CEO John Spence, is redefining luxury hospitality with its unique members-only model. They plan to invest $100 million for expansion and have partnered with EY to explore diverse financing options. Their focus on exclusivity and tailored experiences, akin to elite membership clubs, has garnered them around 85,000 members, including 25,000 from India. Recognizing evolving consumer preferences, Karma Group emphasizes the entertainment aspect of hospitality, creating memorable experiences. Their prudent financial strategy, with minimal debt exposure, and a global presence, including 15 resorts in India, mark them as pioneers in the luxury hospitality industry.
Construction of Navi Mumbai airport faces delays, with anticipated commercial operations in 2025 instead of 2024, per CAPA. The Adani Group, responsible for the project, insists it will meet the original December 2024 target. Mumbai International Airport Limited (MIAL), another Adani Group entity, is also investing in enhancing efficiency and capacity. The proximity of the Navi Mumbai Airport aims to alleviate congestion at the Mumbai Airport. The Navi Mumbai Airport is set to accommodate up to 20 million passengers initially and expand to 90 million by 2032. Mumbai Airport, even before the pandemic and Jet Airways' 2019 bankruptcy, faced infrastructure challenges, operating at near full capacity.
Ludhiana Municipal Corporation (MC) officials are anticipating the introduction of a one-time settlement (OTS) policy to regularize illegal buildings, mirroring a similar policy applied in areas outside the MC's jurisdiction, under GLADA's control. The impending municipal corporation elections are expected to prompt this move, although it has stirred criticism from city activists who accuse the government of promoting violators. An MC official stated that the policy could lead to the regularization of many illegal buildings, though the exact number remains unknown as no survey has been conducted yet.
Aurum PropTech has reported a net consolidated loss after tax of Rs 23.89 crore for the quarter ending on September 30, 2023, in contrast to a loss of Rs 10.82 crore in the corresponding quarter of the previous fiscal year. However, the company displayed robust growth in net consolidated total income, with Q2 FY24 witnessing a substantial income of Rs 57.53 crore, marking an 86.54% increase from the same quarter in the previous year. The company's Executive Director, Onkar Shetye, highlighted a significant reduction in losses incurred by NestAway, putting them on track to break even by the end of this financial year.
China's real estate market continues to face challenges as new home prices decreased for the third consecutive month in September. Data from the National Bureau of Statistics shows a 0.2% monthly drop, and there is still a 0.1% decrease year-on-year. Property sales and investment are also declining, despite government policy stimulus measures aimed at boosting the property sector. Stabilization of buyer sentiment is being observed, but the complete recovery of the property market hinges on the fourth quarter's performance. Lower-tier cities face more significant challenges due to weaker economic fundamentals and oversupply issues, highlighting the need for effective debt resolution for private developers.
The Ontario government is embarking on an ambitious plan to address the housing crisis in the Greater Toronto Area by creating vibrant transit-centred communities around upcoming transit stations. This initiative, featuring over 5,900 new housing units and enhanced public transit access, is poised to revolutionize urban living and generate more than 1,900 jobs. Minister of Infrastructure Kinga Surma underscores the need for affordable, accessible, and community-rich neighbourhoods, aimed at lightening the financial burden on taxpayers. The proposal envisions diverse transit-centred communities and underscores a commitment to public engagement for shaping sustainable, inclusive urban spaces.
The Hong Kong government's Town Planning Board has defended its decision to temporarily rezone part of the Fanling Golf Course from “residential” use to "undetermined" to facilitate a controversial public housing plan. This rezoning provides a buffer period for a review of the land's layout and development parameters. The golf club had launched a legal challenge to the government's approval of an environmental report for the housing plan, citing a lack of public consultation and ecological concerns. The court suspended the report, emphasizing environmental and cultural heritage risks. The long-term use of the site will be confirmed after reviews and legal proceedings.
"• A residential flat spanning 810 square feet on the 1st floor sold in Green Acres in Andheri West for INR 3cr. • A residential flat spanning 1,412 square feet sold in Sheth Beaumonte in Sion West for INR 5.18cr "
Bollywood actress Preity Zinta has acquired a luxurious apartment in the posh Pali Hill area in Bandra for a whopping Rs 17 crore. Located on the 11th floor of the exclusive Rustomjee Parishram residential tower, this 1,474 sq ft apartment includes two reserved parking spaces and an additional 90 sq ft of exclusive space. The property was purchased from Keystone Realtors Limited, a listed entity of the Rustomjee Group. The actress paid a stamp duty of Rs 85.07 lakh for the property. This purchase follows a trend of high-profile acquisitions by Bollywood actresses in Mumbai's thriving real estate market.
Greater Noida is leading the charge in India's residential real estate market, with a remarkable 38.9% increase in property searches during Q3 2023, positioning it as the top city out of 13 major Indian cities. This surge is attributed to rising demand and a 6.7% decrease in supply, potentially signalling a supply-demand gap. Notably, 3BHK units are in high demand, making up over 47% of all property searches, in line with the growing preference for luxury residential properties. Other cities, like Delhi and Gurugram, also saw an increase in searches and property prices. These findings reflect significant transformations in India's real estate landscape, attracting attention from industry stakeholders.
Signature Global (India) has acquired 25.75 acres of land in Gurugram for a significant group housing project, withholding deal details. The acquisition involves prime land in Gurugram, offering a vast development potential of 3.25 million sq. ft. The company is also in advanced negotiations for joint development agreements for 16.12 acres and collaboration agreements for 4.26 acres in the same vicinity. Financially, it experienced a 37.57% increase in pre-sales in H1 FY24 and reported a 64.92% growth in collections. Signature Global recently launched a successful initial public offering to raise Rs 730 crore, further solidifying its presence in real estate.
• A residential flat spanning 381 square feet on the 25th floor sold in Dynamix Avanya in Dahisar East for INR 64 lacs <br>• A residential flat spanning 585 square feet on the 19th floor sold in Address 51 in Bandra West for INR 1.92cr
The Rustomjee Group, in partnership with Keppel, has introduced the magnificent La Vie at Rustomjee Uptown Urbania. This grand project, spanning 8.5 acres within a vast township, features eight independent towers, each rising to 55 stories, designed by acclaimed architect Hafeez Contractor. La Vie offers a variety of residential options, with Tower B providing 2-bedroom apartments, and Tower C offering spacious 3-bedroom homes. The location in Thane offers easy access to major business hubs, making it a preferred choice for urban convenience and natural beauty. La Vie redefines modern living, community harmony, and the promise of a brighter future.
The Atal Apartments project in Ludhiana faces mounting discontent among its allottees due to prolonged construction delays. The ambitious initiative, with 576 flats and a budget of Rs 250 crore, has been in progress since 2008, testing the patience of homebuyers. The Ludhiana Improvement Trust (LIT) had received state government approval for the project but construction remains stagnant. Tenders for crucial amenities like a community centre and multi-storey parking have also been halted. LIT officials cite the need to renew environmental clearance, which was granted in 2017 and is valid until 2027, after project redesign. While they assure construction will begin soon, allottees are concerned that upcoming elections may further delay the project.
Arvind SmartSpaces Ltd, a leading real estate developer, is set to undertake a new residential project in Bengaluru's thriving Bannerghatta Road micro-market. This venture, acquired through HDFC Platform 2, offers an estimated 4.6 lakh square feet of saleable area and a revenue potential of around Rs 400 crore. This strategic expansion aligns with Arvind SmartSpaces' commitment to diversify its real estate offerings, addressing both horizontal and vertical developments in Bengaluru and Ahmedabad. With the buoyant real estate market and fresh investments of Rs 1,000 crore, the company aims to achieve a record-breaking year in new project additions.
In Gurugram, homebuyers in nine affordable housing projects, linked to developers Mahira Homes, Ocean Seven Buildtech (OSB), and Orris Infrastructure, may find relief from their long wait for possession of their flats within the next three to four months. The Department of Town and Country Planning (DTCP) is actively addressing these issues following complaints from around 5,000 homebuyers. They have been plagued by various problems, including financial irregularities and suspended construction. With around 15,000 affected homebuyers, they are hopeful that government intervention will bring a resolution to their prolonged anxieties and uncertainties.
In a recent development, the Madras High Court has rejected a set of petitions filed by Neomax and its subsidiary companies, including Garlando Properties, Transco Properties, Tridas Properties, and Glowmax Properties. The pleas sought the appointment of a commission, led by a retired high court judge, to address land settlements for depositors. Allegations of money fraud were raised against the companies by the Madurai EOW police in June. Deposit-holders had made advance payments for land purchases, backed by booking confirmation receipts.
The Bombay High Court has expressed deep disappointment with the police investigation into a multi-crore housing scam involving Karrm Infrastructures (Pvt) Ltd. In their written order, the justices reprimanded the investigating police and directed the Director General of Police, State of Maharashtra, to transfer the case to a police officer with the rank of Commissioner of Police. They also mandated that the inquiry report be submitted within four weeks. The court raised serious concerns about the police's inability to respond adequately to its queries and directed the initiation of mediation to devise a comprehensive scheme for the victims. The housing scam involved thousands of flat buyers who were deceived by the developer.
The Bangalore Development Authority (BDA) is facing a lack of interest from potential buyers in its auction of corner sites due to the absence of geo-tagging. The BDA presented 123 corner and middle sites for auction, but since these sites are not geo-tagged, prospective buyers are finding it challenging to locate and assess the plots using platforms like Google Maps. The absence of geo-tagging has raised concerns among buyers who fear that friends and family may have difficulty finding the plots if they decide to construct a home there. The BDA has acknowledged this issue and is working to address it. Some customers have also highlighted the challenges of locating sites in the rapidly changing Bengaluru landscape. The absence of geo-tagging has become a significant concern for both authorities and potential buyers in the region.
The Delhi Development Authority (DDA) has achieved an impressive milestone by selling approximately 40% of its previously unsold inventory of 2,236 flats in Phase 1 of its housing scheme. This accomplishment, which generated Rs 506 crore in revenue, underscores the enthusiastic response from potential homebuyers in Delhi. Despite initial concerns regarding the sale of economically weaker section (EWS) flats, the DDA has successfully sold various flat categories in different locations. The LG has set ambitious targets for the current fiscal year, aiming to sell at least 40% of the total unsold inventory. The DDA's proactive measures to enhance the appeal of certain areas have contributed to this success.
The Maharashtra state cabinet has approved various initiatives, including Rs. 25 crore for a cluster redevelopment project in Thane, focusing on providing affordable housing in underprivileged areas. The funds were allocated from the Mahatma Phule Backward Class Development Corporation, and the redevelopment will be executed by a subsidiary of the corporation. Additionally, the cabinet sanctioned government banking transactions through the state cooperative bank, aimed at supporting the cooperative sector. The cabinet also greenlit a power project in Koradi, and extended a scheme to pay interest on loans for cooperative spinning mills. Other amendments and initiatives were also passed.
The Karnataka Real Estate Regulatory Authority (KRERA) has taken an important step in addressing an issue with a housing project near Bengaluru. KRERA has ordered the developer, Shree Senior Homes, of a senior living project named Sharadindu State III, to transfer a corpus fund of Rs 62.26 lakh to the Resident Welfare Association (RWA) of the project. This directive follows the RWA's request for relief due to the developer's failure to transfer the corpus fund, despite maintaining the project since 2016. The decision highlights KRERA's commitment to protecting the rights and interests of homebuyers and RWAs in real estate developments.
Property developers in India are underutilizing available credit lines for construction finance due to their strong residential sales and substantial collections. Despite having access to low-interest construction finance, developers typically utilize only 70-80% of sanctioned limits. Robust residential sales in major Indian cities have created cash surpluses, reducing the need for external funding. The strong cash flow allows developers to sell properties at current prices without higher borrowing costs, while selectively using credit lines to pay off expensive debt and boost credit ratings. This shift in the property market reflects the current economic cycle, with developers relying less on external construction finance.
The Department of Town and Country Planning (DTCP) in Gurugram has conducted sealing drives against unauthorized construction and illegal commercial activities in licensed colonies, recovering a total of Rs 1 crore in penalties and bank guarantees from violators. Around Rs 50 lakh was collected through penalties and bank guarantees for de-sealing buildings closed citing various violations. Additionally, approximately Rs 50 lakh was collected by granting permissions to property owners for running non-nuisance commercial activities. The DTCP has issued permits for various non-nuisance activities, including those by lawyers, doctors, tax consultants, and architects, and collected revenue of around Rs 59 lakh from these permits.
Darjeeling's Gorkhaland Territorial Administration (GTA) has leased out nine tourism properties in the Sandakphu-Phalat area to private parties due to their failure to generate sufficient revenue. These properties, mostly lodges and trekking huts along the Himalayan trail, were found to be in need of repairs estimated at Rs 6.72 crore. Sandakphu, the highest point in Bengal at 12,000 feet, is renowned for its trekking trail. The leasing decision has sparked controversy, with some alleging favouritism in property selection. GTA member Noran Sherpa defended the process, noting that a committee assessed properties' financial health before leasing them.
The Mumbai Metropolitan Region Development Authority (MMRDA) has received approval from the State Board of Wildlife to cut down 122 trees in the core area and eco-sensitive zone of Sanjay Gandhi National Park (SGNP) to construct twin tunnels connecting Borivali to Thane. These tunnels, part of a project valued at Rs. 18,795.70 crore, will also involve drilling 27 holes using explosives. The decision was taken at a board meeting chaired by the forest minister but kept confidential due to fears of potential backlash. Environmentalists have expressed concerns, noting the potential harm to wildlife and the need for further clearances for the project.
Jewar, a town in Uttar Pradesh, has been experiencing significant transformation due to the construction of the Noida International Airport. The area has attracted real estate developers, investors, warehouses, hotels, universities, and even Bollywood actors and producers. The Yamuna Expressway Industrial Development Authority (YEIDA) has launched various schemes linked to the airport, including residential, commercial, industrial, education hub, and film city sectors. High-rise residential projects by renowned developers like ATS, Oasis, and the Gaur Group have already been completed, boosting the real estate market. The government aims to turn Jewar into a thriving corporate hub akin to Gurugram, driven by the airport's strategic location and connectivity.
Fashion designer Stella McCartney and her husband, Alasdhair Willis, are facing objections from local residents over plans to build a modernist home on a coastal site in the Highlands of Scotland. More than 50 objections have been raised, with critics expressing concerns about the impact on the natural environment. They urge McCartney, known for her environmental advocacy, to adopt a more eco-friendly design that blends with the surroundings and preserves the local landscape. The proposed construction aims to be site-specific, prioritizing privacy and seclusion. The plans are under review by the Highland council, and the location, known as Commando Rock, holds historical significance from World War II, with stunning views of nearby islands.
In Chicago’s Hermosa neighbourhood, Walt Disney’s childhood home recently opened to the public for the first time during the Chicago Architecture Centre’s Open House event. The tour showcased the modest cottage where Walt and his family lived, with fascinating insights into the life of his father, Elias Disney, a multifaceted man who worked as a construction worker during the 1893 World’s Columbian Exposition. Visitors explored the parlour where Elias might have played the fiddle and heard stories of the fair’s innovations. The tour also included a look at the family’s dining room, kitchen, and bedrooms, shedding light on the early years of the Disney family. Despite initial resistance to designating the property as a historical landmark, efforts are now underway to restore it to its 1901 state.
China Evergrande Group, facing a severe debt crisis, has announced plans to revise its offshore debt restructuring deal amidst challenges, including its founder's investigation for unspecified crimes and the inability to issue new debt due to ongoing investigations. The lack of specific details in the announcement has left stakeholders in a state of unease, raising concerns about the company's financial stability. Evergrande's struggles have sent shockwaves through global financial markets, prompting increased vigilance among investors and policymakers. The outcome of its restructuring attempts holds immense significance for the real estate sector and the broader Chinese economy, leaving stakeholders eagerly awaiting updates.
Maharashtra has introduced transliteration software to simplify access to land records for citizens from outside the state. This tool enables users to read and understand land records in 22 regional languages. In response to difficulties caused by linguistic barriers, this initiative aims to facilitate property transactions and legal matters across state borders. The Record of Rights (RoR), typically maintained in local languages, contains essential information about land holdings. The software allows users to transliterate RoR details into their preferred regional language, making land records more accessible and comprehensible. Further enhancements, including translation tools, are in the pipeline.
• A residential flat spanning 1,233 square feet on the 5th floor sold in Runwal Elegante in Andheri West for INR 4.65cr <br>• A residential flat spanning 1,201 square feet on the 5th floor sold in Lodha The Park in Worli for INR 5.69cr
Godrej Landmark Redevelopers, now part of Godrej Projects Development, a subsidiary of Godrej Properties, has been issued a GST demand order of Rs. 129.39 crore along with interest and a penalty of Rs 129.39 crore by the Additional Commissioner of CGST & C. Ex. in Navi Mumbai. This order is related to alleged non-payment of GST concerning a Mumbai project by GLRPL. The company intends to challenge the order through the appropriate legal channels, stating no significant impact on its operations. Recently, Godrej Redevelopers (Mumbai), another subsidiary, also faced a similar order. Furthermore, CIDCO also cancelled the allotment of plots to Godrej Properties but the company has challenged this cancellation in court.
Builder from Mumbai, Suresh Bhatade, has been placed under judicial custody in connection with the illegitimate sale of six apartments at Pioneer CHS, Panvel, for a total of Rs 4.3 crore. After eluding authorities for more than two months, Bhatade's arrest represents a major step in combating fraudulent activities in India's real estate market. The dismissal of the anticipatory bail requests of two additional builders, one of whom was a former assistant commissioner of income tax, highlights the necessity of strict regulatory measures and open property transactions in order to rebuild confidence in the real estate market.
91Springboard, a major player in India's coworking and flexible workspace industry, has launched its Platinum Hub in the prestigious DLF Cyber City of Gurugram, a prime location for businesses. This marks their sixth workspace in Gurugram and 11th in the National Capital Region, aligning with Gurugram's growth as a primary business destination. Reports from Cushman & Wakefield and Knight Frank indicate Gurugram's dominance in the Delhi-NCR workspace market. This expansion brings their total workspaces in India to 28, offering top-notch design, comfort, and customization options.
Operator of co-living spaces Settl is getting ready to open ten new locations in Chennai, which will involve a major expansion. Settl, which currently oversees 3,500 beds in Bengaluru, Gurugram, and Hyderabad, is meeting the increasing need for high-quality, completely managed rental properties. Chennai is an unexplored market with a ton of opportunity for co-living communities. By the conclusion of the fiscal year, the corporation hopes to have increased the number of beds in the city from 300 to 1,000. Their well-placed closeness to major business areas seeks to facilitate hassle-free managed living while cutting down on working professionals' commuting hours.
The Enforcement Directorate (ED) has arrested Rajpal Walia, director of Pushpanjali Realms and Infratech Limited, under the Prevention of Money Laundering Act (PMLA) for cheating flat buyers in Dehradun. The ED's intervention stemmed from an FIR filed against the company for fraudulent activities. The investigation revealed the diversion of advance payments from flat buyers for other purposes, totalling Rs 31.15 crore. The ED has attached the proceeds of the crime in the form of immovable properties. This action underscores the authorities' commitment to justice, emphasising the need for due diligence in real estate transactions.
The real estate development in Maharashtra's coastal zones is set to receive a significant boost as the state government permits local authorities to approve construction plans within certain limits without seeking permissions from the Maharashtra Coastal Zone Management Authority (MCZMA). Maharashtra is among the first states to implement this directive, allowing local authorities to grant approval for self-dwelling residential developments up to 3,229 sq ft space without MCZMA recommendations, potentially reducing approval timelines. This decision will facilitate previously stalled coastal development, promoting tourism-related activities along the shoreline. Projects like plotted developments and villa constructions, which have gained traction in recent years, will benefit from this move.
Pune's Slum Rehabilitation Authority (SRA) has issued notices to 22 developers for significant project delays, ranging from five to seven years. Developers attribute the delays to landowner resistance and commit to resolving issues through renewed negotiations. The SRA emphasises developers' responsibility for initial house repair and maintenance post-rehabilitation, actively securing insurance policies for support. With 166 ongoing projects and 61 completed, over 10,800 slum dwellers have been rehabilitated. Challenges persist due to resistance and spatial allocation concerns, but ongoing efforts underscore Pune's commitment to inclusive housing solutions and sustainable urban development.
Mumbai's real estate market has been rattled by a controversy involving fake seals. Five people were detained in August on suspicion of using fake paperwork to develop 55 residential buildings and deceiving buyers since 2015. Among the suspects were a rubber stamp manufacturer, real estate brokers, developers, and a home loan services provider. From sub-registrar offices, architects, and the Vasai Virar Municipal Corporation, among others, they had obtained 115 counterfeit seals. There are now more builders implicated in this fraudulent activity, according to additional investigations, which raises questions about the scope of this forgeries in Mumbai's real estate industry.
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The Jharkhand government has approved a Rs 16,320 crore project, 'Abua Awas Yojna (AAY),' to build 8 lakh houses for the needy by March 31, 2026, as pledged by Chief Minister Hemant Soren. The project is divided into phases, with a focus on providing clean and decent three-room houses to marginalized communities. It aims to benefit families living in inadequate housing conditions and includes criteria to prioritize the neediest while excluding certain groups, such as those with existing permanent residences or significant land holdings.
The High Court of Karnataka has ordered the Chief Commissioner of the Bruhat Bangalore Mahanagara Palike (BBMP) to digitize all property documents, including old records, and restrict access to authorized officers. The directive, prompted by a petition from Aslama Pasha regarding a building construction dispute, emphasizes that BBMP should serve as the custodian of records and coordinate access within its departments. The court encourages efficient information sharing among BBMP departments, and collaboration with the government's e-Governance Department to create a consolidated repository of property documents. This move modernizes document access, enhances transparency, and streamlines property-related matters, ultimately expediting transactions and dispute resolution.
The Calcutta High Court has instructed the Bidhannagar Municipal Corporation to demolish an unauthorized construction in Shantinagar, Salt Lake Sector V, setting a 1 pm deadline for completion, alongside the disconnection of power and water supplies. The order, issued by Justice Abhijit Gangopadhyay, came after the builder failed to comply with a previous court summons. Residents were granted the right to approach the court for rehabilitation. While the demolition process began, it faced resistance from locals, echoing previous attempts to demolish illegal structures. The court's ruling signifies a critical step in addressing safety, infrastructure, and urban development concerns associated with unauthorized constructions.
The Chennai Metropolitan Development Authority (CMDA), in partnership with Cushman and Wakefield, has initiated a comprehensive study titled 'Housing Demand and Supply within Chennai Metropolitan Area (CMA).' This study aims to address the complexities of housing development in the Chennai Metropolitan Area through data-driven decision-making. The study covers various growth corridors within the CMA and examines multiple demand drivers, including floor space index (FSI) increases and the transfer of development rights. The recent expansion of the Chennai Metropolitan Area's footprint to 5,904 square kilometres has prompted the CMDA to formulate both the third master plan for the original area and a strategic regional plan for the newly added regions.
The ASK Group, which is supported by Blackstone, has unveiled a new property fund worth Rs 1,500 crore, building on the success of their earlier real estate fund. The group intends to complete fundraising by March and make approximately 8 to 10 investments across India's top five cities. The fund manager, ASK Property Investment Advisors, has a track record of raising over Rs 6,100 crore from a diverse set of investors, including family offices, high-net-worth individuals, and institutions. They are significantly contributing to the growth of India's real estate sector, with PE investments in the sector projected to reach $5.6 billion in 2023.
Under the visionary leadership of Deputy Chief Minister and State Finance Minister Ajit Pawar, the state government is launching an award scheme to celebrate and incentivize conscientious property taxpayers. This initiative recognizes the remarkable dedication of 660,785 property owners who have diligently fulfilled their tax obligations, resulting in collections exceeding 300 crores. A total of 45 rewards amounting to Rs 1 crore will be distributed to lottery winners, fostering a culture of on-time tax payments. Pune Municipal Corporation (PMC) initiated this commendable endeavour, setting a property tax collection target of Rs 2,318.1 crore for 2023–24, with innovation and vision at its core.
Can Fin Homes report an 11.54 percent growth in net profit to Rs 158.07 crore for Q2 FY24. Total income from operations surged by 32.47 percent to reach Rs 871.03 crore, and net interest income increased by 26.1 percent to Rs 316.8 crore. An internal fraud incident in the Ambala branch resulted in a fund defalcation of Rs. 39.67 crore, prompting Can Fin Homes to file an FIR and fully provide for the amount, with a post-tax impact of Rs. 29.69 crore. As of September 30, 2023, the company showcased a strong financial position with a net worth of Rs 3,961.32 crore, a debt-equity ratio of 7.73, and NPAs.
Afcons Infrastructure has completed the 13.1 km section of India's Samruddhi Expressway between Thane and Nashik, officially called Package 14, ahead of schedule. This achievement includes constructing the nation's widest tunnels, measuring 17.6 meters in width, along the Igatpuri-Kasara Ghat route. The tunnels have modern safety features and are equipped with advanced ventilation and fire protection systems. Additionally, a 1.2 km viaduct bridge with a height of 60 meters, spanning 29 spans, was successfully constructed. The project was carried out under pandemic restrictions between March 2020 and May 2021 and despite facing significant challenges due to heavy rainfall in the region, the project has been completed ahead of schedule.
The Kopri rail overbridge (ROB) in Mumbai, intended to ease traffic congestion in Thane, has deteriorated in less than nine months since its inauguration. Cracks, uneven patches, and potholes have appeared, revealing subpar construction by the Mumbai Metropolitan Region Development Authority (MMRDA) and Central Railway authorities. The bridge, which cost over 250 crore to build, has experienced recurring issues despite repair work in July. Concerns have been raised about construction quality and the use of the Ultra-Thin White Topping (UTWT) method, which may not provide the durability required for long-lasting infrastructure. The focus on contractor-led projects over engineer-led initiatives has also been criticised.
Surinder Chawla, the MD and CEO of Paytm Payments Bank, invested Rs 20 crore in two duplex apartments within the Indiabulls 'Sky Forest' tower in Mumbai's Lower Parel. These apartments span 2516 square feet across the 42nd and 43rd floors and come with four parking spaces. The apartments are valued at over Rs 57,300 per sq. ft, including rights to 972 sq. ft of exclusive area. The transactions were completed in August, incurring a stamp duty of Rs 60 lakh each. Chawla's investment is part of a growing trend among bankers and tech leaders diversifying their wealth through substantial real estate acquisitions in Mumbai, a city with a thriving real estate market.
"• A residential flat spanning 578 square feet on the 1st floor sold in Veena Serene in Chembur for INR 1.45cr. • A residential flat spanning 1586 square feet on the 15th floor sold in L&T Seawoods in Seawoods, Navi Mumbai for INR 5.30cr "
DLF and Shapoorji Pallonji (Chinsha Property) have entered into a legal dispute with their partner, Hubtown, and Punjab National Bank Housing Finance Limited over a defaulted Rs 800-crore loan for a slum redevelopment project in Tulsiwadi, South Mumbai, valued at Rs 10,000 crore. DLF and Shapoorji Pallonji proposed to pay Rs 1,450 crore for the entire joint venture shareholding, including Chinsha and Hubtown, but received no response from Punjab National Bank Housing Finance Limited. The bank transferred the loan to Omkara Asset Reconstruction Company Ltd, which subsequently sold the pledged shares to an undisclosed third party, leading to the ongoing legal conflict between the parties involved.
Man Infraconstruction Limited (MICL) Group has increased its equity stake in Atmosphere Realty Private Limited (ARPL) by acquiring an additional 12.5 percent for Rs. 12.5 crore. As a result, MICL's equity holding in ARPL has risen from 17.5 percent to 30 percent. ARPL is overseeing two projects, Atmosphere 02 and Atmosphere Tower G, located in Mulund West, Mumbai. Atmosphere 02, comprising three 47-storey residential towers and an 18-storey commercial tower, is nearly 90 percent sold out. Atmosphere Tower G, with 3.2 lakh sq. ft. of RERA carpet area, has seen approximately 30 percent of its inventory sold.
Mindspace REIT has achieved a historic milestone by becoming the first entity in India to score a perfect 100/100 in the Global Real Estate Sustainability Benchmark (GRESB) for Office Development. This achievement earned them the title of 'Global Sector Leader.' Mindspace REIT now stands as the top company in Asia and India's commercial business development sector, surpassing nine listed competitors. GRESB, a respected independent organization in Environmental, Social, and Governance (ESG) performance data and benchmarks, has endorsed Mindspace REIT's commitment to transparency, innovation, and sustainable growth. They also received a 5-star rating for the second consecutive year and demonstrated excellence in the standing investment benchmark.
Lalit Goyal, Managing Director of Ireo Group, was granted bail on October 13 after the special PMLA court in Haryana highlighted breaches by the Enforcement Directorate (ED) during his arrest. The decision came in the wake of a recent Supreme Court ruling that granted bail to M3M directors, emphasizing adherence to the Prevention of Money Laundering Act (PMLA) provisions during arrests. Goyal's defence pinpointed ED's neglect in informing him of the grounds for his arrest, a contention backed by the court's findings. The case underlines the judiciary's stance on ensuring rights and procedures during detentions.
Thailand-based real estate developer, Magnolia Quality Development Corporation (MQDC), inaugurates its second co-working space, Whizdom Club India, in Gurugram's Golf Course Road area. Spanning 42,000 sq. ft. across multiple floors, the facility accommodates over 450 professionals, emphasizing well-being and sustainability. Featuring private cabins, meeting rooms, and an open terrace, the space incorporates advanced air-conditioning systems and emphasizes safety protocols. MQDC plans similar features in future projects. The move aligns with Gurugram's booming co-working sector, reflecting MQDC's dedication to transformative, innovative workspaces amidst rising demand for commercial real estate in India.
MahaRERA has deregistered seven real estate projects in Maharashtra, including three in Mumbai and one in Pune. Developers cited reasons such as lack of buyers, registration anomalies, and the need for fresh approvals. MahaRERA initiated the move in February 2023 to enable the deregistration of financially troubled and unviable projects. A total of 170 projects, including 63 from Pune, applied for deregistration. The decision restricts developers from advertising, selling, or inviting buyers for the affected projects. Real estate industry experts have welcomed the option, provided claims are settled transparently. This initiative demonstrates MahaRERA's adaptability and sets a precedent for dynamic real estate regulation.
The Sabarmati Riverfront Development Corporation Limited (SRFDCL) recently received approval for its "Sabarmati Riverfront Land Disposal Policy 2023." This policy marks a departure from prior norms, enabling SRFDCL to sell and lease land along the Sabarmati River, fostering a new era of development and transformation. The policy, inspired by the successful GIFT City model, divides the riverfront into eight distinct value zones, offering developers the chance to acquire land development rights. The land's value will be determined by factors like building footprint, providing flexibility to developers. The policy also allocates plots for public facilities, contributing to the city's vibrancy. Overall, it promises to bring growth and transformation to the Sabarmati Riverfront.
Mazgaon's Matharpacady village in Mumbai faces controversy over a proposed cluster redevelopment that threatens its historic charm. Residents, proud of their centuries-old neighbourhood with vintage houses, fear the irreversible loss of architectural treasures. They received a letter from Shreepati Build Infra Heritage Pvt Ltd, which they believe lacks reasonable justification for the project. Concerns are growing about the potential erasure of the neighbourhood’s historical value. While the developer has approvals and offers to residents, the community emphasizes the need to balance development with preservation of their unique heritage.
The Yamuna Expressway Industrial Development Authority (YEIDA) conducted a draw on October 18, 2023, to allocate 1,184 residential plots in three sectors, aiming to generate approximately Rs 698 crore in revenue. YEIDA witnessed a massive response to this scheme, with 1.4 lakh applicants competing for the limited plots available in sectors 16, 17, and 20. These plots were offered in seven size categories and priced at Rs 24,600 per square meter, ranging from Rs 29.5 lakh to Rs 4.92 crore. The list of allottees will be published on YEIDA's official website shortly.
The Ahmedabad Municipal Corporation (AMC) has suspended the HR Exeter-2 construction project in Ambawadi following the tragic death of a girl on-site. An immediate inspection revealed a lack of safety measures, including the absence of essential gear for workers. Engineers Chitrarth Parani and Anjana Kumari Chaudhary have had their licences revoked for not enforcing safety regulations. Developer Utsav Patel and engineer Bhargav D Patel face potential licence cancellations, with AMC seeking explanations for the glaring safety omissions. This incident underscores the vital importance of rigorous safety protocols in construction.
The Pune Metropolitan Region Development Authority (PMRDA) plans to submit the final arbitration report for the Mhalunge Maan town planning scheme to the state for approval in November 2023. The scheme, initiated in 2018, involves 510 plots and 5,800 beneficiaries receiving 50% of their land area in the township. After almost five years, PMRDA officials are progressing towards the arbitration report submission. They have presented the status of all six town planning schemes in Pune to the guardian minister, Ajit Pawar. The Centre has allocated Rs25 crore for infrastructure funding for each of these projects, while PMRDA has already allocated Rs175 cr from its own budget.
In the last 15 years, the Belagavi Urban Development Authority (BUDA) has refrained from launching any new residential layouts, resulting in a substantial escalation in land prices across the city. Notably, the Ramtirth Nagar layout was the most recent residential project initiated by BUDA, but it's underwhelming performance has since placed immense pressure on the authority to move forward with the Kanabargi project. With increasing land costs and a growing demand for housing, the forthcoming Kanabargi project is seen as a critical step for BUDA to meet the city's housing needs and alleviate the mounting cost burdens on residents.
Faering Capital has infused $30 million into Vastu Housing Finance Corporation (Vastu), a significant boost for the housing finance sector. This investment involves a secondary sale with funds managed by Multiples Alternate Asset Management and other shareholders. Vastu, a digital retail affordable housing finance company, manages around $900 million in assets across 15 Indian states and over 200 markets. It boasts advanced technology, including the PULSE platform, and an expansion into vehicle and MSME finance through Vastu Finserve. Vastu focuses on lending to the low-middle-income segment, holding top-tier ratings and strong relationships with over 40 banks. Faering Capital anticipates substantial progress in affordable housing finance.
Supreet Sachdev, a partner at BSR & Co LLP, has been hit with a significant penalty of Rs 5 lakh by the National Financial Reporting Authority (NFRA) for professional misconduct and errors in the audit of Sobha Ltd for the fiscal years 2017–18 and 2018–19. In May 2021, the Securities and Exchange Board of India (SEBI) expressed concerns, which led to this action. Sachdev was hit with this hefty fine because he neglected to disclose doubts about unsecured land advances and to adhere to auditing norms. The steps taken by the NFRA highlight how crucial it is to keep India's financial transparency and auditing standards at the highest level.
MLC Satyajeet Tambe led a delegation of Nashik's industrial leaders in discussions with Municipal Commissioner Ashok Karanjkar to address local industry concerns. Karanjkar agreed to enforce government guidelines for property tax collection within the industrial category. Industrial property tax rates are set to commence on April 1, 2024, primarily impacting industries in the Ambad and Satpur industrial estates under MIDC. The delegation also highlighted issues concerning poor road conditions and drainage infrastructure, receiving assurances of forthcoming road repairs, and the inclusion of drainage projects in Kumbh Mela preparations. The President of AIMA, Nikhil Panchal, was also part of the delegation.
Six years after launching a Geographic Information System-based building reassessment drive, the Greater Chennai Corporation (GCC) has assessed only a fraction of buildings with deviations. Out of 310,139 identified buildings, only 30,000 have been reassessed and added to property tax records, leading to a revenue loss of Rs 250–300 crore. Revenue officials attribute the delay to various tasks, such as addressing Covid-19, elections, and welfare schemes. Universities, marriage halls, and commercial buildings are among the major violators. A dedicated team and expedited reassessment are proposed solutions. Deputy Commissioner R. Lalitha pledges to resume the drive.
India's largest multiplex operator, PVR Inox, has reported a profit for the latest quarter, marking the third consecutive financial report since the merger of PVR and Inox. The profit of 166 crore for the July-September quarter was driven by the success of Hollywood movies like "Barbie" and "Oppenheimer" and popular Bollywood films, leading to higher theatre attendance. The company also expanded by opening 37 new screens during the quarter, contributing to a 53.3 percent sequential increase in consolidated revenue. The average ticket price and customer spending on food and beverages both increased, offsetting higher expenses. PVR Inox's shares rose in the September quarter.
The Brihanmumbai Municipal Corporation (BMC) has taken a proactive step in addressing the escalating concerns over air pollution in Mumbai by issuing comprehensive pollution control guidelines to approximately 6,000 construction sites within the city. These measures are aimed at curbing the dispersal of dust and pollutants during the construction process, ensuring a concerted effort to mitigate the environmental impact and prioritize the health and well-being of the residents. By implementing these guidelines, the BMC seeks to foster a cleaner and more sustainable construction environment while maintaining the city's air quality standards.
Mumbai's BMC plans to create a new plaza near the iconic Gateway of India to provide an unobstructed view of the monument and the statue of Shivaji Maharaj. Haphazard structures, such as food stalls and security cabins, will be relocated to a more organized layout. The state archaeology department will restore the heritage structure. The project, led by consultant Abha Narain Lambah, aims to improve aesthetics and visitor experience. The cost of the plaza is estimated at Rs 9.54 crore ($1.3 million), and monument restoration at Rs 7 crore ($950,000). This coordinated effort involves multiple stakeholders, including the Mumbai Port Authority and tourism department.
India is poised to invest an impressive Rs 143 lakh crore in infrastructure between 2024 and 2030, more than double the expenditure over the previous seven years. This substantial financial commitment includes Rs 36.6 lakh crore for green initiatives. Crisil anticipates a 6.7% GDP growth through 2031, driven by comprehensive infrastructure development, sustainability, and policy support. The report emphasizes the role of sectors such as roads, power, electric vehicles, renewable energy, and green hydrogen in India's development. The anticipated release of sovereign green bonds is expected to boost the domestic green bond market, aligning with global sustainability trends.
The enforcement wing of Gurugram's town and country planning department (DTCP) has taken stringent action against illegal constructions, demolishing around 50 illegal colonies spanning 550 acres in Gurugram, Sohna, Pataudi, and Farrukhnagar. District Town Planner Binesh Kumar tackled 14 illegal colonies in Sohna and Bhondsi, initiating 13 demolition drives. Similarly, DTP Sumit Malik targeted 29 colonies in Farrukhnagar-Pataudi, leading 25 demolition operations. The crackdown, involving additional District Town Planners, aims to curb illegal developments, ensuring planned urban growth as per the Gurgaon Master Plan 2031. The government's stringent stance discourages unlawful real estate activities, promoting a regulated urban landscape.
Property transactions by foreigners in Spain reached an all-time high of 21.4% in H1 2023. Nevertheless, foreign purchases of freehold housing dropped 7.5% YoY, ending a positive trend in recent years, mirroring a decline in Spanish buyers due to rising mortgage and housing costs. Among non-resident foreign buyers, Russians, Ukrainians, and Americans showed increased interest. Apartment buildings represent a third of at-risk properties, mainly due to the greater number of multifamily assets, and foreign buyers continue to pay higher prices for their properties than residents and nationals.
The amount of commercial real estate under distress in the US has risen to a decade-high levels, approaching $80 billion in Q3. Rising interest rates, the effects of remote work, and a decline in the need for office space are all factors that have contributed to this increase. Office properties make for a sizeable 41% of the total distressed assets, mostly as a result of remote employment and decreased tenant demand. Despite the fact that the distress is less severe than it was during the global financial crisis, an extra $215.7 billion in properties that could be at danger have been found.
Agra, home to the iconic Taj Mahal, is grappling with a concerning issue – 470 illegal structures, comprising restaurants, cafes, and emporiums, have mushroomed within a restricted 500-meter radius of the monument. These encroachments, some standing for decades, threaten the Taj Mahal's historical integrity and allure, drawing millions of tourists each year as a UNESCO World Heritage Site. The Archaeological Survey of India (ASI) has taken steps by filing FIRs, but local authorities have been slow to act. Allegations of collusion between these illegal businesses and authorities raise questions about the commitment to preserving India's cultural heritage. Hopefully, recent promises of swift action will translate into concrete measures to safeguard these architectural marvels for future generations.
• A residential flat spanning 346 square feet on sold in Bholanath CHS in Vile Parle East for INR 70 lacs. <br>• A residential flat spanning 772 square feet on the 13th floor sold in Kalpataru Bliss in Santacruz East for INR 2.47cr.
NeoLiv, founded by former Godrej Properties CEO Mohit Malhotra, is embarking on the development of 10 housing projects in Delhi-NCR and Mumbai. They plan to enter Joint Development Agreements (JDAs) with landlords, targeting middle-income homebuyers with units priced between Rs 1 crore to Rs 3 crore. NeoLiv has secured approval to raise $150 million, becoming one of the top 15 developers in residential real estate. Their ambitious plan includes five group housing projects and five plotted developments, with a total development potential of 10 million square feet. The company's unique asset-light development model and focus on end-to-end control set them apart.
Ajmera Realty & Infra India Ltd (ARIIL) is set to redevelop the Balkrishan Co-operative Housing Society in Versova, Mumbai, with estimated sales of Rs. 360 crore. The project, offering 3 BHK residential apartments covering approximately 90,700 sq ft carpet area, reflects ARIIL's strategic move in the booming redevelopment sector. The project's favourable location near Versova Metro Station enhances accessibility to all social infrastructure, contributing to its potential success in the dynamic Mumbai Metropolitan Region. Ajmera has been involved in other redevelopment projects recently like the SRA redevelopment project situated on LBS Marg in Bhandup.
DevX, Gujarat's leading Managed Office Space provider, has unveiled a 25,000-square-foot coworking space in Indore, accommodating 300 seats as part of its strategy to expand nationally. Founded in 2017 by the RUPaiya trio and Dev Information Technology Ltd., DevX serves as a Start-up Accelerator, offering comprehensive support and resources to innovative start-ups. The company fosters synergies and encourages collaborative growth, positioning itself as a dynamic hub for start-ups and businesses. With over 25 centres across India, DevX plans to invest Rs 60 crore for further expansion. They also provide a platform for events, seminars, and hackathons in the industry. DevX aims to solidify its nationwide reach by the end of 2023, empowering businesses in collaborative environments.
Maestro Realtek, a key player in the real estate sector, has signed agreements with prominent developers for five new residential projects in prime Pune locations, including Upper Kharadi, NIBM, Alandi Mhatobachi, Sinhagad, and Pisoli. These projects encompass a diverse range of unit configurations ranging from 1-3BHK to plot developments, totalling 1,061 units. Maestro Realtek's strategic partnership with these developers aims to enhance the Pune real estate market and leverage planned marketing campaigns.
The National Company Law Tribunal (NCLT) has admitted an insolvency petition against Supertech ORB, a luxury residential apartments developer in Delhi-NCR. Assets Care and Reconstruction Company (ACRE), an asset reconstruction company, filed the petition. Supertech ORB had taken a loan of Rs 349 crore from Altico Capital, which was later assigned to ACRE. The insolvency case could potentially delay possession for homebuyers. Supertech has faced setbacks in the past, including the demolition of its twin towers at a different project due to faulty construction. The company's promoter is also facing legal issues, further complicating the situation for Supertech.
The Bombay High Court has issued a directive to the Brihanmumbai Municipal Corporation (BMC) to provide compensation to the developer, Runwal Township, for the acquisition of setback land that occurred 54 years ago. This compensation could come in the form of floor space index (FSI), transfer of development rights (TDR), or monetary compensation and must be completed within eight weeks. The setback land was acquired by BMC in 1969 and was initially owned by Meghji Gopalji and his wife. They sought compensation in the form of FSI in 1976. The case went to court in 2019-20, with the BMC arguing against the claim. The court ruled in favour of compensation, emphasizing the right to property under the Indian Constitution. This landmark judgment could lead to similar compensation claims in land acquisition cases.
The Bombay High Court criticized the Brihanmumbai Municipal Corporation (BMC) for demanding a Rs 22.80 crore penalty from industrial and commercial tenement owners of Kamla Industrial Park at Charkop in Kandivali for unauthorized constructions. The court ruled against BMC, deeming the penalty inequitable due to the municipal inaction that allowed the violations. The court emphasized the importance of timely intervention by municipal bodies to prevent unauthorized constructions, safeguarding property owners' and buyers' interests and maintaining the integrity of the real estate market.
The Karnataka Registrar of Cooperative Society (RoCS) is taking action against Resident Welfare Associations (RWAs) registered under the Karnataka Societies Registration Act (KSRA), 1960. Notices have been issued to freeze bank accounts of RWAs, and in one case, the registration was cancelled. This crackdown follows Karnataka High Court orders deeming it unlawful for housing associations to register under this Act. Legal experts highlight that while the Act permits societies like NGOs, charities, etc., it does not allow RWAs to collect maintenance fees. The RWAs must be registered under Karnataka Cooperative Societies Act, 1959 (KCSA) for collecting fees in their bank account.
Residents in the Powai-Chandivali area of Mumbai took to the streets in protest, frustrated by the Brihanmumbai Municipal Corporation's (BMC) prolonged inaction on encroachments on the Adityavardhan Raheja Vihar Road footpath. The Chandivali Citizens Welfare Association (CCWA) and housing society members criticized BMC's indifference. Allegations arose that these encroachments were strategic moves to gain land ahead of a proposed road widening project, as part of a political ploy. CCWA had previously raised concerns about shops on the footpath, but BMC remained unresponsive until the protest. The BMC eventually responded by deploying a bulldozer to demolish a recently erected structure.
The Karnataka State Pollution Control Board (KSPCB) has reportedly collected only Rs 4 crore of the National Green Tribunal's (NGT) Rs 200 crore fine imposed on over 160 Bengaluru apartment complexes and commercial establishments since 2000 for non-compliance with sewage treatment plans. Forest Minister Eshwar B Khandre disclosed the poor enforcement, citing legal hurdles as the reason. Builders sold apartments and do not hold up to their responsibility while the new owners are unwilling to pay the fines. They have even contested the fines in court. The NGT's deadline for setting up sewage treatment plants was originally December 2023, but that too has been extended now to December 2024.
Sikkim's Chief Minister, PS Tamang, announced two housing schemes and financial aid for flood-affected residents in the northern region. The "Punarwas Awas Yojna" (Rehabilitation Housing Scheme) will provide houses to beneficiaries, while the Janta Housing Colony scheme offers rent-free housing. Additionally, provision for essential household items and financial relief measures, including interest-free loans and loan repayment extensions, aim to assist businesses and individuals impacted by the flash flood to rebuild their lives.
PropShare Capital, a SEBI-registered Category II AIF manager, is launching PropShare Real Estate Fund II (PREF II) as the sequel to their successful PREF I commercial office fund. PREF I has fully allocated its resources to four prime office properties in Bangalore and Mumbai, leased to top-tier tenants like LG, Tata Finance, and 24/7 AI. PREF II will continue its focus on fully developed Class A commercial real estate, catering to multinational and blue-chip tenants in India's tech hubs. It targets to raise Rs. 500 crores with an additional Rs. 200 crores as a green shoe option. The fund's minimum investment is Rs. 1 crore in line with AIF regulations.
Despite global economic jitters, India's commercial real estate is booming. CBRE reports an anticipated 165 million sq. ft. of new office space by 2025, outdoing the previous three years by over 20 million sq. ft. Bengaluru and Hyderabad lead the charge, contributing nearly 50% of this growth in office space. India’s competitive advantage in cost and scale would drive global corporations to establish more Global Capability Centres (GCCs) across various sectors. As global firms reduce office sizes, India's resilient leasing activity and tech investments solidify its position as the 'office of the world'.
The Asian Development Bank (ADB) has approved a $181 million loan for the Ahmedabad Peri-urban Liveability Improvement Project in Gujarat, India. The initiative focuses on enhancing urban liveability and mobility in Ahmedabad's peri-urban areas. Key components include the construction of a 166 km water distribution network, 126 km climate-resilient stormwater drainage, 300 km sewerage systems, and four sewage treatment plants. Additionally, the project supports 10 junction improvements along the Sardar Patel Ring Road for better connectivity. ADB aims to strengthen technology-based urban planning, emphasizing climate resilience, gender equality, and social inclusion. The initiative can serve as a model for controlling urban sprawl in a rapidly urbanizing India.
The Gujarat State Goods and Services Tax (GST) department has issued 20,000 notices to taxpayers, including real estate developers, for the financial year 2017-18. Notices were sent due to concerns about potential tax evasion, focusing on developers who operated under the 12% GST regime with Input Tax Credit (ITC) options. Developers suspected of using fake invoices to claim higher ITC were asked to explain or pay necessary taxes. This move reflects the government's commitment to curbing tax evasion, ensuring GST transparency, and maintaining tax compliance, emphasising the need for businesses to adhere to regulations and cooperate with authorities.
Shriram Housing Finance (SHFL), an affordable housing finance company, has entered into a co-lending agreement with Punjab and Sind Bank (PSB) to provide business loans to self-employed individuals seeking affordable homes. This partnership aligns with the Reserve Bank of India's co-lending model (CLM) framework and aims to address the credit needs of self-employed customers in India. SHFL will take on the responsibility of originating, processing, and servicing these loans, making the lending process customer-centric and efficient. As affordable housing demand continues to rise in India, this collaboration is set to make a significant impact, particularly for self-employed individuals facing hurdles in accessing housing finance.
The government is considering issuing B Khatas to owners of unauthorized properties in tier-2 and tier-3 cities, with an estimated revenue boost of Rs 2,000 crore. A cabinet sub-committee, headed by Forest Minister Eshwar Khandre, aims to recommend provisional certificates for these property owners. Although BBMP in Bengaluru already employs the B khata system, misconceptions arise among property owners, who believe tax payment regularizes their properties. The urgency lies in securing reliable revenue sources for cash-strapped urban local bodies in non-Bengaluru cities. To address fairness, the committee contemplates doubling the tax on unauthorized properties compared to their legal counterparts.
The Brihanmumbai Municipal Corporation (BMC) is considering delaying the reconstruction of the Parel TT bridge to coincide with the Mumbai Metropolitan Region Development Authority's Sewri-Worli Elevated Connector (SWEC) project. Mumbai traffic police approved bridge closures for reconstruction, but the BMC plans to synchronize Parel bridge work with the SWEC project to mitigate congestion. The Parel TT bridge, over 40 years old, is set to undergo reconstruction given its damaged condition. In parallel, Central Railway is moving swiftly to replace the 110-year-old Sion rail overbridge at an estimated cost of 50 crore.
The state Dairy Department has decided to outsource the Aarey Hospital in Mumbai's Goregaon East to a private charitable trust. The Aarey Hospital was caught in a dispute between BMC and the state Dairy Department for a long time. This decision ends BMC's hopes to gain a foothold in Aarey Colony. The move aims to revive the dilapidated facility, potentially aiding the 40,000 residents, including tribal communities, who lacked essential medical services. Concerns about potential privatization have arisen, with local activists questioning the need for a charitable trust intermediary to run the hospital. Aarey Dairy's CEO assures that the move isn't privatization but a transfer to a trust, ensuring affordability and quality in healthcare through a stringent bidding process.
The Eastern Dedicated Freight Corridor (EDFC), a monumental infrastructure project spanning 1,337 kilometres from Punjab to Bihar, has been completed ahead of the Lok Sabha elections in India. Set to commence full operations on November 1, 2023, the EDFC is positioned to revolutionize freight transportation. The project, initiated by Prime Minister Narendra Modi, offers significant benefits to thermal power plants in several states, primarily aiding coal traffic. Despite cost overruns, reaching 1.24 trillion INR, the corridor is vital for the government's plan to optimize coal transportation networks and enhance freight efficiency. Delays caused by land acquisition and other challenges have been addressed, and EDFC is expected to handle 251 million tonnes of freight by 2036-37.
Popular luxury real estate developer AHS Builders recently unveiled a $850 million Casa Canal Project. Designed by renowned architect Shaun Killa, this ambitious venture offers three to six-bedroom sky villas and mansions along the Dubai Water Canal. Even before its official launch, 70% of the properties have been sold, marking AHS Builders' third major project. AHS Developers, with a $1.5 billion portfolio, self-finance their projects and cater to the growing demand for luxury homes. The demand for luxury real estate in Dubai has spiked, driven by factors like post-pandemic recovery, government incentives, and increasing international interest, making AHS Builders a premier choice in the ultra-luxury real estate market.
David Tolley, former CFO of Intelsat, has officially been appointed as WeWork's CEO, following his interim position since May 2023. This strategic move comes as the SoftBank-backed flexible workspace provider seeks to recover from a series of challenges, including a delayed public listing and executive departures. Since its IPO in 2021, WeWork has initiated multiple reforms, and with Tolley at the helm, the company anticipates a transformative phase. WeWork shares responded positively to the announcement, registering a 2.1% uptick.
Bollywood star Aamir Khan's property in Mumbai's upscale Bandra locality is set for redevelopment. Atmosphere Realty, a collaboration of Wadhwa Group, MICL, and Chandak, won the bid for this project, which attracted interest from Kalpataru, K. Raheja, and Oberoi Realty. Aamir Khan actively drove the decision making process as he owns 9 of the 24 apartments in the two buildings of the society. The new apartments will offer 55-60% more space to its owners. Pali Hill is among Bandra's top three locations experiencing a redevelopment boom, with renowned developers like Rustomjee, K. Raheja, Prestige, and Ashar Group joining in on projects in the area.
Mahindra Lifespaces and landowner K K Bangur will jointly develop a 37-acre plot in Mumbai's Bhandup. The mixed-use project encompasses residential, retail, and office spaces and the sale value is anticipated to be between Rs 8,000 crore and Rs 11,000 crore. Bangur has been attempting to sell the land for a long time but no buyer was willing to pay the quoted price of Rs 2,500 crore. Thus, he has now opted for a joint development agreement with Mahindra Lifespaces. The developer, paying a significant deposit, is set to construct approximately 40 lakh sq ft over eight to ten years. The deal allocates space for public amenities, including a park, school, playground, and cultural theatre.
Ajmera Realty & Infra India Ltd, a leading real estate player, delivered over 1,000 homes across Mumbai and Bengaluru daily, showcasing its dedication and operational efficiency. This feat, celebrated during the festive season, emphasises the company's commitment to customer trust. With a legacy spanning five decades, Ajmera Realty & Infra India Ltd has delivered homes to 45,000 families, focusing on creating memorable experiences for its customers. This achievement reaffirms the company's position as a customer-centric real estate player, dedicated to delivering excellence and making homeownership dreams come true.
The Bombay High Court has stepped in to resolve a decade-old dispute involving Om Satyam Niwas CHS, a cooperative housing society in Borivali, and Greenfield Developers and Realtors LP. The cooperative housing society initiated arbitration proceedings, alleging the builder's failure to pay transit rent arrears of around Rs 3.5 crore. The developer in turn has sued the flat owners for 'GST dues' of Rs 5 crores. The CHS also says that though the building has been redeveloped, it has not received the occupancy certificate. The court has appointed senior advocate Rajiv Patil as the sole arbitrator, allowing both parties to present their claims.
ASBL, a prominent real estate firm, has achieved a remarkable milestone with its latest project - ASBL LOFT. In just one month, the project has secured flat bookings worth INR 500 crores inHyderabad. Ajitesh Korupulu, Founder & CEO of ASBL, emphasizes the customer-centric design's effectiveness, which draws inspiration from international mixed-use urban developments, as the reason for this success. It emphasizes walkability and provides essential "practical luxury" amenities within 100 steps of each flat. This approach has resonated with discerning homebuyers seeking 3BHK units with innovative features. They have also brought up a Pre-EMI offer that lightens the financial burden for buyers. Buyers are rushing to secure flats at the current price before prices rise on November 1, 2023.
Table Space, a leading Managed Workspace provider in India, has launched 'TS Suites,' a game-changing concept catering to the demand for high-quality, immediate office solutions. Operating in 8 premium locations across Bangalore, Pune, Gurgaon, Noida, and Chennai, TS Suites plans to expand to 25 centres in the next 18 months with an INR 500 crore investment. TS Suites offers world-class, secure, and compliant pre-built offices on short to mid-term contracts. What sets it apart is its impressive 24-hour turnaround time, allowing organizations to focus on their core activities. The emphasis on data security, adaptability, and sustainability makes TS Suites a transformative force in the evolving corporate workspace landscape, meeting the changing needs of its clients.
The Indian Railways has yet to transfer 47.5 acres of land in Dadar to the Dharavi Redevelopment Project Pvt. Ltd., the dedicated entity for the rejuvenation of the sprawling Dharavi slum. Insiders reveal that the railway still maintains goods on the mostly vacant land. This significant parcel of railway land borders the Dharavi region and holds substantial importance for the construction of the initial phase of permanent accommodations. While a physical survey of the land has been completed, discussions are actively underway between the project authorities and the Indian Railways to secure its prompt handover.
The Maharashtra Housing and Area Development Authority's (MHADA) Konkan Board has extended its application deadline for the 2023 affordable housing lottery to November 15, previously set for October 16. Over 5,300 homes in towns like Thane, Virar, and Vasai, priced between Rs 10 lakh to Rs 50 lakh, are up for grabs. Notably, more than 1,000 of these homes fall under the Pradhan Mantri Awas Yojana (PMAY), catering to low and middle-income residents. The lottery results are expected at 11 am on December 13.
Under the Prime Minister Awas Yojana (PMAY), Maharashtra Housing Development Corporation (Mahahousing) is constructing 36,000 affordable homes in tier-2 and tier-3 cities, including Solapur, Nagpur, Satara, and Titwala in the Mumbai Metropolitan Region. These 300-600 sq. ft. houses are priced from Rs 9 to Rs 17 lakh, catering to various income segments. Additionally, 2,200 flats in Titwala are in the works. The first 500 homes for Economically Weaker Sections and Low-Income Groups in Solapur will be distributed via lottery, priced at Rs 9 lakh after PMAY subsidies.
Dozens of farmhouses, sprawling across multiple acres on the Yamuna floodplains, have faced demolition by the Noida Authority. The owners had constructed concrete structures on the premises and were using them for various commercial activities. This action signals the beginning of a crackdown on unauthorized developments along the environmentally sensitive floodplain area. The Noida Authority has emphasized its commitment to preserving the floodplains and curbing illegal encroachments. Further demolitions are expected as part of a broader effort to reclaim and protect the Yamuna floodplains.
In a significant policy change in Haryana, the responsibility for constructing substations will now fall on distribution companies (discoms), according to an official notification by the Haryana Electricity Regulatory Commission (HERC). Under this new directive, developers must cover the costs of the sanctioned load for a condominium or township, and also allocate land to the discoms for substation installation. This shift in responsibility is poised to streamline power infrastructure development and distribution in the region, marking a pivotal change in the construction landscape.
Google India has secured office space in the Fintech One tower at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, Gujarat. The long-term lease, spanning a decade with an option for an additional five years, signals Google's commitment to India. Prime Minister Narendra Modi commended this move and discussed Google's plans to enhance financial inclusion in India through Unified Payments Interface (UPI) with Sundar Pichai, Google and Alphabet's CEO. Fintech One, a 20-storey tower, becomes the location for Google's fintech centre, joining global entities like IBM. This move underscores Google's proactive approach to establish a strong presence in key Indian cities, contributing to the nation's tech and economic growth.
In the first three quarters of 2023, India's top seven cities experienced a residential sales surge, reaching 196,220 units, the highest level since 2008. These sales already achieved 91% of 2022 figures and are on track to exceed 215,000 units by year-end. The upscale housing segment, homes priced over INR 1.5 crore, played a substantial role, accounting for 24.3% of Q3 sales. Mumbai and Bengaluru led the charge with a combined 46.6% of total sales. Premium real estate witnessed impressive growth, with property prices appreciating notably. Unsold inventory increased modestly but with a reduced timeline for liquidation, signalling strong sales. A robust supply pipeline and expansion into emerging markets are expected to maintain residential market buoyancy.
The BBMP in Mahadevapura has initiated the issuance of khatas for property owners after persistent delays. In response to residents' complaints, the BBMP organized "khata melas" in various wards to raise awareness and expedite the process. Over 90 khata certificates were distributed in the Hoodi subdivision and more than 70 in Whitefield, with similar plans in other sub-divisions. The delay in khatas affected tax collection. Residents, who had been struggling for years to acquire khatas, were pleasantly surprised by the efficient issuance during these melas, with more than 60 flat owners successfully obtaining khatas.
ESR Group, a major player in real estate services and investments, is embarking on an ambitious project to build a massive 1.4 million square foot logistics park in Nagpur, India. With an investment exceeding 2400 crore, this Hong Kong Stock Exchange-listed company is expanding its footprint with ESR Nagpur Logistics Park 2, its twentieth project in India. The park is designed to house ten distinct buildings, catering to various tenant requirements across sectors like e-commerce, third-party logistics (3PL), retail, and fast-moving consumer goods (FMCG). ESR's commitment to investment in Nagpur is evident from the success of its first logistics park in the city, ESR Nagpur Logistics Park 1, which has been fully occupied since its completion in 2020.
Noida's DS Group, known for its Rajnigandha pan masala, is reportedly evaluating the acquisition of the iconic Great India Place Mall (GIP) for Rs 2,000 crore. The potential move aligns with DS Group's broader strategy to deepen its foothold in the retail and hospitality sectors. The GIP Mall, once a prime shopping destination, has faced financial challenges post the pandemic. While DS Group emphasises no official bid has been made yet, their recent acquisition activities in the hospitality sector indicate a consistent expansion strategy.
The Central Railway (CR) has initiated a Rs 101 crore redevelopment project for four Mumbai stations— Parel, Byculla, Kanjurmarg, and Vikhroli —under the Amrit Bharat Scheme, citing increasing footfalls. Parel and Byculla's revamp costs are Rs 19.41 crore and Rs 35.52 crore, respectively, while Vikhroli and Kanjurmarg redevelopment costs are pegged at Rs 19.16 crore and Rs 27.01 crore. The focus is on expanding station premises for enhanced movability, including foot over bridges, lifts, escalators, and better amenities like water huts and lighting. The stations will feature improved infrastructure, signage, and accessibility. The CR aims to complete the project within a year.
Nashik Municipal Commissioner Ashok Karanjkar expressed concern over irresponsible disposal of construction waste by builders and contractors. During a meeting with the Godavari pollution prevention cell, he instructed officials to take action against erring individuals. Deputy Commissioner Vijay Kumar Mundhe emphasized strict measures, with fines for offenders. The Nashik Municipal Corporation (NMC) deployed vehicles across its divisions to lift debris, charging Rs 800 per tonne. The NMC urged residents to approach designated offices for lifting such waste or face fines. A work order was also issued to a private firm for constructing and operating a C&D waste recycling plant at Pathradi.
The Mumbai-Nagpur Expressway, India's second longest, heralds a new era of connectivity, spanning 701 km with potential to reduce travel time between Mumbai and Nagpur to 8 hours. Linking 10 vibrant districts, it enhances cultural exchange and economic growth. Executed in phases, the project showcases India's vision and determination, with Phase II inaugurated on May 26, 2023. Costing Rs. 55,332 crores, it stands as a testament to India's commitment to development. As the final stretches near completion, the nation eagerly awaits the transformative impact of this monumental expressway.
HSBC, a prominent London-based bank, extended a £60 million ($73 million) loan facility to a Reliance Industries Ltd subsidiary, shortly after the company's acquisition of the Stoke Park estate in southeast England for £57 million in 2021. This development, revealed through UK registry filings, showcases HSBC's continued involvement in financing Mukesh Ambani's luxury real estate ventures, demonstrating confidence in the business mogul's real estate strategy. The loan facility bolsters Ambani's position in the high-end real estate market, leading to potential growth and investment opportunities in this sector.
Germany's housing sector is mired in a deepening crisis, with a record number of project cancellations causing alarm among construction companies. In September, a survey by the Ifo Institute revealed that 21.4% of residential builders experienced project cancellations, surpassing the previous record set in August. Rising interest rates and inflation are driving up financial and material costs, threatening to exacerbate housing shortages. The situation is compounded by financial difficulties, regulatory hurdles, and economic uncertainties, leading to heightened pessimism in the construction industry. The lack of new construction not only impacts the sector but also has broader repercussions, affecting the overall real estate market and affordability for potential homeowners. The outlook for improvement in the short term is bleak.
According to the Office for National Statistics (ONS), 40% of persons in the UK are currently having trouble making their mortgage or rent payments. This number represents a huge increase from the 30% of the previous year. The average rent has increased to £1,278 outside of London and a startling £2,627 inside the city. High mortgage rates, rising tenant demand, and a decline in the supply of rental homes as a result of landlords selling up are some of the driving forces behind this increase. Tenants have had to give more than the asking amount to acquire accommodation due to the competitive market.
• A residential flat spanning 346 square feet on sold in Bholanath CHS in Vile Parle East for INR 70 lacs. <br>• A residential flat spanning 772 square feet on the 13th floor sold in Kalpataru Bliss in Santacruz East for INR 2.47cr.
Chandan Cinema, an iconic Mumbai landmark, has a storied history deeply intertwined with the city's cultural tapestry. Established in the mid-1970s, it became a beloved destination for diverse cinematic experiences. In 2017, the cinema ceased operations due to structural concerns, leading to a redevelopment plan. The owner faced hurdles, including defence clearance issues, and eventually took the matter to the Supreme Court. The court ruled that redevelopment of existing structures is permitted, provided they don't exceed 15.24 meters in height. The redevelopment is set to include a commercial tower, boutique offices, a premium shopping mall, and an executive-class multiplex theatre.
• A residential flat spanning 434 square feet on the 15th floor sold in Siddha CHS in Goregaon West for INR 78 lacs. <br>• A residential flat spanning 583 square feet on the 15th floor sold in Runwal Timeless in Wadala East for INR 1.4cr.
The Dynamix Group is set to make a significant impact on the real estate sector with plans to unveil four transformative projects in Mumbai and Goa. Established in the late 1970s, this renowned group is known for iconic projects that set industry standards. With a substantial investment of Rs 2,100 crore, they will focus on the residential segment, catering to diverse housing needs. These initiatives, spanning 2.4 million sq ft, aim to provide modern, well-designed living spaces, elevating urban living standards and fostering sustainable development. As they venture into new territory, Dynamix Group's legacy of excellence continues to shape the future of real estate.
A Delhi court has issued non-bailable warrants against Rahul Chamola, the Director of Nivas Promoters Pvt Ltd, in response to a case lodged against him. Chamola is accused of enticing homebuyers to invest in his project by promising flats but failing to deliver on that promise. He is also alleged to have absconded with advance payments from these buyers. Chamola purportedly used connections with cricketer Munaf Patel to lure investors with grandiose claims about his projects that ultimately went unfulfilled. Despite being granted interim bail with conditions, Chamola failed to clear dues to investors and homebuyers, leading to the issuance of non-bailable warrants. This legal action highlights the repercussions individuals in the real estate industry may face for failing to fulfil commitments to homebuyers and investors.
A Delhi court denied 'default bail' to R. K. Arora, the chairman of Supertech Group, in a money laundering case. The court rejected Arora's claim that the charge sheet was incomplete, noting that the investigation was concluded and the charges against him were valid. The case is part of an investigation into money laundering by the Supertech Group, which is accused of defrauding homebuyers. The ED found that the company collected funds meant for residential projects but diverted them to purchase land in the name of other entities, leading to loan defaults of around Rs 1,500 crore. Arora's legal battles continue.
Sunteck Realty reports a robust performance in Q2 FY24 with a 17.2% YoY growth in pre-sales, totalling approximately Rs 395 crore, while collections remained steady at Rs 214 crore. H1 FY24 also exhibited robust figures, with pre-sales marking a 16.7% YoY increase, reaching Rs 782 crore compared to Rs 670 crore in H1 FY23, and collections for the first half standing strong at approximately Rs 502 crore. In a separate development, Sunteck earned a remarkable 95-point score and a 5-star rating in the GRESB (Global Real Estate Sustainability Benchmark) Assessment, placing it among the top 20% of industry peers.
Signature Global, a prominent real estate developer in India, announced impressive financial results for Q1 FY24, reporting a substantial 113.92% growth in pre-sales, totalling INR 879.78 crore. This trend continued into H1 FY24, with pre-sales growing by 37.57% to INR 1,861.39 crore. The company's collections saw a significant increase of 64.92%, amounting to INR 1,327.45 crore in H1 FY24. Additionally, sales realization improved, reaching INR 9,800 per sq. ft. from about INR 7,425 per sq. ft. in H1 FY23. Despite a dip in revenue from operations, this performance underscores Signature Global's commitment to financial stability and growth in the real estate sector.
A three-acre urban plot in Pune, owned by the Yerawada police station, has reignited controversy 13 years after objections were raised by former Pune police commissioner. The plot was initially allotted to the police in 1979 but later became embroiled in a complex exchange proposal involving a private trust and a private developer. The controversy underscores concerns about transparency and integrity in land allocation, highlighting the nexus between politics and developers in the region. This renewed debate emphasizes the need for accountability, transparency, and adherence to legal procedures when handling public assets and resources.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) is proactively enhancing transparency and oversight in real estate project financing. Collaborating with the State Level Bank Committee (SLBC), UP-RERA enforces compliance with RBI directives and the RERA Act. Citing legal provisions, it mandates a 70-30 percent fund allocation in real estate project bank accounts. UP-RERA's stringent directives include three separate accounts, automatic deductions, and prohibiting debit cards or check books for promoters. Banks must verify fund utilization in proportion to construction progress, reinforcing integrity and trust. This initiative revolutionizes real estate project financing, bolstering transparency and accountability in the sector.
The HMDA (Hyderabad Metropolitan Development Authority) has urged the Telangana High Court to initiate a police probe into a 49-acre Shamshabad land fraud case. The land belonged to Paigah estate connected to Nizam properties. The case involves alleged attachment of fake judgment copies from 1998 to gain land title. The case prompted the High Court bench, led by Chief Justice Alok Aradhe, to order a probe by the judicial registrar. Advocate General BS Prasad and the HMDA estate officer emphasized the need for a probe, citing instances where the Supreme Court ordered criminal investigations into similar cases of fraud on the court.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has penalized five real estate promoters, including Attractive Nirman, Basera City Developers, Hallmark Vyapar, Rajeev Son HUF, and Lavish Buildmart, for violating Section 11 of the RERA Act. Each has been fined Rs 1 lakh for advertising real estate projects without the required RERA registration numbers and portal listings. UP-RERA enforces regulations to promote transparency and protect homebuyers' interests. The promoters must now submit affidavits detailing their violations and correct their advertisements to include RERA registration details. UP-RERA's actions aim to encourage compliance, emphasizing the importance of transparency in the real estate sector, benefiting both developers and buyers.
The West Bengal Housing Infrastructure Development Corporation (WBHIDCO) has introduced a policy change in New Town, allowing cooperative societies to transfer membership without requiring prior permission from the organization. This policy revision applies to housing societies that have been allocated freehold or leasehold plots for apartment construction. The move simplifies administrative procedures, giving cooperative societies more autonomy and reducing bureaucratic hurdles in managing their memberships in line with the West Bengal Cooperative Societies Act.
Bengaluru's Brigade Group is making significant strides in the real estate market, exemplifying their commitment to expansion with strategic land acquisitions. Their latest acquisition, a 9.71-acre parcel in Hyderabad, reflects the company's prowess and market appeal, with each acre costing a substantial Rs. 68 crores. In Bengaluru and Chennai, Brigade Enterprises has secured prime land for ambitious residential projects, totaling over one million square feet each. These acquisitions not only showcase their confidence in development capabilities but also their vision for creating vibrant and sustainable communities. As a key player in India's real estate industry, Brigade Enterprises is poised for a promising future, emphasizing quality, innovation, and customer-centric values.
In Knight Frank's Global Residential Cities Index Q2 2023, global real estate trends revealed a slowdown, with only a 1.7% YoY growth across 107 cities. However, Indian cities defied this trend, showcasing remarkable resilience and growth. Mumbai surged 76 places to secure the 19th position, Bengaluru climbed to 22nd place, and New Delhi rose to 25th globally. Chennai and Kolkata also made significant progress. Despite global challenges, Indian cities' robust performance underscores their appeal to investors. This success story highlights India's economic strength and real estate potential amidst a shifting global landscape.
Maruti Suzuki, India's top passenger car manufacturer, has secured a lease for 270,000 square feet of office space at Gurgaon's Tag Avenue. This comes after a request by Haryana's Chief Minister to relocate Maruti's headquarters to Gurgaon. Despite this, Maruti has no immediate plans to move from its current New Delhi location. The Haryana government is investing heavily in industrial and commercial development in the region. In Q1 2023, Delhi NCR saw a 4% decrease in leasing activity, with Gurugram at the forefront, accounting for 74% of the activity. Noida contributed 24%. These trends reflect the ongoing dynamics in the region's commercial real estate sector.
OYO plans to incorporate new 750 hotels within the next three months across 35 leisure markets including Goa, Jaipur, Rishikesh and Shimla. Majority of the additions would be in OYO’s premium brands like Palette, Townhouse, Townhouse Oak, and Collection O. The number of foreign tourists who arrived in India this year during January-June was 106% more than the figure for the corresponding period in 2022 and this is expected to grow further in the upcoming festive and winter season from October to January. The company aims to tap into this boom and emphasizes providing quality accommodations and creating job opportunities in local communities. OYO has also introduced a stay now pay later (SNPL) option, offering customers a credit limit of 5000 for settlement after 15 days from the stay.
The luxury hotel sector is thriving in India due to increased demand from high-income households. Leading hotel chains like Lemon Tree, Hilton, and Radisson are expanding their portfolios to cater to this trend. Lemon Tree recently opened the country's largest hotel, Aurika Mumbai Skycity, and is planning on many other projects in the next 3-5 years. Hilton is introducing its iconic Waldorf Astoria brand in Jaipur by 2027 and is considering further expansion. Radisson is debuting its Collection luxury hotel and aims to grow its footprint in India, with a focus on tier II-IV markets. Luxury properties contributed 14% of overall brand signings by keys in 2022, up from 9% in 2018.
The Brihanmumbai Municipal Corporation (BMC) has made significant progress in reconstructing the 150-year-old Carnac Bunder Bridge, issuing tenders for its approaches and initiating the girder manufacturing process. Despite initial concerns about delays, BMC officials are confident about completing the project within 12 months, costing 252 crore. Challenges, including poor coordination with railways, have caused setbacks, leading to traffic congestion and inconveniences. The BMC's dedicated efforts, along with continued stakeholder coordination, are crucial for ensuring a smooth reconstruction process, minimising disruptions for Mumbai's residents and commuters.
The BMC is moving forward with a road construction project in Chandivali, despite not having acquired the necessary land. The road was planned as part of a 30-year-old development plan. The BMC started construction of the road but got stuck at one-third of the stretch. The land for the remaining road is full of encroachments. Local residents protested, leading to eviction notices and re-initiation of tenders. Only two bids were received for the tender. The BMC extended the timeline due to a lack of response. The BMC emphasizes the work will commence after land acquisition but the DP department, responsible for land acquisition, faces criticism for delays. Citizens question the delayed acquisition process and inaction against encroachments and urge timely action for road development in Chandivali.
Adani Ports has unveiled a monumental Rs 20,000 crore investment in Kerala's Vizhinjam Transhipment Terminal by 2030, signalling a transformative shift in the state's infrastructure. The port's strategic significance lies in its natural depth of over 18 metres, making it ideal for large vessels and reducing reliance on foreign hubs. Adani Ports, a key investor, aims to handle 1 billion tonnes of cargo annually by 2030, aligning with its vision of becoming a global port leader. This initiative not only enhances Kerala's infrastructure but also amplifies India's maritime capabilities, fostering competitiveness on the global trade stage.
Singapore's historic shophouses, once symbols of the past, are now highly coveted as thriving urban assets. Their vibrant facades and intricate details have turned them into trendy establishments, from restaurants to boutiques, appealing to both locals and tourists. These structures have gained immense value, thanks to their exemption from housing regulations designed to curb costs. Sales of shophouses have surged, with Chinese investors making significant acquisitions. As Singapore has shifted towards preserving its historical heritage, areas like Joo Chiat have transformed into vibrant districts, attracting visitors and social media enthusiasts. These shophouses are now home to global brands and prestigious dining venues, exemplifying a harmonious blend of tradition and modernity.
Knight Frank, a global real estate consultancy, recently released a report highlighting the dynamic economic landscape in Africa, driven by urbanisation, agricultural expansion and technological advancements, which has resulted in massive potential in its real estate. Apart from UK's $2 billion commitment to sustainable projects in Africa and the US's $200 billion through the Partnership for Global Infrastructure and Investment (PGII) initiative, Africa's real estate market stands to gain from unlocking investment opportunities in five sectors: data centres, manufacturing, ESG (Environmental, Social, Governance), infrastructure, and agro-processing. With a diverse set of resources in its armour, Africa stands to gain from Global Sovereign Investments.
• A residential flat spanning 1,020 square feet sold in X BKC in Bandra East for INR 4.90cr. <br>• A residential flat spanning 1,562 square feet on the 26th floor sold in Raj Infinia in Malad West for INR 3.5cr.
An individual named Rajan Gulhane is facing a case filed by the Tilak Nagar police for allegedly attempting to seize a one-acre salt pan land in Vikhroli, Mumbai, by placing a signboard claiming ownership. The land's ownership is disputed between the State Government and the Central Government (Salt Department) and is awaiting resolution in the Bombay High Court. Gulhane replaced a sign indicating the ongoing dispute with his own sign, asserting ownership. However, the Salt Department alleges that he submitted fraudulent documents and confirmed their forgery with the Talati office. Salt pans play a crucial role in Mumbai's defense against flooding and provide habitat for diverse wildlife. They are subject to strict Coastal Regulation Zone (CRZ) regulations.
Hiranandani Group's Empress Hill in Powai is a luxurious residential development witnessing remarkable demand. Within a week of its launch, it has achieved sales worth Rs 1,100 crore, with half of its available properties already sold. The project, with 330 units in three towers, offers three and four-bedroom configurations and is expected to be completed by FY26, with an investment of Rs 2,000 crore. Targeting affluent homebuyers, this project reflects the growing interest in upscale housing due to the COVID-19 pandemic, increased disposable income, job opportunities, and a preference for luxurious living. It has received positive feedback from both domestic HNIs and NRIs, emphasizing punctual delivery, quality, value appreciation, and rental returns.
Godrej Properties faces a setback as CIDCO cancels the allocation of two plots in Navi Mumbai. The real estate firm has strongly opposed the cancellation, asserting that it contravenes a High Court order. Legal proceedings have been initiated by Godrej in response to this step by CIDCO. In March 2021, Godrej Properties secured these plots in Sanpada, near the sought-after Palm Beach area. In a separate development, Godrej Properties' subsidiary, Godrej Redevelopers (Mumbai), confronts a GST demand of Rs. 48.31 crore, along with interest and a penalty, which the company plans to contest legally.
A forensic audit conducted by MahaRERA on the Khar project of Highstreet Paramvir Developers has revealed multiple financial and regulatory irregularities, raising concerns about the handling of project funds and possible violations of the RERA Act by the project's promoter. The audit identified issues such as failure to deposit funds into a separate project bank account, inappropriate utilization of funds, unaccounted for loans and advances, losses from land sales, unsanctioned construction, project delays, and non-submission of essential information for the audit. This marks the first time MahaRERA has taken action against financial irregularities, underscoring the need for transparency and adherence to regulations in the real estate industry. The case has been taken up by the economic offences wing of the Mumbai Police.
The Bombay High Court has denied default bail to Sanjay Chhabriaa, a realtor embroiled in a money laundering case connected to Yes Bank. The court's decision hinged on the intricate nature of money laundering cases that necessitate in-depth investigations, and the Enforcement Directorate's (ED) ongoing inquiry. Chhabriaa had argued for default bail based on the ED's submission of its prosecution complaint within the mandated 60 days, but the ED sought permission to continue the investigation. This case underscores the complexity of money laundering and the need for comprehensive scrutiny in such matters.
The Supreme Court of India has refused bail to Mr. Surendra Kumar Hooda, a former promoter of real estate company AN Buildwell. He had sought bail while challenging the cancellation of a land allotment by the Yamuna Expressway Industrial Development Authority (YEIDA). This cancellation involved a substantial land parcel meant for a Sports City. Banks that had financed the parent company, Jaiprakash Associates Ltd (JAL), filed affidavits in support of JAL's petition to overturn YEIDA's decision. The court's decision underlines the complexity of the case, involving financial intricacies and legalities concerning land transactions, with Mr. Hooda ordered to surrender within eight weeks.
The Urban Estate Eco City-3 project by GMADA in New Chandigarh has faced setbacks due to bureaucratic hurdles and financial constraints, putting its future in uncertainty. Challenges include the Punjab government's demand for detailed land information, delaying land acquisition. The project, based on land pooling, was stalled due to fund shortages and limited landowner participation. Despite these issues, GMADA plans to launch Aerotropolis, a 1,653-acre township near the airport, showcasing its commitment to regional development. Successful resolution of hurdles will be crucial for revitalizing the Eco City-3 initiative and fostering economic growth.
MahaRERA, the Maharashtra Real Estate Regulatory Authority, is taking a proactive approach to enhance the quality of real estate construction in the region. The regulatory body is developing a comprehensive framework for quality assurance reporting, aiming to prevent defects from occurring in realty projects thereby benefiting both developers and homebuyers. MahaRERA seeks to engage all stakeholders, including developers, to create a collaborative atmosphere prioritizing quality and consumer satisfaction. By proactively enforcing rigorous standards and transparency, the regulatory authority aims to reduce defects and potential disputes in the post-possession phase.
The commencement of the model code of conduct for the upcoming assembly elections in Telangana has had a noticeable impact on property registrations, particularly within the Hyderabad Metropolitan Development Authority (HMDA) limits. Many real estate developers, buyers, and investors are choosing to postpone property transactions until after the elections due to concerns about potential risks associated with carrying large sums of cash during heightened police checks. Additionally, inauspicious days in this month have contributed to the decline in property registrations. As a result, officials have observed a drop in property registrations and revenues compared to the previous year, affecting both urban and agriculture land transactions.
In August, the Pioneer Cooperative Housing Society (CHS) located in Panvel, India, lodged a formal complaint with the local police, bringing to light a disturbing incident. They revealed that an astonishing six out of their ten flats had been fraudulently sold and registered without their knowledge or consent. This shocking revelation uncovered a major property scam, totalling a significant value of Rs 4 crore. The authorities have been diligently investigating the matter for the past two months. Recently, a prominent Mumbai builder has been apprehended in connection with this alleged scam.
The Yamuna Expressway Industrial Development Authority (YEIDA) has initiated a group housing plot scheme in Greater Noida's Sector 22-D. It plans to offer six plot categories through an e-auction on November 21. The application process, launched on September 28, requires submissions by October 27. Successful applicants will participate in e-auctions on November 21. The reserved prices for the plot, including PLC, have been fixed between Rs 61.50 crore to Rs 135.3 crore, with registration amounts between Rs 6.15 crore and Rs 13.53 crore. YEIDA's website provides details on vacant plots, including area, sector, allocation rate, and reserved prices. ICICI Bank is the exclusive banking partner for the project.
The Noida district administration is taking proactive steps to address the strain on its existing sub-registrar offices due to the surge in property transactions. The revenue department has proposed establishing two additional sub-registrar offices in Greater Noida and Dadri to expedite property registration processes. Currently, these offices are overwhelmed, with daily registrations far exceeding capacity, leading to delays and potential errors. To streamline the process, the revenue department plans to hire additional helpdesk staff to assist the public and maintain the accuracy of documentation. The move anticipates and responds to the evolving landscape of property transactions in Noida, enhancing the overall experience for registrants.
HSBC, a major multinational bank, is planning to enter India's real estate development funding sector via the Foreign Portfolio Investment (FPI) route and exploring private debt investments. They aim to invest in real estate projects ranging from 250 to 500 crore each, capitalizing on the flexibility of the FPI route. HSBC's move aligns with the growing trend of global investors in India's private credit market, driven by the influx of funds following the IL&FS crisis. This presents an opportunity in a market estimated at around Rs. 1 trillion, with an annual deployment of Rs. 2500-3000 crore by domestic fund managers.
The Securities and Exchange Board of India (SEBI) is set to auction nine properties associated with Orion Industries Ltd and the Rakhal Bharoti group of companies. This action is aimed at recovering funds raised from investors by these entities. The properties include land parcels in West Bengal and Jharkhand, with a total reserve price of around Rs 9 crore. The online auction, scheduled for November 20, is facilitated by Quikr Realty Ltd. SEBI has urged potential bidders to conduct independent investigations into encumbrances, property titles, and related claims before participating. These companies had garnered investments without complying with regulatory norms, leading to SEBI's auction decision.
As municipal corporation elections loom, Ludhiana's civic body focuses on updating voter lists, diverting attention from property tax recovery. Employees plan to send SMS reminders instead of notices for dues. Since the one-time settlement was launched, efforts have been redirected towards recovering pending house tax amounts. Officials express the city's potential for Rs 250 crore in property tax but cite improper categorization hindering accurate taxation. Plans to reassess tax slabs are underway to rectify anomalies and ensure a fair taxation system and a committee has been formed for this purpose.
The hotel industry is on the verge of significant growth in the upcoming July-September quarter (Q2) of the fiscal year 2023-24 (FY24). This growth is expected to continue into the second half (H2) of FY24, driven by both short-term and long-term factors. Major hotel companies are gearing up to report substantial growth in Q2, with revenue expected to increase by 15-30% compared to the previous year. This surge is primarily due to increased demand from the business segment. Chalet Hotels is expected to lead with a remarkable revenue growth of 30%, while other key players like Indian Hotels Company and Lemon Tree Hotels are also set for significant growth.
Metro Brands Limited is a prominent Indian footwear retail company headquartered in Mumbai. With a vast network of 766 stores spanning 182 cities in India, they house various brands like Metro, Mochi, Walkway, and Crocs. Metro Brands is focused on expansion, aiming to open 200 new stores, repositioning the FILA brand, and strengthening its e-commerce presence. They're strategically expanding in clusters and exploring new markets in Tier 2 and Tier 3 cities, recognizing the growing importance of online shopping in the post-pandemic world. Their multi-channel approach combines physical and online stores to provide a seamless shopping experience for their customers.
Blox, an AI-driven proptech firm, is in the final stages of acquiring a majority stake in Justo, a mandate brokerage company in Maharashtra valued at Rs 350 crore. The transaction will combine cash and stock. This acquisition holds great significance in India's real estate and proptech sectors, where both Blox and Justo have annual mandate businesses of around Rs 3,500 crore. The move is expected to fortify Blox's position as a premier proptech enterprise in India, propelling its consolidated gross merchandise value to nearly Rs 8,000 crore. This strategic shift showcases the transformative impact of proptech on the traditional real estate landscape.
The BMC’s Rs 1,700 crore Mumbai beautification project faces a setback as decorative lights installed since October 2022 across key areas have begun to malfunction. The decorative lights were installed on the street lights and many of them on prominent roads and flyovers have stopped working. This malfunction is blamed on the street lights' inability to cater to increased power load, unsuitable wiring, and damage from illegal political hoardings. BMC Commissioner Iqbal Singh Chahal assures resolution within two weeks. Critics question the expenditure's priority over essential facilities and advocate FIRs against illegal banners. Others blame improper planning by the BMC and suggest redirecting funds for public services.
The Brihanmumbai Municipal Corporation (BMC) is planning to address Mumbai's increasing water demand by floating tenders for a new 2,000 MLD filtration plant at Bhandup, supplementing the existing 2,800 MLD units. Mumbai draws water from seven lakes and these filtration plants make the water suitable for human consumption. Of the current infrastructure, the 1,910 MLD unit has almost completed its useful life and would soon be decommissioned. Mumbai faced water cuts due to existing filtration unit malfunctions. P. Velrasu, Additional Municipal Commissioner, cites the rise in demand along with the need to improve capacity as the reason behind the proposal for the Rs 350 crore plant in the civic budget.
Andhra Pradesh Industrial Infrastructure Corporation (APIIC) plans to establish 'I-Space Business Park' in Madhurawada, covering approximately 19 acres. This business park will focus on IT/ITeS offices, commercial office space, business centres, and various support facilities. Proposed as a public-private partnership on a joint venture basis, the estimated project cost is Rs 2,300 crore. APIIC aims for a 26% stake, with the developer holding the remaining 74%. While Vizag has existing IT/ITeS offices, attracting major IT companies has been a challenge, with past proposals for IT parks in the region seeing limited progress.
The Yamuna Expressway Industrial Development Authority (YEIDA) is set to issue a global tender for the development of an Aircraft Maintenance, Repair, and Overhaul (MRO) facility at the upcoming Noida International Airport in Jewar by the end of October. The MRO facility is part of the airport's second phase, with nearly 60% of the required land already acquired. The land allotment process is expected to commence by year-end. The MRO facility aims to meet the growing demand in India's aviation sector, anticipating a significant increase in the number of passenger aircraft in the coming years.
New York Attorney General Letitia James filed a lawsuit against Donald Trump, alleging that he inflated the value of Mar-a-Lago and other assets in financial documents provided to banks and others. Trump valued Mar-a-Lago at up to $739 million, ignoring property use restrictions that required it to be a social club, not a private residence. The lawsuit claimed that Trump misrepresented the property as a residential plot rather than a social club. Trump’s defence team denied any wrongdoing and suggested that banks may not have relied heavily on his financial statements. The case revolves around the alleged overvaluation of assets in financial documents.
The IMF has once again expressed concern about the housing shortage in the Netherlands and its impact on young people across Europe. Alfred Kammer, Director of the European Department at the IMF, stressed the urgent need for increased housing construction to address the crisis. Limited construction activity, despite rising housing prices, is a major issue. The IMF warned that the situation could lead to reduced home affordability and social problems in the Netherlands, potentially sparking resistance against necessary reforms. This issue has persisted despite some fluctuations in housing prices and mortgage rates.
Three individuals, identified as Kakasaheb Khade, Vikas Dahiphale, and Mohini Tandale, are accused of defrauding 19 Navy officers of Rs 23.13 crore by promising them land in Uran in 2019. Operating under the name Sky Garuda Developers, the accused set up an office in CBD and advertised the sale of Non-Agricultural plots. After initial payments, the accused changed the promised plot location, and when the investors demanded their money back, the trio provided a bounced cheque. The case has been transferred to the Economic Offence Wing, with investigations ongoing under sections 420, 406, and 34 of the IPC.
• A residential flat spanning 1,669 square feet sold in K Raheja Vivarea in Mahalaxmi for INR 10cr. <br>• A residential flat spanning 843 square feet on the 12th floor sold in Kalpataru CHS in Ghatkopar East for INR 1.8cr.
Kolte-Patil Developers Ltd, a prominent Pune-based real estate company, reported remarkable sales growth in H1 FY24. Their sales surged by 64%, totalling INR 1,333 crore, driven by new project launches and steady progress in ongoing developments. The strong performance, marked by a 72% increase in sales bookings for Q2 FY24, reflects the company's commitment to enhancing customer experiences and delivering quality projects. The CEO emphasized their strong foundation and strategic investments, positioning them to create significant value for stakeholders. Kolte-Patil Developers has its presence in Pune, Mumbai, and Bengaluru.
Banks supporting Jaiprakash Associates Ltd (JAL), a company under the Jaypee Group, have submitted affidavits in the Allahabad High Court, endorsing JAL's request to reverse a decision by the Yamuna Expressway Industrial Development Authority (YEIDA) to cancel the allocation of 1,000 hectares of land. YEIDA had revoked the allocation, citing unpaid land dues of Rs 3,621 crore. JAL, however, contends the outstanding amount is Rs 1,483 crore. The court had directed the banks to clarify their positions earlier. The court further directed JAL to provide an affidavit explaining their differences with YEIDA's calculations.
Several filmmakers and companies, including actors Akshay Kumar and Kangana Ranaut, have shown interest in the International Film City project in Sector 21, Noida, Uttar Pradesh. The Yamuna Expressway Industrial Development Authority (YEIDA) floated a global tender for the third time on September 30, aiming to attract investors for the project's first phase. Representatives from production houses associated with Boney Kapoor and Ajay Devgn, as well as international firms like Sony and Universal, are reportedly interested. The tender, covering 230 acres out of the total 1,000, seeks development, operation, and maintenance partners on a public-private partnership model.
Atmosphere Realty Pvt. Ltd., a consortium of The Wadhwa Group, Man InfraConstruction Limited, and Chandak Group, has obtained the Occupation Certificate (OC) for towers ‘D’ and ‘E’ in its 'Atmosphere O2' project at Mulund. The consortium has received the OC 15 months ahead of schedule. This is attributed to guidance from Japanese Conglomerate Marubeni which is also involved in the project. This achievement reflects a commitment to quality construction and customer satisfaction in the real estate sector. The 'Atmosphere O2' project spans 5.13 acres with up to 85% open spaces emphasizing on green spaces and Wadhwa’s focus on natural light and ventilation in each residence. The project offers 20+ amenities, a spacious clubhouse, and good connectivity.
The Bombay Development Directorate (BDD) chawls redevelopment project now has a revised completion date of 2026, following a recent site visit by MHADA vice-chairman Sanjeev Jaiswal. The project encompasses three locations, including NM Joshi Marg, Naigaon, and Worli, spanning 12 acres. Originally constructed by the British over a century ago, the chawls consist of 160 square feet houses with shared restroom facilities. The redevelopment plan aims to provide tenants with 500 square foot homes, attached toilets, and numerous amenities in high-rise towers. Despite challenges and criticism, this ambitious project signifies a positive step towards modernizing the historic chawls and enhancing housing conditions in the area.
In a significant development, Chief Minister Eknath Shinde has approved the allocation of ownership flats to over 4,700 government employees residing in Bandra (East), Mumbai's government colony. This decision, following a meeting chaired by Shinde, aims to optimize land use by redeveloping the sprawling 90-acre colony. Roughly 10 acres will be designated for a slum rehabilitation scheme, benefitting both slum dwellers and government employees in Class II and III categories. Additional ownership flats will be provided to Class IV employees within the 12 buildings slated for redevelopment. While facing some criticism, this proactive approach addresses Mumbai's housing challenges and promotes equitable urban development.
The Children Welfare Centre (CWC), a prominent educational institution in Mumbai's western suburbs, is facing investigation over the alleged misuse of land plots leased to them by the BrihanMumbai Municipal Corporation (BMC). Accusations include sub-leasing to a national school chain, charging excessive fees, unauthorized constructions, and Coastal Regulation Zone (CRZ) violations. An MLA has filed a complaint, urging the cancellation of permissions granted to CWC. Preliminary inspections revealed unauthorized construction and other concerns on CWC properties. CWC's principal has refuted the allegations, insisting their educational expansions adhere to lease terms.
Following two building collapses in Dombivli, the Kalyan-Dombivli Municipal Corporation (KDMC) has established a Specialized Survey Team. Tasked with identifying potentially hazardous structures, the team aims to prevent further incidents. One of the recent collapses involved a building not previously marked as dangerous, highlighting the need for this initiative. The team has been formed in all 10 KDMC wards and it comprises experts from various departments. They will conduct thorough assessments and report daily findings, ensuring the safety of Dombivli residents.
The Haryana cabinet, led by Chief Minister Manohar Lal Khattar, has approved the "Haryana Municipal Urban Built-Plan Reform Policy, 2023," allowing residential plots in planned schemes to transform into commercial properties. This policy responds to evolving urban development needs and aims to regulate commercial conversions within municipal core areas. Property owners will face various charges, including scrutiny fees, conversion fees, development charges, and composition fees. The policy also includes measures to regularize unauthorized constructions and support dependents of deceased police personnel through appointments under civil service rules.
A Delhi court has ordered an FIR against a builder for allegedly defrauding a buyer, Masud Alam, of Rs 1.3 crore under the pretence of selling a property in Bara Hindu Rao. The property, paid for between August 2019 and July 2021, was later sealed by the Municipal Corporation of Delhi. Accused Mohammad Gulfam Qureshi and Anshul Goel reportedly pressured Alam for payments, despite construction delays. The case highlights the need for vigilance in property transactions.
Delhi's Winter Action Plan, initiated by Chief Minister Arvind Kejriwal, is in full swing to combat air pollution as the city prepares for winter. At its forefront is the Anti Dust Campaign, featuring 591 teams from 13 departments, inspecting construction sites to enforce dust control guidelines. Fines for non-compliance send a stern message to violators. The Green War Room coordinates these efforts, while bio decomposer spraying and anti-smog guns are also used. This campaign, lasting from October 7 to November 7, is crucial for mitigating winter air pollution. Stricter penalties await severe violators, and public participation is encouraged through the Green Delhi App, reflecting a unified effort to create a cleaner, healthier Delhi.
India is on the cusp of a data centre expansion, set to potentially double its capacity to 23 million sq ft within three years. A recent report, "India Data Centers: Entering Quantum Growth Phase," by Colliers India and CII, unveiled this promising outlook, projecting a $10 billion investment opportunity across seven leading cities. The report covers key cities, showcasing their IT load capacity, emphasizing the pivotal role of real estate in India's economic growth, and the growing importance of ESG standards in the real estate sector. With factors like data consumption and regulatory changes, data centre capacity could reach 1,800MW by 2026, led by Mumbai, Chennai, and Hyderabad. Tier-II cities also emerge as potential data centre locations, signifying India's digital transformation and the vital role of both Tier I and Tier II cities.
In the first half of FY24, private equity investments in the Indian real estate sector experienced a notable shift. The ANAROCK Capital report "FLUX - 1H FY24" revealed an increase in the average investment size to USD 117 million, primarily driven by a massive deal involving Brookfield India Real Estate Trust REIT and Singapore's GIC. Despite subdued overall investment activity, the top 10 deals accounted for 95% of total PE investments. Office assets, especially Grade-A properties, remained a top choice for investors. Emerging trends included growing interest in data centres and continued debt investments in the luxury residential sector. Equity investments dominated, and multi-city transactions, particularly in Mumbai, surged. The sector showed resilience, with promising opportunities for both domestic and foreign investors.
In the first half of the 2023-24 fiscal year, property registrations in the Indore and Ujjain divisions surged, with 2,73,876 properties registered across 15 districts. This resulted in a revenue of Rs 1,993 crore, marking a 13% increase from the previous year. Indore alone contributed Rs 1,088 crore which is attributed to its booming IT and commercial sectors. Infrastructure developments including expanded road and metro networks, have further fuelled the property market's growth in and around Indore.
The India-Pakistan cricket rivalry took centre stage at the world's largest cricket stadium in Ahmedabad, Gujarat, on October 14, 2023. India's victory left fans ecstatic, but it wasn't just the match that had everyone talking. MakeMyTrip, one of India's leading online travel companies, released a controversial ad ahead of the game. The ad offered discounts to Pakistani fans based on the margin of their team's loss. While intended as a joke, the ad generated mixed reactions. Some found it disgraceful and insensitive, while others appreciated its light-hearted spirit. The India-Pakistan rivalry continues to evoke strong emotions, sparking creativity and debates that show no signs of slowing down. MakeMyTrip has yet to comment on the ad.
Residents of Kopri, Thane East, are vehemently opposing the construction of a three-story building at a crematorium, claiming it encroaches on the space used for children's final rites. Despite authorities insisting on renovation, the residents, demanding control be handed over to Thane Municipal Corporation, cite inadequate facilities on the grounds. Allegedly, a previous attempt at constructing a prayer hall halted in 2013 due to protests. Concerns include security lapses, with instances of guards being drunk and dogs interfering. TMC asserts the ongoing work aims to enhance cremation efficiency with additional pyres, not build a hall.
GMR is securing a INR 4,000-crore loan for the construction of a greenfield international airport in Visakhapatnam (Vizag). Led by India Infrastructure Finance Company (IIFCL), the consortium is providing a 14-year loan with an approximate interest cost of 10%. The Vizag airport, GMR's fourth major airport in India, is planned in three phases, accommodating 6 million passengers initially and scaling to 40 million once fully developed. The airport aims to boost GMR's aviation business and serve as a significant development for northern Andhra Pradesh. The loan involves moratoriums during construction and the initial operational year.
The Himachal Pradesh cabinet has made significant amendments to the Shimla Development Plan, allowing residential construction in specific green belt areas while prioritizing tree conservation. Changes to HP Town and Country Planning Rules permit construction near water bodies, balancing land use and safety. The "Van Mitra" scheme engages communities in forest conservation, and the recruitment of forest guards strengthens conservation efforts. The cabinet also approved a passenger ropeway system, promoted amateur radios for emergency communication, and streamlined traffic regulation enforcement. These decisions signify a comprehensive approach to sustainable urban development, environmental conservation, and community engagement in Himachal Pradesh.
Kaisa Group, a troubled Chinese property developer, has informed its creditors in a Hong Kong courtroom that they may recover as little as 5% of their investments in the event of a forced liquidation. This revelation came during a hearing concerning a winding-up petition related to Kaisa's failure to repay onshore bonds. Many Chinese property developers are grappling with winding-up petitions following the real estate sector's debt crisis in 2021. Kaisa's history of financial difficulties adds to concerns, as it remains uncertain about restructuring plans. The company's financial distress is evident, and the outcome of the court proceedings could have broader implications for China's economy and real estate market.
Zaha Hadid Architects has unveiled plans for a 330-meter-tall skyscraper in Saudi Arabia’s Neom development, set within the Trojena ski resort. The tower, named the Discovery Tower, will offer retail, dining, exhibitions, and observation decks. It’s set to become a symbol for Trojena, a region offering year-round skiing and adventure sports. Alongside it, an open-air museum will grace the mountain peaks. In the same Discovery Cluster, a futuristic lookout promises to showcase the mountain’s details through innovative technologies. Additionally, the Neom project includes the Cosmic Gate, a stargazing camp. This visionary project comprises four regions, each with unique characteristics, redefining urban living and tourism.
Mercedes-Benz Research and Development India Private Limited, a leading luxury car manufacturer, has extended its lease for seven floors in Bengaluru's Embassy Crest building. The five-year lease, commencing on May 1, 2023, covers 5.42 lakh square feet and involves a substantial monthly rent of Rs 2.5 crore and a security deposit of Rs 48 crore. These office premises are dedicated to research and development (R&D) and IT purposes, and the agreement includes a 5 percent annual escalation clause. This renewal highlights Mercedes-Benz's commitment to innovation and R&D, reflecting the vital role of technological advancements in the automotive industry's future. Choosing Bengaluru underscores the city's tech and innovation prominence, positioning it as a key hub for research and development in the automotive sector.
Macrotech, operating under the Lodha brand, has entered into a significant developmental agreement for a slum rehabilitation project in Mumbai's Worli district, valued at Rs 359.48 crore. As part of the state government's slum rehabilitation initiative, Macrotech will handle the free-sale component while reserving the rehabilitation segment for approximately 172 slum residents. The land spans 85,153 square feet, with a Floor Space Index (FSI) approval of 5.172. The Lodha Group and Sattadhar Constructions will equitably share net revenue from the sale of constructed flats. This reflects the surge in slum redevelopment projects in Mumbai, driven by social and economic imperatives and offering developers additional FSI rights to construct premium residential complexes within the same area.
Deepak Kesarkar, Mumbai's Guardian Minister, has unveiled an ambitious plan to transform part of the Mahalaxmi Race Course into a sprawling amusement park, coexisting with the iconic racecourse. The proposal includes a "Mumbai Eye" observation wheel and improved access via the Coastal Road. The innovative concept aims to make the area accessible to a wider audience while preserving the legacy of the racecourse. Kesarkar's vision promotes community engagement, inclusivity, and adaptability to changing urban dynamics. Additionally, plans for day care centres for senior citizens and battery-operated mini buses in the Byculla Zoo further enhance the recreational and inclusive aspects of the project, ensuring its continued relevance and vibrancy.
• A residential flat spanning 950 square feet on the 21st floor sold in Hill Park Tower in Jogeshwari West for INR 1.90cr. <br>• A residential flat spanning 817 square feet on the 2nd floor sold in Dosti Acres in Wadala East for INR 2.20cr.
Aaditya Builders, a real estate development company, is facing legal action as Borivali police pursue a case against them for alleged fraudulent activities involving chartered accountant Harshit Kadhi. Kadhi claims that despite paying Rs1.1 crore, the builders failed to deliver the promised 941 sq ft flat in a Borivali West redevelopment project. The dispute began in January 2018, with Kadhi initially presented with a promising plan. However, he faced delays and threats from the builders, prompting him to seek legal recourse. On October 9, a case was registered against Aaditya Builders for breach of trust and fraud, highlighting the importance of diligence and transparency in real estate transactions and the role of the legal system in addressing such disputes.
G Square Realtors Private Limited has launched G Square Orion, a wellness-themed plotted community in Coimbatore. This DTCP-approved and RERA-registered project covers 10.7 acres and offers 213 residential plots with over 40 world-class amenities. Positioned near Trichy Road, it enjoys excellent connectivity to key locations and upcoming developments, including a Defence park, biodiversity park, and Aerospace Industrial Park. The project aims to provide residents with a serene environment amidst rapid urbanization. Early-bird pricing starts at Rs. 9.25 lakhs per cent for the first ten bookings, making it an attractive opportunity in Coimbatore's real estate market.
The Department of Town and Country Planning (DTCP) has issued show-cause notices to 45 residential properties in South City 2, Gurugram, for alleged misuse and violations of the Haryana Urban Development Act, 1975. These properties were found to be in violation of regulations after a recent survey by the DTCP's enforcement team. The property owners have been given seven days to respond, with potential actions including restoration orders and cancellation of occupation certificates. The move emphasizes the significance of adhering to zoning and land-use regulations in urban areas to prevent conflicts, maintain neighbourhood character, and ensure sustainable development.
Hero Realty Pvt. Ltd. (HRPL), a prominent Indian real estate developer, is teaming up with Saheb Enterprise to embark on a joint venture project in Gurugram's Sector 104. Spanning four acres along the Dwarka Expressway, this venture is poised to infuse Rs. 1500 crore into HRPL's top-line earnings for the fiscal year. Hero Homes Gurugram, part of this development, promises luxury living through premium residential apartments. This expansion solidifies HRPL's position in the National Capital Region (NCR) and enhances its market share in Gurugram. With a strategic location and a commitment to exceeding customer expectations, HRPL sets its sights on a bright future and ambitious sales goals
Puravankara, a prominent Indian real estate developer, has achieved impressive sales growth, marking a significant milestone in Q2 FY24. The company reported a sale value of INR 1,600 crores, representing a remarkable 102% increase from Q2 FY23's INR 791 crores. This growth trend continued into H1 FY24, with a sale value of INR 2,725 crores, marking a remarkable 109% increase compared to H1 FY23's INR 1,304 crores. This robust performance is attributed to a promising pipeline of upcoming project launches, efficient project execution, and a strategic approach to diversification and business acquisitions. Puravankara's strong position in the real estate market is evident in its growing sales, highlighting its commitment to providing quality real estate solutions.
In Navi Mumbai, slum dwellers and Project Affected Persons (PAPs) are resisting the state's Slum Rehabilitation Authority (SRA) scheme. The scheme, aiming to provide proper housing for around 50,000 slum dwellers, faces opposition from PAPs demanding their sold lands back. Slum dwellers, like those in Ramnagar, express concerns about losing homes while PAPs say that they sold their lands for very little compensation. A biometric survey in September triggered political tensions, with Shiv Sena accusing BJP's Ganesh Naik of interference. PAPs formed the Zameen Haq Samiti, holding meetings to raise awareness and planning objections and a potential PIL.
The Maharashtra state government's delay in reclaiming a 6,063-sq-ft plot of land, allocated to the Madhya Pradesh Mitra Charitable trust (MPMCT) in Goregaon, has raised concerns. Despite the state's directive to revoke the allotment due to irregularities and subleasing, neither MHADA has taken action nor regained control of the property housing the Vibgyor High School. The housing department's inquiry in 2022 acknowledged irregularities but no progress has been made. The delay has prompted questions about the government's ability to reclaim the land and resolve the longstanding dispute surrounding the school's premises.
The Bombay High Court is set to determine the future of the iconic Mehta Mahal, a 56-year-old commercial building, as it deliberates over civic guidelines for unsafe structures. A 2021 expert panel report by BMC on the building's structural stability has sparked a legal battle. While BMC permitted repairs based on its technical advisory committee's advice, one of the property owners, Drishti Hospitality, is advocating for demolition. The case not only concerns Mehta Mahal's fate but also raises significant questions about the enforceability of local body guidelines. The next hearing is scheduled for November 2, 2023.
Noida and Greater Noida authorities have come up with alternative options like draw of lots and interviews for industrial plot allotment. This shift follows the recent decision to abandon e-auctions for increased transparency. For Noida's Phase 2 and 3 plots, a draw will be employed, while Phase 1 plots will continue to use e-auctions as the number of plots are less. Applicants must deposit 10% upfront, with options for lump-sum or instalment payments. Plots larger than 4,000 sqm require an interview assessing financial capacity and technical experience. Noida Authority plans to formalize these decisions soon.
The Nashik Metropolitan Regional Development Authority (NMRDA) is taking decisive steps to combat unauthorized constructions and encroachments across a significant region. Under the leadership of Commissioner Satish Kumar Khadke, the NMRDA is formulating a comprehensive strategy focused on revenue generation and self-sustainability. This proactive approach includes the establishment of clearly defined industrial and recreational zones to streamline construction practices and address unauthorized developments. With over 30,000 cases of encroachments, the NMRDA aims to simplify permissions processes, urging property owners to regularize their structures. This initiative reflects the authority's commitment to curbing disorganized development while fostering industrial growth.
The Brihanmumbai Municipal Corporation (BMC) is facing widespread resistance to its proposed open space adoption policy, with nearly 75 objections and suggestions from political parties, activists, and citizens. The policy, which excludes parks and gardens, has drawn criticism for being a rehashed version of old ideas. Concerns arise over the 51 privately controlled plots, with allegations of commercial exploitation, even by politicians. A contentious clause in the policy suggests BMC would compensate 'caretakers' 50% of the cost of constructions on these plots, a move fervently opposed by activists who argue the illogicality of paying for public land. Activists assert BMC's responsibility in preserving essential open spaces for Mumbai's citizens.
The Comptroller and Auditor General (CAG) of India has criticized the Tamil Nadu Urban Habitat Development Board (TNUHDB) for severe delays in implementing the Tamil Nadu Affordable Urban Housing and Habitat policy and the Housing for All Plan of Action (HFAPoA). The CAG's report revealed that this delay in housing initiatives left urban poor residents living in unhygienic conditions, as only a fraction of the approved houses were completed. The report also noted that the government's failure to seek approvals for housing beyond March 2022 deprived 6.84 lakh identified houses of intended benefits, and it emphasized the need for accountability and prompt action to address these issues.
Viacom18 Media, a division of Reliance Industries, secures a significant five-year lease for 4.1 lakh square feet of prime office space in Mumbai, with an initial monthly rent of Rs 7 crore. The company will occupy nine floors in Prabhadevi's 'One International Centre.' A noteworthy detail is a 12-month rent-free period. The monthly rent increases by 4.5% annually from the second year, reaching nearly Rs 8 crore in the final year. The lease's terms bind both landlord and tenant. A security deposit of Rs 41.8 crore further solidifies this strategic alliance.
Mahindra Lifespace Developers has acquired 5.38 acres in Pune's Wagholi, enabling a potential 1.5 million square feet of upscale residential development. The strategic acquisition aligns with Mahindra Lifespace Developers' commitment to Pune, situated in the well-planned Kharadi-Wagholi micro-market. The area enjoys proximity to major commercial centres, IT hubs, and robust infrastructure. In addition, the company plans a Rs 85 crore investment in Chennai's Lakefront Estates project. The surging real estate demand in Pune prompts developers to explore adjacent regions, driven by scarce prime land and government infrastructure initiatives.
Kolkata's real estate scene is abuzz as a prized five-acre plot adjoining two prestigious five-star hotels, near the EM Bypass, prepares to hit the auction block. HIDCO, the Housing Infrastructure Development Corporation, is orchestrating the e-auction, with the opening bid set at a staggering Rs 310.3 crore, equivalent to Rs 62 crore per acre. The highest bidder will secure a 99-year leasehold on the property, with a mandate to allocate 50% for a budget hotel and the remainder for commercial or residential use. This strategic move aims to revitalize the area and bolster tourism, with echoes of similar policies in Ahmedabad's Sabarmati riverfront project.
The Haryana State Industrial Infrastructure Development Corporation (HSIIDC) has initiated the bidding process for four mixed-use plots in Gurugram's expansive Global City project, spanning 172.76 acres. With a focus on cutting-edge technology, sustainability, and comprehensive planning, this ambitious 1,000-acre project is set to transform Gurugram's landscape. The bidding process, beginning in November 2023, offers plots for various purposes, including commercial, residential, and institutional use. The Global City project promises economic growth and serves as a model for sustainable urban living in Gurugram.
The Ahmedabad Municipal Corporation has introduced a revised policy affecting parking spaces in commercial complexes and malls. Under this new policy, these establishments charging parking fees will now be required to pay property taxes on their dedicated parking areas. However, the policy offers exemptions for residential properties, including bungalows and tenements with unauthorized parking sheds or sunshades, along with basements' access ramps and runway spaces, which collectively make up about 35% of the total parking area. This move comes after inconsistent application of property taxes for parking spaces in the city, as some properties were exempted based on unclear guidelines. The policy aims to bring uniformity and transparency to parking taxation in commercial settings.
At a recent event, Deputy Chief Minister DK Shivakumar introduced the 'Nanna Swathu' program aimed at digitally transforming property documents. This initiative involves manual property measurement to ensure accurate tax payments and minimize underreporting. 'Nanna Swathu' complements the existing Urban Property Ownership Records program but adds a comprehensive property survey and digitalization, with guidelines for tax payment. Expected to triple revenue collection for Bruhat Bengaluru Mahanagara Palike, the government also plans to overhaul the building plan approval process, establish non-political committees for park and playground oversight, and launch the "Sahayahastha" website to address public concerns at the ward level. These initiatives promote transparency, tax efficiency, and improved urban development in Bengaluru.
The National Green Tribunal (NGT) has prohibited CIDCO, the planning authority for Navi Mumbai, from leasing a 25,000 sq.m. plot near the NRI Colony at Seawoods in Nerul for development. This decision follows protests by local residents and activists opposing CIDCO's auction plans for the environmentally sensitive area. NGT's order prohibits construction in Coastal Regulation Zone (CRZ) areas so as to preserve the ecology and habitats, including mangroves and flamingo roosting sites. The ruling allowed designation of a part of the plot for a garden and social facilities.
As the South West monsoons fade, concerns rise in Margao about the neglected heritage buildings awaiting restoration. Iconic structures like the 118-year-old Margao Municipal building have suffered water seepage and decay, prompting temporary fixes. Despite assurances from authorities about renovations, the historical landmarks remain in disrepair. This issue isn't just cosmetic; it's a reflection of neglecting cultural heritage. These buildings are living remnants of history, vital for preserving the community's roots. Urgent action is needed to restore these structures, not just for aesthetics, but to honour the region's rich heritage and educate future generations.
The Bhubaneswar Development Authority (BDA) plans to conduct a pioneering real estate survey to assess various aspects of properties and enhance urban planning. The survey will evaluate components like sewerage, drainage, waste management, parking, and security. A consultant will be selected to conduct the survey, focusing on 1,800 properties, aiming to understand existing infrastructure conditions. BDA officials anticipate the survey's findings will aid inclusive city development and guide improvements for addressing the challenges posed by rapid growth. Urban planners recognize the significance of rectifying planning violations for the systematic growth of the city.
Renowned actor and comedian Adam Sandler has quietly amassed an impressive real estate portfolio in Southern California. His investments include a 3,000-square-foot Malibu home, acquired for $ 3.1 million after leasing it for 6 months, and a condo in Boca Raton, Florida acquired for $ 640,000. In 2022, they acquired a charming Pacific Palisades ranch house for $ 4.8 million and in 2004, the Sandlers purchased a sprawling 13,000-square-foot Pacific Palisades home during a New Year's Eve party at Goldie Hawn and Kurt Russell's house. Sandler's real estate choices reflect a commitment to creating secure, peaceful havens for his family away from the Hollywood limelight.
Country Garden Holdings, one of China's largest property developers, has issued a warning of its impending first-ever default and debt restructuring, underscoring the worsening crisis in China's real estate sector. The company's financial troubles reflect broader issues in the property market, despite government efforts to stabilize it. With its massive debt load, Country Garden's situation has profound economic implications, raising the urgency for Beijing to take stronger measures. The firm's stock performance has plummeted, and its struggles are mirrored in declining home sales and low confidence among potential buyers. The company is engaging advisers to navigate its financial challenges, and the outcome will significantly impact China's economy and property market.
In September, the UK’s housing market exhibited mixed signals as reported by mortgage lender Halifax. House prices experienced a 0.4% decline compared to August, which was less severe than the previous month’s 1.8% drop. On an annual basis, prices were 4.7% lower than September 2022, slightly surpassing August’s 4.5% decrease. This downward trend coincides with the Bank of England’s expected decision to maintain high interest rates, potentially constraining buyer demand in the coming year. Rival lender Nationwide also reported a 5.3% annual decrease in house prices for September, matching August’s decline, though monthly prices remained stable. Despite recent drops, prices still remained significantly higher than pre-pandemic levels, with an average home price of £278,601.
Delhi faces a colossal daily burden of 6,500 tonnes of construction debris. In response, Chief Minister Arvind Kejriwal unveiled India's largest Construction and Demolition (C&D) waste recycling facility, managed by EverEnviro Resource Management. The cutting-edge plant can process 2,000 tonnes of C&D waste daily across a sprawling 7-acre site, offering a potential solution to the city's waste woes. EverEnviro efficiently collects and transforms construction debris into high-quality recycled materials, bolstering circularity in construction and reducing environmental strain. This initiative has the potential to enhance Delhi's urban environment by curbing pollution and fostering sustainable construction practices, setting a vital example for the industry.
The Greek real estate market is experiencing a surge in demand for vacation homes, with a notable influx of buyers from the Greek diaspora and abroad. According to Elxis, a leading real estate agency in Greece, expatriates from the United States, Canada, and Germany are making a strong comeback to purchase properties in their homeland. This renewed interest is partly driven by the rapid recovery of property prices in Greece. Additionally, there is a growing trend among buyers to use these homes for both vacations and short-term rentals, further boosting the market. The return of U.S. tourists to Europe, including Greece, has contributed to this demand, with Greek expatriates among those rediscovering their homeland.
Kolkata is set to expand after a decade, incorporating three areas to provide urban services to 60,000 residents lacking essential facilities. The Kolkata Municipal Corporation (KMC) plans to include Jagadipota and Mukundapur under its jurisdiction, addressing issues like waterlogging and poor roads. Rania mouja in south Kolkata will also be under KMC, benefiting 15,000 residents. The move aims to enhance civic amenities, generate revenue, and simplify property-related processes. Residents welcome the initiative, anticipating improved infrastructure and a better quality of life. KMC's expansion signifies a significant step toward enhancing living conditions and fostering community development.
Kerala unveiled its first 3D-printed building, the 380-square-foot AMAZE-28, at the KESNIK campus. This ground breaking achievement, completed in just 28 days, heralds a new era in construction technology. Chennai-based start-up Tvasta, in collaboration with KESNIK, brought this architectural marvel to life, fusing traditional and 3D printing methods. The integration of both techniques showcases 3D printing's adaptability and opens the door to widespread implementation in construction, promising efficiency and creative design possibilities. This project is a testament to the unceasing quest for innovation in the construction industry.
Florence, Italy, has implemented strict regulations on short-term rentals like Airbnb in its historic centre due to rising prices and housing shortages. This move aims to protect housing for local residents. Landlords can receive tax incentives if they transition from short-term to long-term leases. Mayor Dario Nardella cited a 15.1% price increase this year and concerns from the 40,000 residents in the city centre. Similar housing crises affect other European countries. The central government is considering a bill that may require a minimum two-night stay in historic areas and a national identification code for tourist rentals, with penalties of up to €5,000 for non-compliance.
The Adarsh Group's commitment to invest Rs 2,000 - Rs 2,500 crore in India's real estate sector signals a significant move to bolster the country's real estate landscape. This substantial investment will encompass both residential and commercial projects across key locations, addressing the evolving demands of India's dynamic real estate market. As a crucial driver of economic growth, this venture is expected to create a substantial number of jobs and stimulate economic development in project locations. Moreover, it has the potential to contribute to responsible urban development, setting new standards for sustainability and efficient urban spaces. The Adarsh Group's strategic investment promises to leave a lasting positive impact on India's real estate sector and overall economic progress.
The Yamuna Expressway Industrial Development Authority (YEIDA) has unveiled an instrumental furniture park scheme in Greater Noida, geared towards fostering non-polluting industrial growth. The initiative offers plots of up to 4,000 square meters at competitive premium rates, creating a welcoming environment for entrepreneurship and innovation. With 63 plots dedicated to MSMEs, it not only boosts local economic development but also generates employment. Located strategically near key areas like Jewar Airport, this project ensures seamless connectivity and goods movement. YEIDA's initiative signifies a pivotal stride toward economic progress, inviting entrepreneurs to contribute to the flourishing industrial landscape of Greater Noida.
Ajmera Realty & Infra India Ltd, a prominent Indian real estate firm, unveiled its remarkable Q2 FY24 performance, showcasing a 52% YoY surge in sales. This substantial growth, totalling INR 252 crores in sales bookings, was fuelled by strong demand, including notable projects like Ajmera Eden. The company attributes its success to a thriving market, boosted by the Reserve Bank of India's rate freeze, and a 5x growth strategy focusing on untapped micro-markets. Dhaval Ajmera, Director, stressed the importance of pre-sales and business development to reach a fiscal year sales target of INR 1,000 crores. The company's dedication and stable interest rates promise continued growth in the festive season and beyond.
Godrej Properties, already grappling with legal disputes over a Rs227 crore land deal in Nagpur, now confronts a second lawsuit. The latest suit invokes the Mental Health Act, alleging that a landowner with unsound mind had their share sold without due process. This comes after an earlier case citing Muslim personal law provisions. With hearings set for October 25, the realty giant's Nagpur venture faces increasing legal complexity. Meanwhile, Godrej Properties recently struck a separate Rs350 crore land deal in the region, adding to the intrigue surrounding its operations in Nagpur.
A considerable backlog of pending registration files has built up within Gujarat's Real Estate Regulatory Authority (RERA) amid the prolonged absence of a chairperson. This significant delay has raised concerns within the real estate industry, with experts suggesting that it may take a substantial amount of time for the authority to restore its normal functioning. The extended period without a chairperson has led to an accumulation of work, leaving aspiring homeowners, developers, and stakeholders in the real estate sector grappling with uncertainties as they await the resolution of this issue.
In a Bombay High Court ruling, a builder has been directed to pay transit rent for a flat involved in an ownership dispute and subsequently vacate the property. The man's sister had contested the ownership of the flat. The court clarified that transit rent should be paid to the person being displaced from the premises and that disputes over property titles do not impact the payment of transit rent. This judgement modifies a previous order and emphasizes the importance of adhering to established legal principles regarding transit rent and property possession in redevelopment cases.
Panchkula real estate dealer, Prem Chand Singla, fell victim to a cunning land scam, losing a substantial Rs 70 lakh. Singla's complaint detailed how he was duped by three individuals, who promised him a 12.6-acre plot in August 2022. The fraudsters provided a bogus revenue patwari and sealed the deal, with Singla paying a hefty Rs 70 lakh. The ruse unravelled when Singla visited the site and discovered that the land belonged to someone else entirely. Legal action has been taken against the culprits.
The Telangana High Court has ruled for the demolition of a commercial complex constructed on a designated park space in Begumpet's Indian Airlines Employees Housing Colony. Chief Justice Alok Aradhe and Justice NV Shravan Kumar delivered this judgement in response to petitions filed by concerned citizens. The court also annulled the municipal permission for the complex. The land, originally meant for a park, was sold in 1996, leading to the complex's construction. The owners have been directed to fund the demolition, supervised by HMDA and housing board officials. This ruling underscores the importance of adhering to urban planning guidelines.
The West Bengal government's urban development and municipal affairs department has introduced a set of 19 guidelines to regulate building demolitions in congested residential areas. Under the new norms, demolition work is prohibited at night, and strict adherence to noise and air quality standards is mandated. The move comes in response to the observed lack of safety measures during building demolitions, contributing to air and noise pollution. The guidelines address concerns such as uncontrolled use of equipment, dust pollution, and unauthorized felling of trees. Additionally, the regulations prohibit demolitions during heavy storms or rain, emphasizing safety precautions for both workers and residents.
Property developers and landowners in Gurugram are urging the state government to reinstate a policy allowing the construction of four-floor buildings before Diwali, as approvals for such projects have been on hold for eight months. The suspension came following protests by residents who argued that these "builder floors" were overburdening resources and infrastructure in already densely populated areas. The Gurgaon Home Developers and Plot Owners' Association contends that these builder floors cater to individuals with limited budgets and generate substantial revenue for the state. Despite the revenue generated, the government is yet to make a decision on the policy's future.
iSprout, a prominent player in India's co-working space industry, has raised Rs 40 crore through its first secured bond offering. Vivriti Asset Management, a major credit asset manager with over Rs 3,000 crore invested in mid-market enterprises, facilitated the bond subscription. iSprout, founded in 2016, is expanding its operations and presence in Hyderabad and Bengaluru with the funds. They also plan to develop proprietary technologies for streamlining crucial processes. With an impressive growth rate of 200% in the last six quarters, iSprout aims to further expand its premium managed office space offerings in India.
Institutional investments in Indian real estate surged by an impressive 27% year-on-year to USD 4.6 billion from January to September 2023, showcasing the sector's robust growth amid global uncertainties. Foreign investments held a dominant 77% share, while domestic investments doubled year-on-year, reaching USD 1.1 billion. Notably, domestic investors took the lead in Q3, contributing to 63% of total investments for the quarter. The Indian real estate sector remains a resilient and promising investment destination, with the office sector witnessing significant growth. Industrial assets also saw a remarkable 3.5-fold increase in investment, driven by India's booming manufacturing sector.
India is set to urbanize at a rapid pace, reaching around 36% this year and an anticipated 50% by 2050. According to a report by Cushman and Wakefield released at the 21st NATCON in Egypt, tier-2 towns like Bhubaneswar, Indore, Jaipur, and others will become promising real estate destinations due to their development potential. The report identifies key indicators such as population, infrastructure, talent pool, income, ease of living, and housing affordability to select these cities. This urbanization trend is reshaping real estate dynamics, with tier-2 cities expected to play a significant role in India's growth story.
The Bombay High Court has called for granting the Slum Rehabilitation Authority (SRA) and the state government broad powers to evict unauthorized occupants from SRA flats due to concerns about illegal transfers and profiteering. The court highlights the need to protect the 10-year ownership restriction on these flats and the importance of preventing the trafficking of rehab tenements to address Mumbai's affordable housing crisis. It's also examining a case in Malad (E) where allottees are seeking rental dues, shedding light on a wider issue of unauthorised transfers and subletting.
The Bank of Baroda's board has granted approval for the issuance of long-term bonds to raise Rs 10,000 crore, which will be used to finance infrastructure and affordable housing projects. However, the RBI has temporarily halted the bank from onboarding new customers through its 'Bob World' mobile app due to supervisory concerns. This has led to a 3 percent drop in the bank's stock price. While the bank has taken corrective measures and plans to work closely with the RBI, it remains confident that the regulatory action will not significantly impact its overall business and growth plans.
• A residential flat spanning 966 square feet on the 16th floor sold in Chandak Treesourus in Malad West for INR 2.21cr. <br>• A residential flat spanning 1,006 square feet sold in Rustomjee Summit in Borivali East for INR 3.10cr.
The UT estate office has successfully recovered over Rs 527 crore in lease and rental dues, with Rs 427 crore collected in the past one and a half years, starting on April 1, 2022. In the current fiscal year, up to September 30, approximately Rs 150 crore has been collected, with another Rs 150 crore anticipated by March 31. This financial recovery initiative, led by UT Finance Secretary Vijay Namdeorao Zade, involved the issuance of more than 4,000 notices to defaulters, primarily from leasehold properties. The recovery effort highlights the importance of timely financial compliance within the organization.
Residents of Bidhannagar's wards 27, 28, 35, and 36 will start paying property tax to the Bidhannagar Municipal Corporation (BMC) from April 1, 2024. Previously, these areas paid 'khajna' or land revenue. While some express concerns about the disparity in civic services, others anticipate improvements with this change. The property tax structure for these wards will align with Rajarhat-Gopalpur, streamlining the system. Additionally, BMC has deferred penalties and interest on arrear property tax and will soon send tax bills for the third and fourth quarters. BMC continues to work towards uniform property tax structures for all wards.
Godrej Properties has unveiled the Taj The Trees hotel in Mumbai’s evolving Vikhroli neighbourhood. This luxury hotel, owned by Godrej Properties and managed by Indian Hotel Companies Limited (IHCL), spans 0.35 million square feet, offering 151 spacious rooms, dining options, a rooftop bar, pool, conference facilities, and a spa. The establishment has earned IGBC Platinum certification and offers captivating views of mangroves and an art and sculpture park. Vikhroli’s strategic location along the Eastern Express Highway connects it to various parts of Mumbai, including airports, making it an attractive destination for both business and leisure travellers.
Recent developments and transactions in India's industrial and real estate sectors provide insights into the country's economic landscape. Bajaj Auto signed a 95 lease agreement for land in Chakan, signalling its strategic entry into the electric vehicle sector. Adore Group's acquired a 15-acre plot in Faridabad reflecting changing homebuyer preferences for modern low-rise living. Godrej Properties sold a 14-acre parcel in Gurugram underlining the surging demand for housing. Hero Realty's expansion in the region showcases growth aspirations. These developments not only shape their respective sectors but also mirror changing consumer preferences in India's evolving real estate market.
• A residential flat spanning 938 square feet sold in Raymond The Address (GS West One Park) on Pokhran Road 1, Thane for INR 2.20cr. <br>• A residential flat spanning 2,765 square feet sold in Lodha Codename One & Only in Bhiwandi, for INR 1.70cr.
The Bombay High Court has lifted the Enforcement Directorate's (ED) attachment on two flats in the dilapidated Opera House building, Hari Niwas, paving the way for its redevelopment. The building owners, Kirti Hansraj Kothari and family, offered fixed deposit receipts to replace the attachment, citing the urgent need for redevelopment. The ED's money laundering case was linked to a CBI case against M/s ABC Cotspin Private Limited. The court accepted the offer, allowing the property owners to furnish fixed deposit receipts, and upon compliance, the attachment will be lifted, facilitating the redevelopment of the 5-storey structure.
Residents of Tower H in the Chintels Paradiso housing complex in Gurugram have been instructed to evacuate their flats by the District Disaster Management Authority (DDMA). The Deputy Commissioner and Chairman of DDMA, Nishant Kumar Yadav, issued the evacuation orders, citing the IIT Delhi structural audit report from July that deemed the tower unsafe for habitation. The notice demands residents to vacate within 15 days failing which legal action under relevant sections of the IPC and Disaster Management Act could be taken up. A total of 5 towers in the complex have been flagged as unsafe by IIT Delhi.
The Lucknow Development Authority (LDA) plans to construct a seven-storey apartment exclusively for senior citizens in Gomtinagar's Viraj Khand. The decision involves cancelling the allotment of 9,000 square meters of land designated for railways. The Studio flats will be designed with a focus on the needs of senior citizens featuring spacious balconies, cross ventilation, and amenities like meditation centres and a gymnasium. The flats will be allotted on lease to individuals above 60 years who are living independently. The initiative aims to provide a comfortable and nature-connected living environment, addressing the well-being and minimalistic lifestyle preferences of senior citizens.
MahaRERA, the regulatory authority for real estate projects in Maharashtra, has issued a stern warning to builders of 291 suspended projects. They must update their quarterly progress reports by November 10 or face registration cancellation. These projects are spread across regions, including 104 in the Mumbai Metropolitan Region, 63 in Pune, and 46 in Nashik. Some promoters of 72 projects have already complied by updating their reports and paying fines. Failure to do so will necessitate a fresh registration process with a Rs 50,000 fine. MahaRERA emphasizes transparency, with plans to introduce QR-code-based access to project information and project ratings in January.
The Indian government is considering amendments to the Insolvency and Bankruptcy Code (IBC) to introduce project-wise resolutions for real estate companies. These changes aim to address concerns about completed projects being dragged into insolvency proceedings and improve the efficiency of resolving distressed assets in the real estate sector, which currently has a low resolution rate. The IBC amendments are being discussed with the law ministry and could provide a more focused and balanced approach to insolvency cases in the real estate industry.
The Kerala government, led by Chief Minister Pinarayi Vijayan, plans to grant land pattas to 500 families in Kuttampuzha village, Ernakulam district, by empowering local monitoring committees. This move aims to address delays in land category conversions, where wetland or paddy land is transformed into dry land. Currently handled by revenue divisional officers, the proposed amendment will authorize local committees to assess and decide on applications, streamlining the process. This decision aligns with principles of transparency and community engagement, marking a broader initiative to reform the land category conversion process and improve efficiency while benefiting deserving families.
The Department of Town and Country Planning (DTCP) in Gurugram has intensified its efforts to curb illegal colonies and unauthorized commercial operations. In a recent operation, five illegal colonies near the Sultanpur sanctuary were demolished, and 28 commercial establishments without proper authorization in Sushant Lok 2 were sealed. The enforcement team used earthmovers and received police support to demolish structures and roads in the illegal colonies. DTCP officials advised the public against investing in unauthorized colonies and urged prospective buyers to verify the legitimacy of land or plots with the DTP office. The crackdown is part of ongoing efforts to enforce urban development laws and regulations in the region.
Haryana's Chief Minister has made a significant announcement, revealing plans to regularize an additional 303 unauthorized colonies across the state. Among these colonies, 193 fall under the jurisdiction of 39 different municipalities, while the remaining 110 are overseen by the Town and Country Planning Department. This move is expected to provide legal recognition and basic amenities to thousands of residents in these previously unauthorized settlements, improving their quality of life and facilitating infrastructural development in these areas. The decision reflects the government's commitment to addressing the needs of its growing urban population and fostering inclusive urban development.
The Lucknow Development Authority (LDA) brings relief to economically weaker sections by waiving compound interest for defaulters of EWS and LIG houses and shops up to 20 square meters. The decision, approved during the LDA board meeting, aims to ease the financial burden on allottees under EWS, LIG, and Pradhan Mantri Awas Yojana. Divisional Commissioner and LDA chairperson Roshan Jacob, highlighting the hindrance posed by compound interest on recovery of dues, said that this move would rectify the issue to a large extent. LDA has taken a slew of measures to boost demand over the last couple of years such as lowering of interest rates, extending EMI period, and even freezing the flat prices under the first-come-first-served scheme for a year.
Jharkhand Chief Minister Hemant Soren has urged the Central government to address critical issues facing the state. He called for the clearance of a significant debt owed by mining companies to Jharkhand, amounting to around Rs 1.36 lakh crore. Soren emphasized the importance of implementing the Pradhan Mantri Awas Yojna housing scheme to improve living conditions for economically disadvantaged individuals. He also raised concerns about the low credit deposit ratio in the state, calling for greater cooperation between banks and the government. Soren stressed the need for continued deployment of paramilitary forces to maintain security and prevent extremist activities.
NSDL has purchased a 68,000-square-foot office space in Mumbai's BKC Complex from IDFC First Bank for approximately Rs 198 crore. The property, located in Naman Chambers, will serve as NSDL's new headquarters starting in early 2024. This acquisition allows NSDL to expand its operational infrastructure in the competitive BKC micro-market. The BFSI sector has seen significant growth in office space demand, with major firms, both domestic and global, increasing their presence. In the first half of 2023, BFSI occupiers leased approximately 3.6 million square feet, indicating a positive outlook for the sector.
The third quarter of 2023 revealed a significant shift in India's Tier 1 city housing market. According to PropEquity, unsold housing units decreased by 11%, dropping from 5,26,497 units in Q3 2022 to 5,08,464 units in Q3 2023. This reduction marked a positive trend, reflecting increased property sales and a more balanced supply-demand equation. However, the story varied across cities. Hyderabad saw a 6% increase in unsold housing stock, while the Delhi-NCR region witnessed a 7% decline. New property launches increased by 2%, totalling 97,871 units, but rising property prices and mortgage rates led to an 11% decline in new launches. As market dynamics evolve, experts anticipate housing demand growth if interest rates remain stable or decrease in the coming months. The festive season is expected to boost new property launches and culminate in a resilient real estate market by the year-end.
The recent adjustment of property guidance values in Mysuru is poised to impact the pricing of corner and intermediate sites available for auction through the MUDA. While authorities believe the quantity of auctioned sites would not change significantly, they acknowledge a potential slight price increase. In a recent auction, approximately 100 sites were listed for sale, with real estate experts noting that market prices in the same locality are notably higher than MUDA's base prices. The revision in guidance values may subtly influence the pricing landscape, emphasizing the need for buyers and investors to stay informed during MUDA's auctions.
Centrum Capital is actively exploring the sale of its 74 percent stake in Centrum Housing Finance. RBI's directives after Centrum's acquisition of PMC Bank in 2021 are influencing this decision. The potential valuation of the housing finance business is around Rs 1,500 crore. Private equity investor Morgan Stanley PE Asia holds about 25 percent of the venture. While the deal is in its early stages, the possibility of merging the housing finance business with Unity Small Finance Bank is being considered. As of March 2023, Centrum Housing Finance's loan portfolio stood at Rs 1,140 crore, indicating robust growth.
The Postcard Hotel is set to unveil India's most expensive hotel in Ranthambore, Rajasthan, offering luxury amidst nature's beauty. The hotel, designed by architect Luca Franco, features 14 opulent rooms, each with a private heated pool, and nightly rates starting at Rs. 1.95 Lakh. The Postcard Hotel plans to expand to seven more locations in the coming year, including Tirupati, Goa, and the Himalayas. With a vision to redefine luxury in the Indian hospitality sector, the chain aims to amass $1 billion in assets over the next three years and open new properties every quarter for the next seven years. Meanwhile, the ITC Hotels Group is expanding its boutique "Storii" brand to Kolkata, adding to its collection of unique boutique hotels across India.
DS Group, a leading Indian FMCG conglomerate, has reported a 12% increase in room revenues and 75% occupancy in its hotels over the past year. Capitalizing on this success, the company is expanding its hospitality offerings to meet the growing demand. With current locations in Jaipur, Guwahati, Nainital, and Jim Corbett, DS Group plans to add 250 more rooms to its portfolio by 2025. This move aligns with India's year-round tourism growth and increasing demand for accommodations due to conferences, weddings, and weekend events. The company intends to invest Rs. 500 crore in expanding existing hotels and another Rs. 500 crore in new hotel developments.
Lemon Tree Hotels inaugurated India's largest hotel, the 669-room Aurika Mumbai Skycity, marking their third property in Mumbai and under the Aurika Hotels & Resorts brand. Positioned near Mumbai airport's terminal 2, the expansion aligns with Lemon Tree's goal of reaching 20,000+ rooms, both operational and upcoming, in the next four years. Lemon Tree Hotels Chairman Patanjali G. Keswani emphasizes on meeting the rising needs of business and leisure travellers while revealing plans to add 1300 rooms across 15 cities and hire 3000 new staff, half for expansion and half for replacements.
LogiMAT India 2024, set from February 28 to March 1 at India Expo Mart, is a pivotal event in India's logistics sector. Focused on intralogistics, transportation management, and automation, it aligns with national initiatives like the National Logistics Policy and GatiShakti. The event features innovative warehousing solutions, autonomous vehicles, RFID technology, and provides networking opportunities and expert-led seminars. Participating businesses benefit from brand exposure, industry insights, and valuable connections, making LogiMAT India 2024 a transformative platform shaping the future of logistics in India.
The Ministry of Home Affairs (MHA) in India is planning to establish a 100 km advanced smart fencing system along the Myanmar border to enhance security and address issues such as ethnic violence in Manipur. In 2022, Manipur witnessed a significant number of insurgency-related incidents, with various insurgent groups active in the state. The existence of a Free Movement Regime (FMR) between India and Myanmar has also been noted, with Manipur's Chief Minister urging its cancellation. The construction of fencing for a border length of 10.023 km at Moreh, Manipur, has been assigned to the Border Roads Organisation (BRO). The MHA report highlights the complex security situation in the north eastern states, emphasising the need for collaborative efforts to ensure peace and stability in the region.
The Karnataka State Board of Wildlife has greenlit the long-stalled Kalasa Nala Scheme, aimed at bolstering the water supply to several districts in Karnataka, including Belgavi, Bagalkot, Dharwad, and Gadag. This initiative involves the redirection of water from the Mahadayi River in Goa to the Malaprabha River in Karnataka, spanning a 67.146-hectare wildlife habitat. The project encompasses the construction of dams, a canal system, and underground transmission lines to minimize the impact on forest land. While approvals are progressing, the Supreme Court's decision on Karnataka's access to water for the scheme is pending, emphasizing the need for comprehensive permissions. Once completed, the project will alleviate the state's drinking water challenges.
In the midst of a global bond yield surge, Canadian homeowners face an unsettling reality as mortgage rates escalate. With at least 75,000 individuals receiving notices monthly, experts estimate a potential C$600 increase in payments. Brokers advise re-amortization, offering a lifeline amidst rising concerns. This financial turbulence not only tightens household budgets but compounds Canada's cost of living crisis. As the Bank of Canada contemplates further interest rate hikes, the struggle intensifies, leaving homeowners grappling with unprecedented challenges in this gripping narrative of economic uncertainty.
A Hong Kong court has granted approval for Sunac China's $9 billion offshore restructuring plan, marking a significant milestone in the property developer's debt restructuring strategy. This development sets a precedent for other financially strained Chinese property developers grappling with challenges since mid-2021. Sunac confirmed that all scheme conditions have been met, and the scheme became effective on October 5, 2023. Last week, The company's creditors had previously endorsed its debt restructuring plan, involving debt conversion and new notes. While Beijing has implemented support measures, analysts emphasize the need for further actions to facilitate a comprehensive recovery in the sector.
Egypt has gained prominence as a lucrative destination for investments from the Gulf Cooperation Council (GCC), with 94% of affluent GCC investors expressing a strong interest in acquiring property in the country, according to Knight Frank's Destination Egypt report. These investors, holding over $1 million in investable assets, are particularly drawn to the Egyptian real estate market, with 56% planning to make a purchase within the next year. The report reveals that the average budget for GCC nationals investing in Egyptian residential property is approximately $1.1 million, with some high-net-worth individuals allocating even more. Egypt's robust property market, bolstered by significant institutional commitments, continues to attract GCC investors, particularly from the UAE.
The district administration in Pune has taken strict action against individuals who did not pay the required 15% transfer fee, based on the ready reckoner rate, for changing land use from industrial to residential in various areas. Notices have been issued to 531 individuals under Section 20 of the Urban Land Ceiling and Regulation Act, 1976, allowing the state to impose a one-time premium for land use changes. Those who received notices must either pay the fee along with a penalty or face legal action. This action follows the directive of Chief Minister Eknath Shinde to address violations related to land use changes.
The Ahmedabad Urban Development Authority (AUDA) is set to auction two plots in Chandkheda Town Planning Scheme 44, attracting interest from the Dubai-based Lulu Group. One of the plots is in AUDA's possession, while the ownership of the other is unclear due to historical land disputes. These lands were originally acquired by Sardar Sarovar Nigam Ltd. (SSNL) for a canal project but later became the subject of legal disputes between the government, original landowners, and Gujarat Housing Board (GHB). AUDA's decision to auction the plot with unclear ownership has raised questions and speculations about potential legal complications.
The Union Cabinet, led by Prime Minister Narendra Modi, has approved tenancy regulations for Union territories, including Andaman and Nicobar, Dadra and Nagar Haveli, and Daman and Diu, under Article 240 of the Constitution. These regulations aim to create a transparent and fair rental property ecosystem, attracting private investment, expanding rental housing stock, and benefiting both landlords and tenants by fostering accountability and reducing disputes. This move recognizes the growing importance of rental housing and seeks to protect the rights of various tenant segments, ultimately contributing to social and economic well-being.
In Punjab, a troubling scam involving No Objection Certificates (NOCs) has emerged, revealing potential collusion with government officials. The scam relies on forged documents with Quick Response (QR) Codes that, when scanned, link to the official Punjab Government portal. Deputy Commissioner Aashika Jain's investigation verified the functionality of these QR codes, raising suspicions about their origin. In response, enhanced security measures are being implemented during document registration, and NOCs from development authorities and urban local bodies are under review. The gravity of the situation is exemplified by a police FIR against unidentified individuals.
Experion Developers, a prominent real estate developer, has acquired a six-acre land parcel in Gurgaon's Sector 53 through an auction conducted by the Haryana Shahari Vikas Pradhikaran (HSVP), the state's urban development authority. The acquisition is valued at approximately Rs 400 crore. This acquisition follows another significant HSVP auction where a two-acre plot in Sector 56 was sold for Rs 120 crore to TREVOC (The Real Estate Venture of Chawlas), a key promoter in the Spaze Group. Several leading real estate companies have actively participated in auctions by Haryana's urban development authorities, including Godrej Properties, Eldeco Group, and Ashiana Housing, highlighting the attractiveness of Gurgaon's real estate market.
HDFC Bank has made significant strides in the Indian banking sector, with a substantial increase in its home loan disbursals, marking a 14% sequential growth and a 10.5% year-over-year increase. This surge in lending follows its merger with mortgage heavyweight HDFC Ltd. HDFC Bank's retail loan book has also seen remarkable growth, with an 85% increase over the previous quarter. While non-individual loans witnessed a slight decline, the bank's total gross advances grew to 23.5 trillion rupees in the second quarter. However, there has been a shift in customer behaviour as Casa deposits have declined, with customers moving towards term deposits for higher interest rates. This change poses a challenge to banks in maintaining profitability while catering to customer preferences.
The Reserve Bank of India (RBI) has decided to keep the policy rate unchanged for the fourth consecutive time, with the repo rate remaining at 6.5 percent. This decision, made by the Monetary Policy Committee (MPC), underscores the RBI's commitment to closely monitoring inflation. The central bank has maintained its growth projection for the current fiscal year at 6.5 percent, with balanced risks. This decision reflects the RBI's cautious optimism amid ongoing economic challenges. The central bank's previous series of rate hikes was aimed at curbing inflation, and this pause indicates their belief that these measures have had an impact on inflation.
Joy Alukkas, a well-known name in the jewellery industry, is planning to go public after previous attempts in 2011 and 2022 were hindered by market conditions and regulatory delays. The family-run business aims to fund its expansion plans using internal accruals and bank loans. They expect a 22% increase in net profit, projecting it to reach Rs. 1,100 crore, and anticipate a 25 to 30% surge in revenue due to declining gold prices. Joy Alukkas is also eyeing international markets, with plans to achieve a revenue of Rs. 7,500 crore in 2024 and expand its presence in North India, Canada, and Australia.
Costa Coffee, a British coffee chain owned by Coca Cola, has identified India as one of its top 10 priority markets and plans to open 40-50 specialty coffee stores annually in the country. Since its establishment in India in 2005 through franchise partner Devyani International, Costa Coffee has steadily grown and recently celebrated the inauguration of its 150th store in New Delhi. The company is strategically partnering with entities like PVR-INOX multiplex chains and leveraging associations with events like the ICC Men’s World Cup to expand its reach. Costa Coffee sources all its coffee from the Chikmagalur and Coorg regions in Karnataka, emphasizing sustainability and local connections in its operations.
Colliers, a renowned real estate advisory services company, is making significant strides in the technology sector with its AI-enabled platform, CoGence. This innovative tool is designed to identify construction site anomalies and generate precise quality reports, delivering impressive results such as a 79% reduction in project delays, 91% early defect detection, and a remarkable 91% reduction in on-site visits and monitoring costs. CoGence's accuracy rate of 99.9% sets it apart, allowing users to integrate as-built models with Autodesk products like AutoCAD and Revit. Colliers' commitment to innovation is evident in its investment in tech platforms, making CoGence a gamechanger in the construction industry, increasing efficiency, and driving progress in real estate.
The Brihanmumbai Municipal Corporation (BMC) and Larsen & Toubro (L&T) are engaged in arbitration over a Rs 200 crore cost escalation dispute in Mumbai's Coastal Road (South) project. L&T is involved in the construction of package 1 and package 4 of the project and it is seeking an additional Rs 100 crore for each of the two construction packages. This is due to disagreements over base index to be referred for cost calculation. The Coastal Road project is an ambitious project of the BMC and it aims for completion by May 2024.
In September 2023, Dubai's property market trends, as reported by Property Finder, reveal that 57% of potential buyers are interested in apartments, while 43% explore villas and townhouses. For rentals, 81% are searching for apartments, with 19% seeking villas. Notably, the demand for villas has increased from the previous year. Among renters, two-bedroom apartments are the most sought-after. Furnished apartments are preferred by nearly 70% of tenants. Dubai Marina, Business Bay, and Dubai Hills Estate are among the top areas of interest for both buying and renting properties. These insights reflect the evolving preferences of Dubai's property market.
Pune Metro is leveraging property assets to fund its expansion, allocating 9.7 hectares of land to Tata Group along a new 23 km elevated Metro line. This land allocation offers real estate development opportunities, with a portion already assigned to Pune IT City Metro Rail Limited. Real estate developers see potential for upscale properties along all three Metro lines, encouraged by increased Floor Space Index (FSI) and transit-oriented development. The Metro aims to significantly reduce commuting times, completing its journey in under 40 minutes. Delays have pushed the project's operational start to March 2025.
The Karnataka Housing Board (KHB) has proposed the construction of a world-class integrated township near Kempegowda International Airport, Bengaluru. It involves residential and commercial complexes alongside the integrated township. The project is set to be built on 95.23 acres of land in Chikkajala-Meenukunte village and the consent for transferring 65 acres of land for the project has already been received. It is a joint collaboration between KHB and landowners and aims to enhance connectivity and infrastructure in the vicinity of Kempegowda International Airport.
Residents of the Melavasal Housing Board complex in Madurai have staged a protest, expressing their dissatisfaction with the maintenance of the housing complex by the Madurai Corporation. The complex, home to around 4,500 residents, has been facing issues like a leaky underground drainage system, foul odours, and accumulating garbage. The residents handed over the maintenance responsibility to the Madurai Corporation in 2016-17. However, they complain of poor sanitation and inadequate cleaning efforts. Tensions are rising, and the Viduthalai Chiruthaigal Katchi (VCK) party has threatened road picketing if the issues are not resolved, highlighting the urgency of addressing residents' concerns.
EOW investigates Rahul Yadav and his wife for Rs 288 crore fraud The Mumbai Police's Economic Offences Wing (EOW) is investigating Rahul Yadav, the founder of a property start up, for alleged mismanagement of Rs 288 crore ($38 million) of investor funds, leading to the company's collapse in just three years. Info Edge, owner of Naukri.com, had invested heavily in Yadav's startup, 4B Network Pvt. Ltd., and filed a complaint with the EOW outlining suspicious transactions, including loans to former employees during financial difficulties and the diversion of funds to other family-owned businesses. Yadav launched 4B Network in 2020, aiming to provide a tech-driven platform for real estate agents. His firm denies wrongdoing, attributing issues to Info Edge's lengthy approval processes.
Reliance Retail Ventures is set to raise approximately Rs 4,966.80 crore from an Abu Dhabi Investment Authority (ADIA) subsidiary, marking a significant investment at a pre-money equity value of around Rs 8.38 trillion. This move propels Reliance Retail Ventures among the top four companies in India by equity value. ADIA, having participated in the retailer's 2020 fundraising round, will secure an additional 0.59% equity stake through this investment. The support from ADIA, along with recent funds from Qatar Investment Authority and KKR, reinforces confidence in Reliance Retail Ventures' growth trajectory and its role in transforming India's retail sector.
Bollywood star Manoj Bajpayee and his wife, Shabana Bajpayee, have acquired four office units spanning 7,620 sq ft in Mumbai's Oshiwara area for a total of Rs 32.94 crore. These luxurious spaces, located in the Signature Building, come complete with nine car parking slots. Their purchase follows a trend of Bollywood celebrities investing in the same project, including Amitabh Bachchan, Ajay Devgan, Kajol, Kartik Aryan, and Sara Ali Khan. The Bajpayees' acquisition adds to the city's thriving real estate market, cementing Mumbai's enduring appeal to Bollywood stars.
(1) A residential flat spanning 896square feet sold in X BKC in Bandra East, Mumbai for INR 4.25cr.<br>(2) A residential flat spanning 679 square feet sold in Lodha Palava Marvella in Dombivli East, Dombivili Kalyan for INR 67.40 lacs.
Prestige Group, a prominent realty firm, has experienced a substantial surge in its sales bookings during the second quarter of the fiscal year 2024. Their sales reached a remarkable INR 7,092 crore, marking an impressive 102% increase compared to the previous year. This surge is attributed to strong demand for residential properties. In addition, the company achieved an average realization of INR 10,369 per square foot for apartments/villas, further enhancing their performance. Overall, Prestige Group has achieved remarkable sales figures, closely approaching its total sales for the entire fiscal year 2023 in just the first half of FY24.
Hero Realty Pvt. Ltd. (HRPL), a prominent Indian real estate developer, has achieved an extraordinary feat in the realty market by securing two single-day sell-outs within a single quarter. The first occurred with the launch of Hero Earth, a plotted development project, and the second with Hero Homes Gurugram Tower-8. Both projects have collectively contributed INR 350 crore to HRPL's revenue. This accomplishment underscores the robust demand for high-quality real estate in India and Hero Realty's ability to deliver projects aligned with the preferences of modern homebuyers and investors, setting new industry standards.
The Bombay High Court has lifted a stay on the demolition of a shop within a housing society compound, emphasizing the worrying trend of people viewing the regularization of unauthorized structures as a fundamental right. Justices Gautam Patel and Kamal Khata expressed concern that many believe planning laws are irrelevant and they can construct unauthorized buildings, and then seek regularization. The dispute emerged when the shop owner contested the BMC's demolition notice, which the court had temporarily stayed. The judges clarified that mere existence for "many years" held no legal weight and questioned the habit of applying for regularization after unauthorized construction.
Indian proptech startup Alt Drx has introduced the First Square Feet Opportunity (FSO), offering fractional property ownership. This platform allows users to invest in fractional shares of residential real estate, starting from as little as one square foot, with a minimum investment of Rs 7,500 (about $90 US). FSO aligns with the Reserve Bank of India's (RBI) Know Your Customer (KYC) compliance regulations and leverages blockchain technology for security and transparency. Alt Drx also plans to launch TradeX, providing an exit route for investors. This innovative approach opens up real estate investment opportunities to a wider range of investors in India.
Seven people, including two minors, were killed and 51 were injured in a fire that broke out in a seven-storey residential Slum Rehabilitation Authority (SRA) building in Mumbai’s Goregaon West early on Friday. The incident has prompted the chief minister to order a fire audit of all SRA buildings. The BMC commissioner has set up a committee to inquire into the fire incident. Experts have highlighted the lack of fire safety in most slum rehab buildings in Mumbai and have called for the establishment of a dedicated authority within the BMC to conduct audits and ensure compliance with fire safety measures.
Bombay Dyeing is set to make significant strides in the real estate sector following the sale of its Worli land parcel for a whopping Rs 5,200 crore. The company is eyeing diversification into warehousing and holiday homes, with plans to embark on marquee projects in collaboration with landowners and group companies. This strategic shift underscores Bombay Dyeing's ambition to establish itself as a prominent player in the listed real estate arena, leveraging its recent landmark sale and the potential of emerging market opportunities.
TVS Emerald, a subsidiary of TVS Holdings Ltd, has unveiled 'The Estate,' its maiden plotted development project in Bagalur, near Bangalore. This 33-acre project is the group's first venture into plotted development near Bangalore and has already witnessed remarkable success, with 442 out of 461 plots sold on the launch day. 'The Estate' offers a unique feature with every plot adorned with fruit-bearing orchard trees. It comprises three phases, each offering modern amenities. Additionally, a 15,000 sq.ft clubhouse is planned. TVS Emerald plans to expand its presence in Bangalore with upcoming projects.
TRIOS, a co-working company, has expanded its presence in Pune, Maharashtra, by launching three new spaces in prime locations, totalling 82,000 square feet. The company secured agreements for these properties with prominent real estate entities, aiming to provide collaborative coworking spaces to established companies and professionals. TRIOS plans to enhance the coworking experience with new amenities like collaborative lounges, breakout spaces, gaming zones, and more. They also focus on sustainability by establishing these centres as zero-plastic zones. The expansion in Pune is part of TRIOS' broader strategy to meet the growing demand for co-working spaces in various Indian cities.
Lodha Group, India's leading real estate developer, achieved its best-ever quarterly pre-sales at INR 3,534 crores, reflecting strong demand for branded homes. Despite it being a traditionally weak quarter and no new locations launched, collections also grew by 16% year-on-year to INR 2,752 crores. The company aims to reach its full-year pre-sales target of INR 14,500 crores with upcoming launches. Furthermore, the company's commitment to sustainability earned it top scores in the Global Real Estate Sustainability Benchmark (GRESB).
The Bombay High Court has issued a significant judgment directing the Brihanmumbai Municipal Corporation (BMC) to process permissions for the redevelopment of a property near the INS Trata naval missile battery base in Worli, Mumbai, without the need for prior approval from naval authorities. The court's decision emphasized that a structure of the same height and location should not pose a security threat merely by undergoing reconstruction. The ruling has far-reaching implications, as it quashed defence ministry circulars and established the importance of adhering to established legal procedures when imposing construction restrictions near defence installations, striking a balance between security and property rights.
The Enforcement Directorate (ED) has provisionally attached properties worth Rs 17.92 crore belonging to Shine City Properties Ltd under the Prevention of Money Laundering Act (PMLA), 2002. The attached assets include 47 parcels of land spanning 10.27 hectares in Rajatalab Tehsil, Varanasi. The ED had registered a case under PMLA against Shine City Properties in 2021 and the investigation uncovered alleged financial irregularities wherein funds collected from the public were diverted by the accused, leading to investor fraud. The total attachment in the case by the ED has reached approximately Rs.128.54 crore.
The assessment and compensation process for properties damaged in Nagpur's recent flash floods faced challenges as the extended deadline wasn't met, leaving several areas unexplored. Deputy Chief Minister Devendra Fadnavis had announced financial assistance for affected property owners, but concerns arose about the sufficiency of compensation amounts. Disparities in estimations and demands for including more affected areas highlighted the need for comprehensive assessments. Despite these challenges, the administration aimed to conclude the process efficiently to provide meaningful support to flood-affected residents and businesses. This situation underscores the importance of an effective response and preparedness for natural disasters.
In a significant move to improve the living conditions of sanitation workers, Chief Minister Himanta Biswa Sarma announced a housing initiative to construct 2,000 new houses exclusively for these essential workers. This Rs 500 crore project is a testament to the state's commitment to providing dignified housing for sanitation workers who serve municipal corporations and bodies. The announcement followed CM Sarma's active participation in the 'Shramdaan for Swachhta' campaign, highlighting the government's recognition of the invaluable contributions made by these workers. The initiative not only addresses housing needs but also signifies a shift in societal attitudes, affirming the importance of sanitation workers.
Union Bank of India has objected to the loan-default resolution plan for Lavasa Corp, alleging collusion between the resolution professional and the winning bidder, Darwin Platform Infrastructure (DPIL), to undervalue Lavasa's assets, causing losses to creditors. Union Bank is seeking the withdrawal of NCLT approval and a fresh valuation of assets. Lavasa, once India's first privately built city, went bust in 2018 after defaulting on payments to creditors, and DPIL's resolution plan, approved in 2021, is now facing scrutiny.
The demand for real estate in Goa’s Pernem has boomed exponentially due to the Manohar International Airport at Mopa. Goa’s town and country planning (TCP) department has initiated a shift to zoning plan for each taluka instead of region based planning. This has facilitated the conversion of Goa's green cover for luxury projects like hotels and villas. Pernem is about to lose 21% of its green cover due to this change in planning approach. Locals in Pernem have initiated protests against the substantial land conversion driven by external builders and property owners.
SMFG India Credit Co. Ltd., formerly known as Fullerton India Credit Company, has entered into a strategic partnership with Fullerton Financial Holdings (FFH) to lease 194,000 square feet of prime office space in Mumbai. This move consolidates SMFG India Credit's offices in Powai and Andheri into a centralized workspace for over 2000 employees, focusing on back and mid-office functions. The office space is located in Embassy 247, a premium Grade-A office park in Vikhroli, Mumbai, known for attracting prestigious names in the BFSI sector. The initiative aims to provide an advanced work environment and foster growth in the Indian market. SMFG India Credit's corporate headquarters will remain in Bandra-Kurla Complex (BKC) in Mumbai.
Office leasing activity in nine major Indian cities rose by 33 percent year-on-year, reaching 15.8 million sq. ft. in Q3 2023, according to CBRE South Asia Pvt. Ltd. The BFSI sector accounted for 29 percent of total office leasing during the quarter. Major cities like Mumbai, Bangalore, and Hyderabad led the leasing activity, representing 60 percent of transactions. The share of BFSI firms in leasing increased from 16 percent in Q2 2023 to 29 percent in Q3 2023. The tech sector accounted for 23 percent of leasing, while engineering and manufacturing comprised 10 percent. Office space supply rose 94 percent YoY to 19.3 million sq. ft.
Justo Realfintech, led by Pushpmitra Das, plans to launch an Alternative Investment Fund (AIF) to support property developers, aiming to raise up to $80 million. The company intends to partner with an experienced entity for project cash flow management and fund deployment. This initiative aligns with a growing trend in the market, with various firms raising property funds to aid developers, totalling approximately Rs 6,000 crore. Justo Realfintech aims to file the necessary paperwork with SEBI by December 2023 for regulatory approval, with the AIF expected to provide financial assistance ranging from Rs 20 crore to Rs 40 crore per project, specifically targeting mid-sized developers.
InterGlobe Hotels, a joint venture between InterGlobe Enterprises Pvt Ltd and Accor Asia Pacific, is expanding its presence in India with two new properties in Mumbai and Bengaluru by 2025, investing around Rs 550 crore. The 'Ibis’ Styles hotel is already open, and an 'Ibis' property in Mumbai will follow in 2023, with a Novotel-branded hotel in Bengaluru slated for early 2025. The company sees India's growth potential with a 2030 plan and an ambitious revenue target of Rs 1,100 crore for 2023, affirming its long-term commitment to India's growth over the next few decades.
Kishore Hospitality Group has brilliantly transformed a historic 1850s villa in Dalhousie into the luxurious boutique hotel, Elgin Hall. The property boasts seven uniquely designed rooms, each with its own distinctive character, adorned with soft pastel hues and Victorian-inspired furnishings. Elgin Hall also offers a curated culinary experience that combines traditional North Indian flavours with global influences. Guests can enjoy the timeless British tradition of high tea in the charming tearoom. This transformation provides an immersive and unforgettable experience, preserving history while delivering contemporary luxury in the heart of Dalhousie.
The YEIDA has issued a third global tender, focusing on the initial phase of the International Film City project in Sector 21. This 230-acre phase is part of a broader 1,000-acre project and aims to attract investors through a public-private partnership. Previous attempts to solicit interest for the entire 1,000-acre project faced challenges due to its substantial investment requirements. The project will include film studios, a film institute, post-production facilities, and commercial aspects like hospitality and an amusement park. YEIDA has extended the concession period and eased revenue-sharing terms to attract bidders.
The Telangana government has announced the construction of the Rs 700 crore 'iTEK Nucleus' IT tower in Malakpet, Hyderabad's Old City. This ambitious project will cover 11 acres and provide approximately 15 lakh square feet of built-up space, with plans to create 50,000 job opportunities. The 30-story tower will feature a panoramic sky lounge offering a 360-degree view of Hyderabad and is designed to achieve a gold rating from the Indian Green Building Council. The project is a collaboration between the Telangana State Industrial Infrastructure Corporation (TSIIC) and the Finczars consortium, with an expected completion time of 36 months. This initiative reflects the government's commitment to enhancing the tech ecosystem of the Old City and bolstering Hyderabad's infrastructure and transportation.
DAMAC Properties has introduced DAMAC Casa, a luxury real estate venture in Dubai's Al Sufouh region. This aquatic-themed tower features opulent lodgings and offers one of Dubai's first scuba simulators with virtual reality adventures, including underwater and outer space experiences. The tower design is inspired by the lotus flower and offers sweeping water views. It includes circular outdoor terraces, retreats inspired by oases, a spa, children's play area, and a chill-out lounge. DAMAC Casa offers various apartment options, from 1 to 5 bedrooms, and ultra-luxury units with private pools. The project aims to provide residents with a unique and immersive underwater living experience.
China SCE Group, a major property developer, has defaulted on its offshore debt, joining a growing list of Chinese real estate firms in financial turmoil. The company, based in Xiamen, announced that a non-payment incident triggered a default on its dollar-denominated bonds. This default highlights the continued challenges faced by China's property sector, which has seen declining investor confidence since a 2021 crackdown on credit accumulation by developers. Despite recent measures to support the sector, such as easing borrowing rules, uncertainties linger, making the outcomes of restructuring efforts by these companies crucial for China's economic stability.
The Himachal Pradesh High Court has made a significant ruling regarding a tenant's right to re-enter a property under the Himachal Pradesh Urban Rent Control Act of 1987. The court emphasized that this right is not absolute and must be evaluated on a case-by-case basis, taking into account factors such as the purpose of reconstruction and the landlord's genuine requirements. The judgment highlighted scenarios where tenants may not have a valid claim for re-entry, such as when a property is converted for commercial use or when a landlord intends to use it exclusively for personal residential purposes. This ruling underscores the need for a nuanced and context-specific approach when adjudicating tenant re-entry rights.
The Maharashtra State Housing Federation is championing amendments to the 1970 Apartment Ownership Act, aiming to expedite the redevelopment of older cooperative society apartments. A 15-member committee has already submitted recommendations to the state government, focusing on clearer definitions of common areas and empowering self-redevelopment. With 100,000 buildings under the Act and recent state cabinet approvals to tackle redevelopment obstructions, these changes could redefine urban housing in Maharashtra. The government's response is eagerly awaited.
Larsen & Toubro (L&T) is experiencing significant growth in its order book, reaching around Rs 4.12 trillion as of June, with West Asia contributing 25% of this total. This surge in orders is largely attributed to a construction boom in Saudi Arabia. L&T's hydrocarbon division has also conducted a major recruitment drive in India, highlighting the strategic importance of the West Asian market for the company. L&T's proactive approach includes localizing offices, staff, and forming strategic partnerships in the region. This expansion and strengthened foothold in West Asia showcase L&T's commitment to serving the dynamic construction market in the region.
Noida-based Nivas Promoters has amicably settled disputes with allottees of its residential project, One Leaf Troy, following orders from Uttar Pradesh RERA (UP-RERA). In collaboration with Renowned Buildtech, a mutual settlement resulted in the payment of Rs. 62.11 lakh to all allottees, facilitating the withdrawal of their complaints. This resolution comes after the construction and development work of One Leaf Troy, situated in Greater Noida West's Sector 10, faced prolonged delays. UP-RERA had previously issued orders to ensure unit possession within a specified timeframe or the return of deposited amounts with interest for the delay period.
Raheja Developers, a prominent real estate firm, plans to invest INR 2,000 crore in its various projects over the financial years 2024, 2025, and 2026. This substantial commitment aims to expedite construction processes and ensure the timely delivery of residential and commercial properties. Raheja Developers has a well-established track record of delivering around 30 million square feet of real estate across various segments. Currently, they have 20 million square feet in progress, with the majority of projects scheduled for possession between fiscal years 2024 and 2026. This investment reflects the company's commitment to delivering innovative spaces and fulfilling its legacy in the industry.
Ashiana Housing is set to redefine the real estate landscape in western India with an ambitious growth plan. This expansion includes residential and senior living projects such as Ashiana Malhar and Ashiana Amogh, located in Pune. Covering a total area of 23.26 acres, these projects represent a significant investment of approximately Rs 550 crore. Ashiana Housing's focus on delivering exceptional projects with a commitment to quality and innovation is driving its rapid expansion in the western region. With a presence in nine Indian cities and a track record of delivering millions of square feet, the company is gaining trust and recognition.
Private housing societies in Maharashtra now have the authority to forcibly evict members obstructing redevelopment. The state cabinet has approved an amendment to the Maharashtra Apartment Ownership Act, introducing Section 6B. This new provision mandates apartment owners to vacate their premises when the association of apartment owners passes a resolution for redevelopment under Section 6A. In cases of non-compliance, the planning authority can involve the police to enforce eviction. This move addresses ambiguities and resistance in redevelopment projects and mirrors provisions in the MHADA Act. Over 40% of buildings in Pune and substantial percentages in other cities fall under this act.
The Uttar Pradesh government is considering a rehabilitation package for stalled real estate projects, following recommendations from an expert committee led by Amitabh Kant. The package includes a four-year "zero period" during which interest on land dues and penalties for default would be waived. This zero period covers specific phases due to COVID-19 disruptions and environmental considerations. The committee also suggests granting additional floor area ratios (FAR) to projects on payment of extra charges to bridge funding gaps. Developers collectively owe over Rs 47,000 crore to development authorities in the region. This move aims to revive the real estate sector in Uttar Pradesh.
The special PMLA court in Mumbai denied bail to HDIL promoters Rakesh and Sarang Wadhawan, who have been in jail since 2019 in connection with the Punjab and Maharashtra Co-operative (PMC) Bank case. The court emphasized their deep-rooted involvement in money laundering, citing the total proceeds of crime amounting to Rs 6,117.9 crore. Despite the promoters invoking Section 436-A of the Criminal Procedure Code, which allows bail for undertrials detained for over half of the prescribed sentence, the judge rejected the plea, noting their suppression of facts regarding the time spent on various legal proceedings.
The SVAMITVA scheme, introduced by the Ministry of Panchayati Raj in April 2021, aims to establish property ownership in rural areas by mapping land plots using drone technology and providing property owners with their 'Record of Rights.' Union Minister Kapil Moreshwar Patil announced a collaboration between the Survey of India and the Arunachal Pradesh government to implement the SVAMITVA scheme's objectives. The Survey of India will lead the effort to map and create a comprehensive spatial database of rural areas in Arunachal Pradesh. The initiative aims to provide property cards to residents of the state within the next five years, promoting clear land ownership in rural India. Patil also praised the successful rollout of the Pradhan Mantri Awas Yojana and recommended empowering women's self-help groups in agriculture ventures.
Arkade Developers, a prominent player in the real estate sector, has successfully acquired a prime industrial plot spanning approximately three acres in Bhandup West, Mumbai, from Copper Rollers for a total value of Rs. 103.88 crore. The company has also received a letter of intent for forthcoming redevelopment projects in the Mumbai Metropolitan Region. Arkade Developers is actively working on five ongoing projects covering approximately 1.8 million square feet and plans to launch two upcoming projects in Vile Parle East and Malad West. Additionally, the company has submitted a draft red herring prospectus (DRHP) to SEBI for an IPO to raise up to Rs. 430 crore, signalling its strategic efforts for growth and expansion in the real estate market.
Capri Global Holdings has recently sold a significant stake in Indiabulls Housing Finance Ltd, as per data from the National Stock Exchange (NSE). The transaction involved the sale of 25 lakh shares, equivalent to a 0.53 percent ownership interest in the company. This move signals Capri Global Holdings' strategic realignment of its investment portfolio, with the value of the shares sold amounting to a substantial sum. The sale underscores the dynamic nature of the financial markets and the strategic decisions being made by prominent players in the industry.
In a significant shift in India's real estate market, sales of premium homes priced above Rs 1 crore have surpassed those in the affordable segment below Rs 50 lakh for the first time, according to Knight Frank's Q3 2023 report. The quarter saw a six-year high in sales with 82,612 units sold, a 12% increase compared to the same period last year. The mid-income range, priced between Rs 50 lakh and Rs 1 crore, dominated with 29,827 units sold, constituting 36% of the market share, while the high-end segment above Rs 1 crore experienced a 39% surge to reach 28,642 units. This shift is attributed to rising interest rates and prices impacting the affordable housing sector, prompting the need for interventions to boost demand and viability.
Raymond, the prominent textile and apparel company, is set to invest up to Rs. 301 crore in Ten X Realty (TXRL), its wholly-owned subsidiary. This investment includes Rs. 125 crore in redeemable preference shares and Rs. 176 crore via an Inter Corporate Deposit (ICD). TXRL is currently involved in redeveloping a housing society in Mumbai's Bandra locality under a joint development agreement. This strategic investment reflects Raymond's commitment to its real estate ventures.
The Ahmedabad real estate market is witnessing a resurgence in redevelopment deals following a significant increase in jantri rates. Over 30 redevelopment agreements have been finalized in the past three months, with approximately 500 housing societies in active negotiations with developers. What's intriguing is that even relatively young societies are exploring redevelopment options. However, developers are grappling with floor space index (FSI) limitations that make many projects economically unfeasible. Despite these challenges, the drive to rejuvenate older societies remains strong, with hope for more feasible solutions in Transit Oriented Zones (TOZs).
Reliance Retail, India's largest retailer, has secured significant investments from global partners, including the Qatar Investment Authority and KKR, among others. These investments have more than doubled the company's valuation and resulted in a 30% surge in profits. With an extensive expansion plan, Reliance aims to open 55 new stores and grow its retail footprint across India. These strategic partnerships and funding injections are part of Reliance's strategy to bolster its presence in the Indian market and strengthen its position as one of the top retailers globally. The company has also partnered with international brands such as Burberry, Pret a Manger, and Tiffany & Co to enhance its offerings in India.
Mumbai Metropolitan Region Development Authority (MMRDA) is forging ahead with plans to establish six expansive growth centres across Bhiwandi, Alibaug, Kalyan, and Thane, aiming to lure investment by capitalizing on proximity to major infrastructure projects. The Kharbav centre, near Bhiwandi, is poised to become a magnet for investors due to its strategic location along the Virar-Alibaug multi-modal project, Mumbai-Ahmedabad high-speed rail, and dedicated freight corridors. Meanwhile, the Poynad centre in Alibaug gains appeal from its proximity to the Mumbai Trans Harbour Link, Virar-Alibaug multimodal corridor, and the upcoming second international airport in Navi Mumbai.
The Urban Planning Department in Chandigarh has raised concerns regarding the draft conversion policy for changing land use in industrial areas. They recommend assessing the demand for such conversions through an audit or survey. Concerns include incomplete conversions from industrial to commercial use and issues raised in the Chandigarh Master Plan regarding the compatibility of new land uses with old ones, urban design, infrastructure, and traffic bottlenecks. The department suggests implementing the MSME Act as an alternative, eliminating the need for a new conversion policy. Other challenges include addressing building violations and property misuse resulting from unauthorized conversions, possibly through one-time regularization.
Hotel rates in Paris during the 2024 Olympics have surged, with prices far exceeding typical summer rates. Travelers heading to the French capital should expect to pay approximately $685 per night for a three-star hotel, compared to the usual $178 for a typical July stay. Four-star hotels have seen prices rise to around $953 during the Olympics, up from the usual $266. Luxury five-star hotels have experienced relatively smaller price increases, with rates reaching approximately $1,607 per night. The city is anticipating over 11 million visitors during the Olympics, leading to high demand for accommodations and resulting in elevated prices.
In the first three quarters of 2023, Al Barari in Dubai witnessed an astonishing 400% increase in property investments and a 35% rise in residential prices, outperforming other prestigious districts. This affluent enclave, known for its luxurious villas and upscale apartments, attracts more billionaires per square foot than many other sought-after areas, mainly from Europe. While esteemed areas like Palm Jumeirah and Emirates Hills saw lower growth rates, Al Barari solidified its status as Dubai's most coveted location for super-luxury and eco-friendly living. European investors, particularly from the UK and the Netherlands, dominate the high-calibre buyers in Al Barari's super-luxury real estate market.
Florida's real estate market has experienced significant growth during the COVID-19 pandemic, making it the second-highest valued real estate market in the United States. With a market worth of $3.85 trillion, Florida has surpassed New York ($3.69 trillion) and Texas ($3.39 trillion). California maintains its top position with a market value of $10.18 trillion. Florida's rise in the rankings is attributed to its population growth, with 655,000 new residents relocating to the state since the beginning of the pandemic. Housing prices have also seen substantial increases in several Florida cities, driven by increased demand and competition for existing inventory. Factors like no personal income tax, abundant sunshine, and beautiful beaches contribute to Florida's appeal.
In a significant development, the Supreme Court has granted bail to Basant Bansal and Pankaj Bansal, directors of the Gurugram-based real estate conglomerate M3M. This decision comes in the midst of an ongoing money laundering investigation involving the Bansal brothers. The case originated from allegations of bribery and money laundering, which led to their arrest by the Enforcement Directorate (ED). The bail plea was initially rejected by the Punjab and Haryana High Court, but the Supreme Court's decision to grant bail adds another layer of complexity to the legal proceedings. The case is expected to continue drawing attention due to its implications for the real estate and judiciary sectors.
Ajmera Realty & Infra India Ltd (ARIIL) has bolstered its real estate portfolio by securing two residential projects in Mumbai and Bengaluru. The combined Gross Development Value (GDV) for these projects is estimated at INR 470 crores. In Mumbai, the project on LBS Marg in Bhandup spans 6.8 acres, targeting the sub-1 crore segment, while in Bengaluru's Electronic City Phase 2, the project aims to contribute INR 150 crores to the top line. These developments align with ARIIL's growth strategy, reinforcing its presence in key markets and catering to the evolving needs of homebuyers.
The Department of Town and Country Planning imposed a ban on the registry and conveyance of Ansal properties due to the builder's failure to renew its license for the Sushant Lok 2 residential colony. The ban created hardships for property owners who couldn't buy or sell their properties or obtain conveyance deeds. However, after proactive efforts by the Gurugram Resident Forum and discussions with town planning authorities, the ban was partially lifted. Conveyance deeds were allowed for properties held by allottees, bringing relief to investors and allowing property transactions to proceed without unnecessary obstacles. This decision benefited those who had invested in Ansal properties.
The latest deadline for the Dhauli Heights housing project in Bhubaneswar, India, was extended to March 2024 due to several delays. Homebuyers are unhappy by these continued delays because they had originally anticipated having their flats by 2016. The project's partners, Odisha Cooperative Housing Corporation Limited (OCHC) and Odisha Police Housing and Welfare Corporation Limited (OPHWC), have an unpaid balance of Rs 3.12 crore, which is the cause of the delays. To settle this amount, OCHC has asked for an additional six months. The Indian real estate sector needs better project management and accountability as a result of these ongoing delays.
A controversial advertisement for luxury flats in Mira Road (East), Mumbai, featuring the tagline "Preferred for Marwari and Gujarati families" has sparked controversy. While not explicitly refusing to sell flats to Maharashtrians, activists argue that it shows a clear preference for Marwaris and Gujaratis. The advertisement was linked to Sonam Builders, owned by Mira Road MLA Geeta Jain's family, although Jain denies any connection to the advertised properties. Maharashtra Navnirman Sena (MNS) activists posed as customers and reported discussions about selling flats to a specific community, raising concerns about housing discrimination.
The Bhubaneswar Development Authority (BDA) has temporarily suspended a slum redevelopment housing project in Mahisakhal, Badagada. Initiated in 2013 under the Rajiv Awas Yojana (RAY), the project aimed to construct a G+4-storied building with 19 blocks, providing nearly 700 dwelling units for slum dwellers. While approximately 15 blocks were completed initially, the remaining four faced delays due to land acquisition and funding issues. Eligible slum dwellers were allotted homes in the completed blocks, leaving some without housing. The BDA estimates it needs Rs 20.75 crore to complete the remaining blocks, raising concerns about the fate of those still awaiting housing.
Developer Jayesh Tanna's properties in various Mumbai neighbourhoods have come under symbolic possession due to a loan default exceeding Rs 200 crore. A court-appointed commissioner oversaw this action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Symbolic possession, a tactic exerting psychological pressure on the debtor, is used without physical occupation by the bank. Tanna faces numerous offences, including alleged flat sales to third parties, and ACRE initiated the legal proceedings. Despite challenges, the court-appointed legal team successfully completed the symbolic possession process, showcasing innovative legal strategies in Mumbai's dynamic real estate scene.
According to GLADA (Greater Ludhiana Area Development Authority) Chief Administrator Sagar Setia, builders must adhere to guidelines mandating the acquisition of licenses from the authority after registering with RERA (Real Estate Regulatory Authority). In a bid to regulate real estate activities effectively, GLADA has issued notices to builders who have displayed advertisements without the required licenses. This move underscores GLADA's commitment to upholding legal and regulatory standards in the development sector. Setia emphasized the importance of builders complying with these procedures to ensure transparency and accountability in the real estate industry.
JSW Infrastructure Limited's Rs. 2800 crore Initial Public Offering (IPO) has set industry records, drawing over 20 lakh bids from diverse investors. The IPO, guided by eight Merchant Bankers, notably listed on the 2nd working day of the month, a distinctive feature. KFintech, serving as the registrar, played a crucial role in this success. The historic IPO, marked by its exceptional response and innovative approach, underscores KFintech's adaptability to market changes and commitment to streamlined processes, reducing allotment timelines to T+3. This marks a transformative moment for JSW Infrastructure Limited and the financial industry at large.
The Expenditure Finance Committee (EFC) has approved a new Rs 60,000 crore interest subsidy scheme proposed by the Ministry of Housing and Urban Affairs. The scheme, spanning five years, aims to provide interest subvention of 3-6% per annum on home loans up to Rs 50,00,000 for the urban poor and middle class. The proposed scheme is expected to replace the existing Credit Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana-Urban (PMAY-U), potentially boosting the construction sector. The approval aligns with the government's push for affordable housing, with potential positive impacts on economic growth and the real estate industry.
Salem Municipal Corporation (SMC) in India has introduced a 5% incentive or a Rs 5,000 discount for property taxpayers who pay their dues on or before October 31, as announced by Commissioner S Balachander. The deduction applies differently based on the property tax amount: those exceeding Rs 1 lakh receive a flat Rs 5,000 deduction, while those below Rs 1 lakh enjoy a 5% reduction. This move aligns with the state government's initiative to encourage timely tax payments, promoting financial compliance and municipal revenue collection for the latter half of the 2023-24 fiscal year.
DLF, India's largest real estate company, is expanding its footprint in the retail sector with the construction of the eagerly anticipated Mall of India in Gurugram. With a projected investment of approximately Rs. 1,700 crores, this ambitious project will result in a massive 25 lakh square feet shopping mall. DLF already owns the land for this development, and the construction is set to begin this year. Despite the challenges posed by the COVID-19 pandemic, DLF sees potential in the resurgence of gyms, cinemas, malls, and shopping centers, and is well-positioned to meet the demand for organized retail shopping with its strategic land investments.
Shakuntalam Landcraft, a real estate firm, plans to invest Rs 1,500 crore to develop an industrial park on a 204-acre plot in Surajpur, Greater Noida, formerly occupied by Daewoo Motors. This project is expected to accommodate over 600 micro, small, and medium-sized enterprises (MSMEs) and create approximately 25,000 jobs. Director Pallavi Gupta revealed that these MSMEs are estimated to generate goods worth Rs 50,000 crore. The plot had a history of failed auctions before Shakuntalam Landcraft’s acquisition, and Gupta acknowledged the government’s and debt recovery tribunal courts’ role in revitalizing the dormant asset after 22 years.
Gruhas Fund, DLF Family Office, and Anthill Ventures have unveiled the second cohort of their proptech accelerator program, Gruhas Aspire. This initiative supports six selected startups poised to revolutionize the construction and real estate industry. These startups will receive strategic investments, expert guidance, and market access opportunities to drive innovation and sustainability in the sector. The program builds on the success of its inaugural cohort, which facilitated over INR 22 crore in capital, and aims to empower startups to navigate challenges, seize opportunities, and contribute to the growth and transformation of the proptech landscape.
Residents in Sector Alpha 2 of Noida are facing escalating issues concerning unattended construction and demolition (C&D) waste, compounded by ineffective waste management practices and inadequate waste segregation. Despite decisions made in a meeting convened by the Greater Noida Industrial Development Authority (GNIDA) to handle C&D waste, residents have reported a worsening situation, with garbage accumulating in various areas. The irregularity of door-to-door waste collection services has exacerbated the problem, leading to concerns about public health, including the potential spread of diseases like dengue and malaria. Residents have urged officials to conduct surprise inspections, prompting GNIDA to promise a response.
The Goa State Urban Development Agency (GSUDA) is initiating GIS mapping for urban areas in South Goa, appointing an agency to conduct a detailed survey for tax assessment, property mapping, and QR code generation. With an estimated cost of Rs 17 crore, the project targets municipalities like Canacona, Cuncolim, Sanguem, and others. GSUDA plans a door-to-door survey, assigning a Unique Property Identification Code (UPIC), integrating spatial data for tax assessment, and solid waste management. Urban development minister Vishwajit Rane assures similar mapping in South Goa, addressing revenue losses. The agency aids in database creation, linking photographs, and tax assessment.
KKR, a global investment firm with assets exceeding $64 billion, is making strategic moves in the U.S. real estate market, particularly in the industrial estate sector. Their recent sale of 50 industrial buildings in high-growth markets, valued at approximately $8 billion, highlights their focus on prime properties in strategic locations. KKR owns and manages over 40 million square feet of industrial real estate properties in major metropolitan cities. With strong demand for quality assets in supply-constrained locations due to the growth in online shopping, KKR is emerging as a significant player in the warehouse and logistics facility real estate market, offering promising investment opportunities worldwide.
Amancio Ortega, the billionaire founder of Zara and primary shareholder of Inditex, has rekindled his real estate investments in the United States by acquiring the luxury residential tower, 727 West Madison, in Chicago for $232 million through his investment entity, Pontegadea. This mirrors a growing trend among affluent individuals who are shifting their focus from traditional office property investments to the US rental market. The pandemic has underscored the significance of rental housing due to remote work and higher office vacancies all this coupled with challenges in the commercial property sector shows that ultra-wealthy individuals and their companies have substantially increased their involvement in multifamily housing investments over the past decade.
Japan’s real estate market is emerging as a global hotspot, attracting significant investments in 2023. This surge is attributed to factors such as a stable political climate and the depreciation of the yen, making it an attractive choice over China. Tokyo, in particular, witnessed a remarkable rise in global rankings for real estate investments, surpassing major cities like New York and London. Notably, investors are diversifying their strategies, targeting growth sectors like logistics and the hospitality industry, which were adversely affected by the pandemic but are now rebounding alongside the recovery of international tourism. This transformation signals a promising outlook for Japan’s real estate market.
Peyush Bansal, co-founder of Lenskart, recently grabbed headlines with his acquisition of a luxurious property in Delhi's prestigious Neeti Bagh area for Rs. 18 crore, which includes both the basement and ground floor of an opulent bungalow, spanning a total area of 939.4 sq m on a 680 sq m plot. In a parallel move, directors Meghna Dilip Bhanushali and Tummala Vipul Reddy of Metamor Software Solutions invested a substantial Rs. 48 crore in a residential property in Hyderabad's coveted Jubilee Hills, while Monish Darda, co-founder of Icertis, joined the trend by purchasing a lavish apartment in Mumbai's Juhu for Rs. 38 crore. These acquisitions mirror a growing pattern among billionaire tech entrepreneurs who are increasingly turning to significant real estate investments as a means to diversify their portfolios.
Arvind Smartspaces Limited (ASL) has successfully pre-launched Arvind Uplands 2.0, a golf-themed plotted development in Adroda, South Ahmedabad. The first phase, covering around 4 million sq. ft. with a booking value exceeding Rs. 300 Crore, sold out in just three days. As part of a joint development project spread over approximately 100 acres, the initiative offers world-class infrastructure. Buyers of Arvind Uplands 2.0 will receive membership to Monogram Resort, providing access to amenities like a golf course. South Ahmedabad, with robust connectivity and proximity to industrial hubs, is emerging as a promising micro-market for plotted development and weekend homes.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has greenlit Elegant Infracon, the Elegant Ville project's promoter, to resume and complete construction in Gautam Buddha Nagar. In collaboration with Floral Realtech, this move aims to rehabilitate the project and secure an Occupancy Certificate (OC) within a year. Delays had left allottees uncertain, prompting UP-RERA to invoke section 8 of the RERA Act, allowing construction to proceed with the majority of allottees' consent. The project, with 761 units, has already sold 686, and financial projections estimate a revenue of Rs. 120.01 crore upon completion.
An implementation and monitoring committee led by the CEO of Suraksha Group is seeking approval from the National Company Law Appellate Tribunal (NCLAT) to restart construction at six long-stalled Jaypee Wish Town projects, dormant since 2014. These projects, comprising 9,320 flats in 82 towers, reached just over 50% completion a decade ago before abruptly halting. If the NCLAT approves, construction tenders will be issued with the aim of completing most of the flats within two years. Suraksha Group and the committee, including an Insolvency Resolution Professional and representatives of financial creditors and homebuyers, are overseeing the revival efforts.
MahaRERA is actively enhancing transparency and accountability in the real estate sector. It has issued show-cause notices to 74 real estate projects, predominantly in Pune, for failing to adhere to MahaRERA's essential mandate. As of August 1st, MahaRERA has mandated QR codes in property developers' advertising, granting potential homebuyers’ convenient access to crucial project details. These QR codes provide insights into project timelines, complaints, approvals, and plan modifications. MahaRERA has also imposed substantial fines on six developers in the MMR for not including QR codes, reinforcing its commitment to regulatory compliance and consumer empowerment.
Art Nirman Ltd, tasked with redeveloping Nidhi Apartments in Shastrinagar, Ahmedabad, faces legal challenges as a dissenter files an FIR against three partners. The company, having obtained over 75% consent from the society, began demolition. However, a member, Chandrakant Shah, objected to the redevelopment due to the inclusion of commercial units. Despite a civil court dismissing his protest, Shah filed an FIR, accusing the builders of causing Rs 1.75 crore damage by demolishing his house without proper notice. The partners argue compliance with the tripartite agreement. The Gujarat high court is set to adjudicate on the matter.
In Greater Noida West, the Greater Noida Industrial Development Authority (GNIDA) encountered resistance while attempting to demolish an unauthorized staircase in Gaur City 2's White Orchid Society. The demolition was prompted by the builder's failure to comply with previous notices. Residents were disappointed when the GNIDA's demolition team left without executing the demolition. Allegations arose that officials engaged in private discussions with the responsible party, causing delays. A two-day extension was ultimately granted, postponing the demolition. This incident underscores the challenges of dealing with unauthorized construction and non-compliance, impacting resident safety and adherence to approved building plans, raising questions about how authorities will handle such issues in the future.
A government advisory in Maharashtra aims to address issues of administrators in housing societies overstepping their authority. To improve accountability and transparency, the advisory recommends the formation of an administrative panel consisting of three members, including two from within the society. This response comes after numerous complaints about administrators making unilateral decisions without consulting residents. The circular, issued by the state cooperatives department, restricts administrators from making policy decisions or handling major repairs independently. The circular also encourages periodic changes in auditors and emphasises computerisation of society information.
The Mumbai Metropolitan Region (MMR) has witnessed property transactions surpassing $1.5 billion in 2023, marking the highest in the country. Mumbai dominated the transactions with deals valued at Rs 7,956 crore, while Thane district, although having over three times the number of deals, had a lower transacted value at Rs 2,778 crore. The trend is driven by significant land transactions, including Sumitomo's subsidiary acquiring a 22-acre parcel for Rs 4,674 crore and Prestige Estates Projects purchasing a central Mumbai property for Rs 704 crore. Redevelopment projects, land monetization, and increased construction activity contribute to the robust real estate market in MMR.
Leading commercial real estate firm, RMZ Corp, reports a surge in demand for premium office spaces in India, attributing it to the rise of Global Capabilities Centres (GCC). Major global players have recently leased 5 million sq ft for their GCCs in the country. RMZ Corp, eyeing expansion in Gurgaon, has plans for a vast development project, underscoring India's appeal as a preferred destination for businesses. The company's strategic growth is evident through partnerships and a robust project pipeline, forecasting a bright future for India's commercial real estate landscape.
India's luxury housing segment has recorded a significant 130% increase in sales during the first half of 2023, driven largely by Non-Resident Indian (NRI) investments. Major cities, including Delhi-NCR, Mumbai, and Hyderabad, accounted for nearly 90% of the sales. Developers attribute this boom to urbanization, enhanced lifestyles, and rising disposable incomes, particularly in urban centres. The trend reflects a shift in consumer preferences towards properties that offer a superior living experience post-pandemic.
LOTTE India, a leading chocolate manufacturer, has invested INR 185 crore to expand its production facility in Tamil Nadu. The expansion will increase the production capacity for the company's Choco Pie range and reinforce its position in the Indian confectionery market. The facility expansion has created 200 new jobs, contributing to local employment opportunities. With an increased capacity of 1,420 tonnes per month, LOTTE India aims to meet growing domestic demand and explore potential export opportunities. This expansion highlights the company's commitment to maintaining safety, hygiene, and product quality standards while supporting its growth in the Indian market.
Saya Status, located in Noida, is on track to become India's tallest mall, standing at an impressive 250 feet. Developed by the esteemed Saya Group, this iconic structure in Sector 129 showcases innovative architectural design across its nine floors and vast 1.1 million square feet of rentable space. With a budget of Rs. 2000 crore, the mall is set to be completed by January 2025. Already, it has secured leases with 30 leading brands, filling half of its retail space. The Saya Group's track record in quality construction is well-established, and Saya Status aims to revolutionize the retail industry, offering an unmatched shopping experience in India's tallest mall.
To counter a slowdown in property tax collection, the civic administration in Pune plans to auction sealed properties owned by non-compliant taxpayers, aiming to generate approximately Rs 245 crore in revenue. The administration set a target of Rs 2,300 crore for property tax collection in the current fiscal year, but collections lagged in August and September. Critics argue that an amnesty scheme for tax defaulters sends the wrong message, disadvantaging diligent taxpayers. Additionally, PMC aims to impose property taxes on Metro rail properties, potentially yielding around Rs 20 crore annually. The civic administration faces the challenge of recovering Rs 8,000 crore from tax defaulters, including mobile towers and major businesses.
Sources have revealed that Chandigarh officials are gearing up to dispatch notices to 750 property tax defaulters in the coming week. Following the issuance of these notices, property owners will be granted a defined window to settle their overdue tax bills. Failure to comply within the specified timeframe may result in punitive measures being taken against them, according to the same sources. This move is part of the city's efforts to address property tax evasion and ensure that all residents contribute their fair share to municipal finances.
Apeejay Real Estate is in talks with potential investors to secure funds ranging from Rs 400 crore to Rs 500 crore for expanding its logistics park operations. The company plans to utilize these funds primarily for acquiring land for warehouse development. The investment is expected to grant the new investor ownership of around 35-40 percent of the logistics park platform. Apeejay aims to expand its warehouse operations from 3 million square feet to 10 million square feet in the next 3-5 years. The company has identified potential land plots in various locations, and it manages logistics parks in four areas, with plans for expansion and diversification within the logistics sector.
The Uttarakhand Government has signed Memorandums of Understanding (MoUs) worth Rs. 8,000 crore to develop ski destinations and ropeways, a move that is expected to boost the state's infrastructure and tourism sector. These MoUs were finalized during Chief Minister Pushkar Singh Dhami's visit to London. The agreements include investments from Kyan Jet for a skiing resort and cable car project, Usha Breco for ropeway systems in Haridwar and other districts, the Poma group of France for Dehradun-Mussoorie and Yamunotri ropeways, and Mahindra Holiday and Resort India Limited for resorts. These investments total Rs. 11,000 crore and are expected to significantly increase tourist footfall while ensuring eco-friendly and sustainable development in the region.
After a three-year delay, the construction and demolition waste plant in Ludhiana is set to be constructed, with a tender of Rs 7.45 crore allocated. Civic officials have issued work orders and are expediting the necessary approvals to make the plant operational promptly. The project, initially under the smart city mission, faced obstacles and was later shifted to the Swachh Bharat Mission. The plant aims to address the city's construction waste issue, and officials anticipate a VIP inauguration soon. The construction is expected to take 3-4 months, with a toll-free number for waste disposal requests to be introduced.
New renderings have been unveiled for The Giorgio Armani Residences, a 12-story mixed-use development on Madison Avenue, Manhattan. Designed by COOKFOX and developed by SL Green Realty in collaboration with Giorgio Armani Corp, the building offers 10 luxurious condos and a flagship Armani boutique. Aerial views showcase private terraces, lush greenery, and stunning cityscape vistas. The interior boasts high-end finishes, Gagganeau appliances, and Armani-inspired design elements. Amenities include a gym, spa, tea room, lounge, and library. With convenient subway access and a completion date set for summer 2024, 760 Madison Avenue promises to be a luxurious addition to the neighbourhood.
WeWork, backed by SoftBank, has chosen to withhold interest payments of around $95 million on certain notes as part of its capital restructuring efforts. The company faces a 30-day grace period before these missed payments could trigger an “event of default.” WeWork maintains that it has the liquidity to cover these payments and may choose to do so in the future. This decision comes after a turbulent period for the flexible workspace provider, which had previously expressed doubt about its operational continuity and executed a reverse stock split to maintain its NYSE listing. Its stock declined by about 2% in after-hours trading.
Mumbai based builder Vikas Oberoi and his wife Gayatri Oberoi were victims of a terrible road accident earlier this week, in Sardinia, Italy. Multiple publications have confirmed that both are safe and have not sustained any major injuries. Mr Oberoi was said to be driving with his wife in the passenger seat of a rented blue Lamborgini (Huracan Spider), which collided with a white camper van and a red Ferrari. They were partaking in the multi-day “Sardinia Supercar Experience” event when the incident occurred. A Swiss couple in the red Ferrari lost their lives, while the couple in the camper van are fine and recuperating in a nearby hospital.
Goregaon West, a thriving Mumbai suburb in the Mumbai Metropolitan Region (MMR), is a prime choice for professionals and families due to its strategic location along the Western Express Highway, offering excellent citywide connectivity. The area provides a diverse range of housing options, from upscale apartments to more budget-friendly residences. In a week spanning from September 25th to October 1st, 2023, Goregaon West recorded 16 transactions, highlighting its popularity. Leading the way, Chandak 34 Park Estate accounted for six deals, with Sunteck City 4th Avenue hosting the most expensive transaction at Rs 3.06 Crores. The area's real estate market is robust, attracting both homebuyers and investors.
There is never a dull moment in Mumbai’s real estate market landscape. Prop News Times brings you some of the most exciting deals real estate deals across the Mumbai Metropolitan Region this week: A 2,873 square foot carpet area residential apartment located on the 8th floor of the luxurious K Raheja Vivarea exchanged hands at a deal value of about Rs 18 crores at an approximate rate per square foot of Rs 62,400/-, a 713 square feet carpet area residential apartment on the 3rd floor of L&T Seawoods Residencies found a new buyer for Rs 1.68 crores at an approximate rate per square foot of Rs 23,600/- and a 366 square feet carpet area residential apartment was sold in Shraddha Palladium on the 8th floor of the building for a deal value of Rs 57.79 lakhs at an approximate rate per square foot of Rs 15,800/-
In a significant legal ruling, the Bombay High Court found Pravin Satra, the head of Darshan Developers, guilty of contempt for failing to fulfil promises made before the court regarding the delivery of flats booked almost two decades ago. Despite commitments made in a consent agreement filed before the High Court, the builder failed to deliver possession of two flats within the stipulated time frame. Justice Manish Pitale sentenced Satra to three months in civil prison and ordered him to pay Rs 4 crore to the buyer, Achyut Godbole, an esteemed individual and prolific Marathi author. The court's decision highlights the importance of respecting court orders and the serious consequences of non-compliance.
Co-working firm EFC India is considering various funding options, including a Follow-on Public Offer (FPO), to support its expansion plans, aiming to increase its capacity to 60,000 seats by the end of the fiscal year. The company recently secured Rs 90 crore in a fundraising round through a preferential issue. EFC, which started operations in 2012, has experienced significant growth, with revenues reaching Rs 104 crore in FY23. The firm is actively expanding its presence in Pune, Noida, Hyderabad, and Kolkata, capitalizing on the growing demand for flexible and managed workspaces in India.
Ikaria Easy Living, a partnership between Collated Ventures and Adani Realty, has teamed up with Sodexo India and Northstar Diagnostics to provide senior living communities with all-inclusive lifestyle services. Food, housekeeping, facility management, and social interaction will be handled by Sodexo, whereas Northstar will handle emergency medical coordination, doctor visits, physiotherapy, and nursing. These collaborations are meant to improve senior citizens' comfort and well-being. With an emphasis on providing seniors with an extraordinary living experience, the move underscores the growing demand for high-quality senior living options in India.
Residents of Ambika Florence Park in New Chandigarh have secured a significant victory against builder Ambika Realcon Pvt Ltd. The Chandigarh State Consumer Redressal Commission ruled in favour of eleven flat-owners, directing compensation for delayed possession and a 30% refund of maintenance charges due to unmet promises. The builder must pay 9% interest for possession delays and a lump sum for mental distress. The maintenance agency, Shri Vishnu Facilities Management LLP, must refund charges with interest and ensure essential services until promised amenities are delivered. The builder faces penalties if amenities aren't fulfilled within three months.
Following a recent controversy, Maharashtra's Minister has announced forthcoming regulations governing property rentals. This announcement comes in the wake of a 35-year-old woman filing a police complaint against a man and his son for allegedly denying her a rental property due to her Marathi-speaking background. The new rules aim to address such discrimination issues and ensure fair access to rental premises in the state. The government's decision to tackle rental discrimination is seen as a step towards promoting inclusivity and preventing discrimination based on language or ethnicity in property rentals within Maharashtra.
The Delhi Pollution Control Committee (DPCC) has mandated construction companies in Delhi to register on a designated web portal before the Graded Response Action Plan (GRAP) takes effect on October 1. The updated GRAP focuses on mitigating dust pollution, requiring adherence to a 14-point dust mitigation measure and a 27-point checklist for projects over 500 sqm. DPCC has introduced an online self-assessment portal, urging construction agencies to register for monitoring and assessment purposes. Failure to register may lead to a halt in construction activities. The move aims to enhance air quality in Delhi by enforcing strict dust control measures.
The Chennai Metropolitan Development Authority (CMDA) sealed a commercial building on Usman Road, T Nagar, following its unauthorized construction. Located at old no. 94, new door no. 162, the building was previously flagged in the T Nagar survey by GCC and CMDA. Despite receiving prior notices and a failed regularization attempt in 1999, the owner did not comply with directives. Consequently, the CMDA took firm action last week by locking and sealing the premises to uphold urban planning regulations.
In a recent policy change, the Gujarat Real Estate Regulatory Authority (RERA) has exempted Ahmedabad Municipal Corporation (AMC) from seeking its counsel on real estate project cost assessments for construction cess calculations. This comes after concerns over developers understating costs, leading to revenue losses. The updated directive mandates officials to cross-check cost figures provided by developers in both building use (BU) and RERA applications. Officials are now also required to obtain a verified project cost from developers, eliminating the need for RERA consultations.
The urban development authority's plan to auction 14 bulk land parcels in Visakhapatnam on September 29 and 30 has encountered a disappointing lack of interest. Despite high hopes for robust bidding and revenue generation, potential buyers have shown little enthusiasm for these prime properties. The VMRDA's inability to attract participants raises concerns about the region's real estate market and economic prospects. The fate of these valuable land parcels now hangs in the balance as officials contemplate alternative strategies to spur interest and revitalize the auction process.
Schneider Electric India, a branch of the French multinational, has leased a vast 4.8 lakh square feet of office space in Bengaluru's Outer Ring Road. The new facility, located in the Bagmane Solarium business park, will accommodate over 4,800 employees. This move is part of Schneider's expansion strategy, with the lease spanning 10 years. The deal underscores a growing trend in 2023 of major corporations securing large office spaces in key commercial areas, reflecting renewed confidence in India's commercial real estate market.
Fortis Healthcare has seen a boost in its shares after the board approved acquiring Kolkata-based Artistery Properties for an enterprise value of Rs 32 crore. The acquisition involves a 99.9% stake purchase through a share agreement, granting Fortis Healthcare ownership of a building adjacent to Fortis Hospital in Kolkata. The acquired building could potentially house outpatient, diagnostic, and day care services. Fortis Healthcare, operating hospitals and diagnostic centers, reported an 11.35% YoY increase in Q1 revenue, reaching Rs 1,657 crore. The move reflects strategic expansion and diversification within the healthcare company's portfolio.
Karnataka's property market is set for a significant shift as the state government raises guidance values by 15–30 percent, effective October 1st. These values determine property transaction costs, including stamp duty and registration fees. Buyers will face a 5.6 percent stamp duty and a 1 percent fixed registration fee. This change, after a five-year hiatus due to COVID-19 and assembly polls, aims to boost government revenue and property market values. Over the past few weeks, a rush of property transactions has prompted extended working hours at sub-registrar offices. The impact will vary by locality, with some areas potentially experiencing up to a 50 percent increase in guidance values.
The West Bengal government has extended its stamp duty concessions until June 30, 2024, in a bid to boost the real estate sector. This extension includes a 2% reduction in stamp duty and a 10% decrease in circle rates for property transactions. Initially introduced in response to the challenges posed by the COVID-19 pandemic, these concessions were set to expire in phases. However, the government has decided to continue these benefits to provide relief to prospective homeowners. Despite pandemic-related hurdles and rising construction costs, the real estate industry has persevered, and this move aims to rejuvenate the sector, benefiting both buyers and state revenue.
The NFRA has penalized and debarred 18 auditors for lapses in auditing branches of DHFL, a housing finance company. Fines totalling Rs 18 lakh, with Rs 1 lakh imposed on each auditor, have been levied for professional misconduct. The auditors are also barred from roles as auditors, internal auditors, or conducting relevant audits for periods ranging from six months to one year. This action follows reports of alleged financial improprieties involving DHFL. The SEBI simultaneously imposed Rs 6 crore in penalties on 15 entities, including former DHFL promoters, for disclosure norm violations.
Abu Dhabi Investment Authority (ADIA) is reportedly considering a substantial investment of $600 million in Reliance Retail, owned by Mukesh Ambani's Reliance Industries. ADIA already holds a 1.2% stake in Reliance Retail Ventures since October 2020. Recently, global investment firm KKR increased its stake in RRVL after a full subscription amount of Rs 2,069.50 crore. Earlier in September, Qatar Investment Authority invested Rs 8,278 crore for a 1% stake. Reliance Retail raised significant funds in 2020, with a 10.09% stake valued at Rs 47,265 crore. Reliance Retail, expanding aggressively, achieved over a billion transactions and a user base of 249 million, contributing 18% to FY23 revenue.
Wave Group, a real estate developer, has announced plans to invest approximately Rs 100 crore in adding 35 cinema screens across seven to eight new properties. This expansion comes after the recent launch of Wave Cinemas, a premium 7-screen multiplex in Gurgaon. With these new screens, Wave Group will operate a total of 10 multiplexes and 42 screens. The move into the cinema industry aligns with the trend of real estate developers diversifying into entertainment and hospitality sectors to create comprehensive lifestyle destinations for customers. It also reflects the growing demand for high-quality cinematic experiences in India.
IHG Hotels & Resorts and Saryu Properties & Hotels Pvt. Ltd. will work together to increase IHG's footprint in Mumbai. Voco Mumbai Powai Hotel & Convention Centre and Holiday Inn Express & Suites - Mumbai Powai are the two hotels in Mumbai that will be transformed into IHG-branded establishments. These hotels will open in the upcoming years to serve Mumbai's expanding hospitality industry. The action demonstrates IHG's dedication to offering a variety of lodging alternatives and supporting Mumbai's burgeoning hospitality sector. Additionally, it shows how optimistic the firm is about the city's future as a destination for tourists and business meetings.
Hyatt' brand-affiliated Juniper Hotels has started the process of raising Rs 1,800 crore through an IPO. The company, which is jointly controlled by Saraf Hotels Ltd and Two Seas Holdings Ltd, intends to use the funds to pay off current debts as well as for basic business needs. The rise of Juniper Hotels and the belief in India's hotel industry are both highlighted by its IPO, which consists of new equity shares. In light of the rising demand for high-quality lodging in India's booming tourism sector, the company's position in the market will be strengthened by the IPO's success and will help its expansion plans.
Two-thirds of houses in Joshimath, Uttarakhand, need reconstruction due to land subsidence, reveals a report by a National Disaster Management Authority (NDMA)-led panel. The study found that 65% of homes have been affected, resulting in damage worth ?565 crore. Out of 2,152 houses, 1,403 require immediate attention. The report cites weak building material, inadequate reinforcement, and structural deficiencies as causes. The total cost of reconstruction is projected to be Rs 422 crore. The report advises a comprehensive construction ban until the end of the monsoon, with a post-monsoon assessment before allowing construction for lightweight structures.
Indore, renowned for being the cleanest city multiple times, clinched the title of 'Best Smart City' at the National Smart Cities Conclave 2023. The event celebrated achievements in urban development, awarding Gujarat's Surat the second position and Agra in Uttar Pradesh securing the third spot. Madhya Pradesh was recognized as the Best State, followed by Tamil Nadu, with Rajasthan and Uttar Pradesh jointly securing the third position. President Droupadi Murmu commended the Smart Cities Mission for contributing to urban development. The Smart Cities Mission, promoting innovation and infrastructure development, has been a transformative initiative fostering global collaboration.
Marta Kauffman, co-creator of "Friends," has purchased a stunning oceanfront property on Malibu's Broad Beach for $23.6 million. The expansive 1-acre property includes a basketball court and a guesthouse, a rare find in the area. This acquisition complements her adjacent $16 million property, giving her nearly 1.3 acres of beachfront land and over 7,000 square feet of living space. The property was previously owned by Mark Attanasio, owner of the Milwaukee Brewers, who extensively renovated it before listing it for sale earlier this year. With these two adjacent properties, Kauffman now owns one of the most remarkable beachfront compounds in Malibu.
London's office market is facing a significant downturn in rentals, with the highest level of vacant office space in three decades, according to investment bank Jefferies. The historic financial district of the City of London has a 10% vacancy rate, while central London's West End stands at 7%. Canary Wharf, a newer financial district, has vacant units exceeding 20%. This situation is attributed to the sustained prevalence of remote work, which has reduced office space utilization by 20% since the end of 2019. The increasing number of vacant offices is putting downward pressure on rents, raising concerns about potential financial impacts.
Asha Mukul Agarwal, a director at Param Capital, has reportedly purchased three luxury apartments in Malabar Hill for a total sum of Rs 260 crores. These apartments are located in a project being developed by Macrotech Developers.. The combined area of the three flats is said to be over 20,000 square feet, with two apartments on the 25th floor and one on the 24th floor. A stamp duty of approximately Rs 13 crores was paid for the registration of the agreements last month. The Lodha Malabar project is expected to be completed in June 2026. Other notable purchases in the same project include Niraj Bajaj's and the JP Taparia family's acquisitions. The demand for luxury residential properties in Mumbai remains strong, with the city leading in luxury transactions this year.
There is never a dull moment in Mumbai’s real estate market landscape. Prop News Times brings you some of the most exciting deals real estate deals across the Mumbai Metropolitan Region this week: A residential flat in Paradigm Antalya was sold for Rs 87.3 lacs. The flat was located on the 8th floor and its carpet area is approximately 411 square feet. The rate per square foot for the deal was approximately Rs 21,000/-, a residential flat spanning 844 square feet, situated on the 15th floor of a tower in Godrej Platinum complex was sold for Rs 2,85 crores, at an approximate rate per square foot of Rs 33,800/- and a 574 square foot residential apartment situated on the 27th floor of a tower in Arihant Clan Aalishan was sold for a sum of Rs 1.09 crores at an approximate rate per square foot of Rs 18,900/-.
Panvel, situated in Maharashtra's Raigad district, is emerging as a prime residential and commercial hub within the Mumbai Metropolitan Region (MMR). Its proximity to the proposed Navi Mumbai International Airport fuels its growth. With well-planned infrastructure, educational institutions, healthcare facilities, and excellent connectivity via road and rail networks, Pavel attracts residents from diverse backgrounds. In a bustling week from September 18 to 24, 2023, the real estate market saw 24 transactions. Notable projects like Hiranandani Fortune City Phase 1 and Wadhwa Wise City led the way. The area offers a range of affordable housing options, making it appealing to first-time buyers.
The Greater Noida Authority (GNIDA) has issued its third notice to Supertech, a real estate developer, following complaints from residents of Ecovillage 1 regarding around 100 unauthorized shops within the society. The notices highlight violations of regulations and demand the removal of these establishments within 15 days. GNIDA had previously directed the removal of an unauthorized gate and encroachment on a green belt. Supertech faces potential legal action if they fail to comply. As tensions escalate, residents seek accountability for the alleged violations, while Supertech claims it has not received communication from GNIDA.
The Sanfran Group, a prominent real estate and infrastructure company in India, has transformed the economically backward region of Jhansi, Bundelkhand, into a flourishing area with over 1000 crores in construction development. Over the past seven years, the group has not only developed residential properties but also hospitals, clubs, resorts, and international-level schools. The once isolated area, now known as "New Jhansi," has become the most sought-after and developed location in Bundelkhand, offering investors an impressive return on investment (ROI) of nearly 400%. Despite industry challenges, the group has successfully delivered projects ahead of RERA timelines, attracting buyers through positive word-of-mouth.
The Andhra Pradesh State Housing Corporation Limited is launching the "Navaratnalu Pedalandariki Illu" Scheme, aimed at benefiting economically disadvantaged sections of the state. This initiative involves allocating 30.65 lakh housing plots spanning 71,811 acres with an investment of Rs. 56,102 crores. Ownership titles are granted to women beneficiaries, with a focus on backward classes, scheduled castes, scheduled tribes, and other castes. Additionally, 2.62 lakh houses are being constructed for urban poor across 163 locations. The government is providing energy-efficient infrastructure, including LED bulbs and fans, resulting in significant energy savings. This initiative reflects the state's commitment to improving living conditions and promoting equality.
The state government of Uttar Pradesh has introduced amendments to the UP Urban Planning and Development Act, making it mandatory for individuals and organizations to pay special amenity fees and urban use charges for land use within the state. These changes aim to drive urban development and provide additional revenue for improved facilities and services. Under the new regulations, authorities can collect charges for elevated land use and land use changes, with the funds deposited into the Special Amenities Development Fund of the respective authority. A committee has been established to calculate these fees and charges, marking a significant shift in land use regulations in Uttar Pradesh.
The High Court of Himachal Pradesh has expressed dissatisfaction with the director of urban development for submitting inadequate compliance affidavits. The court has warned against accepting incomplete submissions and given the director three weeks to provide a comprehensive affidavit regarding the status of land transfer for construction waste dumping sites. Other respondents in the case must also submit their responses. The court found the previous affidavit to be lacking in details about land transfer progress and implementation of relevant laws. It emphasized the need for more informative and detailed affidavits in the future.
The Gurugram district administration has issued directives to the builders of 23 high-rise buildings for structural safety audits. The builders have been instructed to submit their building plans to auditing agencies within a week. The administration has made it clear that if structural defects are found during the audit and repairs are needed, the cost will be shared equally between the Resident Welfare Association (RWA) and the builder. This initiative comes after visual inspections of 55 societies in Gurugram revealed 23 buildings with structural issues. The district administration is prioritizing the safety of residents in multi-story buildings and taking proactive steps to address potential risks.
Bureaucratic hurdles have been causing delays in the approval process for high-rise construction projects in the city, leading the Confederation of Real Estate Developers Association of India (CREDAI) to request Chief Minister M K Stalin's intervention. CREDAI expressed concern over the increasing number of pending files in the housing department, despite certain files being cleared during a high-rise building panel meeting in May 2023. These delays have created financial setbacks for developers, impacted the real estate sector's growth, and eroded investor confidence. The real estate industry has urged the Chief Minister to direct the housing department to expedite approvals and establish a system to prevent future delays. The housing department has acknowledged the issue and promised to investigate and expedite the approval process.
To protect homebuyers in Gujarat, the Gujarat Real Estate Regulatory Authority (RERA) will take action against builders conducting soft launches or marketing before obtaining RERA registration. This proactive measure seeks to prevent developers from selling units at discounted rates before securing RERA approval, ensuring buyers are not left vulnerable without legal protection. RERA officials are monitoring social media for such activities and imposing penalties for violations.
A major fire broke out at a Mukherjee Nagar PG facility in northwest Delhi, allegedly due to faulty electrical wiring ignored by the building owner despite multiple complaints. Thirty-five individuals were rescued, and a case has been registered against the owner. A police probe is underway to determine if fire safety protocols were violated. The Municipal Corporation of Delhi (MCD) has ordered a survey of all PG facilities in the area. Survivors claim repeated pleas to fix wiring issues were ignored. This incident follows the MCD's recent sealing drive against coaching centres without NOCs after a similar fire left 61 students injured.
The Karnataka Stamps and Registration Department achieved a historic milestone by recording a remarkable revenue of Rs 311 crore in a single day through the registration of 26,058 documents. This accomplishment follows significant revenue collections on other days, highlighting the department's efficiency. The surge in registrations and revenue is partly attributed to the introduction of the Kaveri2 software, which has streamlined property registration processes. Additionally, the impending increase in property guidance values from October 1 has likely spurred higher demand for registrations. This achievement underscores the department's dedication to service and the positive impact of technological advancements on administrative processes and state revenue.
The Nagpur Municipal Corporation (NMC) has identified 1,664 properties, including private hospitals, clubs, lawns, and theatres, with overdue property tax totalling Rs66.38 crore. Private hospitals lead the list with 722 of them owing Rs27.29 crore. Seven clubs owe Rs 28.68 lakh, 322 marriage halls and lawns owe Rs18.83 crore, and 19 theatres owe Rs2.95 crore. NMC plans coercive actions, including property attachment and auction, against these defaulters. Hanuman Nagar zone tops the list with 159 properties, including hospitals and hotels, owing Rs21.12 crore, followed by Dhantoli and Laxmi Nagar zones. NMC aims to ensure regular tax payments from commercial properties.
Godrej Properties (GPL) has acquired a 49% equity stake in Godrei Skyline Developers (GSDPL) for Rs 37.64 crore from an existing shareholder. With this acquisition, along with its subsidiary Godrej Projects Development (GPDL), GPL now holds a commanding 93% equity share capital of GSDPL. Additionally, GPL has acquired approximately 109 acres of land near Samrudhhi Mahamarg, Nagpur, where it plans to develop primarily plotted residential units, offering an estimated saleable area of 2.2 million sq ft. GSDPL reported a turnover of Rs 230.72 crore in FY23, as disclosed in regulatory filings.
IndoSpace, a leading developer of industrial real estate and logistics parks in India, is embarking on a major expansion plan to meet the rising demand in the e-commerce and manufacturing sectors. The company plans to invest approximately $3 billion in assets across key Indian markets, including Delhi/NCR, Mumbai, Pune, Bengaluru, and others. Over the next three years, IndoSpace aims to add 22 million square feet of industrial and warehousing space, with around $1 billion allocated for acquiring new properties. This expansion aligns with IndoSpace's goal to nearly double its operational space from 30 million to 58 million square feet in the coming years, supported by the recent fundraising efforts and the IndoSpace Logistics Parks IV (ILP IV) fund.
Dusit International has expanded its presence in China with the opening of Dusit Thani Mogan Mountain, Huzhou. This luxury resort is Dusit's 11th property in China and is located in the Zhejiang, Jiangsu, and Shanghai economic region, offering a tranquil retreat for both business and leisure travellers. The resort is set amidst the natural beauty of Mogan Mountain, known for its pristine landscapes and tea plantations. The property features eco-friendly design, wellness facilities, Thai-inspired spa treatments, and a focus on well-being. Guests can enjoy activities like hiking, biking, and paddleboarding in this serene environment.
TIDEL Park Limited, a joint venture in Tamil Nadu, is fast-tracking the construction of a mega IT and ITES office space in Trichy, aiming to replicate the success of its Chennai counterpart. A consulting firm will be selected within a month to provide design and project management consultancy for the ambitious project, which will consist of two phases of premium office space near an integrated bus terminus. The project, supported by a significant government investment, is set to commence construction by March 2024 and is expected to address the growing demand for office spaces in the region.
In the 56th meeting of the Network Planning Group (NPG) under PM Gati Shakti, six infrastructure projects, totalling approximately 52,000 crore, were assessed, including four from road transport and two from Railways. The projects, part of the ongoing initiative, bring the total number assessed to 112, with a cumulative value of around 11.53 lakh crore since the launch of PM Gati Shakti. The Ministry of Road Transport and Highways presented four road projects, while two railway projects were evaluated. Adherence to Gati Shakti principles and emphasis on multi-modality and socio-economic development were highlighted.
The iconic Upper East Side townhouse, known for its role as Miranda Priestly's residence in "The Devil Wears Prada," has been sold for $26.5 million to an undisclosed buyer. Despite selling for a million dollars less than its initial listing price, this marks a significant increase from the $8.8 million the Effron family paid for it two decades ago. The Neo-Italian Renaissance building, designed by architect Henry Allan Jacobs in the early 1900s, spans 12,000 square feet across five levels, with seven bedrooms, ten bathrooms, and luxurious amenities, including a rooftop terrace with a hot tub.
In the UK, house sellers are increasingly reducing their prices to attract buyers during the autumn selling season, according to data from property platform Zoopla. Over the past four weeks, discounts have risen to 4.2% from the original asking price, averaging £12,125 per property, the highest level of discounts since March 2019. This comes as the Bank of England pauses its interest rate increases, but analysts believe that due to the expectation of continued high interest rates, further house price declines may be needed before market activity rebounds. Some areas, like London and the southeast, are seeing the most significant discounts.
SBB, a Swedish real estate company facing financial difficulties, is considering selling a majority share in its residential division, which owns 23,000 apartments. This move is part of the company's efforts to restructure its operations to address upcoming debt obligations. SBB recently sold a portion of its school property business to Canadian investor Brookfield as the initial step in its restructuring plan. The company aims to focus on its community-focused division, which includes care homes, government facilities, hospitals, and more.
NEOM, the futuristic city in Saudi Arabia, is preparing to host its first W Hotel and a JW Marriott property. Marriott International is finalizing plans for these luxury accommodations in the Trojena ski resort within the NEOM mountains. The JW Marriott is expected to become a hub for global conferences and events, while the W Hotel will cater to visitors enjoying the snowy mountain. Trojena is set for completion in late 2026, with Marriott's properties anticipated to open around that time, coinciding with the Asian Winter Games in 2029. These hotels are part of NEOM's ambitious development plans for the region.
Arvind SmartSpaces, the Ahmedabad-based real estate developer, is planning to expand its operations into the Mumbai Metropolitan Region (MMR) by the end of the current fiscal year. This expansion is driven by the company's strong financial performance and its aim to diversify its business across Ahmedabad, Bengaluru, and MMR. Arvind SmartSpaces plans to sign one or two projects in MMR, encompassing horizontal and vertical developments. The company is exploring various locations for these projects and is open to joint ventures and redevelopment opportunities. This expansion reflects the company's strategic approach to growth and expansion in key real estate markets in India.
A land buyer in Tindivanam, Villupuram, found himself entangled in a corruption scandal when local authorities demanded a hefty bribe of Rs. 50 lakh for the registration of his land holdings. Refusing to comply, he attempted to register without paying the bribe but faced obstacles, including the invocation of an unconstitutional rule. The Madras High Court has now intervened in the case, expressing concern over the government's defence of the officials' actions. The court has impleaded the Enforcement Directorate and the income tax department to investigate the alleged corruption and misconduct in this land registration case, with further hearings scheduled this week.
The Lucknow Development Authority (LDA) has uncovered a significant land scam involving fraudulent land allotment to a private developer in the Gomtinagar Extension scheme, amounting to approximately Rs 100 crore. The investigation, led by LDA Vice-Chairperson Indramani Tripathi, revealed that a parcel of land was fraudulently included in land acquisitions for development schemes and subsequently allocated to the developer. This scandal underscores the need for robust oversight, transparency, and accountability in land allocation processes. It also highlights the financial risks associated with fraudulent activities in land transactions and the importance of maintaining public trust in the administration.
JSW Group, led by Sajjan Jindal, plans to establish a 3,000-acre industrial park in Salboni, Bengal, deviating from its initial plan of returning the land to the state government. The conglomerate's $23 billion business empire aims to attract domestic and international investors, promoting economic growth in the region. The shift follows changes in Bengal's land policies, prompting JSW to reconsider and maximize the land's potential for industrial diversity. This strategic move highlights JSW Group's commitment to fostering investment, job creation, and positive contributions to Bengal's development landscape.
The Panvel Municipal Corporation (PMC) has granted approval for road development, beautification, and associated works amounting to Rs 421 crore, marking a significant milestone in infrastructure development in the region. These projects will address long-standing grievances of residents in areas previously under CIDCO administration and reflect the PMC's commitment to comprehensive development and sustainable urban growth. The emphasis on environmental clearances for initiatives like lake desilting underscores the PMC's dedication to balanced and forward-thinking urban planning.
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has issued a directive to real estate project promoters, requiring them to provide comprehensive and accurate contact information for their designated correspondents. This move aims to improve communication and transparency within the real estate sector. The new guidelines emphasize the importance of maintaining open communication channels between promoters and stakeholders, particularly homebuyers. Promoters are also required to ensure the continuous functionality of helpline numbers associated with their projects. This initiative is expected to boost confidence among consumers and enhance the overall integrity of the real estate industry in Uttar Pradesh.
The top seven cities in India have experienced a historic surge in home sales, with 120,280 units sold from July to September, a 36% increase compared to the same period in the previous year. Mumbai Metropolitan Region (MMR) led the way with 38,500 units sold, marking a 46% increase from 2022. Pune and Bengaluru also witnessed substantial year-on-year jumps in sales of 63% and 29%, respectively. This surge in demand can be attributed in part to the RBI's decision to maintain a pause on the repo rate, stabilizing home loan interest rates. Additionally, there was a 24% increase in new housing unit launches during this period compared to the previous year, with 116,220 units launched.
There is never a dull moment in Mumbai’s real estate market landscape. Prop News Times brings you some of the most exciting deals real estate deals across the Mumbai Metropolitan Region this week: A 681 square foot carpet area residential apartment located on the 9th floor of Dedhia TULJAI building in Borivali East was sold for Rs 1.30 crores, at approximately Rs 19,000/- per square foot, a 580 square foot apartment in the under construction building Gurukrupa Nigam situated on the 9th floor was sold for over 1.25 crores at approximately Rs 21,000/- per square foot and a small 228 square foot apartment was sold in Paramount Enclave on the 6th floor for a total sum of 16 lakhs at an approximate rate per square foot of Rs 7000/-
The BMC's development plan department in Mumbai has introduced a comprehensive air pollution mitigation plan to address the city's persistent air quality issues, primarily due to ongoing construction activities. The circular mandates various measures to minimize dust and debris dispersion, enforce waste management protocols, and encourage the use of enclosed spaces for certain construction activities. These measures aim to improve air quality and reduce pollution in Mumbai as the monsoon season comes to an end. The circular also includes instructions for periodic checks on construction sites and remedial actions for non-compliant developers.
Green buildings, prioritizing environmental responsibility and resource efficiency, are emerging as a solution to the 37% of global CO2 emissions caused by traditional construction. While initial investments in green infrastructure might be higher, the long-term financial and environmental benefits are substantial. Features like energy-efficient lighting and advanced HVAC systems reduce energy consumption, leading to significant cost savings. With many green properties seeing a 10% increase in value and a 20% reduction in maintenance costs, the shift towards sustainable construction is not just eco-friendly but also economically wise.
Apollo Multispeciality Hospitals Ltd, a subsidiary of Apollo Hospitals Enterprise Ltd, has acquired a partially built 325-bed hospital in Sonarpur, Kolkata, for Rs 102 crore. This marks Apollo's second hospital in Kolkata and the fifth in the eastern region, expanding its network to 1,800 beds across Kolkata, Bhubaneshwar, and Guwahati. The first phase of the multi speciality hospital, featuring 225 beds, will be commissioned in the next 12 months. Fully funded by Apollo Multi Speciality Hospitals, this strategic addition aligns with Apollo's planned capacity expansion, targeting an additional 700 beds in the eastern region over the next three years.
Mumbai's renowned real estate developer, Arkade Group, has launched "Arkade Crown" in Borivali. This luxury residential project, spread over 1.4 acres, promises a blend of convenience, luxury, and community living. With anticipated sales revenue of Rs 325 crores, the project boasts top-notch amenities, including a 26,500 sq. ft. vehicle-free entertainment deck. Strategically located near major commuting hubs, and surrounded by lush greenery and Jain temples, Arkade Crown is set to redefine urban living in Borivali West.
The DTCP enforcement team has taken action in Gurugram, addressing the issue of 17 families who have yet to vacate two towers in Chintels Paradiso. Letters have been dispatched to both the Residents' Welfare Association (WA) and the developer, urging cooperation. These towers collectively house 104 flats, with 17 families still residing in defiance of eviction orders. Authorities are working to resolve this situation and ensure compliance with regulations. Safety remains a top priority following a tragic incident last year where two residents lost their lives due to structural issues in Tower D.
The MHADA in Pune has extended the application deadline for its 2023 lottery, offering over 5,863 affordable homes across Pune, Solapur, Sangli, and Kolhapur. MHADA has already received an impressive 32,000 applications. Of these homes, 2,445 will be allocated on a first-come, first-served basis, with prices ranging from Rs 5 lakh to Rs 1.11 crore. The application deadline has been extended to October 20, 2023, with lottery results to be announced on November 9. The apartments vary in size from 204 to 1,087 square feet, with configurations ranging from 1 RK to 3 BHK.
The Ahmedabad Municipal Corporation (AMC) is drafting a new policy to facilitate the sale of 49 prime Sabarmati riverfront plots. This decision follows a decade of challenges faced by the Sabarmati Riverfront Development Corporation Ltd in selling these plots to private developers. Previous valuations, last conducted in 2016, were deemed excessive by industry experts. With the new policy in the works, potential buyers and stakeholders are keenly awaiting its implications for future riverfront development in Ahmedabad.
Knight Frank's recent report on the impact of the stamp duty rebate in the Kolkata Metropolitan Area (KMA) highlights that since its introduction in 2021, a total of 102,743 apartments have been registered, indicating the incentive's success in stimulating real estate transactions. The report notes that while there were three consecutive months of increased registration volumes from May to July, August 2023 witnessed an 11% month-on-month decline in registrations, along with a substantial 42% year-on-year drop compared to August 2022. Smaller unit sizes and the South Zone emerged as dominant factors in these transactions, reflecting evolving buyer preferences influenced by the ongoing pandemic.
The Mumbai Metropolitan Region Development Authority (MMRDA) has finalized contractors for the Mogharpada Depot in Thane and a ballastless track connecting Mulund Fire Station to Gaimukh. These developments are part of the Mumbai Metro Routes 4 and 4A project, aimed at enhancing connectivity between major Mumbai cities. M/s. SEW-VSE (JV) will oversee the depot's construction, while M/s. Apurvakriti Infrastructure Pvt. Ltd. handles the track installation. MMRDA Commissioner, Dr. Sanjay Mukherjee, highlighted the urgency of the project, ensuring swift progress for public accessibility.
Godrej Properties Ltd. has acquired a 109-acre land parcel in Nagpur, India, signalling its commitment to expanding its presence in the region. The strategically located land, near major transportation routes and MIHAN SEZ, will be developed primarily for residential plots, with an estimated saleable area of 2.2 million square feet. GPL has been actively acquiring land parcels in response to increased housing demand following the COVID-19 pandemic. In addition to its Nagpur expansion, the company targets significant sales growth and has reported strong financial performance. It recently sold around 670 flats worth over Rs 2,000 crore in Noida.
Arkade Developers Ltd. has acquired a 3-acre industrial land parcel in Bhandup West, Mumbai, from Copper Rollers Pvt. Ltd. The deal, with a total value of approximately Rs. 103.88 crores, marks Arkade's strategic expansion in the Mumbai Metropolitan Region. The company is actively engaged in the development of five ongoing projects, encompassing a total area of around 1.8 million square feet, with completion dates ranging from 2025 to 2027 as per RERA filings. Arkade is also planning to launch two new projects in Vile Parle East and Malad West, with a combined developable area of 0.4 million square feet.
Oberoi Realty, a leading Indian real estate firm, has embarked on the redevelopment of a prime land parcel in Mumbai's Tardeo area. This strategic move, announced in a regulatory filing, is expected to yield a substantial free-sale component of around 2.5 lakh square feet. The company's decision aligns with its commitment to delivering premium real estate solutions across various sectors, including residential, commercial, and social infrastructure. Oberoi Realty's track record of excellence positions it well to capitalize on lucrative opportunities in sought-after locations, contributing to the transformation of urban landscapes in India.
A recent report by CBRE South Asia Pvt. Ltd. highlights the significant growth of green-certified office spaces in India, reflecting a surge of more than 36% in green-certified office stock since 2019, totalling around 342 million square feet. The top six Indian cities, including Bangalore, Delhi-NCR, and Mumbai, have been at the forefront of this growth, accounting for 68% of the country's green-certified office spaces as of June 2023. The report attributes this expansion to increasing emphasis on sustainability driven by global and domestic ESG regulations, with modern, sustainable office spaces becoming highly sought after by developers and occupiers. This trend underscores the growing importance of sustainability in the Indian real estate sector.
According to a report by CBRE, India's retail sector has become a significant driver of warehousing demand, increasing from 8% in 2019 to 13% in 2022. In H1 2023, the retail segment accounted for 9% of warehousing demand. E-commerce, FMCG, and retail collectively represented 27% of total demand from 2019 to H1 2023. Hypermarkets (51%) and fashion and apparel (32%) dominated warehousing demand within the retail segment. CBRE expects the retail sector to strengthen in H2 2023. The report also highlighted growth projections, emphasizing temperature-controlled storage and automated FIFO methods to minimize wastage and meet evolving consumer needs.
Poland’s government is intensifying efforts to combat air pollution and enhance energy efficiency in households through its Warm Housing program. This initiative, an extension of the successful Clean Air program, now includes communal and small housing communities. Residents can use the funds to switch from coal-fired boilers to cleaner heating options, upgrade windows and doors, and even invest in solar panels. However, to access funding, municipalities must apply to the program. The financial support varies based on income and pollution levels, favouring those in more polluted regions. This initiative targets 163 municipalities, primarily in southern Poland’s Silesia and Ma opolska provinces.
The escalating homelessness crisis in the UK, exacerbated by a housing shortage and rising living costs, is forcing families into dire situations. The freezing of the Local Housing Allowance in 2016, intended to aid low-income households in the private rental sector, has further strained the situation. A recent study discovered that just 5 percent of private rents advertised in early 2023 could be covered by the LHA. Cities like Manchester have been hit hard, with soaring rents outpacing LHA rates, leading to a severe family homelessness crisis. Rent increases and landlord sales have triggered a 500 percent year-on-year rise in homelessness in the city.
The U.S. housing market has seen a remarkable 49% increase in value since the pandemic began, with cities like New York, Los Angeles, San Francisco, Boston, and Miami having the most valuable housing markets. Florida has now become the second-most valuable real estate market, surpassing New York. This growth is attributed to the construction of new homes, as builders address the housing shortage by introducing more homes to the market. Builders are adapting to the needs of homebuyers facing higher mortgage rates by offering smaller, more affordable homes and incentives. New construction and population growth have particularly boosted Florida's housing market, making it the second-most valuable state after California.
Mindspace Business Parks REIT has employed "Implosion Technology" to swiftly and safely demolish two aging buildings in Hyderabad. Unlike conventional methods taking months, this technique brought down the structures in mere seconds, aligning with Mindspace REIT's strategy to modernize and be environmentally responsible. The new 1.6 million square feet structure aims for LEED Platinum Rating and Wellness Certification. This innovative approach enhances efficiency, reduces noise, and minimizes environmental impact, showcasing Mindspace REIT's commitment to progressive solutions in Telangana's real estate sector.
Mumbai-based Vibe Realty Private Limited, led by founder Gopal Sarda, is entering the real estate development sector with the acquisition of four projects in Mumbai's Western Suburbs, including residential redevelopment and a commercial project. These projects have a combined development potential of 1.5 million square feet and an estimated revenue of Rs. 1,500 crores. Vibe Realty plans to launch these projects soon and aims to acquire 3-4 more projects in Mumbai and Pune within the next 12-15 months. With a growing reputation as a reliable partner for landowners and housing societies, Vibe Realty is expanding its operations into real estate development.
Geetanjali Homestate, a renowned name in real estate, is expanding its presence with the opening of offices in Mumbai, Pune, Goa, and Lucknow. This strategic move reflects the company's commitment to providing premium real estate solutions in key markets. Mumbai's financial hub, Pune's urbanization, Goa's tourism, and Lucknow's growing real estate market will all benefit from Geetanjali Homestate's services. With a reputation for excellence, the company aims to cater to the diverse needs of property seekers and investors in these dynamic regions, further solidifying its position as a trusted partner in the real estate journey.
Birla Estates Pvt Ltd, the real estate arm of Aditya Birla Group, has successfully sold out phase 1 of Birla Trimaya in Bengaluru within just 36 hours of its launch. This project, located in Devanahalli, North Bengaluru, encompasses 556 units across 52 acres, with a booking value of Rs 500 crore. Birla Estates has set its revenue target for this project at Rs 3,000 crore, reflecting the strong demand for luxury real estate in North Bengaluru due to the presence of global companies and skilled professionals. The transformation of North Bengaluru into a thriving residential and commercial hub has been driven by factors like the Bengaluru International Airport and Manyata Tech Park. This achievement highlights the continued demand for quality properties in Bengaluru's growing real estate market.
The Slum Rehabilitation Authority (SRA) in Mumbai has initiated the acquisition process for 2,033 flats intended for the rehabilitation of project-affected persons (PAPs). This process involves acquiring flats from both builders and squatters and aims to streamline the allocation process for slum dwellers displaced by various projects in the city. The SRA has deployed ten flying squads, each led by a naib tehsildar, to check 925 houses, marking the beginning of the encroachment removal process. This proactive approach reflects the authorities' commitment to addressing housing challenges and expediting rehabilitation projects for the benefit of slum dwellers in Mumbai.
The Ahmedabad Urban Development Authority (AUDA) has temporarily halted the allocation of development permissions (DPs) for both residential and commercial projects within knowledge institute zones spanning 24.1 square kilometres around Ahmedabad city. This decision aims to protect the original purpose of these zones, which were designated for knowledge institutions. While no official circular has been issued, AUDA anticipates potential changes to the general development control regulations (GDCR) for these zones. The move comes in response to concerns that residential and commercial constructions have been encroaching upon the knowledge institute zones, which were initially intended solely for educational institutions.
The Ludhiana Improvement Trust (LIT) officials met with the local bodies department to secure approval for the Atal Apartments project, which has faced prolonged delays and uncertainty over its 15-year history. LIT officials, despite concerns about a low bid, expressed optimism about receiving written approval, highlighting the project's importance. The project involves constructing HIG and MIG flats with modern amenities, and once approved, it is expected to take three years to complete at an estimated cost of Rs 224 crore.
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has issued a warning to prospective buyers and investors about misleading and fraudulent advertising by Sarvottam World regarding their 'Megapolis/Sarvottam Megapolis' project in the 'NEWOIDA' hi-tech township. UP RERA Secretary Pramod Kumar Upadhyay expressed concern, stating that the project mentioned in the advertisements is not registered with RERA, and the registration numbers provided belong to other promoters. Such misleading advertising violates the RERA Act of 2016 and can harm prospective buyers. UP RERA urged buyers to exercise due diligence and verify project details using the registration number provided on the RERA portal before making decisions.
Representatives from Noida, Greater Noida, and Yamuna Expressway authorities are scheduled to convene in Lucknow this week for a crucial meeting aimed at reviving stalled real estate projects within their jurisdictions. The agenda also includes discussions on recommendations put forth by a committee chaired by bureaucrat Amitabh Kant. These recommendations primarily involve granting waivers to developers to expedite the completion of delayed projects. Chief Minister Yogi Adityanath is expected to participate in the meeting. Currently, developers owe approximately Rs 45,000 crore to these authorities, a contentious issue under scrutiny by the Supreme Court.
An audit by the office of the Principal Accountant General has uncovered widespread undervaluation of properties registered with the Ernakulam sub-registrar office over the past two years. The audit identified undervaluation in 112 cases, resulting in a revenue deficit of stamp duty amounting to Rs 1.26 crore and registration fees of Rs 33 lakh. The sub-registrar has forwarded details of the undervalued properties to the district registrar for review and potential revision. The audit also revealed issues with valuation certificates issued by approved valuers and called for comprehensive reforms to address undervaluation and revenue loss in property transactions.
The estimated construction cost of the bridge project connecting Mumbai and Mira Bhayandar has significantly increased to Rs 3,303 crore from its initial estimate of Rs 1,998 crore in just three years. This escalation has raised concerns among activists and politicians, questioning why the entire financial burden should be borne by the Brihanmumbai Municipal Corporation (BMC). BMC's civic chief has proposed a cost-sharing arrangement with the Mumbai Metropolitan Region Development Authority (MMRDA) to divide the expenses based on jurisdiction. However, a final decision is pending as the MMRDA awaits a response from the Chief Minister's Office (CMO). The increased cost includes factors like maintenance, taxes, and rent for a casting yard.
The proposed Visakhapatnam metro rail project, initially introduced nine years ago, remains stuck in the detailed project report (DPR) phase. Despite preparing a DPR and shortlisting bidders in 2019, the project's progress halted due to political changes and financial challenges, including the withdrawal of funding by the Export-Import Bank of Korea. A new DPR, encompassing additional areas, was later prepared. As of now, the estimated cost for the extended 76.9-kilometer project stands at 14,309 crore, with tram corridors proposed for about 60 kilometres. The project's future depends on approvals and funding availability from the Union government.
The Asia-Pacific logistics market showed robust growth of 10.4% in H1 2023, driven by rising rents in 15 out of 17 tracked cities. Key Indian cities like Bengaluru, Delhi-NCR, and Mumbai secured top positions in the APAC markets for warehousing rent growth. Demand remained strong, with e-commerce, 3PL entities, and manufacturers contributing to the upswing. In Southeast Asia, Manila led with a remarkable 49.3% YoY rental growth. Australasia experienced rental growth due to limited availability. The report anticipates an e-commerce sector recovery as excess capacities are absorbed. Bengaluru, Delhi-NCR, and Mumbai's strong performance underscores their significance in the regional warehousing landscape.
Meta's decision to terminate its lease on a significant office building in London reflects the broader trend of tech companies downsizing their office spaces in response to the increasing prevalence of remote work. This move is part of Meta's ongoing efforts to reduce costs and adapt to changing work patterns. British Land, the owner of the office property, will need to find a new tenant for the building, but they are optimistic about their ability to do so and are considering transforming the space into a hub for life sciences companies, a sector in high demand. This trend of office downsizing by tech companies is impacting urban office markets in various cities around the world.
Sunac China Holdings will reduce its ownership in subsidiary Sunac Services to 49.7% through a debt-driven restructuring, allowing creditors to convert debt into subsidiary equity. While ownership decreases, Sunac Services will remain a subsidiary. This follows Sunac's landmark approval from creditors for a $9 billion offshore debt restructuring, a notable milestone among Chinese property developers. Sunac seeks further approval through a Hong Kong court hearing on October 5th. Alongside China Evergrande, Sunac grapples with a liquidity crisis stemming from China's 2021 property sector turmoil, with implications extending to global markets. Additionally, Sunac has initiated Chapter 11 proceedings in a U.S. bankruptcy court amid financial challenges.
To raise the quality of life for residents, the Mohammed Bin Rashid Housing Establishment (MBRHE) in Dubai has allotted 136 contemporary residential villas in the Al Warqaa neighbourhood. These villas, which are a component of Dubai's long-term urban development plan, include two floors and adaptable floor plans to meet the needs of both families and individuals. The initiative fits in with Dubai's plan to raise citizens' quality of life during the following two decades. The distribution of these villas shows how committed Dubai's leadership is to developing carefully designed, long-lasting communities that put the welfare of its residents first.
Crown Prince Mohammed bin Salman has unveiled an ambitious plan to transform Saudi Arabia's stunning Soudah mountain peaks into a luxury tourist destination. Covering over 627 square kilometres, the project will utilize less than 1% of the land for development. With an expected completion date of 2030, the project aims to draw SAR 29 billion in investments, create job opportunities, and attract two million visitors. The master plan includes six distinct zones featuring hotels, resorts, chalets, and entertainment options. It prioritizes sustainability and eco-friendliness, reflecting Saudi Arabia's commitment to both luxury tourism and environmental conservation.
LinkedIn Technology Information Private Limited has secured a 17,794-square-foot office space in Mumbai's BKC for a monthly rent of Rs 1 crore. The five-year lease agreement, commencing in August 2024, encompasses six units from different property owners, with an annual rent escalation of around 4.5 percent. The security deposit for this strategic move amounts to Rs 10 crore, and both landlords and LinkedIn are committed to the lease for specific durations. BKC has recently witnessed significant real estate deals, with Apple and Bank of China securing notable spaces this year.
There is never a dull moment in Mumbai’s real estate market landscape. Prop News Times brings you some of the most exciting deals real estate deals across the Mumbai Metropolitain Region this week: A 1,091 square foot residential flat located on the 34th floor of Oberoi Eternia in Mulund was sold for a sum of Rs 3.5 crores, at an approximate rate per square foot of Rs 32,000/-, in New Panvel, A 784 square foot residential apartment located on the 5th floor of National Harmony building sold for Rs 95 lacs, at an approximate rate per square foot of Rs 12,000/- and a 1,112 square foot residential apartment located on the 6th floor of Atul Wallace Fortuna, Mazgaon in Mumbai city was sold for Rs 3.25 crores, at an approximate rate per square foot of Rs 29,000/-
The Pune Metropolitan Region Development Authority (PMRDA) is actively identifying and demolishing illegal structures in the region, with 1,145 such structures pinpointed and 56 already demolished over nine months. Despite temporary setbacks during the monsoon season, PMRDA remains committed to intensifying its efforts. Drones have played a crucial role in identifying unauthorized constructions, providing an aerial perspective to locate structures on vacant government lands. Since 2015, PMRDA has identified 9,349 illegal structures, issued 1,920 notices, and demolished 324. FIRs have been filed against those involved in illegal plotting to deter violators.
The Indian senior living sector, valued at around $10.15 billion in 2022, is poised for robust growth with a projected compound annual growth rate (CAGR) of 10 percent over the next six to eight years, fuelled by the ageing demographic. By 2030, one in every five Indians will be 55 or older, reflecting a substantial market. The Association of Senior Living India (ASLI) is organizing the "ASLI Ageing Fest—Unlocking India's Senior Care Investment Potential" on November 17, highlighting investment opportunities in the senior care sector. This demographic shift has caught the attention of investors and businesses eager to meet the evolving needs of India's ageing population.
L&T Finance is set to sell a distressed-asset loan book worth Rs 4,762 crore to three asset reconstruction companies (ARCs) by the end of this quarter, aiming to clean up its books. Phoenix ARC, backed by Kotak Mahindra Bank, is expected to acquire the majority of the 15 bid-out accounts, followed by CFM ARC and Prudent ARC. The portfolio included 16 accounts with a reserve price of Rs 2,080 crore, but none of the ARCs showed interest in buying the exposure to Delhi-NCR realtor Supertech. L&T Finance has been actively selling distressed asset portfolios to ARCs to enhance its financial position.
Signature Global (India) made a strong stock market debut, with its shares closing 19 percent above the issue price of Rs 385. The stock opened at Rs 445 on the BSE, marking a 15.58 percent rise from the issue price, and reached an intraday high of Rs 473.45, ultimately closing at Rs 458.40, a 19.06 percent gain. On the NSE, it started at Rs 444, rising 15.32 percent, and ended at Rs 456.55, up 18.58 percent. This debut led to a market valuation of Rs 6,441.01 crore. The IPO, worth Rs 730 crore, was subscribed to 11.88 times, demonstrating strong institutional investor interest.
The government of Uttar Pradesh is gearing up to launch private industrial and infrastructure projects worth nearly Rs 10 trillion by December, as part of its efforts to establish the state as a preferred investment destination. These projects stem from the 19,000 investment proposals totalling Rs 35 trillion received during the UP Global Investors Summit. Initially slated for August or September, the ceremony for these projects is now expected to be held in November or December due to departmental delays. The state aims to attract investors and industrialists to boost its economy and achieve the goal of becoming India's first $1 trillion economy.
The Portugal government has given banks a mandate to apply a 30% reduction to the six-month Euribor rate when calculating mortgage interest rates. This move is critical, as a staggering 90% of Portugal's 1.4 million mortgages are tied to variable rates linked to Euribor, the highest in the euro zone. This measure is aimed at capping mortgage interest rates at 70% of the six-month Euribor rate for the next two years. The recovery of unpaid interest will be initiated by banks after four years. This initiative, combined with existing government interest subsidies for highly indebted families, is expected to assist around one million households, providing stability amid rising mortgage payments and inflation concerns.
Moody's, the renowned ratings agency, has downgraded its assessment of four major Chinese real estate companies, shifting their outlook from "stable" to "negative." This move reflects broader concerns about China's troubled property sector, grappling with escalating debt and growth challenges. The affected firms include China Overseas Grand Oceans Group, Yuexiu Property, China Overseas Land, and China Resources Land. The Chinese real estate market has been in turmoil since China Evergrande's 2021 default, and the sector, once a substantial contributor to the nation's GDP, faces headwinds due to government crackdowns and declining home sales. Moody's role as a global financial services company specializing in credit ratings is vital for investors and financial institutions seeking informed decisions in lending and investment.
China Evergrande has cancelled its scheduled scheme meeting for September 25 and 26, to re-evaluate the terms of its proposed $22.7 billion offshore debt restructuring due to disappointing sales. The troubled property developer, burdened with over $300 billion in total obligations, needs approval from over 75% of debt holders in each category to proceed with the plan. Authorities also apprehended Evergrande's wealth management division employees, signalling potential legal troubles. Furthermore, an investigation into its subsidiary, Hengda Real Estate Group, has impacted the issuance of new notes for debt restructuring. Chairman Hui Ka Yan has advised caution to securities holders and potential investors.
In 2023, Singapore has become the top investor in Japan's real estate market, capitalizing on the yen's devaluation and rising demand in logistics and hospitality. Knight Frank LLP reports that Singaporean investments in Japan have surged to nearly US$3 billion, surpassing investments from the US, Canada, and the UAE. Japan is seen as an affordable and untapped market, with foreign investors attracted by favourable borrowing costs and a post-pandemic tourism resurgence. The hotel sector is favoured, with foreign investors injecting a total of US$2 billion into Japanese hotels in 2023. However, the office sector in Japan has seen waning investor enthusiasm due to hybrid work setups and increased office space availability. Japan ranks as the third most attractive investment location in the Asia-Pacific region for Singapore-based investors, following China and Australia, according to the Knight Frank report.
Thane West, located in Maharashtra's Thane district, has become a thriving and accessible hub within the Mumbai Metropolitan Region. This area boasts diverse housing options, infrastructure development, green spaces, and proximity to key business centres like BKC and Powai, making it a sought-after destination for both living and business. The real estate sector in Thane West has flourished, with 172 transactions in just one week, involving various properties, and several prominent builders contributing to its growth. Affordability, smaller carpet areas, and ongoing infrastructure development have made it attractive to homebuyers, reflected in a competitive average rate of Rs. 16,414 per square foot.
Mumbai has experienced a remarkable 328% increase in private electric vehicle (EV) charging points in residential areas over the past year, with around 2,140 installations. Key players like Tata Power and Adani Electricity are actively involved in expanding the EV charging infrastructure, partnering with builders and planning significant station installations. While the BEST power supply wing has clarified that it is the consumer’s responsibility to install charging infrastructure in parking areas, Mumbai's surge in private charging points reflects the city's growing EV adoption and the global push for eco-friendly transport. Accessible charging infrastructure is crucial for encouraging more individuals to embrace EVs, signalling a cleaner, sustainable future.
Seven luxurious properties in Yeoor, Mumbai, are currently being demolished by the Thane Municipal Corporation after it was discovered that they were built without the required civic approval within a "eco-sensitive zone." Yogesh Mundhra, an activist, expressed concern about their effect on the migration of wildlife. Deputy Lokayukta Sanjay Bhatia deemed two homes to be illegal and ordered their demolition. There are planned additional operations against the remaining bungalows. These illegal buildings belonged to the families of past officials and elected officials. The incident emphasizes how crucial it is to follow building codes, especially in environmentally sensitive areas, in order to protect the environment and wildlife habitats.
Supreme Universal's 'Supreme Villagio' in Pune has garnered an overwhelming response, with phase 1's 3 BHK luxury residences almost sold out. This success showcases trust in the Supreme brand and a desire for luxurious living in a natural setting. The project aligns with contemporary preferences, offering well-crafted residences with convenient outdoor access while fostering community and privacy. Somatane's ideal location, tranquil ambiance, and strong connectivity add to its allure. Supreme Universal's legacy of innovation and quality shines through as they continue to provide an unparalleled living experience. Supreme Villagio stands as an icon of luxury living in Mumbai and Pune.
The Allahabad High Court has requested banks that provided financing to the Jaypee Group to clarify their positions in a case related to the cancellation of 1,000 hectares of land allocated to the group by the Yamuna Expressway Industrial Development Authority (YEIDA). The court had earlier invited homebuyers and banks to become parties to the case. However, it observed that while several banks had filed applications, they had not taken a stance on supporting or opposing Jai Prakash Associates (JAL), the petitioner. The court directed the financiers to clarify their legal positions and submit affidavits. The matter is scheduled for further hearing on October 10.
Located within Scheme No. 11, Devaraj Urs Colony was the inaugural project initiated by the Belagavi Urban Development Authority (BUDA) back in 1982. Regrettably, residents are now expressing their discontent, citing the colony's underdevelopment as evidence of both the city administration and BUDA's inadequate performance. They assert that the area's struggle for basic amenities underscores the need for urgent action and improved governance to uplift their living conditions. Residents have repeatedly appealed to officials for infrastructure improvements to no avail. Ward corporator Basavaraj Modagekar has promised to bring the issues to the attention of senior officers.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed nine Pune homebuyers to execute cancellation deeds after GERA Developments filed a complaint, alleging non-payment in line with their sale agreements. MahaRERA cited a violation of Section 19(6) of the RERA Act, mandating timely payments. One buyer has already settled their balance, while the remaining eight face cancellation if they do not comply within 30 days.
The Visakhapatnam Metropolitan Region Development Authority (VMRDA) plans to auction 87.8 acres of land in Madhurawada, with an upset price of Rs30,000 per square yard, potentially yielding nearly Rs1,200 crore. This significant auction, a first for VMRDA in the upscale Madhurawada area, includes 14 bulk land parcels, each ranging from 3 to 12 acres. Madhurawada, known for its premium residential and IT zones, has garnered attention over the years. This auction's impact on the real estate market and potential interest from top builders across the state is anticipated, especially given its strategic location and mixed-use zoning.
The Greater Mohali Area Development Authority (GMADA) conducted a successful draw to allocate 550 Purab Premium Apartments in the Mohali region. This housing scheme received 313 applications, indicating strong demand for affordable housing. Various Punjab government departments secured 167 apartments for their employees, recognizing the importance of accessible housing. The draw results are available on the official GMADA website, and successful applicants have been advised to submit documents by October 9. Allotment letters will be issued online, and payments must be made within 30 days of receiving the letter. This initiative contributes to the growth and development of Mohali's residential options.
The Noida Authority is taking steps to recover over Rs 7,000 crore in unpaid fees from developers of delayed real estate projects. The authority had previously mandated the establishment of escrow accounts for such projects, but compliance has been lacking. By issuing notices to developers who have not opened escrow accounts, the authority aims to prevent fund misappropriation and ensure accountability. Developers are required to deposit 50 percent of project funds into these accounts. This proactive approach reinforces transparency and financial discipline in the real estate sector, ultimately benefiting homebuyers and the timely completion of projects.
The Gujarat High Court has urged the state government to expedite the appointment process for vacant positions within the Gujarat Real Estate Regulatory Authority Appellate Tribunal (RERA Appellate Tribunal). This call to action comes in response to a public interest litigation (PIL) that highlighted the need to promptly fill the positions of chairperson and technical member, which had been vacant since June 2021 and September 2021, respectively. The recent appointment of Justice (retd) R M Chhaya as the chairperson led to the court's intervention, as it expressed dissatisfaction with the delay and emphasized the importance of a functional regulatory authority in the real estate sector.
The Lucknow Development Authority (LDA) has introduced a new initiative to alleviate financial burdens on individuals with disabilities and those from economically disadvantaged backgrounds. Under this scheme, LDA will calculate interest on late property payments using a formula that includes the Marginal Cost of the Fund-Based Lending Rate (MCLR) plus an additional 1% interest. This move was prompted by a distressing case involving a disabled individual who faced exorbitant compound interest on an LDA shop, making the property financially unattainable. Additionally, the LDA has pledged to combat fraudulent property registrations, ensuring prompt redressal of citizen concerns.
The Uttar Pradesh government is preparing to launch FASTPAS (fast and simplified trust-based plan approval system), an improved system for building plan approvals. FASTPAS aims to streamline the approval process for building and township maps, introducing features like the ability to purchase additional Floor Area Ratio (FAR), facilitate land use changes, and access compensatory FAR. FASTPAS will integrate various elements, including GIS master plans, land usage details, and more, to create a more efficient system. This initiative is expected to modernize and simplify building plan approvals in Uttar Pradesh.
The Municipal Corporation of Delhi (MCD) is contemplating the introduction of "compensatory regulatory charges" in south and east Delhi, a move that may significantly affect residential construction costs in these areas. Previously, this fee was limited to North Delhi. The charges will be based on the built-up area of new residential structures or renovations and will be applied during the building plan approval process. The proposal is set to be discussed in an upcoming house meeting. MCD officials argue that these charges are necessary to support infrastructure development in MCD-governed regions. However, there are suggestions to revise the fee calculation method to correlate with the built-up area, potentially impacting construction costs.
The Mangaluru City Corporation (MCC) is launching an ambitious campaign to bring approximately 30,000 properties into the property tax net, as it has been revealed that 15% of the city's properties have not been contributing to taxes. The MCC will conduct a comprehensive door-to-door survey to identify these non-compliant properties and gather essential documents for taxation. This initiative aims to bolster the city's revenue and ensure all properties are accounted for in the tax system. The MCC's proactive approach promises to set a precedent for efficient governance and financial sustainability, with the survey set to begin this week.
Godrej Fund Management, the real estate arm of the Godrej Group, is on the verge of selling 200,000 square feet of office space in Mumbai's Bandra-Kurla Complex to Max Life Insurance for approximately Rs 900 crore. The deal includes three floors currently leased to prominent tenants, including Carlyle Group, Nayara Energy, and Investcorp. The property is part of the Godrej BKC commercial project. This transaction highlights Godrej Fund Management's commitment to expanding its presence in strategic locations. The deal is expected to conclude soon, with both parties having signed the term sheet and initiated due diligence.
Dalmia Nisus Finance Investment Managers has successfully exited its investment in two prestigious projects by Puranik Builders Limited, achieving an impressive return of over 25 percent IRR in just nine months. The Rs 125 crore investment was executed through the Real Estate Credit Opportunities Fund-I and accelerated the development and sales of Rumah Bali and Tokyo Bay in Thane. This achievement underscores Dalmia Nisus' prowess as an alternative asset manager within the Nisus Finance Group, focusing on structured credit and mezzanine investments in India's residential sector. The fund is set to exit all investments in the next 12 months.
Omaxe Ltd., a prominent real estate developer, has achieved a significant milestone by acquiring over 5 acres of land in Ludhiana through a competitive bidding process with the Rail Land Development Authority (RLDA). The transaction, valued at Rs 220 crore, strategically places this land near Ludhiana's Ghumar Mandi Fountain Chowk in Punjab, offering great potential for residential and commercial development. Omaxe aims to strengthen its presence in key locations near the National Capital Region (NCR), enhancing Ludhiana's real estate market and boosting its own growth. This acquisition aligns with Omaxe's strategy to expand in crucial markets and develop exceptional urban spaces.
Oravel Stays, the parent company of Oyo, is poised to achieve its first-ever net profit in the second quarter of the current fiscal year, according to CEO Ritesh Agarwal. He anticipates a net profit of over Rs 16 crore for July to September, a significant milestone as Oyo prepares for an imminent IPO. The company is also projected to end the fiscal year with an impressive adjusted EBITDA of Rs 800 crore, a threefold increase from the previous year. Oyo's financial highlights include strong revenue growth, reduced losses, and an impressive adjusted gross profit margin. Its strategic expansion and cost optimization efforts contribute to its promising future.
The Mumbai Municipal Corporation (BMC) has greenlit a crucial infrastructure project, allocating Rs 6,602 crore rupees for the construction of two tunnels beneath the Sanjay Gandhi National Park. These tunnels, linking Goregaon to Mulund, are set to alleviate transportation challenges. The project, delayed by technical issues and the pandemic, is expected to take five years and will include maintenance for a decade. The tunnels will have cross passages for emergencies, a footpath, and water main relocation near an eco-sensitive zone. It will improve connectivity between eastern and western suburbs, providing a direct route to Navi Mumbai.
Dharavi, a Mumbai settlement with a rich history, has evolved significantly over time. From its origins as a fishing village, it transformed into a bustling hub for various trades and businesses during the 19th century. After much delay, the redevelopment of Dharavi slums now ready to begin under the stewardship of the Adani Group. The finalised plans promise new housing, amenities, and commercial spaces. This ambitious project, expected to span nearly two decades, aims to address longstanding issues and provide residents with better living conditions. While some remain sceptical due to past experiences, others see promise in the transformation of Dharavi.
Ulwe, a Mumbai satellite city, is experiencing a real estate surge thanks to key infrastructure projects, including the Mumbai Trans Harbour Link and Navi Mumbai International Airport. Property prices have doubled in the past decade, with two-bedroom apartments selling for up to Rs 1 crore. Challenges like the lack of social amenities and major hospitals exist, but residents are optimistic about improvements as connectivity gets a boost. Ulwe's transformation, driven by strategic location and upcoming developments, is turning it into a promising real estate market, potentially benefiting both end-users and investors.
Manglam Group has unveiled Manglam Rambagh, a luxurious residential project in Jaipur, representing a substantial investment of Rs 200 crore. Spanning 2.2 acres in Jagatpura, this development offers 114 flats across six floors, ranging from 3 to 6 BHK, with sizes from 2370 sqft to 6120 sqft, competitively priced. It features extensive amenities including a 700 square yard garden, a 1.66-acre clubhouse, and EV charging points, promoting sustainability. With strategic connectivity to key areas and Vastu principles in design, it prioritizes convenience and harmony. Security is robust with a 3-tier system, and ample parking is provided while maximizing green landscaping. Anticipated completion is in December 2024, heralding a new era of premium living in Jaipur.
Oberoi Realty's Commerz III in Goregaon, Mumbai, is set to be finished by March 2024. Having already signed a lease deal for 1.6 million square feet with Morgan Stanley, the company expects to finalize deals for the remaining 2.4 million square feet in the next few months. Discussions are ongoing with various clients, including flex space providers, pharmaceutical firms, tech companies, and educational institutions. Commerz III offers diverse floor plate options, dedicated lift zones for larger clients, and extensive parking. Oberoi Realty also plans to include retail and amenities like food courts and gyms. The company emphasizes sustainability and green initiatives, showcasing its leadership in commercial real estate.
The Income Tax Department has launched an extensive search operation targeting a prominent local real estate developer, Swati Procon, in Gujarat. Over 100 officials from Ahmedabad, Baroda, and Rajkot are involved, focusing on around 35 to 40 properties, potentially uncovering benami (proxy) transactions. The investigation scrutinizes key figures like Ashok Agarwal and Saket Agarwal, with the founder, Ashok Agarwal, at the centre of attention. Details remain guarded, but officials are delving into financial transactions to detect tax evasion and corporate irregularities. Parallelly, in Chennai, tax officials have conducted searches involving procurement practices and coal-handling materials. The real estate landscape faces continued vigilance from tax authorities, especially in redevelopment projects with cash components.
The Telangana State Real Estate Regulatory Authority has imposed a hefty Rs 17.5 crore penalty on three real estate giants, including Mantri Developers Pvt Ltd, Sai Surya Developers Pvt. Ltd. and Sahiti Infratec Ventures Pvt Ltd, for RERA Act non-compliance. The penalties were meticulously assessed after a thorough evaluation of each builder's conduct, considering violations of the 2016 Act and associated rules. Sahiti Infratec Ventures faces a substantial Rs 10.7 crore fine for failing to register three projects with RERA. TS RERA's actions highlight their commitment to transparency and accountability in the real estate sector, emphasizing consequences for non-compliance.
The Enforcement Directorate (ED) has provisionally attached land worth Rs 125.06 crore belonging to Unitech Infopark Limited as part of a money laundering investigation. This action is based on complaints from home buyers related to the Unitech group. The land, located in Nallambakkam, Chennai, comprises 4.79 acres within the Uniworld City township. The ED's probe has revealed alleged proceeds of crime amounting to USD 1.50 crore (approximately Rs 125.06 crore) that were purportedly routed through Narnil Infosolutions Private Limited into Unitech Infopark Limited in 2009-10, with the Chandras, the promoters of Unitech Group, acquiring a 39.83 percent share in the company. The investigation remains ongoing as authorities address money laundering allegations and work to provide relief to affected home buyers.
India is planning to allocate 600 billion rupees ($7.2 billion) over the next five years to offer subsidized loans for small urban housing. Banks are set to launch the scheme in the coming months, strategically ahead of state and general elections. The initiative, first announced by Prime Minister Narendra Modi in August, will provide an annual interest subsidy ranging from 3 percent to 6.5 percent for housing loans below five million rupees with a 20-year tenure. It aims to benefit up to 2.5 million applicants from low-income groups living in urban areas, stimulating lending in the affordable housing sector.
Homebuyers in Gurugram's Greenopolis project are demanding updates and prompt possession of their long-delayed flats, which have faced an eight-year delay. In a protest held earlier this week, they urged developer Orris Infrastructure to expedite completion, particularly for phase-1 apartments, and to swiftly progress phases 2 and 3. However, Orris has pointed to pending Supreme Court proceedings related to the project and requested patience from the homebuyers. The project's history involves legal disputes between Orris and Three C, the original builder, and Orris has offered possession to some buyers. The pending Supreme Court decision will be crucial in resolving the situation and addressing homebuyers' concerns.
The Gujarat High Court has questioned the invocation of the Land Grabbing Act against long-term tenants who have been in possession of the land since 1975. The court directed the Ahmedabad district collector to explain how a committee under her authority endorsed an FIR against the tenants, stating that it appears to be a misuse of the law. The proceedings on the FIR filed by Narol police against the tenants has been stayed. This development is part of a series of petitions challenging the provisions of the 2020 anti-land grabbing law, with the court seeking a personal affidavit from the district collector in this particular case.
The Bhubaneswar Development Authority (BDA) has raised concerns by granting occupancy certificates (OCs) to only 5% of approximately 1,000 buildings constructed in the city over the past five years. The low rate of OC issuance highlights concerns about the safety and adherence to regulations in numerous structures throughout Bhubaneswar. Additionally, allegations of BDA granting approvals for building plans within the jurisdiction of the Bhubaneswar Municipal Corporation (BMC) have raised questions about urban planning and governance in the city. Clarification of authority and adherence to established norms are essential for sustainable urban development.
German housing prices experienced their sharpest drop since data collection began in 2000, with a 9.9% year-on-year decline in residential property prices in the second quarter. This downturn was attributed to high interest rates and rising construction costs. Major cities like Berlin, Hamburg, and Munich saw apartment prices fall by 9.8%, while single and two-family house prices dropped by 12.6%. The housing industry association called for government support, including a cut in value-added tax for affordable rentals and low-interest loans. The government planned to address the crisis with an aid package and regulatory reforms, amid declining construction permits and missed housing construction goals.
Spain's housing market is grappling with a sustained slowdown exacerbated by rising inflation and a high 4.2% Euribor interest rate. Malaga province has seen a significant 16.26% drop in home sales compared to last year, outpacing declines in both the national and Andalucía markets. July witnessed a substantial 23% decline in sales in Malaga province. However, it's worth noting that despite these setbacks, the current housing sales figures, while reduced, remain relatively high compared to levels seen in previous decades. Notably, new home sales in Malaga are declining more sharply than second-hand properties, a contrast to the national and Andalucía trends.
The Tamil Nadu Urban Habitat Development Board (TNU HDB) has initiated a substantial housing project in Chennai, symbolized by Minister Udhayanidhi Stalin laying the project's foundation stone. With an investment of Rs. 409.74 crore, the project aims to construct 1,800 houses, providing shelter to the economically disadvantaged. TNU HDB has already demolished 7,582 dilapidated houses to pave the way for 9,522 new homes, marking a budget of Rs. 1627.97 crore. This endeavour signifies the government's commitment to affordable housing solutions and community welfare, with expedited construction to swiftly address housing needs in the region and uplift the less fortunate.
JSW Infrastructure, a subsidiary of the JSW Group, plans to invest Rs 13,000 crores over the next seven years to double its cargo handling capacity to 300 million tonnes. The expansion will be funded through internal accruals and free cash flows. JSW Infrastructure has grown significantly over the past two decades, with an average annual growth rate of 22%. They have diversified into third-party businesses and are exploring opportunities in container and liquid terminals, container freight stations, and inland container depots. The company is actively participating in port privatization initiatives and aims to enhance last-mile connectivity and value-added services for customers in the logistics industry.
Mumbai-based DB Realty is entering the hotel and hospitality industry by acquiring ownership stakes in several entities. This includes a 50% ownership in Bamboo Hotel Global Centre, which is constructing a hotel complex in Aerocity, New Delhi, featuring the St. Regis and the Marriott Marquis hotels. DB Realty also intends to purchase Goan Hotels, which owns the Grand Hyatt Goa, and acquire 75% of the equity shares in BD and P, the owner of the Hilton Mumbai International Airport. This strategic move allows DB Realty to diversify its business and tap into the growing hospitality market to generate a consistent stream of income.
The Himachal Pradesh Assembly passed the Indian Stamp (Himachal Pradesh Amendment) Bill, 2023, amidst protests and a walkout by the BJP. The bill introduces revised property registration fees, aiming to rectify gender-based disparities. Women purchasing properties up to Rs 80 lakh will pay a 4 percent registration fee, rising to 8 percent for higher values. Others face a 6 percent fee for properties up to Rs 50 lakh, increasing to 8 percent. The bill marks the first stamp duty revision in a decade. Despite opposition, the government justified these fees as necessary due to the state's substantial Rs 75,000 crore debt burden.
Haryana Chief Minister Manohar Lal Khattar has given the green light to the Faridabad Development Plan-2031, a strategic vision for the city's growth. The plan designates the area near the Yamuna canal as a "controlled area" and capitalizes on the opportunities stemming from the development of the Jewar Airport in Noida. During a meeting of the Faridabad Metropolitan Development Authority (FDA), a budget of Rs 878.23 crore was approved for 2023-24, with a focus on infrastructure, citizen services, and environmental improvements. The plan addresses critical aspects like water supply and sewage treatment, as well as road enhancements and enhanced security measures through CCTV surveillance. This marks a significant step towards Faridabad's comprehensive development.
Chennai Airport is set to demolish its T3 terminal next month to make way for a modern integrated terminal as part of a major upgrade project worth Rs 2,467 crore. The initial steps involve dismantling electrical equipment, with the demolition expected to last 2-3 months, followed by construction of the new terminal. This project, spread across a vast area, aims to double the airport's passenger capacity to 35 million annually by 2025. The first phase of the new terminal has already opened, signalling progress towards this ambitious goal.
Samakhiyali Tollway Private Limited, a subsidiary of IRB Infrastructure Developers, has secured financial closure for the Samakhiyali-Santalpur BOT highway project in Gujarat, India, with a total cost of Rs 2,092 crore. The project will be executed under the Build Operate and Transfer (BOT) mode. Lenders have extended Rs 1,446 crore in debt support, while the remaining Rs 646 crore will come from equity contributions and internal accruals. This achievement follows the recent commencement of the Hyderabad Outer Ring Road project, and IRB has now achieved financial closure for all projects in its portfolio, with a focus on execution and future opportunities.
Shriram Housing Finance expects a capital infusion of up to Rs 750 crore from its parent company, Shriram Finance, in early 2024. This anticipated boost in funds, though initially estimated at Rs 500 crore, aims to support Shriram Housing's ambitious asset management goals. The capital infusion is expected in late 2023 or early 2024 and may precede a strategic sale of a 10-20 percent stake or an IPO. Shriram Housing plans to borrow from various sources to fund its growth, including banks, the capital market, and non-convertible debentures.
Fractional ownership in Indian real estate is surging as private companies offer platforms that allow investors to collectively own property. Assets under management have reached Rs 4,000 crore, with a predicted annual growth rate of 25–30 percent over the next few years. Regulatory bodies like SEBI are developing guidelines to bring transparency and accountability to this market, proposing registration as MSM REITs, listing on stock exchanges, and focusing on completed, revenue-generating real estate investments. This trend represents a significant shift in real estate investment dynamics, democratizing access to property ownership and lowering capital requirements for investors.
The Kochi Metro Rail Ltd (KMRL) has initiated the process of leasing 17.43 acres of land within the proposed Bliss City project in Kakkanad. This move is intended to expedite the development of the mixed-use project, which originally included plans for a medical city and entertainment hub. The decision to lease this portion of the land came after investors showed interest in residential development, which did not align with KMRL's vision. The remaining 14 acres of land within Bliss City are under discussion, with the possibility of them being used for IT infrastructure to support Infopark's needs.
Godrej Properties, a prominent real estate developer, has acquired approximately 15 acres of land in Gurugram's Sector 103 for Rs 403 crore from Microtek Infratech. The sale deed was executed in the name of Godrej Vestmark LLP, with a stamp duty of Rs 28.21 crore paid for the transaction. While Godrej confirmed the land acquisition through outright purchase, they did not disclose the revenue potential of the upcoming project on this land. This acquisition follows Godrej's previous land purchases in Noida and Gurugram, demonstrating its commitment to expanding its real estate portfolio in key regions.
Sumitomo Corporation Group secured a momentous long-term lease for a 3-acre land parcel in Mumbai's BKC from the MMRDA, valued at over Rs 2,067 crore. The subsidiary, Goisu Realty, won the bid in 2019, concluding the deal after a four-year journey. This marked MMRDA's first land auction in 12 years. The BKC remains a sought-after business district, with the MMRDA looking to raise Rs 3,000 crore from its land parcels. However, policy clarity regarding floor space index purchases is awaited. Goisu Realty also made a significant acquisition in Worli for Rs 5,200 crore. Land transactions are gaining momentum across key Indian markets.
The Maharashtra government is taking action to revive long-stalled slum rehabilitation projects in Mumbai. Private developers' failures to provide promised housing have left these critical initiatives dormant for a decade or more. Collaborating with local self-government bodies and planning authorities, the government aims to complete ten identified projects to address the dire need for 1.1 million affordable homes in the Mumbai Metropolitan Region. A newly formed committee led by the housing secretary will oversee the effort, with the financial burden falling on local authorities. The projects will encompass both rehabilitation and sales components, with revenue reinvested to support ongoing efforts, offering hope to Mumbai's slum residents.
The Ahmedabad Municipal Corporation (AMC) has taken a proactive stance on construction debris disposal in the city, announcing the allocation of 15 new disposal plots, bringing the total to 25. This move addresses the challenges posed by rapid urban development and infrastructure projects, aiming to minimize environmental impact. Citizens and construction companies can now request debris removal services from the AMC for a reasonable fee of Rs 200 per haul, streamlining the waste management process. The AMC also introduced a fairer fee structure for renting party plots and community halls, ensuring cost-effective access for various events.
Tesla is reportedly planning to manufacture and sell battery storage systems in India. The company has submitted a proposal to the Indian government seeking incentives to establish a factory for this purpose. This move is part of Tesla's efforts to expand its presence in India beyond electric vehicles. The proposal includes introducing Tesla's "Powerwall" system, designed to store solar and grid power for night time use or during outages. While the government may not offer specific incentives, they are open to subsidizing purchases of Tesla's storage products. India's ongoing electricity supply challenges make this proposal significant for both Tesla and the Indian government.
The Haryana government has announced an expansion of its e-appointment service to streamline property registration procedures and reduce waiting times for the public. The expansion will increase the number of available e-appointments from 100 to 200, with Tatkal e-appointments rising from 10 to 50, except in Gurugram, where property registration demands are higher. In Gurugram, online e-appointments will increase from 100 to 300, and Tatkal e-appointments will go up from 10 to 60. The government aims to ease the challenges faced by individuals involved in property transfers and enhance the overall efficiency of the process.
Noida-based Gaurs Group has made substantial strides in the real estate sector with two key acquisitions. They've acquired 18 acres in Noida's Sector 129 for a Grade-A retail and office project, strategically positioned on the Noida Expressway. They've also taken over a stalled residential project in Jaypee Greens, Greater Noida, with plans to complete two residential towers and create 1.5 million square feet of additional space. This demonstrates Gaurs Group's commitment to expanding in the real estate sector and its potential impact on the NCR's real estate landscape. This follows their previous investments, including 'The Island' luxury housing complex in Jaypee Greens, reflecting their strategic expansion in the region.
Rustomjee Group, a prominent Mumbai-based real estate developer, has unveiled ambitious plans with 22 upcoming projects encompassing 37 million square feet and a gross development value (GDV) of Rs 35,000 crore. Emphasizing a focus on mid-mass and aspirational market segments in the Mumbai Metropolitan Region (MMR), the company aims for 25 percent year-on-year growth in presales over the next 3-5 years. Rustomjee's commitment to redevelopment, rehousing over 1,400 families so far, remains strong, contributing to the transformation of Mumbai's urban landscape. The company reported strong Q1FY24 pre-sales of Rs 500 crore and a reduction in net debt.
In a significant legal development, the Delhi High Court has rejected R K Arora's petition, chairman and owner of Supertech, challenging his arrest by the Enforcement Directorate (ED) in a high-profile money laundering case. The court upheld the legality of his arrest, emphasizing the ED's adherence to legal provisions and the prompt notification of grounds for arrest. Arora's claims of violations of the Prevention of Money Laundering Act (PMLA) and his fundamental rights were dismissed, as the court found no substantive evidence. The court also addressed the issue of interim bail, suggesting video conferencing for meetings with creditors. Subsequently, the ED filed a charge sheet against Arora and others, alleging conspiracy to defraud homebuyers.
Mahindra Lifespace has launched the third phase of its Mahindra Happinest Tathawade project in Pune, focusing on 2 BHK homes with carpet areas ranging from 619-702 sq ft, starting at Rs 66 lakh. The project's first two phases were highly successful, with most of the inventory sold out. Possession of apartments in the third phase is expected in 2025. This phase includes retail and commercial spaces to create a comprehensive living environment. The project is strategically located along the Mumbai-Pune Highway, close to the IT hub of Hinjewadi and the proposed Hinjewadi Junction metro station.
G Square, a renowned real estate developer in Tamil Nadu, is venturing into Mahabalipuram's real estate market with its latest project, G Square Dynasty. This development, spanning 28.3 acres, offers 296 secure residential plots, endorsed by the Directorate of Town and Country Planning and registered under RERA. What sets it apart is an array of 40+ world-class amenities. Situated strategically near key areas like Kalpakkam, Kelambakkam, and the upcoming Chennai Peripheral Ring Road, G Square Dynasty is poised to transform Mahabalipuram into a satellite township. The city's growth is bolstered by major infrastructure projects, international investments, and its rising prominence in sports and entertainment. An enticing prospect for investors and homebuyers looking for a luxurious, sustainable lifestyle in this evolving locale.
Thane's Civic Commissioner, Abhijit Bangar, has issued a strong warning to municipal staff and a private electricity provider regarding their accountability in facilitating water and power connections to illegal construction projects in Kalwa, Mumbra, and Diva. This move comes in response to discussions surrounding the issue of illegal constructions in Thane, particularly in its suburbs. The warning emphasizes adherence to state regulations and court directives that prohibit essential facilities for unauthorized structures. The civic administration has cautioned its staff and alerted the Torrent power company about their responsibilities in this regard, aiming to prevent a recurrence of incidents like the Lucky compound incident.
The Gujarat government has introduced a new policy for property transactions, enhancing privacy and security by requiring only the last four digits of Aadhaar card numbers to be mentioned in property documents. Full Aadhaar card copies will be retained in sub-registrar's offices for record-keeping purposes. Previously, both parties and witnesses in property transactions were required to provide copies of their Aadhaar cards, but this change separates the Aadhaar information from property documents to reduce the risk of identity theft and unauthorized access to sensitive financial data. The move underscores the government's commitment to safeguarding citizens' personal information and the integrity of the Aadhaar system.
The Securities and Exchange Board of India (SEBI) has imposed a 6-crore penalty on former DHFL (Dewan Housing Finance) promoters, including Kapil Wadhawan and others, for violating disclosure norms. This penalty comes after allegations that the promoters misled shareholders by misrepresenting their holding in DHFL and failed to disclose three companies with substantial holdings in DHFL. SEBI found that these entities were in violation of the Substantial Acquisition of Shares and Takeover (SAST) rules, as they did not make the necessary disclosures regarding their shareholding and voting rights from 2008 to 2011. They have been given 45 days to pay the fine.
The Vijayawada Municipal Corporation (VMC) has taken swift action following the arrest of two individuals involved in a fraudulent housing scheme. The incident unfolded when a plastic scrap trader, Rama Rao, suspected a fake payment receipt issued by someone named Masthan, raising concerns among authorities. Masthan and Sk Shakeela, operating under the guise of having VMC connections, promised affordable housing in Jawaharlal Nehru National Urban Renewal Mission (JNNURM) houses, targeting small-scale businessmen and daily wage earners. After collecting nearly 19 lakhs from ten victims, their deceit was exposed, leading to their arrest. The VMC and police have urged residents to avoid intermediaries in housing allocations, emphasizing official procedures and vigilance.
The Punjab and Haryana High Court has directed the Chief Secretary of Haryana to establish a mechanism preventing the registration of sale deeds for acquired land due to concerns regarding collusion between builders and the Department of Town and Country Planning. The court also instructed the Chief Secretary to requisition reports on acquired land, update revenue records, and make this information available to registrars and sub-registrars in Haryana. Additionally, an in-house inquiry has been ordered into the granting of licenses to private builders for developing residential colonies on government land, with a possibility of criminal proceedings against delinquent officers if required.
Chandigarh's Estate Office has been tasked with creating a detailed document that incorporates the Supreme Court's directives, recommendations from the Chandigarh Heritage Conservation Committee, and legal advice received thus far. The purpose of this document is to provide a comprehensive overview of the property registration issue. It will be shared with the administration, signalling a proactive effort to seek clarification on the matter. This step will lead the administration to address any uncertainties surrounding property registration, with a focus on transparency and adherence to applicable regulations.
Property owners in Pune are showing reluctance to submit PT3 forms to avail a 40% property tax discount offered by the Pune Municipal Corporation (PMC) for self-occupying properties. This hesitation may lead to approximately 3 lakh property owners losing out on this rebate. The scheme, initially introduced in 1970, was declared illegal in 2019 but was reintroduced in 2023. Citizens are expressing frustration, suggesting that it should be the civic administration's responsibility to cross-verify occupants rather than burdening taxpayers with complicated compliance procedures. Many are calling for a more user-friendly, online submission process to streamline the application for the tax discount.
Over the past five years, the Nashik Municipal Corporation has seen a substantial increase in property tax collections through online payments, rising from 7% to 57% in the current fiscal year. This shift has streamlined the process for taxpayers, with Rs 69 crore of the Rs 122 crore collected this year coming from online payments, aided by a 1% concession. The civic body aims to reach a property tax collection target of Rs 210 crore this year, with incentives for prompt payments and plans to engage private agencies for bill distribution.
Gujarat International Finance Tec-City Company Ltd (GIFTCL) has announced plans for a dynamic social infrastructure zone spanning approximately 20.5 acres within GIFT City. This development will include entertainment, recreational, and retail facilities, as well as a massive Ferris wheel called the "GIFT Eye." The Ferris wheel, projected to reach 158 meters in height, aims to redefine the city's skyline. GIFTCL has invited bids for this ambitious project, with strict financial and experience criteria in place for potential bidders. This endeavour is expected to breathe life into GIFT City, solidifying its position as a global fintech and business hub.
The Uttar Pradesh Urban Development Ministry has recently granted approval for a 750-acre township in Paratpur, Meerut. Spearheaded by the Meerut Development Authority, this project is located near the Delhi-Meerut rapid rail transit system, with an estimated land cost of Rs. 2,000 crore. The government has pledged 50% of this amount as a long-term, interest-free loan. This visionary project aligns with the impending completion of the Rapid Rail Transit System (RRTS) by 2025, aiming to optimize residential, commercial, and recreational spaces near transportation hubs. It will significantly ease daily commutes to Delhi, Noida, and Gurgaon, while also enhancing property values and expediting infrastructure development along the rail corridor.
Signature Global's IPO witnessed strong investor interest, with a subscription rate of 11.88 times on the final day. Institutional investors played a pivotal role in this success, resulting in bids for 13,36,05,074 shares against the offered 1,12,43,196. Non-institutional investors subscribed 13.54 times, QIBs 12.71 times, and RIIs 6.82 times. The IPO, totalling Rs 730 crore, included a fresh issue of Rs 603 crore and an Offer for Sale of Rs 127 crore. Proceeds will significantly reduce debt, with net debt at around Rs 1,100 crore. Post-listing, the promoter stake will decrease from 78.35 percent to 69–70 percent.
Eldeco Group, a prominent real estate developer, has acquired land parcels in Greater Noida, Sonepat, and Ludhiana for approximately Rs 230 crore. These acquisitions are part of a strategic partnership with HDFC Capital Affordable Real Estate Fund 3 (H-CARE 3), totalling Rs 475 crore, aimed at developing multiple residential projects. The company plans to launch projects worth Rs 5,000 crore in the coming year. Pankaj Bajaj, Chairman of Eldeco Housing and Industries Ltd., expressed confidence in the real estate sector's growth. Eldeco Group has a strong track record, having delivered 175 projects totalling about 30 million square feet of development.
India's largest lender, the State Bank of India (SBI), achieved a significant financial feat by raising Rs 10,000 crore through 15-year infrastructure bonds at a competitive rate of 7.49 percent. The bonds garnered substantial investor interest, oversubscribed more than five times the base issue size. Notably, the pricing was lower than previous issuances due to softened market yields. Investors, including funds, insurance companies, and corporates, demonstrated strong participation, with total bids exceeding Rs 21,000 crore. With this issuance, SBI has fully utilized the approved amount for infrastructure bonds in FY24, and it anticipates lower borrowing costs for future offerings, impacting India's financial landscape.
Asia Healthcare Holdings (AHH), backed by TPG Growth and Singapore's GIC, has acquired a majority stake in the Asian Institute of Nephrology and Urology (AINU) for Rs.600 crore. AHH's investment will come from acquiring new shares and shares from existing investors. AINU operates a network of urology and nephrology care hospitals and has posted substantial revenue and profit figures. This move marks AHH's entry into the urology and nephrology specialty, expanding its portfolio that includes Motherhood Hospitals, Nova IVF Fertility, and the American Oncology Institute. The nephrology and urology sector in India is projected to grow significantly in the coming years.
A recent report by NAREDCO and Housing.com has highlighted the growing preference for real estate investments among investors despite rising prices and home loan rates. The report reveals that 48 percent of respondents surveyed favoured real estate as their top investment choice, surpassing gold, stocks, and fixed deposits. Tax benefits such as stamp duty and GST waivers are viewed as crucial motivators for potential homebuyers. Despite economic uncertainties, the property market has shown resilience, with a 15 percent year-on-year growth in sales in the first half of 2023. Ready-to-move-in properties are preferred over under-construction projects, with additional amenities playing a significant role in buyers' decisions.
In 2012, actor Salman Khan acquired a Bandra building for Rs 120 crore, intending to transform it into a commercial property. Recently, LandCraft Retail leased the property to establish Food Square, a gourmet store, at a monthly rental of 1 crore, replacing Future Group's Food Hall due to payment issues. This investment trend in commercial properties by Bollywood celebrities, including Amitabh Bachchan and Kartik Aryan, is driven by attractive rental yields. The Indian gourmet food market, currently valued at $1.3 billion, is steadily growing at a 20% annual rate, making it a promising venture. Gourmet retail stores offer a variety of high-quality products, contributing to this market's success.
Real estate experts anticipate a promising trajectory for warehousing in India, fuelled by the expansion of E-commerce giants and the influx of global brands into the market. Projections suggest that warehouse stock is set to soar, with expectations of reaching a staggering 500 million square feet (msf) in the next five years. This growth reflects the evolving landscape of the Indian logistics and storage sector, driven by the demands of an increasingly digital and globalized economy. The warehousing sector's rise is poised to meet the burgeoning needs of supply chains and distribution networks, reshaping the country's commercial real estate landscape.
The U.S. single-family rental market is undergoing notable changes, with CoreLogic's latest data revealing shifting trends across different price tiers. Lower-priced rentals are seeing a significant slowdown in annual growth, in contrast to previous years. Meanwhile, attached single-family rentals are outpacing detached ones, marking a 3.8% year-over-year increase. Among major metros, St. Louis leads with a 7.3% annual rental growth rate, followed by Chicago at 6.3%. However, some cities like Las Vegas, Miami, and Austin are experiencing slight declines in rental costs. This evolving landscape highlights the dynamic nature of the U.S. rental market.
Japan's real estate market is experiencing a broad expansion of property values, extending beyond major cities like Tokyo, Osaka, and Nagoya. This growth is fuelled by factors including increased foreign investment, rising tourism, investments in industries like semiconductors, and urban redevelopment projects. During the first half of the year, property investment in Japan surged by 52%, with international investors accounting for 60% of acquisitions in 2022. Cities like Takayama, Chitose, and Kikuyo are witnessing significant property value increases, driven by tourism, semiconductor projects, and urban renewal initiatives.
The Jeddah Tower in Saudi Arabia is on track to become the world's tallest building, soaring an astonishing 1,000 meters, surpassing the Burj Khalifa by 172 meters. This $1.2 billion marvel, designed by renowned architects Adrian Smith and Gordon Gill, pays homage to the desert with its striking design inspired by native desert flowers. The tower will house a Four Seasons hotel, luxurious apartments, office spaces, and the world's highest observatory, offering unparalleled views of the Red Sea. With its innovative design to minimize wind forces, 59 elevators, and 12 escalators, the Jeddah Tower, also known as the Kingdom Tower, is set to redefine Saudi Arabia's skyline and capture global admiration.
MahaRERA, the real estate regulatory authority in Maharashtra, introduced mandatory certification for registered agents. With a deadline of September 1, 2023, only 7% of the 44,858 agents successfully obtained certification, risking the loss of their registration. Following this, MahaRERA extended the deadline to January 1, 2024, offering agents another opportunity for certification. The program equips agents with comprehensive knowledge of the MahaRERA portal, focusing on roles and responsibilities, and was developed in collaboration with esteemed institutions. This certification initiative aims to enhance professionalism and transparency within the real estate sector, ensuring benefits for both agents and consumers.
Bandra East, a vibrant Mumbai locality, is a captivating blend of tradition and modernity, offering a range of experiences. Its luxury real estate market, exemplified by iconic projects, has remained resilient and in high demand. Celebrities like Salman Khan and Shah Rukh Khan call it home, adding to its allure. In a week, Bandra East saw six property transactions, including standout deals in luxury projects like X BKC and more affordable options like BC Corp Arista. These transactions highlight the diversity of property buyers' preferences, showcasing Bandra East as a dynamic real estate hub with a bright future.
The Indian flexible office space market is set for substantial growth, with its stock expected to surge by 52 percent, reaching 81 million square feet by 2025, according to a report by Vestian. Presently, flexible office operators manage 53.4 million square feet, with India offering over 7.6 lakh seats spread across 1000 centres. Shrinivas Rao, CEO of Vestian, noted that COVID-19 has driven steady growth in India's emerging flexible office sector. The report forecasts that flexible offices will account for approximately 25 percent of total office space occupancy by 2025 as companies adopt hybrid work models, leading to increased demand.
Sir JJ Group of Hospitals, comprising four state-run hospitals in Maharashtra, is slated for extensive repair and renovation projects due to concerns raised by the Maharashtra State Association of Resident Doctors (MARD). The initiatives encompass a comprehensive overhaul of the medicine department at Sir JJ Hospital, repair and maintenance for student hostels, nurses' quarters, and resident medical officer quarters, as well as addressing leakage issues at Cama & Albless Hospital. While these efforts aim to enhance healthcare facilities, concerns about the shortage of hostels for resident doctors persist. Plans for new hostel construction are pending approval, with completion expected in several years.
The Bruhat Bengaluru Mahanagara Palike (BBMP) has taken decisive action against the unauthorized dumping of construction waste and debris in Bengaluru. Stringent measures have been announced, including fines and legal consequences for violators. BBMP officials are tasked with monitoring vehicles transporting construction waste across the city, and vehicles found in violation may face fines and even confiscation. BBMP Chief Commissioner Tushar Giri Nath emphasized the importance of proper waste disposal and highlighted the responsibility of waste generators. The penalties for non-compliance include fines of Rs 10,000 per ton and legal actions under environmental laws. This initiative aims to maintain Bengaluru's environmental integrity and urban aesthetics.
India's prominent co-working provider, BHIVE Workspace, has unveiled its biggest co-working facility in Bengaluru's central business district on Church Street. This move caters to the escalating demand for premium flexible office spaces in the city. Covering an expansive 1.2 lakh square feet, the new co-working space offers nearly 3,500 seats and an array of dining options. Already a hit, with over 40% of seats occupied, the launch was celebrated with celebrity presence. This addition strengthens BHIVE's presence in Bengaluru's CBD as co-working demand continues to rise in prime locations.
The MBVV police have apprehended a gang that deceived home seekers on Mira Road with promises of affordable MHADA flats. A woman was duped of RS 10 lakh for two flats. Some gang members posed as MHADA officials, distributing fake allotment letters and payment receipts. The crime branch unit, under Inspector Aviraj Kurhade and Assistant Inspector Prashant Gangurde, diligently investigated the case, leading to the arrest of the gang red-handed. They were found with incriminating documents. The gang faces multiple charges under the IPC. Other victims are encouraged to come forward and report to the Bhayandar police station or helpline numbers.
In a bid to enforce environmental laws, the Tamil Nadu Pollution Control Board has imposed fines totalling ?6.3 crore on 13 high-rise buildings near Siruseri IT Park. The penalties were issued due to the absence of operational sewage treatment plants within gated communities, leading to the illegal dumping of waste into sensitive areas. The case, initiated by a concerned citizen and pending at the National Green Tribunal, highlights the state's commitment to environmental preservation. The legal proceedings are set to continue with the next hearing scheduled for October 9, 2023.
The Delhi government aims to increase construction worker registrations to 15 lakh by year-end, up from 13 lakh last fiscal year. This follows Chief Minister Arvind Kejriwal's concerns over insufficient registrations. Additionally, welfare scheme spending for these workers will see a twenty-fold rise, from Rs 12.66 crore to Rs 246 crore. The funds, sourced from a 1% cess on major construction projects, support various benefits, including financial aid, maternity benefits, and medical care. This initiative underscores the government's commitment to the welfare of this essential workforce.
In March 2015, the Bhubaneswar Commissionerate Police initiated a program encouraging house owners to provide tenant details to enhance citizen safety. Initially well-received, it was extended to women's hostels in January 2017. However, recent reports reveal a decline in compliance, with very few submission of tenant declaration forms. These forms, available at police stations and online, request tenant information. While the initiative remains optional, police stress its importance for security. It also offers a tenant verification service, but few have utilized it. A review by Deputy Commissioner of Police Prateek Singh seeks to understand the decline and reinforce the significance of this safety measure.
DLF's subsidiary, DCCDL, has raised Rs 1,100 crore through non-convertible debentures on a private placement basis. DCCDL's board of directors approved the allocation of 1,10,000 senior, rated, and secured NCDs, each with a face value of Rs 1 lakh. These NCDs, featuring an 8.25 percent annual coupon rate and maturing on August 17, 2033, will be listed on the Bombay Stock Exchange. DCCDL, a joint venture between DLF and Singapore's GIC, manages a substantial portfolio of rent-yielding office and retail properties, encompassing 40 million square feet and generating an annual rental income of approximately Rs 4,000 crore.
Viacom18, a prominent Indian entertainment network, is set to lease a 400,000-square-foot headquarters in Mumbai from Blackstone's Nucleus Office Parks. The move aims to consolidate Viacom18's various business units under one roof, including tax, finance, sports, and digital divisions. The monthly rent for the marquee space is estimated at 60 million Indian rupees ($722,178). Viacom18, a joint venture of Viacom Inc. and the Network18 Group competes with major players like Disney and Netflix in India. The office relocation is expected to occur before December, and Blackstone is planning an IPO for its Indian office portfolio, including Nucleus Office Parks.
Signature Global, a Delhi-NCR real estate firm, has seen strong interest in its IPO, aiming to raise capital for expansion. Priced at Rs 366-385 per share, the IPO totals around Rs 730 crore. On day one, it achieved a 54% subscription rate, and by day two, it was oversubscribed at 1.61 times. Non-institutional investors and retail individuals showed substantial interest with 1.42 and 89% subscription rates respectively on day one. The IPO proceeds will primarily be used to reduce debt, and post-listing, the promoter group's stake will decrease from 78.35% to around 69–70%. Signature Global focuses on affordable and mid-income housing segments and has a strong presence in Delhi-NCR.
Singapore's sovereign wealth fund, GIC, is reportedly in the final stages of acquiring a majority stake in ESR India, a logistics real estate platform. The deal is estimated to be worth around $400 million. ESR India, a joint venture between ESR Group and Allianz Real Estate, owns eight assets across India, covering 388 acres with a gross floor area of 10 million square feet. Allianz Real Estate is expected to sell either its entire stake or a significant portion of it, while ESR may sell 35-40% of its stake in the platform. Multiple private equity firms are also vying for the assets.
Bafna Motors, a Tata Motors commercial vehicle dealer, has successfully sold the leasehold rights to a prime 4-acre land parcel in Navi Mumbai's Nerul locality for over Rs 145 crore to Greenscape IT Park LLP. The deal was initiated to settle outstanding loans of Rs 129 crore to the United Bank of India and Rs 15 crore to Tata Motors Finance Solutions. Greenscape IT Park LLP stepped in to repay these debts and acquired the land parcel. The transaction attracted a stamp duty of Rs 7.27 crore and was registered on August 28. It reflects a resurgence in land transactions across Indian property markets.
DB Realty has successfully raised Rs 1,544 crore through a preferential issue of 25.75 crore convertible warrants to promoter groups and non-promoter investors. This issuance complies with SEBI regulations, and all the convertible warrants have been converted into equity shares. The funds raised will primarily be utilized to reduce debt, amounting to Rs 1,404 crore, including the release of contingent liabilities. DB Realty also plans to invest in new assets, meet ongoing project requirements, and support working capital needs. The company aims to become debt-free in the near future and is exploring partnerships with established real estate developers to monetize its substantial land holdings, exceeding 600 acres.
The approval of Delhi Master Plan 2041 is anticipated to unlock a substantial USD 100 billion economic opportunity over the next two decades, driven by increased development activities and private sector investments. Delhi Consortiums, specializing in real estate advisory and development under the plan, is leading this initiative. Policies like the Green Development Area Policy and Land Pooling Policy, especially in areas bordering developed sectors, have garnered investor interest. This transformative project will position Delhi as a key services hub, unlocking real estate opportunities across 165 villages and increasing per capita income significantly.
Despite grand promises and an estimated Rs 300 crore generated from land sales, Bhopal's Smart City Development Corporation Limited (BSCDCL) finds itself far from achieving its goals eight years into the project. Residents continue to grapple with non-functional LED streetlights, leaving certain areas in darkness. BSCDCL's focus on land monetization and a lack of progress in implementing essential features have fuelled frustration. Controversies over tree felling, outsourced projects, and political setbacks have further hindered the dream of a smart Bhopal. As another state election looms, the smart city project remains a symbol of unfulfilled aspirations.
Danube Properties, a leading UAE real estate developer, has unveiled Oceanz, a prestigious residential project in Dubai Maritime City, valued at over INR 5600 Crore. The launch witnessed strong investor demand, with one tower selling out on the first day and high demand for the second. Danube Properties plans to conduct roadshows and expos in five Indian cities. Units at Oceanz start from INR 2.42 Crore, with a unique 1 per cent monthly payment plan. Oceanz marks the company's 25th residential project and is set to become a new cruise and leisure tourism destination.
The housing market in Norway is experiencing a slowdown in price increases, with August marking the weakest performance in housing price statistics maintained by Real Estate Norway. Housing prices increased by just 0.4 percent, and when adjusted for seasonal variations, there was a 0.6 percent decline. Oslo saw a notable 1.0 percent decline in prices, while Bergen had the strongest performance, with a 1.2 percent increase when adjusted for seasonal factors. Experts attribute this slowdown to the impact of interest rate hikes, as Norway's Central Bank raised rates to combat inflation. This trend is expected to continue, making for a challenging autumn in the housing market and the broader economy.
Genesys International Corporation has established a subsidiary in Saudi Arabia, aligning with the nation's infrastructure development, including the NEOM project. The company's Digital Twin program is gaining traction, with recent orders worth 67 crores, bringing their total wins in KSA to Rs. 76 crores. Genesys is involved in various projects, including "The Line" within the NEOM project, showcasing its expertise in mapping, survey, and geospatial services. The company has also completed indoor mapping for 24 airports in Saudi Arabia, underlining its commitment to advancing geospatial solutions in the region's dynamic infrastructure landscape.
IFC, a member of the World Bank, is partnering with Sunteck Realty to establish a joint platform with a total investment of up to Rs 750 crore (US$90 million). This collaboration aims to support the development of around 12,000 housing units across four to six green housing projects in the Mumbai Metropolitan Region. IFC plans to invest up to Rs 330 crore (US$40 million), while Sunteck Realty will contribute the remaining amount. The project's focus is on creating large-scale housing projects in Mumbai's suburbs to address the housing needs of mid-income earners. The initiative also emphasizes eco-friendly housing with a goal to reduce water and energy consumption by at least 20% using IFC's EDGE green building certification.
Bollywood actor Ranbir Kapoor has recently leased his luxurious apartment in Pune's Trump Towers for an impressive monthly rent of Rs. 4 lakhs. The apartment was leased to Duroshox, a leading company in suspension solutions, for a 36-month period. The lease agreement includes an annual rent escalation. This move reflects a growing trend among celebrities to invest in premium real estate, with stars like Shahid Kapoor and others, making real estate investment a prominent choice in the industry.
A level-2 fire incident occurred at Benreez Apartment in Mumbai's upscale Worli locality, specifically in the basement area. The incident, reported around 10:39 pm, was quickly categorized as Level 2 at 10:46 pm. Fortunately, there were no casualties, and six individuals were safely evacuated from the building's basement. The Mumbai Fire Brigade (MFB) deployed seven fire engines and eight jumbo tankers to combat the blaze, which was confined to an area of around 4,000 square feet. The presence of plastic items in the basement contributed to the fire's intensity. Investigations are ongoing to determine the cause of the fire, which was extinguished around 1 am after about two hours of firefighting efforts.
Manipal Hospitals has acquired an 84 percent controlling stake in AMRI Hospitals, bolstering its presence in eastern India. This strategic move enhances Manipal's bed capacity, with plans to expand from 9,500 to 12,000 beds within three years. The deal, estimated at around Rs 2,300 crore, aligns with Manipal's goal of becoming the dominant healthcare chain in the region. For the Emami Group, divesting the majority of its AMRI Hospitals stake allows a sharper focus on core businesses. The deal faced complexities and legal disputes but underscored Manipal Hospitals' growth ambitions and commitment to addressing the healthcare needs of eastern India.
India Sotheby’s International Realty has secured an exclusive sales and marketing mandate for The Residency, an ultra-luxurious residential project in Worli, Mumbai. The project comprises 19 ultra-luxury residences, each occupying an entire floor and offering stunning views of iconic landmarks in Mumbai. The Residency features flexible living spaces with customizable configurations of up to 5 bedrooms, making it a highly sought-after address for Ultra High Net Worth Individuals (UHNIs). With Mumbai's rising wealth and increasing demand for high-end properties, this project represents a significant opportunity for UHNIs to own luxury residences in a prime location in the city.
In India's IT corridor, CapitaLand Investment Limited (CLI) has begun construction on Phase I of the renovated International Tech Park Hyderabad (ITPH). This Madhapur business park has a 100% lease agreement from major firms for its Block A office building. Over the course of seven to ten years, CapitaLand India Trust (CLINT) will invest in the substantial renovation of ITPH, resulting in the provision of more than 4.9 million square feet of Grade A+ office space. At ITPH, a 40-megawatt data centre will also be built. The initiative intends to boost Hyderabad's expanding information technology industry and meet the demands of major international businesses.
FF21, a prominent co-living operator, is set to expand in Bengaluru, aiming to introduce 2000 new beds across 3-4 strategic locations in the current fiscal year. With six properties in Bengaluru already, FF21 caters to young working professionals by offering dynamic and community-focused co-living spaces. The demand for co-living spaces is growing due to hybrid work models, prompting FF21 to pursue ambitious expansion plans. CEO Ajay Nemani emphasizes their commitment to top-tier co-living spaces with excellent design, community integration, and advanced technology, ensuring a comfortable and secure living environment.
The dreams of over 6,000 Mumbai policemen to own homes have been thwarted due to alleged mismanagement in the housing society created for this purpose. Policemen have taken the matter to the Bombay High Court, seeking a halt to the scheduled October elections for the housing society. The turmoil revolves around irregularities in the formation of the voter list, including the alleged expulsion of the chief promoter and subsequent approval of the voter list by an assistant registrar. The civil writ petition also calls for an investigation into malpractices and illegalities within the housing society. This situation has raised concerns about the functioning and trust of the society.
SEBI, the market regulator in India, has announced an auction of Saradha Group properties in West Bengal with a reserve price of over Rs 3 crore to recover funds raised through alleged illicit schemes. The auction, scheduled for October 17, 2023, follows a directive from the Calcutta High Court and aims to compensate depositors who suffered losses when the Saradha Group collapsed in 2013 after raising around Rs 4,000 crore from 1.7 million investors. Potential bidders are required to conduct independent due diligence, and the successful bidder will bear transfer charges and taxes associated with the property.
Chief Minister Pushkar Singh Dhami marked Prime Minister Narendra Modi's birthday by distributing housing approval letters, keys, and financial assistance of Rs 5,000 each to beneficiaries of the Pradhan Mantri Awas Yojana-Rural, aimed at providing rural homes. Additionally, he handed out financial support to self-help groups under the National Rural Livelihood Mission. Dhami's actions were lauded for empowering the marginalized, especially women, and he expressed gratitude to the Prime Minister for providing permanent homes to those in need. This heartfelt gesture extended to celebrating Modi's birthday with underprivileged children.
A joint committee comprising officials from the Haryana State Pollution Control Board, Charkhi Dadri administration, and Central Pollution Control Board has successfully recovered Rs 4.01 crore as environmental compensation from 44 stone crushers in Charkhi Dadri, Haryana. They have also lodged 70 criminal cases and attached 47 properties for non-compliance with environmental norms. This initiative follows a case filed in 2017 against stone crushers operating in Charkhi Dadri, which were causing air and water pollution. The National Green Tribunal had been monitoring and reviewing the efforts of the HSPCB and the state government to control this pollution.
Under Chief Minister Manohar Lal Khattar's leadership, the Haryana government is taking comprehensive measures to address the issue of unauthorized commercial establishments encroaching on residential areas. These initiatives include the establishment of an Integrated Command and Control Centre in Ambala to enhance security and traffic management, and the formulation of a policy to designate areas with commercial establishments within residential zones as official commercial areas. The government is also conducting a city-wide survey to identify locations in need of CCTV surveillance integration into the Police Integrated Command and Control Centre. These proactive steps reflect the government's commitment to responsible urban development and efficient governance in Haryana.
The Delhi Development Authority (DDA) has approved an annual 8% increase in charges for obtaining property rights in unauthorized colonies under the Pradhan Mantri-Unauthorized Colony in Delhi Awas Adhikar Yojana (PM-Uday scheme). This revision, effective from April 1, 2022, follows an amendment to the National Capital Territory of Delhi (Recognition of Property Rights of Residents in Unauthorized Colonies) Regulations, 2019, in compliance with Section 57 of the Delhi Development Act, 1957. The charges for property rights will increase by 8% each year. While this move aims to regularize unauthorized colonies, it may pose challenges for applicants seeking legal recognition of their properties in these areas.
The Uttar Pradesh government plans to amend property tax rules, effective in the next financial year, with a focus on relaxing tax rates for starred hotel properties to encourage tourism and employment growth in the state. The amendments are driven by the need to distinguish between bed and breakfast accommodations, homestays, and other budget hotels, ensuring they adhere to tax norms. Eight out of nine objections to the draft amendments came from stakeholders in Agra, a major tourist destination in Uttar Pradesh. The changes aim to harmonize tax structures for star and budget properties while addressing concerns about fairness and revenue balance.
Emirates NBD, a prominent banking group in the MENAT region, has partnered with CoriolisESG by TradeSun, a pioneer in automated ESG scoring solutions. This collaboration aims to enhance the bank's sustainability-linked transaction banking products and advisory services by leveraging CoriolisESG's extensive ESG rating framework. The partnership will provide corporate and institutional clients access to ESG scores of their supply chain partners, encouraging sustainable practices. Additionally, it enables clients to mitigate ESG-related risks that could impact profitability. CoriolisESG's AI-driven solution aligns with global sustainability frameworks and enhances enterprise intelligence, making it a valuable tool in fostering sustainable business practices.
Godrej Properties has successfully raised Rs 1,160 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis. This fundraising initiative demonstrates the company's commitment to bolstering its financial position and supporting its growth plans in the real estate sector. The NCDs, which come with fixed coupon rates and distinct maturity dates, were offered to identified investors. They received strong credit ratings from agencies like ICRA and India Ratings, indicating a high degree of creditworthiness and stability. This capital infusion will enable Godrej Properties to expand its presence and contribute to innovative and sustainable real estate projects in India.
A recent report by Colliers highlights the unprecedented growth in India's real estate sector, presenting significant investment opportunities. As the real estate market gains momentum and experiences rapid infrastructure development, several micro-markets in major Indian cities are evolving into prime investment areas. Notably, investing in land and monetizing it through rental properties is yielding returns up to 10 times higher than ready apartments. Eco-friendly locations and tourist destinations are particularly popular for land investments, with Maharashtra-Neral-Matheran, known for its prominent developers, infrastructure projects, and amenities, emerging as a leading investment corridor. This trend is expected to continue, driven by ongoing infrastructure projects and heightened real estate investments.
Burger King, the second-largest burger chain in India, is in negotiations to establish an exclusive partnership with Coca-Cola, ending its decade-long association with PepsiCo. Coca-Cola's "COKE WITH MEALS" campaign, in collaboration with food delivery giants like Zomato and Swiggy, has prompted Burger King's interest in partnering to expand its reach. This move is expected to boost sales for both Burger King and Coca-Cola in dining and home deliveries. While the two brands have partnered in the United States, this marks a significant shift in India's fast-food landscape. The collaboration aims to offer a global fusion of burgers and beverages in 54 countries.
Visakhapatnam Metropolitan Region Development Authority (VMRDA) is embarking on a significant project, constructing 46 reconstituted (RC) layouts over approximately 1,215 acres for farmers who participated in the land pooling process for one-cent layouts. The initiative comes at a cost of around Rs 200 crore. This follows the pooling of 5,000 acres for one-cent layouts in the combined Visakhapatnam district, with VMRDA undertaking the responsibility to create these layouts. Notably, VMRDA has already developed 83 one-cent layouts, covering over 4,800 acres, benefiting around 1.42 lakh homeless individuals.
The Bhubaneswar Development Authority (BDA) is embarking on six new town planning schemes in Chandaka and Pahala areas to facilitate the holistic development of the city. Previously, BDA completed four similar schemes in Tamando and Chandaka, involving the acquisition of private plots from landowners and their subsequent development in an organized manner. These initiatives covered multiple villages and spanned approximately 1,596 acres. The BDA has a larger vision, with plans to execute 45 town planning schemes across 58 revenue villages, covering a total area of 9,171 acres, signifying a commitment to urban development and infrastructure enhancement.
Housing.com, India’s top digital real estate firm, has launched its latest brand campaign for the upcoming festive season, building on the success of its 2022 "Parr.. se Perfect" campaign. The new campaign focuses on property owners' needs and challenges in finding genuine buyers or tenants. Housing.com introduces the Housing Assist service to simplify the process by providing verified, price-matched, and ready buyers and tenants. With four new ads and a targeted reach of over 100 million, the campaign employs humour and impactful storytelling across TV, digital, and OTT platforms.
In response to the affordable housing crisis in the UK, Cornwall Council has made a strategic decision. They opted to sell Grade II listed flats, valued at £640,000, for just £1 in order to ensure continued affordability in Looe. The move aims to counteract the impact of second home ownership and holiday rentals on the county’s housing shortage. The council believes that this unconventional sale would prevent the loss of affordable housing in the area and alleviate the need for temporary accommodation. Additionally, a community-led redevelopment project promises to maintain the flats for affordable housing use. The UK’s housing crisis remains dire, with a backlog of 4.3 million homes needed to accommodate the growing population, particularly in high-demand areas like London and the South East.
In Germany, apartment building permits plummeted by 31.5% in July compared to the previous year, revealing a severe decline in demand within the construction and real estate industry. Factors contributing to this downturn include high building costs and difficulties in securing financing. Germany's goal of constructing 400,000 apartments annually is struggling to materialize. Low-interest rates had previously fuelled interest in German property, but rising rates led to a freeze in deals and falling prices. Industry leaders are urging government intervention, proposing measures like reducing property sales tax and expanding low-interest rate credit programs to support new residential construction.
In August, Canadian home sales decreased by 4.1% compared to July, following the Bank of Canada’s interest rate hike in July. Despite this decline, annual home sales were up by 5.3%. New property listings increased by 0.8% from July, bringing them closer to average levels after starting the year at a 20-year low. The Home Price Index showed a 0.4% month-to-month increase and a corresponding 0.4% annual increase, while the national average selling price rose by 2.1% year-over-year. To address housing affordability concerns, Canadian Prime Minister Justin Trudeau announced the removal of the federal 5% sales tax on new rental property construction.
Amidst financial challenges, Chinese developer Country Garden has successfully obtained an extension for the last of eight onshore bonds, breathing relief into its precarious situation. This final bond, valued at 492 million yuan ($67 million), had faced multiple delays in the voting process before creditors finally voted in favour of extending its maturity by three years. The agreement also includes a significant guarantee of no less than 200 million yuan from the bond issuer, Guangdong Giant Leap Construction Co. Country Garden's efforts to extend the maturities of these bonds reflect the ongoing turbulence in the Chinese property sector.
Mumbai's housing market remains robust, contributing 40% to India's residential sales. After a strong recovery in 2022, residential unit launches surged by 183%. The trend is set to continue, with projections of residential sales exceeding INR 1 lakh crore in 2023 and potentially reaching INR 2 lakh crore by 2030. While mid-segment housing dominates, there's a growing interest in upper mid and premium segments. Infrastructure developments are set to improve connectivity and public transportation, reducing travel times by 50% in the next five years. These efforts also aim to increase public transport usage from 65% in 2016 to 75% in 2030, promoting sustainability.
The iconic bungalow in Mumbai's Juhu neighborhood, which belonged to the late Bollywood actor Dev Anand, is set to make way for a 22-storey tower. After over 40 years of housing the actor's family, the property was reportedly sold to a real estate firm for an estimated Rs 350-400 crores. Dev Anand's children, who have settled in various locations, found it challenging to maintain the large property, leading to the decision to sell. The family has a history of investing in real estate, with the proceeds from the sale of Anand Studios and other properties being reinvested in residential flats in Mumbai. Mumbai's real estate market has long attracted Bollywood celebrities for investment purposes, making it a lucrative choice for wealth preservation.
Uttar Pradesh's housing department is enforcing mandatory accessibility measures for all apartments and residential societies. Following guidelines from the Central government, they are ensuring that public information shared with residents is easily accessible to individuals with disabilities. This includes using multimedia formats, such as smartphones and email, and implementing public announcement systems. Non-compliance may result in notices being issued. These measures align with international standards for inclusivity and accessibility. This initiative recognizes that access to information is a fundamental right and is taking proactive steps to make it available to everyone, regardless of physical abilities.
Supreme Universal, a renowned real estate company known for its luxury developments in Mumbai and Pune, proudly announces the possession of Supreme Estia - Phase 1, a prestigious residential project located in Pune's upscale Baner neighbourhood. This achievement reflects Supreme Universal's commitment to creating exceptional living spaces for its customers. The possession event, which spanned two weeks starting from August 15th, celebrated the welcoming of over 260 families into the Supreme Community. It was a vibrant and memorable event, emphasizing Supreme Universal's dedication to customer satisfaction and creating lasting memories.
Tulip Infratech, a prominent real estate developer, is injecting Rs 280 crore into phase 2 of the Tulip Monsella project in Gurgaon's Golf Course Road. This investment aims to develop 350,000 square feet of residential space. Tulip Infratech acquired the property from PNB Housing Finance in 2020 after the project's original borrower, Vipul Ltd., defaulted on a Rs 412-crore loan. The comprehensive project, spanning 20 acres, is valued at over Rs 5,000 crore. Tulip plans to build ten luxurious residential buildings, a 600,000-square-foot commercial tower, and an 80,000-square-foot commercial tower. This initiative also helps 200 stuck homebuyers.
Income-tax officials have conducted five days of raids at 28 locations, uncovering an alleged tax evasion scheme by five prominent real estate developers in India. These developers, some of whom are affiliated with hotel chains and schools, are suspected of marking substantial transactions as informal receipts rather than official bills, allowing them to evade taxes. The raids, involving 200 officials, have so far led to the seizure of Rs 4 crore in cash and jewellery worth Rs 10 crore. The income-tax department will scrutinize seized documents to determine the extent of tax evasion, imposing penalties if necessary. Security forces are providing protection to ensure uninterrupted investigations.
Karnataka's Revenue Minister, Krishna Byre Gowda, has revealed plans to implement revised "guidance values" for properties starting October 1, with an anticipated average increase of 25 to 30 percent. The guidance value represents the government-mandated minimum selling price for properties, and its annual revision has been neglected for five years. The adjustments aim to bring guidance values in line with market rates, ensuring fairness and curbing black-market transactions. Specific increments will vary depending on market-to-guidance value ratios, with flexibility for region-specific adjustments. The first phase begins in Bengaluru, with a district-wise rollout planned and provisions for objections to the new values.
The local bodies department has reintroduced a one-time settlement scheme for property tax defaulters, granting them the opportunity to settle dues without incurring penalties and interest if they pay by December 31. This move presents possible revenue challenges for the MC. The scheme targets individuals who missed payments by March 31, 2023, granting a complete waiver for prompt payments and a 50 percent waiver for payments until March 31, 2024. The move has left MC officials concerned about reduced tax revenue and potential repercussions for diligent taxpayers. Despite this, the scheme aims to strike a balance between leniency and fiscal prudence.
The MahaRERA has suspended the registration of 388 real estate projects because developers have not complied with the mandatory quarterly information updates mandated by the Real Estate (Regulation & Development) Act of 2016. This suspension prevents developers from marketing or selling apartments in these projects and also freezes their bank accounts. MahaRERA's stringent measures are aimed at enforcing legal compliance among property developers and ensuring homebuyers have access to consistently updated project information. This decision is expected to benefit homebuyers by providing them with reliable project details, including progress and costs, accessible through the regulator's portal.
CIDCO (City and Industrial Development Corporation) is implementing its Inclusive Housing Scheme (IHS) in the NAINA region to provide housing opportunities for economically weaker sections (EWS) and lower-income groups (LIG) through private developers. This initiative follows the Development Control and Promotion Regulations (DCPR) of the NAINA project, reserving 20% of the total plot area for EWS and LIG housing. A total of 171 tenements are being introduced, with a lottery system facilitating the selection process for eligible candidates. CIDCO's user-friendly online application process and social media outreach ensure wider awareness and accessibility, aligning with its mission of creating inclusive and equitable communities.
The National Company Law Tribunal (NCLT) has dismissed an insolvency plea against Orris Infrastructure, emphasizing that the Insolvency & Bankruptcy Code (IBC) should not be used as a tool for mere recovery. The case involved buyers of office spaces who had already received payments exceeding the alleged default amount as per their agreement. The NCLT stressed the importance of honouring contractual agreements and settling disputes through mutual agreements. The ruling highlights the principle that the IBC should not be employed for recovery when disputes have already been resolved through settlements between the parties involved.
The Dehradun city police have initiated two cases against unidentified individuals for alleged forgery, fraud, and involvement in a criminal conspiracy related to land registry records. These cases stem from complaints lodged by assistant inspector general Sandeep Srivastava at the deputy registrar's office. The complaints allege that land records for two properties, dating back to 1979 and 1989, were forged. In one instance, a property's documents were falsely transferred to another individual, while a similar irregularity was discovered in the records of another property. This development highlights concerns of fraudulent land transactions in Dehradun.
The MSRDC is set to monetize 24 land parcels along the Pune-Mumbai expressway to fund major infrastructure projects like the Samruddhi expressway, Pune Ring Road, and others. These 450 hectares of land will be leased for 99 years, offering a sustainable revenue source. MSRDC possesses 189 hectares in Pune and 262 hectares in Raigad, with some land parcels owned by the corporation and others designated by the government. Tenders have already been floated, providing opportunities for developers to create amenities or residential complexes near the expressway, aligning with the growing trend of wayside investments.
Sunac China Holdings Ltd has received approval from creditors for its $9 billion offshore debt restructuring plan, marking a significant development for a major Chinese property developer. Sunac, like many other Chinese property firms, faced defaults on offshore debt payments amidst a liquidity crisis in the sector since 2021. The approval, with 98.3% of bondholders in favour, paves the way for a Hong Kong court hearing on October 5. The plan involves exchanging a portion of debt into convertible bonds backed by Hong Kong-listed shares. Sunac's revenue increased in the first half of the year, but its Hong Kong shares have declined substantially in 2023.
In the heart of Egypt, a remarkable housing transformation is unfolding. Prime Minister Mostafa Madbouly's visionary decision to shift management and supervision of low-return initiatives from the Central Bank to the Ministry of Finance has ignited a mortgage financing revolution. With EGP 100 billion allocated for low- and middle-income individuals, interest rates have plummeted to 3%, empowering countless families to secure homes. Leading the charge is Contact Mortgage, touching the lives of 6,167 customers with EGP 838.728 million in financing. This story paints a portrait of Egypt's housing evolution, where dreams of homeownership are no longer out of reach.
A record-breaking land deal has taken place in Ahmedabad, with a plot of approximately 4,000 square yards situated between Iskcon Circle and Prahladnagar selling for a remarkable Rs 3.25 lakh per square yard. An investor acquired the plot and is currently in discussions with a prominent developer for a joint venture project on the land. This transaction is considered the highest in the city to date and is notable as the first major land deal following the jantri revision in mid-April. While such high land prices are impacting project viability, positive sentiments about Ahmedabad's infrastructure development and economic growth persist.
Real estate developer Signature Global has secured Rs 318.5 crore from anchor investors, including Nomura, ahead of its IPO. The company's offering, which runs until September 22, seeks to raise Rs 730 crore. The IPO's price range is set at Rs 366 to Rs 385 per share. Proceeds will be primarily used to reduce debt. Signature Global, which focuses on affordable and mid-income housing, has seen a 32 percent growth in sales bookings, reaching Rs 3,430.58 crore in the last fiscal year due to strong housing demand. It will offer 112 residential units in its upcoming phase two.
Samhi Hotels' IPO witnessed robust demand, being oversubscribed 5.33 times. The IPO, valued at Rs 1,370 crore, attracted bids for 33,30,05,911 shares against the available 6,25,29,831 shares. Qualified institutional buyers dominated the demand, oversubscribed by 8.82 times, while non-institutional investors subscribed 1.22 times and retail individual investors subscribed 1.11 times. Samhi Hotels, known for acquiring, developing, and operating hotels, holds a portfolio of 4,801 keys across 31 operational hotels. The IPO proceeds will be used for debt repayment and general corporate purposes. JM Financial and Kotak Mahindra Capital Company managed the offering.
Two new hotel brand names, Dusit Collection and Devarana - Dusit Retreats, have been introduced by Dusit International, a well-known Thai hotel and real estate development company. The Dusit Collection offers distinctive hotels in well-known locations with an emphasis on the upper affluent and luxury categories. Unique properties can now become a part of the Dusit family without requiring extensive repairs. A redesigned luxury brand called Devarana - Dusit Retreats provides ultra-luxurious experiences with a focus on holistic wellbeing and sustainability. These additions help Dusit achieve its worldwide expansion ambitions and meet changing consumer demands by providing Thai-inspired hospitality in a range of market categories.
The state of Maharashtra in India is integrating all maps generated from new land measurement surveys conducted with rover machines with the Unique Land Parcel Identification Number (ULPIN). Rovers are signal-receiving and transmitting devices that expedite land measurement and survey applications. Approximately 1,000 rovers are currently in use across the state. This initiative, which began as a pilot project eight months ago, is expanding to cover 33 talukas in 32 districts, including Mumbai city and suburban areas. The integration of rover-generated maps with ULPIN is expected to benefit citizens by providing precise boundary demarcations in property records and 7/12 extracts.
The Municipal Corporation of Delhi (MCD) is taking steps to make the city free of construction and demolition (C&D) waste and has identified 158 sites for dumping such waste. Out of these, 125 sites have been designated in and around civic wards. The MCD currently operates five C&D waste processing plants with a daily capacity of 5,500 tonnes and a monthly capacity of about 1.5 lakh tonnes. These plants can collectively process 18 lakh tonnes of C&D waste in a year. The MCD aims to not only eliminate garbage but also make Delhi free of C&D waste while implementing measures to prevent pollution at these dump sites.
The Hinduja Group, a prominent Indian conglomerate, plans to transform its iconic Mumbai headquarters, Hinduja House, into a 32-story tower over the next 3-4 years. This redevelopment aims to accommodate the group's expansion, featuring sustainable and green building elements. The existing building, built in the 1980s overlooking the Arabian Sea, will be demolished, and the new design will incorporate agile workspaces with thematic floors. During the transition, group offices will temporarily relocate to the Bandra-Kurla Complex. Hinduja Group, with diverse interests in mobility, finance, technology, and more, has a century-old history, starting in 1914 in Sindh, now part of Pakistan.
Kolte Patil Developers has launched 24K Espada, a luxurious residential project near Pune's Hinjawadi. This development offers 4 & 5-bedroom row houses in a sought-after location, close to major IT companies, educational institutions, and entertainment hubs. The row houses are designed with a focus on privacy and spacious living, featuring gardens and terraces for relaxation and gatherings. Residents can enjoy premium amenities like yoga lawns, an aroma garden, and Club Yacht. 24K Espada is part of the Life Republic township, enhancing its connectivity and lifestyle offerings, making it an appealing choice for upscale living in Pune.
L&T Realty's debut residential project in Chennai, Avinya Enclave, Phase-1, has achieved a complete sell-out within a short time of its launch. Situated in Manapakkam, Chennai, this premium development spans seven acres and comprises four towers with a total of 500 apartments ranging from 2 to 4 BHK units. With prices starting at Rs 90 lakh, the project incorporates state-of-the-art amenities and is designed to provide a holistic living experience. It's part of the upcoming L&T Innovation Campus, offering excellent connectivity, including proximity to the Manapakkam Metro station.
The Noida Aerotropolis, a massive project adjacent to the Noida airport, is set to become a versatile development catering to residential and industrial needs. Led by Arun Vir Singh, CEO of the Yamuna Expressway Industrial Development Authority (YEIDA), this ambitious venture encompasses specialized zones including innovation and tech hubs, commercial centres, logistics facilities, hospitality offerings, and recreational areas. With a strong focus on hospitality, it will feature hotels, service apartments, and offices, creating a dynamic environment. The innovation hub will house biotech parks and tech zones, aligning with global trends in innovation-driven growth. The project emphasizes adaptability, sustainable land use, and comprehensive urban amenities, making it a promising addition to the region's development.
Eldeco Group has acquired 8.5 acres of land in Gurugram's Sector 80 for ?165 crore through an auction by Haryana State Industrial & Infrastructure Development Corporation (HSIIDC). They plan to invest an additional ?400 crore in constructing an 850,000-square-foot luxury residential development with an Aravali view. The project is expected to generate ?1,000 crore in revenue. Eldeco, having completed 175 projects covering 30 million square feet, aims to start construction this financial year. The Haryana government's active land auctions are expected to boost housing launches in the second half of the financial year, driven by rising demand.
Uttar Pradesh is planning an expansive Olympic Park near the upcoming Noida International Airport, a move that aligns with India's ambitions to host major sporting events like the 2036 Olympics. The 1,100-acre park includes an Olympic City with 29 sports arenas and an Olympic Village with 5,000 housing units, designed primarily for athletes and sports-related personnel. This development also envisions sports clubs, training centres, convention spaces, malls, and theme parks. While the project may not be ready for 2036, it aims to become a world-class sports facility for future international events, underlining India's growing presence in sports.
Last week tax authorities expanded their investigation into potential tax evasion by Orris Group, conducting searches at multiple locations, including Noida, Greater Noida, and Gurugram. The Income Tax Department officials intensified their efforts to uncover any irregularities, suspecting that the real estate firm may have engaged in activities that contravene tax regulations. These raids mark a significant development in the ongoing probe into Orris Group's financial practices, shedding light on the authorities' determination to ensure tax compliance across various regions. The company's financial transactions and records are under scrutiny as the investigation continues to unfold.
The Delhi government, led by the Aam Aadmi Party, is set to launch mobile registration vans to register construction workers at labour sites across the city. This initiative aims to enable workers to access government welfare schemes more easily. Delhi Labour Minister Raaj Kumar Anand announced this plan after a meeting with department officials. Additionally, a skill development program tailored for construction workers will be introduced, offering them opportunities to enhance their skills and find new job prospects. The labour department will also raise awareness about welfare schemes by distributing newsletters at construction sites, demonstrating the government's commitment to workers' well-being.
The Supreme Court of India has expressed serious concerns about alleged widespread corruption within the Noida Authority, suspecting officials of embezzling significant public funds through wrongful approval of excess compensation in land acquisition cases over several years. The Court has called for an independent agency to conduct a comprehensive investigation in response to these allegations. Justices This decision follows revelations that the case is part of a broader pattern involving questionable compensation disbursements by the New Okla Industrial Development Authority. The Supreme Court expects a detailed response from the Uttar Pradesh government during the next hearing on October 5.
The Bombay High Court has issued a significant directive ordering the Brihanmumbai Municipal Corporation (BMC) to grant a Transferable Development Rights (TDR) certificate to a private builder. This decision was prompted by the builder's land ownership and subsequent surrender for the construction of the Sahar Elevated Ring Road, a crucial project leading to Mumbai's International Airport Terminal 2. The ruling, delivered by a bench comprising Justices Gautam Patel and Kamal Khata, followed an affidavit from the Mumbai Metropolitan Region Development Authority (MMRDA) disclaiming jurisdiction over the road's segment on the builder's land.
The Property Federation Chandigarh has called upon the UT administration to reconsider the Heritage Committee's decision regarding re-densification in Phase-I (Sector 1 to 30) of Chandigarh. During their annual meeting, members requested the administration to reinstate share-wise registries in sectors beyond Sector 30, potentially increasing revenue through stamp duty. They urged the adviser to review the Heritage Committee's verdict and propose amendments to the heritage status of Sectors 1 to 30 to the ministry of home affairs. The meeting also highlighted operational challenges at the Estate Office, prompting plans for a delegation to meet with Chandigarh's finance secretary to address these issues.
The Delhi Development Authority (DDA) is set to launch a housing scheme offering 3,000 premium properties, including penthouses, Super HIG, HIG, MIG, and EWS flats in various locations. These properties, some of which are under construction, will be allocated through a draw of lots. DDA aims to improve sales and has engaged a real estate consultant to suggest strategies. They may also introduce changes like allowing amalgamation of adjoining flats and preferential location charges based on factors like floor and sun-facing. Another scheme offering 23,000 newly-constructed flats, mainly LIGs, is planned for the Narela sub-city in the near future.
The Kerala assembly has passed amendments to the Kerala Land Assignment Act of 1960, paving the way for the regularization of numerous illegal commercial constructions in the ecologically sensitive region of Munnar. The move is in response to the discovery of 226 illegal constructions in eight villages in Munnar, which have been reported to the high court. The Kerala Land Assignment (Amendment) Bill of 2023 introduces a new section, granting the government authority to regularize illegal constructions and land misuse. While it aims to address the issue of unchecked illegal constructions, the decision has generated both support and controversy within Kerala, as it marks a significant shift in land-use policies in the region.
The Delhi High Court has upheld its ban on granting tree felling permissions for residential construction, reiterating its commitment to protect the city's green cover. The court has given the Delhi government two weeks to provide a report on the status of transplanted trees and whether these efforts have been successful. This decision stems from a petition seeking contempt action against officials who continued to grant tree felling permissions despite court orders for transparency in such decisions.
Mumbai bid a bittersweet farewell to its iconic red double-decker buses on September 16, 2023. These beloved vehicles, which had graced the city's streets for over 80 years, were not just a means of transport but had also become cultural symbols featured in Bollywood films and songs. Their open-top design offered passengers panoramic views of Mumbai. Although outdated and inefficient, they held a special place in the hearts of residents. In their stead, 25 modern battery-powered double-decker buses have been introduced to enhance transportation and reduce emissions. The retired red double-decker buses will be remembered as a cherished part of Mumbai's history.
DevX, a managed office space provider in Gujarat, is partnering with Nila Infrastructure to construct Deakin University's India campus in GIFT City. The 25,000-square-foot futuristic campus will be designed and built by DevX with support from JLL India, which facilitated the transaction. Deakin University aims to deepen its engagement with India by opening this campus, marking a historic opportunity to provide world-class education to one of the fastest-growing economies. The collaboration showcases DevX's capabilities and highlights the potential for increased demand for various property offerings, including student housing, retail, commercial spaces, and amenities tailored to the student community.
Singapore has been designated as the world's sixth Blue Zone, a region renowned for long and healthy lives. In contrast to natural Blue Zones, Singapore is a "manufactured city," known for its high-rise public housing, fostering community interaction. Government policies like the proximity housing grant encourage families to live near each other. Singapore's excellent public transport system and high car prices promote physical activity, and hawker centres offer nutritious meals. The recognition showcases Singapore's dedication to enhancing the longevity and well-being of its residents.
Amber Student, a Pune-based global student housing solutions provider, is in advanced talks to secure its first institutional funding round of $15–20 million from a venture capital firm. The start-up, founded by Saurabh Goel and Madhur Gujar, has experienced substantial growth in recent years, serving over 340 student housing operators in seven countries. Its platform simplifies the student housing process, helping students discover, compare, and book accommodations near universities. In 2022, Amber Student achieved a gross booking value of $600 million, with a positive financial outlook for 2023. The student housing market is projected to exceed $25 billion by 2025.
India's Reliance Retail is in discussions with existing investors, including Singapore's sovereign wealth fund GIC, Abu Dhabi Investment Authority ADIA, and Saudi Arabia's PIF, to secure combined investments totalling around $1.5 billion. These talks are part of Reliance Retail's goal to raise $3.5 billion by the end of September. GIC, ADIA, and PIF are considering investments of at least $500 million each, valuing Reliance Retail at $100 billion. The company sold a 10.09 percent stake in 2020 for $76.8 billion, with GIC, ADIA, and PIF among the investors. Reliance Industries, its parent company, may also participate in the fundraising round.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is taking a significant step to enhance housing project quality in the state. They are set to introduce comprehensive quality guidelines for realty projects, with a strong focus on safeguarding homebuyers' interests. With 1.6 crore citizens waiting for homes and 14 lakh homes under construction in Maharashtra, these guidelines aim to ensure timely construction and uncompromising quality. Additionally, MahaRERA plans to introduce an Act dedicated to monitoring construction quality and resolving disputes. In parallel, the RealTech Fund (RTF), with an initial corpus of Rs 50 crore, seeks to drive technological innovations in the real estate sector. These initiatives align with the goal of providing high-quality, accessible housing for all residents.
A fire occurred in a 12-story SRA building in Kurla, Mumbai, housing residents who were relocated from the Tansa pipeline area in 2017. This marks the third fire incident in a year, with a previous one causing a fatality. The recent fire was attributed to a faulty electric circuit, worsened by a malfunctioning fire system. Residents had previously warned the fire brigade about the circuit's condition. Now, they face a lack of electricity for over two months and financial challenges for repairs. This unfortunate situation highlights the residents' precarious living conditions and the urgent need for safety measures and support.
Environmental activists in Pune have voiced concerns over the dumping of construction debris along a 3.7km stretch of the Mula-Mutha river, earmarked for the Pune Municipal Corporation's (PMC) riverfront development project. The debris accumulation on the river's left bank has resulted in uprooted trees, loosened roots, and the demise of plants and shrubs. Activists argue that PMC is disregarding their objections and pre-emptively planning to cut trees without proper permissions. They highlight that this practice threatens the environment and the river's water quality. PMC claims it hasn't violated any orders and will address the issue once complaints are received.
The Odisha government anticipates a massive Rs. 10,000 crore investment over the next 5-10 years in the 300-acre stainless park being developed by Jindal Stainless. The industrial park, strategically located for easy access to highways and the Paradip port, aims to create jobs for approximately 10,000 people, with 75-80 MSMEs planning to establish factories. The project seeks to convert a substantial portion of the 20 lakh tonnes of stainless steel manufactured in the state into value-added products. Jindal Stainless is awaiting final approvals for infrastructure before approaching MSMEs.
Speaker Gian Chand Gupta of the Haryana Assembly issued a stern warning to Panchkula's administration and police officials regarding the issue of illegal encroachments in the city. During a meeting with local authorities, he emphasized the urgent need for decisive action to address this problem. Panchkula's Deputy Commissioner pledged to launch a special anti-encroachment drive with visible results expected within one month. An administrative committee was formed to tackle encroachments, including representatives from various departments. The Speaker also stressed the importance of providing designated vending zones for small-scale workers while addressing the issue of illegal slums in the city.
Macrotech Developers, renowned for its Lodha brand, anticipates a substantial cash surplus this fiscal year. The company seeks investor feedback on allocating it for debt reduction or business expansion. Their goal is to achieve a debt-to-equity ratio below 0.5 by FY24's end. Despite this, they expect a Rs 2,000 crore surplus. The net debt was Rs 7,260 crore in the June quarter, a slight increase from March as expansion-related debt propelled the rise. FY23 pre-sales exceeded Rs 12,000 crore. Management targets Rs 14,500 crore in bookings this fiscal, with projects worth Rs 18,000 crore, emphasizing quality and margins. Premium housing outperforms affordable segments, reflecting market trends.
Signature Global, a real estate developer in Delhi-NCR, is planning a significant expansion of its residential projects, aiming to develop around 21 million square feet of real estate in the next six to seven years. Their focus will primarily be on creating 19 affordable and mid-income housing projects in Gurugram and nearby areas like Sohna Elevated Road and Manesar. These projects will cover approximately 21.29 million square feet across 379.07 acres of land. Signature Global specializes in affordable group housing for the mid-income segment, adhering to Haryana's Affordable Housing Policy. Their upcoming IPO is set to raise funds for further expansion and development of these projects.
House of Abhinandan Lodha (HOABL), a prominent real estate developer specializing in plotted development, is set to launch an ambitious 25-acre residential plotted development project in Uttar Pradesh's Ayodhya district in January 2024, just a short drive from the forthcoming Ram Temple. This project entails a substantial investment of around Rs 300 crore and is part of HOABL's larger commitment of Rs 1,200 crore to Ayodhya. The development will offer 200 to 220 units, with prices starting at Rs 1.50 crore for a 1,250 sq ft plot, featuring luxurious amenities like a seven-star hotel, clubhouses, and gyms. With Ayodhya's growing prominence and the impending Ram Temple inauguration, HOABL anticipates strong demand from both domestic and international buyers, bolstering its expansion plans across India.
The Maharashtra Housing and Area Development Authority (MHADA) has announced a lottery for 5,311 affordable homes in satellite towns near Mumbai, including Thane, Palghar, and Raigad districts. These homes will range in price from Rs 9 to 49 lakh and will be available in micro-markets near Mumbai such as Vasai, Virar, Titwala, Thane, Kalyan, and Mumbra. The apartments will vary in size from 258 to 667 sq ft carpet area. Over 1,000 homes are being sold under the Pradhan Mantri Aawas Yojana (PMAY), with MHADA expecting increased applications due to revised income criteria. The lottery results will be announced on November 7, 2023.
The Kolkata Municipal Corporation (KMC) buildings department has adopted a proactive approach to combat deforestation associated with construction projects. They will withhold the issuance of completion certificates (CC) for housing projects or individual buildings if developers or landowners have felled trees without the necessary permissions. The CC is essential for obtaining utilities like water supply and drainage connections. Officials will visit construction sites during the plan submission phase to compare planned tree numbers with actual ones. Developers must secure permissions from the state forest department and the KMC parks department to cut trees. Any unauthorized tree cutting will result in FIRs and withheld CCs.
Haryana's Chief Minister, Manohar Lal Khattar, launched the e-Bhoomi portal to streamline land acquisition for government projects. Both farmers and registered aggregators can now list land offers, subject to specific criteria. Parallelly, the No-Litigation Policy-2023 portal has been introduced to resolve historic land disputes in the Manesar Tehsil region. Additionally, the Mukhyamantri Shehri Awas Yojana portal aims to provide housing to economically vulnerable families. The series of digital initiatives highlight Haryana's drive towards transparency and swift governance.
The Goa State Pollution Control Board (GSPCB) has introduced a new requirement for builders constructing more than 25 units in housing complexes. They must now provide bank guarantees, the amounts of which depend on the project's cost, ranging from Rs 5 lakh to Rs 40 lakh. This move is in response to numerous complaints from the public regarding faulty sewage treatment plants (STPs) in housing complexes. If an STP is found to be malfunctioning, the builder will forfeit the bank guarantee, which will be used to repair the STP. However, if the STP functions correctly, the bank guarantee will be returned to the builder, promoting environmental compliance in construction projects.
The Capital Region Development Authority (CRDA) in Andhra Pradesh is taking significant steps to expand housing options for citizens and reduce the influence of private real estate developers. They plan to auction 415 residential and commercial plots in Guntur and NTR districts. To make these plots more accessible, the CRDA will collect registration and stamp duty for only 60% of the total cost, categorizing the remaining 40% as a development cost. Buyers will also have the option to pay the total cost in instalments within a year of purchase. This move aligns with the government's efforts to provide affordable housing and promote horizontal urban growth while empowering potential homeowners.
Monin, the renowned French syrup manufacturer, is investing Rs 300 crore in a new facility in Telangana, India, to expand production and cater to the local market. This move, first announced in 2018, is a strategic effort to localize production and reduce dependence on imports from Malaysia. The initial two-year phase of investment will focus on local sourcing of materials, with a broader plan to establish India as a production hub for exports to Southeast Asia by 2027. Monin sees India's vast potential and aims to become a local brand, aligning with the nation's diverse, innovative, and youthful demographic.
India's first Real Estate Portfolio Management Services (PMS), known as the CREAM Portfolio, was introduced by WiseX and Integrow Asset Management. This real estate-focused sector-specific PMS seeks to offer investors alpha and risk-adjusted returns through a multi-cap portfolio. It uses WiseX technology to actively manage assets and covers a variety of real estate market categories. With the potential for growth in the Indian real estate sector, our partnership aims to present enticing investment prospects. By selecting top-notch investment opportunities and taking advantage of synergies within the Aurum PropTech ecosystem, WiseX hopes to establish itself as a major Neo-Realty platform.
Post-pandemic interest in luxury holiday homes has soared, with fractional ownership becoming a favoured investment choice. Rental yields have jumped from pre-pandemic levels of 6-7% to a notable 9-10%. Industry experts attribute this to increased domestic travel and demand for premium accommodations. The market, currently valued between $1.5-2 billion, is projected to reach up to $10 billion in the coming years. Start-ups like YOURS and ALYF are poised for significant expansion, tapping into this lucrative trend. The shift emphasizes the evolving investment preferences away from traditional avenues.
The DFC has approved a $20 million long-term loan for Ummeed Housing Finance in Gurgaon, India. This funding aims to support affordable housing for economically disadvantaged and middle-income groups. The DFC will provide the loan at a fixed interest rate of 4.25 percent over 15 years. Ummeed plans to utilize the loan to offer extended-term credit for home purchases, construction, and extensions, diversifying its liability portfolio. The cost of borrowing, including hedging expenses over five years, is estimated at 8–9 percent. The company intends to finance around 2,000 low-value mortgages with this funding, promoting affordable housing access in India.
The Maharashtra government has approved the leasing of an 8,000-square-foot office space in a Nariman Point high-rise for Mitra, a state think tank, at a monthly rent of Rs 21 lakh. This decision comes after Mitra officials expressed the need for more spacious accommodations than their initial 1,200 square feet in the New Administrative Building. The move aims to facilitate the organization's comprehensive data analysis and informed decision-making. Meanwhile, controversy surrounds the allocation of a Malabar Hill bungalow to Mitra's CEO, Praveen Pardeshi, amid rising debt concerns for the state.
The KMC is set to increase property tax rates for residential buildings and flats due to a recent revision of unit area values under the Unit Area Assessment scheme. Approximately 35 percent of taxpayers have already transitioned to the UAA system. The mayor-in-council has approved the revision, which will affect nearly 9 lakh property owners. The KMC's initial proposal for steep tax hikes was reconsidered at the request of the state government. The revised rates will be discussed at an upcoming KMC house meeting. The changes aim to establish equitable and sustainable property tax policies while providing relief to refugee rehabilitation zones.
ESR Group Limited has acquired 57 acres of land in Cuttack, committing approximately Rs 360 crore for the development of ESR Cuttack Logistics Park, an institutional-grade facility. This strategic move strengthens ESR's presence in Odisha, addressing the rising demand for logistics facilities in the region. The park, situated in North Cuttack, complements the economic growth of Odisha's twin cities, Cuttack and Bhubaneswar. ESR India aims to revolutionize warehousing by integrating green building features and digital management tools. With a significant development portfolio and achievements, ESR continues to lead in APAC's industrial and logistics real estate sectors.
Mahindra Holidays & Resorts is embarking on a significant investment in Uttarakhand, signing an MOU with the state government to build 4-5 marquee resorts with a whopping INR 1000 crore investment. This move aims to boost tourism while offering exceptional holiday experiences. It marks the company's largest investment in the region, promising eco-friendly resorts that align with their carbon neutrality vision by 2040. These resorts will set sustainability benchmarks, targeting net-zero energy, water, and waste. The CEO commended the government's support for tourism infrastructure. This initiative in "Devbhoomi" is set to drive prosperity, employment, and sustainable tourism while creating lasting vacation memories.
Dubai’s real estate market experienced robust growth, with sale prices surging by more than 19 percent and rents rising over 21 percent in the past year, according to CBRE analysis. August 2023 marked the second-highest monthly transaction volume ever recorded, with off-plan sales soaring by 58.7 percent. In contrast, secondary market sales declined by 10.2 percent. Average apartment prices increased by 20 percent, reaching AED1,344 per square foot, while villa prices rose by 17.3 percent to AED1,571 per square foot. Rental rates also climbed, with the highest rates in Palm Jumeirah. The market continues to exhibit substantial growth.
In Japan, Serendix, a pioneering startup, has harnessed 3D-printing technology to revolutionize the cost of new homes, bringing it down to the level of a brand-new car. They've achieved this by using a cement mixture with a quick-hardening additive, a common approach in 3D-printed home construction. This 527-square-foot single-story house includes a bedroom, bathroom, and kitchen-equipped living room, with the wooden roof crafted using CNC technology. Most of the dwelling's key components were automated, significantly reducing both time and expenses. Serendix's mission is to eliminate the burden of a 30-year mortgage, aiming to make homes affordable within 24 hours through construction 3D printers, ushering in a new era of digital housing independence.
A recent research project commissioned by Austria's Ombud for Equal Treatment has exposed concerning racism and discrimination in the country's real estate market. The study, conducted by SORA, revealed that individuals with foreign-sounding names or accents face significant barriers when trying to access housing opportunities compared to those with more "local" names. In a controlled experiment, one individual with a foreign name was offered a viewing appointment only half the time, while another with a typical Austrian name received appointments consistently. This discrimination extends to municipal and cooperative housing sectors and particularly impacts families with children. The study highlights the need for stronger legal protections and industry standards to ensure equal housing opportunities for all.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has reported that only 7% of registered real estate agents have obtained certification by the September 1 deadline. Out of nearly 45,000 registered agents, only 3,217 have successfully completed the certification process. The low turnout has raised questions about the necessity and value of the certification, with many experienced agents finding it redundant, given the transparency of project details on the MahaRERA website. The authority may need to reconsider the deadline and address concerns within the real estate community to ensure a smoother transition for all stakeholders.
GE Healthcare is expanding its manufacturing operations in India through a strategic joint venture with Wipro under the name "GE Wipro." This venture, operating within the government's Production Linked Incentive (PLI) scheme, will produce critical medical equipment, addressing local and global health challenges. GE Healthcare aims to manufacture 80% of the medical devices locally, aligning with the "Make In India" initiative and fostering self-reliance while creating employment opportunities. This collaboration combines GE Healthcare's expertise in healthcare technology with Wipro's technological prowess, promising to improve patient well-being and enhance India's position in the global healthcare arena. The PLI scheme has approved significant investments in this sector, revolutionizing healthcare in India and beyond.
ICRA forecasts a decline in Hyderabad's Grade A office occupancy by approximately 500 basis points to 81.0%-81.5% by March 2024, down from 86.0% in March 2023. This expected drop is attributed to a record supply addition of about 21.5 million square feet for FY2024. Despite this, ICRA remains optimistic about India's overall commercial office sector, citing the country's appeal as a hub for global capability centres and its attractive blend of skilled talent and competitive rental rates.
GLADA (Greater Ludhiana Area Development Authority) has launched a crackdown on illegal colonies, demolishing infrastructure in five unauthorized settlements. The targeted action took place in Bholapur, Tajpur, Bhamian Kalan, and Kulianwal villages. Developers who disregarded notices faced the demolition drive, carried out with the cooperation of police, PSPCL officials, and the revenue department. GLADA warned against purchasing property in unauthorized colonies, emphasizing their lack of government-sanctioned amenities. They have also recommended against plot registration and electricity connections in such areas. This initiative aims to curb the growth of illegal colonies and protect prospective buyers from fraudulent schemes.
Andhra Pradesh has achieved a historic feat by becoming the first Indian state to complete land survey operations in 4,000 villages through the 'YSR Jagananna Saswata Bhu Hakku, Bhu Raksha Scheme.' This initiative ensures digital land records with precise coordinates, tamper-proof documents, and the use of advanced technologies like drones and CORS networks. Over 95% of the targeted villages have already been covered, resolving border disputes and setting up boundary stones. Remote participation options for landowners are also available. This scheme marks a significant step towards modernizing land records and protecting landowners' rights in the state.
A representative from the Pune Metropolitan Region Development Authority (PMRDA) recently disclosed that they have concluded the selection of approximately 510 plots and identified 5,800 beneficiaries for their town planning scheme. Under the scheme, beneficiaries will receive 50% of their land back at the same site. This marks a significant step forward in their urban development efforts, demonstrating the organization's commitment to planned growth and efficient land allocation within the Pune region. The scheme's progress showcases PMRDA's dedication to enhancing the infrastructure and quality of life for the local population.
In a recent judgment, the Bombay High Court rejected a tenant's plea for additional commercial space in a contentious redevelopment dispute involving a cessed building in Byculla. The tenant, Raj Bucket Factory (RBF), had sought additional carpet area within the new building. The High Court expressed incredulity that a tenant in space-constrained Mumbai could claim ignorance about the extent of the area they were occupying. The court noted previous legal battles and orders related to the property and emphasized that RBF appeared unwilling to vacate the transit building despite previous orders. This decision has implications for similar disputes in Mumbai's real estate market.
The Punjab and Haryana High Court has issued a notice to the Haryana government, Samalakha MLA Dharam Singh Chhokar, his two sons, and Mahira Buildwell Private Limited (formerly known as M/s Czar Buildwell) in response to a plea requesting an investigation into FIRs (First Information Reports) filed against Chhokar on charges of cheating. The petitioners argue that despite multiple FIRs against Chhokar, local law enforcement has been reluctant to take action. Chhokar's family company, Mahira Buildwell Private Limited, is implicated in this complex legal dispute. The respondents have until December 18 to respond to the allegations related to land development and forgery.
The Employees State Insurance Corporation (ESIC) has filed a complaint in Gujarat's High Court, alleging that the state government hastily approved Town Planning Scheme 99 in Naroda-Chiloda and acquired land without consulting ESIC during the peak of the Covid-19 pandemic. The court has now demanded an explanation from the state government in response to these allegations. ESIC contends that their resources and attention were consumed by the pandemic's challenges, making it impossible for them to participate in consultations related to the scheme. This legal action raises questions about due process and governance during critical health crises.
Mumbai is experiencing a surge in cooperative housing society (CHS) redevelopment projects, but complex Goods and Services Tax (GST) issues are leading to legal disputes. CHS redevelopment involves transferring development rights to a builder, who provides new flats to members in exchange for their old ones. However, GST complexities add to project costs. GST is levied on the transfer of development rights and during construction, impacting the project's viability. Developers are also liable for GST on new flats provided to CHS members, which is calculated on the market value, effectively resulting in double taxation. Calls are being made to simplify the GST mechanism for these projects.
The Organisation for Economic Cooperation and Development (OECD) has proposed measures to enhance tax transparency and combat tax evasion and money laundering related to offshore real estate holdings. These proposals, presented to G20 leaders at the New Delhi summit, aim to establish real-time data sharing among national authorities. The OECD suggests both traditional data-sharing models and a novel "direct access-based model" that relies on interconnected digital ownership registers. This initiative is seen as a crucial tool for ensuring tax compliance and addressing the lack of visibility into residents' foreign real estate holdings by tax authorities. Implementing these measures will enhance global tax transparency and potentially influence investor behaviour regarding offshore real estate assets.
The Reserve Bank of India (RBI) has issued a directive to financial institutions, including banks, housing finance firms, and others, to ensure the timely release of property documents to borrowers. These institutions are now required to return all original movable and immovable property documents to borrowers within 30 days of complete loan repayment. The RBI's move aims to standardize practices and reduce customer grievances related to the release of property documents. Borrowers will have the flexibility to choose where to collect their documents, and clear procedures will be established for handling document release in case of a borrower's death. Penalties will be imposed for delays or losses of documents, ensuring accountability. The directive will be effective from December 1, 2023.
Indian real estate firm Signature Global has reduced the size of its initial public offering (IPO) from 10 billion rupees to 7.3 billion rupees ($88 million) amid concerns about high borrowing costs. The IPO includes a fresh issue of shares worth 6.03 billion rupees and 1.27 billion rupees worth of shares offered by existing shareholder International Finance Corporation, a World Bank Group member. Signature Global primarily develops residential, commercial, and retail projects in northern Indian cities. The move comes as benchmark index Nifty 50 reaches record highs, driven by both foreign and domestic investments.
Defence Minister Rajnath Singh inaugurated 90 border infrastructure projects worth Rs 2,900 crore by the Border Roads Organisation (BRO) across 11 states and Union Territories in northern and north-eastern regions. These projects encompass 22 roads, 63 bridges, a tunnel, two airstrips, and two helipads, including the vital Nechiphu Tunnel in Arunachal Pradesh and airfields in West Bengal. Since 2021, a total of 295 projects valued at around Rs 8,000 crore have been dedicated to the nation. Rajnath Singh praised the BRO's swift construction using advanced technology, highlighting their role in securing borders and fostering socio-economic development in remote areas.
In a major development, National miner Coal India Ltd (CIL) has unveiled plans to invest a whopping Rs 224,750 crore in 61 first-mile connectivity (FMC) projects, a move aimed at bolstering eco-friendly coal transportation. These projects, organized into three phases, are projected to have a combined coal-handling capacity of 765 million tonnes per annum (mtpa). FMCs, recognized for their safety and environmental benefits over conventional truck-based coal transportation, are at the forefront of CIL's strategy. This substantial investment is part of the Rs.20 trillion Aatmanirbhar Bharat Abhiyan package, with CIL making substantial strides toward full mechanization by 2027-28.
The Calcutta High Court has issued a stern call to action directed at Mayor Firhad Hakim, urging him to take decisive measures against "erring officers" who neglected their responsibilities regarding the construction of an illegal high-rise building on Canning Street. The court emphasized that if such officers are not held accountable and penalized, illegal construction will continue unchecked, potentially outnumbering authorized constructions in the city. The issue originated from a citizen's complaint during the 'Talk to Mayor' program, revealing that the illegal construction had been ongoing since 2020, yet proper action had not been taken. The court ruled that a proper hearing should be provided to all concerned parties before making any demolition order.
The Bhubaneswar Municipal Corporation (BMC) has introduced a pioneering initiative aimed at expediting various development endeavours. This innovative approach promises to streamline operations across multiple domains, including sanitation, urban beautification, the establishment of vibrant public spaces, as well as the construction of much-needed parking facilities and public restrooms. By creating a dedicated land bank, the BMC intends to ensure efficient allocation of land resources, thereby facilitating the swift execution of essential infrastructure projects. This strategic move is expected to significantly enhance the city's overall urban development.
Prestige Estates is gearing up for an extensive mall expansion strategy, with plans for 11 malls totalling a massive 9 million square feet of leasable area. Over the past nine months, three malls have already opened, and several more are under construction. These upcoming malls aim to provide visitors with a comprehensive entertainment and cultural experience. Located in various Indian cities, including Goa, Kochi, Chennai, Hyderabad, Mumbai, and Bengaluru, these malls are strategically positioned to diversify Prestige Estates' real estate portfolio. With a growing trend of malls evolving into dining and entertainment destinations, these larger malls reflect changing dynamics in the retail industry, catering to evolving customer preferences. The malls are designed to offer a diverse range of entertainment and cultural experiences for visitors and customers, including a performing arts centre in Bengaluru.
Soccer superstar Lionel Messi's recent purchase of a $10.75 million estate in Fort Lauderdale has sparked interest not only in Miami but across the United States. After joining Inter Miami CF, Messi's popularity, known as "Messi Mania," has grown in the area, drawing both long-time fans and newcomers to the sport. While the real estate market may not experience the same frenzy, it has certainly garnered attention. Messi's acquisition in Bay Colony, a neighbourhood with waterfront mansions and 24-hour security, has the potential to set a new standard for property sales and generate increased interest in the community. However, experts note that celebrity neighbours may not significantly impact property prices, emphasizing the broader popularity of the Fort Lauderdale region.
Churchill's Old War Office, a historic landmark in Whitehall, is undergoing a transformation into a luxurious hotel through a collaboration between the Hinduja Group, which has owned the building for over eight years, and Raffles Hotels. Scheduled to open on September 26, the project aims to restore the building's grandeur while infusing it with new life. Originally designed by British architect William Young and completed in 1906, the Old War Office has a rich history, serving as the site of the original Palace of Whitehall and hosting influential leaders. The meticulous restoration process has resulted in a luxurious hotel with 120 guest rooms and suites, entertainment spaces, and culinary experiences.
DLF, a significant player in the Indian real estate market, projects a strong 19–20% increase in retail rental income from its malls in FY24. This prediction is supported by rising mall consumer spending and higher lease rental fees. With growth ambitions, DLF's retail portfolio could expand to 9.5 million square feet (msf) from its existing size of 4.5 msf. In order to take advantage of shifting retail dynamics, the company's strategy focus includes luring premium businesses and gourmet groceries to its malls. The revival of malls, which provide a variety of experiences beyond shopping, is consistent with larger trends in India's retail industry.
MERED, the international real estate developer, is making its mark in Dubai, unveiling its flagship project in the thriving Dubai Internet City. This luxurious development is set in a vibrant area, conveniently linked to Dubai’s major attractions. The project boasts world-class architecture designed by Pininfarina, renowned for their legendary work in the automotive and architectural realms. MERED aims to merge technology and beauty, creating a remarkable addition to Dubai’s skyline. This venture aligns with Dubai’s 2040 Urban Master Plan, reflecting the city’s continuous growth on the global stage. Stay tuned for more details on this architectural icon in the making.
Christian Dior has leased retail space in Mumbai's Bandra Kurla Complex for 9.5 years, according to a leave and license agreement. The deal, signed between Reliance Industries Limited and Christian Dior Trading India Private Limited, grants Dior 3,317 sq. ft. of space with rent escalation provisions. Christian Dior entered the Indian market in 2006 and has a store in Mumbai. As India becomes a significant destination for international retail, luxury brands like Dior are drawn to the growing spending power of urban consumers and the expanding retail market.
In a bid to revitalize its economy, several major Chinese cities have recently relaxed restrictions on home buying, signalling a gradual reversal of the government's stringent measures within the property sector. Cities like Dalian and Shenyang in Liaoning province have lifted limits on the number of properties residents can purchase and introduced incentives for buyers, along with tax relief for sellers. Additionally, Nanjing in Jiangsu province has eased eligibility requirements for purchasing flats in certain districts. These moves align with nationwide efforts to stimulate growth in various sectors, including real estate, amidst concerns over the property sector's significant debt issues.
DP World has expanded its presence in India with a new 380,000-square-foot warehouse in Bhiwandi, Maharashtra. The facility, operational since September 1, 2023, can store both chemicals and non-chemicals, increasing DP World's Indian warehousing capacity to over 5 million square feet. The warehouse is divided into sections for hazardous chemicals and non-chemical storage, with advanced safety features, including temperature-controlled zones and fireproof partitions. Sustainability measures, such as a solar system, are also incorporated. This facility is expected to benefit various sectors, including agriculture, pharmaceuticals, electric vehicles, and chemical trading, and strengthen Bhiwandi's position as a warehousing hub.
HotelYaari, a fractional ownership platform for premium holiday homes and hotel suites, has secured $2.17 million in seed funding from Alios Ventures. The funds will be allocated towards platform development and expanding personnel to meet growing demand. Founded by Janardan Tiwari, the platform enables individuals to invest in luxurious accommodations with as little as Rs 5 lakh, following a concept akin to successful start-ups like Pacasso and Kocomo.
A fire incident occurred at the Saki Cooperative Housing Society in Andheri East, Mumbai. The fire erupted in the electric meter box, prompting residents to contact the fire brigade. Firefighters swiftly responded, disconnecting the power supply and rescuing 33 people from the building. The cause of the fire is under investigation. Another fire incident affected a city slum, while a cooking gas leak resulted in injuries in Bandra. These incidents emphasize the importance of fire safety and preparedness in densely populated urban areas. Investigations continue to determine the causes, underscoring the need for vigilance and safety measures.
Ajmera Realty has secured a lucrative redevelopment project in Borivali's Yogi Nagar, Mumbai, comprising four societies. With an estimated sales value of Rs 330 crore, the project will feature 2 and 3 BHK residential apartments across a carpet area of 1,07,000 sq. ft. Expected to launch in H1 2024, it will take approximately three and a half years to complete. Yogi Nagar, in Borivali West, offers convenient access to numerous amenities, making it an attractive location. Ajmera Realty's focus on modern living in well-established neighbourhoods aligns with their commitment to enhancing the quality of urban life.
Noida Extension, also known as Greater Noida West, is becoming a top choice for IT professionals and first-time homebuyers due to its affordability, proximity to economic hubs, and wide roads. It has a dedicated sector for tech companies and is well-connected to IT hubs along the Noida-Greater Noida Expressway. Affordable property prices, new project launches, and improving infrastructure have attracted middle-class buyers. Property prices in the region have risen steadily, with rental demand increasing as well. However, challenges such as traffic congestion and limited public transport options exist but are expected to improve with planned infrastructure developments.
Chandigarh's UT administration is set to realize the vision of two "iconic" buildings along Madhya Marg, covering approximately 2.5 acres each. Proposed in the Chandigarh Master Plan (CMP-2031), the finalized volumetric plans are awaiting approval from the Chandigarh Heritage Conservation Committee. These international-standard structures will host commercial and office spaces, along with facilities for international conferences and tourism-related activities. A consultant has meticulously crafted their exterior appearance and floor layouts. This initiative aims to make a significant entry statement to the City Centre, aligning with Le Corbusier's architectural vision for Sector 17.
Despite rising property prices and interest rate challenges, the ANAROCK Consumer Sentiment Survey reveals a strong 59% preference for mid-range and premium homes in H1 2023. The study, which surveyed 5,218 participants, noted a 10% increase in sentiment for this housing category since H1 2020. Larger 3 BHK homes are gaining popularity, especially in cities like Bangalore and Chennai. However, high inflation and potential interest rate hikes loom as potential threats to the housing market's momentum.
Godrej Properties has made a significant impact in the real estate sector, achieving an annual booking value of over Rs 2,000 crore in major markets, including NCR, Mumbai Metropolitan Region, Bengaluru, and Pune. The company reported impressive sales bookings of Rs 12,232 crore, a 56% increase from the previous year, driven by substantial volume growth and the sale of over 12,500 homes. Sustenance sales grew by 25%, new project launches soared by over 100%, and the company added 18 new projects with an estimated revenue potential of Rs 32,000 crore. With ambitious goals for the future, Godrej Properties aims to continue its strong performance in the real estate sector.
In a bid to prevent subversive activities and enhance security in residential areas, the Mumbai police have issued a notice requiring homeowners to provide details about their tenants. This order, effective for 60 days until November 7, aims to deter individuals with malicious intent from using residential areas for illegal activities. Landlords and homeowners within Mumbai's jurisdiction must submit tenant information through the citizen portal, including details of foreign nationals if applicable. This proactive measure underscores the importance of community safety and will be closely monitored for its impact on deterring subversive activities.
Mumbai's Economic Offences Wing (EOW) has charged a prominent builder and five associates for allegedly defrauding 139 homebuyers of Rs 45 crore. Funds were collected for the 'Maredian Heights' project in Jogeshwari (W), which remains incomplete. Initiated by a complaint from investor Moinuddin Bora, the EOW found that the developer began accepting payments in January 2008 but consistently missed delivery deadlines. The accused now face charges under the Indian Penal Code and the Maharashtra Ownership of Flats Act. Homebuyers eagerly await a resolution.
The Yamuna Expressway Industrial Development Authority (YEIDA) in Noida, which oversees the Apparel Park Cluster, is attracting more industrial firms' attention, according to the Uttar Pradesh government. Out of the 89 available plots, 81 have already been allocated, and 70 more units want plots. With government approval, YEIDA intends to increase the floor area ratio (FAR) for industrial plots from 1.5 to 2.0 in order to promote industrial expansion. Additionally, these plots' ground coverage will rise to 60%. This development includes proposals for improved connectivity and infrastructure, as well as a designated cargo facility at the Noida International Airport.
The Madurai City Corporation has significantly improved its ranking in property tax collection, moving from 16th to 11th place among 20 corporations in the state during the first half of the year. Officials report that the monthly average of total tax and non-tax revenue collection has increased from '32 crore in 2022-23 to '38 crore this year, with '138 crore collected by August. Notably, '90 crores have been collected as property tax in the first five months of the financial year, surpassing the previous year's total of '156 crore. The tax incentives and collection drives have contributed to this positive trend.
Lenders to Bansi Mall Management Co Pvt Ltd, the owner of SOBO Central Mall in Mumbai's Haji Ali area, have initiated Sarfaesi proceedings to recover Rs 571 crore in dues. Canara Bank and Punjab National Bank (PNB) are the primary charge holders. PNB, along with Union Bank of India, also has a secondary charge over the company's assets. While the current valuation of the property is Rs 400 crore, there is potential for redevelopment and sale for over Rs 1,000 crore, offering hope for recovery amidst Future Group's financial struggles. Crisil had previously downgraded BMMCPL's credit rating due to weak liquidity.
Retail space stock in India's top seven cities experienced a 2% decline, falling from 90.6 million sq ft in June 2022 to 89.2 million sq ft in June 2023, according to property consultancy JLL. While 2.63 million sq ft of mall space was added during this period, around 4 million sq ft of organized shopping malls were either downgraded or closed. Delhi NCR and Mumbai account for more than 50% of the operational mall stock. However, the report predicts a 43% increase in shopping mall stock to reach 127 million sq ft by the end of 2027. The launch of India's first retail REIT, Nexus Select Trust REIT, backed by Blackstone, has attracted retail investors, offering significant potential for REIT-worthy retail assets across cities. Institutional investors are also showing interest, particularly in tier II and tier III cities.
The National Buildings Construction Corporation (NBCC) has secured a significant Rs 20 billion contract from the Kerala State Housing Board (KSBH). This project involves developing a 17.9-acre land parcel in Marine Drive, Kochi, Kerala. While the timeline for execution is yet to be determined, NBCC has also recently obtained a Rs 200 million contract from the Indian government for renovation and construction work at the Mint in Mumbai. This contract encompasses structural and non-structural repairs, renovations, and the construction of a transit camp in Mumbai's Mint colony, operating under Project Management Consultancy (PMC) regulations.
The Thane depot, a crucial component of the Mumbai-Ahmedabad bullet train project in Maharashtra, is set to be constructed according to Japan's Shinkansen depots' high standards. This 57-hectare depot will feature state-of-the-art infrastructure for safe train maintenance, including inspection bays, washing plants, and stabling lines. To address Thane's heavy rainfall, advanced drainage systems will be implemented, collecting and storing rainwater for various purposes. Additionally, the depot will recycle sewage and effluent, providing 70% of its water needs, and handle garbage with mechanized facilities. The project aligns with the bullet train's modernity and efficiency, incorporating eco-friendly and energy-efficient elements.
The Petitions Committee of the Karnataka State Assembly has given the Bangalore Development Authority (BDA) a one-year extension to complete the Nadaprabhu Kempegowda Layout (NPKL) project due to ongoing land acquisition cases. This decision came after the BDA explained its need for additional time to provide essential infrastructure. However, the committee expressed dissatisfaction with the BDA's repeated delays and the impact on the 10,000 allottees waiting to build homes. This case highlights the challenges of urban development and the importance of timely infrastructure provision. It also underscores the need for adherence to environmental guidelines in urban planning.
Chennai Metro Rail Limited (CMRL) is seeking a ?150 crore loan to purchase ticketing gates for a section of its phase II project, abandoning a public-private partnership plan. The project with an estimated cost of ?61,843 crore will receive financial assistance from various sources, including Japanese International Cooperation Agency (JICA), Asian Development Bank (ADB), and Asian Infrastructure Investment Bank (AIIB). Construction is underway for the 116-km phase II project in different parts of Chennai.
Recently presented at the G20 conference in New Delhi, the India-Middle East-Europe Economic Corridor (IMEC) holds great potential for Indian rail and infrastructure firms. The ambitious proposal for this corridor to improve connectivity between India, the Gulf area, and Europe stands to benefit businesses including Iron International, Rail Vikas Nigam Ltd, and Larsen & Toubro, as well as important ports. The IMEC seeks to lessen India's reliance on importing crude oil from West Asia and is considered as a rival to China's Belt and Road Initiative. In India's railway and infrastructure sectors, this development has sparked hope, indicating possible growth and prospects.
Enventure, a leading engineering design services company, has launched the Enventure Centre for Advanced Digital Construction in Shivamogga. This centre aims to train around 100 engineers over the course of a year in 3D digital technologies crucial to the construction industry. It will collaborate with faculty members to enhance 3D design technology skills. Anil Sivadas, President of Enventure, highlighted the importance of tapping into the talent pool in tier II and III cities, with plans to open similar centres in other cities. The initiative offers mentorship to fresh graduates and employment opportunities for those who returned home during the pandemic.
Melbourne's housing market faces a mounting crisis as rental vacancies plummet to record lows. In various Melbourne neighbourhoods, including the outer east, south east, and northwest suburbs, fewer than one in 100 rental homes are available. Citywide, there's been a staggering 50 percent reduction in available homes compared to pre-pandemic levels. Regional Victoria is not spared either, with a vacancy rate as low as 1.07 percent. Factors contributing to this housing turmoil include government tax changes, worsening affordability, and a slow-down in residential development. As housing affordability declines, more would-be homeowners are opting to rent.
Saudi Arabia is set to experience a housing and development boom, with projects worth $17.3 billion announced by the government. These initiatives span futuristic cities like NEOM and heritage preservation in AlUla, to tourism enhancements in Makkah and Jeddah. The Red Sea and AMAALA projects aim to establish sustainable tourism sectors. Riyadh is also seeing development with projects like the Sports Boulevard. Moreover, residential suburbs will expand countrywide with global real estate developers' involvement. The National Housing Company is launching projects to provide 86,000 housing units, including the massive Al-Forsan project in Khuzam. These endeavors aim to improve citizens' quality of life.
Vistry, a UK home construction company, is shifting its focus to affordable housing due to a slowdown in the broader UK housing market, driven in part by 14 consecutive interest rate hikes by the Bank of England. This strategic shift led to an 11% increase in Vistry's shares. Various indicators, including mortgage approvals and housing prices, have shown declines, with house prices dropping 4.6% year-over-year. Vistry's Partnerships division, which focuses on affordable housing, has outperformed its Housebuilding unit. The company plans to combine these divisions to prioritize the affordable housing model, which is seen as less volatile and in high demand.
Dubai's property market is experiencing a significant surge in apartment values, marking the most substantial increase in nearly a decade. Apartment prices have recorded an average increase of 20 percent in the year leading up to August, outpacing the 17.3 percent price increase in single-family homes. This surge is part of a broader property rally in Dubai, driven by an influx of newcomers, government reforms, and increased demand for more affordable housing options. Dubai's real estate market is rebounding following a seven-year downturn, with apartment prices still below their 2014 peak but showing strong growth potential.
The World Bank has announced a major initiative, the HOPE Project, aimed at assisting over 100,000 Ukrainian households in repairing homes damaged by Russia’s invasion. This effort, led by Ukraine’s Ministry for Communities, Territories, and Infrastructure Development, will address minor repairs and offer funds to multifamily residential buildings with moderate damage. The project, with an initial funding of $232 million, will provide retroactive compensation for verified repairs. Ukraine’s housing sector sustained over $50 billion in damage due to the conflict, impacting 1.4 million residential units and 3.5 million people. The World Bank has now contributed more than $37 billion in emergency financing to support Ukraine, with numerous donor commitments. Additionally, future efforts will focus on key sectors such as energy, health, social protection, education, housing, and agriculture.
The Mumbai Metropolitan Region Development Authority (MMRDA) is facing another alleged land encroachment case, marking the second incident in less than 10 days. The police have registered a case against two individuals accused of attempting to encroach upon a 7,000 square meter plot owned by the MMRDA in the Bandra Kurla Complex (BKC). They are accused of illegally dumping construction debris on this valuable property. This comes after a similar case on September 2 involving encroachment on another MMRDA space in Kurla. Both cases highlight the challenges faced by the MMRDA in securing valuable plots in Mumbai's urban landscape, emphasizing the need for stringent security measures and enforcement of land regulations.
The Yamuna Expressway Industrial Development Authority (YEIDA) has made significant decisions in its recent board meeting. They eliminated e-auctions for industrial plots, introduced a One-Time Settlement (OTS) policy for real estate developers, and revised the payment plan for group housing plots, allowing extended payment periods. The board also approved the Master Plan 2041, focusing on industrial and commercial growth, especially around the Noida International Airport area. Additionally, the Vrindavan-Raya Heritage City project's development area has been expanded to 1,500 acres along the Yamuna in Mathura, including a riverfront development. These measures aim to facilitate regional development and ease dues for developers.
The Securities and Exchange Board of India (SEBI) has levied a penalty of Rs 21.5 lakh on Reliance Home Finance Ltd (RHFL) and its top executives for non-disclosures and concealing adverse information uncovered in a forensic audit report. The penalty affects RHFL's CEO Ravindra Sudhalkar, CFO Pinkesh Shah, and compliance officer Parul Jain. SEBI found that RHFL failed to disclose deviations in proceeds from debt non-convertible debentures (NCDs) and concealed crucial information, impacting the company's image negatively. Despite RHFL's claims, the forensic audit revealed substantial loans disbursed to potentially indirectly linked entities and deviations from the NCDs' intended use. The penalties imposed range from Rs 2 lakh to Rs 15 lakh.
The Municipal Corporation of the City of Gurgaon (MCG) Taxation Wing has issued a stern warning to a private agency responsible for distributing property tax documents. A complaint alleged that the agency left tax bills on the road instead of delivering them directly to the recipients. The agency had been contracted by the MCG to distribute these documents, but it failed to follow proper procedures, including obtaining acknowledgment from recipients. This oversight has hindered the maintenance of accurate property tax records, impacting property owners and the efficient functioning of the MCG's taxation processes. The MCG is taking corrective measures to rectify these issues.
ASK Property Fund, part of the ASK Group, has invested Rs 225 crore in Pune through its ASK Real Estate Special Opportunities Fund IV. The project primarily consists of residential units, and Kumar Realty is the developer behind the integrated Megapolis township in Hinjewadi. The area's proximity to IT firms and multinationals has fuelled a demand for residential properties, with over 9,000 units sold in the past two years and a 6-8 percent year-on-year price increase. ASK Property Fund has invested in 15 projects in Pune, focusing on mid-segment and affordable housing near job centres.
Smartworks, India's foremost provider of managed workspaces, has expanded its presence in Chennai with the launch of Olympia Pinnacle, adding 2 lakh sq. ft. to its portfolio and bringing its total Chennai presence to 5 lakh sq. ft. Situated in the prime location of Perungudi-Thoraipakkam Road, the centre is well connected via rail, road, and the upcoming Metro corridor. With a focus on productivity and collaboration, it offers easy access to luxury hotels, diverse eateries, retail stores, and public amenities. Smartworks' commitment to delivering tailored office solutions and excellence has earned it a prominent place in India's workspace industry.
The MP Public Assets Management Department is boldly auctioning prime land in Indore's Malharganj area for a remarkable Rs 8.19 crore. This innovative move aligns with the Madhya Pradesh government's strategy to monetize underused or encroached government properties, generating much-needed revenue. The department's portal currently showcases 11 Indore properties for monetization, seven of which are already sold, with more properties under review. A 13,560-square-metre piece of land in Gadrakhedi is up for auction between September 8 and 29, promising transformation and reshaping Indore's real estate landscape. This visionary initiative reflects the state's commitment to innovation and prosperity.
The Chennai Corporation has fined several construction contractors for failing to ensure safety measures during stormwater drain projects, including open pits. The corporation has formed specialized teams to ensure proper safety barriers are in place. Five contractors were fined Rs 20,000 each for inadequate site security. Activists argue that the fines should be stricter, including blacklisting repeat violators. The corporation aims to complete pending storm drain work by September 30, prioritizing missing links. Official data shows substantial progress in storm drain projects, with minor repairs and desilting ongoing.
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A division bench of Chief Justice Vipin Sanghi and Justice Alok Verma has ordered the government to enforce compliance with land use laws following a PIL challenging construction on agricultural land without proper authorization. The petitioner, Atul Chauhan from Haridwar, raised concerns about a group housing project on 50 acres of agricultural land in Laksar, highlighting violations of land use regulations and the misuse of a natural water body. The court has directed the state government to submit an affidavit within four weeks and scheduled the next hearing for January 2, 2024, emphasizing the importance of upholding environmental and land use laws.
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The government of Sikkim, a Himalayan state in India, has issued an advisory banning homestay owners from leasing or renting their properties to third parties. This directive, in accordance with the Sikkim Registration of Homestay Establishment Rules of 2013, requires that homestays be exclusively operated by the local entrepreneurs who own them. The move aims to promote local entrepreneurship and ensure compliance with established regulations. Any violations will be strictly addressed by the authorities. The Homestay Association of Sikkim had previously advocated for such a ban, and the state government also provides subsidized loans to encourage local participation in the tourism industry.
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Bank of Baroda is set to offer discounts of up to 80 bps on personal and home loans starting at 8.4 percent to attract more business during the festive season. BoB expects 25 percent Y-o-Y growth in its retail loan portfolio. The bank has officially launched its festival campaign, titled 'BoB Ke Sang Tyohaar Ki Umang,' running until December 31, 2023. BoB's retail loan book had expanded by 24.8 percent Y-o-Y to reach Rs 1.84 trillion as of June. The home loan book, which makes up half of the retail portfolio, grew by 18.4 percent Y-o-Y to Rs 99,976 crore by June.
The real estate sector has solidified its role as a primary revenue source for India's states and UTs, contributing Rs 2 trillion in FY 2022-23, which is 5.4% of total state revenues. A NAREDCO-Knight Frank India report forecasts the sector's value to skyrocket to USD 5.8 trillion by 2047, up from USD 477 billion last year. This growth signifies real estate's expanding influence on India's economy and its potential in funding infrastructure projects.
The Municipal Corporation of Delhi (MCD) has discovered nearly 10 lakh cases of individuals falling short in fulfilling their tax obligations over the past one or two years. In response, the MCD has initiated direct communication with these tax defaulters through messages, urging them to respond promptly. If they fail to do so within the designated timeframe, formal notices will be sent. The MCD aims to address tax evasion and strengthen the tax base with various initiatives, including geotagging non-residential properties and taking action against long-term defaulters. These measures align with the MCD's commitment to equitable taxation and holding defaulters accountable.
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India's Banking, Financial Services, and Insurance (BFSI) sector has seen a remarkable resurgence, with leasing activities doubling since 2020. By mid-2023, the sector's leasing share rebounded to 15% from pandemic lows. Mumbai remains a major player, but Bengaluru is quickly emerging as a key hub, outpacing Mumbai in BFSI leasing by mid-2023. This growth is attributed to the return to physical offices, an optimistic economic outlook, and the sector's digital transformation drive. The trend indicates a promising future for BFSI leasing in India.
Hyatt Hotels, a prominent player in the hospitality industry, is set for substantial growth in the Indian market. The company plans to expand its current portfolio of 43 properties to a total of 50 by year-end, with a long-term goal of reaching 100 properties in the next five years. In the past year, Hyatt successfully opened nine new hotels and is preparing to add 10 more to achieve its target of 10,000 rooms in India. The expansion includes introducing new brands like Hyatt Centric and Hyatt Place in various locations, focusing on experiential packages to enhance guest experiences, and positioning itself as the preferred choice for travellers in the region.
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Lulu Group, a prominent UAE-based retail conglomerate, is set to construct a massive shopping mall in Ahmedabad, India, as part of its strategic expansion plans. This ambitious project, one of the largest in the region, aims to offer modern amenities and generate significant employment opportunities in the area. In addition to Ahmedabad, Lulu Group is planning another substantial shopping mall in Chennai and is about to inaugurate one in Hyderabad. This move underscores the group's commitment to enhancing India's retail landscape, boosting the local economy, and providing a world-class shopping experience while reaffirming India's appeal for international investment.
The Maharashtra State Road Development Corporation (MSRDC) intends to lease two plots, one in Pune's Mangalwar Peth area and another in Lodhivali, Raigad district, both spanning around 87 acres, for a 60-year contract. They anticipate raising over Rs 358 crore through lease rent and a one-time premium. The Pune plot, conveniently located near the airport and railway station, is 8,900 sq mts, with expected lease rent of Rs 53.40 crore and a one-time premium of Rs 120 crore. The Lodhivali plot, close to industrial zones, spans 345,950 sq mts and aims for Rs 20.75 crore lease rent and a one-time premium of Rs 164 crore.
Frustrated by the Pune Municipal Corporation's (PMC) delay in opening a bridge connecting Baner, Balewadi, Wakad, and Kaspate Vasti over the Mula River, residents filed a PIL in the Bombay High Court. The bridge, which cost over ?31 crore, was completed in the 2018-19 fiscal year but has remained closed. This has inconvenienced residents who are forced to take a longer route via the busy Mumbai-Bengaluru Highway to reach their destinations. PMC cites land acquisition issues as the reason for the delay, but residents seek court intervention to open the bridge promptly.
The Kolkata Municipal Corporation (KMC) has initiated a road repair drive, starting with some of the most deteriorated sections of central Kolkata roads. Roads like S N Banerjee Road, Rafi Ahmed Kidwai Road, and Bowbazar Street are part of the first phase of repairs. Additionally, the KMC is focusing on roads alongside tram tracks to address safety concerns for motorists and bikers due to abandoned tram tracks following tram service suspension. Mayor Firhad Hakim identified vulnerable stretches in various areas of the city. In the next phase, road repairs will extend to other parts of Kolkata, including the northern and southern regions.
The Public Works Department (PWD) is planning an international convention centre in Chennai, named after former Chief Minister M. Karunanidhi, with the goal of making Chennai a prime destination for major events. The 30-acre site near Dakshina Chitra on the East Coast Road has been chosen for this purpose. The PWD will engage a consultant to design the centre, covering aspects like seating, hotels, landscaping, and parking. The project is expected to start in three months and aims to create a world-class facility for conferences, meetings, exhibitions, and other events, adding to Chennai's cultural heritage.
HSBC Holdings is set to increase mortgage rates in Hong Kong by up to 50 basis points to 4.125%, effective September 18th. This decision aims to safeguard the bank's profit margins amid rising interest rates. The adjustment is linked to the Hong Kong Interbank Offered Rate (HIBOR) and follows a review considering various factors, including market competitiveness. This move had a notable impact on Hong Kong's property developer stocks, with the real estate gauge dropping 3.28%. Hong Kong's monetary policy aligns with the U.S., as its currency is pegged to the U.S. dollar, resulting in increasing interest rates and a challenging property market.
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In a significant political development, the Australian government's central housing bill is on the verge of success, thanks to support from the Greens party. The bill, aiming to establish a A$10 billion fund, is set to pass the parliament as the Greens pledged their backing in exchange for increased investments in community housing projects. Prime Minister Anthony Albanese expressed his satisfaction with this crucial step towards addressing Australia's housing crisis. However, this progress comes after previous delays and threats of an early election. The nation now anticipates a positive impact on housing availability and affordability as the bill moves forward.
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Nigeria faces a massive housing shortage of 28 million homes, requiring an investment of N21 trillion to address, according to Vice President Kashim Shettima. He commended efforts in Sokoto State, where 500 homes are being built at a cost of N7.3 billion, aimed at benefiting civil servants. Shettima called on other states to follow this example. In Lagos State, the government is seeking private sector partnerships to tackle its housing needs, acknowledging the need for collaboration to bridge the estimated three million-home gap. The Rabbanire crowdfunding initiative by Tobykemsworth Investment Limited aims to make housing more accessible to Nigerians.
Bollywood actress Sonakshi Sinha has acquired another upscale apartment in Mumbai's Bandra suburb, valued at Rs 11 crore. Located in the prestigious 81 Aureate tower, this is her second purchase in the building, following a Rs 14 crore investment in March 2020. As Bollywood celebrities like Amitabh Bachchan, Kartik Aryan, and Sara Ali Khan continue to invest in Mumbai's luxury real estate, the market sees a surge in high-profile transactions, underscoring the city's allure for the film industry's elite.
Mumbai's iconic Ajantha bungalow in Malabar Hill is set for demolition to make way for 12 luxury sea-view apartments. Aimed at providing dedicated residences for key legislative members, six of these apartments will house top officials, while the rest will serve as guest houses for visiting dignitaries. Speaker Rahul Narwekar confirmed the in-principle approval for the project, emphasizing the efficiency of the new construction over maintaining older structures. This initiative seeks to address the accommodation challenges often faced by opposition leaders and other officials.
In a heart-wrenching incident, a scaffolding collapse at an under-construction building in Hyderabad leads to the loss of three lives, including two young women, and leaves two others seriously injured. The workers, hailing from Odisha, were labouring on an allegedly unauthorized floor of the multi-story building when the catastrophe occurred. The collapsed scaffolding sent debris raining down, shaking local residents. As investigations continue, authorities are working to identify the building's owner to hold them accountable. The tragic event underscores the dangers faced by migrant laborers and raises questions about construction site safety measures.
Residents of Jagdamba Nagar Extension in Jaipur, a relatively new residential area, are facing numerous challenges due to ongoing construction activities. Over 50% of the plots in the colony are under construction, with builders indiscriminately dumping building materials and parking large vehicles on the colony's roads. This has severely limited the available space and created safety concerns, especially in the absence of streetlights. Additionally, the lack of a proper sewerage system exacerbates the situation, particularly during the rainy season. Local authorities, including the Jaipur Development Authority, are struggling to address these issues due to limited resources and voter representation.
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Four builders involved in a tragic construction accident in Naroda, resulting in the deaths of three workers, were arrested and later released on bail. The incident, which occurred at the Fortune Empire construction site, prompted charges under IPC sections 304 (A) and 114 for negligence and abetment. The Bandhakam Majdoor Sangathan has called for strict action against the builders, citing a rising trend in construction accidents due to inadequate safety measures.
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Kochra Realty, a real estate firm, has taken over a long-delayed residential project in Mumbai's Dahisar suburb worth Rs 700 crore. The company plans to revive and complete the project by early 2025, bringing relief to nearly 600 homebuyers. Ashapura Housing previously managed the project but encountered financial difficulties. Kochra Realty has assumed the project's debt and ownership, with the aim of delivering 384 apartments by the end of this year, while the rest will be ready by early 2025. This move aligns with the trend of established developers rescuing stalled projects to ensure their completion.
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A luxury residential project will be built in Lutyens' Delhi by the Bengaluru-based Prestige Group in a joint development venture with TDI Infratech. The property is held by TDI Infratech and is valued at between INR 325 and 350 crore ($43 and $46 million), with an estimated INR 700 crore ($93 million) in potential revenue. Prestige Group plans to build eight to nine boutique apartments in an area where high-rises are often prohibited, though specifics are still being worked out. This action represents Prestige Group's desire to enter the residential sector in Delhi.
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Birla Estates Private Limited, a subsidiary of Century Textiles and Industries Limited, has unveiled a real estate project in Bengaluru's Devanahalli area with a potential revenue of Rs 3,000 crore. The project, called Birla Trimaya, is being launched in phases, offering 1, 2, and 3BHK apartments and duplexes across eight towers. Located near the upcoming BIAL IT Investment Region, it aims to attract a diverse range of investors. Birla Estates' CEO, KT Jithendran, highlighted the growing business hub in North Bengaluru, making it an attractive destination for skilled professionals seeking an opulent lifestyle. The project is in collaboration with Ramaiah Realty LLP.
Near Pune, 23 amalgamated villages' residents and local authorities are pleading with the state government to put the Unified Development Control and Promotion Regulations (UDCPR) into effect. Due to difficulties obtaining building permits brought on by the lack of Development Plan (DP) regulations, real estate development in these areas has halted. Construction is being hampered by this delay, which is also having an effect on developers and small property owners who need building permits. Given the anticipated population expansion, implementing the UDCPR could simplify this procedure and encourage development in certain areas. However, as the Pune Metropolitan Region Development Authority (PMRDA) currently possesses these rights, specific consent from the state government is required.
SEBI has introduced a framework enabling eligible unitholders, those holding 10 percent or more of a REIT's or InvIT's outstanding units, to exercise board nomination rights. Unitholders must inform the trust's investment manager in writing about their proposed candidate for nominee director, providing details such as name, director identification number, and a brief profile. If found ineligible, the manager must inform the unitholders, who can then submit an alternative candidate. The manager must also regularly review the unitholders' eligibility. This framework enhances governance and transparency in REITs and InvITs by allowing major unitholders to nominate directors.
In a devastating incident in Balkum, Thane, six construction workers were killed and one critically injured when an elevator collapsed from the 13th floor of a 40-storey building. The project, managed by Dhruva Woollen Mills Pvt Ltd, is under scrutiny as investigations begin. The company stated that the elevator underwent regular maintenance, with the last check on August 23. Thane's municipal commissioner confirmed an FIR against the builder and emphasized the ongoing investigation. The incident serves as a stark reminder of the importance of safety measures in construction zones.
A 22-year-old man, Akash Jadhav, tragically lost his life after a pothole accident in Thane, Maharashtra. The Thane rural police have registered an offence against Jijau Construction Road Build Private Ltd, the company tasked with the road's upkeep. The incident highlights the firm's alleged negligence, with the road being a hotspot for accidents due to multiple potholes. In a separate event in Nashik, an old house's collapse claimed two lives, emphasising the urgent need for regular infrastructure maintenance.
The upcoming five-day special Parliament session in New Delhi will see the old Parliament building bid farewell, with the inauguration of the new structure set for Ganesh Chaturthi on September 19. Both Houses will reflect on the historical significance of the old building on the first day, and Parliamentarians will share their memories. A joint sitting of Parliament is expected. A new dress code, designed by NIFT, is being introduced for staff, while marshals will wear Manipuri or Kannada turbans.
With plans to construct 11 new campuses, flexible workspace provider Awfis is growing its presence in South India. With the addition of over 8,000 seats, these locations will be ideally positioned in Bengaluru, Hyderabad, Chennai, and Kochi. Each property is picked in accordance with the particular market dynamics of the city in which it is located. This growth demonstrates Awfis' dedication to addressing the changing workspace requirements in the southern area. Modern infrastructure will be present in the new centres, which will serve a wide range of professionals, business owners, and organizations from numerous industries.
The Sports City project in Noida's Sector 79 is mired in challenges, with residents and stakeholders expressing concerns about its delayed progress and encroachments. The project, initially designed to integrate sports infrastructure with housing, has faced setbacks due to non-compliance with basic licensing requirements. Unauthorized activities by local sports academies and vendors have further complicated the situation. Despite complaints, authorities have struggled to curb encroachments effectively. The delays and encroachments have not only affected the project itself but also left thousands of flat owners in nearby projects in uncertainty. Legal intervention from the Allahabad High Court is now seeking resolution to these ongoing disputes.
The Brisk Lumbini project in Sector 109 of Gurugram is facing discord between the Resident Welfare Association (RWA) and the developer following a structural audit. The RWA is demanding greater transparency and involvement in the repair process due to concerns about the quality of work, while the developer remains unresponsive. District authorities have intervened, and the dispute centres on communication, repair standards, and conflicting interests between the RWA and the developer.
The Bombay High Court has expressed deep concern over the proliferation of illegal constructions and urged the Maharashtra government to present solutions to address this issue. The court, which initiated action against an unauthorized building in Navi Mumbai, emphasized the need to end the era of tolerating such developments and send a strong message that they won't be tolerated. It noted that individuals often obtain stays against actions by civic authorities through civil courts, calling for an immediate halt to such manoeuvres. The court sought answers from the government and instructed the court receiver to take possession of the illegal building.
The Delhi High Court has ordered the state government, MCD, and DDA to provide a detailed explanation for permitting new constructions in the ecologically sensitive Southern Ridge forest area, including the controversial 'Risland-Sky Mansion' housing project. The court's directive follows revelations of illegal construction activities in the Chattarpur area within the Southern Ridge. This action stems from PILs addressing poor air quality in Delhi, with an appointed amicus curiae offering expert insights.
The upcoming board meeting of the Yamuna Authority scheduled for today will address several crucial proposals. One of these proposals aims to provide relief to around 1,600 allottees affected by the cancellation of two housing schemes. They will be charged only for the period of their transition to the new scheme, reducing penalties for delayed payments. The board will also consider offering successful flat scheme allottees the option to participate in the plot scheme and plans for a 150-bed old-age home, with 50 beds for the sick and disabled. Changes to the group housing scheme, modifications to data centre park plots, and a one-time settlement for certain allottees will also be discussed. Additionally, a revised detailed project report for the proposed heritage city in Mathura-Raya is on the agenda.
The Orissa High Court has issued new orders to the additional district magistrate (ADM) in Cuttack under the Odisha Protection of Interest of Depositors (OPID) Act. These orders are related to initiating refunds for investors who deposited up to Rs 8,000 with GLP Developers Limited and Golden Land Developers Limited. These two companies faced controversy over allegedly collecting Rs 590.68 crore through their branch offices. The recent order, issued on September 1st, modifies a previous one from May 20, 2022, focusing on small investors. The court's decision comes after ongoing legal battles and protests by discontented depositors, seeking timely refunds of their investments. The modified order seeks to provide relief to these investors by ensuring the release of at least Rs. 8,000 each to identified investors within two months.
The Ministry of Home Affairs (MHA) has deferred its decision on the conversion of leasehold commercial and industrial properties in Chandigarh, citing the need for more information. In an affidavit presented to the Supreme Court, the MHA emphasized the importance of making the decision "at the right juncture" and highlighted the lack of specific details in the Chandigarh administration's proposal. The MHA also mentioned ongoing inter-departmental discussions regarding penalties for building violations and misuse of premises in Chandigarh. The delay, which has been ongoing for months, leaves Chandigarh residents waiting for a resolution on these crucial issues, despite previous assurances of progress.
Commercial real estate developers leasing properties are grappling with blocked credit eligibility notices under sections 17(5) C and 17(5) D, even as the issue is debated in the Supreme Court. Developers can claim credit when selling buildings before obtaining occupancy certificates but face restrictions if leasing. This discrepancy impacts India's appeal as a prime location for MNCs seeking office spaces. Experts urge a re-evaluation of the GST regime for leasing, emphasizing the need for equitable tax treatment. The industry keenly awaits the court's decision, hoping for a favourable outcome.
The Municipal Corporation of Gurgaon (MCG) has made significant strides in revenue generation, amassing Rs 150 crore in property tax since April 1 this year, achieving 30% of its annual target. The MCG has set an ambitious goal to reach Rs 500 crore in property tax revenue for the fiscal year 2023–24. In a recent review meeting, Commissioner PC Meena emphasized the need to accelerate property tax income and address complaints efficiently. The MCG also faces challenges with streetlight issues and road repairs. Meena sternly warned officials against unresolved complaints, pledging stringent action if necessary.
Kochi Corporation is contemplating reclassifying property tax categories based on road width. The existing system, in place since 1995, categorizes properties as primary, secondary, or tertiary. Primary properties have access to roads over five metres wide, secondary properties to narrower roads, and tertiary properties to pathways or no access. The re-evaluation is prompted by the city's development and aims to increase revenue. Kochi Corporation seeks to generate more income through tax avenues and collect funds owed by the state government. The move is essential as the corporation currently relies on central and state government funds for projects.
The renowned jewellery brand Tanishq, a part of the Tata Group, has celebrated the grand reopening of its store at Shivranjani Cross Road in Ahmedabad. The event was attended by C K Venkataraman and Niraj Bhakare, Regional Business Head (West) of Titan Company Limited. Tanishq is known as India's beloved jewellery brand, offering a wide range of gold, diamond, solitaire, and bridal collections, including a High-Value Studded Zone from Rivaah, their wedding jewellery sub-brand. The revamped 14,000 sq ft store in Ahmedabad features iconic designs and unique sub-brands, and to mark its reopening, it offers special promotions like free gold coins and discounts on jewellery purchases.
Haldirams, renowned for its healthy home-based snacks, is capitalizing on the rising demand for restaurants in South and West India. Haldiram Foods International is set to expand its restaurant business in these regions, adding approximately 200 outlets to its existing network of 250 across India over the next two years. This strategic move aims to bolster Haldirams' presence in the country's restaurant industry, catering to the growing appetite for both healthy snacks and quick-service restaurants. With foreign snack companies holding a dominant market share, Haldirams is determined to compete, actively seeking partners and engaging in research and development to expand its footprint in India's snack and restaurant spaces.
A sinkhole, measuring 1.5 meters in depth and diameter, appeared on Durgabai Deshmukh Road due to underground Chennai Metro Rail construction. The incident occurred during the construction of an underground network as part of the Chennai Metro Rail's Phase II project. This phase aims to connect Kellys to Taramani, part of corridor 3 within the project, with an estimated cost of 61,843 crore. The sinkhole developed during tunnel construction between Greenways Road and Adyar, affecting traffic and leading to efforts to fill and repair the hole. Similar incidents have occurred in the past during Chennai's metro construction projects.
The Bengaluru-Mysuru National Highway, previously infamous as the "Highway of Death," has undergone a remarkable transformation, significantly reducing accidents and fatalities. Thanks to stringent measures implemented by law enforcement agencies, the highway has become safer for commuters. Fatalities have seen a substantial decline, with only 6 recorded in August compared to 29 in May. The comprehensive approach included measures like banning two-wheelers, strategic diversions, improved signage, and advanced CCTV cameras. While improvements are evident, rural areas and Tumkur still face higher accident rates, emphasizing the need for ongoing safety efforts.
The East-West Metro project in Kolkata, spanning from Howrah Maklan to Esplanade, overcame multiple obstacles and is now slated for a December completion, following which the metro will become fully operational by 2024. Trials are underway for the Howrah Maidan and Esplanade section, with temporary rakes in use until the Esplanade-Sealdah stretch is finished. Persistent water seepages have plagued the Bowbazar area since 2019. Upon completion, the metro will run every 12 minutes, linking the eastern and western parts of Kolkata. Despite construction challenges, the 16 km metro line aims to be fully operational by June 2024, with India's first under-river metro section.
In a recent meeting of the Belagavi Urban Development Authority (Buda), PWD minister Satish Jarkiholi emphasized the importance of adhering to regulations in the development of roads, gardens, underground drainage, and public spaces for layouts. He sternly warned against permitting illegal layouts, stressing the need for comprehensive inspections before granting permissions. The meeting also approved the preparation of the 3rd revised master plan to include 28 villages within Buda's jurisdiction, as authorized by the government. Minister Jarkiholi additionally directed officials to rectify any inadvertent omissions in the village inclusion process.
Minister Dinesh Gundu Rao has announced that the Request for Proposal (RFP) for a new IT park in Derebail, Dakshina Kannada, will be unveiled within the next two months. This ambitious project, set to be executed under a public-private-partnership (PPP) model on a three-acre plot owned by KEONICS, has received government approval. There are considerations to extend the contract period for the park's developer from 30 to 60 years. Furthermore, revisions to zonal regulations for the Mangaluru Master Plan are underway. Dredging activities at the Old Port and construction of a jetty for country boats at Ullal Kodi are also in the works, along with subsidies for fishermen upgrading their boat engines.
Square Yards, a prominent proptech platform, has successfully filed 18 international patents in India and the USA, focusing on virtual reality, augmented reality, extended reality, artificial intelligence, and data applications in real estate. Of these, three patents have already been granted, showcasing Square Yards' leadership in pioneering real estate technology innovations. These patents cover various areas, including immersive 3D experiences, real estate asset analysis, agent ranking algorithms, and more. Square Yards aims to revolutionize the real estate industry by integrating cutting-edge technologies and enhancing the home-buying experience for consumers and professionals.
Saudi Arabia’s ambitious development agenda is in full swing, with over $1.25 trillion invested in real estate and infrastructure projects, including the high-profile NEOM super city. Notably, 45% of these projects are already completed. Alongside these massive endeavours, there’s a growing focus on improving residents’ quality of life. Initiatives like Qiddiya’s $266 million theme park in Jeddah, the $500 million Riyadh Sports Boulevard, and the $23 billion ‘Green Riyadh’ transformation, with 7.5 million trees, aim to create world-class urban environments. Dammam’s Amanat Al Sharqiya project will revitalize the city’s corniche, reflecting Saudi Arabia’s commitment to holistic development.
The story highlights the challenges in Canada’s housing sector. While the country’s economy is slowing down, the housing market is contracting at an even faster pace. Residential investment has dropped to 6.1% of GDP in Q2 2023, a significant decline from the previous year. This rapid decrease, the sharpest since 2001, raises concerns reminiscent of the late 1980s housing bubble. Stimulative population policies are preventing a complete collapse, but a painful adjustment is looming. Canada’s housing investment remains high compared to its trade partners, like the US at 4.6% of GDP, but the need for a rebalancing of capital allocation is evident.
The Hong Kong government is embarking on a transformative housing renovation project aimed at improving the well-being and community bonds of its public rental estate residents. Housing Secretary Winnie Ho Wing-yin revealed that the scheme involves extensive refurbishments, including repainting buildings, repositioning amenities, and promoting outdoor space usage. These upgrades align with 'well-being' design principles and will be conducted in consultation with residents. While some regulations, like pet ownership, remain unchanged, the project seeks to elevate living conditions for thousands of households. The initiative also anticipates influencing future housing designs and public-private partnerships.
Bollywood icons Amitabh Bachchan, Kartik Aryan, and Sara Ali Khan, along with Amrita Singh, have made significant property acquisitions in a Mumbai commercial project in Andheri's Oshiwara locality. Bachchan purchased four offices spanning nearly 8,400 sq ft for approximately Rs 29 crore. Kartik Aryan acquired an office of around 2,100 sq ft for Rs 10 crore, while Sara Ali Khan and Amrita Singh bought a similar-sized office for Rs 9 crore. Interestingly, Ajay Devgan and Kajol had previously acquired offices in the same project. The real estate project, with 28 upper floors, is set to be completed by June 2025, and real estate remains a favoured investment among high-net-worth individuals and Bollywood celebrities.
Residents of South Nagpur have been waiting for the construction of an internal road for 17 years, but the Nagpur Improvement Trust (NIT) has done nothing. Despite the NIT having approved the layout in 2006, encroachments and illegal buildings have impeded the completion of the road. Encroachments were earlier ordered to be removed by the Bombay High Court, but they have since returned. As this road is essential for their safety and convenience, residents are now requesting that the NIT solve the situation.
The Mumbai City police's Economic Offences Wing has closed a 2012 case against Nirmal Lifestyle directors and others, including Videocon's founder, for allegedly cheating 28 home buyers of nearly Rs 12.7 crore. The closure comes after a thorough investigation revealed that the homebuyers had received refunds, interest, and settled their grievances, leading to the case being deemed civil rather than criminal in nature. The Nirmal Lifestyle group had been facing financial constraints, and this case was one of several registered against them in 2022.
The Maharashtra government's directorate of municipal administration has requested clarity from the Deolali Cantonment Board regarding various crucial matters in the plan to exclude civilian areas from the cantonment and merge them with a neighbouring civic body. Issues include geographical continuity, floor space index (FSI), salary and pension burdens of employees, taxation rates, infrastructure values, and revenue matters. The directorate will make its final recommendation on the merger once these issues are clarified, and the state government will then communicate it to the Ministry of Defence. This process may also apply to Aurangabad Cantonment.
The Yamuna Expressway Industrial Development Authority (YEIDA) is considering a policy shift to benefit real estate developers. In an upcoming board meeting, they may eliminate penal interest on financial dues for housing projects along the Yamuna Expressway and introduce a 'zero period' for projects mired in legal disputes with local farmers. The one-time settlement (OTS) policy under discussion could exempt realtors from accumulated penal interest, providing relief to developers and around 7,000 homebuyers awaiting project completion. YEIDA's move responds to appeals from developers and aims to recover an estimated ?9,000 crore in outstanding financial dues, although partial payments may be required to qualify for the interest waiver.
The Telangana High Court has issued a significant stay order against a state revenue secretary's memo, allowing apartment associations to register under the Telangana Societies Registration Act, side lining the Cooperatives Societies Act. The decision followed a petition by a resident, Madamanchi Ramesh Babu, who argued that the memo favoured real estate developers over apartment residents and lacked transparency. The memo's impact raised concerns about financial mismanagement and neglect of residents' welfare. The court's move is a pivotal step in safeguarding apartment residents' rights and interests, emphasizing the need for a balanced regulatory framework. It remains to be seen how this decision will shape the future of apartment association registration in Telangana.
In a complex administrative and legal development, the Estate Officer of the Union Territory (UT) has issued directives to address building violations and misuse concerns related to Plot No. 24 in the Industrial Area, Phase 1, owned by Berkeley Realtech Ltd. The situation began with an inspection directive and later took a turn when Berkeley Realtech's advocate cited a Punjab and Haryana High Court order from August 28, seeking an extension and consolidated resolution for notices. In response, the Estate Officer instructed Berkeley Realtech to provide a comprehensive reply by September 11 and mandated a building inspection, emphasizing transparency. This ongoing saga involves property sealing and environmental compensation, marking a critical phase of scrutiny and resolution.
The Hubballi-Dharwad Municipal Corporation (HDMC) is cracking down on unregistered paying guest (PG) facilities operating without permissions and evading taxes. With the rise of educational institutions in the twin cities, PG accommodations have surged. Many operate without the necessary civic approvals. HDMC Commissioner Ishwar Ullagaddi has initiated a ward-wise survey to assess these facilities. The move aims to ensure tax compliance, adherence to civic norms, and boost HDMC's revenue. Non-compliant PGs will face strict action, emphasizing the importance of legal operations in the growing educational hubs.
The City and Industrial Development Corporation (CIDCO) is embarking on an ambitious project to create the International Corporate Park (ICP) in Kharghar, Navi Mumbai. Spanning 140 hectares, the ICP aims to rival Mumbai's prestigious Bandra-Kurla Complex (BKC) and is strategically located near the upcoming Navi Mumbai International Airport. CIDCO is currently addressing encroachments and constructing a protective compound wall around the ICP area, signalling the start of significant development. The project will include various sectors, offering corporate offices, hospitality facilities, media and entertainment infrastructure, IT company offices, residential housing, educational institutions, and healthcare facilities. Kharghar is set to become a thriving business hub, with the ICP at its core, enhancing the region's appeal.
The Government of Telangana has joined forces with Tabreed, a global cooling utilities leader, to create Asia's largest district cooling project. This ground breaking initiative begins with a substantial Public-Private Partnership (PPP) project for Hyderabad Pharma City, involving the development of 125,000 RT of district cooling infrastructure, with an investment of up to $200 million. This utility cooling-as-a-service model aims to provide sustainable cooling solutions for industrial units. The project is set to yield significant benefits, including massive power and water savings, a substantial reduction in greenhouse gas emissions, and a more environmentally friendly approach to cooling in the pharmaceutical industry.
Hotel stocks are reaching new highs, driven by upcoming events like the G20 Summit, ICC Men's Cricket World Cup, and the wedding season. Despite a weak second quarter due to the monsoon, experts remain optimistic, expecting a surge in demand, especially from international tourists returning to pre-COVID levels. Leading hotel chains have posted strong financial performances, with occupancy rates set to improve. Room rates are also seen in an upward trend. The Indian hotel sector is showing resilience and potential for growth, making it an attractive investment amid positive market sentiment.
LP Logiscience, the warehousing and contract logistics division of the renowned Liladhar Pasoo legacy brand, is embarking on a significant expansion in the Delhi NCR region. The move comes amidst a booming Indian warehousing sector, with LP Logiscience already operating a Grade A compliant, multi-user warehouse in Noida-Ghaziabad. They currently serve top clients in the specialty chemicals sector, leveraging specialized licenses like CTE and Fire NOC. LP Logiscience aims to double its growth in the next two years, capitalizing on a surge in warehousing transactions, reduced vacancy rates, and a shift towards third-party logistics providers in FY 2023.
NoBroker, India's proptech unicorn, has introduced a ground breaking metro-based property search feature in response to imbalanced real estate demand and supply post-pandemic. This innovation allows users to explore homes along metro lines, reducing commute times, carbon emissions, and rental costs. By widening options beyond the immediate vicinity of workplaces, NoBroker aims to ease the rental property search, addressing the 40% surge in rental rates near tech hubs. This initiative promises rent rationalization, closing the demand-supply gap, and reducing resource strain. Available in key Indian cities, it signifies a significant positive change in the real estate market, especially for tenants.
A new report by Feantsa, the European Federation of National Organisations Working with the Homeless, reveals that almost 900,000 people are homeless across Europe on any given night. The report, which defines six categories of homelessness, highlights the failure of European countries to make housing a fundamental right. Only Finland and Denmark showed demonstrable progress in combating homelessness, with Denmark reducing homelessness by 10% between 2019 and 2022 through a "housing first" strategy. The report also emphasizes the need for better housing conditions, as significant numbers of people across the EU live in substandard homes with issues like dampness, overcrowding, and inadequate sanitation.
Chinese Vice Premier He Lifeng has called for stricter control measures in the management of affordable housing in China, including a proposed ban on trading such properties. The goal is to ensure a stable and sustained supply of low-cost homes, as high housing costs have made it difficult for many young people to buy homes in major cities. China had previously planned to introduce 6.5 million additional affordable rental units in 40 major cities between 2021 and 2025. However, economic challenges, job market issues, and the resale of low-cost housing have impacted the availability of affordable homes. Despite declining property prices in some areas, China's real estate sector continues to face difficulties, including diminished consumer confidence and youth unemployment concerns.
A $92 million condo in New York City’s 432 Park Avenue, originally priced at $132 million, finally found a buyer after two years on the market. The lavish residence, spanning 8,000 square feet on the 79th floor, offers stunning views of Central Park and the city skyline. The seller had purchased it for $59.14 million in 2016. Meanwhile, the second-highest contract signed that week was for an $18.3 million penthouse on Hudson Street, featuring four bedrooms, over 5,000 square feet of interior space, and an additional 2,500 square feet of outdoor space. The luxury real estate market in Manhattan showed resilience.
Downtown Ottawa is grappling with its highest-ever office vacancy rates, hitting 15.1%, per a report by CBRE. Despite this record, Louis Karam, CBRE Ottawa's managing director, suggests it's not an immediate concern, noting that Ottawa still fares better than many Canadian cities. The national average vacancy rate is 18.9%, with Toronto at 15.8% and Calgary at 31.5%. The report attributes this trend to businesses downsizing their downtown office spaces due to recent economic shifts. Ottawa's unique challenge lies in the role of Public Services and Procurement Canada (PSPC), which manages significant government real estate and is in the midst of a 10-year plan to reduce office space.
India's Proptech sector is booming, securing $4 billion in investments between 2009 and 2022 with a CAGR of 49%. Co-living and co-working platforms dominate, followed by construction technology. Major players like NAREDCO Maharashtra are launching dedicated funds to accelerate innovation in real estate and support start-ups. Brigade REAP, backed by Brigade Enterprises Limited, has mentored 62 start-ups with a 40% success rate in securing external funding. HDFC Capital's HeART Platform and Gruhas Aspire are also actively fostering Proptech innovation through accelerator programs, further driving growth in this dynamic sector.
Citizens and political activists in Pune are urging the city police and civic administration to allocate dedicated parking spaces during the upcoming 10-day Ganesh festival. Nitin Kadam, representing the Rashtravadi Urban Cell, has written to the city police commissioner proposing the use of school and college grounds in central areas as parking lots to alleviate the strain on roads. Kadam also suggested exploring the possibility of altering school timings during the festival. He proposed that schools could extend their hours until 4 pm, after which their infrastructure, such as grounds and open spaces, could be utilized for parking. This would not only help students avoid traffic chaos but also provide space for devotees to park their vehicles.
According to data from the Haryana State Pollution Control Board, only 34% of the necessary anti-smog guns have been placed at large building sites in Gurugram, with 66% still pending. These tools aid in reducing air pollution, particularly in the winter. For building sites between 5,000 and 10,000 square meters, the standards call for at least one anti-smog gun, with bigger sites needing several. Gurugram now has a decent air quality, but experts predict that it will get worse. If anti-smog guns are not installed after a week's notice, environmental officials intend to fine violators. These tools are crucial for combating the pollution in the area.
The National Consumer Disputes Redressal Commission (NCDRC) has ruled against the developers of the World One project in 'Upper Worli,' finding them responsible for unfair trade practices and a deficiency in service. The NCDRC has ordered refunds with interest to three flat buyers, totalling approximately Rs 33 crore, with a maximum pay out of Rs 13 crore. The project faced significant delays due to the Airports Authority of India withholding a No Objection Certificate. The NCDRC rejected the developers' argument that the flat purchasers should have terminated their agreements, emphasizing the developers' responsibility for the project's delays and lack of necessary approvals. This ruling sets a precedent for consumer rights in real estate disputes.
Sumadhura Infracon, a prominent real estate developer, intends to invest Rs 5,000 crore to double its property portfolio in the next three years. The company recently acquired 45 acres along Bengaluru's Outer Ring Road for a commercial project and plans to construct three million square feet of residences and develop two million square feet of land in 2023. Chairman G. Madhusudhan highlighted that internal accruals and strong financial institution partnerships would fund most of the projects. The company also ventures into plotted development with nearly 100 acres in Devanahalli, aiming for a total of five million square feet of construction.
ASBL, a forward-thinking real estate company, has launched its latest project, ASBL Loft—a high-rise residential community designed to address modern homebuyers' needs. The project, located in the financial district, offers exclusive 3BHK units with outdoor living balconies and aims for accelerated completion by December 2026, thanks to innovative 'digital twin' technology, Inncircles Arena. ASBL Loft goes beyond traditional housing, offering premium services like childcare facilities, fitness and wellness spaces, and work-from-home (WFH) convenience. The design is the result of extensive research into customer lifestyles, emphasizing biophilic design principles and a strong sense of community with urban corridors.
The Bombay High Court has rejected a plea by Shiv Sena (UBT) leader and MLA Ravindra Waikar, along with his wife Manisha and three others, challenging the Brihanmumbai Municipal Corporation's (BMC) decision to cancel permission for the development of land designated for a five-star hotel in Jogeshwari (East). The court questioned the initial permission granted by BMC officials and why no action was taken against those officials when the permission was later revoked. The dispute arose from an agreement made in 2004, and the court found that the petitioners had concealed key clauses, leading to the rejection of their plea.
The recent decision by the High Court regarding the Jilling Estate in Nainital has granted permission for third-party landowners to engage in construction activities within the 36-acre area. However, this permission comes with stringent conditions, closely aligned with environmental guidelines. The Court emphasized the role of the State Environment Impact Assessment Authority (SEIAA) in monitoring and ensuring compliance with commitments, including a strict limit on the total built-up area. The government is tasked with reporting violations, highlighting the commitment to environmental safeguarding. Moreover, the decision underscores that the construction permit does not exempt developers from obtaining necessary legal permissions, emphasizing adherence to the rule of law and responsible development.
The registration department's 27 offices in the Pune swiftly processed over 90% of 13,500 pending leave-and-license applications in just four days, addressing citizens' concerns about delays. This efficiency followed a directive from the joint district registrar to reduce document pendency to 50 at each office, resulting in a significant reduction in backlogs. The issue of delays in online document registration, previously attributed to software glitches, has been largely resolved, bringing relief to citizens and highlighting the importance of streamlined administrative processes and technology in governance.
Motilal Oswal Financial Services has made a strategic acquisition by procuring a standalone commercial tower in Ahmedabad's financial district, spanning 12 floors and nearly 110,000 square feet. The undisclosed transaction with Claris Life Sciences heralds the creation of the Motilal Oswal Tower, their third independent commercial property alongside Mumbai and Bengaluru. This brownfield project on Sindhu Bhavan Road is set for completion by September 2024.
The migration of financiers to Miami, driven by factors such as lower taxes and quality of life, has caused a shortage of high-end homes in affluent neighbourhoods. Hedge Fund Citadel's relocation from Chicago to Florida, has played a significant role in this trend. Real estate agents have noted a surge in demand, with many high-value homes being purchased by hedge fund investors, including Citadel employees. This rush to acquire properties has been particularly pronounced in the early spring, timed with school enrolment deadlines. Despite challenges like the construction workforce deficit, Miami's real estate market is experiencing substantial growth, impacting luxury home availability.
Oman's Greater Salalah masterplan introduces an innovative sustainable city project to the east of Al Dahariz. Spanning 5 kilometers, this development aims to house up to 40,000 residents and includes six hotels with 1,100 rooms. Emphasizing renewable energy sources, rainwater harvesting, and efficient resource management, the city aligns with Oman's Vision 2040 for sustainability. It reflects Oman's leadership in sustainable urban planning, exemplified by the Yiti Sustainable City. These projects showcase Oman's commitment to reducing its environmental impact, fostering economic growth, and enhancing citizens' quality of life. They stand as inspiring models for global sustainable urban development.
The Chinese government is taking decisive actions to address the debt crisis in the country's housing loan sector. Key measures include the removal of home purchase restrictions in non-core districts of major cities, the lifting of price caps on new homes, and providing preferential loans to first-time homebuyers regardless of their credit history. This move aims to stimulate home buying, boost consumer demand, and prevent the housing sector's debt issues from spilling over into the broader financial sector. China's property sector plays a significant role in its economy, making it crucial to stabilize and support for overall economic growth and stability.
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The Mumbai Municipal Corporation (BMC) and the Maharashtra government have been directed by the Supreme Court to retain the current housing status for conservancy workers who have long yearned for home ownership. Due to BMC intentions to revamp the colonies as part of the Ashray Yojana Program, many workers who reside in BMC colonies have received eviction notices. The workers' union requests owning apartments in accordance with government directives, but the BMC has not implemented these suggestions. While the greater housing issue for conservancy employees is yet unresolved, the Supreme Court's interim injunction offers transient relief.
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The Greater Noida Authority has introduced a One Time Settlement (OTS) scheme for multi-storey building allottees to clear outstanding dues. Over 2,200 homebuyers who haven't executed lease deeds stand to benefit, with potential collections of Rs 468 crore in dues and premiums. Applicants can apply for the scheme from September 5 to December 31, receiving discounts of 20-80% on penal interests based on flat size. Eligibility is for those who haven't benefited from similar schemes earlier, and applicants must pay a processing fee and 50% of dues by December 31. The property department aims to process applications within 15 days.
A Vadodara-based builder, Manish Patel, faced jail time and homelessness for failing to deliver possession of properties to buyers in his schemes for over six years. The Gujarat High Court temporarily stayed the Gujarat Real Estate Regulatory Authority's (GujRERA) property attachment and sealing order, providing relief to Patel's family. The court intervened after Patel assured he would deposit the Rs 1.48 crore compensation demanded by RERA for delayed possessions. Patel's house was spared from auction, but he must deposit 30% of the compensation within four weeks and the full amount in seven to eight months. Further hearings are scheduled in a month.
The Mumbai Police's Economic Offences Wing (EOW) has arrested builder Kinnar Nayak for his alleged involvement in a case of fraud related to a redevelopment project in Mumbai. Nayak, the director of Taksha Spaces, had approached the complainant, Amjad Shaikh, and his father in 2015, requesting a substantial sum of Rs 35 crore for a redevelopment project at the Govardhan Cooperative Housing Society in Goregaon. Shaikh transferred Rs 30 crore to Nayak's accounts but, despite promises, Nayak failed to fulfill his commitments. The case underscores the importance of due diligence and legally binding agreements in real estate transactions to prevent fraudulent activities.
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Brookfield Asset Management has committed over Rs.1,500 crore to The Leela Palaces, Hotels and Resorts, following an initial Rs.4,500 crore investment, marking the largest-ever foreign investment in India's hospitality sector. The brand is experiencing its best performance in three decades, driven by strong profit margins and ambitious expansion plans, including introducing the Leela Palace brand to Mumbai's Central Business District. Brookfield's global investments are propelling The Leela into international markets, with sustainability initiatives and significant room additions on the horizon, ensuring the brand's promising trajectory.
India's alternative asset investment landscape has transformed with cumulative investments of approximately USD 2.0 billion between 2019 and H1 2023, driven primarily by foreign investors seeking diversification and attractive returns. Institutional investors are venturing into non-core assets, including data centers, life sciences, and co-living, due to factors like the shared economy's rise and government support. Foreign contributions comprised 78% of these investments, with data centers standing out as a preferred asset class. India's robust economic growth, projected at 6.6% by the IMF for 2023, further enhances its appeal. Data centers have witnessed significant investments, thanks to rising data consumption and partnerships with global hyperscale companies.
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The Enforcement Directorate (ED) has attached properties worth approximately Rs 19.67 crore in connection with a loan fraud case allegedly involving builder Uma Shankar Patro and three former bank officials in Bhubaneswar dating back to 2017. The case, which originated from three FIRs registered by the Central Bureau of Investigation (CBI), revolves around the alleged misappropriation of Rs 18.79 crore through multiple housing loans. The attached properties include movable assets like bank balances and mutual fund balances, as well as immovable assets such as land and buildings in Puri and Bhubaneswar. The accused allegedly used forged documents to secure loans and misappropriate public funds.
Garbage collection in Crossings Republik, with 14,000 flats, has been halted due to a lack of waste processing facilities, in line with Solid Waste Management Rules. The housing societies and commercial units generate a significant amount of waste daily. The Federation of Crossings Republik AOA may request a two-month extension to establish processing facilities. The Municipal Commissioner has not received such requests and emphasizes holding builders accountable. Compliance with waste management rules is being verified in integrated townships, highlighting the importance of responsible waste management in growing urban areas. The outcome will impact residents and the environment.
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SS Group has unveiled its luxury project, SS Cendana Residences, in Sector 83 of Gurgaon. The opulent complex spans 8 acres and includes 10 high-rise towers designed by renowned architect ARCOP. It offers a wide range of amenities, catering to various interests and age groups. The project aims to provide a self-contained luxury living experience and reflects SS Group's commitment to delivering upscale homes in prime locations. With its thoughtfully planned design and amenities, SS Cendana Residences is set to redefine modern luxury living in Gurgaon, making it an attractive option for premium homebuyers in the area.
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In the wake of implementing new tax regulations, a city with around 4.8 lakh property taxpayers received just one complaint during the objection period. This singular complaint, submitted via email, expressed general concerns about increased tax rates. The revised tax structures primarily affect larger residential properties, commercial establishments, shopping complexes, and other entities. The state government mandated a five percent annual property tax increase for five years, along with adjustments based on revised foundational tax rates. Notably, government office buildings witnessed a significant reduction in basic tax rates, while commercial real estate faced varying adjustments. This comprehensive revision marks an increase in the city's annual property tax demand.
WeWork is in the process of renegotiating the majority of its global leases following concerns about its financial stability. The company aims to reduce lease costs it deems out of sync with current market conditions. As of June, WeWork operated in 777 locations across 39 countries, with long-term lease commitments exceeding $13 billion. This move poses challenges to the commercial real estate sector, which is already grappling with excess capacity due to remote work trends. WeWork's shares have plummeted by 98 percent over the past year, raising doubts about its future. Despite this, the company insists it is here to stay, albeit with revised lease agreements.
Star Housing Finance Ltd. (Star HFL) has strengthened its presence in the Mumbai region by inaugurating a new office in Vashi. This strategic move aligns with their mission to provide credit access to first-time homebuyers offering long-term housing finance solutions for affordable housing purchases. The Vashi branch, staffed by a team of housing finance experts will serve areas including Panvel, Belapur, Airoli, Ulwe, Taloja and Dronagiri. Star HFL aims to further expand its physical presence in key locations across the Mumbai region recognizing the diverse micro markets within this vast territory and the growing demand for housing solutions.
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Ashiana Housing, a renowned real estate developer listed on NSE and BSE, is embarking on an ambitious expansion in Western India. Their diverse portfolio includes residential and senior living projects, with a substantial investment of approximately Rs 550 crore. Notable projects like Ashiana Malhar and Ashiana Amodh in Pune exemplify their commitment to quality and innovation. With successful ventures in nine Indian cities and millions of square feet developed and managed, Ashiana Housing is rapidly becoming a trailblazer in the Western Indian real estate sector, reshaping the region's housing landscape.
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The Bombay High Court has approved the demolition of a 150-year-old structure on Malvani church land in Malad, Mumbai, to widen a congested road. However, the court has raised concerns regarding compensation and the relocation of the structure. The court noted that the structure, known as Parochial House, was not of significant heritage value, according to the Mumbai Heritage Conservation Committee. The church is willing to cooperate with the removal but seeks compensation and permission to relocate the house on the property. The judges have called for clarity on the actual area, compensation, and potential relocation.
Welspun One Logistics Parks (WOLP) plans to invest over Rs.600 crore in developing a Grade-A, in-city warehousing facility near Mumbai. This investment is through their Welspun One Logistics Parks Fund 2, which has already secured Rs.1,500 crore out of a Rs.2,000 crore target. The 6 lakh sq ft facility, situated on a 3.25-acre land parcel in Thane's Wagle Industrial Estate, will support urban last-mile delivery and cater to the surging demand for in-city warehousing driven by e-commerce and quick commerce services. WOLP aims to create a portfolio of 16-18 million sq ft across tier 1 and 2 cities, with an overall investment of over Rs.8,000 crore.
Avenue Supermarts continues its real estate expansion with the purchase of 50,000 sq ft of commercial space in Mumbai's Kandivali suburb for over Rs 88.74 crore, aiming to establish a hypermarket store. The company recently opened a new store in Morbi, Gujarat, reaching a total of 333 supermarket outlets. During the 2022-23 fiscal year, it added 1.9 million sq ft of retail space and achieved impressive sales per sq ft of Rs. 31,000. Additionally, Reliance Retail is opening Metro Cash & Carry stores to all customers after acquiring a 100% stake in the company. These developments underscore the resilience and adaptability of India's business landscape and signal a positive outlook for the future of the retail and real estate sectors in the country.
Amid concerns over China's property sector and economic slowdown, Chinese banks are making strategic moves to cut interest rates on existing mortgages. These rate reductions, ranging from 10 to 25 basis points, are designed to ease the pressure on homeowners and stimulate spending. However, experts warn that these measures could further squeeze banks' net interest margins (NIM) and profitability. While it's an attempt to address mortgage prepayments, this move poses challenges to the banking sector's financial health. Banks are also contemplating reductions in interest rates on fixed-term deposits to strike a balance between maintaining NIM and offering more affordable mortgages.
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Women's investments in the UAE's real estate sector have surged, contributing over $16 billion, with a 51% increase in female investors in 2022. Women's ownership of properties in Dubai now stands at 30%. They are diversifying their portfolios, with real estate, technology, and healthcare sectors at the forefront. The 'Invest'HER' initiative has played a significant role in educating and mentoring women in investment. This trend signifies growing financial independence and empowerment among women, actively shaping the UAE's economic landscape.
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Queensland-based Voltin, a leader in building defect detection technology, has entered into a strategic partnership with International Real Estate Partners (IREP), a global real estate management organization. This collaboration extends Voltin's reach to more than 80 international markets, including India, while giving IREP early access to Voltin's cutting-edge technology. Voltin specializes in visual data capture and AI-driven photogrammetry modelling software for precise building defect identification. Their system offers an automated and efficient approach to building façade defect detection, capable of identifying over 50 types of defects on various surfaces. This partnership is set to transform real estate inspection technology globally.
Israel's housing market faces a challenging landscape in 2022, with soaring home prices making it one of Europe's costliest places to buy property. Deloitte's report highlights Israel's top position in construction starts but also reveals its second-lowest housing stock per capita. Rising interest rates are putting pressure on mortgage borrowers, while the affordability gap continues to widen. A 70-square-meter home in Israel costs an average of 10.2 years' gross annual salaries. This report sheds light on how these housing market dynamics impact the economy and the quality of life in the country, providing insights into Israel's unique real estate situation.
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In response to rising competition and vast unoccupied spaces in its IT parks, Kerala's government is enlisting international property consultants (IPCs). Aimed at matching the marketing strategies of private developers, the move seeks to promote 20 million sq ft of ready space across three main IT hubs, with an additional 10 million sq ft underway. The strategy mirrors private sector successes in drawing multinational tech giants through IPCs, ensuring Kerala remains a competitive global IT hotspot.
The Tamil Nadu state government has allocated Rs 79.28 crore to construct 1,500 homes for the Scheduled Tribes (ST) and Narikuravar communities. This initiative aims to provide housing for 1,000 homeless ST members and 500 Narikuravars across 19 districts in the state. The housing grant was formalized through a government order (G.O.), reflecting the government's commitment to providing homes to eligible recipients. Originally budgeted at Rs 45 crore, the project's cost was increased to Rs 79 crore after a comprehensive assessment. This initiative is part of a broader strategy to transition these communities into settled lifestyles, including providing land rights and support for employment and entrepreneurship.
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In a significant push for affordable housing, 11,700 two-bedroom flats were allotted to beneficiaries in Hyderabad recently. This allocation by the Greater Hyderabad Municipal Corporation (GHMC) responds to the 7 lakh applications received since the scheme's announcement. Minister Talasani Srinivas Yadav, who stepped in for the absent MA&UD Minister KT Rama Rao, emphasized the scheme's transparency and assured further allotments for eligible candidates. The move signals the Telangana government's dedication to enhancing the city's housing infrastructure.
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Despite the impending winter air quality crisis in Delhi-NCR, only 220 out of 3,000 construction sites in Gurugram have registered on the dust portal. Launched by the Haryana government in response to air quality concerns, the portal monitors pollution levels at construction sites and enforces compliance with emission reduction rules. Haryana State Pollution Control Board officials have vowed to take strict action against non-compliant sites. However, construction agencies cite the high costs involved in compliance, particularly for smaller projects. This highlights the need for a more concerted effort to combat air pollution in the region.
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The Belagavi Urban Development Authority (BUDA) has expanded its jurisdiction to encompass an additional 28 villages surrounding the city, following government directives. This extension, made under the authority of Section 4(A)(1) of the Karnataka Urban and Rural Planning Act 1961, aims to promote systematic growth, connectivity, industries, and residential development. A fresh master plan, expected to be prepared by a selected firm, will cover these newly included villages, supplementing the 2014 plan that initially covered 15 villages. Despite a two-year delay, this decision empowers BUDA to oversee infrastructure-related projects in all 41 villages, fostering coordinated development in the region.
The Enforcement Directorate (ED) has attached three land parcels worth over Rs 161 crore in Ranchi as part of a money laundering investigation related to land grabbing and fraud in Jharkhand. A fresh charge sheet has been filed in Ranchi, with previous action taken on June 12. Jharkhand Chief Minister Hemant Soren has been summoned for questioning but has not appeared, reportedly filing a petition against the ED's actions in the Supreme Court. These land parcels were allegedly fraudulently mutated in favour of land mafias with the complicity of land revenue department officers. The total attachment of properties now stands at Rs 236 crore in this case.
The Greater Noida Industrial Development Authority (GNIDA) is advancing its Master Plan 2041, aiming to allocate more land for industrial use and capitalize on its proximity to the Noida International Airport by establishing a commercial hub. Currently, 25.4% of the proposed 40,000-hectare Phase 2 area is designated for industries, a share the state government seeks to increase. Although preliminary approval has been granted, final authorization awaits stakeholder discussions and public input. This initiative also promotes mixed land-use near the upcoming Noida International Airport, with plans for road extensions, hospitality hubs, and enhanced transportation infrastructure, including metro and green corridors.
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Residents of Aayakar Nagar in Sanganer, Jaipur, are facing difficulties due to heaps of road construction materials blocking the roads in their colonies. Approximately 150 to 160 families are affected as the construction materials cover the breadth of several roads and block entrances to buildings. Local authorities are unsure about the source of these materials, and residents are left inconvenienced and puzzled by their sudden appearance in the area. The situation has prompted residents to resort to walking as vehicles cannot navigate through the blocked roads.
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WSB, a significant player in India's real estate investment sector, has exceeded its initial target by raising over Rs 850 crore through Fund Plus co-invest, reflecting strong investor confidence. The company's strategy focuses on partnering with reputable developers to contribute to India's real estate growth. The WSBREDF II fund has deployed most of its capital across 12 transactions, achieving two exits with a 23 percent gross IRR. Distinguished developer partners include Bollineni Group, Shapoorji Pallonji, and Jain Housing. The fund has attracted diverse investors, underscoring its appeal in the Indian residential real estate market by aiming to provide quality housing solutions and attractive returns.
SHFL, a subsidiary of Sundaram Finance, plans to venture into the affordable housing sector, targeting Tier 2 and Tier 3 towns in Tamil Nadu and Andhra Pradesh. This decision is in accordance with the government's "housing for all" initiative. The company intends to open around 10 branches in smaller towns and hire 50–75 employees exclusively for affordable housing by March 2024. With assets under management of Rs 11,200 crore and a net profit of Rs 215 crore in the last fiscal year, SHFL aims to contribute to housing accessibility while expanding its customer base.
Banks in India have approached the RBI with a proposal to include stamp duty and registration charges in the project cost when calculating home loans, potentially allowing borrowers to access larger loans. Currently, these charges are not included in the home loan amount. If approved, this could raise loan amounts for homebuyers, particularly in projects where such charges are significant. The RBI had previously directed lenders not to include these charges in the total property value to uphold the effectiveness of loan-to-value norms. This move aims to encourage affordable housing for borrowers.
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The Mumbai Metropolitan Region Development Authority (MMRDA) is set to receive a 71.04-hectare plot of land in Thane for the construction of car sheds for four metro routes. This move, approved by the state cabinet, is expected to accelerate the progress of various metro projects, including the vital Metro 4 route, which has faced delays due to the lack of a car shed. The allocation of this land is seen as a crucial step in improving Mumbai's public transportation infrastructure and connectivity across the region, benefiting commuters and easing congestion in the city.
Global asset management firm Mirae Asset has continued its strategic investments in India's logistics and industrial real estate by acquiring an income-producing warehousing property in Bhiwandi near Mumbai. Mirae Asset Investment Managers (India) made the purchase through the Mirae Asset Credit Opportunities Fund, securing a logistics facility in BGR Logistics Park spanning 11 acres with over 5 lakh sq ft of leasable space. This marks Mirae Asset's second transaction in Bhiwandi within six months, bringing its total investment in the area to over Rs 300 crore.
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A prime 13.59-acre land parcel adjacent to Visakhapatnam's RK Beach area, previously earmarked for the UAE-based LuLu Group, is set to hit the auction block. Recently transferred to the Visakhapatnam Metropolitan Region Development Authority (VMRDA), the urban development body is preparing to initiate the sale proceedings, with an expected revenue in the hundreds of crores. Originally designated for a multi-billion rupee project by LuLu Group, the land was reclaimed by the YSRCP government in 2019. With a reserve price of around ?1,452 crore, the auction is poised to attract attention due to its strategic location and road access.
In Chhattisgarh, ahead of the assembly elections, the state government has approved housing for 6,99,439 eligible beneficiaries who were on the permanent wait list of the Pradhan Mantri Awas Yojana (Gramin). The government is also implementing the Gramin Awas Nyay Yojna-Rural (GANY) to address housing needs for those excluded from the 2011 census. This initiative aims to provide durable homes, with 100% state funding allocated for construction, and a budget provision of Rs 100 crore for the fiscal year 2023-24.
The Bhubaneswar Development Authority (BDA) is shifting its focus to provide affordable housing options for economically weaker sections (EWS) and lower-income groups (LIG). Private real estate developers undertaking projects on government-owned land will now be required to allocate 10% of housing units for EWS and LIG beneficiaries at a subsidized rate of Rs 1,780 per square foot. The BDA has already allocated land for this purpose and plans to expand this initiative. Additionally, the BDA is working on housing projects for the middle-income group and comprehensive development plans for newly added villages. Their vision includes creating a New City on government-owned land for economic development.
The Telangana Real Estate Regulatory Authority (TS-RERA) has taken a significant step forward by introducing virtual hearings for complaints against builders and developers. This initiative aims to expedite the resolution process and provide convenience to complainants, regardless of their location. Within just 40 days of its establishment, TS-RERA has implemented this technology-driven approach, making it easier for individuals from around the world or those facing accessibility challenges to participate in hearings. The move emphasizes TS-RERA's commitment to leveraging technology for the benefit of the public, increasing transparency, and holding unscrupulous developers accountable.
The Kolkata Metro Rail Corporation (KMRC) has pledged to construct new homes for the residents displaced by the land subsidence incident in Bowbazar, Kolkata. The incident, which occurred during tunnelling work for the East West Metro, resulted in the collapse of multiple houses and left many residents homeless. KMRC's General Manager of Administration, A.K. Nandy, assured that construction of new structures would begin by April 2024 and estimated completion by December 2025. However, some residents remain skeptical, and the incident highlights the challenges and impact of urban infrastructure projects on local communities.
Following a collective request from 28 unit holders invested in the Gurugram-based 'Imperia Mindscape' project, the National Company Law Tribunal (NCLT) has ruled in favour of initiating insolvency proceedings against Imperia Structures. The tribunal's decision is grounded in a thorough review of financial records, revealing an outstanding debt of Rs 36.79 crore due to Imperia Structures' inability to fulfil promised assured returns. This development highlights the growing concerns surrounding the realty firm's financial obligations and underscores the urgency of addressing these issues through the insolvency process.
Nashik Municipal Corporation (NMC) has reversed its previous ban on building projects exceeding 70 meters in height. The decision, which had stirred controversy among builders, was initially made due to the unavailability of a 90-meter ladder for the fire department. With the inability of a company to fulfil the ladder order, the town planning department imposed a two-year moratorium on high-rise projects. However, NMC Commissioner Ashok Karanjkar has now directed the withdrawal of this restriction. Over the past two years, more than 100 projects over 70 meters have received approval.
Economists and property analysts, surveyed by Reuters ahead of Nationwide’s data release, predict a 4% decline in British house prices for 2023 compared to 2022, a slight increase from the 3% estimate in a previous survey. The most pessimistic forecast foresees a 10% drop. The outlook for 2024 suggests stable prices, with a modest 3% rise anticipated for 2025. This shift reflects growing concerns about the housing market’s trajectory, with factors like rising interest rates and weakening demand causing experts to revise their expectations. The housing market, once on a rapid ascent driven by the pandemic, now appears to be facing a period of adjustment.
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CIBC, the Canadian Imperial Bank of Commerce, is planning to reduce its focus on U.S. office real estate due to underperformance in that sector. The bank cited challenges in the U.S. real estate and construction sectors, along with elevated interest rates, as reasons for a significant increase in provisions for bad loans, which tripled to C$736 million ($544 million). This decision follows a trend among Canadian banks, as others like TD Bank, Bank of Montreal, Bank of Nova Scotia, and National Bank also fell short of profit expectations due to increased provisions. Concerns about an uncertain macroeconomic landscape, including elevated interest rates, inflation, and economic growth deceleration, are weighing on the sector.
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Swire Properties Group, a Hong Kong-based developer, has made headlines with a bold move to invest $1.34 billion in China. The company's strategic bid focuses on acquiring 40% stakes in two Chinese firms holding prime land assets in Shanghai's Pudong district. These coveted properties are slated for retail, office, and residential development, aligning perfectly with Swire's vision of expanding its footprint in mainland China. However, the deal is not without hurdles, as it awaits approval from Shanghai Lujiazui Finance & Trade Zone Development shareholders, a subsidiary of Shanghai Lujiazui Group.
EPACK Prefab, India's leading pre-engineering structure manufacturer, has achieved a significant milestone by successfully constructing 10 million square feet of industrial and warehouse buildings, valued at INR 700 crores. This accomplishment highlights the company's expertise and the booming potential of India's industrial warehouse sector. Sanjay Singhania, Managing Director of EPACK Prefab, attributes this growth to the "Make in India" campaign and increased manufacturing demand, particularly in tier 2 and tier 3 cities. With streamlined prefabricated structures, the company has gained projects from major players like Coca-Cola and more, facilitating rapid expansion in the retail and e-commerce sectors.
The Hubballi-Dharwad Municipal Corporation (HDMC) is taking a proactive approach to enhance revenue collection by establishing a dedicated task force and implementing a Geographic Information System (GIS) survey. This initiative aims to identify untaxed properties and bridge the gap between actual revenue and the projected budget. The decision was made during a recent general body meeting, where concerns were raised about the municipality's revenue generation efforts. The formation of a specialized task force, the auctioning of leased properties, and the use of private agencies for the GIS survey are among the strategies to bolster revenue. The HDMC is committed to optimizing resource mobilization.
Hyderabad's rental market has experienced a significant increase in rent prices in the first half of 2023, driven by a growing demand for residences near workplaces as businesses return to regular operations. Employees are seeking housing options close to their offices, particularly around tech parks and commercial areas. This shift has created a competitive housing market with a supply-demand imbalance, prompting landlords to raise rents by over 20%. About two-thirds of tenants in Hyderabad have expanded their rental budgets to adapt to the changing real estate landscape, with many desiring more spacious living arrangements. Additionally, the demand for standalone buildings has increased due to the shortage of gated communities.
Amidst unprecedented environmental challenges during this year's monsoon season, Himachal Pradesh has imposed a two-week ban on hill cutting and halted fresh construction permits, except for disaster-related rebuilding. The decision, in effect until September 16, comes as the state grapples with catastrophic landslides, erosion, and significant loss of life and property. The government's priority is safeguarding human lives, infrastructure, and the fragile ecological balance. With over 250 lives lost and massive economic losses, this move underscores Himachal Pradesh's commitment to environmental preservation and safety in the face of ongoing environmental crises.
Naiknavare Developers, known for their community-centric projects in Pune, Mumbai, and Goa, have launched "Avasa Grassland," a premium plotted development in Chakan, Pune. This project is part of the larger Dwarka Township, offering plots ranging from 1836 sq ft to 3298 sq ft. Situated amidst a thriving community with excellent amenities and infrastructure, it's strategically located near major industrial zones and business centres. Residents will also enjoy a Forest Park, and the development includes various amenities like a Senior Citizen Sitting Area, Vegetable Garden, and more. This expansion reflects Naiknavare Developers' commitment to offering diverse real estate solutions.
Haryana Chief Minister Manohar Lal Khattar has unveiled an ambitious master plan for the comprehensive development of the urban area in Faridabad. Developed in collaboration with IIT Delhi and IIT Roorkee, the plan aims to systematically improve infrastructure and public services within the Faridabad Metropolitan Development Authority's jurisdiction. Khattar emphasized the need for a corruption-free government and swift action against illegal construction and encroachments. Additionally, Khattar highlighted the importance of water conservation and celebrated the successful launch of India's solar mission Aditya-L1 by ISRO, expressing optimism for its success.
EFC (I) Limited, an integrated office infrastructure and design company in India, has expanded into the Delhi NCR region by opening a 65,000 sq. ft. managed office space in Noida's Sector 62, with an option for an additional 65,000 sq. ft. The facility will host prestigious brands like Tata Capital and Virtuous Transactional Analyst, along with EFC's own regional operations teams in a 25,000 sq. ft. office. EFC aims to tap into Delhi NCR's thriving office leasing market, with plans to significantly increase its total capacity to 60,000 seats by March 2024, as it reported strong financial performance in Q1FY24.
Bombay Dyeing, a prominent Indian textile company, is reportedly in talks to sell around 18 acres of its mill land in the prestigious Pandurang Budhkar Marg area in Worli, Mumbai, to the Japanese conglomerate Sumitomo for an estimated sum of approximately Rs. 5,000 crore. This potential transaction follows a recent public notice, issued by the law firm Wadia Ghandy on behalf of an undisclosed client, expressing interest in exploring the legal rights, ownership, and interests associated with a large land parcel owned by Bombay Dyeing and Manufacturing Co Limited. If realized, this deal could mark a significant entry or expansion into Mumbai's real estate market by Sumitomo.
Uttar Pradesh Chief Minister Yogi Adityanath has announced plans to establish colonies for flood-affected residents in embankment areas who wish to relocate to safer regions. He conducted surveys in Barabanki and Gonda districts, assuring government support and relief efforts for those affected. Additionally, he emphasized the need for a permanent solution to address recurring floods and pledged compensation for farmers whose crops were damaged.
Mangal Prabhat Lodha, the guardian minister of Mumbai's suburbs, has unveiled an ambitious plan to transform Gilbert Hill in Andheri (West) into a tourist attraction comparable to Dubai's Burj Khalifa. This geological marvel, made of black basalt rock, has faced issues like landslides and slum encroachments. Lodha's plan involves making Gilbert Hill a prominent tourist destination, drawing inspiration from the iconic Burj Khalifa. The proposal includes an elevator for easier access to the hill's temple, among other enhancements. This transformation aims to boost Mumbai's tourism sector and provide a unique attraction for both locals and visitors.
Prestige Group is embarking on a transformative venture in Hyderabad with Prestige City Hyderabad, a sprawling 64-acre mixed-use township. This ambitious project, requiring a substantial investment of Rs 5,000 crore, promises to reshape the city's urban landscape. Set for completion in four years, it anticipates a remarkable gross development value of Rs 8,000 crore. Featuring a diverse range of residential units, including villas and a massive retail mall, this development aims to cater to a wide spectrum of residents and stimulate economic growth in the region. Prestige Group's track record of excellence adds credibility to this visionary undertaking.
Whiteland Corporation, a Gurugram-based real estate developer, has announced a strategic collaboration with Shapoorji Pallonji E&C for their residential projects, The Aspen & Aspen Iconic. Located in Gurugram's sector 76, these projects encompass 3.3 million square feet of construction area and feature 11 towers ranging from 30 to 43 stories. Shapoorji Pallonji E&C, known for its construction expertise, will contribute to the projects' execution. Whiteland aims to set new standards in the real estate industry through this partnership, which has been carefully crafted to ensure the successful delivery of these prestigious developments.
The Bombay High Court has issued a notice to the Central government regarding objections raised against a residential project in Kandivali. The dispute revolves around the requirement for a No Objection Certificate (NOC) from officers at the Central Ordnance Depot (COD) for the project's approval. The petitioner argues that their project is almost 80 meters away from the defence establishment, well beyond the 10-meter restriction mentioned in the Centre's 2016 circular. They allege unequal treatment compared to other developers and claim that this violates the right to equality. The HC has set a date for a response from relevant parties, including the Defence Ministry and SRA.
The Yamuna Expressway Industrial Development Authority (YEIDA) has witnessed an overwhelming response to its residential plot scheme near the upcoming Noida International Airport. The scheme, launched on August 8, offers 1,184 plots in various sizes, and it has garnered massive interest with 1.73 lakh users registering and 1.1 lakh applications submitted. The plots are situated in Sectors 16, 17, and 20, with prices set at Rs 24,600 per square meter. YEIDA plans to allocate the plots through a draw of lots on October 18, giving preference to those who have paid the 10% earnest money deposit. This surge in interest is attributed to the rapid development of the Noida International Airport and associated infrastructure projects.
Authorities in Gandhinagar face complications as errors in the beneficiary list have emerged during the planned relocation of P&T Colony residents to a new apartment complex. At least five renters were mistakenly included among the 83 beneficiaries, prompting the need for a fresh list and potential investigations into property dynamics. Despite these challenges, the Greater Cochin Development Authority remains committed to completing the relocation within a fortnight, with substantial government funding supporting the project.
The Chief Minister of West Bengal, Mamata Banerjee, has invited the Confederation of Real Estate Developers' Associations of India (CREDAI) to take advantage of the state's new land policy, which now focuses on freehold land. She aims to facilitate property development and streamline clearance processes. Banerjee emphasized that the state has a substantial land bank, encouraging CREDAI to participate in logistics and manufacturing cluster projects, as well as affordable housing for economically weaker sections. She also urged CREDAI to take action against developers who fail to deliver on promises and suggested the possibility of blacklisting such developers.
The National Consumer Disputes Redressal Commission (NCDRC) has ordered ICICI Bank to pay Rs 25 lakh in compensation for losing a customer's original property documents deposited as collateral for a housing loan. The bank's negligence in safeguarding these documents, which were lost in transit, led to the ruling, with the NCDRC rejecting the bank's attempt to shift responsibility to a courier company. The decision highlights the importance of responsible document management by financial institutions and underscores the consequences of service lapses.
Chandigarh's municipal corporation has resolved a long-standing property tax dispute by transferring the responsibility for tax payments from shopkeepers to PU. The municipal body has recalculated the tax liability at Rs 25.22 crore, now exclusively designated for PU to settle. Previously, recovery notices were issued to shopkeepers, but they contended that they were tenants, not owners. This matter was discussed within the MC's general house, leading to the unequivocal decision that PU, as the lessee of the shops, bears the sole responsibility for property tax payment. The prolonged dispute between PU and MC has endured for months.
Mindspace Business Parks REIT, known as Mindspace REIT, has strategically acquired 2,41,694 square feet of leasable space in Chennai's Commerzone Porur, consolidating its ownership of the project and expanding its presence in the Chennai market. This acquisition, valued at Rs 181.60 crore, was accomplished through debt financing with no service fees. The property boasts contemporary architecture and serves as an attractive commercial space. Mindspace REIT now commands 100% ownership of this venture, enhancing its leasing potential and adding value to its extensive portfolio, which spans multiple business hubs in India.
Medi Assist Healthcare Services, a key player in India's healthcare sector, has initiated its IPO journey by submitting its draft red herring prospectus to SEBI. In an unconventional move, the IPO will exclusively consist of an offer-for-sale, with existing shareholders and promoters offering up to 2.80 crore equity shares. This unique structure means the company itself won't receive proceeds from the IPO. Medi Assist is a significant healthcare benefits administrator, boasting substantial market shares in both retail and group health insurance. The IPO will involve various investor categories, signalling an exciting phase in the company's evolution.
The Border Roads Organisation (BRO) is nearing completion of the Sela tunnel in Arunachal Pradesh, which will be the world's longest twin-lane tunnel above an altitude of 13,000 feet. The tunnel, part of India's infrastructure development along the China border, will significantly improve troop and weapon deployment in the strategically important Tawang region. Delays caused by cloudbursts and landslides during the rainy season are being overcome, and the tunnel is expected to be operational within four weeks. Additionally, the Nechiphu tunnel in the same region is set for inauguration soon. These projects aim to enhance India's infrastructure along the China border.
Saudi Arabia's Roshn Group is spearheading the ambitious Marafy megaproject near Jeddah, featuring an 11-kilometer navigable canal at its core. Expected to accommodate over 130,000 residents, Marafy's standout feature is the 100-meter-wide canal, set to become Saudi Arabia's first of its kind. It will offer scenic promenades and connect various residential and commercial zones. With water taxis and a direct link to King Abdulaziz International Airport, the canal aims to rival waterfronts in global cities like Chicago, Hamburg, and London. Marafy's cost and completion date remain undisclosed, but it promises to elevate Jeddah's status as a world-class destination.
In 2023, Singapore has secured its position as the third richest nation globally, boasting an impressive GDP per capita of $133,895, according to the Global Finance Richest Countries ranking. This achievement places it behind only Ireland and Luxembourg in wealth. Additionally, Singapore has retained its status as the world's leading international financial centre for the second consecutive year, surpassing Hong Kong in the Global Financial Centres Index. Often referred to as "the Switzerland of Asia," Singapore's success in attracting top-tier business owners and high-net-worth individuals has been a key driver of its economic growth, supported by initiatives like the Global Investor Programme.
Mindspace Business Parks REIT has launched a cutting-edge Bio-Sonification Zone at its Airoli West campus. Employees can now unwind to calming soundscapes generated from the rhythms of 15 diverse plant species. This innovation, a part of Mindspace's commitment to sustainable ecosystems, not only offers a unique relaxation method but has also shown to stabilize listeners' blood pressure levels. This meld of nature, technology, and well-being redefines workplace relaxation paradigms.
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The revenue department in Delhi has initiated a pilot project for digital property registration and lease agreements. The National Generic Document Registration System (NGDRS) allows users to complete initial registration steps online, reducing the need for in-person visits. The system is currently operational at two sub-registrar offices and will expand to 20 more across the city. Help desks and tutorial videos are available to assist applicants, and public feedback will be collected to improve the system. Additionally, efforts are underway to digitize old documents and integrate data on prohibited properties for verification. The NGDRS aims to enhance efficiency, transparency, and citizen convenience in property-related procedures.
In a bid to counter monsoon waterlogging, Trichy's Corporation Council proposes filling vacant sites and low-lying areas with construction debris. Mayor Mu Anbalagan called on councillors to identify such plots in their wards, with a focus on eco-friendly waste material utilisation. Initiatives also include accelerated desilting of major drains and timely road work completion under the Tamil Nadu Urban Road Infrastructure Fund (TURIF) before monsoon onset. The Council's integrated approach aims for a safer rainy season for residents.
The Bombay High Court has issued a directive to the Maharashtra Housing and Area Development Authority (MHADA) to bypass the requirement of obtaining a No Objection Certificate (NOC) from any prior developer or architect for a collapsed building in Kherwadi Bandra (East). The building, known as "Govinda Tower," collapsed 25 years ago, claiming 33 lives. Justices Gautam Patel and Kamal Khata expressed their dismay over the extended delay in addressing the matter and instructed MHADA to determine a new developer and present a proposal for reconstruction. The court emphasized the importance of the society itself selecting the developer and directed the society to be joined as a respondent. The case will reconvene on October 3 to address other related petitions seeking an investigation into the building's collapse, liability assignment, and compensation.
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Jarnail Singh Bajwa, the managing director of Bajwa Developers, has been arrested by the Crime Investigating Agency (CIA) of Mohali police on charges of allegedly cheating customers. This arrest follows a complaint by a customer who accused Bajwa of engaging in fraudulent activities related to the sale of a plot in Kharar, Punjab. The customer alleged that despite making full payment, Bajwa failed to deliver the promised plot and engaged in misleading practices. Bajwa had faced legal troubles in the past, including arrests and being declared a proclaimed offender in cheque bounce cases. Customers who have invested in Bajwa Developers' projects will be closely watching the legal proceedings.
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The Bruhat Bengaluru Mahanagara Palike (BBMP) in Bangalore is cracking down on unauthorized flex banners, particularly those outside under-construction real estate properties, as part of a broader campaign against illegal signage. During this effort, BBMP officials have filed numerous complaints and FIRs against violators, including real estate developers. While penalties for banner violations are in place, activists argue that political will is necessary to address this issue effectively. They suggest considering stricter measures, like temporarily revoking advertising rights, and exploring alternative methods such as electronic displays for advertisements to combat the persistent problem of unauthorized banners.
Tata Steel Utility and Infrastructure Services Ltd. (TSUISL) is making significant progress in providing essential infrastructure to over one lakh residents in several slums in Jamshedpur East. These initiatives include installing electricity and water connections. Local MLA Saryu Roy commended TSUISL's efforts, particularly in addressing water supply issues and upcoming tap water provisions for residents. Discussions with the company's Managing Director revealed plans for drainage system construction and drain cleaning in different areas, improving living conditions. TSUISL has also agreed to issue a no objection certificate for the construction of an elevated corridor and flyover, promising enhanced transportation infrastructure.
The Bombay High Court has criticized the Brihanmumbai Municipal Corporation (BMC) for its lack of organized oversight in the redevelopment of its properties and called for the establishment of clear guidelines or regulations to address this issue. The court's comments came during a hearing on petitions filed by former residents of a BMC-owned property, highlighting issues like non-payment of transit rent and significant delays in redevelopment. The judges emphasized the need for a structured development supervision system, similar to those used by other authorities, to ensure transparency and efficiency in BMC-owned building redevelopment projects. The court's recommendations aim to improve governance and accountability in urban development initiatives.
Dubai's iconic Deira Clock Tower, a symbol of the city since the 1960s, has undergone a stunning Dh10 million transformation. Completed by the Dubai Municipality, this project blends history with modernity, revitalizing the area with meticulous attention to detail. The Clock Tower roundabout, a significant landmark, features a magnificent new water fountain with a contemporary design, alongside structural enhancements, sustainable landscaping, and innovative lighting systems. This makeover reflects Dubai's commitment to preserving its heritage while embracing modernity, ensuring that the Clock Tower remains a cherished symbol of the city for generations to come.
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Chinese property developer China Vanke, known for its financial stability, reported a 19.4% YoY drop in net profit to 9.9 billion yuan for H1 2023 amid a market downturn. China's real estate sector, a significant part of its economy, is grappling with a debt crisis causing global market concerns. To adapt to the market slowdown, Vanke has reduced land investments, maintaining smooth financing channels through bonds and loans. It has also completed significant offshore refinancing and plans to decrease offshore debt due to rising U.S. dollar interest rates. Company chairman Yu Liang believes the market has "overcorrected" and hopes for swift government easing policies.
WeWork India has partnered with CommScope to deploy RUCKUS Wi-Fi 6 technology across nearly 50 locations in India, aiming to enhance Wi-Fi connectivity and network performance. This collaboration aligns with India's digital transformation and the growing demand for flexible workspaces, supporting the thriving start-up ecosystem and remote working trends. The deployment includes 2000 ICX switches, 5000 R650 access points, and cloud-based RUCKUS Analytics powered by AI and machine learning. This technology ensures fast, secure, and reliable connectivity, enabling WeWork India to provide an optimal workspace experience for its members while keeping up with India's evolving digital workforce.
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Mumbai's property market continues to thrive, registering over 10,000 property transactions for the third consecutive month in August 2023. Despite a 7% decline in government revenue compared to July 2023, it marked a substantial 21% increase from August 2022. Analysis of new property launches between April and June 2023 indicates a shift towards high-end and ultra-luxury segments, with properties priced above INR 2.5 crore gaining prominence. The Western Suburbs have seen a surge in new launches, thanks in part to new metro lines, while the Eastern Suburbs' share declined due to various factors. With the festive season approaching, Mumbai's property market remains positive and is expected to see increased activity in the coming months.
Arkade Developers Ltd., a burgeoning real estate player, seeks to raise Rs 430 crore through an IPO, as per its preliminary filing with SEBI. The IPO consists solely of fresh equity shares, as detailed in its Draft Red Herring Prospectus. Funds will fuel ongoing projects, future acquisitions, and corporate needs. With a stronghold in Mumbai, the company has developed 1.8 million sq. ft. of residential property and launched 1,040 residential units from 2017 to June 2023. Notable projects include Arkade Nest, Arkade Crown, and others. The firm's revenue grew at a CAGR of 26.69% from 2021 to 2023. Unistone Capital leads the IPO, set to list on both the BSE and NSE, with Bigshare Services as registrar.
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A SIT in Dehradun has exposed a complex 'white-collar syndicate' involving lawyers, government officials, and property dealers engaged in fraudulent property registrations. The estimated value of the properties involved in this fake registry scandal stands at Rs 400 crore, with the potential for even more extensive ramifications. The scam, which surfaced after a surprise visit by the Chief Minister to the registrar's office, revealed multiple forgeries in documents. The SIT is diligently investigating and has made several arrests, intending to prosecute the accused under the Gangster Act due to their organized operations. They are also examining links to past thefts of crucial land records.
TPREL has joined forces with SSMI to establish a robust 28.12-megawatt green energy plant in Maharashtra. This strategic partnership, conducted via TP Alpha Limited, represents TPREL's commitment to sustainable energy. The venture centres around a 28.125 MW AC captive solar plant in Aachegaon, Solapur district, expected to generate 61.875 million units of electricity annually for SSMI's steel manufacturing unit. The project will substantially reduce SSMI's carbon footprint by 42,534 metric tonnes a year, aligning with their green steel production goals. TPREL continues to expand its renewable energy portfolio, reaffirming its pioneering status.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to introduce a pioneering grading system for real estate projects in India. Developers will receive grades based on technical, legal, financial, and general project features, offering buyers a transparent way to compare projects and make informed investments. This initiative, mandated by the Bombay High Court, aims to minimize buyer risk and enhance accountability. MahaRERA has been proactive in implementing the RERA Act 2016, including launching a counseling center, using QR codes for transparency, certifying real estate agents, and more. This innovative grading system underscores MahaRERA's commitment to enhancing the real estate sector's transparency and accountability.
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The Bombay High Court has issued directives to newly appointed Slum Rehabilitation Authority (SRA) nodal officers to ensure prompt action on complaints related to the non-payment of transit rent during the redevelopment process. These directives come in response to Public Interest Litigations (PILs) filed in 2019 regarding the non-payment of transit rent to eligible slum-dwellers, particularly in projects by Omkar Realtors and Developers Pvt Ltd. The court has mandated transparency, requiring the SRA to report on the number of complaints received and resolved. The court's intervention aims to expedite the resolution of transit rent disputes and hold relevant parties accountable, including developers and the SRA.
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The Forum For People's Collective Efforts (FPCE) has raised concerns and put forth recommendations regarding concessions to real estate developers and the revival of stalled housing projects. In a letter addressed to Union Housing and Urban Affairs Minister Hardeep Singh Puri, FPCE President Abhay Upadhyay expressed worries about certain suggestions made by the committee, which proposed changes in insolvency laws and a scheme offering subsidized interest rates to revive stalled housing units. FPCE emphasized the need for safeguards to prevent misuse of concessions, individualized project extensions, blacklisting of builders with prolonged delays, and a RERA Monitoring Committee to ensure regulatory compliance.
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A joint civil judge in Nagpur has rejected an application from Godrej Properties and a local Agrawal family, who raised concerns about the validity of a lawsuit challenging a Rs 227 crore land deal between them. The challenge is rooted in the provisions of Muslim law, specifically regarding the role of a mother as a natural guardian. While both parties contested the validity of the lawsuit, citing a limitation period, the court rejected their plea, citing principles of Muslim law as the basis for its decision. This case will continue to be heard in court, with a focus on the land deal and Muslim law considerations.
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The Indian government is set to launch an interest subsidy scheme for the urban poor and the middle class, with a focus on aiding homebuyers. Similar to the credit-linked subsidy scheme (CLSS) of the PM Awas Yojna, this initiative follows Prime Minister Narendra Modi's announcement of support for those living in rented accommodations, slums, or chawls and intending to build their own homes. The new scheme extends PM Awas Yojna's framework and broadens eligibility for interest subsidies. In addition, the government aims to deploy 10,000 electric buses in 100 cities within six months to improve urban transportation, following recent Cabinet approval.
The NMC is launching inspections of all commercial properties within its jurisdiction to ensure property tax compliance. Some commercial property owners have been avoiding tax payments by operating without civic body registration. This move aims to identify unregistered properties and increase revenue. The NMC also plans citywide property surveys to uncover underutilized properties and unauthorized construction. Currently, property tax collection begins after property owners obtain building completion certificates, but many properties operate without them. The NMC intends to extend taxation to these cases. This proactive approach enhances revenue and promotes equitable property tax compliance.
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Lenders in India have urged the RBI to double the threshold for housing loans to qualify as priority sector lending. Presently, a housing loan of Rs 35 lakh in metropolitan areas qualifies for this status, obliging banks to fulfil priority sector targets. However, bankers argue that this figure does not reflect current real estate prices. They propose raising the threshold to Rs 75 lakh for metropolitan areas and Rs 45 lakh for non-metropolitan areas. If approved, this change could significantly stimulate housing sector lending and provide a broader boost to the economy by aligning regulations with market realities.
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The Department of Town and Country Planning (DTCP) has issued a notice to Vatika Group regarding issues raised by allottees of the Vatika India Next residential project in Gurugram's Sector 82. Allottees, represented by the Senior Citizen Federation of New Gurgaon (SCFNG), have complained about a lack of zoning plans for plots allocated more than five years ago, hindering construction. They also report delays in obtaining conveyance deeds and occupation certificates for floors constructed a decade ago. Allegations include illegal booths, excessive fees, and demands for mutations. The DTCP has directed Vatika Group's MD to respond within seven days or face potential action.
The Enforcement Directorate (ED) has arrested Abhay Narendra Lodha, the promoter and managing director of a Mumbai-based steel and power company, in connection with a money laundering case linked to an alleged bank fraud. Lodha is associated with Topworth Steels and Power Private Limited (TSPPL), which is currently undergoing insolvency proceedings. The ED's investigation, stemming from a Central Bureau of Investigation (CBI) case, uncovered fraudulent activities related to IDBI Bank, resulting in a loss of Rs 63.10 crore. The agency alleges that the Topworth Group, under Lodha's control, generated illicit funds of around Rs 3,000 crore. This case exemplifies the collaborative efforts of law enforcement agencies to combat financial crimes.
Three sites in the M East ward have been approved by the Brihanmumbai Municipal Corporation (BMC) for new cemeteries, while three more have been set aside for prospective revisions to reservations in the development plan (DP). This choice comes after a Bombay High Court hearing that was brought on by a PIL that residents of Govandi filed asking for more burial space. The proposed cemeteries consist of an addition to the Rafi Nagar cemetery in Govandi, a new plot in Anik Village at Vashi Naka, and the Deonar cemetery. The BMC is putting the finishing touches on the procedures for acquiring these lands, and it intends to give landowners Transfer of Development Rights (TDR) and FSI benefits in exchange for their plots.
The inauguration of two apartment complexes in Mundamveli marks a significant step towards addressing the long-pending issue of rehabilitating 82 families residing on poramboke land in Gandhinagar, Kochi. The project, initiated as part of the Life Mission, faced multiple delays. These apartments aim to improve the living conditions of families who previously faced issues like flooding during the monsoon and lacked access to proper toilet facilities. This initiative highlights the importance of collaborative efforts between government bodies and officials to uplift marginalized communities and provide essential amenities for a better quality of life.
IOI Properties Group, led by Malaysian billionaire siblings Lee Yeow Chor and Lee Yeow Seng, is set to launch the Marina View Residences, a luxury residential tower in Singapore's Marina Bay financial district. The project, featuring 683 condominium units with a total value of $1.8 billion, is scheduled to go on sale within the company's current fiscal year ending on June 30, 2024. Despite a recent moderation in home prices in Singapore and increased stamp duty for foreign buyers, IOI Properties is pushing ahead with its expansion in the city-state, including the completion of office towers and investments in various assets.
China's leading property developer, Country Garden, grapples with a financial crisis as it battles the downturn in the country's real estate sector. The company is seeking to extend the repayment deadlines for its onshore bonds while also hiring financial advisors for potential restructuring. With 60% of its onshore bonds set to mature this year, the company's cash flow and operational stability hang in the balance. As investors await the first-half results, the real estate giant confronts immense challenges to navigate the evolving economic landscape.
91Springboard, a prominent player in India's co-working space industry, has unveiled its latest Platinum Hub in Pune's bustling Baner neighbourhood. This 32,000-square-foot facility, the company's 27th hub nationwide, marks a significant achievement in its expansion strategy. The Baner Platinum Hub, capable of accommodating over 800 members, is strategically located in Pune's business district, making it an attractive destination for businesses of all sizes. Known for its superior design, comfort, lighting, sound control, and hospitality, the hub offers an innovative concept called 'Team Rooms' to cater to businesses' specific needs. This expansion reinforces Pune's appeal for start-ups and enterprises.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has made significant progress in assisting distressed homebuyers. Since its establishment in 2017, UP-RERA has issued recovery certificates (RCs) totalling Rs 3,105 crore in favour of 8,575 homebuyers due to developers' failure to deliver homes as promised. However, only around Rs 630.70 crore has been recovered so far, benefiting 3,421 complainants. UP-RERA introduced e-courts in 2020, helping over 20,700 cases get resolved out of 27,100 filed. The authority plans to integrate AI and ML technologies into its website to streamline complaint resolution. UP-RERA has registered over 3,470 real estate projects, with a significant number located in the NCR region.
The collapse of buildings in the Mumbai Metropolitan Region is a growing concern, leading to tragic loss of lives and injuries. Many of these incidents have been attributed to structural weaknesses, water seepage, and buildings being declared unsafe by authorities. Despite warnings and evacuation notices, some residents continue to live in such risky conditions. The local authorities, including the Brihanmumbai Municipal Corporation (BMC), have been actively trying to address this issue, issuing lists of unsafe buildings and urging residents to relocate. However, more coordinated efforts and collaboration between authorities and residents are needed to find sustainable solutions and provide alternative accommodations, especially as the city faces the challenges of the monsoon season.
The Mumbai luxury housing market has seen a remarkable surge of nearly 50% in sales, with figures jumping from ?4,524 crore in H1 2022 to ?8,817 crore in the corresponding period this year. A recent report by India Sotheby's International Realty and CRE Matrix highlights this growth and identifies Worli as a favoured luxury destination. In H1 2023, 533 units were sold, a rise from 419 units in H1 2022. Primary market sales reached 388 units worth ?8,817 crore in H1 2023 compared to 267 units worth ?4,816 crore in H1 2022. Notably, the market witnessed larger luxury apartment sales, with 63 homes sold in 2023 compared to 18 in 2018, and a surge in 2,000-4,000 sq ft apartment sales.
Mumbai-based industrial and logistics real estate developer, Prakhhyat Group, has joined forces with Morgan Stanley Real Estate Investing (MSREI) in a strategic collaboration to construct a cutting-edge Class A warehousing complex near Mumbai spanning 0.7 million sq. ft. The venture, in which MSREI will hold a 95% stake, is projected to attract an investment ranging between INR 300-350 crore. This initiative marks MSREI's inaugural foray into Mumbai's Bhiwandi sub-market. The 25-acre K Square Logistics Park will feature state-of-the-art facilities catering to diverse sectors such as e-commerce, third-party logistics, FMCG, and FMCD.
Noida Authority has granted a month-end deadline, expiring on August 31, for 14 defaulting developers to create escrow accounts in a bid to recover outstanding dues. Six developers have already complied by initiating such accounts. This initiative, enforced after 59 developers owing a combined Rs 7,000 crore were asked to establish escrow accounts two months earlier, aims to prevent funds diversion. CEO Lokesh M underlined efforts to address builder-buyer concerns and warned of recovery certificates if dues aren't cleared. Additionally, the Authority seeks to oversee the Ganga Jal project, introduce electric buses, and advance elevated road plans.
The Ghaziabad civic body is considering taking strict actions against integrated societies that violate waste management norms. They might communicate with the Ghaziabad Development Authority (GDA) to potentially revoke the completion certificates of such societies. This move highlights the seriousness of waste management regulations and the commitment to enforcing them. The potential cancellation of completion certificates serves as a deterrent to encourage integrated societies to adhere to proper waste disposal practices and contribute to a cleaner environment. About 66 Vaishali and Vasundhara societies now manage waste independently.
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The Mangaluru Urban Development Authority (Muda) has revealed that the draft of the revised master plan for Mangaluru city is expected to be completed within three months. This update was shared during a council meeting held by the Mangaluru City Corporation (MCC). The MCC Commissioner stressed the importance of transparency and collaboration, urging Muda officials to engage with corporators to ensure diverse perspectives are considered in the master plan. The meeting also addressed issues related to water scarcity and property assessments. It marked the conclusion of the current mayor's term and set the stage for upcoming mayoral elections.
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Housing prices in Turkey, particularly in the provinces of Ankara, Izmir, and Istanbul, have experienced substantial growth in the first quarter of 2023, according to the Global Housing Price Index by Knight Frank. Compared to the same period in 2022, housing prices in Turkey as a whole surged by 132.8 percent. Ankara saw the highest increase at 135.3 percent, followed by Izmir at 133 percent, and Istanbul at 127.3 percent. This growth in housing prices is accompanied by rising rent prices, which have increased significantly in recent years, posing challenges for affordability and the cost of living in the country.
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The Maharashtra government has defended the transparency of the 2022 tender process for the Dharavi slum redevelopment project, stating that no undue favour was shown to Adani Group. The government's response came in reply to a petition by Seclink Technologies Corporation challenging the project's award to Adani Properties. The government asserted that the cancellation of the old tender was justified, and the new process attracted more bidders. The government emphasized the project's importance and inclusivity in accommodating non-eligible slum tenements. The Adani Group had won the bid, prompting the legal challenge, while the government maintained the legitimacy of the new tender.
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The Department of Town and Country Planning (DTCP) in Haryana is investigating instances of architects allegedly flouting norms while issuing occupation certificates (OCs) for buildings. Architects were granted the authority to issue OCs under a self-certification policy issued in November. However, complaints arose that some architects did not follow the proper procedure of submitting files to the district town planner's office after granting OCs. The DTCP has now initiated checks on OCs issued by architects after August 1, and a list of compliant buildings will be sent to tehsildars for registration. Violations will result in show cause notices and registration holds.
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Table Space Technologies, a pioneering managed workspace provider, plans to invest Rs 1,000 crore in FY23–24 for a 4.5 million-square-foot expansion. CEO Amit Banerji reveals the company's strong growth, having added 3.2 million square feet in 2022–23 with an investment of Rs 800 crore. The innovative 'TS Suites' will offer premium pre-built offices on short-term contracts, backed by cutting-edge technology. A recent capital infusion of over $325 million aids expansion in key Indian office markets. Table Space aims to exceed 8 million square feet by 2023's end. Its robust portfolio includes clients like Google, Apple, AMD, and Mastercard.
The AMC is embarking on a sophisticated venture to digitize and enhance its property tax reassessment procedure through a specialized mobile application. Spearheaded by the Revenue Committee, this innovation aims to expedite the reassessment process, eliminate errors, and ensure meticulous property visits. Linked with Google Maps, the app operates through the registered mobile devices of assessment officers, facilitating photo uploads and real-time verification. AMC envisions concluding the entire process within 75–90 days, promising accuracy and efficiency. Additionally, the corporation plans to introduce QR code-based online property tax payments, further simplifying the taxpayer experience.
Seven Mumbai police officials, including a sub-inspector, have been suspended following a TV expose that revealed DHFL promoters, Kapil and Dheeraj Wadhawan, receiving undue privileges during their hospital visits. Currently held at Taloja prison for their involvement in a bank loan scam, the brothers were allegedly granted special treatments under the guise of medical check-ups. This incident has sparked concerns over maintaining integrity in high-profile cases.
The first quarter of FY23 saw a surge in housing prices across 42 of 50 analysed cities, as per the National Housing Bank's Residex report. Major cities like Ahmedabad, Chennai, and Hyderabad experienced notable growth, with a consistent upward trend observed since June 2021. Though some cities, such as Indore, faced a contraction, the prevailing rise indicates a healthy real estate market, providing optimism for homeowners and financiers. The increase, attributed in part to rising construction costs, underscores sustained property demand in India.
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Haryana's Chief Minister, Manohar Lal Khattar, has announced that every village in the state is now free from "Lal Dora" areas. The initiative, launched by the government in December 2019, aimed to establish definite property ownership in rural areas using drone technology to map land plots and provide households with a 'Record of Rights.' This initiative has resulted in the issuance of legal ownership cards. Over 2.5 million property cards have been completed in 6,260 villages, with over 2.4 million cards distributed to their rightful owners. This move eliminates the longstanding "Lal Dora" designation, ensuring property owners have official records and access to bank loans.
A tragic fire outbreak at the Galaxy Hotel near Mumbai's Chhatrapati Shivaji Maharaj International Airport has claimed the lives of three individuals and left two others injured. The victims were passengers in transit, and the fire occurred due to a suspected short circuit. The hotel lacked integrated firefighting systems, and the presence of combustible materials intensified the flames. This incident underscores the critical importance of stringent fire safety measures, especially in older establishments. It serves as a sombre reminder of the need for comprehensive fire safety regulations and their strict implementation to prevent such tragedies in the future.
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The Nashik Municipal Corporation is responding to concerns regarding buildings constructed within the Godavari River's blue line areas. The blue line demarcates a boundary aimed at preventing flooding and water-related issues. Unauthorized construction within this zone can disrupt natural river flow, leading to flooding during heavy rains. To address this, the municipal corporation is identifying such buildings and is likely to take actions like relocation and demolition to ensure the city's safety and sustainability. This directive underscores the importance of adhering to regulations for well-planned urban development and environmental protection. It also emphasizes the need to prioritize safety and environmental safeguards in urban expansion efforts.
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Aparna Constructions and Estates Private Limited, a leading real estate developer in South India, has launched Aparna Synergy, a luxurious gated community in Hyderabad. The community spans 27.5 acres and offers 3345 high-end apartments with 2, 2.5, and 3-BHK layouts. Situated in Gandi Maisamma, the project combines natural landscapes with modern living spaces and offers exceptional connectivity to key areas of Hyderabad. The project features 24-hour power backup, security, water supply, and a range of amenities. Aparna Constructions' commitment to quality, sustainability, and customer satisfaction is reflected in this project, addressing the demand for upscale residential properties in Hyderabad.
In a transformative move, 315Work Avenue has secured a substantial 1.62 lakh square feet of office space in Pune's Raheja Woods through a five-year lease, expanding their total tower footprint to 2 lakh square feet. With escalating rentals and strategic expansion plans, this pioneering coworking provider showcases Pune's significance as they manage 2 million square feet across prime Indian locations. The firm's upfront deposit of Rs 4 crore emphasizes commitment. This comes amid India's surging flexible office space market, which has grown by 75 percent post-pandemic to 53 million square feet, with flexible providers capitalizing on the evolving hybrid work model.
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Aggrieved homebuyers of the Kharavela Enclave housing project by the Odisha State Housing Board (OSHB) staged a protest outside the OSHB office, demanding the immediate handover of the purchased residences. Despite full payment for their flats, the buyers have faced years of delay in possession, extending far beyond the original completion timeline. Around 100 allottees participated in the demonstration, expressing frustration over the lack of resolution despite attempts to engage with the housing board and even lodging a formal complaint with the Chief Minister. The situation highlights the importance of timely execution in real estate projects to prevent such issues in the future.
Odisha Chief Minister Naveen Patnaik distributed land rights certificates to 65,000 families in urban slums across five cities, aiming to empower vulnerable communities and improve living conditions. The initiative, part of the 'Jaga Mission,' grants property ownership and basic amenities to uplift slum dwellers. While criticized by opposition parties for political motives, the program signifies a substantial stride towards inclusive development and stability.
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Residents of the Omaxe housing society in New Chandigarh held a massive protest, highlighting grievances such as inadequate power backup, subpar facilities, and lack of response from the developer, Omaxe. The residents have taken legal action against both Omaxe and the Punjab State Power Corporation for electricity supply issues. Concerns also extend to non-functional lifts, water scarcity, and property-related complications.
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During the first four months of the fiscal year 2023-24, the Indian Railways has exceeded the milestone of one lakh crore rupees in investment for ongoing infrastructure and safety projects. This rapid progress is a first for the Railways, with nearly 40% of the gross budgetary support for the year already utilized. The investments encompass various crucial areas, including network expansion, electrification, safety measures, and passenger experience enhancement.
The reconstruction of Mumbai's Gokhale Bridge has faced a setback as the BMC's bridges department seeks the demolition of 13 structures on the Andheri East side to accommodate a crane necessary for assembling the bridge girder. While the structures hinder construction, concerns arise due to monsoon-related court orders preventing demolitions and evictions. The contractor requires more space to manoeuvre the crane, but only nine encroached structures can be demolished in October post-monsoon. The bridge, previously marred by delays, must meet a deadline for one side's completion by October. The project reflects challenges in urban infrastructure development amidst regulatory constraints.
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Under the Pradhan Mantri Awas Yojana- Gramin (PMAY-G) scheme, Punjab's rural development and panchayats department has sanctioned 40,326 houses. Minister Laljit Singh Bhullar reported that 34,784 houses have already been allotted to needy families, while Rs 21.23 crore was released for constructing the remaining 5,559 houses, with completion expected by December. The disbursement includes Rs 30,000, Rs 72,000, and Rs 18,000 instalments for different beneficiaries. The initiative not only aims to provide pucca houses but also ensures essential amenities, electricity, water, gas, and employment opportunities under MGNREGA, alongside provisions for animals and environmental sustainability.
Union Living unveils Varsity, a premium student housing in Mumbai's prime Santacruz-Juhu area, boasting a swift 90% occupancy rate post-launch. Besides offering 221 beds with modern amenities, Varsity fosters a unique sense of community through curated workshops and a mind-enhancing app subscription. Located near top educational and medical facilities, Varsity blends luxury with affordability, catering to various housing preferences. Founded in 2020 by Parth Soni and Rishabh Soni, Union Living is revolutionizing student accommodations, with ambitious expansion plans in the pipeline.
Shriram Housing Finance Limited (SHFL) and the International Finance Corporation (IFC) have announced a collaboration to introduce a green housing finance solution for self-built homes. Harnessing IFC's Excellence in Design for Greater Efficiency (EDGE) certification, the partnership aims to promote eco-friendly construction in the affordable housing sector. The initiative, funded by the European Union, anticipates a potential $1.4 trillion green housing market by 2030, emphasizing India's commitment to sustainable urbanization.
PropTechBuzz has unveiled a ground breaking platform for the Proptech industry, aiming to globally connect and inspire. This innovative solution addresses challenges faced by Proptech companies, offering them worldwide visibility and scalability. With a focus on empowering smaller enterprises, PropTechBuzz fosters collaboration and innovation. The platform's features include a launch feed for product introductions, community engagement, product spotlights, reviews, forums, and educational resources. PropTechBuzz's early adoption in India and the Middle East showcases its potential to level the playing field and transform Proptech, fuelling growth and progress in a dynamic industry.
Gujarat's inaugural privately-owned public Hospitality and Convention Centre, named "The World," is set to open its doors, coinciding with Prime Minister Narendra Modi's birthday. Developed by Hindva Group, the centre signifies Surat's evolution into a thriving hub for hospitality, business, and culture. This innovative project offers high-end facilities, including furnished apartment rooms, meeting spaces, and a co-work area. The centre aims to address the shortage of hospitality space and foster national and global connections. Hindva Group's visionary approach, FinTech initiatives, and expansion into IT and hospitality exemplify their commitment to innovation and excellence.
Self-redevelopment is becoming a popular choice among housing societies in Maharashtra, especially in Mumbai, where many old and dilapidated buildings are in need of restoration. Approximately 580 housing societies are moving toward self-redevelopment, where residents take charge of revamping their societies instead of relying on developers. This approach offers greater control, mitigates delays, and ensures proper fund utilization. The Maharashtra government has recognized this trend and introduced policies to streamline the process, including faster approvals within three months and tax benefits. This initiative aims to empower housing societies to improve their infrastructure and provide a better living experience for residents.
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The Pune Municipal Corporation is considering extending its gunthewari regularization scheme by three months due to a lacklustre response. Since its reintroduction last year, only 21 out of 856 proposals have been approved, with high costs and complex processes deterring property owners. The scheme aims to regularize unauthorized subdivisions of privately owned land, but limited geographic applicability and documentation hurdles have hindered its success.
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The NCLT's Kolkata bench has made a significant decision in real estate, granting authority to flat buyers to revive an abandoned project by three developers near Baruipur. These buyers, left with financial losses from unfulfilled promises, filed a petition with the NCLT. The case involved substantial amounts, exacerbated by Supreme Court's 8% interest rate directive. After a meticulous process involving expression of interest, three resolution plans, and evaluations, the proposal from Baruipur Bloomfield Project was approved. This plan involves gathering outstanding payments from plot buyers, leveraging surplus land assets, and prudent fund utilization for project completion.
The Noida and Greater Noida authorities have announced a comprehensive six-point plan to resolve delays in housing projects and recover outstanding dues. Key measures include cancelling inactive project allotments and integrating co-developers to complete viable stalled projects. With builders owing over Rs 41,000 crore collectively to both regions, the new strategy also offers flexibility in payments and innovative solutions for projects nearing completion but hindered by liabilities. These actions were derived from discussions during the chief minister's recent Noida visit and a central government committee's recommendations.
Two senior citizens have appealed to the Bombay High Court to take action against those encroaching upon refuge areas in Kingston Tower, Mumbai, and restore them to their approved plans. The building, constructed under a SRA scheme, received an Occupancy Certificate up to the 26th floor in April 2013. Subsequently, violations emerged as flats were sold above this level, incorporating refuge areas into higher floors and blocking access to common terraces. Despite reporting violations to the BMC and the fire officer, no action was taken. The High Court directed BMC to address the complaint within two weeks, underscoring the importance of adhering to plans and safety regulations in construction projects. This intervention highlights the commitment to safety in the face of unforeseen events.
Avadi Municipal Corporation in Chennai has introduced QR code-enabled identity cards for residents to streamline property tax collection and address grievances efficiently. These plastic cards feature a QR code and property ID, allowing residents to scan and use it for property tax payment, accessing services, and reporting issues like garbage or water supply concerns. Around 11,000 cards have been distributed among the 87,000 assessed properties. This initiative aims to enhance citizen services through QR codes, simplifying tax payment processes and reducing the need for physical visits to government offices. However, residents have reported a lack of awareness about its functionalities.
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Eqaro Guarantees has joined forces with Maxemo Capital, an NBFC-ND firm specializing in customized MSME loans and working capital financing, marking a transformative moment in India's co-living sector. This partnership enables small co-living operators to access short-term liquidity through advanced capital against rent receivables backed by guarantees. Collateral-free loans are also extended, boosting operators' expansion efforts. The innovative alliance aims to bridge the credit gap in the co-living landscape, redefining growth prospects and financial stability while empowering underserved segments. This strategic synergy propels the co-living industry into a new era of agility and success.
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The Pune Municipal Corporation (PMC) has made significant progress in waste management by removing 2.34 lakh metric tonnes of construction and demolition debris using its dedicated transport service this year. This effort prevents improper disposal of debris in public spaces and riverbeds, with a focus on environmental preservation. Civic activists commend this initiative and call for stricter measures against illegal dumping, urging the PMC to expand the service and establish specialized disposal centres.
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The completion of Goa's Coastal Zone Management Plan (CZMP) by October is crucial for the future of development projects along its picturesque coastal belt. Failure to meet this deadline could lead to a halt in considering new projects seeking Coastal Regulation Zone (CRZ) clearance, both private and public. The National Coastal Zone Management Authority (NCZMA) has set a two-month window for coastal states and union territories to align their CZMPs with the 2019 CRZ notification. Goa's state government, however, aims to have its CZMP ready by November, raising concerns about meeting the Union government's deadline. The completion of CZMPs is essential for regulating future coastal projects according to updated guidelines.
Madhya Pradesh Industrial Development Corporation (MPIDC) is embarking on a significant initiative to establish an industrial-residential township across 2,200+ hectares in Pithampur Sector-7, Indore district. The three-phase plan includes land acquisition, compensations, and construction. Rs 80 crore disbursed for 400 hectares of private land acquisition. The township will have industrial and residential zones, accommodating laborers. With a 2–3 year completion timeline, the project aims to set a benchmark for industrial development, featuring modern amenities and catering to both industrial and residential needs.
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Housing.com, a prominent player in the Indian PropTech space, has partnered with international Insurtech leader BOXX to introduce 'Cyber Protect,' a digital security plan for homebuyers. In response to a concerning 18% rise in cyber-attacks in India during Q1 2023, the plan offers comprehensive protection against digital fraud and scams. With support from Bajaj Allianz General Insurance, customers can acquire this safeguard for an affordable monthly premium of INR 199. The partnership emphasizes Housing.com's commitment to simplifying housing processes while prioritizing customer data safety and well-being in an increasingly digital world. The collaboration reflects Housing.com's dedication to offering seamless and secure experiences to its users.
Inverclyde, Scotland, offers the UK's most affordable housing, at 2.9 times the average earnings, while Westminster and City of London top the expensive list, reaching 16 times. House prices in London's priciest areas stand at £915,000, compared to Inverclyde's £134,000. Portsmouth provides value at 5.2 times earnings, while Mole Valley hits 13.2. Barking and Dagenham is London's least expensive, with prices 5.4 times earnings. West Midlands residents choose between Cotswolds (11.1 times) and Stoke-on-Trent (3.9). In Yorkshire, Hull offers affordability at 3.3 times, with Harrogate at 9.6 times, emphasizing regional disparities in housing costs.
Hawelia Group, a Delhi-NCR-based real estate developer, is seeking approval from the Uttar Pradesh government to act as a co-developer for the completion of the stalled Shri Radha Sky Garden housing project in Greater Noida. The project, launched in 2011, has faced delays, prompting Hawelia Group to invest approximately Rs 750 crore to finalize it. The group has partnered with the current promoter, SJP Infracon, and plans to complete the 22-acre project with around 2,800 apartments, 800 of which are already sold. This move aligns with the proposed co-developer policy by the UP state government and Noida authorities, aiming to expedite stalled projects and restore confidence among homebuyers.
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Morgan Stanley Advantage Services has extended its lease for 136,000 square feet of commercial office space in Bengaluru's Ecoworld. The property, leased from RMZ Corp. for 120 months, includes a 15 percent rent escalation every three years. The lease, signed with Artiga Ecoworld Infrastructure, requires a security deposit of Rs 9.4 crore. Additionally, Morgan Stanley plans to relocate its India headquarters to an 86,000-square-foot office space in Mumbai's Altimus Worli. Amidst a 12 percent YoY absorption dip in H1 2023, India saw a 12 percent QoQ office leasing increase. RMZ Corp. had earlier sold 12.5 million square feet of assets to Brookfield for $2 billion.
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Two government-owned plots of land in Nagpur have been encroached upon by private parties who built structures without proper permits. The Nagpur Improvement Trust issued demolition notices for these unauthorized constructions in the Dwarkapuri Cooperative Housing Society. The plots were originally designated for the Inner Ring Road. Although the private parties obtained a status quo order from the Minister of State for Urban Development, the removal of these encroachments is necessary for the construction of the Inner Ring Road. Society members have raised concerns about officials protecting illegal activities and have appealed for government intervention. A Public Interest Litigation has been filed to challenge regularization permits under the Gunthewari Act for these plots. The completion of the Inner Ring Road will greatly benefit citizens as part of the National Highway system.
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In September last year, Maharashtra pioneered e-registrations for primary property sales, utilizing blockchain for document security and verification. A self-help portal aided buyers and developers, streamlining the process. Maharashtra's move follows its successful implementation of e-registrations for rental agreements in 2014. With nearly 9,000 documents registered online within a year and around 300 developers adopting e-registration, the convenience and efficiency have been embraced. This method allows buyers to complete registrations and stamp duty payments online, reducing foot traffic at registration offices. Positive reception from buyers and developer bodies showcases the potential to transform property registration, benefiting the real estate sector and homeowners.
Bhutani Infra, a Delhi-NCR based real estate developer, is set to construct a commercial high-street mall in Noida sector 133, investing Rs 500 crore in the endeavour. The project will span around 3 lakh sq ft in its first phase and is expected to be completed within 30 months. This initiative is in addition to Bhutani Infra's ongoing projects, including Bhutani Cyberthum and Avenue 62, both located in Noida. The upcoming mall will offer premium retail space, a food court, and wellness facilities, contributing to the region's commercial landscape.
Reliance Retail Ventures Ltd, under Mukesh Ambani's leadership, plans to raise approximately Rs 3,048 crore through an infrastructure investment trust (InvIT), as per a draft document submitted to Sebi. The company, already having registered a trust with the market regulator, intends to utilize it to house the warehouse assets intended for monetization. A minimum of 25% of the trust's units will be retained by Reliance Retail, with the remaining portion open to incoming investors. The initiative aligns with the company's broader strategy of capitalizing on its warehousing and logistics assets, aiming to drive growth and innovation.
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Reliance Industries and The Oberoi Hotels and Resorts are joining forces to manage three prestigious hospitality projects, including the Anant Vilas Hotel in Mumbai's Bandra Kurla Complex, Stoke Park in the UK, and an upcoming project in Gujarat. This strategic partnership aims to redefine luxury hospitality by blending urban luxury with bustling business districts and enhancing world-class destinations. The collaboration underscores their commitment to innovation, quality, and guest-centric experiences, promising to reshape the hospitality industry landscape.
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Telangana RERA's Chairman, N Satyanarayana, has revealed that the organization is in the process of developing a comprehensive module for aspiring property agents. Engaging various stakeholders, the initiative aims to enhance the credibility of realtors, who frequently represent property transactions. This move underscores the significance of agents in property deals and their pivotal role in maintaining transparency and trust within the real estate sector. Collaboration with industry associations and premier institutions is underway to ensure smooth implementation and promote transparency within the sector.
The Bombay High Court has directed the BMC's Technical Advisory Committee to independently assess structures damaged by unauthorized tenant demolitions along Old Agra Road in Kurla. Justices Patel and Khata emphasized excluding private audit reports and ruled reconstruction should halt. The move addresses widespread damages caused by tenants and ensures proper authorization for repairs. The court ordered the landlord to present repair plans on September 13 and warned tenants against obstructing the assessment, hinting at potential contempt proceedings.
In a strategic decision aimed at enhancing efficiency and impact, authorities have announced the implementation of a Direct Benefit Transfer (DBT) system for construction worker welfare programs. This measure is anticipated to reduce inefficiencies and ensure precise allocation of benefits. Notably, this step seeks to enhance working conditions, elevate quality of life, and uphold the well-being of construction laborers. The move is aligned with the overarching goal of curbing wastage, while also fostering more targeted and impactful support for this essential workforce.
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The Margao Municipal Council (MMC) has chosen caution over immediacy in deciding on revised plinth area rates, which are crucial in calculating construction license fees for buildings. The MMC deferred discussions on the proposed rates, which were met with resistance due to significant fee increases. The Shadow Council for Margao and real estate developers expressed opposition to the surge in fees ranging from 38% to 45%. The cautious approach indicates responsiveness to public sentiment and stakeholder concerns. While this deferral may be temporary, it offers an opportunity for deeper deliberation on potential implications before reaching a conclusive resolution.
In Anni, Himachal Pradesh's Kullu district, eight multi-storey buildings collapsed in a domino effect following relentless monsoon showers. Fortunately, local authorities had evacuated these structures by August 15, preventing any casualties. While the exact cause remains under investigation, some point to the unusually heavy rainfall this season, while others highlight inadequate drainage systems in the region. This incident underscores the urgent need for reinforced construction standards in areas susceptible to extreme weather.
A recent report by Knight Frank India and NAREDCO predicts India's real estate sector to soar to a worth of USD 5.8 trillion by 2047, effectively doubling its contribution to the national GDP from 7.3% to 15.5%. This growth, backed by private equity investments and an evolving housing demand, indicates a major economic shift. With a surge in luxury housing demand and expanding sectors like warehousing, India's real estate landscape is poised for unprecedented expansion.
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The rental and housing landscape in Greece presents challenges as prices surge. Research by Potamianos Real Estate Group indicates a 35% rise in average rent since 2017, with some areas witnessing increases exceeding 50%. For Greek renters, affordability remains a concern, as 74.2% allocate over 40% of income for rent and necessities. Financial struggles are evident, with 36.4% of adults behind on housing payments and utility bills in 2021. Single-member households face tougher conditions. Meanwhile, mortgage takers encounter high prices for older flats in central Athens, averaging €1,780 per sq meter, demanding significant financial liquidity for repayment.
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Rents in Hong Kong are set to surge by 8 to 10 percent this year, marking the highest increase in 11 years. This rise is attributed to mainland Chinese students and professionals arriving through talent-import programs, creating a landlord's market. The average rent for private residential properties reached HK$35.26 (US$4.50) per square foot in July, the highest since October 2021. Around 75,000 individuals were approved under talent-import initiatives in the first seven months, almost doubling the previous year's count. This surge is expected to outpace the home buying market, with an anticipated 5 percent rise in home prices compared to forecasts of a 10 percent decline.
In a recent ranking of living conditions in Polish cities, Poznan emerged as the top choice due to its low unemployment, decent wages, and high-quality air. Katowice secured the second spot with impressive housing accessibility and low unemployment, although it lagged in crime rates. Opole claimed the third place, excelling in air quality and scoring well on crime. On the contrary, Bialystok, Kielce, and Warsaw ranked the lowest due to high unemployment, poor wages, and subpar living conditions. The ranking considered factors like employment, wages, crime rates, housing, medical care, and air quality, offering insights into the cities’ overall desirability.
Embassy Office Parks REIT, managed by Embassy Office Parks Management Services, plans to raise Rs 500 crore through debentures for debt refinancing. The debenture committee approved the allocation of 50,000 Series VIII NCDs on a private placement basis. These NCDs will have a 60-month tenure with an 8.10 percent coupon rate per year. Embassy REIT aims to list them in BSE's Wholesale Debt Market Segment. The company received Rs 500.15 crore against the principal amount. In Q1 of the current fiscal year, Embassy REIT reported a 9 percent increase in net operating income to Rs 737.6 crore and distributed Rs 510 crore to unitholders.
Lenders of Mumbai's Rajesh Lifespaces are utilizing corporate and personal guarantees by promoters to recover dues while awaiting NCLT approval for the company's hotel business sale. Promoters and entities linked to Rajesh Lifespaces offered guarantees for insolvent hospitality division loans. Led by ICICI Bank, banks are using these guarantees for better recovery as they await NCLT's nod. NCLT delay adds challenges to the promising recovery. The outcome not only impacts recovery rates but also Mumbai's hospitality and real estate sectors.
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Realty giant DLF Ltd plans to introduce two luxury housing ventures worth Rs 15,000 crore in Gurugram during this fiscal year, capitalizing on robust demand for upscale residences. Following the successful Rs 8,000 crore sales within days of 'The Arbour' project launch, DLF aims for Rs 13,000 crore bookings this year. Their 2022-23 sales surged to Rs 15,058 crore, driven by ambitious launches totalling Rs 20,000 crore. The upcoming projects in Gurugram, on Southern Peripheral Road and Golf Course Road, are expected to yield approximately Rs 15,000 crore in sales. Additional residential towers are slated for Moti Nagar, Chandigarh, and Mumbai.
Bollywood icons have long exhibited a keen interest in real estate investments. Recently, actress Kajol expanded her property holdings by acquiring a commercial unit in Mumbai's Andheri suburbs. The "DDLJ" star purchased a 2,100 sq ft space in the Signature Building. Similarly, Ajay Devgn bought commercial units in the same building earlier this year, paying a substantial Rs 45 crores for five units. Hrithik Roshan's production house secured office space, while Alia Bhatt's production house purchased a lavish apartment. Singer Sonu Nigam also invested in multiple office spaces in Andheri West. These instances highlight how Bollywood's influence intertwines with real estate, shaping Mumbai's property landscape.
The Delhi Government is set to increase circle rates by 35% for residential and commercial properties to align them with rising market values. The move aims to bridge the gap between property market rates and government valuation. Similar revisions are observed in Gujarat due to economic growth, while Maharashtra maintains rates to sustain the real estate sector amid challenges. Karnataka's Guidance values also witnessed a spike recently. These adjustments highlight the dynamic nature of real estate and its interaction with economic factors and policies. Despite rate hikes, the real estate markets in major Indian cities continue to flourish.
The Mohali administration is proactively addressing the welfare of residents affected by upcoming demolitions near the Air Force Station's boundary wall. To provide alternative housing, the administration is taking control of land within Economically Weaker Sections (EWS) colonies within housing society projects. Displaced residents will be allotted this land to rebuild their homes before demolition occurs, following a Punjab and Haryana High Court directive. This approach demonstrates the administration's commitment to balancing development with citizens' well-being. The initiative highlights the challenges of urban development and the importance of inclusive housing solutions, emphasizing collaboration among governments, developers, and regulatory bodies.
The "Puneeth Rajkumar Housing Complex," a project by the Bangalore Development Authority (BDA) that includes 322 upmarket villas in north Bengaluru, is almost finished. The property, which is situated on 31 acres of land, has necessary features including a clubhouse, park, and sports facilities. On a first-come, first-serve basis, the villas will be sold through an online application process. A 320-unit residential building has also been built by BDA nearby. The project demonstrates BDA's dedication to improving Bengaluru's housing alternatives and is projected to generate significant interest from purchasers looking for contemporary and well-equipped homes.
Around 1,100 homebuyers involved in the Amrapali Group's housing projects are facing a "final" ultimatum from the Supreme Court receiver overseeing the projects. Those who haven't validated their flat allotment documents or taken possession of their units despite examination have been targeted. The National Buildings Construction Corporation (NBCC) is working to complete stalled projects due to the incarceration of Amrapali Group's promoters. Homebuyers must submit supporting documents to receive No Objection Certificates (NOCs) for ownership. Deadlines have been set for document submission and possession, with penalties for non-compliance. Failure to comply may lead to flat allotment cancellations and unsold inventory status.
Renowned Ahmedabad-based real estate developer, Saanvi Nirman, has launched a creative brand campaign named "Yeh Ghar Ki Baat Hai." Rooted in customer-centricity, ethics, and trust, the campaign emphasizes the company's commitment to elevating lifestyles. The phrase "Yeh Ghar Ki Baat Hai," representing familial bonds, encapsulates Saanvi Nirman's connection with customers through residential projects and reliable home-buying experiences. The monologue, narrated by actor Sharad Kelkar, highlights the emotional value of a home. The multichannel campaign spans YouTube, radio, digital platforms, and influencer collaborations, reaffirming the company's dedication to creating thriving communities and a brighter future in real estate.
DRA Homes is making its entry into North Chennai on the occasion of the 384th Madras Day. With a reputation for customer-centricity and on-time delivery, DRA Homes is announcing joint development projects in Madhavaram. These projects strategically capitalize on the area's growth potential, benefiting from improved metro connectivity and infrastructure. Their landmarks across Chennai, including Truliv Olympus, DRA Ascot, and Tuxedo, showcase their commitment to quality and transparency. The upcoming projects in North Chennai aim to continue this legacy, capitalizing on their strategic location near metro stations and essential amenities, ensuring completion around the time of metro operationalization.
The uncertainty surrounding the stilt-plus-four floors policy in Gurugram is causing distress for plot owners and homebuyers. The policy's approval has been on hold since February, hindering construction plans for residential buildings. Despite receiving recommendations from an expert committee to revise building codes and address concerns back in February, the government's decision remains pending. This indecision impacts those who purchased plots under the policy, leaving them in limbo. Additionally, developers are raising concerns about lacking infrastructure upgrades in licensed colonies, compounding the challenges faced by residents. The delay underscores the need for a timely resolution to provide clarity and enable property development in the region.
Officials from BBMP have issued notices to nearly 9,736 alleged illegal A-khata property holders in Bengaluru, giving them 15 days to prove the legitimacy of their A-khatas or have their properties shifted to the B-khata registry. An investigation revealed that over 45,000 A-khatas were issued since 2014, with suspicions that many were illegally obtained due to erroneous development charge collections. Zonal teams are currently reviewing all A-khatas, potentially leading to more reclassifications.
The Competition Commission of India (CCI) has directed the Chandigarh Housing Board (CHB) to cease anti-competitive practices related to unfair terms in a housing scheme. While CHB held a dominant market position, no penalties were imposed as CHB had already taken corrective measures to address concerns regarding non-disclosure and penal interest. The CCI's decision reflects the importance of regulatory bodies in ensuring fair competition and highlights the significance of prompt and effective responses by entities to allegations of anti-competitive behaviour. This case underscores the need for transparent and equitable practices to maintain a level playing field in the market.
IndoStar Capital Finance has successfully sold distressed loans worth Rs 790 crore from Puranik Builders and Kanakia Spaces Realty to Phoenix ARC, achieving an impressive 86 percent recovery from the outstanding loan of Rs 915 crore. This recovery rate is notable as the loans were 60 days overdue. Phoenix ARC, in collaboration with IndoStar and backed by Kotak Mahindra Bank, will oversee the real estate projects of Puranik Builders and Kanakia Spaces Realty, partially funding their completion. The transaction enhances IndoStar's retail loan portfolio from 85 percent to around 95 percent, reflecting its strategic focus on asset quality improvement.
Indiabulls Housing Finance has successfully repaid ?2,232 crore of external commercial borrowings (ECBs) raised in 2018 from various international banks, effectively clearing all its $3 billion foreign currency borrowings. The repayment marks the culmination of a deleveraging process initiated after the IL&FS crisis in 2018. CEO Gagan Banga noted that the company would now focus on growing its assets under management (AUM), with debt repayments of ?400 crore to ?700 crore per month, comfortably covered by loan portfolio repayments. The company aims for steady AUM growth and mid-teen return on equity by FY26, while pursuing an asset-light approach through co-lending partnerships.
Reliance Capital executes a strategic move by divesting 45% stake worth Rs 54 crore in Reliance Home Finance, boosting recovery prospects for lenders. Amid corporate insolvency proceedings, Reliance Capital retains a mere 2.5% ownership in the subsidiary. Authum Investment & Infrastructure leads an innovative resolution process for both Reliance Home Finance and Reliance Commercial Finance, securing significant debt for a fraction of the value. Authum's decision for voluntary liquidation adds a twist, while a sequential share sale strategy aims to maximize lenders' recovery potential. The episode highlights regulatory effectiveness and the importance of protecting retail investors' interests.
Prestige Group has unveiled Forum Kochi, a cutting-edge retail destination developed in collaboration with Thomsun Realtors. This lifestyle mall promises an all-encompassing experience in shopping, dining, entertainment, and hospitality, showcasing Kerala's heritage in its design. The mall features a curated mix of premier brands, an upscale food court, Kerala's first Funcity entertainment centre, luxury watch stores, and upscale fine-dining venues. Additionally, the development includes The Artiste Kochi, a Tribute Portfolio Hotel, providing a luxurious retreat. Forum Kochi aims to redefine retail in Kochi by blending culture, luxury, and convenience in perfect harmony.
Recent well-received film releases have led to a 10% to 15% increase in foot traffic at movie theatres, positively impacting sales within the malls that house them. This trend shows a strong correlation between movie releases and increased activity in shopping and dining experiences within the same complexes. Despite the rise of home viewing during the pandemic, theatres have adapted by offering improved amenities and discounts to attract audiences back. Successful films like "Rocky aur Rani ki prem kahani," "Gadar 2," and "OMG 2" have contributed to this resurgence, boosting food, beverage, and apparel sales. The trend has created a ripple effect, benefiting both theatres and other retail outlets within malls.
Mumbai's Arkade Group is set for a transformative debut, aiming to launch an initial public offering (IPO) in December 2023. With plans to submit a draft red herring prospectus (DRHP) to SEBI by August 31, the real estate powerhouse seeks to raise approximately ?600 crores. Anticipating a valuation of ?4,000 crores, the IPO involves a 15 percent reduction in promoter equity. Arkade Group is engaged in multiple residential projects across Mumbai's micro-markets, while also eyeing the commercial real estate sector through a leasing model. The company's sales momentum has surged, reflecting upgraded offerings and a strategic shift in project focus.
In the first half of 2023, Malaysia's property sales have surged over two-fold, poised to surpass 2019 levels, according to the Real Estate and Housing Developer's Association Malaysia. Despite unsold completed units, the industry rebound is driven by a thriving Services sector benefiting from revived tourism, a buoyant real estate market, and enhanced business services. Sales data from the association's survey of 148 members revealed a 120% rise in property sales compared to H2 2022, exceeding 2019 figures. While challenges like unsold properties persist, the sustained recovery signifies positive economic conditions, boosted by increased employment opportunities, robust international trade, and stable politics, complemented by impactful government policies.
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In a strategic endeavour to rejuvenate Mumbai's urban landscape, Housing Minister Atul Save has focused on the refurbishment of 68 aging cessed structures owned by the Life Insurance Corporation of India (LIC). The Maharashtra Housing and Area Development Authority (MHADA) will issue formal notices under the new section 79 (A) of the Maharashtra Housing and Area Development Act to address the revitalization of these structures deemed hazardous by the Municipal Corporation of Greater Mumbai. Spread across different areas of Mumbai, these buildings house 1,764 occupants. MHADA will facilitate the redevelopment process, with LIC expected to propose comprehensive plans within six months, ensuring a modernized cityscape while preserving its historic charm.
In a consecutive second day crackdown, DTCP's enforcement unit targeted illicit commercial setups within private residential colonies. A total of 14 establishments were sealed in DLF Phase 2, and over 150 businesses in DLF Phase II received warnings and restoration directives from DIP Enforcement. Led by DTPE Manish Yadav, the enforcement team sealed 14 operations spanning seven houses along Jacaranda Marg and Bougainvillea Marg. With 100 businesses already sealed in various licensed colonies, the enforcement drive remains ongoing, urging voluntary cessation to avoid immediate sealing actions.
India's office sector is poised for a strong finish in 2023, with expected gross leasing of 40–45 million square feet across top markets. Domestic demand remains resilient, driven by a positive economic outlook. The global economic forecast for 2023 has improved, influencing India's office demand. Q2 2023 saw 50 percent QoQ growth in leasing, reflecting positive sentiments and a domestic economic revival. Tech and domestic occupiers play pivotal roles in office space leasing. H1 2023 witnessed 22 million square feet of new supply, showcasing developers' adaptability. This growth trajectory underscores responsiveness to evolving dynamics, with robust supply projected for 2023.
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Concorde, a prominent real estate developer, has planned an expansive investment of around Rs 1200 crore over the next three years. The focus will be on launching 3.5 million square feet of premium residential spaces in North and East Bangalore, capitalizing on demand and absorption rates. With six projects in the pipeline, the company anticipates an annual sales of about Rs 500 crore. Concorde envisions innovation, vibrant communities, and smart features in its designs. The commitment to green living and spatial harmony remains strong. This strategic move redefines luxury living in Bangalore, presenting exceptional value to clients and stakeholders alike.
Nisus BCD Advisors LLP, managing Nisus Finance's RESO-1 Fund, has infused Rs 95 crore into Ahmedabad's Swaminarayan Business Park, partnering with Phoenix ARC and Kotak's Asset Reconstruction Arm. This signals Nisus Finance's entry into Ahmedabad's real estate market, focusing on projects with robust cash flows and risk-mitigated returns. The project, owned by Dharmadev Group, is nearly 80 percent complete and aligns with RESO-1's strategy. This investment underscores Nisus Finance's expansion beyond its target markets, including Indore and NCR, and marks its debut in late-stage commercial projects.
Canada's housing market is under scrutiny as a financial strategist, Iva Poshnjari, warns of a significant housing bubble due to soaring debt-to-income ratios and escalating housing prices. The analysis raises concerns about the market's vulnerability to unravelling, potentially impacting the broader economy. Historically low interest rates have driven demand and borrowing for housing, while speculative activity adds to the risks. Policymakers are urged to take precautions to avert a potential housing market crash, aiming to safeguard economic stability and citizens' well-being.
Amid the post-pandemic prevalence of remote work, New York City is unveiling a plan to convert vacant office buildings into affordable housing units. Mayor Eric Adams and Dan Garodnick, the director of New York's Department of City Planning, unveiled the "City of Yes for Housing Opportunity" initiative, aiming to repurpose commercial spaces for housing needs. The proposal envisions creating 20,000 homes to accommodate 40,000 residents, addressing the city's mounting housing crisis. However, realizing this plan hinges on state approval to increase affordable housing.
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Bandhan Bank, a private sector lender, is making strategic moves to expand its presence in Mumbai and beyond. With an investment of around Rs 160 crore, the bank is acquiring commercial space in Mumbai's Bandra Kurla Complex (BKC), marking its entry into the city's financial hub. The new corporate office, covering 40,000 sq ft, will also house a treasury and is expected to be completed by the end of the fiscal year. Additionally, the bank is setting up a zonal office and government business centre in New Delhi to enhance communication with government departments. A 65,000 sq ft back-office space in Navi Mumbai is also in progress to strengthen operational capacities. Bandhan Bank is not only expanding its physical footprint but also advancing its digital offerings, with plans to open more branches and diversify its portfolio.
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Metamor Software Solutions directors, Meghna Dilip Bhanushali and Tummala Vipul Reddy, have acquired a property in Hyderabad's Jubilee Hills for Rs 48 crore, marking one of the city's recent high-value residential transactions. The property, spanning 13,000 sq ft with a built-up area of 3,951 sq ft, was purchased from Manoj Kumar Tibrewala. This purchase was driven by both family and business requirements, as evidenced by the sale deed. The real estate market in Hyderabad has been witnessing a surge in significant land and mansion deals, largely from business figures and film actors.
Digital marketing agency Wiredus and real estate developer Silverglades have partnered to raise awareness about senior citizen living projects, focusing on The First Citizen by Melia. This initiative aims to redefine the lives of senior citizens by emphasizing health, wellness, and comfort in luxury senior living communities. The collaboration combines Silverglades' expertise in crafting contemporary residences with Wiredus' digital solutions. The project offers one and two-bedroom apartments equipped with amenities like fitness centres, spas, pools, libraries, and medical facilities. The partnership aims to transform the narrative of senior community living, providing seniors with an enriching and fulfilling retirement experience.
Housing and Urban Affairs Minister, Hardeep Singh Puri, pressed for the rapid integration of innovative construction technologies to meet the surge in urbanization. Addressing a CREDAI conference, he cited the need to transition from traditional methods to modern techniques. Puri highlighted successful projects utilizing such technologies, including reduced construction time, cost savings, and enhanced sustainability. The minister's call underscores the drive to reshape India's urban landscape with cutting-edge practices and sustainable growth.
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Reserve Bank Governor Shaktikanta Das led a crucial meeting to enhance governance and assurance mechanisms in non-banking financial companies (NBFCs), including housing finance companies (HFCs), aiming to fortify the financial sector's stability. CEOs of prominent NBFCs and government entities, along with the RBI's Deputy Governors, participated in discussions focused on governance standards, risk management, and compliance. With these entities holding 50% of overall NBFC assets and serving underserved areas, the RBI emphasized vigilance, resource diversification, cybersecurity, fair practices, and IT enhancements. The meeting showcases the RBI's commitment to maintaining financial resilience and transparency in the sector.
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In a bid to clamp down on the rise of unauthorized constructions and instil transparency, officials from the building branch in Ludhiana will now maintain comprehensive online records via the challan management system (CMS). Previously, the uploading of challans occurred monthly or yearly, with many languishing as "pending." This approach shift involves daily data monitoring and necessitates officials to promptly upload solutions. Amid multiple complaints about construction persisting post-sealing, the MC commissioner's transfer has taken place. The civic body, facing financial loss and criticism, aims for effective enforcement via digital reforms.
A home project that is now under construction in Chennai has received a total investment of Rs. 206 crores from Shriram Properties and ASK Property Fund. The project, known as "Shriram 122 West," is situated in Mangadu close to IT hubs and the future metro corridor. It spans 1.9 million square feet across two phases and has a projected five-year revenue potential of Rs. 1,200 crores. The partnership demonstrates the strategic skill of both parties and their dedication to improving the real estate market. With this agreement, Chennai will take another step toward producing high-quality residential areas and leveraging the city's expanding real estate market.
Roha Realty, a renowned real estate developer focused on upscale residential apartments in Mumbai and Thane, has partnered with MHADA for the redevelopment of two large societies in Subhas Nagar, Chembur. Demonstrating its prowess as a premium developer, Roha Realty aims to enhance residents' lifestyles through modern spacious apartments, top-tier amenities, and sustainability measures. The project will merge the two societies into a unified entity, reflecting Roha's commitment to quality and design. Chembur's strategic location and connectivity make it an attractive market for luxury living, further bolstering the investment potential of this development. Roha Realty's dedication to transparency and client satisfaction drives its mission to be Mumbai's premier real estate developer.
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The residents of NOIDA's Kasna B-Block, living on abadi plots designated under the kisan quota, are facing dire conditions due to the absence of proper infrastructure. Despite being in proximity to administrative offices, the area lacks essential amenities like sewage systems, drains, and functional roads. The single access road is unpaved and filled with potholes, worsened by recent monsoon rains and nearby drainage overflow. Complaints to the GNIDA have reportedly yielded little action, leaving residents disillusioned. Water connections have been paid for but remain absent, sewers are non-functional, and road repairs are incomplete. Residents are grappling with neglect and unfulfilled promises, despite their legal entitlement to basic infrastructure.
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Shriram Housing Finance embarks on Vision 2026, aiming to triple its size by capitalizing on the surging demand for affordable homes. With assets of Rs 10,000 crore, it plans to expand branches, workforce, and products, aspiring to achieve Rs 30,000 crore in AUM by FY26. Notably, 75 percent of its clients are from low- to middle-income groups. Its growth journey has witnessed a 44 percent CAGR in 4 years, doubling AUM in 17 months to reach Rs 10,000 crore. It seeks to establish a pioneering position in the affordable housing finance sector while upholding asset quality.
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Real estate firm Casagrand has made a notable land acquisition in Hyderabad, securing over 4 lakh square feet of land valued at approximately Rs 57 crore. This move reflects Casagrand's strategic expansion in the thriving Hyderabad real estate market, highlighting their confidence in the city's growth potential. With Hyderabad's mix of tradition and modernity, booming technology and business sectors, and diverse cultural scene, it has become a hotspot for real estate investment. This move by Casagrand aligns with the trend of companies capitalizing on Hyderabad's economic growth and urban development.
Hayes Village, a Barratt London regeneration project, welcomed UK Prime Minister Rishi Sunak, who announced £200 million funding for housing development in London. The project, transforming a Nestlé factory site into high-quality homes, has grown significantly since his earlier visit. It is favoured by Indian investors for its stable market and strong returns. Sunak’s visit aims to boost housing and brownfield development near London Underground stations. Hayes Village offers a range of homes from studios to three-bedroom properties, attracting overseas buyers. Expected 19% capital growth and up to 5.9% rental yields make it attractive. Barratt’s partner in India will host events to engage potential buyers.
Continued demand in Dubai’s real estate sector has propelled home prices upwards, with Knight Frank’s recent findings showing a 4.8% Q2 2023 increase and a 17% surge over a year. Apartment prices have risen 21% since January 2020, averaging AED 1,290 per square foot. Meanwhile, sought-after villa prices surged by 51%, reaching AED 1,520 per square foot. This sustained momentum points to ongoing pressure on prices due to population growth. The sector’s vitality is underscored by 76,119 transactions worth 283 billion dirhams ($77 billion) in H1 2023, aided by the coveted Golden Visa boosting foreign investor demand.
Utilizing drone technology, the state government has completed mapping rural land parcels in 97% of villages, expediting boundary fixing, property validation, and card issuance. With 31,069 villages surveyed out of 31,984, this innovative approach has resolved disputes and generated over 12,496 maps and 8,846 property cards, enhancing property rights for rural households. Despite pandemic setbacks, the initiative underscores a transformative shift in land management.
Uttar Pradesh RERA Chairman Sanjay Bhoosreddy has urged real estate promoters to register projects with the authority to safeguard stakeholders, particularly homebuyers. This move aligns with a broader vision for a balanced and transparent real estate sector. With 3,467 projects already registered, including 1,598 in the NCR, Bhoosreddy anticipates increased registrations, boosting a robust real estate landscape. UP RERA's role in promoting transparency, protecting interests, and resolving disputes is crucial for growth and accountability. Bhoosreddy's call underscores the importance of compliance in fostering a thriving and consumer-centric real estate industry in Uttar Pradesh.
Anarock Group has partnered with the Madhya Pradesh Housing Board to implement its AI-driven customer relationship management system (ACRM), designed to boost real estate sales efficiency. ACRM's success in automating tasks, managing leads, and enhancing marketing strategies has led to rapid adoption, even by non-tech-savvy teams, as it streamlines operations across the Indian real estate market. The partnership showcases Anarock Group's commitment to innovative solutions within the sector.
Sumir Chadha, co-founder of WestBridge Capital, acquires a luxurious Mumbai apartment for over Rs 96.12 crore. The lavish 7,459 sq. ft residence on the 60th floor of the Oberoi Three Sixty West tower sets a new benchmark with a value of Rs 1.29 lakh per sq. ft. Chadha's stamp duty of Rs 3.59 crore finalizes the deal, also granting exclusive access to car parking slots. The WestBridge Capital leader's investment aligns with Mumbai's robust real estate market, showcasing resilience amid challenges. Oberoi Realty's strategic acquisitions and Mumbai's soaring property records contribute to the city's impressive real estate performance.
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The Municipal Corporation of Gurugram (MCG) is modernizing property tax management by collaborating with a private agency to distribute tax assessment bills to 6.4 lakh property owners. This innovative approach enables residents to review and update property tax details without visiting MCG's office. A dedicated team delivers bills door-to-door, promoting engagement and accuracy. Property owners can communicate changes to agency representatives, ensuring up-to-date records. This effort covers both residential and commercial properties, integrating with digital platforms and offering a 15% tax rebate incentive. MCG's initiative emphasizes efficiency, transparency, and resident involvement for improved property tax administration.
Global alternative investment firm Varde Partners has reportedly provided around Rs 750 crore in mezzanine debt to Hyderabad's Phoenix Group for construction purposes. The funds are intended for a project where the developer is converting a special economic zone (SEZ) project into a non-SEZ venture. Due to changes in project scope, traditional bank lending was not possible, leading Phoenix Group to seek private lending from Varde Partners. Despite the relatively high interest rates associated with Varde Partners' loans, the move is seen as strategic given the current market conditions. Varde Partners has shown consistent interest in India's real estate market and has invested over $3 billion across 20 transactions in the country over the last four years.
Qatar Investment Authority (QIA) has struck a deal to invest Rs. 8,278 crore in Reliance Retail, a key player in India's burgeoning retail sector. The strategic investment will grant QIA a 0.99% minority equity stake in Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited. RRVL operates an extensive network of over 18,500 stores across various segments in more than 7,000 cities. This collaboration aims to leverage QIA's global experience and Reliance Retail's strong presence to further elevate the company's position. The investment from QIA follows previous investments by other entities, including Saudi Arabia's Public Investment Fund and Abu Dhabi Investment Authority.
Celebrity power-couple, Shahid and Mira Kapoor, have been named brand ambassadors for Shapoorji Pallonji Real Estate’s luxury project, VANAHA, in Pune. Nestled near the renowned Oxford Golf Course within a sprawling 1000-acre township, VANAHA promises an unmatched blend of residential, commercial, and green spaces. This collaboration seeks to magnify the project’s allure, blending the couple's elegance with the property’s promise of harmonious luxury living. The Kapoor endorsement is set to give VANAHA a unique spotlight in Pune's real estate market.
In a tragic turn of events, an under-construction railway bridge in Mizoram's Aizawl district collapsed last week leading to the death of 18 workers, primarily from West Bengal. Five workers remain missing. The Indian Railways cites a gantry collapse as the cause. Prime Minister Narendra Modi announced an ex gratia of Rs 2 lakh for the deceased's families. Mizoram and West Bengal Chief Ministers have expressed their condolences and pledged support for ongoing rescue efforts. The event has ignited discussions on the need for enhanced safety in infrastructure projects.
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Thiruvananthapuram's Municipal Corporation is set to undertake a transformative Rs 20-crore housing initiative, targeting residents of Vikalanga Colony and those enlisted under the LIFE Mission. The project, located at Muttathara, aims to relocate approximately 100 families currently enduring substandard conditions. This move, coupled with the upcoming housing for the fishing community, underscores the city's determination to improve living standards for its marginalized communities.
The Bankers Institute of Rural Development (BIRD) convened in Lucknow, has discussed the potential of Svamitva cards—documents certifying rural property ownership—as eligible collateral for loans. Attended by representatives from major national and regional banks, as well as state commissioners, the meeting examined the card's validity as a conclusive property title and its implications for rural financial stability. This initiative could transform rural lending dynamics, providing villagers with enhanced financial avenues.
The Lucknow Development Authority (LDA) has revealed plans for a 'second innings' apartment complex in Viraj Khand, Gomtinagar, specifically designed for senior citizens. LDA Vice-Chairman, Indramani Tripathi, shared that the 2,500 sq mt project will feature seven-story buildings, each housing eight studio apartments tailored for seniors. The community will also boast amenities like a gym, meditation centre, and an on-site ambulance service. Unique leasing provisions allow residents aged 60 and above to transfer their flats to another senior citizen, ensuring the facilities cater exclusively to the elderly. Surrounding areas will see development of parks and wide roads.
A three-storeyed building in Navi Mumbai's Nerul area collapsed last week, resulting in two fatalities and injuring two others. The incident, which took place around 9:11 pm in Sarsole Sector 6, saw a major section of the building's third floor crash onto the lower levels. While the interior was severely damaged, the exterior surprisingly remained intact. Immediate rescue operations were launched, with victims rushed to DY Patil Hospital. The cause of the collapse is under investigation.
Zara's founder, Amancio Ortega, through his private firm Pontegadea, is engaging in a global property acquisition spree that has significantly impacted the net worth of the Ortega family. With strategic purchases in logistics centres and residential properties, Pontegadea is diversifying its investments across various locations. Recent acquisitions include a Los Angeles warehouse for $109 million, a former BBC office building in London for $102 million, a luxury residential skyscraper in Seattle for $323 million, and properties in New York, Toronto, and Glasgow. These moves highlight Ortega's visionary investment approach, expanding his real estate portfolio across borders and property types.
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Despite administration efforts to recover outstanding dues, Pune Municipal Corporation (PMC) faces a substantial property tax liability of Rs 8,500 crore. About 41% of property owners missed the payment deadline, with 5 lakh of the 12 lakh property owners yet to pay. The PMC employs tactics like sealing properties and property auctions to recover dues, sealing 1,400 properties and recuperating Rs 100 crore in the past year. However, civic activists emphasize stricter actions against defaulters over amnesty schemes. PMC aims to generate Rs 2,618.15 crore from property tax this year, playing a pivotal role in its revenue generation.
Omkara ARC has secured a significant loan of Rs 784 crore from PNB Housing Finance through an all-cash deal facilitated by Joyous Housing Limited. This move aids PNB Housing Finance in addressing a substantial non-performing asset on its balance sheet. Joyous Housing, who defaulted on a secured construction finance of Rs 800 crore from PNB Housing, played a role in this transaction. The loan resolution was accomplished through the 'Swiss Challenge' method, marking a strategic step for both parties. PNB Housing Finance had recently raised capital through a successful rights issue involving key stakeholders like PNB, Carlyle, Ares SSG, and General Atlantic. The company has been working on improving its asset quality and reducing its stressed portfolio through various means.
The majority of commercial banks align home loan rates with the RBI's repo rate, factoring in eligibility criteria such as age, income, and property value. Bank choice affects the interest rate, with a margin and risk premium added to the external benchmark rate as per RBI guidelines. The top 10 banks offering competitive home loan rates in August 2023 include HDFC, Indian Bank, and Punjab National Bank, ranging from 8.5% to 10.1%. Floating rates linked to market changes determine EMI fluctuations. Additional charges for loan processing, verification, inspection, legal opinion, and more may apply, varying by bank. Early loan repayment may incur penalties based on the source of funds.
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The Knight Frank MENA report highlights Egypt's real estate resurgence, attracting global investment from the US, UK, UAE, and more. Despite the pandemic, cities like Lagos, Nairobi, and Cairo are gaining attention. Egypt's Cairo emerges as a prime investment hub, backed by Middle East sovereign wealth funds with plans for up to $120 billion investment. Zeinab Adel, Knight Frank's Egypt Head, emphasizes Egypt's allure due to history, strategic location, and growing economy. The thriving residential sector in Cairo garnered $16 billion in investments in 2022, with 10% property price rise. The North Coast gains traction as a second home market, solidifying Egypt's global investment appeal.
The Greater Mohali Area Development Authority (GMADA) has taken a significant stride by awarding a tender for the development of infrastructure in the "Aerotropolis" township. Estimated at Rs 195 crores, the project aims to create a modern living space, with completion expected by April 2025. Covering 5,500 acres, the development will proceed in phases, starting with grid roads across 1,650 acres. M/s SBEIPL-HRG (JV) has been chosen for this task, encompassing civil, public health, and electrical services. Aerotropolis's strategic location near the international airport and established townships positions it as a future-focused and sought-after destination.
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China's government land sales revenue declined for the 19th consecutive month in July, amplifying pressure on debt-laden municipalities. With a 10.1% year-on-year drop in land sales, followed by a 24.3% decrease the previous month, local governments are strained. A 19.1% drop in sales from January to July underscores the impact. Weakening financial health, primarily due to a property sector slowdown, is leading to developer debt defaults. This industry shift towards a reduced economic contribution is eroding land sales and fiscal revenue for regional and local governments. Prudent financial management is essential as China's property market transforms and challenges persist.
Singapore is combatting soaring public housing prices by bolstering affordability measures. Prime Minister Lee Hsien Loong unveiled heightened grants, subsidies, and new secondary market restrictions. Despite prior efforts, the resale market persists, constituting 80% of housing for residents. COVID-19 disruptions amplify the issue. Overseas wealth influx post-pandemic further drives property prices up. Policies include means-tested grants, sales limits, and repayment obligations for prime-location flats. Extended occupancy requirements and income ceilings are set for secondary market flats. Singapore's multifaceted approach strives to balance housing dynamics and equitable access amidst evolving real estate trends.
Star Housing Finance has secured a Rs 50 crore loan from State Bank of India (SBI), as per an official filing with the Bombay Stock Exchange. The company has also received loans from other institutions like Tata Capital Financial Services (Rs 6 crore), IDBI Bank (Rs 10 crore), and ICICI Bank (Rs 2.92 crore). Notably, shareholders have approved the reappointment of Ashish Jain as the chairman and managing director. Star Housing Finance's financial performance has been impressive, with Q1 FY24 witnessing a 99.51% YoY growth in total income to Rs 12.29 crore and a significant rise in net profit to Rs 1.55 crore. The company plans to raise funds through unsecured/secured redeemable NCDs or bonds for growth.
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The Hyderabad Metropolitan Development Authority (HMDA) recently conducted an auction of vacant plots in the city, but the response was lacklustre. Out of the 26 plots put up for auction, only nine were successfully sold, contributing 120 crore rupees to the state government's revenue. HMDA officials explained that these unsold plots had various challenges like small size, vaastu concerns, and their proximity to other properties. The plots were located in areas such as Kokapet, Nallagandla, Manchirevula, and others across different districts. The auction revenue fell short of expectations, highlighting the complexities of property sales and local factors affecting demand and pricing.
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After a 23-year-long legal dispute, Noida Authority is finally moving forward with the development of Sector 42 as a residential area. The original plan for the sector's development was approved in 1997, but it was delayed due to a legal challenge from the Central Employees Cooperative Housing Society, which claimed ownership of land within the sector. After years of legal proceedings, the Supreme Court ruled that the cooperative society members would receive apartments and the remaining land could be developed by the Authority. The Authority has now approved a revised layout for Sector 42, which includes residential plots and various amenities. This move is expected to generate significant revenue for the Authority while addressing the city's need for residential space.
In a move towards greater efficiency, the three industrial development authorities in Gautam Budh Nagar are collaborating to establish uniformity in building bylaws, plot allocation charges, and allocation procedures. Directed by the infrastructure development commissioner, officials are presently reviewing existing policies and are expected to finalize a uniform framework within two months. The initiative aims to simplify new scheme implementation and offer convenience to diverse allottees. Currently operating under distinct policies, the authorities will harmonize processes, addressing concerns arising from disparities. The strategy also extends to public transport, road construction, and traffic management through a regional connectivity plan.
Coimbatore Corporation is gearing up to launch a novel initiative that involves affixing QR codes to the exteriors of both residential and commercial buildings across the city. This move aims to establish a convenient and efficient system for garnering feedback from citizens and business owners alike. The QR code-based feedback system is anticipated to streamline the process of gathering opinions, complaints, and suggestions, enabling the corporation to better address the community's needs. This widespread implementation of QR codes underscores the corporation's commitment to embracing technological advancements for enhanced urban governance.
Prominent real estate developer Vaishnavi Group has secured significant office space leases at Vaishnavi Silicon Terraces, strengthening its status as a preferred developer for occupiers in Bengaluru. Aon and Mensa have leased half of the premium office space, joining prestigious occupants like Navi Technologies and Smartworks. Spanning 1.10 million square feet in Koramangala, Bengaluru, the strategically located Silicon Terraces offer efficient space utilization, connectivity, and amenities. As India's office market thrives, Vaishnavi Group's 25 years of experience and commitment to quality real estate make it a trusted partner for companies expanding in Bengaluru's dynamic commercial landscape.
Mumbai's Omkar Realtors has begun delivering homes in the world's tallest rehabilitation towers at Dhobi Ghat, Mahalaxmi. Around 1000 families have received new homes and retail units in Phase 1 of the project. Developed under the Maharashtra government's slum rehabilitation scheme, the initiative aims to house 16,000 slum residents across phases. The project, in collaboration with Piramal Realty, focuses on laundry-related labour and includes luxury housing. Omkar has a strong track record in slum redevelopment, delivering over 3,000 houses in a recent project. The iconic Dhobi business faces modernization challenges, adapting to water-efficient and healthier techniques.
In Mumbai's Matunga West, Sumit Woods Ltd. has presented exhibition apartments and a distinctive exercise facility for its Sumit Atulyam project. The building, which was finished in 15 months, features opulent residential units and facilities, such as three show flats and a cutting-edge exercise facility. Construction was sped up by the development of aluminum shuttering technology. With 60% of the project's sales completed, the managing director, Mitaram Jangid, expressed delight in its advancement and invited potential buyers to tour the sumptuous living quarters. P.N. Bhobe, Chief Architect of P.N. Bhobe & Associates oversaw the project's renovation.
Apeejay Surrendra Park Hotels Ltd, renowned for its opulent "The Park" hotel brand, has submitted preliminary documentation to SEBI for an IPO to raise Rs 1,050 crore. The IPO involves issuing fresh equity shares of Rs 650 crore and an offer for sale (OFS) of Rs 400 crore, with participation from promoters and investor shareholders. In the hospitality sector, ITC Hotels is considering an IPO, while ITC Limited approved a plan to segregate its hotel business. Samhi Hotels Ltd also re-submitted IPO documents, and OYO Hotels & Rooms plans to secure $1-1.2 billion through an IPO. The industry's dynamic nature requires careful analysis, and while IPOs offer investment opportunities, a thorough understanding of the sector's complexities is crucial before investing.
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Around 30 Resident Welfare Associations (RWAs) from Greater Noida recently met with the CEO of Greater Noida Industrial Development Authority (GNIDA) to address various civic issues. They raised concerns about poor water quality and low pressure, a 10% annual increase in water tariffs, inadequate garbage collection, and the absence of a dedicated dog policy. Despite the meeting taking place nearly two weeks ago, the RWAs report no noticeable action on the ground. The GNIDA officials have promised to tackle these issues, including water problems and sanitation, within a specified timeframe.
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Thrikkakara and Edapally areas in Kerala are witnessing a surge in flat registrations, accounting for over 50% of registrations in the district over the last four months. Despite this growth, overall property registrations, including flats and lands, have decreased compared to last year. The pandemic caused a registration dip in 2020 and 2021, leading to higher numbers in 2022. This year, the shift towards reselling properties shortly after purchase and the high cost of new flats might be affecting registration rates. Stakeholders believe that the implementation of Kerala's Real Estate Regulatory Authority is motivating builders to complete projects within specific timeframes.
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Despite challenges like higher home loan rates and property prices, the desire for homeownership in India remains strong, especially for luxury properties above Rs 1 crore. Demand for properties exceeding Rs 2.5 crore has also surged, reflecting a steadfast commitment to ownership. An interesting trend is the increased interest in owning land, driven by security and potential capital appreciation. NoBroker's report highlights a shift in sentiment, with 86% considering it a good time for property investment, and 77% intending to buy in 2023. Gated communities are favoured, while plots gain popularity for price appreciation potential. Budget constraints and amenities drive purchase decisions.
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The 2023 amendments to Goa's Land Development and Building Construction Regulations by the TCP department embrace balanced urban growth. Changes include allowing farmhouses in agricultural zones under conditions, streamlining FAR regulations in villages, and prioritizing fire safety and compliance with the National Building Code. The collaborative approach, incorporating public input and committee reviews, underscores responsible development. The regulations ensure a harmonious blend of development, safety, and sustainability in Goa's evolving urban landscape.
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The surge in illegal constructions in Pune's Kondhwa area is exacerbated by lax tenant police verification. Recent events, like the Pune ISIS module arrests, highlight the significance of this issue. Many property owners avoid verification due to fear of repercussions. Police aim to raise awareness and warn of legal consequences. A former corporator states about 3,000 illegal properties exist, with inadequate PMC vigilance. Kondhwa's history with terrorism suspects compounds the problem, with an influx of residents from various regions and foreign nationals. Challenges arise from the lack of proper property identification and a need for stronger police presence. Efforts are being made for cooperation between property owners, authorities, and law enforcement.
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To address building norm violations, the Department of Town and Country Planning (DTCP) has formed specialized teams to inspect 30 residential properties in licensed colonies where unauthorized construction allegedly occurred even after obtaining occupation certificates (OCs). Prompted by rising complaints, this move aims to investigate violations thoroughly and take necessary actions. Architects were empowered to issue OCs through self-certification, but concerns about ethical compliance prompted District Town Planners (DTPs) to review 10% of OCs issued. If violations are found during inspections, actions range from show cause notices to blacklisting architects and revoking OCs. This initiative reinforces the DTCP's commitment to maintaining construction integrity.
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The Tamil Nadu Urban Habitat Development Board (TNUHDB) is overseeing the finalization of the Manjalmedu apartment complex in Madurai, replacing previous slums demolished in October 2020. Pandemic-related disruptions and funding challenges slowed construction on the 2.5-acre site, featuring 320 individual residences measuring 400 square feet each. The State government has committed to subsidizing the project, with contributions from both State and Central governments, and beneficiaries. A completion date of October 23rd is anticipated. The TNUHDB is also constructing another 396-unit apartment complex in Subramaniyapuram, spanning 1.43 acres, aimed at improving living conditions for low-income families and government employees.
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Chandigarh's property landscape is set for transformation with two ground breaking policies on the horizon. The UT administration plans to introduce policies allowing the conversion of leasehold properties to freehold and changes in land use. The conversion policy will let commercial and industrial plots become freehold properties through a conversion process, while the land use conversion policy will shift industrial plots to commercial zones, enabling business-to-consumer activities. The draft CLU policy is close to completion and has involved stakeholders' input. These policies mark significant shifts, aimed at shaping Chandigarh's real estate and economy, guided by meticulous planning and stakeholder engagement.
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The PMC's plea for citizens to declare self-occupancy for a 40 percent property tax reduction has received a meagre response. Around 40,000 responses were received in two months, significantly fewer than the expected 4.5 lakhs. The initiative aimed to ease high taxes for property owners who reside on their premises. PMC urged property owners to submit a PT3 form, the society's no-objection certificate, ID proof, and a tax bill from another property owned by the same taxpayer within PMC's limits. PMC released tax bills on May 15, deviating from April 1, following the state government's 40 percent rebate reintroduction.
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The Municipal Corporation of Manesar (MCM) has successfully amassed Rs 18 crore in property tax since April 1. A significant development is the issuance of 30,000 notices to defaulting property owners across Manesar, urging prompt settlement of their dues. A notable shift has been the MCM's decision to outsource bill distribution to a private firm, resulting in its highest tax collection to date. This approach has primarily targeted property owners seeking no-dues certificates. The accrued funds are designated for driving development projects within emerging sectors. Additionally, notices have been issued to 100 defaulters owing Rs 10 crore. Efforts are underway to ensure billing accuracy and facilitate corrections.
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For a future IT Park, the Maharashtra Industrial Development Corporation (MIDC) has selected a 100-acre area in Rajur Bahula, close to Nashik. Once the final pieces of the property have been acquired, the IT Park will help Nashik expand economically and create new jobs. This action fits with the general national trend that emphasizes technological growth. The program demonstrates the government's dedication to encouraging innovation and luring capital to the technology industry. Nashik's advantageous location and expanding industrial landscape place it in a position to become a prospective IT centre with room to grow and modernize in the future.
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Wonderla Holidays, a leading amusement park chain, is in advanced discussions to expand in Punjab and Madhya Pradesh. Confident in its scalable model, the company eyes Chandigarh's untapped potential and evaluates locations in Indore and Bhopal. Ongoing projects include parks in Bhubaneshwar and Chennai, expected to complete in the coming years. With healthy cash flows and a debt-free standing, funding concerns are minimal. Wonderla plans to increase its workforce and explore international markets like Saudi Arabia and Sri Lanka within three years.
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Land prices between Nandankanan and Trisulia, where the proposed route will traverse, have increased dramatically as a result of the announcement of the Bhubaneswar Metro Rail project. Depending on the region, land values have increased by 25% to 50%, with prices rising from Rs 3,000 to Rs 5,000 per square foot. Even though the precise metro line has not been finalized, the news itself has affected pricing, especially for plots close to busy roadways. Developers are now considering marketing projects based on their metro accessibility, which is helping the local real estate market flourish as a result of the expectation of increased connection.
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Since early 2023, apartment rents in Barcelona have surged to €1,087 a month, reaching a new high. Rent controls set in 2020 were ruled unconstitutional in 2022, letting landlords charge market rates. The city has seen a 40% drop in available rentals in four years, with tech industry growth increasing demand from foreign workers. Pre-pandemic, prices were rising, now almost back to 2019 levels. High costs stem from foreign investors, Airbnb-style rentals, and a supply shortage. Barcelona's mayor plans to review previous social housing measures. High prices make it hard for locals to buy homes, despite seemingly reasonable costs compared to foreign cities.
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Australia is set to miss its target of building 240,000 new homes in the first year of a housing affordability program by over 60,000. The Housing Industry Association predicts only 178,839 new homes will be constructed next year, rising to 195,105 in 2025. A recent national cabinet meeting aimed to address the housing shortage by adding 200,000 homes to a goal of one million new residences by 2029. Economists suggest state governments should attract foreign investors, reconsider property taxes, and hasten planning processes to meet targets and enhance affordability.
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China's second-largest privately-owned real estate developer, Longfor Group, reported a slight 0.6% increase in core profit for the first half of the year. Despite this, the company's shares saw a 3.8% decline following its announcement of a 35% drop in revenue compared to the previous year. Longfor's net gearing ratio also rose by 2 percentage points to 57%. The decline in China's real estate market has raised concerns due to multiple property developers struggling with debt commitments since mid-2021, impacting sales and investor confidence. Longfor participated in discussions with regulators and expressed hope for market dynamics to change with new policies. The company aims to elevate its investment and property services divisions' contribution to over 50% of its profitability, up from the current 20%
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Foreign investors from Singapore, South Korea, Taiwan, Japan, and Malaysia have contributed around $1.4 billion to merger and acquisition (M&A) transactions in Vietnam's real estate sector in the first seven months of the year. The total value of M&A activities in Vietnam during this period reached nearly $3.2 billion, a 62% decrease compared to the same period last year. Challenges within the legal framework for foreign ownership of real estate in Vietnam have slowed down M&A processes, leading to extended timelines and higher costs. Experts anticipate a more active M&A landscape in the real estate sector starting from 2024.
Between January and August 2023, the Indian real estate market experienced a notable rise in land deals. ANAROCK Research's study reported 59 transactions covering 2,018 acres, a significant increase from the previous year's 50 deals spanning 1,438 acres. Ahmedabad stood out, contributing to almost 37% of total transactions. While 2022 saw smaller plot deals, 2023 witnessed Ahmedabad closing three mega deals for 740 acres. Residential projects dominated, with 38 deals and 283 acres across major cities. Township projects also gained momentum, with five deals for 1,136 acres. This active land market indicates robust growth and evolving urban development trends in India.
A temple that was initially erected in the parking lot of Gaur City 2 society disappeared following objections from residents. Following discussions involving GNIDA officials, police, builders, and residents, a new location near the society park was identified and approved for the temple. GNIDA's formal approval will be obtained once NOCs are secured from the majority of flat owners, while ensuring that utility lines are unaffected. Builders in the area must adhere to approved layouts and obtain authority approval before making any modifications or introducing new structures.
Gurugram's Resident Welfare Associations (RWAs) are opposing the establishment of healthcare facilities within residential colonies, citing potential negative consequences. Concerns include increased traffic congestion, insufficient parking, and strains on utilities like water and electricity. RWAs recognize healthcare accessibility's importance but propose evaluating alternative locations with better infrastructure. Balancing convenience with the potential burdens on existing resources becomes crucial in addressing the residents' quality of life and maintaining the area's overall functionality
South Indian real estate developer Casagrand has appointed cricket legend Sourav Ganguly as its national brand ambassador as part of its expansion strategy into new markets, including Maharashtra. With an investment of around 8000 crores, Casagrand aims to construct 20 million sq. ft in the next three years. The collaboration with Ganguly, known for his leadership style in cricket, will drive a marketing campaign titled "Transforming Lives." Casagrand has completed over 140 projects and 40,000 homes in Chennai, Bengaluru, Coimbatore, and Hyderabad, with plans to become one of India's top 5 builders within five years.
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According to the latest SRA circular, new proposals from developers, firms, and their associates with outstanding transit rent payments will not be considered until all outstanding dues are settled. The directive highlights a strict stance against defaulting parties, emphasizing the need for clearances on all dues before new projects are accepted. The move follows court pressure and the SRA's pursuit of overdue rent payments from around 150 builders involved in 150 projects. Builders who fail to provide project-affected persons' tenements also face proposal rejection.
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The State Real Estate Appellate Tribunal (BREAT) in Bihar has ruled that the Real Estate Regulatory Authority (RERA) lacks the autonomy to appoint "officers and employees" without collaboration with the state government. The verdict emerged from an appeal by a developer contesting an execution order involving a property transfer. BREAT highlighted RERA's inability to function like a private company. The ruling, specific to Bihar, could potentially influence similar appointments by RERAs nationwide. BREAT labelled the appointment of a senior legal consultant "illegal" and called for the verdict's dissemination to address the issue, shedding light on RERA's powers and government involvement.
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Streamlined process enables citizens to secure building permits for residences and small commercial properties under 500 sqm in Mangaluru without MCC office visits. Zonal commissioners will decide on applications using assistant town planning officers' reports, within 15 days, via Nirman 2 online software. Joint commissioner oversight ensures efficacy. Around 150 monthly applications are anticipated. Previously, only the MCC commissioner handled applications exceeding 250 sqm. Public notice by MCC commissioner Anand CL cites system flaws and inconvenience as reasons for the change.
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The Kerala State Consumer Disputes Redressal Commission has sentenced a Chennai-based builder to six months of simple imprisonment for failing to comply with compensation orders to a petitioner. This marks the first instance of such legal action against a builder. The builder, Ajith Thomas Abraham, Managing Director of Southern Investment, refused to pay Rs 1.1 crore compensation to Cherukat Vijayakumar, who had suffered losses due to a fraudulent scheme. Despite repeated chances, the builder failed to fulfil his obligations, leading to imprisonment. This case underscores the commission's commitment to consumer rights and sends a stern message against non-compliance with consumer protection laws.
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The BDA is set to implement the BDA Property (Management and Allotment) Regulation, 2023, as they release the draft for public review. Citizens are encouraged to provide feedback and raise objections before the rule's official enforcement, expected upon publication in the Odisha gazette. The draft outlines dual allocation modes – lottery or auction – for housing projects. Notably, property owners in the city won't qualify for BDA property allotment. Registration with BDA, leading to a universal account number, is mandatory for their participation.
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The Income Tax Department's recent changes to the valuation of employer-provided houses will have a significant impact on employees' finances nationwide. Effective from September 1, the amendments by the Central Board of Direct Taxes (CBDT) alter how rent-free accommodations are valued for tax purposes. High-earning employees with employer-provided housing will likely see increased take-home pay and savings. The revisions adjust valuation percentages based on city population size using 2011 census data. Employees not part of the central or state government and residing in employer-owned unfurnished accommodations will see reduced valuations. The changes are likely to prompt discussions on income distribution and taxation strategies. Both employees and employers will need to navigate these adjustments to optimize their financial situations.
The Securities and Exchange Board of India (SEBI) has introduced new regulations to elevate corporate governance standards in financial markets, particularly for Real Estate Investment Trusts (REITs). These rules empower REIT unitholders with special privileges, including the ability to nominate representatives to serve on boards. The concept of self-sponsored REITs has also been introduced. Unitholders holding at least 10% of total units can now nominate directors to investment manager boards, ensuring equitable representation and influence over decisions. SEBI's rules mandate minimum sponsor unitholding over time to align interests, and they allow the emergence of self-sponsored investment managers for REITs. These regulations signify SEBI's commitment to investor participation and sustainable growth.
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India advances its strategic infrastructure initiatives in Eastern Ladakh, gearing up to unveil the world's highest motorable road, bi-lane tunnel, and fighter jet base. Spearheaded by the Border Roads Organisation (BRO) under Lt. General Rajeev Chaudhry, these projects aim to boost both defense readiness and civilian connectivity. The Nyoma Airfield, poised to be among the globe's loftiest, will be operational by next December. With these developments, India firmly positions itself as a global infrastructural frontrunner.
HDFC Capital, in partnership with TVS Emerald, is on the brink of finalizing three land acquisitions, covering 45 acres in Chennai and Bengaluru's emerging residential sectors. This move is part of their recent collaboration targeting plotted and low-rise constructions in South India. With a shared vision, the duo aims to develop properties across 250 acres in the region, offering a blend of affordable to mid-tier housing options. This initiative comes amid a growing demand for personalized residential spaces in the post-Covid19 landscape.
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Rizin Advisory Private Limited has accomplished a significant transaction within Gurgaon's prestigious Grand View Towers, resulting in a remarkable valuation of Rs 32 crore. This acquisition involves an entire 18,000 square feet floor within the iconic tower, which is part of a mixed-use complex housing the esteemed Grand Hyatt hotel. Notably, the buyer is renowned lawyer Rohit Kochhar from Kochhar & Co. The tower, designed by Foster + Partners, boasts luxury office spaces, upscale shopping, and dining establishments. With its exceptional specifications, prime location, and blend of luxury and functionality, the Grand Hyatt Office Tower exemplifies excellence in commercial real estate.
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The German real estate industry encounters significant hurdles as building permits for apartments plummet by 27% during the first half of the year. Elevated construction costs and financing difficulties contribute to the decline, exacerbating stress within the broader sector. With insolvencies among property developers and a sharp dip in property prices, the nation's construction ambitions waver. As Germany grapples with the repercussions of decreased demand, political and industry leaders are set to meet to brainstorm solutions, while similar vulnerabilities surface in real estate markets globally.
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China's property landscape faces turmoil as Evergrande's colossal $330 billion debt default sparks a wave of concerns. The country's top privately-run developer, Country Garden, also grapples with missed interest payments and uncertain bond redemption. The aftermath of Evergrande's default triggers a domino effect, leaving thousands of incomplete homes across China and casting shadows on international mega projects. Meanwhile, Evergrande unveils a debt restructuring proposal while grappling with a net loss surpassing $113 billion. Investors, uncertain of the future, watch as the fate of China's real estate giants continues to unfold.
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The UK housing market has exhibited a mixed performance in the past year, with average house prices showing a 1.7% increase in the 12 months leading up to June 2023. This growth, however, slightly dipped from the 1.8% rise in May 2023. The Office for National Statistics' UK House Price Index (HPI) reported the average house price at £288,000 in June 2023, up £5,000 from the previous year. Regionally, the North East saw a remarkable 4.7% increase in house prices, while London experienced a marginal decline of -0.6%. Additionally, the rental market recorded record annual rent increases, with London reaching the highest rate since 2006 and the North East witnessing the lowest inflation in rents.
Amid intricate conditions in Asia Pacific's commercial real estate, CBRE advises patience for favourable risk-adjusted returns. Escalating interest rates, slow price adjustments, and a gradual mainland China recovery shape the landscape. CBRE revises projections, estimating a 15% drop in APAC commercial real estate investments for the year, foreseeing a rebound by H1 2024. Australia's yields surge, Japan performs well, and Korea shows recovery signs. DWS focuses on Australia's residential built-to-rent properties, prime logistics, and monitors Japan and Korea sectors with low vacancy rates. Prime logistics shine with 7.5%-9% returns due to e-commerce, while selected cities offer potential in the sector. Office leasing may drop 5%, but tenant-friendly dynamics prevail. DWS supports multi-family housing potential, considering tax incentives for new residential built-to-rent projects.
During H1 2023, Ras Al Khaimah's real estate market showcased distinct rental trends. Al Hamra Village led in sought-after rental apartments, witnessing up to 9.86% rent growth. Al Marjan Island and Mina Al Arab also drew attention. Villa rentals mirrored this trend, with Al Hamra Village being the prime choice. Apartments for purchase were favoured in Al Hamra Village, showing over 4% price per square foot increase. Al Marjan Island stood out for buyers, while Mina Al Arab saw a slight price decrease. Ras Al Khaimah's waterfront developments, especially Al Hamra Village and Mina Al Arab, attracted investors, reflecting the emirate's rising prominence in real estate. Anticipated projects like Wynn Al Marjan Island contribute to its continued appeal.
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The Singapore Land Authority (SLA) is addressing the rising demand for co-living spaces by converting state-owned buildings, and providing innovative housing solutions. A heritage shophouse on Hindoo Road has been the first conversion, with more tenders anticipated in the coming months. Additionally, a two-storey hostel near the Botanic Gardens is up for tender. These initiatives offer a five-year tenure, extendable by four years. Co-living's popularity is growing, appealing to singles and foreigners seeking affordable housing. Experts anticipate sustained demand, while a report by JLL highlights central areas as prime locations for co-living spaces, reshaping Singapore's housing landscape.
Savills annual Executive Nomad Index ranks top global destinations for high-level remote workers, catering to nomadic executives. The list highlights cities like Dubai, Malaga, Miami, and more, considering factors that enhance their allure to this group. Malaga's rise as a coveted remote work destination owes much to Google's impact and resonates with the post-pandemic surge of "digital nomad" executives. Evaluated on criteria like internet speed, quality of life, and climate, Malaga scored impressively, solidifying its appeal. The ranked locations, including Malaga, offer digital nomad visa programs and attractive climates, fostering remote work's blend of professional opportunity and quality of life.
Sushil Tikku and his wife achieved a significant victory against Ambika Realcon Pvt Ltd in a case that could impact homebuyers dealing with real estate companies. The consumer commission ruled that Ambika Realcon must pay the Tikku family Rs 1 lakh for cancelling their flat allocation despite receiving over 80% of the payment. An additional Rs 35,000 was awarded for legal costs. The company defended its actions, claiming payment inconsistencies from the Tikku family, but the commission sided with the buyers. The ruling not only orders the flat to be reinstated within six months, provided the remaining payment is made, but also sends a strong message about accountability in real estate transactions, safeguarding buyers' rights and enforcing commitments.
Greater Noida now boasts an operational senior housing complex called "Saral Satya Legacy" thanks to DS Group. The 12-acre complex provides rental senior living that is completely furnished. It attempts to improve the quality of life for inhabitants by providing services including wholesome meals, medical help, and security. The development includes a cutting-edge club, beautiful gardens, and a range of housing alternatives. This project, which reflects a new standard in senior living, demonstrates the DS Group's dedication to comprehensive care and community involvement.
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An impressive 58.74% growth in net consolidated profit was recorded for Q1 FY24 by Shriram Properties, a well-known real estate company. In comparison to the same quarter the prior fiscal year, the company's profit after tax increased to Rs 16.62 crore from Rs 10.47 crore. At Rs 157.17 crore, net consolidated total income increased by 8.31%. In the third quarter, Shriram Properties sold 0.78 million square feet for a total of Rs 459 crore. The company's gross debt dropped by 12% to Rs 488 crore, and the acquisition of Shriram 122 West is likely to be completed.
The Delhi Development Authority is revolutionizing its housing schemes to attract more buyers. It's re-evaluating the one-unit bid rule, aiming to broaden appeal and sales. Traditional restrictions are giving way to innovative strategies, including public-private partnerships. The DDA has also enlisted real estate consultant Anarock to enhance its sales approach, focusing on pricing, amenities, and dynamic strategies. The upcoming 2023 housing scheme will see 23,000 flats phased for sale, with a spotlight on the Narela sub-city. Amid dynamic changes, the DDA aims to transform its housing offerings, elevate the buyer experience, and adapt to evolving market dynamics.
WeWork is set for a one-for-forty reverse stock split to regain compliance after expressing doubts about its operational viability. Shares have plummeted since a 2021 merger, trading at 12 cents from their $47 billion valuation. With the backing of SoftBank but marked by a 2019 public plan failure, WeWork revealed a 3 percent drop in memberships, citing intensified competition, market volatility, and subdued demand. Amid cost-saving efforts, leadership changes, and debt-cutting, the reverse split aims to restore compliance by consolidating shares. Authorized by shareholders in June, it takes effect on September 1st, potentially indicating capital-raising efforts.
Brookfield India REIT raised Rs 750 crore via commercial papers, as detailed in a BSE filing. The company issued 15,000 dematerialized, rupee-denominated, listed, and rated commercial papers, totalling Rs 750 crore with a Rs 5,00,000 face value each, as per regulatory disclosure. The funds will serve debt repayment, transaction costs, capital expenses, and working capital needs for both Brookfield India REIT and its SPVs. CRISIL rated the papers 'CRISIL A1+'. The acquisition of 50 percent of Candor G1's share capital was informed separately, involving equity shares and compulsory convertible debentures. Brookfield India REIT and GIC affiliates subscribed to unlisted nonconvertible debentures of Candor G1.
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Encalm Hospitality, known for creating peaceful spots at airports, is embarking on a new venture by entering the hotel industry. Their first hotel, located at Hyderabad airport, will feature 58 rooms. Moreover, Encalm Hospitality has plans to construct another hotel at Goa's Manohar International Airport. Their ambitious vision involves establishing 21 relaxing lounges at airports and managing three hotels by 2025, aligning with India's airport expansion plans. Encalm's move stems from the observation that modern travellers desire comfortable spaces during their airport experience. This leap from airport spots to hotel construction signifies a significant evolution in their business strategy, promising exciting developments for the future.
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A pivotal meeting convened at Chandigarh's Hotel Mountview, presided over by UT Administrator Banwarilal Purohit, addressed concerns surrounding building regulations and water access in villages. Chandigarh Mayor Anup Gupta emphasized the need for tailored building bylaws, as the current regulations fail to accommodate the unique characteristics of villages. The Administrator's Advisory Council aims to create new regulations specific to villages and provide temporary water connections to residents outside designated zones. Challenges in obtaining construction permissions in villages were acknowledged, prompting the exploration of solutions and land allocation for development. This significant meeting involved presentations from specialized groups to ensure regulations and solutions align practically with village contexts.
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Lokesh M, the newly-appointed CEO of Noida Authority, met with over 24 real estate developers to address the whopping Rs 26,000 crore in pending dues and homebuyers' concerns. He has ordered swift action against defaulting builders, including issuing recovery certificates. Concerns about construction quality, parking, and waterlogged basements were also discussed. Builders have been given a deadline of August 26 to open escrow accounts as previously directed. This move underscores a commitment to transparency, accountability, and ensuring buyers receive quality homes.
A recent study by Savills, a top real estate consultancy, revealed a significant 5-28% year-on-year increase in luxury housing rentals across Delhi, Noida, and Gurugram in the first half of 2023. The surge, attributed to a growing demand-supply gap and rising capital values, saw Delhi's Central 1 micro-market, including areas like Golf Links, leading with a 10% rise. Gurugram reported a 28% average hike, while Noida's premium sectors experienced around a 19% growth.
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Maharashtra's State Housing Minister, Atul Save, announced the upcoming release of a revamped housing policy focused on affordable and sustainable living. This policy, set for a November launch, will integrate feedback from diverse stakeholders, such as architects and engineers. Building upon the previous 2015 policy, it will emphasize streamlined clearances for homebuyers and address contemporary challenges like special townships and slum redevelopment. The new framework also plans to incorporate recent state-specific regulations and align with the central 'Housing for All' initiative.
Bank of Baroda recently published an e-auction notice for the sale of actor Sunny Deol's 'Sunny Villa' bungalow in Mumbai due to outstanding loan dues amounting to around Rs 56 crores. Scheduled for September 25, the auction notice was withdrawn on August 20, reportedly due to technical reasons. The Sarfaesi Act empowers banks to recover non-performing asset (NPA) dues without court intervention. Deol has the option to settle the dues and stop the auction. The Act mandates a legal notice, followed by a 60-day period to repay the loan, failing which the property can be sold. Sunny Deol, an actor and MP, won the Gurdaspur constituency seat in the 2019 elections. Bank of Baroda's swift action raises questions about the handling of NPAs within legal bounds.
Prominent Vietnamese real estate player FLC faces a precarious situation due to its inability to liquidate assets for working capital. Former chairperson Trinh Van Quyet's arrest for inflating stock prices triggered investigations revealing stock value irregularities. Most FLC stocks have been removed or suspended, leading to financial losses and mounting debt. FLC's strategy to divest underperforming ventures, like aviation and mining, has yielded limited results. Debt has surged, totalling $1.2 billion, exceeding half of assets. Government supervision of 300 FLC projects follows Trinh's arrest, with some halted due to land clearance issues. Without swift change, FLC's plight may worsen.
Australian developer Lendlease Group has suspended work on its A$1.9 billion ($1.23 billion) office and apartment complex in San Francisco due to a struggling West Coast real estate market. With a decline in annual core profit, Lendlease seeks to mitigate risks before further investment. The project's pause aligns with a global trend of reduced demand for office space and rising property values, impacting California's commercial real estate market. Lendlease's decision reflects challenges faced by the industry, as property valuations drop by 7%, notably affecting the office segment. Despite these hurdles, the company's funds under management have grown by 9% to A$48.3 billion.
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Australian realty firm Dexus faces its first loss in 14 years, attributed to escalating interest rates denting property values. This shift marks a departure from the company's historical profitability. Elevated borrowing costs have triggered a downturn, adversely affected property valuations and leading to Dexus' reported loss. The incident underscores the vulnerability of real estate to wider economic shifts, emphasizing the importance of proactive risk management and adaptable investment strategies in navigating changing financial landscapes.
Noida is preparing to review circle rates after a three-year hiatus. Property surveys will be conducted to ensure accurate recalibration of rates in various categories. The district administration has directed sub-registrars and magistrates to assess prevailing circle and market rates. Inputs from departments like PWD and Forestry will be considered for potential rate adjustments. The move comes after rates remained unchanged from 2020 to 2022 due to pandemic-induced real estate challenges. The revised rates aim to reflect actual property values and address demands from sectors like farming for fair compensation.
MO Alts, the alternative investment arm of Motilal Oswal Financial Services, is set to raise up to Rs 2,000 crore through its sixth real estate fund, IREF VI. Focusing on mid-income and affordable residential projects across top Indian cities, IREF VI aims to reinforce MO Alts' presence in the real estate sector. The fund is structured as an AIF Category II registered with SEBI, with the first close expected by December 2023. The cumulative AUM under MO Alts surpasses USD 2 billion. The leadership envisions robust growth, propelled by a resurgent real estate sector and strong fundamentals, while a proactive approach underscores the strategy's success.
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The Nashik Municipal Corporation town planning department collaborates to scrutinize property tax compliance for buildings with Building Completion Certificates. This effort aims to integrate BCC-holding properties into the tax framework, as many fail to apply for property tax. About 30,000 such properties, with a potential for Rs 15 crore in annual revenue, have been identified. Last fiscal year's target was Rs 185 crore; now it is Rs 210 crore for fiscal year 2023–24. Current collections stand at Rs 115 crore, with Rs 95 crore needed to meet the current fiscal year's target.
The Union Housing Ministry and the International Council for Local Environmental Initiatives, South Asia, conducted an energy consumption analysis in 15 cities, including Thane. Thane's high greenhouse gas emissions, driven by residential buildings and public transportation, lead to extreme weather events. Excessive energy usage, stemming from household appliances, was highlighted. Proposed solutions involve adopting rooftop solar panels, transitioning to electric buses and solar-powered vehicles, and optimizing construction practices. The report suggests rainwater harvesting, eco-friendly construction, and enforcing emission regulations. Curbing emissions can bolster Thane's resilience against natural disasters and create a safer urban environment.
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The Kolkata Municipal Corporation's health department is struggling to clear garbage from 5,000 vacant plots in the city, mainly due to untraceable owners or their refusal to clean. To address this, they propose a special clean-up drive, adding the expenses to property owners' tax bills. If owners don't comply, the solid waste management department will conduct the drive and charge owners; particularly dengue-prone areas are targeted.
The Ghaziabad Development Authority (GDA) is combatting illegal constructions by notifying nine banks to verify property legality before granting loans. The move comes in response to unauthorized building in GDA zone 7. The goal is to prevent multi-storey constructions on single-storey plots and deviations from sanctioned layouts. While GDA can take actions like demolition, the challenge lies in banks granting loans without checking legality. GDA directs banks to verify layout plans and cease loans for illegal properties. However, some bank officials suggest that RBI's clear directives are essential for effective change. GDA's collaboration with banks aims to ensure lawful urban development and curb unauthorized constructions.
Furniture and home decor leader WoodenStreet achieves a milestone by inaugurating its 10th store in Mumbai. This step adds to its 90+ experience stores nationwide, reaffirming its position as an industry trailblazer. The new Mumbai store, located in Mira Road, showcases diverse home furniture and decor. Its distinctive theme, including the exclusive Veda Collection, promises a unique shopping experience. WoodenStreet's commitment to quality, expansion, and substantial funding underscores its journey toward industry excellence. This new addition to the brand's portfolio cements its dedication to delivering impeccable craftsmanship and design innovation.
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The Thiruvananthapuram High Court has issued an interim stay, pausing the National Green Tribunal's (NGT) decision to revoke the environmental clearance for Dragonstone Realty Private Limited's mixed land use project at Technopark phase 3. The NGT's order not only cancelled the clearance but also imposed a Rs 15 crore penalty on the project. The stay, granted for a month in response to Dragonstone Realty's writ petition, provides relief against the NGT's verdict. The NGT had cited a project split violation in its decision, prompted by an appeal from environmentalist Thomas Lawrence. The stay offers temporary relief while further legal proceedings unfold.
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The Indian Supreme Court has taken action against delayed implementation of the Real Estate Regulatory Authority (RERA) in certain regions, issuing notices to chief secretaries. Justices Sanjiv Khanna and SVN Bhatti demanded explanations from Nagaland, Meghalaya, Sikkim, and Ladakh for failing to establish RERA. The move followed revelations that some areas hadn't established RERA or issued interim orders. Chief secretaries from other regions were also summoned to explain RERA's status. Affidavits detailing progress must be submitted within 60 days, and the matter will be reconsidered in January. The court highlighted RERA's importance, presenting data on registrations and resolved complaints.
A total of 170 real estate projects across Mumbai and Pune regions are pushing for deregistration due to various challenges, including financial strains and changing market demands. Mumbai's suburban district sees 8 projects, Mumbai city 4, Thane 21, Raigad 29, Palghar 7, and Pune leads with 63. The Maharashtra Real Estate Regulatory Authority (MahaRERA) had previously highlighted criteria for deregistration, emphasizing the ongoing scrutiny process for such requests. Developers are looking at reshaping projects in response to shifting local demands, with some hinting at potential reintroductions post-resolutions.
Kerala's government has taken a significant stride, permitting individual developers to establish industrial parks. The revised Private Industrial Estate (PIE) scheme extends financial aid of up to Rs 3 crore for crucial infrastructure, including roads, electricity, water supply, and communication networks within these parks. This expansion, previously restricted to companies and MSME groups, seeks to elevate industrial growth by encouraging private industrial park creation through individual developers. The initiative aims to enhance overall industrial infrastructure and development prospects within the state.
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Brooklyn unveils its towering triumph, the 93-story Brooklyn Tower, standing tall at 1,066 feet, a feat of architectural excellence. Designed by shop architects, its black and bronze façade radiates grandeur, accented with white marble, steel, and copper elements. Amenities abound, with multiple street entrances, wind floors for airflow, and even the world's highest basketball court. Drawing comparisons to Sauron's Dark Fortress, the lobby's art deco aesthetic pays homage to history. Housing 150 condos and 400 rentals, the tower dazzles with floor-to-ceiling windows, opulent bathrooms, and more. From valet parking to panoramic views, this tower epitomizes luxury, innovation, and modern living in Brooklyn.
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In response to the National Monument Authority (NMA)'s concerns over real estate construction around protected monuments, the Indian government has mandated stricter banking scrutiny for projects adjacent to heritage sites. Banks are now required to conduct rigorous due diligence before approving loans for such projects. Developers encroaching on lands near monuments will be blacklisted and reported as fraudulent, facilitating strict action by relevant authorities. This move coincides with the government’s plan to reintroduce a bill in Parliament that prohibits construction within 100 meters of protected monuments, signalling a robust commitment to preserving the country's rich cultural heritage amidst rapid urbanization.
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Bengaluru has witnessed a remarkable 1,005% increase in its urban built-up area from 1973 to 2017, according to the "Liveability Index" report by CiRE (Corporates in Real Estate). The city, home to over 15% of Karnataka's population, has solidified its role as a significant tech and employment hub, with software exports soaring to Rs 6.3 lakh crore in 2022. In the real estate sector, Bengaluru accounted for 20% of India’s commercial leases last year, absorbing 12.5 million sq ft of office space in 2022 alone. The report predicts sustained growth for the city, fuelled by ongoing infrastructure projects and a positive investment climate.
Ahmedabad has been named India's most affordable city for homebuyers, according to the latest Affordability Index by real estate consultancy Knight Frank. In H1 2023, Ahmedabad registered a low ratio of 23% between monthly instalments and average household income, followed by Pune and Kolkata at 26%. In contrast, Mumbai recorded a high ratio of 55%, marking it as the least affordable city in India. The report also highlights shifts in housing demand due to RBI's rate hikes to curb inflation, impacting the under Rs 50 lakh price segment significantly. Despite increased EMIs, housing demand continues to sustain at multi-year highs.
Prime Minister Narendra Modi has announced an impending government scheme aimed at empowering urban middle-class families in India to own their homes. During his address at the 77th Independence Day celebration, Modi revealed plans for a program offering significant financial assistance to families living in rented accommodations, unauthorized colonies, and makeshift shanties in cities. This initiative will provide relief in bank loan interest rates, amounting to several lakhs of rupees, enabling these families to build their own homes. The scheme is designed to complement the existing Pradhan Mantri Awas Yojana Urban (PMAY-U), which has already sanctioned housing for millions of urban poor residents.
Former President of the Nigerian Institute of Building, Chuks Omeife, expresses concern over Nigeria's low homeownership rate due to a lacking mortgage system. This has hindered housing development and led to a prolonged national housing deficit. Omeife cites high building material costs and a reliance on imports as driving unaffordability. He advocates adopting Malaysia's approach, emphasizing quality, efficiency, and cost-effectiveness in housing. Malaysia's policy seamlessly integrates diverse income groups within housing communities. With government support, developers receive free land, allocating 30 percent for low-income housing.
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Dubai's popular residential areas are witnessing an increase in new home availability, leading to a slowdown in rising rent prices. This trend is evident in leasing agreements across sought-after communities. Landlords are becoming more realistic in their rental expectations, with actual rates often falling within the lower end of the advertised range. This shift aims to prevent overheating of the property market. Regions with increased property supply, like Meydan and Arabian Ranches 3, show minimal rental rate growth. Limited rental units in areas such as Dubai Silicon Oasis and Jumeirah Beach Residence see higher-than-average price increases. Mid-market neighbourhoods like Jumeirah Village Circle and Dubai South also experience a deceleration in rental price hikes as more options emerge. The Expo Village in Dubai South, conceived for Expo 2020 Dubai, highlights the legacy of this development after the event.
The Bangalore Development Authority's (BDA) land layouts in Karnataka have fallen short of promises, prompting the Deputy Chief Minister's call for immediate action. Urban planning discrepancies have raised concerns about the city's liveability and growth. The BDA's incomplete layouts could lead to inadequate infrastructure and services, necessitating urgent intervention to align development with residents' needs and ensure sustainable urban expansion.
The Chandigarh Housing Board (CHB) is gearing up for a fresh e-auction of 28 freehold residential and 88 leasehold commercial properties, starting in late August. Notable offerings include a high-priced two-bedroom residence in Sector 51 A and various Economically Weaker Section (EWS) units. Recent auctions have seen a mix of success, with the CHB selling properties, particularly in the residential sector, while commercial properties have faced challenges. The CHB aims to attract buyers to a diverse range of properties, hoping to build on past achievements and overcome previous hurdles in the upcoming auction.
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Jharkhand's Chief Minister, Hemant Soren, unveiled the 'Abua Awas Yojna' on Independence Day, a Rs 15,000 crore initiative aimed at providing homes to the underprivileged in two years. Soren emphasized the government's commitment to strengthening the state, despite a lack of central support during droughts. He promised three-room houses for all residents and introduced the scheme to fulfill this. Other initiatives include job creation, youth skill training, self-employment loans, transparent competitive exams, agricultural projects, rural clean water goals, hydrogen engine plant plans, and cultural promotion. Soren's address showcased a comprehensive development approach, focusing on housing, employment, education, infrastructure, and cultural preservation.
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The Pune Metropolitan Region Development Authority (PMRDA) is considering implementing a transit-oriented development (TOD) charge similar to Mumbai's MMRDA, targeting new buildings near the Hinjewadi Shivajinagar Metro line to fund urban development. While some stakeholders question additional fees, PMRDA aims to balance developer profits with broader infrastructure enhancement, awaiting the outcome of Mumbai's pilot proposal.
The Indian healthcare industry has attracted substantial private equity investments of over Rs 27,000 crore in recent years, with notable deals involving Manipal Hospitals, Sahyadri Hospitals, and ASG Eye Hospital. The sector's growth is driven by expanding facilities, mergers, and acquisitions, especially in response to post-Covid consolidation, resulting in higher quality healthcare preferences and improved revenue projections. These trends are backed by strong demand for healthcare services, with ICRA predicting a healthy revenue growth of 8-10% in FY24, further cementing the industry's positive trajectory.
India's drive towards advancement and mitigating the outflow of skilled individuals has materialized as the Smart Cities Mission. Launched in 2015 by the central government, this initiative underscores the notion of smart cities as metropolises that leverage technology to optimize efficiency, promote citizen welfare, and ensure sustainability. With nearly a quarter of the designated 100 cities nearing completion, the endeavor demonstrates cutting-edge attributes such as intelligent waste and traffic management, alongside robust digital infrastructure. This effort not only establishes a prototype for nationwide urban growth but also holds immense significance due to its capacity to invigorate India's economy, furnish citizens with enhanced amenities and prospects, and ultimately bolster global competitiveness.
The Business Council of Australia (BCA) has addressed concerns regarding the housing crisis and its correlation with post-pandemic migration in a recent report. Despite acknowledging the scarcity of housing as a genuine problem, the BCA has dismissed the notion that migration is the primary cause, asserting that the main issue lies in inadequate policy and planning. The council emphasized that labelling the migration adjustments as a “big Australia” policy is misleading. Inefficiencies in planning systems and restrictive zoning were identified as obstacles to housing development.
Starting April 1, 2023, Canadian financial institutions can introduce the First Home Savings Account, aiding initial home purchase. With a $8,000 annual contribution cap, individuals can amass $40,000 in 15 years. Notably, tax relief is a key perk during filing. The account pairs with the Home Buyers’ Plan, permitting up to $35,000 withdrawal from RRSPs for home-related use. Re-contributions span 15 years without standard tax deductions. This aligns with Canada's housing strategy, bolstering affordability and ownership by expediting saving for down payments. Tax- exempt, the account aids first-time homeowners by facilitating tax-deductible contributions and tax-free withdrawals. Seven institutions offer the account, more to follow.
Madhya Pradesh CM Shivraj Singh Chouhan announced a housing scheme for the marginalized, aimed at comprehensive development. He set ambitious goals, including doubling per capita income by 2030 and elevating the state's economy. Chouhan assures pucca houses for all and launches the Mukhyamantri Jan Awas Yojana' for those left in the Awas Plus scheme. Chouhan emphasized achievements like expansive housing initiatives and skill programs, showcasing his commitment to uplifting Madhya Pradesh. He pledged to eradicate poverty, empower women, and advance agriculture. Chouhan's address reflects his determination to transform the state into a thriving, equitable entity.
BHIVE, a leading Bengaluru-based co-working provider, introduces a ground breaking Rs 400 crore CAT-2 alternative investment fund to revolutionize the co-working sector. With a strong performance record of transactions exceeding Rs 200 crore in the past year, BHIVE strengthens its position as a trusted player. The company's visionary approach involves acquiring prime commercial real estate properties, inviting High Net-worth Individuals and family-owned businesses to invest a minimum of Rs one crore. BHIVE's expansion and innovative fund underscore its commitment to shaping the co-working landscape and accommodating the evolving demands of modern workspaces.
L&T Metro Rail (Hyderabad) gains approval for the proposed slump sale of Raidurg business operations to Rafferty Developments. This strategic move aims to optimize leased land assets, minimize debt burdens, and embrace financial recalibration. The decision, contingent on transaction fulfilment and approvals, emerged from a pivotal meeting. L&T Metro's plan to lease 15 acres for over Rs 1,200 crore marks a significant alliance with Brookfield Corporation and K Raheja Corp. Ltd. The transformative step reflects prudent financial strategies with a vision to bolster commercial vibrancy through IT office towers and a mall on the land parcel.
In a recent case, the 62-year-old secretary of Sewree's Lodha Aria Co-op Housing Society was acquitted by the magistrate's court due to the Brihanmumbai Municipal Corporation's (BMC) inability to prove allegations. The BMC accused the secretary of not properly maintaining a swimming pool on the building's terrace, resulting in leakage in the apartment below. The complainant lacked expert evidence or relevant documents to trace the leakage's origin. The court's judgment highlighted crucial points: no approved layout plan proving the pool's existence, and no society bylaws indicating liability for internal leakage. The absence of substantial evidence led to the secretary's acquittal.
BBMP officials have reported that a number of builders and developers have taken their grievances to the high court, resulting in court orders to lower the fees collected by the agency. This move comes as fears of a substantial loss amounting to over Rs 2,300 crore loom over the Bengaluru municipal body. In response, BBMP has proposed adjustments to two laws to mitigate potential losses. The agency aims to find a balance between revenue generation and accommodating the concerns raised by builders and developers regarding fees.
In the bustling real estate hub of Noida, Uttar Pradesh, where the prevailing issues revolve around project delays and unfinished constructions, a mere 5% of the issued Recovery Certificates (RCs) by the real estate ombudsman have seen successful recovery since 2018. This disheartening statistic highlights the persistent challenges faced by homebuyers in receiving compensation and raises concerns about the effectiveness of regulatory measures in the region's property market. Despite efforts to address grievances, the majority of unresolved cases continue to test the efficacy of consumer protection mechanisms.
The upcoming ITC board meeting's imminent agenda is the finalization of its hotel business demerger strategy, stirring significant anticipation within the Indian hospitality industry. Optimistic forecasts are resonating across hotel chains, brokerages, real estate circles, and rating agencies, highlighting a positive scenario characterized by rising occupancy rates and room tariffs – key industry health indicators. Despite Covid's profound impact, the sector has impressively rebounded domestically and internationally, supported by compelling statistics that underscore its recovery.
Palladian Partners, a major player in India's real estate sector, unveils an ambitious expansion strategy encompassing 30 additional cities nationwide. Building on recent successes, the company aims to solidify its status as a premier real estate advisory brand, tailoring solutions for diverse markets. Since its inception in late 2020, Palladian has exhibited impressive growth, with this fiscal year's sales revenue crossing 1050 Crores. A robust project pipeline exceeding 6200 Crores marks the company's positive trajectory. Notably, 5.17 Lakh square feet of prime real estate has already been sold this fiscal year, setting the stage for forthcoming launches. Aiming for prominence across India's 16 key cities, Palladian emphasizes a strategy melding local insights with global expertise, anchored by a robust channel partner network of over 19000 members.
Noida is poised for a substantial expansion across 21,000 hectares, endorsed in the draft Master Plan 2041 for Dadri-Noida-Ghaziabad Investment Region (DNGIR). This enlargement encompasses 20 Noida and 60 Bulandshahr villages. Notably, 8,800 hectares (40%) are slated for industries, 2,500 hectares (12%) for residences, and 3,780 hectares (18%) for green and recreational spaces. Phase one's Rs 8,500 crore investment will transform 3,000 hectares, anticipating a staggering Rs 40,000 crore influx and generating 50,000+ jobs. The expansion aligns Noida with sustainable growth, harmonizing industry, homes, and leisure spaces.
In Mumbai, the manager and two cooks of a prominent Bandra restaurant were arrested after a customer complained of discovering a baby rat in his meal. The incident unfolded at Papa Pancho Da Dhaba, a renowned eatery known for its Punjabi cuisine over the last two decades. Anurag Singh found a baby rat in his chicken dish during a visit after shopping in Bandra. The manager and cooks were taken into custody by the Bandra police and charged under IPC sections 272 and 336. They were released on bail. The restaurant manager denied previous incidents and claimed intoxicated customers were involved. The legal battle continues between the customer and the establishment.
A builder's encroachment on a playground and internal road in Nagpur's Rajiv Nagar and Sita Nagar has disrupted sports, fitness, and recreational activities for residents. Despite a contempt order from the Nagpur bench of the Bombay High Court, Nagpur Municipal Corporation (NMC) officials are neglecting the situation. The builder, Praful Deshmukh and Co, breached the playground's compound wall to store construction materials, affecting children's play and senior citizens' fitness routines. The encroachment also damaged the playground's surface and internal roads. Despite regulations, the builder's actions reveal a disregard for community recreational spaces and rule provisions.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has mandated realty developers to establish grievance redressal cells within their projects to address homebuyer complaints systematically and promptly. These cells must have at least one designated grievance redressal officer. The compliance to this directive will be a significant criterion in MahaRERA’s forthcoming project evaluation and grading system, set to launch in January 2023. Developers are instructed to display the officers' names and contact details prominently at project sites and on their websites. This initiative is part of MahaRERA's broader strategy to enhance transparency and accountability in the real estate sector, safeguarding homebuyers' interests in Maharashtra.
India's booming retail market is attracting international brands, fueled by a post-pandemic surge in consumer spending on apparel, rising economic strength, and social media's influence. Notably, a record number of about two dozen international brands are set to enter India, including luxury names like Valentino, Dunhill, and Foot Locker. Successful entries of brands like Pottery Barn, Tim Hortons, and UNIQLO indicate the vast potential and allure of the Indian market.
Mumbai's Slum Rehabilitation Authority (SRA) is taking action in response to a 2019 Public Interest Litigation (PIL) that exposed developers' non-payment of transit rent to eligible slum residents. The Bombay High Court's directive on July 19 underscored the SRA's role in overseeing organized slum redevelopment, including ensuring developers regularly pay transit rent. The PIL initiated by Vijendra Rai against Omkar Realtors shed light on developers' failure to meet financial obligations. To address this, SRA appointed nodal officers across civic wards to receive complaints from affected individuals, streamlining the grievance process. The SRA is committed to transparency, sharing actions taken on their website. The court's involvement continues, with the next hearing set for August 30, marking progress toward resolving the issue of unpaid transit rent for Mumbai's slum residents.
The urban local bodies department in Chandigarh have introduced significant measures to ease property identification document discrepancies. Accepting Aadhaar cards as valid identity verification and e-KYC authentication documents, as per an August 10 notification, aims to simplify and expedite property ID corrections. This shift follows a Government of India directive to integrate Aadhaar cards for accessing government schemes. This change alters the authentication landscape, previously dominated by Parivar Pehchan Patra (PPP). With Aadhaar cards accepted, PPP becomes optional. The move addresses challenges in correcting around 1 crore property IDs, benefiting both residents and the state government.
The Irrigation Department has issued stern notices to local panchayat authorities amid rising illegal constructions on protected forest land surrounding Neyyar Dam. Officials have identified seven resorts and numerous other buildings violating the construction prohibition in the 100-meter buffer zone around the dam, with some structures as close as 30 meters. Amboori Panchayat President, Valsala Raju, confirms that steps are being initiated to issue notices to resort owners. Opposition members in the Congress-ruled Amboori Panchayat allege implicit consent by the authorities, citing 'unauthorized occupancy' certificates issued by the panchayat for securing utilities. The crackdown highlights the urgency to address the balance between development and environmental conservation.
In celebration of India's Independence Day, leading real estate developer K Raheja Corp has unveiled a novel music campaign, #PragatiKiDhun. This unique project features a melody composed not of traditional instruments, but of sounds captured from the company’s bustling construction sites and customer interactions across its various sectors, including residences and retail spaces. Skillfully arranged to the tune of the iconic patriotic song 'Saare Jahan Se Accha', this campaign aims to spotlight the significant role played by the real estate industry in India's sustained growth.
Mahindra Lifespaces Developers Limited (MLDL) has partnered with KidZania Mumbai to empower children as sustainability advocates. MLDL's 'Experiences' within KidZania will offer interactive zones like Sustainable Design Studio, Green Power Zone, and Construction Zone, educating children about sustainable practices. The collaboration, aligned with MLDL's 'Green Army' CSR initiative, aims to foster environmentally conscious leaders. The announcement took place during a lively launch event at KidZania Mumbai, symbolizing the partnership's journey to educate young minds through engaging experiences.
Haryana Chief Minister Manohar Lal Khattar announced the introduction of the Mukhya Mantri Awas Yojana (MMAY), aimed at providing housing benefits to economically disadvantaged families. Unveiled during a virtual discussion with beneficiaries of the Pradhan Mantri Awas Yojana (PMAY), Khattar revealed that the scheme targets to benefit around one lakh families across the state. A survey will be conducted to allocate plots or flats to families without homes. Additionally, Khattar confirmed that 15,000 families awaiting the third instalment of INR 50,000 under PMAY (Urban) will receive the funds by August 31. This initiative underlines Haryana's commitment to affordable housing and social welfare.
In a proactive move, the UP government has initiated a pilot endeavour involving real estate giant Hawelia Group, which has assumed control of a 22-acre incompletely executed venture named Shree Radha Sky Garden in Greater Noida. Under this transition, the new developer is slated to complete and deliver more than 2,000 flats, exemplifying a promising step towards project revival and housing provision. The proposed co-development policy enables developers to seek market funding for project completion. The move aims to address the growing issue of stalled real estate projects in the region.
Ludhiana Improvement Trust (LIT) has received responses from two firms each for constructing High Income Group (HIG) and Middle Income Group (MIG) flats in the Atal Apartment Scheme. HIG flats are bid at Rs 125 crore, MIG flats at Rs 70 crore. After about two weeks of technical and financial evaluation, pending final approvals, LIT aims to accelerate the project led by Chairman Tarsem Bhinder. The plan covers 8.8 acres, comprising 336 HIG, 240 MIG flats, a community centre, tower parking, and amenities. Construction starts after formalities. The project's cost is about Rs 224 crore, targeting flat possession in three years.
Public sector banks, including Bank of Baroda and Canara Bank, are raising the marginal cost of funds-based lending rates by up to 10 basis points despite unchanged RBI policy rates. This will impact EMIs linked to MCLR. BoB's one-year MCLR increases to 8.70% from 8.65%, effective August 12. Canara Bank’s MCLR also rose to 8.70% from August 12. The Bank of Maharashtra ups its MCLR by 10 basis points to 8.60%, effective August 10. The RBI MPC maintains the policy rate at 6.50%. The RBI plans a framework for borrowers to switch between fixed and floating interest rates.
Residential properties in Chandigarh are facing potential water connection disconnections due to property tax defaulting. The Municipal Corporation (MC) has issued notices to around 250 defaulters, focusing mainly on the northern sectors. The MC's coordinated effort involves collaboration between the property tax department and public health wing. The phased approach targets specific sectors, emphasizing fairness. While officials stress revenue generation for city development, defaulters have been given time to settle dues. Proactive defaulters have already made payments, but a significant portion is yet to comply. The MC encourages engagement with concerned officials for guidance, reflecting a collaborative approach.
The Prayagraj Municipal Corporation (PMC) has replaced the Geographical Information Survey (GIS) for house area calculations with self-assessment forms. Property owners can now evaluate their own properties for tax assessment. The PMC initiated self-assessment for house tax calculation, with detailed forms available at zonal offices and PMC campus. Owners must provide accurate details including property type, area measurements, and occupancy status. Failure to provide accurate information may lead to penalties. Local corporators will aid in the process, and forms must be submitted by October 31, 2023. The change aims to streamline taxation and enhance accuracy.
Solitaire Group, via its subsidiary Honest Vastunirman, has procured a 20-acre land parcel in Mumbai's Andheri from Arogya Bharti Health Parks and Arogya Bharati Hospitals for around Rs 550 crore. The deal encompasses the commitment to construct 140 residential units spanning nearly 38,000 sq. ft, to be delivered within six years. Honest Vastunirman has allocated Rs 230 crore to each of the healthcare organizations, alongside a stamp duty of approximately Rs 33 crore. This transaction is part of an ongoing trend in various property markets across India, signalling increased residential development endeavours by real estate firms aiming for higher sales in the coming quarters.
Brookfield India REIT has reported a net loss of Rs 270.05 million for Q1 FY24, compared to a profit in the same period last year. Despite this, its total income has grown by 6.64% to reach Rs 3,207.35 million. The company aims to finalize its previously announced acquisitions following a successful capital-raising initiative. Adjusted net operating income rose 4.5%, and gross leasing covered 63,000 sq. ft of new and 235,000 sq. ft of renewals. The board declared Rs 1,641.60 million for distribution. Recent capital infusions prepare the REIT for sizeable commercial asset acquisitions with the GIC partnership, bolstering its portfolio's scale and diversity.
The City Urban Development Authority (CUDA) has revealed plans for a transformative 14-acre urban layout project in Masagapur. This initiative aims to address urban challenges by incorporating modern amenities, green spaces, and efficient infrastructure. The layout emphasizes a harmonious blend of residential and commercial zones, reflecting the concept of smart cities. CUDA's approach aligns with sustainable practices and technological advancements, fostering a vibrant and functional urban environment. Community input will be sought, making this a pivotal step towards creating a modern, future-proof cityscape in Masagapur.
The Central Bank of Oman's 2023 Financial Stability Report highlights the Omani real estate market's recovery due to revived economic activities. Economic conditions improved in 2022, with post-pandemic population recovery vital in reigniting property demand. Expatriates, key users of rental homes, increased by 8% in 2022 compared to 2020's pandemic onset, bolstering economic activity alongside growing local employment. Residential property prices rose by an average of 7% in 2022, rebounding from 2021 lows. Economic resurgence, supported by favorable oil prices and labor market recovery, led to increased property demand while maintaining affordable rents. The report is optimistic about stable real estate prices, showcasing sector resilience.
A recently released report by CoreLogic NZ Pain & Gain highlights a concerning trend in New Zealand's property market. Property resales for a profit have dropped to 93.1%, marking the lowest level since 2015. This decline is attributed to rising interest rates and subsequent property value decreases. Auckland is notably impacted, with 11% of Q2 property resales incurring losses. Despite property value stabilization, further resales with losses are anticipated. However, the report suggests that unlike past cycles, a full return to financial distress is unlikely due to a robust labour market and limited mortgage repayment issues.
Dakshin Haryana Bijli Vitran Nigam (DHBVN) has updated electricity load norms for residential and commercial areas to ensure fair and accurate charges. The norms vary based on city classifications and property types. Consumers will be billed based on their prescribed load, benefiting those with lower consumption. These changes aim to align with actual consumption patterns, encourage responsible energy usage, and enhance billing transparency. The revisions cater to different property sizes and classifications, creating a more equitable system while maintaining the quality of electricity supply.
Following the revelation of a counterfeit seal and forged documents scam, the VVMC swiftly responded by initiating legal action against previously served notices to illegal buildings. Fresh FIRs were lodged against unlawfully constructed properties, including Vinayak Apartment, Omkar Apartment, and Anandi Villa. The VVMC is pursuing comprehensive investigations into the confiscated records of 55 illicit residential structures linked to accused developers. With a concerning 90 percent of Virar (E) buildings being illegal, anxiety prevails among residents, underscoring the urgent need for intervention. Amidst this, activists reveal a pattern of unauthorized construction tactics, highlighting the need for robust regulatory measures.
Puravankara Limited, a prominent real estate player in India, reported a 12.93% growth in consolidated income, reaching Rs. 335.81 crore in Q1. However, the company faced challenges, resulting in a net loss of Rs. 17.86 crore compared to a profit of Rs. 34.44 crore in the same period last year. Rising marketing expenses and unsold inventory impacted the financials. Despite this, Presales increased by 119% YoY, with sales of Rs. 1,126 crore during the period. The company's average price realization rose by 11%, and net debt decreased, showcasing its commitment to growth amid challenges.
In a recent case, the Karnataka High Court ruled that the 'as is where is' clause in a public auction does not absolve a bank from providing a property free from encumbrances. The court ordered Punjab National Bank to refund Rs 30.7 crore to a bidder due to the bank's failure to ensure an unencumbered property, emphasizing the importance of due diligence in property transactions. This decision sets a precedent for auction purchasers' rights and underscores the consequences of inadequate oversight by lending institutions.
The Bombay High Court has ousted builders Parekh Constructions, Parekh Constructions LLP, and Nishcon Realty from a south Mumbai redevelopment project due to their failure to deposit arrears for tenants. The court ordered their complete removal by Independence Day, highlighting the builders' responsibilities and emphasizing citizens' rights in urban development. The Maharashtra Housing and Area Development Authority (MHADA) has been authorized to appoint a new builder, ensuring accountability and project progress.
An FIR has been filed against Puri Construction by eight homebuyers alleging fraudulent practices in the sale of luxurious flats in Gurugram's 'Emerald Bay' complex. The complainants claim the builder misrepresented amenities, altered plans, and faced issues with basic amenities, while Puri Construction denies the allegations. The dispute highlights concerns about transparency and adherence to promises in the real estate sector.
Secunderabad Cantonment Board (SCB) is set to enlarge its tax coverage by incorporating 5,000 more properties into its purview. These properties will be allocated unique Property Tax Identification Numbers (PTINs) and seamlessly integrated into the SCB's tax wing records, alongside the existing 38,000 properties. This strategic step not only streamlines the tax identification process but also enhances the board's ability to manage taxes effectively. The move is anticipated to bolster the equitable distribution of tax responsibilities while accommodating a broader property spectrum under the SCB's jurisdiction.
Nashik Municipal Corporation's property tax collection surged by 31 percent, amassing Rs 112 crore from April to August in the current fiscal, a significant rise compared to Rs 85 crore in the previous year. Despite the traditional lull from August to October due to academic admissions, NMC remains resolute about exceeding targets. Assessing 1.27 lakh properties with additional construction, NMC aims to elicit objections for supplementary property tax. It plans a recovery drive for dues over Rs 1 lakh and a survey for untaxed properties. With a target of Rs 210 crore, NMC exhibits robust fiscal commitment.
Established in 1983, ASK Private Wealth, an arm of ASK Group specializing in wealth advisory, introduces a private credit fund aiming to raise Rs 1,000 crore. Shantanu Sahai, previously leading debt at Nomura India, comes aboard as Senior Managing Partner. This fund, under regulatory approval, targets corporate lending in the performing credit sector. Focusing on sectors like healthcare, IT, and renewables, it emphasizes operational cash flow-driven mid-market companies for balanced risk-reward dynamics. The team boasts 75 years of combined credit investing experience. This strategic move reflects ASK's commitment to innovative financial solutions while prioritizing corporate governance and growth ambitions.
IndoSpace, a major player in India's industrial real estate and logistics sector, plans to invest over $1 billion in acquiring new warehousing and logistics assets within the next two to three years. Backed by Everstone Group, the investment aims to meet the growing demand for modern logistics facilities driven by e-commerce growth and favourable policies. IndoSpace operates through a joint venture with GLP and Realterm and plans to develop 30 million square feet of warehousing properties. The company's expansion strategy aligns with India's increasing need for industrial and warehousing spaces, driven by consumer demands and manufacturing growth.
Ahmedabad Municipal Corporation advocates satellite towns to counter urbanization challenges. The plan aims to distribute population, resources, and infrastructure to nearby self-sustained urban centres. By reducing congestion and promoting sustainability, satellite towns offer a solution to overpopulation and inadequate amenities. The strategy aligns with a balanced growth approach, attracting investment, creating jobs, and enhancing living standards. Collaboration with experts and stakeholders is integral to successful execution, with potential to set a precedent for innovative urban solutions.
Amazon founder Jeff Bezos makes headlines as he becomes the latest addition to the elite community of Indian Creek Island, known colloquially as the "Billionaire Bunker." This secluded oasis in Miami, Florida, has gained renown as a haven for the wealthy and famous. Bezos' acquisition of a multi-million dollar waterfront home on the exclusive island cements his place among a select group of high-net-worth individuals, including celebrities like Tom Brady and Ivanka Trump. Indian Creek Island's allure lies in its lavish properties, unparalleled security, and the prestige of belonging to a community that values privacy and luxury.
Amid a downturn in the real estate sector, Munich-based property developer Euroboden GmbH has filed for insolvency, citing failed property sales negotiations and impending credit rating downgrades. The firm's cancellation of a bondholders' meeting and its decision to refocus on core operations in Munich and Berlin underscore the challenges within the industry. Germany, Europe's largest economy and the continent's primary real estate investment market, is grappling with a decline in property prices and construction growth, posing broader implications for its economic output and job market. This development comes as a wave of insolvencies sweeps through the sector, echoing similar troubles in the US and Sweden.
Dosti Realty has recently partnered with Bollywood star Anil Kapoor as Brand Ambassador for Dosti Greater Thane project, merging his entertainment fame with real estate appeal. Celebrity endorsements wield significant marketing power, notably among India's millennials prioritizing homeownership. This shift prompted brands to enlist youthful ambassadors, reinvigorating established developer labels. Shah Rukh Khan, Anushka Sharma, Kangana Ranaut, and Farhan Akhtar have endorsed realty campaigns. Lodha Group featured Akshay Kumar, Twinkle Khanna, Deepika Padukone, and Aishwarya Rai Bachchan. Gera Developments recently engaged Amitabh Bachchan, while sports icons like Sachin Tendulkar and Virat Kohli have partnered with Amit Enterprises and Nitesh Estates in the past.
MahaRERA has partnered with a real estate intelligence agency to boost its real-time monitoring of ongoing projects, particularly those showing signs of financial stress or not meeting regulatory criteria. This collaboration will provide on-the-spot photos and progress updates, especially in areas like Mumbai Metropolitan Region, Pune, and Nagpur. The move comes after concerns were raised about major projects in the state where expenditures surpassed progress. This initiative aims to increase transparency and ensure developers uphold their commitments and standards.
Bengaluru's Zolostays, a co-living and student housing platform, targets Rs 500 crore in revenue by FY 2023–24. Seeking $75 million in series-D funding, the company’s revenues are said to have surged from Rs 140 crore in March 2022 to about Rs 300 crore in March 2023. The company turned profitable in Q1 of FY24. Despite the current challenges in fundraising, Zolostays plans to expand its student housing to more cities and add around 300 properties to its co-living portfolio. The firm's strategic approach reflects a commitment to growth and sustainability.
Mangal Prabhat Lodha, Mumbai's suburban guardian minister, has altered his stance on a substantial public toilet tender after initially advocating for pre-cast facilities. Lodha now urges the BMC to proceed with the traditional tender, citing potential delays in construction and citizen inconvenience. Earlier, he had requested a halt to the Rs 488-crore tender, advocating for pre-cast toilets in select locations. This flip-flop in decision-making has drawn criticism from opposition leader Ravi Raja, who accuses the BMC of being unduly influenced. The situation highlights the complexities of decision-making and priorities in enhancing Mumbai's slum sanitation infrastructure.
Indiabulls Real Estate reported a significant net consolidated loss of Rs 679.34 crore in Q1 FY24, contrasting with Rs 51.77 crore in the same period last year. Sales surged by 29.25 percent to Rs 195.87 crore in Q1 FY24 from Rs 151.54 crore in Q1 FY23. The company's net consolidated total income grew by 27.35 percent to Rs 209.10 crore in Q1 FY24. The board approved fund-raising through NCDs and/or bonds within a limit of Rs 7,500 crore. The long-term rating was revised by Infomerics Valuation and Rating from "IVR A+" to "IVR A."
Sunteck Realty has reported a net consolidated loss of Rs 6.73 crore in Q1 FY24, contrasting with the previous year's net consolidated profit of Rs 24.94 crore. The company's total income also decreased by 40.55 percent, amounting to Rs 88.41 crore in the same period. Challenges faced by the real estate sector, including pandemic impacts, contribute to the financial performance. Sunteck Realty's board of directors approved the amalgamation of subsidiaries – Skystar Buildcon, Advaith Infraprojects, Magnate Industries, and Shivay Brokers – into the holding company, aiming to enhance operational efficiency.
In a significant development, the Bombay High Court has expressed grave concern over the deteriorating situation in Mumbai. The court has suggested that government intervention might be imperative to rein in rogue builders failing their obligations in redevelopment projects. Justices Gautam Patel and Neela Gokhale emphasized the priority of residents' rights over developers' profits, warning against treating citizens as mere hindrances. The court's observations were made in response to a case involving tenants' rights. The court issued a strict directive for the payment of outstanding transit rent and threatened to cancel developer permissions if defaults persist.
A finance department audit has exposed financial irregularities amounting to Rs 2,313 crore across three Noida industrial development agencies between 2012 and 2016. Notable discrepancies include inflated floor area ratios to housing developers, leading to a Rs 1,100 crore loss for the Greater Noida Authority, and questionable financial practices by the Noida Authority. Noida CEO Lokesh M indicates their internal report might offer a contrasting view. Further discussions are slated for August 22.
Under the regulations outlined in the Maharashtra Fire Services Act, residential complexes are obligated to maintain proper fire safety equipment on their premises. They are further mandated to provide comprehensive reports to the local fire station twice a year, specifically in January and July. These reports serve to update authorities on the effectiveness and status of their fire safety measures and equipment. Adhering to these regulations is crucial in ensuring the safety and well-being of residents within these complexes. Presently, just 40,000 residential complexes, concentrated mainly in cities like Mumbai, Pune, and Nagpur, have submitted reports.
Fractional ownership platforms (FOPs) in the real estate sector are pushing for reduced shareholding requirements for sponsors, plus allowances for ongoing investments and participation in under-construction projects. The call follows a consultation paper circulated by India's Securities and Exchange Board (Sebi) in May, signalling forthcoming regulation of online FOPs. Although the industry embraces regulation, criticism surrounds Sebi's proposed 15% minimum sponsor shareholding rule. The regulator is reportedly considering lowering this to 5% if platforms show substantial "skin in the game." Amid these changes, the sector is poised for increased transparency and market growth.
The DMC is strategically preparing to initiate tax camps in slum localities to bolster tax collection. About 132 identified areas have tax forms available, which are expected to contribute Rs 4 crore to DMC's revenue. In the previous financial year, Rs 52 crore was collected, showing growth from the previous year's Rs 16 crore. The ongoing year has already witnessed Rs 25 crore collected. Digitization has streamlined the taxation process, leading to increased payments. DMC aims to target defaulters and violators, enhancing collections. The Municipal Corporation plans to set up camps in city slums to amplify property tax collection.
The Reserve Bank of India (RBI) plans to introduce a framework allowing borrowers to switch from floating to fixed interest rates, easing loan burdens. RBI Governor Shaktikanta Das revealed this initiative in the monetary policy release. It addresses instances of lenders elongating floating rate loans without borrower consent. The framework mandates transparent communication on loan terms, EMIs, fixed-rate options, and foreclosure. RBI also reviewed the regulatory framework for Infrastructure Debt Funds (IDFs), proposing sponsor removal, direct financing of Toll Operate Transfer projects, and optional tripartite agreements for Public-Private Partnership projects. Additionally, RBI's digital Public Tech Platform aims to streamline lending with open architecture and APIs for seamless credit delivery.
Cyprus-based property developer Leptos Estates is offering customized upscale commercial properties for Indian investors, catering to varied budgets and business needs. Cyprus's advantages, including its EU membership, Mediterranean allure, and favourable tax benefits, make it appealing for Indian investors. These properties provide pathways to permanent residency and, after seven years, even citizenship and an EU passport. The move aligns with the growing trend of Indian investors seeking international opportunities for business growth and improved lifestyles.
Office rental firm IWG, with an extensive global presence and notable clients such as Microsoft and Disney, is evaluating the possibility of changing its reporting currency from IFRS to US GAAP. As the majority of IWG's revenue is tied to the U.S. dollar and given the recent volatility of the British pound, the company seeks to adapt its reporting practices. This move reflects the evolving landscape of international business transactions and financial standards.
Homelessness charity Shelter is aiding renters facing steep rent hikes, some up to 50%, due to factors like limited housebuilding and tax policy changes affecting landlords. Families are grappling with rising costs, with the lack of new housing contributing to the problem. The removal of mortgage tax relief and elevated taxes have forced landlords to increase rents for profitability. Additionally, tenants could bear the brunt of escalating mortgage and energy costs through higher rent charges. The situation highlights the challenges renters face in the UK housing market, where affordability and living standards are compromised.
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Prestige Estates Projects, a real estate firm, has witnessed a significant 26.56% surge in its net consolidated profit for Q1 FY24, concluding on June 30, 2023. The company's post-tax profit in this quarter rose remarkably to Rs 317.80 crore, a notable climb from the Rs 251.10 crore recorded in the corresponding quarter of the preceding fiscal year. Nonetheless, the net consolidated total income experienced a marginal dip of 2.26%, settling at Rs 1,966.30 crore during Q1 FY24, in contrast to the Rs 2,011.80 crore figure reported in the equivalent period of the prior year.
Experion Developers, backed by Singapore's Experion Holdings, has acquired a 5.5-acre land in Gurgaon's Sector 48 for Rs 550 crore through a government auction. This marks their fourth recent acquisition, demonstrating commitment to India's real estate market. The company previously obtained plots in Gurgaon and Noida for residential development. Experion Holdings' Indian arm will invest Rs 700 crore each in Golf Course Road and Noida projects, anticipating revenues of Rs 3,400 crore. Experion is actively developing properties across various states, contributing to India's real estate landscape alongside Delhi-NCR, Mumbai, Bangalore, and Hyderabad's burgeoning land acquisitions.
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During the proceedings, the court addressed a set of petitions submitted by Neomax Properties Pvt Ltd and its affiliated companies, namely Garlando Properties Pvt Ltd, Transco Properties Pvt Ltd, Tridas Properties Pvt Ltd, and Glowmax Properties Pvt Ltd.The Madras High Court has instructed the Madurai Economic Offences Wing (EOW) to respond to a series of pleas filed by Neomax and its subsidiaries. The companies are seeking the appointment of a commission led by a retired high court judge to oversee the settlement of land to depositors.
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The Yamuna Expressway Industrial Development Authority (YEIDA) is offering an enticing chance for homebuyers with two residential schemes near the upcoming Noida International Airport. The flat scheme presents 468 luxurious flats, while the plot scheme offers 1,184 plots ranging from 120 to 2,000 square meters. Interested plot scheme applicants can submit applications until September 1, with a lucky draw on October 18 determining plot allotment in sectors 16, 17, and 20, priced at Rs 24,600 per sqm. The schemes have garnered significant interest due to the progress of the Noida International Airport and booming infrastructure along the Yamuna Expressway.
The UK's housing market continues to demonstrate its resilience, with house prices declining for the fourth consecutive month, according to Halifax. While this may raise concerns, Halifax emphasizes that the market's underlying strength remains evident. The fluctuations in prices over the short term do not diminish the overall stability of the market. Despite the recent decline, the housing sector maintains its durability, thanks to the intricate interplay of supply, demand, and economic factors. Halifax's findings highlight the contrast between immediate price changes and the market's overall robustness, showcasing its adaptability and ability to withstand fluctuations.
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Qatar's real estate sector is grappling with a slowdown due to an oversupply of new properties, causing rent reductions in prominent areas such as Lusail's Waterfront and Fox Hills. This decline in rents is pressuring landlords to compete, especially as Qatari high-net-worth individuals prefer Lusail for residential investments. The aftermath of the recent FIFA World Cup led to a surge in new homes, exacerbating supply-demand imbalances and affordability challenges. Despite falling residential transactions and values, optimism remains as Qatar's stable economy and high-net-worth individuals' preferences indicate potential for revival, particularly in sought-after locations like Lusail.
The Parliamentary Standing Committee on Railways has raised concerns about contract terminations in Rail Land Development Authority (RLDA) projects, citing payment defaults by developers, financing challenges, and environmental approval issues. The Railways Ministry acknowledges the need for regulatory modifications to address these issues and enhance project viability. The report also highlights conflicts with local urban bodies over development plans, underscoring the importance of harmonizing stakeholder interests for effective land development.
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The Enforcement Directorate (ED) has summoned Dilip Dhole, Mira Bhayander Municipal Corporation commissioner, as part of its investigation into the Urban Land Ceiling Regulation Act (ULCRA) scam, a pre-2016 fraud involving developers and officials. The scam manipulated land classifications to evade land surrender requirements, causing government losses. Dhole's complex governmental history and role in the ULCRA case are under scrutiny, while the ED's inquiry builds on prior investigations by Thane police and focuses on money laundering aspects.
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Experion Developers, backed by Singapore's Experion Holdings, continues to make strides in the Indian real estate market. With successful land acquisitions in prominent areas like Gurgaon's Golf Course Road and Noida's sector, the company recently secured a 5.5-acre land parcel in Gurgaon's sector 48 through an HSVP auction. Valued at Rs. 550 crore, the land will be used for a luxury residential project. Experion Developers has a strong presence in various Indian states, offering residential and commercial properties. Their investments in projects, like the Golf Course Road and Noida ventures, signify their commitment to the industry's growth in India.
Deerika Hypermarket, a well-known retailer, has leased a prime retail space of 20,176 square feet in Gurugram's Elan Miracle. This commercial real estate project by Elan Group is set to be operational soon, offering a diverse shopping experience with renowned brands like Pantaloons, Zudio, and the largest Deerika outlet in the area. Deerika Hypermarket, known for its comprehensive range of household items, aims to provide convenience and quality to a wide range of customers. With their expansion plans and Elan Group's commitment to exceptional experiences, the collaboration promises a dynamic shopping destination.
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The Ahmedabad Municipal Corporation has increased refund amounts for tree plantation deposits, with residential and commercial projects eligible for Rs 3,000 and Rs 5,000 per tree respectively after five years. This move, in line with city regulations, encourages builders to maintain successful tree plantations. Additionally, a refundable surcharge for percolating wells has been introduced to promote sustainable water management, although recent inspections revealed challenges in compliance.
The Vadodara Municipal Corporation (VMC) is facing challenges in collecting Rs 100 crore in dues from 17,600 beneficiaries of housing schemes. Despite issuing notices, the VMC has recovered only a fraction of the amount and is caught between the need for payment and the potential humanitarian crisis of eviction. Struggling to balance financial accountability with social empathy, VMC is deliberating a policy decision to address this complex issue.
In response to water-logging concerns, the BMC intends to place 25 robust dewatering pumps along the entire 10 km Mumbai Coastal Road Project (MCRP) stretch. Triggered by recent water-logging at Marine Drive, a congested drainage outfall due to construction debris led BMC to utilize cranes for clean-up. Subsequently, SWD officials surveyed the coastal road area, prompting the MCRP team to deploy pumps at 25 locations, especially where drainage work is ongoing. This initiative aims to mitigate flooding risks and enhance drainage efficiency in the wake of such incidents.
Indore district records Rs 689 crore in property income, topping among 15 districts in Indore and Ujjain divisions in Q1 and July. Demand for homes and commercial spaces drives this surge. Property registration income this year is 16 percent higher YoY. Over 50,000 properties were registered, fetching Rs 689 crore during April–July 2023. Metro lines, corporate presence, and infrastructure fuel property prices. Registration slots increased with high document volumes. Shajapur, Khargone, and Agar-Malwa see notable property sales rise. Property rates soared in the Super Corridor, Indore-Ujjain Road, and Rau. Developers respond with new projects due to growing demand.
Hyatt Centric is gearing up to open its second property in Kolkata, India, this time in Gariahat. As the city's first Hyatt Centric boutique hotel, this addition is set to bring modern, stylish, and luxurious accommodation to Kolkata's hospitality scene. Expected to open during the winter wedding season, the hotel will offer various amenities including dining options, event spaces, and panoramic rooftop views. Amidst the challenges posed by the pandemic, this move highlights the resilience of the hospitality industry and Kolkata's growing reputation as a destination for upscale travelers seeking a unique and immersive experience.
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CapitaLand Investment (CLI) has launched the CapitaLand India Growth Fund 2 (CIGF2), aimed at enhancing Grade A office real estate in India by investing in premier business parks. The venture has already secured S$263 million (Rs 16.3 billion) by selling a 50% stake to a global institution, while CLI retains a 20% sponsor stake. This equity, totaling S$368 million (Rs 22.9 billion), is expected to boost CLI's funds under management by S$700 million. CIGF2's inaugural investment is a 70% stake in the International Tech Park Chennai, Radial Road. The move aligns with CLI's ambition to acquire 50 million square feet in India over the next 3-4 years.
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Dharavi residents in Mumbai rallied on Wednesday, calling for the Maharashtra government's direct involvement in the area's redevelopment. Joined by the Aam Aadmi Party and local activists, protestors emphasized the need for an updated housing survey. Opposition to the Adani Group, recently awarded the redevelopment contract, was evident. Activists advocate for a Special Economic Zone, emphasizing Dharavi's importance as a hub for small-scale industries. The project, won by Adani Properties, has an estimated revenue potential of Rs 20,000 crore.
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The Spanish island of Mallorca is experiencing a property price surge, driven by an influx of international buyers seeking upscale residences. Research from Savills reveals a 15% rise in prime property prices, placing Mallorca among the top five second home destinations. However, the escalating costs are rendering housing unaffordable for locals. Foreign purchasers, accounting for 36% of sales in Q4 2022, are contributing to Mallorca having the highest property prices in Spain. The island's appeal to ultra-high-net-worth individuals, including an emerging American market, coupled with improved flight connectivity, are reshaping its real estate landscape.
Local authorities, along with railway officials and police, have initiated the demolition of approximately 100 houses in Nai Basti, Mathura. Situated near the Shri Krishna Janmasthan, the area has a largely minority population. These houses are accused of unauthorized construction on government land. Despite an ongoing court case, slated for the next hearing on August 21, the demolition continued unabated. Of the 135 identified houses, 60 have already been torn down. The affected families had previously lodged a plea in the civil court after being served notices by the railways, pressing for a response from the concerned authorities.
Goa's Urban Development Minister has greenlit a Geographical Information System (GIS) mapping initiative for urban residences in South Goa, with North Goa's mapping already underway. The GIS project aims to address revenue losses and plug leaks in municipal areas. GIS combines location data with descriptive information, aiding property tax assessment, recovery, and data availability. Other Indian entities, like Gurugram Metropolitan Development Authority and BMC Mumbai, have utilized GIS for water body identification, flood-prone area detection, and property tax collection enhancement. A recent Uttar Pradesh example led to a doubled property tax base and an additional 500 crore revenue.
The Uttar Pradesh state has enforced a remarkable shift, capping property gift stamp duty at Rs 5,000, replacing the earlier 5 percent charge. The move applies to familial transfers, excluding corporate entities, trusts, or institutions. Under Section 9 of the Indian Stamp Act, the governor wields authority over this change. Notably, property recipients who gift assets within 5 years are exempt. B. S. Verma, Assistant Inspector General, notes the scheme's extension and its benefits for family transfers. In another effort, subsidies for pending dues aim to hasten flat registrations. However, official directives for this initiative are still pending.
The Tamil Nadu government's decision to abolish the practice of separately registering undivided shares (UDS) of land and construction agreements has raised concerns among homebuyers and the real estate sector. Under the new policy, completed constructions will be included in a single comprehensive sale deed, subjecting buyers to a consolidated stamp duty and flat registration fee of 9 percent, leading to an approximate 50 percent increase in registration charges. This change marks the third fee hike within a short period, prompting worries about its impact on the purchasing capacity of customers and the real estate industry's sales. While the government aims to provide legal protection and prevent misuse, industry voices have called for public input and a re-evaluation of the fee hikes' consequences.
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The net profit for the first quarter of FY24 for Kolte-Patil Developers increased by 84.36% to Rs 47.97 crore. The company's consolidated total income has increased significantly by 183.07% to Rs 578.51 crore. The strong execution and region sales expansion are factors in the performance's success. In order to enhance its financial structure, the company also allocates debentures and adds additional companies. Kolte-Patil Developers reinforces its position as a key participant in the real estate industry with a net worth of Rs. 1,106.13 crore and careful financial management.
In Mhalunge Ingale Chakan, Naiknavare Developers is implementing transformational projects, such as infrastructure upgrades and community services. These initiatives highlight their dedication to sustainable living environments and community welfare, improving the lives of the villagers and advancing the area. Naiknavare Developers is having a significant impact on the Mhalunge Ingale Chakan neighborhood by putting an emphasis on infrastructural improvements, healthcare, and education.
Capgemini Technology Services India, a prominent European tech player's local unit, has extended its lease for over 300,000 sq ft of office space in Hyderabad's Kokapet. The lease covers two assets, secured from GAR & Sons builders, spanning 60 months in two deals with 15% escalation, detailed in a Propstack document. Rent amounts to Rs 34 and Rs 41 per sq ft across the two properties, with a 15% increase after 36 months. Capgemini, with around 180,000 employees in 13 Indian cities, considers India a prime innovation hub.
Challenging the allocation of land for an IT park and IT city on Bargi Hill, a petition has been submitted. The petitioner argues that the hill, an expansive 100-hectare area, serves as a vital home to diverse wildlife, including leopards, and hosts a myriad of bird species. The plea emphasizes the ecological significance of the hill and raises apprehensions about the potential disturbance to the ecosystem and the risk of habitat depletion due to the proposed development. Taking suo moto cognizance of this issue after the petition was withdrawn, the Madhya Pradesh HC has issued a notice.
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Property tax defaulters in Ernakulam district owe a collective sum of Rs 392 crore to local bodies as of August 5, 2023, with building owners under Kochi Corporation limits leading the list at Rs 252 crore. Kalamassery and Thrikkakara have the highest pending property tax amounts among municipalities. In contrast, property tax payment compliance is higher in panchayat limits. Corporation data indicates that only 20% of arrears were recovered in the last fiscal year, mainly due to the non-deduction of dues from building owners facing revenue recovery proceedings. The challenge lies in balancing revenue generation and providing relief through exemptions.
Amidst a historically strong property market slowdown, China’s property sector is grappling with waning demand, as property sales saw a significant monthly drop from May to June. Previously a driving force for economic growth, the sector’s struggles are prompting action. The Politburo, a top decision-making body within the Communist Party, underscored the need to adapt to changing market dynamics and swiftly optimize property policies. As concerns over demand in lower-tier cities arise, there’s anticipation that more cities may follow Zhengzhou’s lead in easing restrictions. All eyes are on how China navigates these challenges while shaping its property market.
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Hong Kong intends to allocate land for private developers to construct subsidized housing, aiming to ease the city’s housing crisis. While the government seeks to enhance affordable housing availability, the policy discourages the sale of unmodified flats. However, due to the program’s limited scale, industry experts believe the increased supply will have minimal impact on the private market. Hong Kong has been grappling with soaring housing prices and a significant wealth gap, prompting initiatives to address the issue and improve living conditions for its residents.
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Amid a global commercial real estate downturn, Dubai’s market remains robust, with demand pushing average prices beyond 2019 levels, a report by CBRE reveals. This contrasts with London’s meagre 5% increase and the US grappling with record vacancies. Investors are eyeing Dubai, drawn by opportunities, as a prominent financial district tower garners interest from global entities. Tecom Group, operating multiple business districts, including Dubai Media City and Dubai Internet City, anticipates ongoing demand surpassing available supply. The Dubai market’s resilience in the face of global challenges signifies a promising outlook for the emirate’s commercial real estate sector.
Once a prized start-up valued at $47 billion, WeWork now faces potential bankruptcy, with its valuation nose-diving to $446.8 million. After a controversial 2019 IPO filing, its business model has come under scrutiny, especially amidst the pandemic-driven shift to hybrid work. Despite attempts at financial restructuring and cost-saving measures, leadership changes and strategic challenges persist. The company’s future remains uncertain as it grapples with liquidity issues and seeks to rebuild its tarnished image.
Five individuals, including two prominent developers, have been arrested in Mumbai for allegedly constructing 55 residential buildings under fraudulent permissions, using counterfeit seals from government authorities. Investigations reveal that the accused may have been duping potential homeowners since 2015. Besides the fake seals, fraudulent letterheads from major municipal bodies were also discovered. The full extent of the scam is still being uncovered, but losses to the state could be in crores. As the case progresses, buyers are urged to verify their property's legal standing with local municipalities.
According to recently published reports, in the past five years, Delhi-NCR's residential property values have skyrocketed. Factors like regulatory reforms, governmental policies, and infrastructural developments drive this growth. Gurgaon leads with a 20.3% YoY increase, while Noida and Greater Noida follow closely with 20.2% and 17.6% respectively. Key sectors in these regions have seen substantial price appreciation, thanks to improved connectivity and new employment zones. The data suggests a promising future for the Delhi-NCR real estate sector.
Peninsula Land, an Ashok Piramal Group subsidiary, reports a remarkable 383.39% surge in Q1 FY24 net profit. Profit after tax stood at Rs 61.68 crore, up from Rs 12.76 crore in the previous fiscal's corresponding quarter. Despite a dip of 40.78% in net income, the company's strategic focus on delivering apartments and plots in FY24 remains strong. Debt reduction to Rs 339 crore by June 2023 and the completion of 10.6 million square feet of real estate reflect Peninsula Land's significant achievements.
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Repco Home Finance reports 43.53% YoY Q1 FY24 net profit growth to Rs 89.09 crore. Total consolidated income stands at Rs 366.50 crore, a 19.38% increase from last year. Loan sanction is at Rs 726 crore, and disbursement is at Rs 684 crore. The loan spread remains at 3.3%, yielding a 15.8% return on equity. Gross NPAs at Rs 695 crore and net NPAs at Rs 338 crore, with a gross NPA ratio of 5.5%. Operational revenue grows 21% YoY to Rs 364.5 crore. Repco has a network of 159 branches and 34 satellite centres in India. Shares show strong YTD and 1-year returns.
Wave City, spanning 4200 acres, emerges as North India's foremost operational Hi-tech City, skilfully merging modern technology with contemporary comforts. Positioned adjacent to the sprawling 14 lanes of National Highway- NH-24, this expansive Pre-Certified Platinum Rated Green Township epitomizes smart and sustainable living, providing an elevated residential experience. Advanced amenities, green spaces, and an array of attractions make Wave City a harmonious blend of innovation and tranquillity. With a plethora of features, Wave City stands as an epitome of modern living in synergy with nature.
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UK based Malhotra Group PLC has successfully acquired a stalled 300-acre project in Ludhiana, Punjab, for about Rs 150 crore. The resolution plan by Malhotra Group received approval from the National Company Law Tribunal (NCLT) after the committee of creditors' favourable votes. The company aims to inject around Rs 1,200-1,500 crore through FDI to develop the township, including a hotel, health farm, school, golf course, villas, and apartments. This venture marks its expansion into India's real estate sector, benefiting long-awaiting homebuyers and driving development in the region.
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Builder Rajan Dhruv of Orbit Ventures evaded authorities, hiding in a Pali Hill flat for two hours as Economic Offences Wing (EOW) and Khar police aimed to serve a notice in an Rs 11.76-crore cheating case. Despite doorbell issues, a key maker eventually opened Dhruv's door. A 57-year-old woman had lodged a complaint against Dhruv and other directors at Khar police station. EOW took charge of the investigation. Dhruv allegedly took 11.76 crore from the complainant and failed to repay, offering a promised commercial unit instead, but not delivering. Charges include criminal breach of trust.
Property Finder has launched Data Guru, a comprehensive tool aimed at simplifying the property search process. This innovative feature provides insights and data to aid decision-making, addressing challenges such as lack of trust and transparency. Data Guru offers various tools, including price mapping, community insights, and historical trends, enhancing the user's ability to find the right property.
Tata Realty and Infrastructure Ltd. (TRIL), the real estate arm of the Tata Group, is set to acquire a 25.3-acre land parcel in Bengaluru for approximately Rs 986 crore. The strategic acquisition, located in Doddanekundi Village near the IT hub of Whitefield, underscores TRIL's expansion plans. The company aims to introduce 5 million square feet of office space through two IT parks in Hebbal and Whitefield, requiring an investment of Rs 4,000 crore. This move aligns with the trend of developers engaging in smaller land transactions for diverse developments, showcasing the dynamic nature of India's real estate market.
Several global funds, including Singapore's GIC, Abu Dhabi Investment Authority (ADIA), and Canadian giants CPP Investments and OMERS, are in discussions to acquire a 50% stake in India's Panchshil Realty and Salarpuria Sattva Group, currently held by the Blackstone Group. This significant acquisition spans a vast 26 million sq ft of commercial real estate in India, with an estimated deal value between $4.5 to $5.0 billion. The move signals the growing global interest in India's burgeoning real estate sector.
Private equity (PE) investments in India's real estate sector surged by 51% year-on-year to reach Rs 24,680 crore ($2.99 billion) in the first half of 2023, according to Cushman & Wakefield. The second quarter alone saw a 63% increase in PE investments, reaching Rs 15,850 crore ($1.92 billion), driven by a shift towards office spaces and diversification into areas like logistics, industrial zones, and data centres. Equity investments comprised 87% of total inflows, with stable office occupancy rates and strong rental growth in retail assets.
The Ludhiana Improvement Trust (LIT) is relying on anticipated revenue from an impending property auction by the Jalandhar Improvement Trust (JIT) to address a complex financial situation. In 2017, JIT had taken a substantial bank loan for its Surya Enclave Extension scheme, leading to collateralization of prime properties, including the Guru Gobind Singh stadium. After state government intervention, LIT and other improvement trusts extended loans to JIT for a settlement. The planned property auction's proceeds were divided, with Ludhiana and Amritsar receiving 40% each and JIT 20%. Despite delays, LIT's financial stability is affirmed, as it navigates various projects and commitments.
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Emami Realty's financial performance in Q1 FY24 has been marked by a substantial loss after a profitable year prior, prompting the company to strategically augment its board composition. The net consolidated loss after tax of Rs 14.36 crore, in contrast to the previous year's profit, underscores market complexity and competition challenges. With a 66.98 percent decline in net consolidated total income, Emami Realty's approach focuses on resilience and growth. The appointment of Amit Kiran Deb as an additional director signifies proactive adaptation and strategic planning.
Thiruvananthapuram Corporation has finalized new property tax rates for the upcoming fiscal year. Government office buildings will see a substantial 72.5% reduction in basic tax rates, while larger residential, commercial, and hospitality properties will face increased tax burdens. The proposed revisions, based on existing slabs, await approval in an upcoming civic body council meeting. Additionally, property tax calculations will include a 5% annual increment over five years, following state government directives based on finance commission recommendations.
Danube, a prominent UAE real estate developer, has revealed its latest project, Elitz 3, a luxury tower in Jumeirah Village Circle. Joining their ongoing projects, Elitz and Elitz 2, the tower is set to comprise 750 modern residential units spread across 46 floors. These units, ranging from one to three bedrooms, come with a unique payment plan that has attracted investors. The thriving UAE real estate market, especially in Dubai, has garnered attention from both local and international investors, and Danube's success in delivering quality properties with innovative payment plans positions Elitz 3 as another promising addition to Dubai's luxury living scene.
The Galaxy Group, a real estate developer based in the National Capital Region (NCR), has secured a land parcel in South Delhi's Lodhi Colony through a lease agreement with the Rail Land Development Authority (RLDA). Valued at Rs 356 crore, the land spans 43,345.82 square meters and is planned for a transformative residential development. Divided into sections including Lodhi Colony and Sewa Nagar, a significant portion will be allocated for residential development. The Galaxy Group plans to invest Rs 1,000 crore in comprehensive projects that include housing for railway staff and the redevelopment of existing railway colonies.
Kotak Mahindra Asset Management has introduced the Kotak S&P BSE Housing Index Fund, an open-ended scheme tracking the S&P BSE Housing Index to tap into India's housing sector. The fund's transparent approach and alignment with diverse risk profiles underscore Kotak's commitment to empowering investors with opportunities in the real estate domain. As the subscription window opens from August 7th to August 21st, 2023, investors can seize the potential benefits of this innovative thematic index fund.
The state government has chosen not to grant a full property tax waiver to owners of houses under 500 square feet in the Pune Municipal Corporation (PMC) limits, in contrast to exemptions in Mumbai. The decision, made during the state assembly session, aims to avoid significant revenue loss for the civic administration, already providing a 40% tax discount. This move, affecting around 12 lakh properties, comes after a history of fluctuating property tax policies, including a 40% reduction following floods in the 1970s and subsequent discontinuation in 2019.
Chandigarh's building plan approval process is set to become more expensive due to the enforcement of charges under the Construction and Demolition Management Policy 2022, effective from February 1. The UT estate office is collaborating with Chandigarh Smart City Ltd to implement the charges on new and revised building plans via the online system, while also planning a special audit to assess financial impact and recovery from applicants. The policy emphasizes responsible waste management, requiring waste generators to dispose of debris at designated locations.
RLDA concluded the New Delhi Railway Station's pre-bid meeting with fervour. Leading construction firms like L&T, SPCL, and more participated, both online and offline. The EPC mode redevelopment aims to make it a world-class hub, incorporating commercial spaces, modern amenities, and multi-modal transit. The architecturally innovative 'Infinity' building design spans three floors, facilitating seamless movement. To alleviate congestion, seven flyovers and road expansions are planned. The station will feature a food court, waiting lounges, a child zone, and local product stalls.
An ongoing independent survey directed by the Meerut divisional commissioner has uncovered around 5,000 multi-storey buildings erected on single-use plots within Vasundhara township. The committee's investigation, triggered by complaints of land use violations received by the DC's office, aims to address these concerns. The forthcoming report will be submitted to the state government for action, possibly involving extensive demolitions,. Residents have expressed dismay over the impact on infrastructure, while questions arise about regulatory oversight. Officials suggest banks verify legality before granting home loans.
Real estate prices in Mokila, neighbouring Kokapet, have surged remarkably. The Telangana government's auction of a 165-acre layout in Mokila village resulted in three times the market price per square yard. The auction, managed by the Hyderabad Metropolitan Development Authority (HMDA), saw bids reaching impressive levels, from Rs 1.05 lakh to Rs 72,000 per square yard. Out of 50 plots, 48 were successfully sold, amassing Rs 121 crore in revenue. Mokila's prominence is underlined by this achievement, where historically open plots were sold at about Rs 30,000 per square yard.
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The Asia Pacific tourism and hospitality sector is bustling with activity as investments surge, occupancy rates remain high, and leisure travel demand grows. Notable transactions include Singapore's largest-ever single asset hotel sale, and Japan and Australia/New Zealand leading in investment deals. Leading hotel chains like Dusit International expand into Nepal and Japan. New hotels like Bulgari Hotel in Tokyo and upcoming openings like Dusit Thani Kyoto and Club Med Kiroro Grand highlight the sector's vibrancy. China, Malaysia, and Thailand also saw significant hotel openings. With investments and new launches, the region's tourism and hospitality industry looks poised for continued growth.
The Enforcement Directorate (ED) has taken control of four villas and 6.75 acres of land in Munnar, Kerala, as part of a money laundering investigation into the banned Popular Front of India (PFI). The assets, valued at Rs 2.53 crore, belong to Munnar Villa Vista Pvt Ltd. They were provisionally attached on January 7 by the federal probe agency. The Prevention of Money Laundering Act (PMLA) adjudicating authority confirmed the action on June 30. The ED stated that this confirmation enabled the agency to assume ownership of the properties.
The NCLAT has overturned the insolvency resolution proceedings against BD&P Hotels (India), a subsidiary of real estate giant B Realty. An earlier NCLT order, based on Bank of India's petition for corporate insolvency resolution, claimed dues of ?111.61 crore. BD&P Hotels secured a term loan of ?65 crore repayable over four years, which turned non-performing due to payment issues. The company has since cleared all dues, leading the tribunal to close the CIRP and release BD&P from insolvency.
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The Andhra Pradesh government modified the Capital Region Development Authority (CRDA) Act with the intention of establishing an R5 zone. The court emphasized the need to safeguard public funds until legal matters are resolved. The halted construction has affected Chief Minister Y S Jagan Mohan Reddy's ambitious housing plans, putting a pause on the development of over 50,000 houses under the Pradhan Mantri Awas Yojana (PMAY) scheme. The court's interim stay aims to maintain the status quo and ensure a comprehensive resolution to the contentious matter.
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The Karnataka Real Estate Regulatory Authority (KRERA) has issued a notification requiring real estate promoters to deposit money borrowed by mortgaging housing project land into a designated RERA account. The funds must be used solely for the development of the respective housing project, aiming to enhance transparency and protect the interests of home buyers and lenders. The notification has been well-received by home buyers, who view it as a necessary measure to ensure timely completion of housing projects and safeguard their investments.
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Chandak Group, has signed an agreement to redevelop a housing society in Mumbai's Andheri suburb. The project will cover a land area of 3.6 acres and has a total development potential of over 460,000 sq ft. The saleable area of the project is estimated to be over 281,000 sq ft, with a revenue potential of Rs 956 crore. The project is expected to be completed within four years. Chandak Group has already obtained a no-objection certificate from the Airports Authority of India for the construction of new buildings on the land parcel. This redevelopment project is part of the company's portfolio, which includes completed and ongoing projects across Mumbai.
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MRG Group, a real estate developer based in the National Capital Region (NCR), has announced plans to launch a new affordable housing project in Sector 90, Gurgaon. The project will feature 2/3 BHK units spread over 5.26 acres, catering to homebuyers and investors seeking affordable and modern living options. The project's strategic location, emphasis on quality and sustainable construction practices, and a range of amenities are expected to make a significant contribution to the affordable housing sector in the region.
Eldeco Housing reported a 24.40% dip in Q1 FY24 consolidated profit, with Rs 7.62 crore profit after tax. The net consolidated total income was Rs 27.51 crore, down 8.51%. Chairman Pankaj Bajaj highlighted trends of consolidation and premiumization, citing land acquisition challenges and timely approvals. The board approved a corporate guarantee for an Rs 80 crore loan by Inception Buildtech, aimed at land and project development. The collection totalled Rs 25.5 crore, and bookings grew 40% to Rs 31.4 crore in Q1 FY24 compared to Rs 22.4 crore in Q1 FY23.
CapitaLand Investment India plans to invest SGD 7-8 billion in India over 3–4 years, aiming to expand to 50 million square feet in IT Parks and industrial and logistics. CEO Sanjeev Dasgupta sees India as a hub for IT services and data consumption, with data centre growth spurred by hyperscalers. The manufacturing shift to India, cost competitiveness, and the government's PLI scheme drive demand in logistics. The company ventures into renewable energy with a 29-MW solar power plant in Tamil Nadu. CapitaLand's growth targets include real estate lending and touching SGD 7-8 billion in assets.
LIC Housing Finance reported a 42.31% growth in Q1 FY24 net profit at Rs 1,319.04 crore, up from Rs 926.89 crore in the same period last fiscal. The company's consolidated total income grew by 27.47% to Rs 6,759.13 crore. T. Adhikari was appointed as the managing director and CEO. The firm aimed to expand its branch network and observed growth in all segments. As of June 30, 2023, the company's net worth was Rs 25,901.43 crore, with a debt-equity ratio of 9.54. Housing demand is resilient amid higher rates. The RBI has hiked rates by 250 basis points since May 2022, coinciding with a 4.81% inflation rate in June.
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Amid delayed bill issuance, Pune's municipal body garnered over Rs 1,300 crore in property tax payments. PMC's Ajit Deshmukh highlighted diverse online and offline contributions, resulting in revenue surpassing Rs 1,300 crore in two months. A bill delay led to a 40% rebate announcement, extending discounted tax rates until July 31. Technical glitches prompted a two-day extension. Civic activists' appeals led to a lottery for compliant taxpayers, while critics urged a focus on defaulters. PMC, with 5.5 lakh properties paid by August 2, targets Rs 2,618.15 crore from property tax, incorporating water tax revenue.
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The government's Life Mission housing initiative has encountered significant setbacks due to surging steel prices. With construction costs now exceeding original estimates by over 50%, contractors are halting projects and seeking increased funding. Out of 29 sanctioned apartment complexes, only four are complete. Furthermore, the recent Life 2020 phase has only reached housing agreements with 16.34% of eligible families. Financial challenges, including local bodies' inability to provide bank guarantees for necessary loans, add to the project's complexities. Immediate resolutions are imperative for the mission's success.
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Over the weekend, Gautam Buddha Nagar residents held demonstrations, pressing for urgent resolutions on halted flat registries and incomplete housing projects. Representing 25 Greater Noida West societies, the protestors emphasized the need for quick action on government commitments. Meetings between NEFOWA, GNIDA CEO Ravi Kumar NG, Jewar MLA Dhirendra Singh, and other officials took place. Civic concerns like rain water logging due to a Sector 51 wetland and other maintenance issues were also discussed. Noida Authority CEO Lokesh M proposed a survey of the problematic wetland to find solutions. Residents await tangible actions following these discussions.
HDFC Bank, a leading private sector bank in India, has secured a significant lease of 1 lakh sq. ft. office space in Mumbai's competitive commercial real estate sector from Blackstone. The five-year agreement at $165 per sq. ft. monthly rent showcases the bank's commitment to expanding its presence in the city's financial hub. With world-class amenities and a strategic location, this collaboration positions HDFC Bank to leverage Mumbai's flourishing financial landscape, cater to growing customer demands, and foster innovation among its workforce. The deal is expected to spur further growth in Mumbai's commercial real estate sector.
Germany's leading real estate company, Vonovia, has encountered significant hurdles in the wake of a 2 billion euro loss during the second quarter, alongside a 3 billion euro property value write-down. The downturn is emblematic of Germany's broader property industry crisis, marked by falling prices, stalled transactions, and construction stagnation. Analysts' downgrades underscore the end of a growth era propelled by cheap financing. Despite this, Vonovia maintains its yearly profit projection of 1.75 billion to 1.95 billion euros for funds from operation, in contrast to last year's 2.04 billion euros.
Hanoi's housing prices have outpaced income growth since 2019, with real estate firm Savills Vietnam reporting a 13% surge in apartment prices during the same period. The city targets a per capita income of VND150 million by 2023, yet apartments on the secondary market averaged VND33 million per sq. meter. This discrepancy has led to a stark contrast, with workers needing 15 years of income for a 50 sq. meter apartment. Hanoi's housing-to-income gap has widened, even surpassing that of Singapore. The demand-supply gap remains substantial, causing sustained price increases and a projected deficit of 70,300 housing units by 2025.
Lemon Tree Hotel's President, Mr. Vikramjit Singh, has announced a partnership with M/S Space Builders & Promoters to acquire a new property in Zirakpur, Punjab. This venture expands Lemon Tree's presence in the town, marking its fourth hotel, with two more in the pipeline. The new property will be managed by Carnation Hotels. Anticipated to be operational by the second quarter of the financial year 2027, the hotel will feature 80 rooms, banquets, a conference room, a restaurant, a fitness centre, and more.
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Godrej Properties, a subsidiary of Godrej Industries Ltd., has allocated approximately Rs155 crores for repairs, maintenance, and ancillary costs following quality-related concerns raised by residents of their Gurugram project, Godrej Summit. Issues emerged when a separating slab revealed inadequate flooring in certain flats, raising structural integrity doubts. Subsequent complaints included cracks in balconies and walls, reflecting a larger safety concern post a similar incident at Chintels Paradiso. The Department of Town and Country Planning issued a show-cause notice, prompting a detailed assessment revealing high chloride content causing steel corrosion. GPDL plans to buy back concerned homeowners' units, ensuring repairs and audits before resale.
Copper Beech Farm in Greenwich, Connecticut, has set a record as the state's most expensive home sale, fetching a remarkable $138.83 million. The 50-acre estate, one of the priciest properties ever sold in the U.S., boasts a luxurious French-Renaissance mansion, private frontage on Long Island Sound, and several impressive amenities. While demand for luxury properties remains strong in Greenwich, recent sales have slowed due to limited inventory. Despite the slowdown, the median sales price has increased, signalling continued interest in the upscale real estate market.
Punjab CM Bhagwant Mann disbursed Rs 101 crore in cheques to 25,000 beneficiaries of Pradhan Mantri Awas Yojana (Urban), each receiving Rs 1.75 lakh. Mann highlighted government's role in providing essentials like housing and pledged transparency in fund utilization. He announced a unique "Road Safety Force" initiative to combat high road accident fatalities, emphasizing potential to save lives and streamline traffic. Mann's administration aims to uplift all strata of society through proactive welfare measures, contrasting with predecessors' resource claims. The move underscores commitment to citizens' fundamental rights and effective fund management for public benefit.
Lucknow, the capital of Uttar Pradesh, is emerging as a prominent Industrial and Logistics (I&L) hub in Northern India, closely following Delhi-NCR, reports CBRE South Asia Pvt. Ltd. Noteworthy investments from Amazon, Mondelez, and Flipkart totalling INR 400 crore have contributed to this growth, with an additional INR 70 crore anticipated for upcoming warehouse developments. Demand for premium warehousing space in Lucknow has surged, with leasing activity increasing by an impressive 300% year-on-year to 0.18 million square feet in FY23. Factors such as competitive land prices, robust road connectivity, and supportive industrial land use classification under UPSIDA have fuelled this growth.
In a bid to revolutionize Mumbai's public transport system and address the challenge of land scarcity, the Mumbai Metropolitan Region Development Authority (MMRDA) is set to introduce a ground breaking solution – two-level parking spaces for metro rakes. This strategic move aims to significantly enhance the efficiency and capacity of the city's metro network, ultimately reducing train frequency and bolstering connectivity.
In response to tepid interest in its rental model, the Madhya Pradesh State Electronics Development Corporation (MPSEDC) is introducing a 30-year lease for IT and ITES firms at Sinhasa IT Park. Located along the Indore-Ahmedabad highway, the park spans 112 acres. The move aims to attract tech businesses looking for long-term commitments. This development coincides with MPSEDC's initiative of constructing a dedicated building for IT companies at the Electronic Complex, marking its determination to bolster the region's tech infrastructure.
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Amid mounting anticipation, MHADA Mumbai Housing Lottery 2023 applicants anxiously await the draw date. Initially set for July 18 but postponed due to an extended application deadline, MHADA officials promise to reveal the date soon. Over 120,000 valid entries vie for 4,082 flats in prime locations like Juhu and Andheri, with a colossal Rs 519 crore deposited as earnest money. Speculation on MHADA profiting from bank interest is dismissed. The flats encompass various categories, including PMJAY, EWS, LIG, middle-income, and high-income units. As excitement peaks, Mumbai's hopeful residents await crucial news that will impact both MHADA and the aspirants.
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A recent joint report by Knight Frank and The Royal Institution of Chartered Surveyors (RICS) predicts a meteoric rise in India's construction sector, forecasting an output of $1 trillion by 2030. The expansion is expected to generate 100 million jobs, showcasing India's impressive economic resilience. The growth is driven by rising incomes, increasing domestic demand, and an evolving business landscape. Additionally, supportive government policies and substantial Foreign Direct Investment (FDI) are further bolstering this booming sector, emphasizing India's rapid infrastructural and real estate development.
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K Raheja Corp, a prominent Real Estate conglomerate in India, has introduced its Women in Leadership Program, named "SHEROES: Expand your Potential." This initiative is aimed at enhancing the company's pool of women leaders and fostering gender parity. The program's initial phase involved a select group of 24 high-potential women from various sectors of the company, such as Mindspace Business Parks, Chalet Hotels, Inorbit Mall, and K Raheja Corp Homes. The comprehensive intervention comprised a 4-month intensive learning journey, including training sessions, group coaching, and practical assignments. The program was a collaborative effort, designed by the company's internal L&D team and InspireOne Consultants, and was executed by skilled trainers, external speakers, and image consultants.
KGK Realty (India) Limited and Dhoot Infrastructure Projects Limited have taken control of the Sare Gurugram Group housing project after the National Company Law Tribunal's approval of the resolution plan. This development is a relief for over 1200 homebuyers awaiting possession of their apartments. The 47-acre project, facing financial challenges, entered the Corporate Insolvency Resolution Process in 2021, delaying delivery from 3 to 8 years. The consortium acted as a development manager during the process, focusing on fulfilling buyers' dreams. With an initial investment of Rs 140 crore, the consortium aims to complete the project in 18 months. The move not only delivers homes but also underscores their commitment to buyers' aspirations.
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Ahmedabad, the largest city in central Gujarat, faced a proposal in June to convert its eastern agricultural zone into industrial and residential areas. The plan aimed to transform around 12,000 hectares of land across 19 villages, intending to boost economic growth and urbanization. However, the proposal was put on hold after the Ahmedabad Urban Development Authority decided to review its feasibility, speed, scope, and impact on land use patterns. This sudden decision has caused disappointment and controversy among developers and residents who anticipated the city's development.
Pancard Clubs, a company focused on hotel and resort development, has been ordered to undergo a Corporate Insolvency Resolution Process (CIRP) due to defaulting on investor repayments. Over 100 investors, seeking to recover Rs. 1.5 crore, filed a petition against the company. Pancard Clubs operated an unregistered investment scheme under the guise of a timeshare scheme, generating returns on investments. The company was directed to refund Rs. 7,035 crore to investors, leading to legal battles and property auctions. The court's decision emphasizes the importance of investor awareness to prevent such collective investment scheme scams.
After a ceiling fall caused residents of the Jains Westminster Owners Association in Chennai to question the quality of their complex's construction, they filed a police report against Jain Housing and Construction. The building had been plagued by leaks and flaws since 2016. Jain Housing's MD, Sandeep, acknowledged the problems and said that remediation work is in progress. The tragedy has sparked a wider discussion about safety regulations, construction accountability, and resident rights. GCC commissioner J. Radhakrishnan pledged assistance for locals seeking justice.
The long-awaited LIFE Mission housing project near Mundamveli, owned by the GCDA, is in its final stages, set to launch by month-end. With one block completed and the second nearly finished, relief is imminent for 80 families from P&T Colony who will relocate. The Thrissur District Labour Contract Co-operative Society is expediting work. The inauguration awaits Chief Minister Pinarayi Vijayan's coordination. This project comprises two four-story buildings, 83 flats, essential amenities, and integrated rainwater harvesting, with an estimated cost of Rs 14.61 crore. The launch marks a significant step toward improved living conditions and collaboration in funding and execution.
The Neopolis project in Kokapet, Hyderabad, conducted land auctions for seven land parcels of 45 acres in Phase 2. The auction witnessed a high bid of Rs. 100.75 crore per acre for a 3.6-acre plot (No.10), making it the highest bid in the history of Hyderabad's real estate. The bid was placed by Rajapushpa Properties Pvt Ltd, and the overall collection in the auctions reached an impressive Rs. 3,319 crore, surpassing the state government's expectations of Rs. 2,000 crore.
The Kolhapur Municipal Corporation (KMC) has announced plans to provide new 270 sq ft homes at the same location for the families of Kamgar Chal, following the issuance of relocation notices due to the dilapidated condition of five buildings. While promising swift construction, the KMC has called for temporary evacuation and discontinued utilities from August 1. Some residents have voiced concerns over the plans and potential commercial exploitation of the vacated land, seeking reassurances that they will not be moved to the outskirts of the city.
In a significant shift in real estate regulations, the Karnataka Real Estate Regulatory Authority (KRERA) has ordered builders to transfer control of common areas in apartment complexes to residents' associations. This landmark ruling was specifically directed at Signature Dwellings Private Limited, and it mandates the immediate transfer of common areas to allottees' associations upon their formation. Experts believe that this decision not only resolves a longstanding issue but also sets a precedent that could lead to broader reforms, potentially benefiting homebuyers across the nation.
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More than 6,300 property owners in Bengaluru have filed objections to errors found in draft cards under the Urban Property Ownership Records (UPOR) project. The project, which aims to issue property cards for 25 lakh properties within BBMP limits, faced discrepancies including wrong property dimensions and name printing. Commissioner Manjunath acknowledged the issues but emphasized that the objections constitute less than 3% of the total cards issued. The officials are committed to correcting the errors in the final cards, with the remaining wards expected to be surveyed in the coming months.
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The Red Sea Global developer is working on an ambitious tourism project in Saudi Arabia called Amaala and Red Sea. The project, envisioned by Saudi Crown Prince Mohammad bin Salman, aims to create a massive tourism destination fully open to tourists by 2030. It will feature luxury experiences, hotels, villas, spas, and restaurants, covering 22 islands and six inland sites, equivalent to the size of Belgium. The International Airport is set to open in 2023, with the first three hotels. The project focuses on sustainability and will employ over 25,000 personnel, offering a plethora of luxury experiences for tourists. Once complete, it is expected to transform the Red Sea region into a world-class tourism destination, attracting travellers from around the world.
Indian PropTech firms secured $719 million in funding despite a slight dip in 2022. The sector showcased resilience with a CAGR of 49 percent from 2009 to 2022, reaching nearly $4 billion in investments. Co-living and co-working spaces dominated with 64 percent of the total inflow, followed by construction technology solutions with 15 percent. Proptech investments in India surpassed $4 billion in H1 2023, signalling continued growth. Technology adoption has boosted efficiency in real estate processes, with demand for flexible workspaces and premium accommodations driving investor confidence. The sector's success reflects its transformative potential and unwavering impact on the global market.
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A recent report by ANAROCK reveals a concerning decline in the share of affordable housing in overall sales and housing supply in H1 2023. The share of affordable homes has reduced by 11 percent compared to H1 2022, with the top 7 cities experiencing a significant drop from 23 percent to 18 percent. Additionally, affordable home buyers are burdened with almost 20 percent higher EMIs due to surging floating interest rates. Many buyers now face a scenario where the interest component surpasses the total principal amount, delaying homeownership and reducing potential gains from property appreciation.
British house prices experienced their largest drop since 2009 over the past year, with a 3.8% decrease in average prices compared to the previous year. Rising interest rates have impacted the housing market, resulting in sluggish activity and mortgage rates surpassing 6%. Affordability has become challenging for first-time buyers, with mortgage payments consuming a significant portion of their take-home pay. Economists expect the Bank of England to increase its Bank Rate further, leading to a potential downturn in the housing market. However, there is hope for improvement in the long term as steady growth in income and a decrease in house prices may enhance housing affordability.
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Singapore's rental price growth has slowed down in the second quarter, with the smallest gain in private residential prices since 2021. The cooling trend is expected to continue as more new housing units become available, leading to a higher supply of private housing completions this year. Government interventions, including cooling measures and increased stamp duties for foreigners, have also played a role in alleviating the surge in rents. The high-end market, especially the ultra-luxury segment, has experienced a major reversal, with rents dropping in contrast to the previous quarter's increase.
Integrow, a tech-driven real estate investment platform, has partnered with Pranami Group, a well-established name in the real estate sector with over 23 years of experience. The collaboration involves a significant investment of INR 225 crore in diverse residential and commercial projects. Pranami Group's reputation for innovative and high-quality real estate spaces complements Integrow's mission of providing access to institutional-grade real estate assets. The partnership aims to create transformative spaces and set new standards in the real estate industry, offering unmatched living experiences and state-of-the-art commercial spaces..
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The Uttar Pradesh state cabinet has approved a significant allocation of Rs 1,000 crore to develop new townships in seven key cities, including Agra, Aligarh, Bulandshahr, Bareli, Gorakhpur, Jhansi, and Chitrakoot. The state government will cover 50% of the land acquisition costs, and the development authorities will contribute the remaining 50%. The allocation of funds demonstrates the state's commitment to urban infrastructure and development, ensuring vibrant and self-sufficient communities that enhance the overall socio-economic growth of these cities.
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The construction sector is predicted to make a significant impact on global job markets by generating 100 million employment opportunities by the end of the decade. The projection is based on factors like increasing urbanization, technological advancements, and a growing focus on sustainable development. The industry's adoption of innovative practices, such as 3D printing and AI-driven automation, is boosting efficiency and productivity. Government infrastructure projects and the shift towards remote collaboration are also contributing to the job growth. To fully capitalize on this potential, addressing the shortage of skilled labor through vocational training is vital.
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The redevelopment of Malad Ganga Cooperative Housing Society in Mumbai's western suburbs met with a temporarily hurdle recently when minor society member filed a petition to halt the project on account of concerns of having to relocate their business establishments. The court ruled in favour of the redevelopment project and has allowing work to resume without interference. Mumbai has been witnessing a surge in housing society redevelopments projects with Bandra-Khar-Santacruz belt recording 780 projects in 2022. Recently, Kolte Patil inked a deal to redevelop two projects in Bangur Nagar in Goregaon and Kalpatru announced a redevelopment project in Borivali.
Civic bodies across India frequently organize e-auctions for plots, units, and shops to stimulate the real estate sector. These auctions offer opportunities to acquire properties at subsidized costs in prime locations. Bidders are required to pre-register and meet eligibility criteria before participating. The Uttar Pradesh State Industrial Development Authority (UPSIDA) is conducting an e-auction for industrial plots on August 10th, 2023. Other cities like Bhubaneswar and Hyderabad have also recently held e-auctions for shops and residential plots to attract businesses and home seekers.
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Arvind SmartSpaces reported a 23.14% rise in net profit, reaching Rs 9.10 crore in Q1 FY24. Their total revenue increased by 11.35% to Rs. 69.07 crore. The company plans to expand in Ahmedabad, Bangalore, Pune, and MMR. The board approved the divestment of partnership interests in two subsidiaries. The company launched two township projects and achieved 14% YoY growth in bookings and 54% YoY growth in collections. Furthermore, Net debt decreased to Rs (87) crore, and the net debt-to-equity ratio improved to (0.18), thereby indicating prudent financial management.
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An architect in Bombay has filed a PIL in the Bombay High Court seeking changes to the proposed design of the Mumbai Coastal Road (South) to create more accessible open spaces without altering the entire project. The plea asks the court to appoint an expert committee, including urban design specialists, to assess the feasibility of the proposed changes. The petitioner suggests shifting the road inward and placing open spaces on the seaward side of the reclaimed land. The PIL emphasizes the significance of well-designed public areas, as a majority of the city's population is likely to utilize them over the road.
The Bombay High Court has established a committee comprising officials from various departments to propose a roadmap for reconstructing and repairing 45 kilometres of roads in the ecologically sensitive Aarey Colony. The court addressed concerns raised in public interest litigations about the roads' poor conditions and directed the committee to consider environmental regulations and eco-sensitive zone laws during their work. The committee must present its recommendations for funding and repair plans before the next hearing on September 23. The court also emphasized the need for cooperation among authorities and directed immediate repairs for a specific road segment.
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The Assam Real Estate Appellate Tribunal (REAT) made a significant ruling, stating that the mere pendency of civil suits cannot be used as a legal justification to prevent the registration of real estate projects. The ruling came as a result of an appeal by a builder who faced penalties for failing to register a project as required by the Real Estate (Regulation and Development) Act, 2016. The builder argued that the project was involved in various civil suits, but the Tribunal dismissed this argument, emphasizing the importance of complying with the statutory requirements. The ruling serves as a warning to the real estate industry to adhere to registration requirements before marketing or selling any real estate projects.
A real estate broker from Sola has filed a police complaint against a bullion trader and builder from Prahladnagar, alleging a fraud of Rs34.56 crore in property sales. The accused, Rakesh Shah, presented himself as a bullion trader with real estate expertise and promised to help the broker sell his properties. After an initial payment, Shah allegedly avoided scheduled payments, claiming his bank account in Dubai was frozen. Additionally, the broker acted as a guarantor in the sale of two properties belonging to his friend, adding to the complexity of the fraud. The police are investigating multiple offenses, and the case has raised concerns about the need for tighter regulations and due diligence in real estate transactions.
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Rajasthan RERA has directed a Jaipur builder to refund a homebuyer Rs 37 lakh, including interest, due to a prolonged possession delay. The complainant had booked a flat in 2016 but faced multiple delays in receiving possession. Despite paying a significant amount, the flat's possession was repeatedly postponed, prompting the homebuyer to approach RERA. The authority's ruling mandates a complete refund within 45 days. This case highlights the importance of timely possession and the role of RERA in safeguarding buyers' interests in real estate transactions.
Raymond Realty, the real estate arm of Raymond Group, has launched its fourth project, "Address by GS 2.0," in Thane. This move signifies the company's growing success in the real estate market. The project's launch follows the accomplishment of its previous ventures, including the prompt delivery of the initial phase of TenX Habitat. The new project promises luxurious amenities and a Roman-inspired landscaped podium, reflecting the company's dedication to offering exceptional living experiences.
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Kolte-Patil Developers (KPDL) has inked deals for two new society redevelopment projects in Mumbai's Goregaon West, adding to its recent acquisitions in April-May 2023. These latest projects encompass a total saleable area of around 4.8 lakh sq. ft., with a combined top line potential of Rs. 950 crore. Including previous acquisitions in Pune and Mumbai, the company's new business development deals now aggregate a top line potential of Rs 3,450 crore. This move emphasizes Kolte-Patil's ongoing commitment to growth and innovation in the Indian real estate market.
An expert committee has proposed targeted measures to revive over four lakh stalled real estate projects across India, focusing on areas around Delhi and Maharashtra. The recommendations include a project-wise approach to insolvency, a four-year moratorium on payments in Noida, and specific provisions to safeguard home buyers' interests. Headed by G20 sherpa Amitabh Kant, the committee's initiatives aim to alleviate the burden on builders and expedite the possession process for homebuyers. With proposed amendments to the Insolvency & Bankruptcy Code, this move represents a vital step towards resolving a longstanding issue in the housing sector.
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The late Bollywood legend Dilip Kumar's Pali Hill bungalow in Mumbai is set to be transformed into a luxury residential complex. The Ashar Group, who have teamed up with Kumar's family, will oversee the development, which will also feature a museum dedicated to the actor's life and career on the ground floor. Construction is underway, with completion expected well ahead of the 2027 delivery date. The anticipated revenue from the project is estimated at INR 900 crores. Legal hurdles that had previously stalled development have been resolved, clearing the way for this unique fusion of heritage and modern living.
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New research shows that office vacancy rates in Australia rose to levels not seen since the 1990s during the first half of the year. Downtown areas of major cities like Sydney, Melbourne, and Perth experienced increases ranging from 0.2% to 0.9%. The Melbourne CBD saw the most significant rise in vacancies. The national CBD vacancy rate reached 12.8%, posing challenges for landlords trying to fill empty buildings amidst a slowing economy and tenants seeking to reduce space due to remote work.
In a ground breaking move, Abu Dhabi is forming a $12 billion property giant, Q Holding, through the amalgamation of key real estate assets from ADQ and International Holding Co. The newly established entity will become one of the region's largest and most diversified firms, boasting a diverse portfolio of real estate developments, hospitality assets, venues, and land plots. This strategic merger aims to strengthen the emirate's economic transformation efforts and reduce its reliance on oil. As ADQ and IHC combine forces, Q Holding is set to be an instrumental player in shaping Abu Dhabi's prosperous future.
Sify Technologies leases 1.5 lakh sq. ft of office space in Hyderabad's financial district through its subsidiary, Sify Infinit Spaces. The lease spans 60 months, bolstering their presence. Rent will escalate by 3 percent annually. Sify's focus on expanding data centre capacity aligns with India Inc.'s digitization and AI trends. A strategic partnership with Kotak Data Centre Fund for Rs 600 crore enhances growth prospects. Sify aims to add 350 MW of capacity in four years. Their dynamic approach and unwavering vision position them as trailblazers in India's ICT landscape, championing innovation and transforming the digital future.
JLL Technologies introduces JLL GPT, a cutting-edge generative AI model for the CRE industry. With its global team of experts, JLL aims to deliver smarter CRE insights using this bespoke AI, revolutionizing the industry. JLL's comprehensive data, combined with external sources, will offer tailored solutions to clients worldwide. The AI-powered platform empowers facility managers with dynamic conversations while consulting experts provide quicker workplace planning advice. JLL's early adoption of AI has already optimized building efficiencies and investment opportunities.
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The AMC has introduced a decisive plan to streamline property tax valuation for new properties. The corporation has set a 45-day timeline for evaluating properties with building use permission. Any delays will have strict consequences for both the department and the officials involved. AMC's proactive approach includes prompt notification of BU permissions to the tax department, ensuring timely evaluations. This initiative aims to prevent disputes between buyers and builders, promoting transparency and efficiency.
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In July 2023 property registrations in Mumbai are expected to reach 10,214 units, a 10% decline from last year, but revenue collection remains steady at INR 832 crores. Despite a dip in overall registrations, the luxury segment (properties valued at INR 1 crore and above) continues to thrive, accounting for 57% of the registrations. This sustained demand in the higher price segment, coupled with resilience against interest rate hikes, underscores the ongoing strength of Mumbai's residential market.
Residents of Logix Zest in Noida, India, are facing a financial setback as they are required to pay an additional Rs. 90 lakhs for power expenses, on top of the already hefty Rs. 3 crore they had paid earlier. The sudden escalation in costs has raised concerns about transparency and accountability, leading residents to demand a thorough breakdown of expenses and an independent audit. The real estate sector in Noida may suffer reputational damage due to incidents like these, prompting potential homebuyers to exercise caution and research before investing. The management of Logix Zest has promised to address residents' concerns in an upcoming meeting.
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Haridwar One is a new residential project in Haridwar, Uttarakhand, launched by prominent real estate developer ETH Infra. The project offers one, two, and three BHK apartments with a range of prices, starting from 44 lakhs to 1.15 crores. Conveniently located just two minutes away from the revered Har Ki Pauri, a significant spiritual site in Haridwar, the project aims to blend modern amenities with the spiritual ambiance of the holy city. The project boasts picturesque views of the Himalayan Mountain Ranges and features lush green gardens, a rooftop club, a skywalk, and a senior living-friendly lifestyle.
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NCR-based Royal Green Realty has introduced the 'Courtyard 37D' project, an Shop-cum-Office (SCO) venture located in Gurugram's promising Sector 37D. Spanning 3.63 acres, the initiative offers exclusive built-up plots and the flexibility to develop up to 4 floors along with a basement. With investment slated to exceed Rs 60 crore through internal funds, the project is set for completion by 2025, strategically positioned near Dwarka Expressway.
Arvind SmartSpaces Limited (ASL), a prominent real estate development company in India, has announced the acquisition of two expansive golf-themed development projects in Ahmedabad. These projects cover approximately 704 acres and have a potential worth of around Rs. 2,300 crore. Positioned in South Ahmedabad, they mark ASL's 17th and 18th projects in the area. The projects will follow a joint development model, enhancing returns through low capital intensity.
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In Rajasthan, 8.67 lakh families are still awaiting homes promised under the Pradhan Mantri Awas Yojana-Gramin (PMAY-G), as the central government fails to set new targets for two years. Several states face the same issue, with a shortage of housing options. Urgent appeals have been made to the Government of India for action. Minister Giriraj Singh disclosed that out of 17.19 lakh sanctioned houses, 16.68 lakh have been completed. The PMAY-G aims to provide 2.95 crore houses across rural India by March 2024. Transparency in beneficiary selection involves verification and appeals, but 2.04 crore households remain on the waitlist.
The Maharashtra state government is tackling the problem of incomplete land ownership titles in housing societies by directing the cooperation department to conduct conveyance deed camps. Out of 1.2 lakh registered units, 63% of housing societies, totalling 76,104 units, lack proper conveyance deeds. The camps, involving deputy district registrars and housing federation members, will be organized more frequently to address this issue. The government aims to streamline the process and expedite the issuance of land ownership titles, helping more housing societies obtain proper conveyance deeds.
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In a bid to expedite property transactions exceeding Rs 50,00,000, Jaipur's state government has launched the enlistment of private site inspectors. Addressing the dearth of government inspectors, this move aims to alleviate delays in property deals. The directive mandates site inspections for properties surpassing the Rs 50,00,000 threshold, whether priced or valued by the government. Applicants vying to be empanelled inspectors must be registered valuers for financial institutions, comply with 2017 Valuation Rules, and hold diplomas or degrees in civil engineering, town planning, or architecture.
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The Haryana town and country planning department has introduced a new policy allowing the establishment of industrial clusters and warehouses on agricultural land, except for "hyper-sensitive zones" like the National Capital Region (NCR). The policy prioritizes environmental considerations and permits a change of land use (CLU) for white and green industries in hyper-sensitive zones. New clusters must have a minimum of 10 industries without adjacent existing industries. The policy aims to attract entrepreneurs from outside Haryana and foreign direct investment, especially in areas developed by organizations like HSIIDC and HSVP, while also outlining regulations for CLU, including distance requirements from urbanized regions.
The Gujarat High Court is set to address whether a company can be a member of a cooperative housing society. The court's attention was drawn to the matter by a petition involving Pratima Cooperative Housing Society Ltd near Vijay Crossroads. The society had denied membership to Atreyi Vincom Pvt Ltd, who purchased a bungalow after an auction. The society's reliance on religious and caste-based restrictions was questioned by Justice Nikhil Kariel, who cited potential legal concerns. The case prompts consideration of evolving societal norms, with the hearing scheduled for March 2024.
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Godrej Properties reported an impressive 208.68% growth in net consolidated profit, amounting to Rs 133.69 crore in Q1 FY24. The company's total revenue also surged by 196.90% to Rs 1,265.98 crore during the same period. With a robust launch pipeline and resilient demand, they aim to achieve a booking target of Rs 14,000 crore in FY24. Despite a slow start in bookings, the company witnessed a strong performance in deliveries, cash collections, and earnings. Additionally, they granted stock to eligible employees and appointed a new non-executive director.
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Tesla, the American electric vehicle giant, makes significant strides in India, securing a 5,850-square-foot office space in Pune's Viman Nagar. Tesla India Motor & Energy's strategic move aligns with its ambition to establish a manufacturing base in the country. The lease spans five years, with an option to extend for ten years. Tesla is keen on introducing its electric cars to the Indian market and has engaged in discussions with the government. India considers allowing Tesla's foreign vendors to manufacture critical components within its borders. This dynamic development marks a transformative shift in India's automotive landscape.
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University Living, in collaboration with RAYSolute Consultants, has released a comprehensive report on the Australian Student Housing Market, revealing a surge in demand for education in Australia. The report identifies 60,000 on-campus beds and 90,000 purpose-built student accommodation (PBSA) beds, highlighting a scarcity of affordable student housing. The market has grown to AUD 10 billion with a 17% CAGR, with 10% of the beds on-campus and the rest off-campus. International students occupy a significant portion of PBSA beds. Despite options like private rentals and homestays, rising rental costs indicate a pressing need for more affordable housing to accommodate the growing number of international students.
Aldar Properties, a leading real estate developer, has increased its investment in the education sector by adding over AED 350 million to its initial AED 1 billion commitment. As part of its expansion plan, Aldar Education will establish Cranleigh Bahrain, a premium school offering a British International Curriculum. The increased investment also includes acquiring Kent College Dubai and Virginia International Private School in Abu Dhabi. This move signifies Aldar Education's commitment to providing high-quality education standards beyond the UAE, reaching the Kingdom of Bahrain and expanding its presence in Dubai and Abu Dhabi.
AG Enviro Infra Projects and Metro Waste Handling are partnering to construct two waste plants in Mumbai to process 1,200 tonnes of construction waste daily, producing precast concrete products. The Bombay Municipal Corporation is recruiting supervisors to oversee the plant construction. One plant in Gorai will handle waste from the western suburbs, and the other in Shilphata will process waste from the eastern suburbs and the city. The BMC has introduced the "Debris on Call" facility to ensure proper waste disposal and prevent unauthorized dumping. The plants will process drains and paver blocks, with AG Enviro Infra Projects and Metro Waste Handling selling the products. The plants are scheduled to be operational by February 2024.
The Indian Government has set ambitious targets for highway construction to accelerate infrastructure development. Originally planning to build 12,500 km of highways for FY 2024, they have now raised the target to 13,800 km. The pace of construction has also been significantly increased, aiming for 40 km of highways per day by the year-end. During the peak of the pandemic in 2020-21, the country witnessed 13,327 km of highways built at a rate of 37 km per day, but it fell to around 10,000 km in 2022-23. To achieve the current targets, NHAI, the Ministry of Roads, and NHIDCL will collaborate to build approximately 14,000 km of highways this year. While challenges such as weather conditions and upcoming elections may impact progress, the government remains committed to infrastructure development and connectivity improvement.
In a significant ruling, the Gurugram forum ordered VP Spaces, a real estate developer, to refund a buyer and prohibited the imposition of penalties for alleged default in the purchase agreement. The forum asserted that penalties can only be levied when explicitly permitted, safeguarding buyer interests and promoting fairness. The decision sets a precedent for transparent and consumer-friendly practices in the real estate sector, emphasizing the need for due diligence by buyers before entering into property agreements.
The Enforcement Directorate (ED) has accused the directors of the Mahira Group, including Samalakha MLA Dharam Singh Chhoker and his sons Sikander Singh and Vikas Chhoker, of diverting nearly Rs 107 crore collected from approximately 1,500 homebuyers invested in an affordable housing project in Sector 68. The ED's investigation revealed that the accused orchestrated the diversion through fabricated expenditures and loans to group-related entities. The ED conducted searches in 11 locations, yielding evidence of money laundering and seizure of luxury cars, jewellery, and cash. The case originated from an FIR filed by the Gurgaon police against Sai Aaina Farms, a company under the control of the Samalakha legislator.
The Securities and Exchange Board of India (SEBI) has imposed fines of Rs 20 lakh each on Kapil Wadhawan and Dheeraj Wadhawan, former promoters of Dewan Housing Finance Corp Ltd (DHFL), for their failure to comply with disclosure norms. The regulatory action was taken after an investigation into the transfer of shares from DHFL to its subsidiary, DHFL Investments, and other related transactions during the period from February to March 2017. SEBI found significant shortcomings in disclosing crucial information to DHFL shareholders, particularly in the postal ballot notice and draft share purchase agreement.
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Businessman Bishnu Kumar Agrawal, owner of Nucleus Mall, was arrested by the Enforcement Directorate (ED) after a six-hour interrogation related to alleged land deal irregularities. Agrawal's late arrival led to questioning stretching into the night and hs subsequent arrest at 10.30 pm. Earlier, he postponed appearances due to medical and religious reasons. Investigations revealed Agrawal, in collusion with former deputy commissioner Chhavi Ranjan, obtained non-saleable land and properties through forgery. ED alleges a quid pro quo between Agrawal and Ranjan.
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Pune is set to reach an impressive milestone, with flex space projected to account for 10% of the city's total office area by 2025. According to a report by Colliers, the thriving technology sector and the adoption of hybrid work models have fuelled this growth. In 2023, Pune's flex space stock stands at 5.4 million square feet, marking a four-fold increase since 2018. This robust growth positions Pune ahead of other top Indian cities in flex space penetration, indicating a transformative shift in the city's work environment.
K Raheja Corp has received clearance from the Mumbai bench of the National Company Law Tribunal (NCLT) to demerge its subsidiary, K Raheja Corporate Services, as part of its strategy to consolidate and grow its residential real estate business. The move will enable the company to access capital markets through the listing of the subsidiary and to attract strategic investments. K Raheja Corp's residential vertical already spans Mumbai, Pune, Hyderabad, Bengaluru, and Goa, and the decision marks a significant step in expanding and specializing in residential real estate, underlined by recent land acquisitions and development plans.
Ranchi Municipal Corporation (RMC) has initiated a crackdown on unmapped structures in Ranchi, India, issuing 100 notices to property owners who have constructed buildings without proper approvals. The move aims to regulate urban development, address safety concerns, and bring illegal constructions under control. By enforcing compliance with building codes and regulations, RMC seeks to ensure public safety and formalize urban planning. The action highlights the need for better monitoring and enforcement mechanisms, as well as public awareness campaigns.
ARISUN aims to raise Rs 350 crore through an Alternative Investment Fund (AIF) to expand its allied industries business in India. The AIF will attract institutional and high-net-worth investors, offering a flexible funding option. The capital will be used for business expansion, research, and innovation to strengthen the company's market presence. ARISUN's strategic move comes amidst the steady growth in the Indian allied industries sector, and its success will depend on transparent communication and effective fund utilization.
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The Jumeirah Group, a luxury hotel chain owned by the Emirati state, has confirmed the sale of its penthouse in the Jumeirah Marsa Al Arab for a record-breaking $115 million. The sale sets a new record for the most expensive apartment ever sold in Dubai. The Jumeirah Marsa Al Arab, designed by architect Shaun Killa, is a highly anticipated addition to Dubai's landscape and is set to open in the fourth quarter of 2023. The hotel offers a unique "superyacht-inspired luxury" concept and features 387 rooms and suites, 82 lavish residences, and an 82-berth superyacht marina. The penthouse that was sold is an impressive 27,000 square feet, including 13,000 square feet of outdoor space and a private pool.
The Leela Ashtamudi, A Raviz Hotel, marks The Leela Group's second entry into Kerala, India. Located by the tranquil Ashtamudi lake, the hotel provides a relaxing environment surrounded by lush greenery and coconut trees. With 93 rooms showcasing Kerala's Nalukettu aesthetic tradition, private plunge pool villas, and two traditional experiential houses dating back 200 years, the hotel offers a blend of modernity and tradition. Guests can enjoy backwater cruises on the houseboat named Mahayana. The dining venues offer mesmerizing lake views and a range of delicious regional dishes. The resort also offers Kerala Ayurveda and spa treatments for healing and relaxation, along with an outdoor pool and fitness centre.
Experion Capital, a Singapore-based NBFC with a focus on real estate, invests Rs 200 crore in Vatika Group's Sovereign Park project in Gurugram. This luxury residential masterpiece spans 1 million square feet and enjoys a strategic location along the Dwarka Expressway. The move signifies Experion Capital's confidence in India's real estate potential and reflects a growing international interest in the market. With expertise from Singapore's Experion Holdings, Experion Capital aims to redefine luxury living and contribute significantly to India's real estate landscape.
SCB takes action against property tax defaulters by sending tax demand notices with 1 percent interest for late payments. Initially, a month's grace was given, but poor response prompted an extension until July 15. Out of 38,000 assesses, 15,000 have paid their taxes. SCB invokes the Cantonments Act, imposing penalties on defaulters. Section 102 (1) mandates 1 percent interest per month on outstanding dues after 30 days of notice. The tax wing serves notices with penalties, allowing defaulters until September 30 to pay via e-Chhavani or cash counters. Further actions may follow if defaulters disregard the notices. SCB remains resolute in upholding tax discipline.
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Oberoi Realty's net consolidated profit for Q1 FY24 decreased by 20.20 percent compared to the corresponding quarter of the previous fiscal year. The company's total income also saw a slight dip of 0.31 percent in the same period. Despite challenges, the company remains confident in the demand for premium housing and anticipates sustained growth. The approval of the amalgamation scheme aims to enhance operational efficiency and value for stakeholders.
The GST-Authority for Advance Rulings (AAR) has clarified that hostel rent paid by inhabitants does not qualify for exemption from goods and services tax (GST) as it is not considered a 'residential dwelling.' The ruling pointed out that hostel accommodation with a tariff below Rs 1,000 per day was exempt from GST only until July 17, 2022. Hence, hostel rent will now attract a GST rate of 12%.
The Noida Authority plans to open escrow accounts for 59 developers who have defaulted on payments. The move aims to recover dues and reduce financial losses caused by developers diverting funds to other projects. Escrow accounts require developers to deposit 50% of the collected funds from homebuyers and other sources, giving the Authority access to withdraw from these accounts when necessary. Four accounts have already been opened for certain projects, and 15-20 more are expected to follow. This decision, backed by UP-RERA, is hoped to recover over Rs 7,000 crore in dues, benefiting both the Authority and property buyers.
USA witnesses a surge in apartment construction, raising hopes of curbing escalating rents and providing relief to renters. The construction boom is driven by increasing demand and changing lifestyle preferences. While some renters in urban centres benefit from stabilized rents due to increased supply, lower-income groups struggle with limited affordable options as luxury apartments dominate new developments. Regional disparities also influence the impact of the construction boom. Policymakers must address these challenges to ensure that all renters benefit from the positive effects of the construction boom.
Union Bank of India, Bank of Baroda and Yes Bank have issued e-auction sale notices for the sale of immovable assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The online auction will be conducted on a dedicated platform, where interested bidders must register themselves beforehand to qualify. Properties sold at these auctions will be offered on a an "as is what is," "whatever there is," and "without recourse basis". Therefore, the rules of caveat emptor apply. Interested bidders are required to register on the designated e-auction platform, and meet the specific eligibility criteria to participate.
Mahindra Lifespace Developers, the real estate arm of the Mahindra Group, reported a net consolidated loss of Rs 4.27 crore in Q1 FY24, compared to a profit of Rs 75.70 crore in the same period last year. Despite this setback, MLDL remains committed to its vision, aiming for 5X growth in the next five years. The company achieved significant pre-sales of Rs 345 crore in the residential segment during the quarter. With visionary leadership and a focus on excellence, MLDL continues its journey of progress, driven by innovation and dedication.
Olive by Embassy, a prominent player in real estate, plans to launch 2,500 co-living beds in Bengaluru and Mumbai to meet the rising demand for affordable and innovative housing solutions. Focused on millennials and young professionals, the project aims to create collaborative living spaces with shared amenities, emphasizing sustainability and design excellence. By targeting India's bustling metropolitan cities, Olive seeks to redefine urban living experiences and set a precedent for the future of co-living. Leveraging expertise and strategic partnerships, the company aims to expedite construction and deliver high-quality living spaces within a year.
Prozo, a prominent player in the SME sector, has announced a strategic expansion by establishing three state-of-the-art warehouses in Bengaluru and Ludhiana. With a focus on revolutionizing the supply chain landscape, the move aims to serve a broader customer base efficiently. Equipped with cutting-edge technology and eco-friendly practices, Prozo's warehouses will ensure seamless order processing and timely deliveries, reinforcing its position as a leader in the SME supply chain space. The visionary move aligns with the growing demand for reliable supply chain solutions, further empowering SMEs to adapt to the evolving business landscape.
Indiabulls Housing Finance's founder, Sameer Gehlaut, has dramatically reduced his stake to just 2%, down from 21% in December 2021. This move aligns with the company's transformation towards institutionalization, with foreign institutional investors set to hold nearly 60% by the fiscal year's end. In addition to the stake reduction, Indiabulls plans to adopt a new name later this year. Gehlaut's complete exit is planned for September, paving the way for majority ownership by global funds such as Blackstone, ADIA, Vanguard, PIMCO, and BlackRock.
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The Kolkata Municipal Corporation (KMC) launched a new thika land policy, simplifying ownership transfers and building construction for tenants. Mayor Firhad Hakim announced that legal heirship titles and lessee status would be provided within 15 days of application. The policy also removes previous restrictions on building height on thika land. A specialized thika cell at KMC headquarters will handle applications, offering a single-window counter to expedite the process. The initiative is set to streamline procedures for thousands of tenants and marks a significant step towards efficient public service in the city.
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In an astonishing development, Hyderabad's luxury housing market has witnessed a remarkable 14-fold increase in sales in the first half of 2023, according to CBRE South Asia's latest report. The surge, driven by enhanced amenities, spacious living preferences, and rising NRI investments, cements Hyderabad, Delhi-NCR, and Mumbai as robust luxury housing markets, accounting for nearly 90% of sales across India's top seven cities. The trend reflects a shifting preference towards opulent living, signaling a thriving demand for luxury properties in India and propelling the real estate sector on an upward trajectory.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has approved 290 out of 450 projects after a rigorous verification process, aimed at ensuring transparency and accountability in the real estate sector. This landmark achievement reinforces the regulator's commitment to safeguarding homebuyers' interests and fostering trust in real estate transactions within the state. MahaRERA's multi-tiered approach involved meticulous checks on project compliance with regulations and guidelines set by the Real Estate (Regulation and Development) Act. Industry experts, developers, and homebuyers have applauded the authority's efforts, while its impact extends beyond Maharashtra, inspiring other regions to strengthen their own real estate regulatory frameworks.
SEBI, India's regulatory body, has imposed a ban ranging from one to two years on Excel Realty N Infra and four other entities for alleged market regulation violations and insider trading. The ban prevents these entities from participating in securities-related activities, sending a strong message about SEBI's commitment to market integrity. The action aims to uphold investor confidence, emphasize regulatory compliance, and promote ethical conduct in the financial sector. The impact of this ban on the entities involved and its broader implications on the securities market will be closely monitored by investors and market observers.
The Chief of Bangalore Development Authority (BDA) is instructed to return Rs 2 lakh to a property allottee following a complaint of unauthorized collection. An investigation confirms the irregularities, raising concerns about corruption. The incident prompts discussions on transparency and integrity in property allocation procedures. Authorities vow to implement reforms to prevent future malpractices, emphasizing the importance of ethical conduct in public institutions. Stakeholders hope for a corruption-free environment and increased accountability within BDA. The directive highlights the need for stringent oversight mechanisms and fosters calls for comprehensive training programs to uphold credibility and public trust.
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Thiruvananthapuram authorities have given the go-ahead for an innovative land swap agreement between Technopark and private landowners. This historic decision aims to facilitate the expansion of Technopark, a leading technology park in India, while revitalizing the entire region's landscape. By exchanging strategically located land parcels, Technopark can attract more technology companies and startups, generating employment opportunities and bolstering the state's IT sector.
Advanced Micro Devices (AMD) is set to establish the largest research and development design center in India, in partnership with the Ministry of Electronics and Information Technology. The $400 million investment aims to create 3,000 engineering roles and provide state-of-the-art facilities for innovation. This move strengthens India's position in the semiconductor industry and aligns with the government's vision to establish the country as a global hub for semiconductor manufacturing and technology development. The expansion of AMD in India is expected to drive innovation and foster technological advancements in various sectors that rely on chips.
The affluent real estate market in Boulder, Colorado, is witnessing a remarkable surge as luxury home prices continue to climb. According to data from Compass, luxury listings priced at $2.5 million and above saw annual increases in April, May, and June. Notably, in June, the average sold price for a luxury home spiked by 9.4% from the previous year, reaching an impressive $3.9 million. With its picturesque landscapes and abundant outdoor activities, Boulder has become a sought-after destination for high-end buyers seeking a blend of natural beauty and luxurious living in the lap of the Rockies.
Dusit International, a leading Thai hotel and property development company, launched its ambitious sustainability initiative, "Tree of Life." Designed to embody environmental, social, and governance elements, the program introduced four levels of achievement, encouraging Dusit properties to operate sustainably. Led by a dedicated Sustainability Committee, the initiative aims to protect vulnerable species, reduce waste, conserve energy, and support local communities. As hotels and business units progress through the levels, guests can easily identify their sustainability efforts. "Tree of Life" reflects Dusit's values, signaling their commitment to making a positive impact in every place they touch.
Brookfield India Real Estate Trust has successfully raised Rs 1,500 crore through a Qualified Institutional Placement (QIP). The funds will be utilized to finance ongoing and upcoming real estate projects, expanding the company's presence in the dynamic Indian real estate market. The QIP's success reflects investors' confidence in the trust's financial health and potential for returns. As the real estate sector continues to grow and the economy shows signs of revival, the trust is well-positioned to leverage this positive momentum and create value for its stakeholders.
The University of Melbourne has proposed a transformative plan to enhance public accessibility by demolishing six buildings on its Parkville campus and creating 22,000 square meters of green space. The initiative aims to open up the traditionally inward-facing architecture to the whole community and aligns with the university's long-term strategic vision. Landmark buildings like the John Medley Building, the Medical Building, and the Howard Florey Building will be removed, while heritage-listed structures will be preserved. The project will be funded through the university's capital works program and is yet to undergo the development approvals process.
Germany's real estate sector is facing a severe crisis as new data reveals a sharp decline in construction projects during the first half of the year. The property industry seeks multi-billion-euro support from the government to cope with the challenges. Larger cities like Frankfurt have experienced a significant slowdown in residential and hotel development, while financing has become increasingly difficult for developers. With the end of the era of cheap money, the once-booming property market now grapples with insolvencies, plummeting transactions, and falling prices. Developers find themselves searching for solutions, including co-investors or partial project sales to stay afloat in this turbulent market.
Mumbai's Pali Hill, a prestigious locality in Bandra, has become a celebrity hotspot, attracting Bollywood stars and notable personalities. The area's serene ambiance, lush green surroundings, and strategic positioning make it an ideal residential destination. Recently, Bollywood film producer and director Dinesh Vijan purchased a duplex apartment in Pali Hill for approximately Rs 100 crore, making it one of the most expensive residential property deals in the country. The building the flat is located in is being developed by Rustomjee and is scheduled to be completed in January 2026.
Aldar Properties, a prominent UAE-based real estate developer, has unveiled an ambitious plan to redevelop two key retail assets, Al Jimi Mall in Al Ain and Al Hamra Mall in Ras Al Khaimah. The comprehensive redevelopment projects, estimated to cost AED 1 billion, aim to meet the evolving needs of customers and transform these malls into vibrant retail destinations aligned with global trends. With a proven track record in mall redevelopment, Aldar Properties aims to elevate the retail experience and create world-class shopping, dining, and entertainment destinations in the UAE.
The 63-storey skyscraper at 55 Bishopsgate in London is set to become the tallest building in Europe, with construction scheduled to begin in 2024. Once completed by the end of the decade, the tower will stand at a height of 284 meters and offer over 100,000 sq m of office space, accommodating approximately 7,000 office workers. The building's strategic location between two iconic structures, the Gherkin and Walkie Talkie buildings, enhances its appeal and makes it a prominent addition to London's skyline.
The Eiffel Tower in Paris has been named the best building for beautiful views, attracting millions of visitors each year. Built in 1889 to commemorate the French Revolution, it offers a stunning 360-degree view of Paris's skyline and has become an architectural icon and symbol of France's mastery. The Empire State Building in the US ranks second, the Fisherman's Bastion in Hungary is ranked third, followed by Hallgrimskirkja in Iceland and the London Eye in the UK. The Burj Khalifa in Dubai, the tallest building in the world, secures the sixth position. These buildings are considered architectural masterpieces and offer breath taking views that leave a lasting impression on visitors.
Prime Minister Narendra Modi inaugurates the International Airport in Gujarat, a historic moment for the state. The airport, ten times larger than Rajkot's airport, boasts modern facilities, showcases local heritage and art forms, and aims to boost trade and tourism in India. In addition to the airport, other key projects were inaugurated, including packages 8 and 9 of the Saurashtra Narmada Avtaran Irrigation Yojana, a multi-level flyover, a water treatment plant, and a library.
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Nakheel and Excelsior Real Estate collaborate to develop Rixos Dubai Islands, Hotel, and Residences, the first luxury hotel on the scheduled cove of Dubai Islands. This beachside real estate project aims to redefine waterfront living in Dubai, offering contemporary mid-rise structures with luxurious residences, private pools, and spacious terraces. Residents will have access to a 700-meter beach and various amenities such as kids' clubs, lounges, cafes, restaurants, pools, spas, and fitness centres. The project aligns with Nakheel's commitment to enhancing waterfront living and is part of a larger initiative to boost tourism and hospitality in Dubai.
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Macrotech Developers, a prominent real estate company, reported a significant decline of 33.95% in its net consolidated profit during the quarter ended June 30, 2023. Despite the decrease in profit and total income, the company's MD & CEO expressed positive results, with pre-sales showing growth and the 'for-sale' business segment performing well. The company remains on track to achieve its full-year guidance of reducing net debt and has displayed financial stability with favorable operating and net profit margins. Additionally, Macrotech Developers demonstrated commitment to employee incentives and effective capital utilization through the issuance of equity shares and bonus equity shares.
In order to curb illegal construction, the Ludhiana Municipal Corporation swiftly demolished eight unapproved constructions throughout the city. The crackdown was directed at structures lacking the appropriate building plan permissions. The MC seeks to protect the city's architectural legacy while discouraging unauthorized building and fostering responsible urban growth. Before beginning construction projects, citizens have been asked to obtain the necessary approvals. The authorities have also stressed the significance of public knowledge and cooperation in upholding the city's aesthetic standards and safety requirements.
In Chennai's Porur neighborhood, Truliv, a co-living firm with roots in Chennai, has opened its upscale co-living facility, TruLiv Olympus. The 356-bed property is India's first of its type, built-to-suit, premium co-living space, and it covers 60,000 square feet. Truliv Olympus is equipped with contemporary amenities to meet the needs of working executives in the IT sector, including a restaurant, gaming area, gym, mini theatre, and 24/7 power backup. The property is conveniently close to important facilities and business areas.
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The National Company Law Appellate Tribunal (NCLAT) has permitted a reverse corporate insolvency resolution process (CIRP) for the group housing project, The Belvedere, in Noida. The project faced delays, leading buyers to form the Belvedere Welfare Association and seek resolution for the delayed possession. The NCLAT's decision allows negotiations between the homebuyers, the developer, and a finance creditor to complete the project. Strict conditions have been imposed on the developer to protect the interests of homebuyers, including completing Phase I by January 2025 and depositing funds into a RERA-approved escrow account.
The Punjab State Electricity Regulatory Commission (PSERC) has taken proactive measures to address consumer and Resident Welfare Associations (RWAs) concerns in Punjab. By implementing revised tariff regulations, the commission aims to make electricity more affordable for households and RWAs, while promoting sustainable electricity generation. In addition, the PSERC has introduced incentives for RWAs, encouraging the adoption of solar power and ensuring timely maintenance of essential amenities. These actions demonstrate the government's commitment to inclusive growth and sustainable practices, fostering a resilient power sector and improving the overall quality of life for residents.
Lodha, India's leading real estate developer, launches the "WE STOP AT NOTHING" campaign to position itself as a pioneer in luxurious and prestigious projects. The campaign showcases Lodha's commitment to providing spacious homes with top-notch amenities, aiming to cater to people seeking a life of luxury and prestige. The center piece of the campaign is a film featuring stories of satisfied residents living in Lodha homes, emphasizing the brand's association with luxury developments, revolutionary designs, and the best facilities. The campaign highlights Lodha's global leadership in renowned luxurious projects and aims to instil pride among homeowners and potential buyers.
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The Atal Apartment scheme by the Ludhiana Improvement Trust (LIT) is facing challenges as banks refuse to sanction loans to allottees due to the absence of construction activity on the project site. This has raised concerns about the project's feasibility and credibility. In response, the LIT chairman has taken proactive steps by requesting a relaxation period for allottees and assuring them of timely action and resolution. Despite the challenges, the project's focus on modern amenities and facilities shows efforts to meet housing needs for different income groups. The LIT must maintain transparency, adhere to timelines, and address staffing shortages to ensure successful completion and timely delivery of the flats to the allottees.
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Goldman Sachs, a global investment firm, has shortlisted prominent players like Brookfield Asset Management, Alta Capital, and Keppel Corp as potential suitors for its stake in India's largest student accommodation platform, Good Host Spaces. Discussions are progressing, with the transaction valuing the company at $350 million. The appeal of India's real estate landscape for international investors is evident, and the student accommodation sector presents lucrative opportunities. Good Host Spaces collaborates with universities to provide tailored housing services, and with the demand for student accommodation on the rise, the sector is poised for substantial expansion in India.
Home First Finance Company India experienced an impressive 34.89 percent surge in net consolidated profit during Q1 FY24, reaching Rs 69.12 crore. Its net consolidated total income also rose by 53.42 percent to Rs 259.80 crore. Notably, disbursement rose by 35.4 percent to Rs 895 crore, and assets under management reached Rs 7,776 crore, a 33.3 percent YoY increase. With a robust provision coverage ratio and increased total borrowings, Home First Finance continues to demonstrate financial acumen and growth in the market.
Rajasthan's real estate landscape undergoes a transformative shift as the RERA increases registration fees for plotted and commercial schemes. The authority has introduced a standard fee of Rs 10 per square metre, fostering transparency and accountability. This change extends to government agencies as well, encouraging compliance among developers. The move aims to address rising complaints within RERA's jurisdiction and tackle unauthorized colonies. As part of the broader vision, RERA strengthens its regulatory control with a new office at the divisional level. These proactive measures seek to create a resilient and compliant real estate ecosystem in Rajasthan.
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China's housing ministry has launched an ambitious redevelopment project aimed at enhancing the living conditions of residents in run-down flats. Focusing on constructing elevators in these aging residential buildings, the initiative seeks to improve accessibility and overall comfort. The move comes as part of the country's broader efforts to revitalize urban areas and address housing issues in major cities. By prioritizing lift installations in these neglected structures, the government aims to uplift communities and create a more inclusive and modern living environment for its citizens.
A recent Statistics Norway report sheds light on housing conditions in Norway, revealing both improvements and economic disparities in the housing sector. While the majority of Norwegians enjoy favourable housing conditions, a significant disparity exists in homeownership rates among different demographic groups. The report highlights the manifestation of economic inequality in the housing market and the challenges faced by individuals with limited education and low income. In response to these findings, the government has announced a new housing policy set to be implemented in 2024 to address the growing disparities.
The Bayut H1 Property Market Report 2023 provides insights into the real estate performance in Abu Dhabi during the first half of the year. The report highlights significant increases in rents, leading to a surge in property sales in the UAE capital. Affordable apartment sales prices experienced a decline, while villas became more costly. Al Reef displayed the highest rental yields for affordable apartments and budget-friendly villas, while Al Reem Island offered high yields in the luxury segment. Suburban locations like Al Reef, Al Ghadeer, and Masdar City attracted budget-conscious investors. Khalifa City stood out for affordable villa rentals, while Mohammed Bin Zayed City was popular for villa rentals.
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Swedish construction company Skanska reported lower-than-expected Q2 operating earnings, primarily due to a significant downturn in its property development ventures. The company's operating profit declined to 1.33 billion Swedish crowns, falling short of both last year's figure and analysts' forecasts. Surging inflation and multiple interest rate increases have strained the residential and commercial property markets in Sweden, impacting Skanska's overall performance. However, the construction segment showed strong growth, with the United States remaining a resilient market. Skanska projects a weakening in the residential and commercial property markets in the upcoming months but anticipates robust activity in the construction sector in the US.
The Walled City of Jaipur faces the problem of illegal construction waste dumping in its green belt, designated for a smart city project. Residents of ward 9 complained about the lack of monitoring and on-ground inspection, leading to unauthorized waste disposal. In response, authorities have been instructed to identify culprits and impose penalties. Additionally, five illegal buildings were sealed in the Shastri Nagar area to curb unauthorized commercial activities. The situation emphasizes the need for responsible urban planning, effective waste management, and strict enforcement to preserve the city's heritage and ensure sustainable development.
IndoSpace, renowned for its Grade A industrial real estate, has sealed a significant lease agreement with Kerry Indev Logistics Pvt. Ltd. The 3 lakh sq. ft. warehousing space, situated in Sri City, will exclusively support Mitsubishi Electric India's air conditioning operations. Kerry Indev Logistics, a leading 3PL services provider with a global presence, is headquartered in Chennai. The strategic location and world-class infrastructure of Sri City make it an ideal industrial ecosystem. IndoSpace boasts the largest national network of industrial and logistics facilities across India.
In response to the fire incident that occurred on June 15 at a coaching centre in Mukherjee Nagar, North Delhi, leaving 61 students injured, the Municipal Corporation of Delhi (MCD) has taken decisive action and issued notices to 897 coaching centres across Delhi for violating building rules and regulations. The move aims to prevent similar incidents and enhance safety standards in educational establishments. The coaching centres have been given a specified time frame to address the violations and comply with necessary safety guidelines, failing which they may face penalties or potential closures.
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Residents of a 40-unit apartment complex in Sholinganallur, constructed by the Tamil Nadu Housing Board (TNHB), are facing numerous issues, including the absence of basic facilities, hazardous living conditions, and delayed completion. The complex remains largely unoccupied, with only four units inhabited, as essential amenities such as car parking lot paver blocks, metrowater and sewage connections, and security guards are missing. Poor construction quality has led to leaky drainage pipes, seepage during the monsoon, and even snake sightings. Residents express frustration with the TNHB's lack of action, while the authorities promise to address the issues and inspect the complex promptly.
L&T has been awarded the bid to construct Rs 1,959 crore elevated Dahisar-Bhayander Link Road, aiming to improve connectivity and ease congestion. The 5km stretch will connect Kandarpada Metro station in Dahisar (W) to Uttan Road in Bhayander (W). The project includes marine environment and intertidal zone work, bridges, pavements, and seven-storey mechanised parking lots with a bus terminus. The project notably is still pending approvals from the Coastal Zone management authorities, Salt Pan Commissioner and the Environmental Ministry.
NDMC greenlights solar policy to boost grid-connected solar plants in New Delhi, aiming to cater to the city's electricity demands while also generating surplus power for export. The move comes as a significant step towards sustainable energy solutions, seeking to harness the potential of solar resources in the region. With a focus on promoting renewable energy adoption, the policy is expected to drive the establishment of solar plants, thus reducing the city's reliance on conventional energy sources and curbing carbon emissions.
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The Uttar Pradesh Housing Department has directed 29 development authorities to identify highly urbanized zones where landowners can surrender their land in exchange for Transfer of Development Rights (TDR). The cities of Lucknow, Kanpur, and Varanasi will be the first to implement the TDR concept. Under this system, landowners will receive TDR certificates in return for voluntarily surrendering their land for public purposes. The certificates can then be used to avail increased Floor Area Ratio (FAR) in developing or under development locations. The move aims to promote planned urban development and ease congestion in highly urbanized areas across the state.
Suraj Estate Developers, a pioneering real estate player, filed a fresh IPO with Sebi to raise Rs 400 crore. The IPO is entirely composed of a fresh issue of equity shares. The funds will be used to repay debt, acquire land, and for general corporate purposes. The company boasts 42 completed projects and has 11 ongoing and 21 upcoming projects. In FY23, they achieved a profit of Rs 32 crore, with revenue reaching Rs 306 crore. ITI Capital Ltd. and Anand Rathi Advisors Ltd. are the book-running lead managers.
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Colliers, a diverse real estate firm, boldly expands in Pune, India. Opting for a larger office space in Kalyani Nagar, it aims to double its employee strength and strengthen client relationships. Pune's potential as a real estate hub drives the strategic move, complementing Colliers' expansion in other cities. The modern workplace fosters collaboration and prioritizes employee well-being. With a clear vision and growth plan to hire 400 employees, Colliers is poised for success.
Amancio Ortega's investment arm, Pontegadea, reported a 2.8 billion euro increase in real estate asset value, hitting 18.1 billion euros ($20.08 billion). The portfolio, which encompasses logistics centres and luxury buildings across the U.S., contributed to a net profit of 2 billion euros last year. Pontegadea, historically focused on real estate, is said to also be acquiring stakes in energy companies, demonstrating diversified investment strategies.
Mumbai's Aarey Milk Colony is witnessing a significant crackdown on illegal structures, led by the CEO's office, resulting in over 150 demolitions. The initiative, marking a major operation against illegal constructions, is set to intensify post-monsoon. Applauded by environmental advocates, the actions aim to safeguard the forest, local biodiversity and wildlife from encroachments. Collaboration with the forest department, dairy department, MCGM, and police is in place to ensure Aarey forest becomes an encroachment-free zone.
The Delhi High Court took a strict stance against the practice of levying service charges on food bills by hotels and restaurants. The court imposed fines on two associations for not complying with its directions to stop charging service fees. Despite the court's instructions and government guidelines against such charges, many hotels continued to levy service fees, leading to dissatisfaction among customers. The court has suggested changing the terminology to "Staff Welfare charges" to avoid misleading customers and emphasizes that the option to pay a small percentage for staff welfare should be left to the customers.
The Knight Frank Global Branded Residences Report 2023 reveals the thriving luxury real estate market, with 186 ongoing projects worldwide and an additional 32 new projects expected this year. Despite ongoing economic challenges, the sector is projected to grow by 55% by 2026. North America leads with nearly 40% of all projects, followed by Asia-Pacific and Europe. Leading brands include Ritz-Carlton and Four Seasons, while Aman and Six Senses show the most vigorous growth. The report highlights sustained demand for branded residences, driven by increased wealth and rebounding global sales of prime properties.
The Haryana Town And Country Planning Department's recent action to issue notices to 300 colonizers, barring them from new projects and extensions, comes as a response to their failure to clear arrears of infrastructure development charges (IDC). With an outstanding amount of Rs 15,000 crore in non-payment, the department is taking a firm stance to prioritize clearing dues and resuming development projects. Critics argue that the department's leniency in the past might have contributed to the accumulation of default amounts. However, the department's actions underscore the urgency to address the larger issue of outstanding IDC dues for the region's development.
A tragic incident in Junagadh city's Datar Road resulted in the collapse of a three-storey building, claiming the lives of an autorickshaw driver and his two sons, along with another individual. The rescue operation by NDRF and fire brigade faced challenges due to the recent flash floods that strained the city's infrastructure. Chief Minister Bhupendra Patel announced compensation for the victims' families, but the incident emphasizes the importance of building safety regulations and compliance with evacuation orders.
The Knight Frank-NAREDCO Real Estate Sentiment Index Q2 2023 (April-June) report reveals a significant improvement in optimism among stakeholders in the Indian real estate sector. The Current and Future Sentiment Scores surged, buoyed by India's resilient economy, temporary interest rate pause by the RBI, and inflation within acceptable levels. The report indicates growing confidence in the real estate market for the next six months, supporting a positive growth trajectory.
Toronto's luxury housing market experiences a decline in sales, with properties valued over $4 million witnessing a 34 percent drop year-over-year, as reported by Sotheby's International Realty Canada. The city's status as a financial hub provides some resilience, but buyers and sellers seek increased confidentiality through targeted marketing strategies. While interest rate hikes affect affordability and discourage conventional market adjustments, buyers may take advantage of the market in the fall. The trend is not exclusive to Toronto, as other major Canadian cities like Vancouver, Montreal, and Calgary also report varying degrees of sales decreases for high-end properties.
In response to growing concerns over foreign ownership of developments, the Singapore government has implemented a significant increase in residential property tax for foreigners, raising it to 60 percent. Under the new regulations, if a development is primarily owned by a foreigner (around 80 percent ownership), they gain control over the property, including the possibility of an en-bloc sale. The change has raised uncertainties in investment sales, collective sales, and shophouse markets, prompting market players to seek clarity on the rules. However, residential projects on land zoned purely for residential use remain unaffected by the tax hike.
Economists predict a slowdown in multi-family housing starts in the US as several factors come into play. With an increasing volume of multi-family units in the pipeline, weakening rental demand, and tighter lending standards, the outlook for the construction of multi-family properties appears less promising. As the market adjusts to changing dynamics, stakeholders and investors closely watch to see how these factors will impact the growth of multi-family housing construction in the coming months.
China's property market experienced turbulence as policymakers consider easing restrictive measures. Following a broad rally driven by top leaders' commitment to boost the economy and domestic demand post-COVID, investors eagerly anticipate support measures for the embattled sector. Amid mounting concerns over debt crises among state-backed developers like Sino-Ocean Group and Greenland Holdings, as well as property giants Country Garden and Dalian Wanda Group, uncertainty looms over the market's future.
Swedish property group SBB aims to improve its division's liquidity and financial standing by issuing preference shares to Morgan Stanley Real Estate Investing. The investment fund will become a minority shareholder in SBB Residential Property after the 2.36 billion Swedish crown share transaction. Facing financial difficulties after a credit rating downgrade to junk status, SBB is taking measures to strengthen its position. The preference shares have no specific maturity date and their return depends on the unit's sale or SBB's redemption. The recent fundraising news was well-received by investors, leading to positive changes in certain SBB bonds.
Dubai's property market, known for its affordability, has seen a 30% rise in sales to Indian buyers following the pandemic, as per the Danube Group. The attractiveness lies in the competitive prices and high rental returns compared to Mumbai suburbs. Almost half of Danube Group's residential property sales in 2022 came from Indian investors globally. Additionally, the Group's rental services offer a 6% return on investment, a stark contrast to Mumbai's 1-1.5% returns.
In a significant relief for the real estate sector, the Maharashtra state government has eliminated the stamp duty on permanent accommodations in redeveloped housing societies. The announcement, following a Bombay High Court ruling, concludes a legal dispute that has been ongoing since 2006. Housing society members under redevelopment will now pay only Rs 100 as stamp duty, while other charges will apply as per the conveyance. This landmark decision is expected to reduce costs and expedite redevelopment projects across the state.
Mahindra Holidays & Resorts India is gearing up to introduce a new resort brand to captivate the growing traveller demographic in India. The brand aims to offer nightly accommodations, challenging established market leaders. The company seeks to double its room inventory by 2030, catering to over 340,000 members globally across 135 resorts. With zero debt and a 20% increase in total income, Mahindra Holidays is also on track to be entirely debt-free by 2024-25, providing a promising platform for the aggressive expansion of their timeshare offerings.
Suraksha Group, the approved resolution applicant for Jaypee Infratech, has proposed building 20,000 flats and offering additional compensation to farmers who parted with their land. The proposal is being evaluated by financial consultant Currie and Brown. The Yamuna Expressway Industrial Development Authority (YEIDA) will prepare a counter-proposal, to be presented to the NCLAT on August 25. The case started when YEIDA challenged Suraksha's resolution proposal. Suraksha has requested the government to provide 79 acres without cost and a 15-year concession extension for the Yamuna Expressway. The resolution is crucial to complete pending projects and address farmers' grievances.
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Fidelity International expands its presence in India with a state-of-the-art office in Bengaluru, complementing its Gurugram and Mumbai offices. The strategic move aims to tap into a new talent pool while reinforcing its commitment to the country's dynamic business landscape. Situated in Manyata Embassy Business Park, the 25,000-square-foot office is designed for 700 to 800 professionals. The company is hiring diligently and plans to appoint a local head. India plays a vital role for Fidelity International, encompassing technology, operations, research, client service, cyber security, and shared services. This expansion promises a bright future of innovation and collaboration.
Mindspace Business Parks REIT (Mindspace REIT) reported a 6.62 percent growth in net profit during Q1 FY24. The profit after tax stood at Rs 136.90 crore, with a total income of Rs 601.70 crore, a 24.01 percent increase from the previous year. The net operating income grew by 13.8 percent YoY to Rs 4,570 million. The board approved the distribution of Rs. 2846 million, including dividends and interest. They also approved the acquisition of 0.24 million square feet of leasable area in Chennai. Mindspace REIT's focus on growth and customer service has positioned it as a prominent player in the real estate industry.
Ajmera Realty & Infra India Ltd. reported a remarkable 96 percent quarter-on-quarter sales growth in Q1 FY24, driven by premium residence projects in Ghatkopar and Bengaluru. YoY revenue surged by 113 percent, reaching Rs 118 crore, with an 82 percent increase in PAT to Rs 21 crore. Efficient debt management led to a reduced cost of debt and improved financial performance. The company aims for a five-fold increase in sales by 2025, focusing on timely project delivery and strategic new launches. With a robust revenue visibility of Rs 3,960 crore, Ajmera Realty plans to explore new micro-markets in H2 FY24, tapping into emerging opportunities.
DevX, Gujarat's premier managed office space provider, unveils its grand 4th coworking space in Ahmedabad, a colossal 1,80,000 square feet centre on SBR road, the largest in Gujarat. With an investment of Rs 60 crore, DevX plans to double its India portfolio. Founded in 2017, it fosters innovative start-ups, offering world-class infrastructure and strategic partnerships. DevX garners praise from clients, enhancing productivity and fostering growth. This dynamic ecosystem extends beyond workspaces, facilitating hackathons, seminars, and events. The company aims to consolidate its pan-India presence by 2023. A trailblazer in Gujarat's managed office space segment, DevX sets new standards and embodies collaboration and innovation.
The RLDA embarks on an innovative journey to revitalize Ahmedabad Railway Station. With an estimated budget of Rs 2,563 crore, the project features modern amenities, a spacious roof plaza, and a focus on sustainability. The station will connect different transportation modes and be a new city centre, embracing seamless access and enhanced passenger experiences. RLDA's visionary approach ensures green building techniques, inclusivity, and advanced security measures. This transformative undertaking reflects India's indomitable spirit, uniting connectivity, progress, and grandeur in a symphony of aspirations and ambition.
The Indore Development Authority (IDA) has taken a significant step towards customer-centricity and transparency with the introduction of lease management and file tracking systems. These cutting-edge systems provide property holders with easy lease renewals and the ability to track application progress. With a focus on e-governance, IDA aims to inspire other development authorities and is set to be recognized with coveted awards in the state. The IDA Indore stands as a premier urban planning agency, responsible for diverse initiatives ranging from infrastructure development to education, healthcare, and business climate enhancement.
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Dubai has achieved a ground breaking feat in 2023, dominating the luxury real estate market worldwide. The city's total sales in high-end residential units, priced above $10 million each, soared to an impressive $850 million (Dhs3.1 billion) during the first half of the year, outshining prominent cities like London, New York, and Paris. According to Allsopp & Allsopp's latest market report, there were 176 high-value real estate deals between January and June 2023. Notably, a penthouse apartment in the Bulgari Lighthouse complex on Jumeirah Island was sold for a staggering $111.6 million (Dhs410 million).
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New data from the English Housing Survey reveals a significant drop in the proportion of English citizens owning second homes in Europe since Brexit. Currently, 60% of holiday homes are located within the UK, a stark contrast to a decade ago when the split was even. The stringent 90-day visa restriction for non-visa holders in EU countries has led to a decrease, with only 60,000 people in England owning second homes in France compared to 89,000 in 2008. Overall, less than 30% of second homes in England are in Europe, down from 40% in 2012.
During the first half of 2023, India's industrial and warehousing sector experienced stable demand, leasing around 11 million sqft across the top five cities. Delhi NCR and Mumbai led the demand with 25.0% and 24.6% shares respectively. Notably, Mumbai witnessed a significant 28% YoY increase, primarily driven by 3PL sector expansion. Despite global economic challenges, rising capital investments, manufacturing output, and supportive government policies fuelled steady growth in the sector.3PL operators accounted for 37% of total leasing, followed by FMCG and Engineering firms.
Abu Dhabi's property sector experienced a remarkable 363% increase in foreign direct investment (FDI) during the first half of 2023, totalling Dh834.6 million. The Department of Municipalities and Transport revealed that Saadiyat Island secured the highest FDI share at 34%, closely followed by Yas Island (28%), Al Jurf (12%), Al Reem Island (11%), and Al Shamkha (8%). Dr. Adeeb Al Afifi, Executive Director of the Real Estate Sector, attributed the surge to Abu Dhabi's appeal to foreign investors due to its strategic location, excellent infrastructure, and supportive economic and legislative environment.
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Commuters at Chhatrapati Shivaji Maharaj Terminus (CSMT) will soon enjoy direct access to the Aqua Line metro station through a state-of-the-art underground pedestrian subway. Stretching 365 meters, the subway will streamline movement and provide seamless transitions between the two major transit modes. Starting from platform number 1 at CSMT, the subway's endpoint will be Azad Maidan metro station. Funding for the project will be a joint effort between the Maharashtra government and Indian Railways. The subway will boast modern amenities, including travelators, lifts, escalators, refreshment sections, and toilet blocks, ensuring a comfortable travel experience for all.
Incofin India Progress Fund, a private equity fund focused on promoting growth equity capital for entrepreneurs, has invested $4.3 million (Rs 35 crore) in Varashakti Housing Finance (VHF). VHF, with its emphasis on providing affordable housing finance in rural India, aims to expand its business and positively impact the lives of underserved communities. The funding marks a significant boost for VHF's mission, while also highlighting the increasing importance of impact investing in driving financial inclusion in the country. As impact investing gains momentum, VHF's experienced team and strong technology platform position them for success in achieving their growth targets.
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Geographic Information System (GIS) mapping in 14 important cities of Uttar Pradesh is expected to almost double the number of establishments liable to pay property taxes, soaring from 27.16 lakh to 45.88 lakh. This initiative will likely generate an additional annual revenue of Rs 500 crore for the urban development department. Mathura, Agra, Firozabad, and Ghaziabad are set to benefit the most, with property counts rising significantly. The GIS mapping accurately identifies properties that were previously missed due to rapid urbanization. With streamlined tax assessment, this project is set to enhance property tax revenue in the state.
West Bengal's State Cabinet has approved the construction of an innovative township, Forum Township Project, in New Town. The sprawling 58-acre township will feature modern amenities and a special reservation for economically weaker sections. In addition, the state's standing committee on commerce and industries has given the green light for an ethanol plant in Gazole, Malda, and a tea resort in New Champta, North Bengal. The government aims to promote ethanol production and boost tea tourism in the region. Moreover, a new program, "Shilper Sandhane," will support MSME entrepreneurs and startups with hassle-free loans up to Rs 5 lakh.
K Raheja Corp, a prominent real estate developer, acquired a 3.72-acre land parcel in Mumbai's Mulund suburb for Rs 130 crore, intending to develop a premium residential project. The company recently completed the transaction, paying stamp duty and the initial amount to the landowner. K Raheja Corp plans to pay the remaining balance after nine months from the deed's execution or upon receiving the commencement certificate. The company's interest in residential developments aligns with the current trend of developers utilizing land for housing projects amid a positive housing market upcycle.
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Indian edtech startup Byju's has taken measures to reduce office spaces in Bengaluru as it faces financial challenges and attempts to cut costs. The downsizing process involves reducing workspace from multiple floors to only a few. Sources close to the matter state that the company’s main corporate office, which initially spanned across six floors, is now operational on only three floors. This move comes amidst financial and legal challenges the company is currently facing. This decision is being seen as a response to the company’s financial difficulties and a shift in its business priorities.
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The Delhi High Court has issued significant directions in the legal dispute between Info Edge (India) and 4B Networks. 4B Networks has been ordered to refrain from selling or transferring its assets and to preserve all relevant records and information during the arbitration process. The dispute arose from a financial investment made by Info Edge (India) subsidiary, Allcheckdeals India, in 4B Networks, and concerns about 4B Networks' operations and management practices. The arbitration will play a crucial role in resolving the dispute and upholding contractual obligations.
The Uttar Pradesh State Industrial Development Authority (UPSIDA) has announced relief for allottees who commenced their units without completing the registration process on time. The relief includes an option for registration with additional interest and lease premium rates, aiming to ease the financial burden on entrepreneurs and support the state's economic growth. While this measure is seen as beneficial for allottees, critics raise concerns about the potential impact on adhering to deadlines and administrative challenges. Nonetheless, UPSIDA's initiative aligns with the vision of Chief Minister Yogi Adityanath to boost Uttar Pradesh's economy.
Groundwater depletion in Punjab and Haryana has reached critical levels, impacting both urban and rural areas. The unsustainable extraction of water for various purposes has led to declining water levels, posing a significant threat to water resources in the region. The central government's Atal Bhujal Yojana aims to manage water demand and promote sustainable groundwater management in water-stressed areas. However, proactive measures from the respective state governments are essential to effectively tackle groundwater depletion and ensure the conservation of this precious resource.
DLF and Trident Buildtech have signed a joint venture (JV) agreement to re-enter the Mumbai real estate market. Pegeen Builders & Developers , a subscriber of DLF, will give Trident 9800 equity shares as part of the agreement. The JV seeks to partner on a project in Andheri (W), Mumbai to rehabilitate slums and improve the living conditions of slum dwellers. DLF's strategic move to increase its presence in Mumbai's dynamic real estate sector and support urban development in the city is marked by the move. The project's completion date is set for August 31, 2023.
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In a strategic move aimed at bolstering its foothold in the competitive real estate market, OYO, the leading global hospitality chain, has announced plans to expand its portfolio of expat housing in Abu Dhabi. This latest initiative, reported on November 15, 2020, by RP Realty Plus, signifies the company's commitment to catering to the growing demand for high-quality accommodation among the expatriate community in the capital city of the United Arab Emirates.
Vietnam's real estate market has captured the attention of international investors due to its favourable investment climate and a rapidly expanding economy. With a growing middle class and urbanization rate, demand for residential and commercial spaces has surged, attracting foreign capital and driving infrastructure development. Luxury apartments and modern housing complexes are increasingly popular in cities like Ho Chi Minh City and Hanoi. The commercial sector is also flourishing, benefiting from Vietnam's reputation as a manufacturing hub. Additionally, the country's commitment to sustainable developments further enhances its appeal. However, investors must navigate regulatory challenges and seek local expertise for successful ventures.
FMCG giant ITC has announced the demerger of its hotel business, leading to the creation of a new entity, ITC Hotels Ltd, as a wholly-owned subsidiary of ITC Ltd. The demerger aims to attract specialized investors and strategic partners for the hospitality segment while unlocking value for ITC's shareholders. By creating a separate entity, ITC can focus on optimizing each segment's operations and cater to specific industry needs. The move reflects ITC's vision for growth and increased agility in the competitive hospitality market. While some may raise concerns about the conglomerate's stability, the benefits of focused operations and targeted investments outweigh potential drawbacks.
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The Punjab and Haryana High Court has expressed concern over the reduction of green belt areas in cities and its impact on the drainage system. The court had called for the preservation of green areas with waterfronts to prevent interference with the natural flow of water, which can lead to devastating consequences like floods and waterlogging. The recent loss caused by floods in the region is partly attributed to haphazard construction in green areas and water bodies. The court warned against repeating mistakes seen in cities like Bengaluru and Chennai and emphasizes the importance of sustainable development practices that prioritize environmental conservation alongside economic growth.
Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy has inaugurated the foundation-laying ceremony for the construction of over 50,000 affordable houses in Guntur district. This ambitious housing project, with a budget of Rs 1,830 crore, is part of the PMAY - YSR BLC (U) scheme and aims to uplift the living standards of the marginalized sections of society. The project will cover a vast area and incorporate various amenities to enhance the quality of life for residents. By providing affordable housing options and essential facilities, the government is working towards creating a more equitable and inclusive society.
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The construction of the super specialty wing at JJ Hospital in Mumbai has faced significant delays, with only 24% of the project completed over the past three years. The project, estimated at Rs. 700 crore, aims to provide comprehensive medical services and add 1200 beds to the existing hospital. The decision on whether to grant an extension to the current builder or assign the project to another developer rests with the Public Works and State Medical Education Department.
The road widening project connecting Chennai Trunk Road and Trichy Chennai NH in Srirangam is nearing completion within 20 days. To accommodate the four-lane highway, 30 houses were demolished, which were constructed on land belonging to the highways department. The department recognized the importance of the project to improve traffic flow and convenience for motorists in the area. The construction of a wall was implemented to minimize disruptions to nearby residents during the road widening process. The project is expected to be finished at a cost of Rs. 7 crores, delivering significant benefits to the local community.
A new report by India Sotheby’s International Realty and CRE Matrix reveals a significant 50% surge in sales of Mumbai's luxury homes in H1 CY’23. High-end properties priced above Rs 10 crore have sold to the tune of Rs 11,400 crore, underlining a healthy return of confidence in India's real estate market. The robust increase aligns with a boom in overall residential sales and the growing affluence of India's financial capital, Mumbai. The ultra-luxury segment (Rs 40-70 crore) also witnessed a 64% growth, further showcasing the city's economic resilience.
WeWork India, the leading flexible workspace provider, has announced a strategic partnership with real estate developer Panchshil Realty to expand Managed Office spaces in Pune. The collaboration will enhance two recently opened buildings, Eleven West and The Golden Bell, with comprehensive workspace solutions. With the unique blend of WeWork's scalable solutions and Panchshil Realty's real estate expertise, the partnership aims to redefine Pune's commercial real estate sector by incorporating innovation, flexibility, and global standards into the city's workspace landscape.
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After a decade of planning, Mohali's Economically Weaker Section (EWS) housing project has finally commenced. Using the innovative brick less construction technology outlined in the Punjab EWS Housing policy, the Greater Mohali Area Development Authority (GMADA) intends to build 5,000 units in the initial phase. A government-owned entity will oversee project execution from start to finish. The project, underpinned by an ambitious plan approved by the Punjab cabinet in 2021, promises affordable housing solutions for the economically disadvantaged, thereby reaffirming Punjab's commitment to social equity.
Marubeni Corporation, a pioneering Japanese conglomerate, plans to invest Rs 10,800 crore in a high-tech industrial park on 720 acres in the Kolar district. The project aims to boost Karnataka's economy by $2 billion and create 40,000 jobs. The company presented its visionary blueprint to the State's Industries Minister, and discussions are underway to move the project forward. Marubeni already operates similar industrial parks in other countries and is exploring investments in Indonesia, Myanmar, and Vietnam. With diverse exposure across industries, Marubeni continues to inspire innovation and redefine progress on a global scale.
HMDA shifts focus to middle and upper-middle-class sections in Hyderabad, initiating an auction of 50 plots in Mokila village. The layout promises comprehensive infrastructure development, with bids exceeding Rs 25,000 per square yard. The pre-bid meeting garnered significant interest, and HMDA anticipates a positive response from potential homeowners. The strategic location near Shankarpally Road, Neopolis, and Financial District adds appeal to the project. With connectivity to ORR and proximity to educational institutions and recreational spots, HMDA aims to redefine urban living, providing diverse housing options for a vibrant community in Hyderabad's evolving landscape.
Only 73 properties have been identified by the Pune Municipal Corporation (PMC) for illegally operating commercial businesses within housing societies. This number is significantly low compared to the estimated 50,000 such properties believed to exist within PMC's jurisdiction, including merged villages. PMC has reiterated its call for residents to come forward and divulge information about such properties to ensure proper adherence to zoning and safety regulations in the city's neighbourhoods. The revelation raised concerns over potential non-compliance with property usage regulations, prompting authorities to intensify efforts to uncover and address these unauthorized commercial activities
In a controversial decision, the construction of a highway tunnel beneath the historic site of Stonehenge has been approved, as reported by RP Realty Plus. The project, despite sparking intense debates among archaeologists and conservationists, has received the green signal. The tunnel aims to alleviate traffic congestion near the iconic prehistoric monument in the United Kingdom. Critics fear potential damage to the site's archaeological significance, while proponents argue for improved transportation and preservation measures. With tensions running high, the future impact on Stonehenge remains a subject of concern for both cultural heritage and modern infrastructure development.
A tragic incident occurred in Bhayandar, Mumbai, where a commercial building by the name of Navkriti Premises collapsed opposite the Bhayandar railway station. The building, categorized as dangerous, was unoccupied, but some shopkeepers were conducting business inside despite receiving an eviction notice. The collapse resulted in one fatality and four injuries. The incident underscores the need for urgent action to address the state of old buildings in the city, ensuring proper inspection and demolition to prevent such accidents in the future. Authorities highlight the importance of regular inspections and necessary measures to ensure the safety of potential occupants.
Sobha Realty, a renowned luxury real estate developer in the UAE, has launched the pre-sale of Sobha SeaHaven - Tower B in Dubai Harbour. The tower offers breath taking views of iconic landmarks like Palm Jumeirah, Burj Al Arab, and Ain Dubai. With its sail-inspired architecture, sophisticated fixtures, and handcrafted cabinetry, the tower epitomizes luxury living. Tower B provides a variety of residential options and an array of amenities, including a health club, gym, indoor cinema, and infinity edge leisure pool. The tower's timeless elegance and unique sky bridge connecting the SeaHaven towers add to its allure. The tower's introduction comes as Dubai's luxury real estate market continues to attract the world's wealthiest individuals, solidifying the Emirate's status as a financial haven.
The Tata Group's parent firm, Tata Sons, intends to build its first Gigafactory outside of India in the UK manufacturing EV batteries. A 40 gigawatt-hour annual production is planned for the project, which is anticipated to cost Rs 42,300 crore. It would supply Jaguar Land Rover and provide 4,000 jobs. N Chandrasekaran, the chairman of Tata Group, wants to make the company "future ready" by making investments in advanced manufacturing, renewable energy, and the circular economy. The UK Prime Minister commended the investment, citing it as a major boost for the nation's clean industries and automotive sector. In Gujarat, India, the Tata Group also has plans to build a battery complex.
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The Qatar real estate sector has emerged as a dominant force in driving the nation's economy, rapidly becoming the second-fastest-growing area of economic growth. With its strategic investments and ambitious development projects, the industry has witnessed impressive expansion, attracting local and international investors alike. As a key contributor to Qatar's economic diversification, the real estate sector plays a pivotal role in shaping the nation's economic landscape and positioning it for sustained growth and prosperity.
The National Company Law Appellate Tribunal (NCLAT) granted a final opportunity to homebuyers of the Orris Greenopolis project in Sector 89 to file their claims and be part of the creditors' committee during the ongoing insolvency proceedings against Three C Shelters Pvt Ltd. The reverification of claims was ordered by the NCLT due to concerns about dubious or fraudulent claims, ensuring a fair resolution process for legitimate stakeholders. The insolvency case arises from the failure of Three C Shelters Pvt Ltd to complete the housing project and allegations of fund misappropriation.
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Aditya Birla Finance, a subsidiary of Aditya Birla Capital, extends Rs 40 crore debt to Agami Realty's premium residential project near Mumbai's BKC. The project covers a quarter-acre of land with a development potential of 1 lakh sq. ft and a free-sale component of 45,000 sq. ft. The revenue potential is estimated at over Rs 225 crore. Prashant Khandelwal, CEO of Agami Realty, expresses confidence in the funding. Aditya Birla Capital recently raised Rs 3,000 crore through QIP with a robust investor response. Designed by Reza Kabul, the project offers 2.5 and 3-bed residences with sky-decks, priced from Rs 4 crore onwards.
DLF, a prominent real estate company, reported a 12.13 percent rise in net consolidated profit in Q1 FY24, reaching Rs 526.11 crore. Total income rose marginally by 0.36 percent to Rs 1,521.71 crore. The NCLT approved DLF's amalgamation scheme, and the company divested a 49 percent stake in Pegeen Builders & Developers for a project in Mumbai. Q1 FY24 sales bookings amounted to Rs 2,040 crore with a 52 percent gross margin. Net debt was reduced to a historic low of Rs 57 crore. DLF Cyber City Developers achieved a 12 percent YoY growth in consolidated revenue (Rs 1,412 crore) and a 21 percent growth in consolidated profit (Rs 391 crore).
The affordable housing market in India's top seven cities is facing a downturn, with demand shrinking by 20% in H1 2023, according to ANAROCK Research. Escalating land costs and other pandemic-induced factors are being blamed. Conversely, the luxury housing segment is thriving. As a result, developers are shifting focus to mid-range and premium projects. Mumbai, Pune, and NCR saw the most new affordable housing supply in H1 2023, despite the overall contraction. The change underscores a significant shift in real estate market trends.
The Mumbai branch of the National Company Law Tribunal (NCLT) has endorsed Darwin Platform Infrastructure's revised resolution plan for Lavasa Corp. The approved proposal, valued at Rs 1,814 crore, aims at the equitable distribution of proceeds from Lavasa Corp's sale among its lenders. The plan marked a pivotal step in Lavasa Corp's revival efforts and the execution of the Insolvency and Bankruptcy Code. The resolution comes in the wake of Lavasa's entanglement in environmental and land acquisition issues which led to delayed payments to lenders.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has fined 90 developers a total of INR 18.30 lakh for neglecting to include registration numbers in their advertisements. Of these developers, 34 are from Pune, 52 from Mumbai, and 4 from Nagpur. The regulatory body enforces clear inclusion of registration numbers to ensure prospective homebuyers make informed decisions. Failing to meet the stipulated 15-day fine payment period will result in an additional daily penalty and suspension of MahaRERA services.
The National Green Tribunal's joint committee conducted an investigation into the Omaxe Greens housing project in Mohali and found a series of environmental violations. The violations included inadequate sewage treatment plant maintenance, groundwater extraction without permission, poor rainwater harvesting, and waste management practices. The report highlights the need for corrective actions to ensure compliance with environmental norms and protect the ecological balance in the region.
The Ahana Enclave housing project in Lucknow has missed its completion deadline, resulting in a financial burden of Rs 17 crore annually for the Lucknow Municipal Corporation (LMC). The delay has also caused interest payments on borrowed funds and unsold flats adding to the financial strain. Corporators have raised concerns about the project's slow progress and its impact on the city's finances. The LMC aims to expedite the sale of remaining flats to alleviate financial pressure and complete the project by December 2023.
Bengaluru's civic body has announced the creation of zonal-level teams tasked with verifying a total of 45,133 recently issued A khatas, with approximately 90% of them suspected to be illegal. The move comes as part of the city's efforts to tackle unauthorized land transactions. Any A khatas found to be invalid will be reverted to B khata status. This comprehensive verification process aims to rectify the prevalence of illegal land holdings and ensure transparency and legality in property ownership.
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NHSRCL has given a sizable contract of Rs 215,697 crore to Larsen & Toubro (L&T) for the construction of the Thane, Virar, and Boisar stations for the Mumbai-Ahmedabad High-Speed Rail project. This completes the 508-kilometer-long bullet train route between Mumbai and Ahmedabad's civil construction phase. The project seeks to dramatically cut down on travel time, stimulate economic growth, and give passengers access to cutting-edge amenities. The high-speed rail corridor promises to overhaul India's transportation system and usher in a new era of effective and modern train travel by utilizing cutting-edge technology and environmentally friendly methods.
Experts caution that the property market faces the risk of a significant decline of up to 20 per cent. To avoid this potential downturn, they emphasize the crucial role of the Bank of England in preventing further interest rate increases. Such actions would be essential to stabilize the housing sector and avert a potential crisis that could have far-reaching implications on the overall economy. The importance of carefully managing interest rates has never been more apparent, and swift, prudent measures are necessary to safeguard the stability of the property market.
In a comprehensive evaluation carried out by engineering authorities from the Secunderabad Cantonment Board (SCB) last year, it was revealed that approximately 20 edifices dating back to the pre-Independence era were teetering on the brink of collapse. The assessment raised concerns over the dire condition of these dilapidated structures in the region. As their structural integrity continued to deteriorate, residents faced an imminent threat to their safety and well-being. Action is deemed necessary to address the potential risks posed by these aged buildings and ensure the protection of the local community.
In 2011, the Jaipur Development Authority (JDA) made a significant policy revision by mandating the construction of water harvesting structures for plots measuring 300 square meters and above. JDA officials recently revealed that this initiative aimed to promote rainwater harvesting and address water scarcity in Jaipur. However, despite the measure being in place for several years, the latest data indicates that only 220 buildings in the city have complied with the requirement. This underscores the need for further awareness and enforcement to encourage more property owners to adopt rainwater harvesting systems and contribute to sustainable water management in the region.
Four districts of West Bengal - Murshidabad, Bankura, Nadia, and Howrah - have been recognised with the Bhoomi Samman Platinum Certificate for successfully implementing the Digital India Land Records Modernisation Programme. President Droupadi Murmu presented the award at a ceremony in New Delhi, lauding the digitalisation efforts for their potential impact on national development and effective execution of welfare schemes. The initiative also includes assigning a Unique Land Parcel Identification Number for better land usage and formulation of new welfare programs.
Indian Railways announces Vande Sadharan, a cost-effective alternative to the Vande Bharat train series. Designed with upgraded amenities and dual locomotives, it aims to provide affordable yet comfortable travel. Currently under production in Chennai, the new train service targets the broader demographic of long-distance travellers. With the introduction of Vande Sadharan, Indian Railways continues its mission of affordable and accessible transportation, set to bolster the nation's rail network.
According to a research report by Savills, prime residential rents in Lisbon, Singapore, and Berlin experienced significant increases during the first half of the year. Lisbon saw the most substantial surge with a 13.9% rise in prime rents, followed by Singapore with a 13.6% increase, and Berlin with a 9.2% rise. The Asia-Pacific region dominates the list of top cities with the highest growth in prime rents, with Kuala Lumpur, Bangkok, Hong Kong, and Tokyo all showing positive momentum. Despite the positive growth, the report indicates that limited supply and various challenges may affect prime residential property markets in different cities.
The Haji Qasim Ismail Building in Mahim, owned by Waqf Board, experienced a dangerous incident when the third-floor slab collapsed due to water seepage, resulting in no casualties or injuries. The authorities promptly evacuated 150 people and relocated them to nearby accommodations for their safety. The building's poor condition prior to the incident raised concerns, leading to the decision to demolish the damaged portion. The Mumbai Municipal Corporation is taking the safety and security of residents in damaged buildings seriously, providing necessary support and relocation arrangements to prevent harm to occupants of vulnerable structures.
In an effort to address the housing needs of Emirati families, the Abu Dhabi Housing Authority joins forces with the private sector, specifically Aldar Properties, to launch innovative housing projects. This strategic partnership aims to provide an extensive range of carefully designed villas, empowering Emirati citizens with increased home ownership opportunities and reducing housing delays. Through sustainable and integrated communities, the project endeavours to create thriving neighbourhoods that foster family stability and overall well-being. As they embark on this ambitious journey, their shared vision is to build a brighter future for Emirati families, promoting happiness and prosperity.
The population of American residents in Spain has seen significant growth, with a notable increase in home purchases by Americans. Among expatriate groups, Americans ranked second in real estate acquisitions, particularly in urban locations like Madrid and the southern coastal region of Andalusia. The city of Valencia is also gaining popularity among Americans due to its urban beach setting and expat community. These individuals are choosing Spain as their destination for either extended stays as digital nomads working remotely or for starting a new chapter in their lives during retirement.
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In order to build a third prison in Mumbai, the state of Maharashtra is looking for land in Gorai. Long-term offenders will be catered to by this new institution, saving them from having to frequently appear in court throughout their trials. The choice was made as a response to the problem of overcrowding in current jails. Additionally, a second jail with a multi-story design and capacity for about 5000 inmates is planned for construction at Mankhurd. These programs demonstrate the government's dedication to updating and improving the infrastructure of prisons in order to build a more resilient and effective criminal justice system.
The Purvanchal Group, a renowned real estate developer, has taken over the delayed Lotus Arena project in Noida after approval from the National Company Law Tribunal. The project faced significant delays and challenges, leaving many buyers waiting for almost a decade. With the resolution plan approved, the Purvanchal Group aims to complete the project within thirty-six months and deliver the homes to the buyers. The association of Lotus Arena buyers expressed joy and hope for timely completion, as Purvanchal Group steps in to fulfill their commitment with a plan worth Rs. 584 crore.
The Department of Town and Country Planning (DTCP) in Gurugram is taking strict action against illegal buildings and constructions. Recently, a farmhouse colony being illegally developed near Sultanpur National Park was dismantled as part of DTCP's initiative to crack down on illegal constructions. The authorities aim to discourage people from investing in illegal projects and promote legal and authorized developments. Policemen are present at the demolition sites to ensure a smooth operation, and an appeal has been made to raise awareness among the public about the consequences of investing in illegal colonies.
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In response to citizen complaints about inadequate facilities, the property registration department in Pune plans to relocate 9 out of the 27 property registration offices in the city. The identified offices will be shifted to new locations, equipped with improved facilities such as washrooms and better hardware infrastructure. The initiative aims to address long-standing concerns raised by citizen activists and provide a more convenient and efficient experience for citizens visiting these offices regularly. The state registration department is coordinating with municipal corporations to find suitable properties for the new offices, emphasizing the need for effective implementation and monitoring to ensure citizens' concerns are addressed.
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The Economic Offences Wing (EOW) intensified its investigation into a real estate scam involving the alleged duping of 130 homebuyers, resulting in a loss of nearly Rs 15 crore. The company, which promised an ambitious housing project, failed to deliver on its assurances, leaving buyers stranded. The arrest of a senior functionary highlights the need for vigilance in the real estate market and the importance of strengthening regulations to protect homebuyers from fraudulent practices. The investigation aims to bring justice to the victims and promote transparency and responsibility in the industry.
Billionaire Ravi Ruia's family office acquired the prestigious Hanover Lodge mansion overlooking Regent's Park for £113 million (around Rs 1,200 crore). The opulent property, linked to Russian investor Andrey Goncharenko, stands as one of London's most significant residential deals. The purchase underscores the allure and secrecy of the city's ultra-prime property market. Despite efforts for transparency, London's luxury homes continue to change hands discreetly. The acquisition exemplifies the capital's timeless appeal as a haven for the wealthy. Ravi Ruia's successful deal reflects the astute navigation of London's captivating world of high-end real estate.
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Dubai Municipality partners with LINQ, a subsidiary of ALEC Engineering & Contracting, to initiate modular construction in the city. LINQ secures a license for a G+6 building pilot project, showcasing their sustainable, innovative approach. The move aims to enhance construction efficiency, reduce waste, and align with Dubai's vision for advanced and eco-friendly urban development. With a focus on precision and sustainability, LINQ's modular units will be manufactured at their spacious facility in Dubai Industrial City, signalling a significant step towards transforming the construction industry and establishing Dubai as a global leader in sustainable building practices.
Singapore's property market experienced a significant decline in home sales, reaching its lowest level since December, due to the absence of notable property launches and the government's cooling measures. The number of new private flats purchased in June dropped to 278 units, indicating a potential moderation in the previously red-hot property market. However, analysts anticipate an upturn in the market with an increase in housing supply and several major developments set to be launched in the coming month. While measures have reduced foreign homebuying interest, local residents continue to show interest in the property market, supporting demand for their own occupancy.
India's student housing sector is set for a boom, with the number of student relocations predicted to rise from 11 million to 31 million by 2036. Poor conditions in hostels and rising rents have sparked increased demand for improved student accommodation, says a report by Colliers India. Notable sector players are gearing up to meet this burgeoning demand. The surge in enrolment for higher education, expected to exceed 92 million by 2036, underscores vast untapped investment potential in the Purpose Built Student Accommodation (PBSA) market.
Residents in Bengaluru have voiced alarm over safety issues stemming from a local builder's disregard for setback norms in the ST Bed Layout area. The negligence has resulted in hazardous traffic conditions, including a perilous blind curve. Amidst growing concerns and resident protests, local authorities intervened to halt construction. However, questions remain about the project's initial authorization and the oversight of building regulations.
Three members of a housing society and two contract lift maintenance workers are facing charges in connection with the death of a 10-year-old boy who tragically lost his life in a lift crash last June. The police, who initially filed an accidental death report, have now booked the society's secretary, chairman, and treasurer, along with the contractors, under IPC section 304A for negligence. The boy's mother reported that the malfunctioning lift had been in need of repair, but the society continued to operate it without addressing the issues.
During the first half of 2023, there has been a significant decrease in German house prices. This decline can be attributed to several factors, including increased borrowing costs, inflation, and a slowdown in economic growth. As a result of these influences, experts now characterize the current state of the housing market as a shift from a seller's market to a buyer's market. The drop in property prices, combined with a decrease in housebuilding activity and uncertainties in regulations, has led to a prevailing sense of uncertainty and caution among potential investors.
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Surat, the Indian city renowned for diamond cutting and polishing, now hosts the world's largest office building, the Surat Diamond Bourse. Overthrowing the Pentagon in size, this architectural marvel spans 7.1 million square feet. Constructed as a one-stop destination for over 65,000 diamond professionals, it offers a unique egalitarian design. With a sustainable blueprint that consumes 50% less energy than standard, it is poised to become the heart of Surat's 'Dream City,' a proposed smart city. This new landmark not only solidifies Surat's dominance in the diamond industry but also shines as an icon of sustainable architecture.
Ahmedabad's real estate association, CREDAI GIHED, has raised concerns over the city's civic body, the Ahmedabad Municipal Corporation, for collecting water tax from commercial property owners without providing them with water connections. The issue has sparked controversy as property owners argue that they are being charged for a service they are not receiving. CREDAI GIHED has urged the authorities to address the matter promptly and ensure that property owners are granted the necessary water connections corresponding to the taxes they pay.
Bob Dylan's cherished Scottish home, a rustic estate set in the serene countryside, is up for sale, offering a rare opportunity for music enthusiasts and history lovers to own a piece of iconic cultural heritage. This historical property served as Dylan's creative haven, inspiring some of his most profound works and providing refuge during tumultuous times. The sale presents a bittersweet chance for admirers to embrace the legacy of a musical legend and relish the magic that once resonated within these walls.
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The Allahabad High Court rejected Jaiprakash Associates Ltd.’s plea for a one-year extension to sell a 150-acre land parcel in Sector 25, Agra, to clear Rs 3,600 crore land dues owed to YEIDA. The court denied interim protection and observed that all efforts to reach a settlement have failed. YEIDA has demanded 10 percent of the total dues for the restoration of allotments. The court's decision also affects homebuyers' interests. The verdict is expected in August. JAL had earlier sought relief and expressed willingness to clear dues while presenting a resolution plan for residential projects.
RLDA invites bids for residential development on a 90,304 sqm railway land in Belanganj, Agra. The 99-year lease awaits visionary developers to shape the city's skyline. The pre-bid meeting saw participation from local and national developers, sparking creativity. The prime location near iconic landmarks enhances the land's allure. With a reserved price of Rs 213 crore, the canvas awaits transformative innovation. The last date for e-Bid submissions is August 3, 2023.
Bandhan Bank invites bids from ARCs to sell its Rs 500-crore distressed retail mortgage portfolio, aiming to reduce bad loans. The portfolio comprises around 5,800 home loan accounts with an aggregate principal loan book of Rs 500 crore. The bank prefers upfront cash offers and targets to conclude the sale by August. Bandhan Bank's shares declined 13 percent in a month, closing at Rs 211.7 on BSE. It holds a mortgage loan book of Rs 26,950 crore with a gross non-performing asset of Rs 1,090 crore. The bank previously acquired Gruh Finance and regularly sold distressed loan books to ARCs to strengthen its financial position.
The Maharashtra State Road Transport Corporation (MSRTC) embarks on a significant redevelopment initiative for the Borivali bus depot in Mumbai. With an estimated cost of Rs 515 crore, MSRTC plans to construct a 16-storey building to optimize land usage and generate additional revenue streams. The proposal involves retaining core depot functions on the ground floor and first three floors while leasing the remaining floors to a developer for commercial development. The modernization of maintenance facilities and bus parking aims to improve service frequency and passenger experience. MSRTC's commitment to sustainability is evident in their plan to introduce over 5,100 electric buses on a wet lease basis. With vast land parcels in the Mumbai Metropolitan Region, MSRTC's dedication to enhancing public transportation and optimizing resources holds immense potential for future development.
The recent amendment passed by the Karnataka Assembly to the Registration Act, 1908, addresses the issue of property registration fraud in the state. The amendment defines forged documents, empowers registration authorities to identify and refuse such documents, and allows the cancellation of fraudulent registrations. It also provides an appeal process for aggrieved parties and imposes a jail term for officials involved in fraud. The amendment aims to ensure justice for genuine landowners, deter potential offenders, and create a more transparent and accountable property registration system.
The Bombay High Court's recent directive has drawn attention to the issue of non-payment of transit rent to slum dwellers during the redevelopment process in the city. Emphasizing the role of the Slum Rehabilitation Authority (SRA), the court calls for prompt payment of transit rent and the establishment of a Nodal Officer to handle grievances from cooperative societies of slum dwellers. The court's focus on transparency and accessibility aims to empower vulnerable communities and avoid an overload of court cases. The directive aims to ensure justice for slum dwellers and address the financial hardships they may face during the redevelopment process.
The recent Delhi High Court decision to grant time to the Centre for replying to a plea seeking linking property documents with citizens' Aadhaar numbers has sparked a debate. The petitioner argues that such linkage will curb corruption, black money, and "benami" transactions, leading to economic growth. Some experts and activists have raised concerns about privacy and data security issues associated with such linkage. Striking a balance between curbing corruption and safeguarding citizens' rights through well-thought-out measures is crucial.
The Maharashtra Slum Areas (Improvement, Clearance and Redevelopment) Act, 1971, is set to undergo changes aimed at expediting slum rehabilitation projects in Pune and Pimpri Chinchwad. The proposed reduction in the lock-in period from 10 years to seven years is expected to streamline the process of obtaining consent from slum dwellers and accelerate development. With around 302 SRA schemes in these cities, and about 150 pending, the revised guidelines aim to boost project progress.
The renowned Barwale family, associated with the prestigious Maharashtra Hybrid Seeds Co (Mahyco), has made a noteworthy property acquisition in Mumbai's upscale Malabar Hill area. Purchasing a lavish sea-view apartment in the luxurious Lodha Malabar residential tower for over Rs 122 crore, the Barwale family's deal has garnered attention for its staggering per sq ft valuation of Rs 1.28 lakh. The apartment, spanning nearly 9,546 sq ft, comes with exclusive access to six car parking slots.
The recent arrest of the managing director of Meritt Infra Private Limited on charges of cheating has sparked concerns about the trustworthiness of private construction companies. The case of D Rajamani, a victim who invested his savings in the company, sheds light on the risks unsuspecting individuals face when trusting such ventures. Despite paying a substantial amount to the company, Rajamani and several others fell victim to fraudulent practices, causing significant financial losses. This incident underscores the need for stricter regulations and improved oversight to protect consumers from deceptive practices in the construction industry. It serves as a cautionary tale, highlighting the importance of due diligence and vigilant decision-making when investing in private construction ventures.
In Mumbai, the Special Investigation Team (SIT) of the Economic Offences Wing is investigating alleged irregularities in the Brihanmumbai Municipal Corporation's (BMC) expenditures, totalling a staggering Rs 12,000 crore. The SIT recently interrogated developer Alpesh Ajmera for eight hours in connection with the suspected Dahisar Eksar land scam. The SIT is focusing on three inquiries: the first involves a Rs 206 crore scam related to the swift appreciation of land acquired by BMC; the second looks into a Rs 200 crore misappropriation of funds within BMC departments; and the third delves into 60 projects worth Rs 5,000 crore executed across five BMC departments to uncover potential irregularities and conflicts.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued cancellation warnings to 563 housing project developers for neglecting to provide mandatory project updates. This is part of a broader crackdown on 746 new residential projects registered in January. The developers, who failed to comply with the quarterly update requirements stipulated by the Real Estate (Regulation & Development) Act, 2016, face potential project registration termination if they do not respond within a 45-day window.
Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu announced a novel automated online system for scrutinizing building plans and granting construction permissions. Developed with the Department of Digital Technology and Governance, it aims to streamline processes and reduce corruption in urban local bodies. Additionally, to address Shimla's water supply issue, a dam on the Giri River will be constructed, aimed at enhancing water management in the region. These developments mark significant strides in Himachal Pradesh's commitment to digitization and environmental resilience.
The GHMC has utilized the TDR scheme ingeniously, acquiring 1,923 properties for infrastructure projects. Through TDR certificates, property owners gain the right to construct additional built-up areas and can sell the certificates. GHMC's strategic use of TDRs saved Rs 4,832 crore in land compensation, streamlining urban development. TDRs were allocated to road widening, missing link roads, lake beautification, and more. While GHMC succeeded, other municipalities face challenges in adopting TDRs. GHMC's visionary approach sets a compelling example of transformative urban development.
Brigade REAP, India's pioneering real estate accelerator, embraces five innovative startups from diverse domains in its 14th Cohort. With a focus on PropTech, this cohort includes robotics, green construction, retail tech, plastic waste management, and hospitality, marking a ground breaking selection. These visionary ventures embody transformative potential and aim to reshape the real estate industry. Under the guidance of Brigade REAP, start-ups thrive with a remarkable 40 percent success rate in raising external funds, showcasing their impact in the real estate ecosystem. With an unwavering commitment to progress, this cohort heralds a new era of innovation at the intersection of technology and real estate.
Wells Fargo International Solutions boldly renews its lease for 3.7 lakh sq. ft of office space in Hyderabad, making it one of India's largest office lease transactions in 2023. The agreement with Divyasree NSL Infrastructure ensures stability for the next 60 months at Rs 57.48 per sq. ft, with no escalation. Wells Fargo's strategic moves continue, with a previous lease extension for 8.47 lakh sq. ft in Bengaluru's Embassy Tech Village until June 2032. Despite global challenges, India's office sector shows resilience, witnessing a rebound in Q2 2023. Top firms reaffirm commitment with lease renewals, reflecting India's allure for corporations.
Danube Properties, a leading private real estate developer in the UAE, launches an exciting campaign featuring popular Bollywood actors Sanjay Dutt and Arshad Warsi. The objective is to entice Indian investors to invest in Dubai properties developed by Danube. With a humorous and engaging approach, the campaign's slogan "Dubai may ghar bole to Danube ka ghar" captures hearts and showcases iconic scenes from the actors' movies. Alongside the campaign, Danube is offering a tailor-made holiday package, encouraging Indian investors to explore Dubai and consider investing in their properties. The film highlights the company's success and aims to continue attracting more investors to their outstanding properties in the vibrant city of Dubai.
TVS Emerald, a prominent real estate developer, achieved a remarkable feat with its project "TVS Emerald Elements" by registering INR 438 crore in single-day sales in Chennai. The residential community, offering 448 homes with contemporary designs and attractive amenities, garnered significant interest from homebuyers. The project's success highlights the strong demand for quality homes in the city and reinforces TVS Emerald's position as a leading player in the real estate sector. With future launches planned in Chennai and Bangalore, the brand aims to continue delivering exceptional properties that meet the evolving needs of homebuyers.
Dusit International makes its debut in Nepal with the opening of two hotels - Dusit Princess Kathmandu and Dusit Thani Himalayan Resort Dhulikhel. The properties promise luxurious experiences for business and leisure travelers. Dusit Princess Kathmandu offers well-appointed rooms and a focus on wellness, while Dusit Thani Himalayan Resort Dhulikhel provides a tranquil escape in the Himalayan foothills. The expansion marks a significant milestone for Dusit International, a leading hotel and property development company, as it continues to grow its global portfolio and deliver exceptional hospitality experiences worldwide.
The North Goa Airport, also known as Manohar International Airport Mopa, is set to see significant development with the addition of two new hotels near the parking lot. Operated in collaboration with Ginger hotels and renowned French hospitality firm Accor SA, these hotels will offer 100 and 200 rooms in their first and second phases, respectively. The hotels' location near the airport and the booming real estate and tourism in Goa are expected to drive room rates between Rs. 8000 to Rs. 10,000 per day. The public-private partnership venture signifies a promising future for Mopa Airport, benefiting from the increasing demand for accommodations in the state.
Surfers Paradise in Queensland remains a top destination for high-rise apartment sales, experiencing a significant increase of 62% in unit sales from April to May, according to InfoTrack's market update. The area continues to outperform other locations in the state, maintaining its popularity despite rising prices. Additionally, PropTrack's Market Trends report highlights the challenge of property ownership due to rising interest rates, with the median weekly household income at $1,861. Aspiring homeowners are finding it increasingly difficult to enter the property market, emphasizing the need for financial caution and a buffer for home loan repayments.
The Energy Efficiency Services Ltd (EESL) is supporting Andhra Pradesh's ambitious energy efficiency initiative, the 'Navaratnalu – Pedalandariki Illu' program, by providing cost-effective energy-efficient appliances to beneficiaries on a voluntary basis. The state housing department aims to make this program the largest energy efficiency initiative in the country, promoting sustainable development practices and reducing electricity bills for residents. The 'Jagananna Colonies' housing scheme too is making remarkable progress, with the state government providing loans and allocations for housing units and water supply.
The Enforcement Directorate (ED) conducted searches at the offices of three prominent realtors in Kolkata to trace ill-gotten money allegedly involved in a cash-for-jobs scam led by Sujay Krishna Bhadra, known as 'Kalighater Kaku.' The ED is investigating the fraudulent accumulation of funds through dishonest means and their concealment through various organizations and shell companies. The Central Bureau of Investigation (CBI) has also taken action, demanding the submission of Optical Mark Recognition (OMR) sheets dating back to 2014 from 14 civic bodies to investigate potential irregularities in the hiring process.
The National Real Estate Development Council (NAREDCO) has launched its Delhi chapter to uplift and revitalize the city's real estate sector, which has faced development challenges due to various restrictions. The chapter aims to foster collaborations among stakeholders, promote transparency in building affordable housing through land pooling, and advance strategic infrastructure development. With existing chapters in several states, the addition of the Delhi chapter signifies a commitment to unlocking the city's growth potential and bringing positive transformations to its real estate landscape.
The Kolhapur Municipal Corporation (KMC) faces the challenging task of revising property taxes to increase revenue. To expedite the process, the civic administration has formed teams of employees to conduct a property survey of 1.35 lakh properties. The involvement of civic employees from the property tax department ensures transparency, but the inclusion of employees from other departments raises concerns about expertise in property assessment. To prevent corruption and ensure fairness, the KMC plans to have a senior official independently review the survey process.
During a district grievance committee meeting chaired by Agriculture Minister J.P. Dalal, an important decision was made to protect the rights of residents in societies. The directive emphasizes that no resident or property owner should be denied membership in the Residents Welfare Association (RWA). This move aims to promote transparency and inclusivity within the RWAs, ensuring that all eligible residents have the opportunity to become members and actively participate in decision-making processes.
The Greater Noida Industrial Development Authority (GNIDA) has served a notice to Town Park Buildcon for unauthorized construction and commercial activities at White Orchid society in Gaur City 2, Sector 16C. The developer has been ordered to cease these activities and provide an explanation. Unapproved construction was confirmed after a resident's complaint led to an on-site inspection. The developer and flat owners have refrained from commenting on the matter. Non-compliance with the order could result in legal action.
While Tokyo remains a popular tourist destination, it is increasingly losing its appeal to potential foreign investors. Tokyo ranked among the bottom 10 cities for expats to live in 2022 due to several serious factors. Tokyo's wealthiest districts, where properties can reach £10 million, are failing to impress expats who seek a desirable lifestyle. High taxes, visa complexities, and difficulties in forming local friendships also play a role in wealthy individuals leaving Tokyo.
The real estate market in New Zealand, particularly in Auckland, experienced stable house prices but a decline in sales in June. Sellers in Auckland are holding off on selling in the hope of achieving higher prices, while some have adjusted their asking prices to adapt to the market. Property listings decreased both nationally and in Auckland, but prospective buyers are still actively searching for properties. The average time to sell a house remained unchanged nationally but increased compared to the previous year. Overall, the value of residential properties in the country experienced an annual decline. Auction sales decreased compared to the previous year, and the total number of properties available for sale decreased as well.
The top 8 large and listed developers in India have experienced a remarkable reduction in net debt by 43 percent, dropping from Rs 405 billion in fiscal year 20 to over Rs 230 billion in fiscal year 23. Despite periodic interest rate hikes, their execution capabilities remain unaffected. The market confidence in these developers has grown, as indicated by the increasing market share of both listed and unlisted players. The last fiscal year witnessed the highest sales volume in five years, with approximately 3.65 lakh units sold across the top 7 cities. This positive trend reflects a thriving real estate market poised for continued growth.
The PMC has introduced a WhatsApp chatbot service for property tax billing. Over 10 lakh bills have been sent through this platform, streamlining the process for residents. Citizens can access property tax information and payment receipts at any time by sending a message to 8888251001. The initiative has received positive feedback, simplified interactions, and eliminated physical bill distribution challenges. The PMC also employs data analytics and satellite imaging for property tax assessments. With a target of Rs 2318.15 crore for property tax collection in 2023-24, the PMC aims to enhance revenue and provide a seamless experience for citizens.
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Dalmia Nisus Finance Investment Managers LLP has made a substantial investment of over Rs 25 crore in the plotted development project called Treasure Hills, led by Treasure Group. This investment, facilitated through the Real Estate Credit Opportunities Fund - I, signifies their foray into non-metropolitan regions. With a prime location in Indore, Treasure Hills offers meticulously designed plots with a total sale potential of 4 lakh sq. ft. This strategic move aligns with the growing demand and the high GDP growth rate in Indore. Nisus Finance Group's expertise and Treasure Group's track record position them for remarkable success in this venture.
BlackBerry Realcom Private Limited, based in Gurugram, has been directed by the commission comprising President Sanjeev Batra and members Jaswinder Singh and Monika Bhagat to refund a substantial amount of Rs.76 lakh to Naveen Jain and his wife Ritu Jain, residents of Tagore Nagar. In addition, the commission has mandated the company cover the litigation expenses of Rs.20,000 incurred by the Jains. The decision was made due to the prolonged delay in handing over the flat to the customers.
In the fiscal year 2023-24, the Finance Ministry has incorporated additional provisions into the "Scheme for Special Assistance to States for Capital Investment." One of the notable provisions is the allocation of a significant incentive amounting to Rs 15,000 crore to the states. The purpose of this incentive is to facilitate and improve urban planning initiatives. By offering this financial boost, the government aims to encourage states to adopt effective and innovative urban development strategies, fostering sustainable growth and development throughout the nation.
The real estate regulatory authority in Madhya Pradesh has actively undertaken initiatives to address the issue of incomplete or neglected projects. Their administrative efforts have focused on bringing these projects to completion or reviving them after prolonged periods of stagnation. By taking proactive measures, the authority aims to ensure that these projects are no longer left in a state of limbo, providing relief to affected stakeholders and contributing to the overall growth and development of the real estate sector in the region.
The Yamuna River's swelling waters threatened the world-renowned Taj Mahal on July 17, as the water level reached its walls. However, officials from the Archaeological Survey of India (ASI) reassured the public that the monument's design would prevent water from seeping into its main structure. The architectural ingenuity of the Taj Mahal ensures that water cannot enter the main mausoleum even during high floods. In response to a previous flood incident in 1978, which caused damage to the monument, ASI implemented measures to prevent water intrusion. Fortunately, the current flood situation did not result in any water damage to the Taj Mahal's interior, thanks to its unique features and the surrounding garden acting as a buffer zone.
Barratt Developments, Britain's leading housing construction company, issued a cautionary statement indicating a significant reduction in the number of homes it plans to build in the current fiscal year. The decision was influenced by the impact of increasing mortgage rates and persistent inflation, which have adversely affected the demand for housing. Barratt's projected home construction for the period ending June 30, 2024, is estimated to decrease by approximately 20% compared to the previous year's figure.
The Dehradun district administration has implemented proactive measures to restrict the sale and purchase of land exceeding 3000 bighas in compliance with the ceiling laws across various areas. This action aims to curb illicit activities and protect public interests as unscrupulous land mafias illegally subdivide and sell surplus land. The ban covers villages falling within the rural ceiling laws and ensures alignment between old and new parcel numbers. These decisive actions demonstrate the administration's commitment to upholding the rule of law and preserving land ownership integrity.
Sidco ignites industrial growth in Ariyalur district, Tamil Nadu, with the launch of its first industrial estate. Spread across 28.5 acres, this vibrant space offers 26 plots for entrepreneurial ventures. With reduced prices and a focus on first-generation entrepreneurs, Sidco aims to foster economic progress. Industries like food processing, agriculture, and engineering MSMEs are welcomed to harness the immense potential. The estate's strategic location on the Ariyalur-Jayankondam highway amplifies its potential as a hub for business and development.
The Delhi High Court has stayed the operation of possession notices issued by the Enforcement Directorate (ED) in relation to the alleged coal-block allotment scandal. The ED had attached two land parcels owned by Revati Cements Pvt Ltd and its director, claiming that the properties were acquired using illegal benefits. The land parcels were provisionally attached in 2019 and estimated to be worth nearly Rs 20 crore. The advocates representing the company and its director argued for setting aside the possession notices, citing an unexplained delay and the need for adherence to procedures under the Prevention of Money Laundering Act (PMLA).
The COVID-19 pandemic has led to a shift in the demand for real estate, with decreased demand for office spaces and increased need for residential homes. Boston Mayor Michelle Wu proposed offering property tax discounts to landlords who convert empty office spaces into residential apartments. However, the financial challenges of such conversions are significant. Renovating office spaces into apartments can be as costly as constructing new buildings, especially when tenants are still occupying the premises. Additionally, zoning regulations and the layout of office spaces may pose obstacles to conversions. Displacement of existing tenants and the need for additional amenities further add to the costs.
Indian Hotels Company Limited (IHCL) has expanded its presence in Maharashtra with the introduction of a new Ginger hotel in Kolhapur. The addition of this hotel reflects IHCL's commitment to providing quality accommodation options across India. The Ginger hotel in Kolhapur will feature 70 well-appointed rooms, a multi-cuisine restaurant, a meeting room, and a fitness centre. With its strategic focus on emerging markets, IHCL aims to tap into the growing demand for affordable accommodation in tier-II and tier-III cities. The presence of IHCL in Kolhapur will contribute to the local economy and enhance the city's reputation as a preferred destination for both business and leisure travellers.
Merlin Group, a leading real estate conglomerate in Eastern India, has launched Serenia, the tallest residential condominium on B.T. Road in Kolkata. The project, a joint venture between Eden Realty and Merlin Group, spans 4.5 acres and features four towers with 28 floors each, offering panoramic views of greenery and an 18-acre lake. With 832 spacious apartments and a range of lifestyle amenities, Serenia aims to redefine quality living in North Kolkata. The strategic location and modern design make it an ideal choice for professionals and families seeking a liberating and luxurious living experience. Construction is set to be completed by December 2028.
Mantra, a leading luxury real estate developer, has launched two towers at their 29 Gold Coast Project in Tingre Nagar, Pune. The unveiling ceremony showcased Mantra's commitment to providing exceptional living experiences and served as an opportunity to discuss future plans and upcoming projects with channel partners. The project offers 2 and 3 BHK units with a planned possession date in 2025, ensuring timely delivery. Situated in Tingre Nagar, the project boasts contemporary architecture, modern amenities, and excellent connectivity to key areas.
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The median U.S. home-sale price has seen a 1.5% year-on-year increase, ending a four-month decline, as average weekly mortgage rates reached their highest level since November 2022. Limited housing supply and a decrease in new listings have contributed to rising prices. However, recent economic news suggests a potential decline in mortgage rates, which could offer relief to buyers. Active listings have declined, and the months of supply have reached 2.8 months, indicating a balanced market. Homes are spending more time on the market, and fewer homes are selling above their list price.
Australia's largest banks, Commonwealth Bank of Australia (CBA) and Westpac, have reported that a strong labour market is helping to keep home loan repayments on track despite rising interest rates. This suggests that the country's mortgage market may avoid a downturn. However, the banks caution that household finances could face pressure from increasing living costs. During parliamentary hearings, CEOs of major banks echoed similar observations, emphasizing the minimal impact of rate increases on repayments due to low unemployment rates.
In a significant move, the Central government has doubled the Economically Weaker Section's (EWS) income eligibility cap under the Pradhan Mantri Awas Yojana - Urban (PMAY-U) to INR 6 lakh, particularly affecting the Mumbai Metropolitan Region. This revision broadens the scope of affordable housing schemes, allowing more applicants to benefit from MHADA and CIDCO's housing lottery. Concurrently, MHADA's Mumbai board has unveiled a preliminary list of 1,06,799 participants for the upcoming housing lottery, initially scheduled for July 18. MHADA is soon expected to announce a revised date and location.
In a landmark move, the Maharashtra Government has officially handed the monumental Dharavi Redevelopment Project to the Adani Group. The Rs 20,000 crore project focuses on rebuilding the Dharavi slums, in close proximity to Mumbai's BKC business district. Adani Properties, after winning a competitive bidding process, has a seven-year timeframe to rehabilitate over 650,000 residents. This transformative project promises to reshape one of the world's most densely populated slums into a well-planned urban sector.
Maharashtra is set to transform its property registration system, integrating Unique Land Parcel Identification Number (ULPIN) with geographical mapping facilitated by rovers starting August 2023. This initiative, aimed at increasing precision and transparency in land measurements, will first roll out in Washim and Nandurbar before being introduced to all districts. This integration will provide citizens with detailed map-based geographical coordinates along with their property's ULPIN. This innovative move aligns with the central government's push for ULPIN or Bhu-Aadhaar integration in land governance across India.
The Maharashtra State Government has reduced stamp duty for self-redevelopment projects, benefitting existing flat owners. With a nominal stamp duty of Rs 1,000, the aim is to revitalize housing societies and provide affordable options. However, homebuyers from the open market will pay prevailing rates. The State Housing Federation supports this move and suggests implementing a single-window system. Maharashtra's commitment to self-redevelopment is evident through policy implementation. Consumer organizations call for further stamp duty reductions to encourage more projects. This progressive step reflects the government's vision for affordable housing and sustainable urban development.
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IFL Home Finance secured a $50 million loan from the US International Development Finance Corp (DFC) to expand its affordable housing finance portfolio with a focus on sustainable housing. The loan, obtained at a concessional rate, highlights the growing confidence of international investors in India's affordable housing sector. This marks the second debt-raising endeavour for IFL Home Finance this year. The company caters to economically weaker sections and lower-income groups, with home loans being a significant part of its offerings. The recent funding reinforces the commitment to driving inclusive growth and sustainable development in the housing sector.
The concept of a starter home is changing for young adults from the millennial and Gen Z generations in America. Recent data shows that a growing number of homebuyers in this age group are opting to reside in their properties for longer periods, rather than viewing them as temporary stepping stones. Low interest rates and a shortage of available properties have contributed to rising prices and limited options for affordable starter homes. Despite these challenges, a significant portion of young individuals aspire to become homeowners, favoring long-term investments over short-term property turnover. The decision to buy a home is a complex one, with uncertainties surrounding the ideal timing in a dynamic housing market.
The residential property market in Hong Kong is facing challenges due to a volatile stock market, a difficult external economic environment, and a decline in new births and marriages. The market has not yet reached its lowest point, and a slow and challenging recovery is expected. Factors such as high interest rates, an excess of unsold new units, and a lack of purchasing power from mainland China contribute to the obstacles. Home prices have experienced a decline, with a 1.2% decrease in the second quarter and a significant drop of 15.9% since the peak 20 months ago.
Oman has been recognized as one of the safest countries for expatriates, ranking highly in personal safety and political stability. The country also excelled in the housing situation, with a majority of expats finding housing easily and affordably. While the quality of life and infrastructure for cars were rated positively, the affordability and accessibility of public transportation presented challenges. In the Gulf Cooperation Council, Oman ranked 12th among the surveyed countries. Mexico, Spain, and Panama were considered the top destinations for expatriates in 2023, while Kuwait and Norway were perceived as the worst.
The Pune police's Economic Offences Wing is investigating a loan fraud case involving directors of Gagan Raisoni Vastushilpa Ventures, a realty firm. The directors are accused of securing a loan using flats and shops in a housing society as collateral without the property owners' knowledge. The directors deny the allegations and claim the properties were extended as collateral security, not mortgaged. The complaint was filed by a flat owner, who claims the directors defaulted on the loan payment. The case highlights the need for a thorough investigation to establish the truth and ensure justice for all parties involved.
The Maharashtra state government is taking steps to regularize slums on private lands within the state. The principal secretary of the urban development department has directed the Nagpur Municipal Corporation (NMC) to submit a proposal for land use change and acquisition of 58 notified slums. The government aims to grant ownership rights to slum-dwellers and resolve issues related to non-notified slums on private lands. The process of regularization is being streamlined in the proposed Smart City area, offering two options for plot and house regularization. This initiative has the potential to improve living conditions, provide security and stability to slum-dwellers, and enhance efficiency in the regularization process.
The Delhi Police's Economic Offences Wing (EOW) has arrested a couple accused of defrauding hundreds of investors through their fraudulent real estate firm. The couple targeted vulnerable individuals seeking affordable housing options by dealing in the sale and purchase of unauthorized properties. The victims, numbering around 300-350, paid the required amounts but never received confirmed registry information for their purchased plots. The accused collected a significant sum from the victims and intentionally delayed proceedings to avoid contact. The couple sold land without adhering to legal formalities and evaded capture before being apprehended in Ahmedabad.
The promoters of Rashmi Housing, a realty developer undergoing insolvency proceedings, illegally sold 82 apartments in violation of the law. As a result, the National Company Law Tribunal (NCLT) nullified the sale and imposed fines on the promoters. The company was admitted under insolvency in 2018, and the suspended directors were informed about the implications of the moratorium. The resolution professional consistently maintained that no permission had been granted for sales agreements during or before the insolvency process. The NCLT's decision upholds the integrity of the insolvency process.
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The Rajiv Gandhi Housing Corporation in Karnataka has set an ambitious target of constructing 7,06,290 houses between 2020-21 and 2022-23. Significant progress has been made, with approvals received for the construction of 3,68,177 houses and 68,177 houses already completed. However, there are still houses pending construction or delayed for various reasons. The PM Awas Yojana and Chief Minister Housing Scheme have also contributed to the target, with approvals received for 99,218 houses and 10,148 houses already completed. Work orders have been issued for 4,67,395 beneficiaries, but challenges remain, including pending construction and delays in approvals.
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Haryana's Chief Minister, Manohar Lal Khattar, has announced the provision of 100,000 houses to qualifying families in the state. The announcement follows discussions with Union Urban and Housing Minister Hardeep Singh Puri and other key advancements, including the approval of the Gurugram Metro project. Khattar also addressed RRTS projects' challenges and highlighted Haryana's digitization of agriculture policies. Union Minister for Agriculture and Farmers Welfare, Narendra Singh Tomar, has praised these initiatives as exemplary for other states.
Bengaluru's civic body, the Bruhat Bengaluru Mahanagara Palike (BBMP), has announced plans to extend its 'Road Reader' initiative, adding property tax data to the existing QR code system on street nameboards. This innovative measure is intended to boost awareness about property tax payments and enhance collection rates. BBMP's Special Commissioner (Finance) Jayaram Raipura said the initiative would "nudge defaulters" and promote civic duty, with a Rs 1.5 crore investment planned to expand the project.
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Uttar Pradesh is set to revolutionize property tax calculations in smaller cities and towns, aiming for self-sustainability and increased revenues. Despite manual methods in Nagar Palikas and Nagar Panchayats, the government, led by Yogi Adityanath, is determined to implement GIS-based reforms in all 17 municipal corporations. Starting in the populous Nagar Palikas, the reforms expect a substantial revenue surge. GIS technology has shown success in Lucknow, with a 35 percent increase in tax collection in one year. The government also contemplates revising the property tax slab for unregistered commercial properties.
The NMC has successfully sold Plot No. 2 of the Orange City Street Project, earning Rs 51.5 crore and bringing the total revenue from the project to Rs 207 crore. The buyer has already commenced work at the site, which was auctioned six months ago for Rs 13,166 per square foot. NMC has now floated an EoI for the sale of Plot No. 4, expecting to fetch Rs 48–50 crore. With 17 more plots yet to be auctioned, the project has become a highly profitable venture for the civic body. The NMC also plans to auction three additional plots in the near future.
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In a display of frustration, residents of Gurugram's Sushant Lok and Sector 40 took to the streets, armed with banners and slogans. Convening at Rajpath Marg, the protesters united to form a human chain. They embarked on a march towards the Millennium City metro station, making their demands known. The protest had an immediate impact, causing disruptions to the flow of traffic in the area. This demonstration was held to draw attention to their concerns and advocate for change in the face of neglected upkeep.
Chandigarh Housing Board (CHB) has made its third attempt to gain approval for the IT Park project. In their latest submission, the CHB has presented a report from a bird expert, asserting that the project does not interfere with the direct flight path of migratory birds. Furthermore, they have pledged to prioritize careful planning and execution of the project to ensure minimal impact on bird habitats. The CHB's submission highlights their commitment to environmental considerations and seeks to address concerns regarding potential disruption to migratory bird populations.
US-based investor Blackstone Group has outbid competitors GIC and Ontario Municipal Employees Retirement System to secure a 90% stake in the warehousing platform of ESR, an Asia-focused logistics company, in partnership with German investor Allianz. Sources report that Blackstone's bid stands at Rs 2,000 crore. Allianz is selling its 50% stake, while ESR will sell 40% and retain a 10% holding. The platform, established in 2018, comprises eight assets spanning 10.5 million square feet. Blackstone aims to expand its warehousing portfolio from 40 million square feet to 100 million square feet in the next few years.
Coimbatore Police in India will launch a new software system designed to enhance security and management in mansions and hostels. The software aims to centralize resident information, provide real-time monitoring through CCTV integration, and enable quick response to security breaches. It will streamline administrative tasks, facilitate online payments, and offer a grievance redressal mechanism. The initiative reflects the police department's commitment to leveraging technology for public safety, ensuring a safer and more secure environment for residents while improving law enforcement effectiveness.
ICRA, a credit rating agency, predicts a positive outlook for retail mall operators in FY2024. They expect an 8-10% year-on-year increase in rental income supported by healthy retail sales and contracted rental escalations. Retail trading values are anticipated to improve by 4-5%, with strong sales in categories such as jewellery, electronics, and apparel. Rental rates are projected to rise by 3-4% due to higher contracted escalations and lease renewals. Despite healthy leasing activity, vacancy levels are projected to remain between 18-19% in FY2024 due to the high new supply of retail space.
Enzyme Office Spaces, a leading provider of plug-and-play office solutions in Bengaluru, is expanding its managed workspace portfolio with a new facility in Whitefield. The 1 lakh square feet workspace, set to be operational by November 2023, will cater to the growing demand for flexible workspaces in the city. With this expansion, Enzyme Office Spaces will offer over 27,000 seats across Bengaluru. The company's success reflects the increasing popularity of managed workspaces, driven by cost efficiencies and the rise of hybrid work models. Enzyme Office Spaces aims to support emerging start-ups in sectors like fintech and AI, providing cost-effective infrastructure solutions.
The West Bengal department of land and land reforms has authorized apartment owners along Kolkata's EM Bypass to convert their land from leasehold to freehold. Owners must submit a registered indenture and pay a fee equating to 15% of the flat's current market value. The landmark decision, praised by several industry leaders, promises to foster further development and benefits over 10,000 flats, encouraging ownership rights and facilitating property reselling. The impact of this new policy on the real estate market remains to be seen.
The Chennai Metropolitan Development Authority is embracing digital transformation to grant online layout permissions for better-planned layouts with access roads in Chennai. Builders and developers urge the CMDA to set approval timelines and provide software training. Integration with the registration department and survey settlement is underway. Discrepancies in layouts will be eliminated, and pending applications are increasing. The CMDA aims for glitch-free implementation and the introduction of deemed approval. This transformative initiative paves the way for seamless urban development and efficient approval processes in Chennai's evolving landscape.
The AMC plans to auction five properties in Law Garden and Swastik Society to recover outstanding property tax dues. The auction is scheduled for the final week of July, with failing property owners facing non-compliance consequences. The AMC aims to reclaim the dues and return the surplus amount to the original owners. If no bidders emerge, the AMC will take possession of the properties. The AMC has collected Rs 842 crore in taxes since April, surpassing last year's figures by Rs 220 crore, highlighting their commitment to tax recovery.
Mandarin Oriental plans to open its third luxury hotel in London by 2028, adding to its existing properties in Hyde Park and Knightsbridge. The strategically located hotel will offer a lavish experience, combining contemporary elegance with classic British charm. With exceptional service, opulent amenities, and renowned dining options, the Mandarin Oriental London aims to attract both business and leisure travellers. The hotel will feature extensive wellness and leisure facilities, providing a tranquil escape from the bustling city. Set to enhance London's hospitality scene, the opening of this prestigious property is highly anticipated.
FIVE Hotel Group has become a trailblazer in sustainability by achieving a monumental feat in the UAE—obtaining 100% renewable electricity. Through a collaborative effort with the Dubai Electricity and Water Authority (DEWA), FIVE has emerged as the first hotel group in the country to receive this distinction. This achievement highlights the power of collaborative innovation and demonstrates FIVE's unwavering commitment to Sustainable Development. With a significant reduction in carbon use intensity and ambitious action plans for the future, FIVE aims to inspire others and create a reality where audacious dreams, creative building, and vibrant living converge for climate revitalization.
The Union Housing and Urban Affairs Ministry has announced a two-day conclave that will feature a series of 24 presentations. The event aims to bring together key speakers, including chief town planners from various states. These presentations will cover a wide range of topics related to housing and urban development. The conclave is expected to provide a platform for sharing insights, discussing best practices, and fostering collaboration among the participants. With experts from different regions, it offers a valuable opportunity to exchange knowledge and experiences in the field of urban planning and development.
The Indian real estate sector experienced a significant influx of private equity investments worth USD 13 billion in the second quarter of 2023. This surge in capital highlights the growing confidence of global investors in the country's real estate market, driven by rising demand for commercial and residential properties and government initiatives to improve transparency and ease of doing business. The commercial real estate segment has attracted substantial investment, while the residential sector has witnessed increased buyer demand and government incentives. Foreign institutional investors and global PE firms have been actively investing in major real estate projects, particularly in Mumbai, Delhi-NCR, and Bengaluru.
Prestige Estates Projects has acquired a prime sea-facing land parcel in south Mumbai for over Rs 704 crore, setting a new benchmark for land prices. The plot, valued at over Rs 306 crore per acre, was purchased from DB Realty's subsidiary. Prestige Group plans to develop luxury residential towers on the plot, further expanding its presence in Mumbai's luxury real estate market. Additionally, Prestige Estates Projects has obtained complete ownership of two key projects in central Mumbai. The ongoing market consolidation favours established developers, leading to increased activity in land transactions across major property markets.
hBits, a tech-enabled fractional ownership platform, has received regulatory approval from SEBI to establish a Rs 500 crore alternative investment fund for commercial real estate. With a focus on Grade-A projects, hBits aims to provide investors with fractional ownership opportunities and target an impressive return rate of 18–20 percent. This milestone solidifies its position as an industry heavy weight, enabling it to shape the future of commercial real estate investment. With existing assets under management of Rs 220 crore and a growing user base, hBits is well-positioned to revolutionize the real estate landscape.
A report published by Cushman and Wakefield predicts that Hong Kong home rents will continue to rise in the second half of 2023 despite ongoing volatility in home prices. The housing market experienced a recovery in prices following the reopening of the border with mainland China but faces challenges from high-interest rates, stock market volatility, and geopolitical tensions. However, the leasing market has seen positive growth supported by the government's Top Talent Pass Scheme. Cushman expects the rental market to remain stable and outperform home prices, with a potential increase of 5 to 8% this year.
Award-winning filmmaker James Cameron and his wife, Suzy Amis Cameron, have listed their oceanfront California ranch, known as Hollister Ranch, for sale at a staggering $33 million (AU$49.1 million).The ranch served as the creative hub where Cameron penned his blockbuster movie "Avatar," drawing inspiration from an ocean-facing room in the house. Spanning the Gaviota Coast of Santa Barbara County, the expansive estate boasts a main house, guesthouse, barn, helipad, and a picturesque pool overlooking the ocean, complete with lush gardens and sustainable power systems.
The housing crisis in Turkey is reaching alarming levels as property prices continue to surge, raising concerns among economists and vulnerable members of society. A recent report by the Bahçe?ehir University Centre for Economic and Social Research (BETAM) revealed a staggering 89.1 percent increase in real estate prices within a year, contradicting official data from the Turkish Statistical Institute (TurkStat). The crisis has already impacted university students, who took to the streets in protest against soaring rent prices. As real estate agents predict a worsening situation, Turkey grapples with a deteriorating economy, high inflation, and a rising cost of living, further burdening its citizens.
Former Congress leader Rahul Gandhi is reportedly preparing to relocate to a three-bedroom residence in Nizamuddin East, South Delhi, previously owned by late Delhi Chief Minister Sheila Dikshit. This move follows his disqualification from the Lok Sabha and subsequent eviction from his official bungalow. Gandhi's new home, in contrast to his previous Lutyens Delhi bungalow, is a modest dwelling overlooking the historic Humayun’s Tomb. The decision comes despite the Congress party's ongoing efforts to challenge his conviction at the Supreme Court.
SEBI, the capital markets regulator, plans to auction 22 properties associated with Bishal Group companies and NVD Solar to recover funds that were illegally collected from investors. The auction, scheduled for August 14, includes properties such as land parcels, flats, and a residential building located in West Bengal. Interested bidders are advised to conduct due diligence before submitting their bids. The companies in question had raised funds without complying with regulations, and SEBI's actions aim to protect the interests of deceived investors.
The Brihanmumbai Municipal Corporation (BMC) has proposed collaboration with the Maharashtra Housing and Area Development Authority (MHADA) to tackle unauthorized constructions in Mumbai. The BMC seeks to establish joint teams for inspections, as MHADA holds the authority for granting repair permissions. The proposal emerged due to difficulties faced by BMC officials when investigating complaints about unauthorized constructions in cessed buildings.
Indore's newly-established Metro line has sparked a dramatic surge in the local real estate market. With property values in regions adjacent to the metro, including Super Corridor, Indore-Ujjain Road, and Rau, soaring exponentially, the demand for commercial and residential properties is at an all-time high. This growth has spurred a slew of new developments, particularly in areas offering room for expansion. As the metro network continues to expand, the real estate boom is expected to extend to neighbouring cities, paving the way for potential investors eyeing lucrative returns.
Amayah, a project by Aranayam, offers 10 luxurious villas in the premium residential area of Assagao, Goa. It is the first Green Building certified project in the area, providing a chic environment and a sense of tranquility. Each villa features 4 ensuite bedrooms, a study room, servant's room, private pool, open-air shower, steam room, and more. The villas exhibit Indo-Portuguese architecture and limited-edition luxury, blending contemporary and modern elements. The gated community ensures safety and security, while the surrounding area boasts trendy eateries and boutiques.
The Sayar Group, a prominent real estate developer in the National Capital Region (NCR), has embarked on a new project called SAYA South X in Greater Noida. This development will feature fully furnished studio apartments. The project includes 300 apartments, each covering 688 sq. ft., with an investment of approximately 100 crore rupees. The Biztop business suites are expected to be ready within 6 months, with the complete project scheduled for completion by 2025. The SAYA South X project encompasses 8.75 lakh sq. ft. of built-up area on 3 acres of land, with prominent brands already signed up for space within the development.
Gera Developments, a leading real estate company in Pune, has announced legendary Bollywood actor Amitabh Bachchan as its Brand Ambassador. With this association, Gera Developments becomes the first Pune-based company to rope in the iconic superstar. Aligned with their philosophy of 'Let's Outdo', Gera Developments aims to enhance customer-centricity by offering innovative infrastructural ideas and theme-based projects.
Prominent fashion designer, Ulka Chandrashekhar Nair, is facing legal heat as the Economic Offences Wing (EOW) of the Mumbai police charges her with defrauding a builder out of Rs 20.52 crore in a property redevelopment scam. Despite receiving a Rs 19 crore payment and Rs 1 crore for preparations, Nair allegedly refused to surrender her property for the agreed redevelopment. Nair, however, has dismissed these claims as a scheme by the builder to illegitimately gain control of her property. The case continues to unfold.
The implementation of recovery certificates issued by the Real Estate Regulatory Authority (UP-RERA) in Ghaziabad has been disappointingly low, with only 15% of the certificates being successfully executed. Out of 781 recovery certificates, only 117 have been reclaimed, amounting to Rs 17.3 crore. The district administration faces challenges in enforcing the certificates, especially for developers based outside their jurisdiction. Legal complexities, including cases in the National Company Law Tribunal (NCLT) and various courts, further hinder the execution process. However, alternative approaches through the Revenue Recovery Act of 1890 offer a glimmer of hope.
The Delhi government has announced an increase in transfer duty on immovable property transfers, which has received mixed reactions. The enhancement applies to registration of instruments exceeding Rs 25 lakh, with the duty increasing from 2% to 3% for females and from 3% to 4% for males and other entities. Critics argue that this increase will burden home buyers and potentially dampen the real estate market, while others believe the market will gradually adjust. The counter viewpoint suggests the increase is necessary for generating revenue and funding development projects but fails to consider the potential negative consequences on the market.
The House of Abhinandan Lodha (HoABL) announces a monumental investment of Rs 1,200 crore dedicated to the development of Ayodhya, aligning with the government's vision of establishing it as a global spiritual capital. This investment signifies HoABL's belief in Ayodhya's potential as a cultural and economic powerhouse. With the inauguration of their state-of-the-art office in Ayodhya, HoABL solidifies its commitment to the city's growth and prosperity. The investment extends beyond Ayodhya, as HoABL pledges an additional Rs 3,000 crore investment in the state, aiming to create lasting impacts. Esteemed guests and dignitaries graced the inauguration, emphasizing the significance of the investment and affirming Ayodhya's prominence on the global stage.
Property Share achieves a significant milestone by acquiring Phase I of Prestige Tech Platina, a Grade A property in Bangalore spanning 533,000 square feet. Valued at Rs 370 crore, this acquisition positions Property Share as the leading tech-enabled commercial property investment platform in India. The property boasts a prestigious tenant, attractive rental yield, and a secure lock-in period, aligning with Property Share's vision of premium assets in sought-after locations. Property Share aims to raise the total value of listed properties to Rs 2,500–3,000 crore in the coming year.
Global leader in smart, sustainable building technology, Johnson Controls, has inaugurated its most advanced OpenBlue Innovation Centre in Bengaluru, India. This cutting-edge facility integrates cloud, edge, and AI technologies, demonstrating the potential of net-zero building technology. The centre also introduces the first experiential zone in India, providing real-time demonstrations of advanced building technology in action, and plans to become a strategic hub for smart building innovation in India.
Roshan Real Estate Group, Saudi Arabia's leading real estate developer, has entered into a Memorandum of Understanding (MoU) with the Expenditure and Projects (EXPRO) Efficiency Authority to enhance the sustainability and efficiency of housing projects. The partnership aims to improve planning and construction efficiency, land administration, facilities and utility management, safety, and more across the kingdom. The success of the SEDRA Community project in Riyadh, developed by Roshan Group, has paved the way for this collaboration. Both companies are committed to achieving sustainable housing projects through effective planning and implementation of government-funded projects.
Homebuyers in major US cities are feeling the pinch as home prices continue to climb in the first half of 2023. According to real estate website Point2, cities like Los Angeles, San Francisco, San Jose, San Diego, and Boston have seen over half of their homes for sale listed at prices exceeding $1 million. California cities dominate the top rankings, with Los Angeles leading the way with almost 64% of homes listed at $1 million or more. However, despite the high listing prices, the median sale price in Los Angeles was $926,000 in May 2023.
Max Ventures & Industries Limited's real estate subsidiary, Max Estates, has achieved pre-formal launch sales worth over INR 1,800 crores for its inaugural luxury residential project, Estate 128, situated in Sector 128, Noida. The development spans 10 acres and comprises three high-rise towers with 201 units, embodying Max Estates' LiveWell philosophy. Construction is scheduled to commence in Q3 CY2023, with an estimated completion timeline of 48-60 months, complying with RERA guidelines. Max Estates aims to be a leading developer in the Delhi-NCR region, expanding its residential and commercial portfolio each year.
M-Sanvi Real Estate Pvt Ltd, a leading affordable housing company, aims to sell around 500 homes worth Rs 100 crore in the current fiscal year. The company plans to expand its operations through franchise businesses in several cities across India. Founder and CEO, Mukesh Kumar, expressed optimism about the growth of the real estate industry, citing factors such as economic growth, demographics, and foreign investment. M-Sanvi focuses on using innovative technology solutions and personalized services to cater to the housing needs of urban professionals. With affordable homes starting from 16 lakhs, the company primarily serves Delhi and the NCR region.
In a testament to the soaring demand for coworking spaces, 315Work Avenue has leased 400 seats in Bangalore to a leading financial services technology provider. The workspace, located in Indiranagar, offers state-of-the-art infrastructure and caters to diverse client needs. With 40,000 seats managed across prime locations, 315Work Avenue aims to add another 2 million square feet this year. The founder highlights the advantages of coworking, such as cost savings, productivity boosts, and enhanced employee experiences. India's flexible space market is expected to surpass 80 million square feet by 2025, promising a bright future for this innovative industry.
Let's Work, a pioneering co-working space in India founded by Kushagra Awasthi, has been acquired by Angel Investors. This acquisition marks a significant milestone in Let's Work's journey, having fostered cooperation and community within the start-up ecosystem. With a track record of full occupancy, Let's Work has been at the forefront of providing a modern and dynamic environment. Let's Work offers top-notch facilities and inspiring interiors. The acquisition solidifies Let's Work's position as a leader in the co-working industry, poised to expand and innovate further in fostering collaboration and innovation.
Tier 3 housing markets are gaining prominence as catalysts such as hybrid work models, e-commerce platforms, social infrastructure development, and affordability drive housing demand in these cities and towns. Lenders, including Bank of Baroda, Sundaram Home Finance, Vastu Housing Finance, and PNB Housing Finance, are shifting their focus to these markets to tap into the untapped potential. With ticket sizes ranging from Rs 12 lakh to Rs 50 lakh, tier 3 markets primarily comprise housing plots and self-construction. The financial industry recognizes the growth potential in these markets and aims to contribute to their transformation and robust growth.
Resident’s welfare associations in Hyderabad are rallying for a uniform property tax assessment system. Their campaign aims to rectify the disparities between peripheral areas and the GHMC. With one lakh memoranda, they seek equitable property tax assessments based on the annual rental value system. The RWAs emphasize the lack of uniformity in assessments across ULBs and urge consistency. They also pledge to enhance voter registration and advocate for the accurate determination of Full Tank Level areas in lakes. Their collective efforts strive for fairness and progress in Hyderabad's property tax landscape.
Experion Developers, backed by Experion Holdings, has acquired land parcels in the NCR for residential and commercial development. With a focus on the Gurugram and Lucknow markets, they are investing in projects on Golf Course Road and in Noida. Their vision is to reshape the real estate landscape by creating iconic destinations that redefine luxury living. The land acquisitions reflect their commitment to expansion and delivering exceptional projects. With a strong foundation and a visionary approach, Experion Developers aims to inspire awe and admiration in the real estate industry.
The affordability of housing in the USA has worsened in the last quarter due to a surge in home prices, according to real estate analytics firm ATTOM. Housing costs in 98% of US counties have exceeded their historical average, with the price of a typical single-family home rising by 10% from the first quarter to the second quarter, reaching $350,000. The ratio between average wages and homeownership expenses has also reached its highest level since 2007, indicating a highly unaffordable period in the housing market. ATTOM CEO Rob Barber expresses uncertainty about whether this trend is temporary or indicative of another prolonged surge in prices.
China's central bank has extended certain measures from a rescue package introduced in November until the end of 2024 to strengthen the real estate industry. The measures include promoting independent negotiations between financial institutions and property companies, allowing property developers to extend loans and modify repayment terms, and providing support for the completion of unfinished projects. Loans provided for unfinished projects will not be categorized as higher risk, and responsible individuals will not be held liable for non-performing financing as long as precautions are taken. China's developers are facing difficulties in securing funds and selling homes, leading to a loss of confidence in the industry.
The Hong Kong Monetary Authority (HKMA) has announced an increase in the maximum loan-to-value (LTV) ratio for self-use homebuyers purchasing properties valued up to HK$30 million. Self-use homebuyers can now secure loans of up to 70% of the value for properties valued at HK$15 million or less, and up to 60% for properties valued between HK$15 million and HK$30 million. The maximum LTV ratio for non-residential properties will also be adjusted from 50% to 60%. However, restrictions will remain unchanged for properties valued above HK$30 million and all residential properties not intended for self-use.
Strata, a leading real estate investment group, has partnered with India Land and Global Group to expand its presence in the Indian market. The collaboration aims to develop commercial properties in Maharashtra and Tamil Nadu. The partnership has led Strata to plan the raising of funds for a project in Pune's Hinjewadi area, covering 120,000 square feet with an expected rental yield of 8-9%. The collaboration will accelerate the growth and geographic reach of both companies, expanding their presence by offering new opportunities in commercial real estate across Maharashtra and Tamil Nadu.
The Municipal Corporation of Gurgaon (MCG) has instructed its engineering wing to conduct a thorough survey of properties in Zone 3 after reports of developers and property owners using potable water for construction purposes surfaced. Residents have complained about the inconvenience caused by builders using potable water for construction, leading to reduced water pressure and inadequate supply for the community. The MCG recognizes the severity of the problem and plans to take strong action against those found using potable water for construction.
ParkMate, India's top app-based platform for smart parking solutions, is set to expand its services in Delhi NCR. The company aims to revolutionize the parking experience by offering seamless operations, digital transactions, and reduced parking issues. Within the next six months, ParkMate plans to provide over 500,000 parking services in key areas like Connaught Place and Lajpat Nagar. The company will launch an updated app to enhance the user experience. Currently serving 500-700 customers daily, ParkMate's "Drop & Shop" service offers real-time parking and secure vehicle handling.
The Mumbai Municipal Corporation (BMC) has unveiled plans to revamp fifteen slums located in the suburban areas of the city, aiming to improve living conditions and infrastructure. A budget of Rs 5 crore has been allocated for each slum, with the funds coming from the District Planning Committee (DPC). The renovation plan includes the construction of cement tunnels to consolidate underground utilities and widen roads. The DPC meeting, attended by MLAs representing the suburban areas, approved a budget of Rs 977 crore for various civic projects, including infrastructure improvement, slum rehabilitation, skill development initiatives, and women and child welfare schemes.
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Lucknow authorities have successfully collected an impressive amount of Rs 91 crore as CESS, aimed at bolstering the social security measures for construction workers. According to recent reports, these funds will be utilized to provide extensive coverage of social security schemes to approximately 3.85 lakh laborers who are duly registered with the labor welfare board. This significant development was announced by the department last week. With these additional resources, Lucknow aims to enhance the overall welfare and protection of its workers.
Man Infraconstruction's property development entity, MICL Real Estate, has made a significant acquisition by obtaining the development rights for ten adjacent housing societies in the Ghatkopar suburb of Mumbai. This strategic move was executed through MICL's subsidiary, MICL Creators LLP, in which it holds a 60% partnership interest. The redevelopment of these housing societies will be carried out as a cluster redevelopment project under regulation 33(9) of the Development Control Promotion and Regulation (DCPR), 2034.
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The Nashik Municipal Corporation (NMC) launches a dynamic recovery drive to collect outstanding property taxes from prominent defaulters. With an accumulated amount of unpaid taxes exceeding Rs 450 crore, the NMC has targeted 1,450 defaulters who owe Rs 160 crore. Notices will be issued, granting defaulters a 21-day ultimatum to settle their dues, followed by stern warnings of property confiscation and eventual auctioning. The NMC aims to collect Rs 210 crore in property taxes for the fiscal year and has seen success through innovative rebate schemes, surpassing previous collection records.
The Chandigarh Municipal Corporation has granted property tax exemptions to around 850 residential property owners in the city for the current financial year. The exempted categories include widows, disabled individuals, and ex-servicemen. A notification was approved by the MC general house and received the nod of the Chandigarh administration. The list of beneficiaries is subject to annual changes based on applications for exemption. The exemption process requires applicants to submit ownership documents and valid identity proofs. The issue of exemption and beneficiary selection underwent extensive discussion in the MC's monthly general house meetings.
In a major development, Finance Minister Nirmala Sitharaman unveiled plans to establish the Urban Infrastructure Development Fund (UIDF) during her Budget speech for the fiscal year 2023-24. The UIDF aims to address the shortage in priority sector lending by utilizing funds for the development of urban infrastructure in Tier 2 and Tier 3 cities. This strategic move highlights the government's commitment to boost the growth and modernization of urban areas outside major metropolitan centres. The establishment of the UIDF is expected to play a crucial role in promoting sustainable development in smaller cities across the country.
The Haryana Cabinet, chaired by Chief Minister Manohar Lal Khattar, has approved an amendment to the Affordable Housing Policy-2013. The amendment raises the allotment rates for apartment units under Affordable Group Housing (AGP) projects by an average of 20% across the state. The revised rates, applicable to yet-to-be-allotted licenses, include an increase of 800 per sq ft for hyper and high potential zones, 700 per sq ft for high and medium potential towns, and 600 per sq ft for low potential towns.
LP Logiscience, the warehousing and contract logistics division of the Liladhar Pasoo Group, unveils a state-of-the-art Grade A warehouse in Bhiwandi, Mumbai. With a focus on sustainability, this green warehouse spans 15 acres and offers 500,000 square feet of storage space. It features advanced infrastructure including solar power generation, rainwater harvesting, and environmentally friendly transportation using electric and CNG vehicles. LP Logiscience aims to revolutionize the warehousing sector by providing efficient, technology-driven solutions while minimizing carbon footprint. The Bhiwandi warehouse marks a significant milestone in their commitment to sustainability and future plans for expansion.
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Jag Mohan Garg, Chairman and Managing Director of Tirupati Infraprojects Private Limited, has been arrested by the Central Bureau of Investigation (CBI) on charges of a Rs.289 crore bank fraud. Garg is accused of illegally diverting loan funds intended for a luxury hotel project in West Delhi. The Bank of India-led consortium alleges that this fraud led to cumulative losses exceeding Rs.979 crore. Garg who was under CBI custody until July 13, awaits further legal proceedings. The CBI is conducting a rigorous investigation into the case.
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Greater Cochin Development Authority (GCDA) has announced its return to affordable housing projects after a hiatus of nearly three decades. The GCDA executive committee has approved plans to construct a twin tower apartment complex on a one-acre land in Gandhinagar, Cochin. The existing staff quarters will be demolished to make way for the project. The complex will target middle and high-income groups, offering modern amenities and improved living quarters for GCDA staff. With an estimated cost of Rs 60 crore, GCDA aims to sell the flats to generate revenue. The project also includes a commercial space with a shopping complex and supermarket.
The Delhi Development Authority's (DDA) recent first-come, first-serve housing scheme experienced record demand with over 650 units booked within hours of launch. The housing initiative, encompassing 5,500 flats across Delhi, saw unprecedented traffic with 17 million hits on the DDA's website by late Monday. The 2-BHK flats in Dwarka sold out first, while flats in Narela and Rohini also witnessed significant interest. In response to the surge in online traffic, DDA plans to enhance its server capacity to ensure a smooth booking process.
The Bombay High Court has expressed concerns about corruption and fraudulent practices in the Slum Rehabilitation Authority's (SRA) allotment and entitlement processes. To address these issues, the court has recommended the implementation of regular biometric surveys and Aadhaar-based identification to eliminate fraud and trafficking. The court also emphasized the need to prevent political interference in the SRA's operations, allowing only specific government officials to hold meetings in their offices. A petition filed by a cooperative housing society prompted the court to expedite the hearing, and the SRA has resumed biometric identification and surveys in response.
The Reserve Bank of India (RBI) is considering a "special dispensation" that would allow banks to provide additional financing to customers with restructured home loan accounts to assist in completing stalled housing projects. A committee, led by G20 sherpa Amitabh Kant, discussed the issue of stalled projects in the real estate sector, and lenders expressed the need for regulatory relief to release extra funds through restructured or revived home loan accounts. The RBI is currently evaluating the proposal and is expected to make a decision soon.
An investigation committee in Bengaluru has uncovered 9,736 properties that were illegally registered as A-khata instead of B-khata. The Bruhat Bengaluru Mahanagara Palike (BBMP) has decided to revert these properties back to the B-khata registry. The issue came to light following a complaint by a former councillor, prompting the formation of a review committee. Detailed reports were prepared by revenue officials and submitted in June, revealing the extent of the illegal registrations. The BBMP plans to take appropriate action against the revenue officials involved. Moving forward, the committee will scrutinize subdivision-wise reports to address the issue of illegal A-khatas.
Homebuyers in Toronto experienced fluctuations in average prices in June compared to the previous year and the previous month. The Toronto Regional Real Estate Board attributed these variations to market conditions such as high buyer interest, challenging mortgage rates, and limited housing supply. While detached, semi-detached, and townhouse prices increased year-over-year, condo apartment prices saw a slight decline. Total sales in the region increased from the previous year but decreased compared to May. The market also experienced a decrease in new listings.
The Bank of England's aggressive interest rate hikes, aimed at curbing high inflation, are causing disruptions in the UK housing construction sector, particularly impacting first-time home buyers. A survey by S&P Global and CIPS reveals that new home construction in Britain is at its lowest point in 14 years, contributing to a recession in the construction industry. The tightening lending conditions, with mortgage rates surging above six percent, have made it difficult for potential buyers to afford homes, leading to reduced supply from home builders. The clash between high demand and limited housing supply has resulted in record-high house prices.
Residents near the Mahagun Millennia project in Crossings Republik have lodged a police complaint against the developer due to concerns over a deep pit on the construction site. The pit, filled with water from recent rains, is causing seepage and endangering nearby buildings' foundations and boundary walls. Sections of the service road and the mall's under-construction wall have already collapsed. The complaint also accuses the developer of constructing a mall without necessary approvals and violating regulations. A committee has been formed to investigate the case, and the Ghaziabad Development Authority has requested the filing of a First Information Report (FIR) against the developer and Crossings Infrastructure Pvt Ltd (CIPL) for illegal construction activities.
Office leasing in Mumbai reached 1.3 million square feet in Q2 2023, as per CBRE South Asia Pvt. Ltd's latest report. The uptake was largely driven by the BFSI, technology, and engineering & manufacturing sectors. Notably, mid-sized transactions dominated the leasing scene. Nationwide, leasing activity grew by 12% Q-o-Q. Domestically, flexible space operators, technology firms, and BFSI led the absorption. Despite a slight downturn in H1 2023, the resilient demand underscores the positive trajectory for India's commercial real estate sector.
The Pune Municipal Corporation (PMC) has successfully saved approximately 5 lakh litres of potable water per day by cracking down on realtors who failed to utilize treated sewage water for construction purposes. The PMC took action against around 200 construction sites that were not adhering to the directive of using water from sewage treatment plants (STPs). As a result of these actions, including halting construction work, there has been a noticeable increase in the usage of treated water. This initiative aims to conserve precious freshwater resources in Pune.
Axis Asset Management Company, the mutual fund investment arm of Axis Bank, has leased two floors in Mumbai's Lower Parel for its future head office. With a space of over 63,000 square feet in 'One Lodha Place', Axis AMC aims to consolidate its operations and support key functions. The lease agreement includes a monthly rent of Rs 1.2 crore and a tenure of nine years. This strategic move reflects Axis AMC's growth plans and commitment to providing an efficient working environment. The tower's upper floors will be reserved for Lodha, while Axis AMC will have exclusive access to designated parking slots.
Incuspaze pioneers workspace solutions, recently launched its sixth centre in Noida, Sector 126. Spanning over 65,000 sq. ft. at The Fortune One, the facility offers more than 1200 seats and premium amenities. Incuspaze has leased a total of 9.7 lakh sq. ft. of office space in Noida and Gurugram to meet the growing demand for flexible workspaces. With a presence in more than 14 cities and over 30 centres, Incuspaze aims to be the preferred workspace provider in talent-rich areas.
Karnataka Chief Minister Siddaramaiah has announced plans for two Metro rail projects in Bengaluru with a combined worth of Rs 31,328 crore. The proposed Metro Phase-3 project covers 45 km and a new Metro line is proposed to span 37 km. The Chief Minister aims to expand the Metro network from 70 km to 176 km within the next three years. Siddaramaiah criticized the previous government's failure to implement the Bengaluru Suburban Rail Project, which aims to alleviate traffic congestion. He revealed the total allocation for the project and highlighted ongoing work on the airport metro line. The proposals aim to enhance public transportation infrastructure and address the city's mobility needs.
The under-construction houses being built by MHADA for the Taliye village landslide-hit families in Mahad have experienced foundation collapse and cracks, causing distress among locals. The landslide in July 2021 claimed 87 lives, leaving 41 survivors. The victims, currently residing in container homes, have faced delays in receiving the promised houses. MHADA-Konkan division is responsible for constructing the 271 houses, and so far, only 40 have been completed. Additional infrastructure works are also underway. Concerns have been raised regarding the poor quality of construction and the need for rectification by MHADA.
The Antriksh Sanskriti housing project in Ghaziabad, which has faced significant delays since 2014, will now be completed through a collaborative effort between the developer and homebuyers. The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has allowed the builder and the association of allottees to jointly undertake the completion of 985 flats in the first phase of the project. The initiative aims to address the prolonged stalling of construction and ensure timely delivery of the remaining units by June 2025.
Ajmera Cityscapes and West Avenue Realty have unveiled their collaborative project, Atlantis, an opulent 18-storey luxury tower located in Khar (West), Mumbai. The grand launch event was attended by notable dignitaries, including MLAs Ashish Shelarji and Parag Shah Ji. Atlantis offers luxurious 3 and 4-bedroom residences with modern amenities, promising a lavish and comfortable lifestyle. The project is expected to be completed by January 2026 and is registered under RERA, ensuring compliance with regulatory norms. This joint venture signifies a successful partnership between Ajmera Cityscapes and West Avenue Realty, aiming to provide exceptional living experiences to discerning residents.
A Pune developer has encroached upon land owned by the Pune Municipal Corporation in Kharadi, which was meant for exhibition and recreation purposes. Despite residents' complaints, no action has been taken. The land has been fenced off and restricted from public access. The local association, recognizing the importance of open spaces, plans to stage an agitation to halt further construction and reclaim the land for community use. They aim to protect the land intended for amenities and preserve it for the benefit of the residents.
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Under the leadership of Prime Minister Narendra Modi, the Indian government has launched an ambitious housing mission to construct 29.3 million houses by December 2023, prioritizing housing for the rural poor. With a dedicated budget and various schemes, the government aims to provide not only houses but also basic amenities such as toilets, electrification, and cooking gas connections. The project is being closely monitored for timely completion, with a deadline set by the Prime Minister. The government's focus on rural development and welfare initiatives is expected to have a positive impact and gain support in future elections.
The Mohammed Bin Rashid Housing Foundation has recently introduced a ground breaking investment strategy aimed at revolutionizing Dubai's housing sector. With a focus on enhancing the quality of life in residential projects and fostering robust collaborations with the private sector, the strategy aims to diversify income sources and ensure financial sustainability. Under the leadership of Mohammed Hassan Al-Shehi, the foundation has already identified potential investment areas and approved partnership models. The establishment of an investment portal further promotes transparency and cooperation with private investors, setting the stage for a prosperous future in Dubai's housing sector.
Workspace Group, a London-based office-space provider, announced robust customer demand and steady occupancy rates in their recent quarterly report. With a 3.2% increase in like-for-like rent roll and stable occupancy of 89.2%, the company demonstrated resilience amidst the current economic climate. However, shares in the FTSE 250 firm experienced a 4% decline in early trading, following broader market concerns about tighter monetary policies sparked by the U.S. Federal Reserve's meeting minutes. Despite the dip, analysts noted the positive aspects of Workspace's update, emphasizing the growth in rent roll and attributing the decline to general market sentiment.
The three development authorities in Gautam Budh Nagar have decided to discontinue the practice of allotting industrial plots through e-auctions and revert to the previous system of draw of lots, interviews, and background checks. Entrepreneurs, particularly those from the MSME sector, had voiced complaints that the e-auction process favoured large-scale businesses and hindered the growth of smaller enterprises. The decision to reinstate the previous method aims to promote inclusivity, transparency, and equal opportunities for all entrepreneurs in the region.
The Orissa High Court has instructed the state government to formulate regulations for implementing the Apartment Ownership and Management Act within three months. The court has maintained the ban on the registration of sale deeds until the regulations are in place. A petitioner had challenged the validity of an amended rule, claiming it conflicted with the Real Estate (Regulation and Development) Act. The state government assured the court that the regulations would be finalized within the given timeframe. This decision aims to promote transparency and accountability in the real estate sector in Orissa.
Real estate startup OfficeBanao has secured undisclosed funding from angel investors, including former Meta India MD Ajit Mohan and former Colliers India CEO Ramesh Nair. This investment will fuel the expansion of OfficeBanao, a workspace interior platform aiming to disrupt the market with its comprehensive services. The funding will be utilized to enhance their technology-driven platform, accelerate product development, and expand the workforce. This success highlights the growing interest in proptech in India, with significant investments being made in the sector. OfficeBanao is poised to shape the future of office spaces with its innovative approach.
The Bhubaneswar Municipal Corporation (BMC) has decided to e-auction its shops in one of the city's oldest market complexes in Unit IV. The complex, developed through a public-private partnership, faced significant delays and challenges. The BMC will rent out the shops for three years instead of selling them outright. The auction includes 112 shop rooms across multiple floors. The decision aims to revitalize the market space, attract new businesses, and maximize the potential of the project. The move presents an opportunity for interested parties to secure a space in the historic market complex.
The Inspector General of Registration and Controller of Stamps in Maharashtra is conducting a comprehensive review of property registrations from 2020 to 2022. The aim is to address complaints regarding violations of real estate laws. Committees have been formed to examine property documents across the state, focusing on adherence to the Real Estate (Regulation and Development) Act and the Maharashtra Prevention of Fragmentation and Consolidation of Holdings Act. The review will cover millions of documents, and officials who illegally registered documents are under scrutiny.
Titan, a subsidiary of Tata Group, is planning to expand its global presence by opening 18 new stores for its jewellery brand, Tanishq, with a focus on the Gulf region. The company aims to have a total of 25 stores by the end of the fiscal year, driven by high demand for Tanishq jewellery. Titan also plans to expand its eye care business through the Titan Eye+ brand, initially targeting the GCC region. The company is intensifying efforts in the Tamil Nadu market and enhancing its presence in the Watches & Wearables segment. Titan achieved consolidated revenue of Rs 40,575 crore in the fiscal year 2023.
Mumbai is experiencing a trend of vertical growth, with developers taking advantage of high floor space index (FSI) in certain rehabilitation housing schemes to construct taller buildings. A prime example is the construction of India's tallest residential twin towers, Aaradhya Avaan, under cluster redevelopment regulations. Concerns are raised about Mumbai's infrastructure capacity to handle these massive constructions. Experts highlight potential negative consequences such as abuse of building materials, increased costs, concretization of open spaces, and dense living conditions. While proponents argue that Mumbai's infrastructure can handle the increased load, critics point out the lack of proper zoning laws and haphazard development.
Approximately 400 unauthorised dwellings along the Adyar River are due for demolition after the inhabitants refused to participate in a biometric verification process. The Chennai Corporation, the Tamil Nadu Urban Habitat Development Board (TNUHDB), and Revenue Authorities issued a one-week eviction notice, and plan to relocate residents to newly built TNUHD residences. The move, taken to safeguard the health of the Adyar River, signals the authorities' stern stance against illegal encroachments.
The Greater Visakhapatnam Smart City Corporation Limited (GVSCCL) is inviting private investors for a commercial development project in Asilmetta, Visakhapatnam's commercial nucleus. The proposed INR 265 crore project spans across a 2.7-acre plot and includes a shopping complex, multiplex, hotel tower, and urban recreational centre. The project, deemed the 'Landmark Project', aims to redefine the city's skyline and will operate under a public-private partnership (PPP) model. The undertaking will be developed on a Design, Finance, Build, Operate, and Transfer (DFBOT) basis with a 33-year lease period.
In Gurugram's BPTP Astaire Gardens, approximately 30 residents found their power supply abruptly cut off on Friday morning without any prior notice. The residents are blaming the maintenance agency for harassment. In response, Deputy Commissioner Nishant Yadav has initiated a three-member inquiry committee. Meanwhile, BPTP group refutes these allegations, attributing the disconnections to unpaid electricity bills. DHBVN officials affirm the power disruption was due to internal maintenance and the matter is between the agency and the residents. The investigation continues.
Sydney is facing its most significant housing crisis, with foreign students bearing the brunt of the situation. Escalating property prices and limited housing supply have made it challenging for international students to find affordable accommodations within their budgets. Many are forced into overcrowded living conditions and paying exorbitant rental prices. The housing crisis has taken a toll on their mental health, academic performance, and sense of belonging. This situation also threatens the reputation of Sydney as a preferred study destination. Efforts are underway to address the crisis, but urgent action is needed to ensure the well-being and success of international students in the city.
Musician Ben McKee's luxurious property in Las Vegas has been swiftly sold, reflecting the thriving real estate market in Las Vegas. The stunning residence, featuring contemporary design and lavish amenities, captivated buyers with its spacious interiors, state-of-the-art kitchen, multiple entertainment spaces, and a serene outdoor oasis. Its prime location in a sought-after neighbourhood, offering easy access to entertainment and attractions, added to its appeal. The transaction highlights the robust housing demand in Las Vegas, driven by a strong economy, favourable tax incentives, and the allure of celebrity-owned properties.
The Government of Canada, in partnership with Québec, has announced the construction of 1,581 new social and affordable homes across 54 projects throughout Québec. With total funding of over $308 million through the Third Canada-Québec agreement on the Rapid Housing Initiative (RHI), this initiative aims to address the housing needs of vulnerable populations. The funds will be allocated to various groups, including women and children escaping violence, homeless individuals, seniors, veterans, immigrants, refugees, people with disabilities, black Canadians, and Indigenous peoples.
SEBI, the regulatory body, is set to conduct an online auction of properties in Uttar Pradesh with a reserve price of Rs 1.07 crore. The properties were associated with Swar Agrotech, which raised approximately Rs 95 lakh through illicit investment schemes. Interested bidders have the opportunity to inspect the properties between July 17 and July 21. Quikr Realty has been enlisted to assist SEBI in the sale process. This auction marks a significant step towards rectifying the financial misconduct and seeking restitution for the investors affected by Swar Agrotech's illegal activities.
Shriram Housing Finance has successfully raised $50 million through its maiden external commercial borrowing (ECB) to diversify its funding sources. The funds will be used to finance affordable housing projects. The three-year borrowing comes at an overall cost of around 8.4 percent, including the one-year hedging cost, aligning with the company's average borrowing cost. Shriram Housing Finance aims to raise an additional $150 million this year, taking advantage of the growing interest from global investors in India's affordable housing finance sector. The company also utilises other funding avenues such as bank loans, debt capital markets, and securitization.
In a significant ruling, Justice R MT Teekaa Raman of the Madras High Court has passed an order directing the Chennai Hiranandani Residents' Welfare Association to pay a total sum of Rs1.19 lakh to the promoter, Hiranandani Developers Private Limited. The association has been held responsible for causing both inconvenience and pecuniary loss to the developer. This ruling comes as a result of the association's suppression of information, which has negatively impacted the developer's interests. The court's decision aims to ensure accountability and compensation for the harm caused by the association's actions.
The amendments regarding the use of habitable attics in Himachal Pradesh have been implemented after considering objections and suggestions received during the specified period. The new rules permit the use of attics for habitation purposes, with fees for regularization based on the size of the area. The notification specifies the permissible height, premium FAR, and additional fees for habitable attics. The height of the sloping roof and ridge is regulated, and only the area with a clear height of 2.1 meters contributes to the floor area ratio. Habitable attics are allowed for both residential and other purposes, with separate fees charged for each block. Habitual basements are treated as independent storeys.
After a hiatus of two decades, the Tamil Nadu Registration Department has recently announced a significant surge in the registration fees and stamp duty for a range of 20 services offered by the department. The decision, implemented under section 78 of the Registration Act 1908, aims to modernize and streamline the fee structure to better reflect current economic conditions. This move is expected to have a considerable impact on various transactions, such as property registrations, lease agreements, and other legal documents.
The NDMC has initiated a door-to-door survey to verify property tax records. Residents are required to provide information during the month-long survey. The assessment list for 2023–24 is based on tax returns filed the previous year. The NDMC invites residents to verify details and address objections. The survey, conducted every 4–5 years, captures changes in property sizes and structures. The NDMC collects property tax from over 16,000 taxpayers, with a total collection of Rs 932.5 crore in 2022–23. The NDMC strives for transparency and efficiency, ensuring residents actively participate in maintaining accurate property tax records.
The Greater Ludhiana Area Development Authority (GLADA) has come under scrutiny for its failure to take action against developers who have not regularized their illegal colonies, causing distress among residents. Despite the identification of a large number of illegal colonies within GLADA's jurisdiction prior to the implementation of a regularization policy in 2018, little has changed for the inhabitants. However, sources indicate that developers who previously applied under the policy may soon have a final opportunity to rectify their documentation shortcomings and obtain a No Objection Certificate (NOC) for their colonies.
The RLDA has invited bids for leasing out a prime land parcel in Naliapool Railway Colony, Dibrugarh. Spanning 36,458.18 sq. m, the land holds immense potential for residential and commercial development. With its strategic location in the heart of the city and excellent connectivity, the site is attracting the interest of local and national-level developers. The deadline for e-bid submissions is July 26, 2023. Dibrugarh, known for its tea gardens, offers a thriving tea industry and robust local transport facilities. RLDA aims to unlock the region's true potential and stimulate economic growth through this venture.
GHR Infra, a renowned real estate group, is pleased to announce its continued success in delivering exceptional properties in Hyderabad. Their flagship project, GHR Callisto, has achieved remarkable sales, with 60 percent of the available 1190 units sold. Additionally, their pilot project, GHR Titania, has witnessed an exceptional surge in sales, with 400 units sold, representing 85 percent of the available units. These achievements highlight the market demand for premium homes and GHR Infra's commitment to delivering quality and sustainable living spaces. The company remains dedicated to customer satisfaction and meeting project milestones, ensuring an uncompromising luxury lifestyle for its valued customers.
The Nakagin Capsule Tower Building in Tokyo, known for its innovative design and significance in Japan's postwar architectural movement, is experiencing a revival after being disassembled last year. Former residents, recognizing its historical value, have joined forces to preserve the capsules. Some of these iconic housing modules have found a new home in an art museum in the United States, while others are being creatively repurposed for various uses. Yodogawa Steel Works has transformed a capsule into a mobile trailer, and entertainment company Shochiku plans to install capsules as rental spaces for exhibiting artworks.
The European market for Factory Outlet Centres (FOC) is thriving as consumers prioritize "one-off" items found in outlet stores. Savills, a real estate consulting firm, reveals that Germany is the top target nation for retailers expanding their outlet offerings. Outlet centers' success depends on factors like available stock, favourable locations, and diverse brand offerings. They offer an alternative shopping experience that complements e-commerce while providing tangible benefits. The expansion of FOCs in Germany, France, Spain, and the UK reflects the demand for affordable yet high-quality products and their resilience in the evolving retail landscape.
Due to breaches in the walls brought on by a nearby construction project, the Amarnath High School building in Govandi, Mumbai, is degrading and putting the lives of its 941 students in peril. Six classrooms have been closed by the administration of the school, while the pupils are still in danger in the open ones. Since the school's request for a neighbouring building from the Brihanmumbai Municipal Corporation (BMC) was declined, rehabilitation cannot begin without moving the school. To identify a solution that guarantees the safety of the pupils and averts similar circumstances in the future, the BMC must collaborate with the school administration.
The Central Bureau of Investigation (CBI) has taken action against K J Infrastructure Projects India Pvt Ltd and its directors following a complaint from Union Bank of India. An FIR has been registered, alleging a bank fraud case of over Rs 91 crore. The accused individuals manipulated financial statements to obtain credit facilities, leading to an alleged diversion of funds and loss to the bank. The CBI conducted searches, recovering significant evidence, and highlighting concerns about financial integrity and its impact on the banking sector.
The government of Tamil Nadu has issued new regulations requiring hotels in the state to provide accommodation for drivers. The move aims to address the lack of suitable lodging options for drivers, enhancing their well-being and road safety. The guidelines mandate hotels to allocate a certain percentage of rooms for drivers, with specific proportions to be determined based on the hotel's size. The initiative has been applauded for improving living conditions and job satisfaction for drivers. While some concerns have been raised by hoteliers, the government assures a phased implementation process taking into account individual circumstances. This decision sets a positive example for prioritizing driver welfare and road safety.
Embassy Group has announced plans to launch a significant residential portfolio comprising 4 million square feet in the fiscal year 2023-24. The company aims to generate an estimated revenue of Rs 3,300 crore, with a focus on mid-segment residential properties. Additionally, the company plans to reduce project completion time to 3-4 years and diversify assets to reduce their debt, currently standing at Rs 8,800 crore. Embassy Group also expects a robust pipeline in their office space portfolio, particularly in Bengaluru, with the banking sector as the dominant occupant. They hold a stake in WeWork India and aim to raise additional funds while doubling last year's earnings.
The Andhra Pradesh High Court has requested clarification from the state government regarding permission granted by the Supreme Court for the distribution of house sites and construction of houses in the R-5 zone, as well as details on any plans for housing construction in the proposed zone. Farmers, represented by welfare associations, have filed a petition challenging the construction of houses in the R-5 zone, citing violations of building rules and land transfers. The court has scheduled further hearings for July 11 to examine the case in detail and analyse arguments from both parties.
Ford India's manufacturing unit in Maraimalai Nagar, Chennai, closed down in 2021. The Tamil Nadu government is now considering innovative ways to utilize the plant's land, with discussions ongoing for another major manufacturer to take over the facility. Ford retains ownership of the land and is exploring alternatives. The plant had an annual capacity of over 150,000 cars and employed over 2,500 workers. Tata Motors acquired Ford's Sanand plant in Gujarat, while Ford had previously considered using an Indian plant as an export base for electric vehicle manufacturing but decided against it.
The National Company Law Appellate Tribunal (NCLAT) has issued a stay order against the admission of an insolvency resolution plea filed by Bank of India against DB Realty. The developer has challenged the National Company Law Tribunal's (NCLT) decision to initiate the corporate insolvency resolution process (CIRP) against the company. The appellate tribunal has scheduled a further examination of the case on September 6. DB Realty is required to deposit ?387 crore within 90 days, based on its previous one-time-settlement (OTS) offer to the bank.
Bollywood actor Kartik Aaryan has recently acquired a luxury apartment in the prestigious Juhu area of Mumbai for a whopping Rs 17.50 crore. The apartment, located on the second floor of the Siddhi Vinayak Building in Presidency Society, boasts a carpet area of approximately 1,594 square feet. This high-profile purchase makes it one of the most expensive deals in the locality, which is renowned for housing Bollywood celebrities, directors, producers, and industrialists. Notably, Kartik Aaryan's family already owns another apartment in the same society.
Property owners in Nagpur showcased commendable tax compliance by collectively paying Rs 69.29 crore within three months of the financial year 2023–24. Approximately 47,757 property owners benefited from a 5 percent discount by paying taxes online. The target revenue for the year is set at Rs 300 crore. The city offers rebates of 10 percent and 5 percent on property taxes for early payments. Laxmi Nagar zone recorded the highest tax collection, while Satranjipura zone had the lowest turnout. Property owners who missed the previous rebate deadlines can still avail themselves of a 5 percent rebate by paying before December 31.
Shimao Property, a prominent Chinese developer, is considering including its hotel in Hong Kong as an incentive in its offshore debt restructuring plan. Shimao had initially presented a repayment plan to settle $11.8 billion in offshore debt, but after ten months, the details have yet to be determined. The company failed to make its initial offshore payment last year and had been trying to sell the Sheraton & Four Points by Sheraton Tung Chung Hotel. However, a recent filing revealed a formal agreement to restructure the hotel's loan facilities. The company holds $6.1 billion in unpaid international bonds, ranking it as the sixth-largest Chinese developer in bond issuance.
Experion Developers has launched 10 exclusive 6 BHK duplex villaments at Windchants, its upscale project in Gurugram. Spread across 23.48 acres with only 563 units, Windchants redefines exclusivity and privacy. The luxury housing project offers a variety of amenities including an open-air Jacuzzi and Asia's longest residential skywalk. Influenced by the celestial Saptarishi constellation, Windchants is designed to maximize the benefits of natural light and air flow. The calculated positioning of towers within the complex enhances a serene and luxurious living atmosphere.
The introduction of Lykli, a new brand from Ingka Centres, a major operator in commercial real estate, has been announced. Lykli seeks to transform the retail sector by developing cutting-edge gathering spaces. The first Lykli meeting place, which will be anchored by IKEA and will open in late 2025 in Gurugram, New Delhi, will have a vibrant mix of restaurants, entertainment, top-rate office space, national and international retail brands, and areas for hosting community activities. Lykli Gurugram wants to create a sense of neighbourhood while giving people's health top priority, and leading the way in environmentally friendly mixed-use developments.
Along with the Peripheral Ring Road (PRR), Mysuru Urban Development Authority (MUDA) has suggested the establishment of seven clusters in the city, including clusters for heritage living, IT, clothing, health, education, pharmaceuticals, and multipurpose use. It will take about 27,500 acres of land to build these clusters, and it will cost around Rs 41,250 crore to buy that property. Despite certain stakeholders' reservations over the project's timing and strategy, a thorough plan and tactical implementation can guarantee a balanced and sustainable development for Mysuru's future.
Finding high-quality real estate is becoming increasingly challenging for brands across industries due to soaring rents and heightened competition for space. Major retailers, aiming to compensate for the sluggish growth experienced in 2020 and 2021, are now ramping up their expansion plans post-COVID. However, the swift return of consumers to physical stores has outpaced the availability of suitable properties, exacerbating the situation. The pandemic-induced delays in retail projects have further contributed to the shortage of available spaces. Rising property rates and escalating rentals have added to the complexity.
H&M, the popular Swedish fast-fashion retailer, is planning an extensive expansion in India. The company aims to open six new stores and enter three additional cities by the end of 2023, while also emphasizing the growth of its online sales. H&M India's country sales manager, Yanira Ramirez, expressed confidence in India's potential as a growth market and highlighted the company's commitment to an omnichannel approach. With 51 existing stores, H&M India recorded a revenue of ?2,115.18 crore for FY22, marking a 49% increase from the previous year.
Bengaluru's Prestige Group and Chennai's WS Industries have formed a joint venture to develop a 1.1 million-square-foot IT park in Chennai's emerging tech hub at Porur. With an estimated value of 750–800 crore rupees, this project adds to the city's tech landscape. Mount-Poonamallee Road becomes the third IT corridor, while WS Industries focuses on infrastructure projects and plans a logistics and light engineering hub in Sunguvarchatram. This collaboration marks a significant milestone in the real estate and infrastructure sectors.
Chennai's skyline is primed for a dramatic transformation as more high-rise buildings are expected due to a recent shift in regulatory control. The government has resumed authority over planning permissions for high-rise constructions from the Chennai Metropolitan Development Authority (CMDA). This development has been met with applause from the construction sector, which anticipates quicker project turnovers. However, builders also express caution, recalling past instances of bureaucratic stagnation. The change aims to enhance the oversight process, prevent delays, and potentially stimulate Chennai's housing industry, with implications for employment and related sectors.
The luxury real estate market in central London's esteemed areas has experienced a decline in prices during the second quarter, attributed to prevailing economic uncertainties. While prices have dropped by 5.9% compared to the same period last year, the exclusive segment of properties valued at £10 million or more has shown more resilience with a slight decrease of 0.8% over the past 12 months. A closer analysis of home sales reveals a higher preference for cash transactions in Westminster and Kensington & Chelsea, indicating unique market dynamics and potentially wealthier buyers in these prestigious areas.
Melbourne is experiencing the most rapid growth in rental prices among all capital cities in Australia, primarily affecting affordable housing. The average cost of renting a unit has increased by $20 (4.4%) per week in the past three months, reaching $470 per week. Rental prices for houses have also risen, reaching $495 per week. This steep increase is eroding Melbourne's reputation as an affordable city to rent a home, with prices rising twice as fast as the national average. Experts are calling for government collaboration with industry organizations to address the growing affordability crisis and incentivize landlords to offer more rental properties.
Odisha's DN Group is under investigation by the Income Tax Department for suspected significant tax evasion. The multi-sector company has faced raids at 20 locations, with Rs 9 crore seized from an employee's residence and evidence of transactions worth Rs 105 crore. The situation has triggered a political row, with the opposition alleging ruling party investments in the DN Group. Meanwhile, a company representative has stated they will withhold comments until the conclusion of the raids.
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In a significant move, the Delhi Development Authority (DDA) has assigned 1,078 flats to economically weaker section (EWS) families in Jwalapuri Bagh and Ashok Vihar. This initiative is a part of the Seetu Punarwas Yojana, aimed at replacing slums with affordable housing. The recipients were issued allocation letters on June 27. To facilitate this process, a facilitation centre was inaugurated by MP Harsh Vardhan. The centre will offer services such as biometric verification, loan assistance, and document processing for property possession.
Property developers in Gujarat are urging the state government to grant stamp duty exemptions for homeowners in redevelopment projects. Echoing a recent Bombay high court ruling, they argue that homeowners are not buying new homes, hence should not bear the burden of additional stamp duty. This move, they believe, could reenergize the stalled redevelopment sector by reducing financial pressures on existing homeowners, especially amid recent jantri rate hikes.
The Aam Aadmi Party (AAP) government in the national capital recently presented a report to the National Green Tribunal (NGT), suggesting an increase of 50 percent in penalties for non-residential units. The report highlights the need for stricter measures to enforce environmental regulations. According to the AAP government, this higher penalty would serve as a deterrent and encourage non-residential units to comply with the prescribed norms. The proposal aims to ensure greater accountability and adherence to environmental standards in commercial and industrial establishments.
The Municipal Corporation of Delhi (MCD) has initiated trial runs for its largest construction and demolition (C&D) waste plant located in Burari. With a daily processing capacity of 2,000 tonnes, the plant is expected to be fully operational next month. It aims to meet the waste disposal requirements of government agency sites and local residents in six zones, including Civil Lines, Paharganj, and Karol Bagh. Government agencies can deposit waste after paying processing fees, while private players will be charged for transport and processing from their homes.
The Central Ground Water Authority (CGWA) has recommended a substantial fine of Rs 230 crore on 30 developers operating in Greater Noida West, popularly known as Noida Extension. These developers have been accused of illegally extracting groundwater, and the case is currently being heard by the National Green Tribunal (NGT). The CGWA's recommendation follows an interim compensation of Rs 76 crore that was levied on 38 builders in May by a joint committee consisting of the Central Pollution Control Board, Uttar Pradesh Pollution Control Board, and the district administration.
The Gran Misión Vivienda Venezuela (GMVV) in Venezuela has reached a significant milestone by delivering its four millionth house, part of a broader public policy to provide affordable housing to working people. The program, introduced during the Bolivarian Revolution, constructs and assigns homes to individuals with low incomes, offering flexible payment plans based on construction costs. Communities actively participate in the construction process, reducing overall program costs. The GMVV also includes social infrastructure and promotes community engagement, contributing to a comprehensive approach to housing development in Venezuela.
Hong Kong plans to reclaim land and build three artificial islands as part of the Kau Yi Chau Artificial Islands project to address the housing crisis. The initiative aims to create more affordable housing options and increase land supply. However, concerns have been raised about potential environmental damage and the significant financial investment required. The project is part of the broader Lantau Tomorrow Vision, which seeks to transform Lantau into a transportation hub and connect Hong Kong with the Greater Bay Area. Sustainable funding solutions will be crucial for the successful implementation of the project.
Tech-enabled home builder, BuildNext, has announced its plan to set up experience centres across India. These centres aim to revolutionize the real estate sector by offering immersive experiences and advanced technology solutions to potential buyers. Through virtual reality and augmented reality, customers can explore architectural designs and make changes to layouts. The centres will also provide expert guidance, showcase home automation systems, and promote sustainable living. BuildNext's commitment to customer-centricity and innovation sets a new benchmark in the industry, redefining the home buying experience in India.
Ace Group has unveiled its latest commercial venture, 'Ace 153', in Sector 153, Noida, showcasing their commitment to innovation and excellence in real estate. With an impressive portfolio of completed projects and ongoing developments, Ace Group is known for setting new standards in the industry. Ace 153 is strategically located within 500m of the expressway and a short walk from the metro station, making it a game-changer in the commercial landscape. Its positioning along the route from Noida International Airport at Jewar offers prime accessibility and attractive investment prospects.
Century Real Estate launched Century Eden Prime, a premium plotted development that quickly sold 75 percent of its plots within 10 days. Situated on Yelahanka-Doddabalapura Main Road in Bengaluru, this project offers high appreciation potential and features a 16,000 sq. ft. clubhouse with a range of amenities. The success of the launch demonstrates customers' trust in Century Real Estate's brand and their appreciation of the value provided. With a strong commitment to elevating standards and creating exceptional living experiences, Century Real Estate continues to meet market demands with innovative developments that cater to the changing needs of buyers.
Investcorp, a global investment manager, injects Rs 500 crore into NDR Warehousing, a leading Indian warehouse development platform. This follows Investcorp's previous investment of $55 million in NDR. With warehouses across 10 cities and 14 million square feet of operational assets, NDR aims to list part of its portfolio as an Infrastructure Trust. Investcorp's continued support reflects their confidence in NDR's market leadership and the potential of India's warehousing sector. The partnership aims to create a diversified warehousing platform. Investcorp's India Real Estate team has deployed over $350 million in various sectors, while their private equity ventures span consumer tech, healthcare, and more.
Piramal Capital & Housing Finance plans to sell a distressed loan portfolio worth Rs 2,437 crore to JM Financial ARC for Rs 1,669 crore, recovering 68 percent of its original value. The Swiss auction, employing a competitive bidding process, concluded with JM Financial ARC as the anchor bidder. This follows Piramal's recent divestment of the Rs 3,656 crore loan pool to Omkara ARC. The parent company, Piramal Enterprises, reported a loss of Rs 196 crore in Q1 2023, contrasting with a profit of Rs 151 crore a year ago. These strategic moves exemplify Piramal's commitment to optimizing its loan portfolio and navigating the financial landscape.
The SCB has achieved remarkable success with the introduction of the innovative eChhawani portal for property tax payments. By the initial deadline, they had received Rs 10 crore out of the total of Rs 38 crore in property tax. The deadline has been extended to July 15 to accommodate families burdened by school fees. The SCB plans to take action against wilful defaulters owing Rs 5 crore. The eChhawani portal has facilitated seamless online payments, eliminating excuses for delay. The SCB has assessed over 30,000 properties and aims to add 12,000 more. This marks a visionary step towards efficient tax collection and urban development.
The Ahmedabad Urban Development Authority's ambitious plan to sell 17 plots for Rs 1,238.35 crore has encountered significant challenges. In the initial auction phase, only four plots were sold, raising concerns. High prices and uncertainty over the new Jantri rates has deterred bidders. Two expensive plots in Vejalpur failed to attract any interest. AUDA refrained from auctioning six plots in Bhopal. Despite their efforts, the auction fell short of expectations. AUDA has not officially disclosed auction details, but insiders suggest disappointment. Nonetheless, two plots in Manipur-Godhavi and two in Chandkheda were successfully sold.
The Chandigarh Municipal Corporation is taking action against property tax defaulters by issuing recovery notices. Around 30,000 residential property taxpayers have failed to make their payments on time, resulting in notices being sent to 3,500 defaulters. The MC aims to intensify its efforts in the coming days. In total, there are 1.42 lakh property tax assessees in Chandigarh, with 1.12 lakh being residential properties. Those who did not pay by the deadline now face penalties and interest. The MC has added 6,000 new assessees this year and utilized the Indian Post Office for property tax bill delivery.
The Chinese real estate sector is experiencing a decline in spending on land acquisitions, reflecting a lack of confidence and a weak economy. Property sales have remained stagnant, with a significant drop in June compared to the same period last year. The industry is facing challenges from a debt crisis, resulting in corporate defaults and declining buyer confidence. Despite measures taken by local governments to boost the sector, investor sentiment remains fragile. The top 100 developers saw minimal year-on-year growth in sales, and many companies have downsized. However, the CREIS predicts a slight increase in sales for the full year.
Godrej Interio, the furniture solutions arm of Godrej & Boyce, has clinched the interior and MEP contract for Terminal 2's transit accommodation at Cochin International Airport. This development marks the third collaborative venture with Cochin International Airport Limited (CIAL) since 2015. Spread over 55,000 sq ft, the project includes a range of services, from civil finishes to fire protection. The revamped transit accommodation space is set to be unveiled to the public in 2024. This partnership reaffirms Godrej Interio's commitment to infrastructure development, underlining its contribution to India's economic growth.
To enhance the supply of sand and stop illicit mining, the mining department in Rajasthan proposes to auction 100-hectare sand mining blocks in each district. After locating the blocks, the mining department is responsible for creating a detailed project report (DPR). The survey will be finished in four months. In order to control the business, guarantee legal compliance, and stop unlawful activities that present environmental and economic issues while meeting Rajasthan's demand for sand resources, it has been decided to auction off mining blocks in each district.
In a late-night incident in Mumbai's Malad West, nearly 20 families were evacuated from a building after a floor in one of the flats collapsed, resulting in two injuries. The affected flat was located on the fourth floor of Navjivan Cooperative Housing Society's C wing in Evershine Nagar. Following an inspection by BMC officials, the residents were asked to immediately vacate the premises due to safety concerns. The injured individuals are reported to be in stable condition. The building's redevelopment is underway, with plans to demolish it if necessary.
In a concerning development for Hong Kong's property market, second-hand home prices have experienced a decline due to a combination of factors. The market is currently grappling with an oversupply of properties and the looming prospect of interest rate hikes. Industry experts predict further price drops, with property consultancy Knight Frank estimating potential declines of up to 5% for the entire year. The decline in May's pre-owned home price index reflects the impact of interest rate increases, causing industry observers to anticipate another drop in June.
Flipkart's Senior Vice President, Amitesh Kumar Jha, has purchased a luxury villa in the prestigious Adarsh Palm Retreat in Bangalore for a whopping Rs 15.5 crore. The transaction for the property, which spans a super built-up area of 4245 sq. ft., was concluded in May. This acquisition comes amid the rising demand for high-end real estate, fuelled by a growing population of high-net-worth individuals and increased urbanisation, suggesting a bright future for India's luxury real estate market.
A four-member expert committee in Haryana has submitted a report recommending the implementation of the stilt-plus-four (S+4) floors concept in residential areas of the state. Led by former IAS and chairman of Haryana State Pollution Control Board P Raghuvendera Rao, the committee's report emphasizes safety measures, infrastructure considerations, and the well-being of occupants. Key recommendations include limiting occupancy levels, reducing building height for proper ventilation and sunlight, and addressing concerns about sewage systems and water supply. The report has been forwarded for examination, and the government's decision on its recommendations will shape the future of residential construction in the state.
Coimbatore's town planning section of the corporation has introduced a new regulation pertaining to land development. According to an official from the section, any layout covering an area of 3,000 square meters or larger will now be required to allocate space for OR (Open Reserve) land. This decision aims to ensure the preservation of public spaces and enhance urban planning in the city. By mandating developers to earmark land for OR purposes, the Coimbatore civic body aims to strike a balance between urban development and the provision of adequate open spaces for the community.
Residents of Tamil Nadu Housing Board (TNHB) in Avadi staged a demonstration due to various problems such as lack of water supply and incomplete infrastructure facilities. Despite promises made by TNHB, drinking water is still not available in certain wards, and the stormwater drain remains unfinished, causing water stagnation. Residents are also concerned about the safety of children near a canal. Additionally, they allege that TNHB is attempting to sell plots designated for essential facilities. The Avadi Corporation commissioner has assured residents that measures are being taken to address these issues and provide a reliable water supply.
The National Company Law Tribunal (NCLT) has granted approval to a consortium led by Ashdan Developers for the insolvency resolution plan of D S Kulkarni Developers, a real estate developer burdened with debt. The consortium intends to pay Rs 826.30 crore to the stakeholders of the developers, including secured creditors, unsecured creditors, and operational creditors. Homebuyers will receive flats as compensation. The resolution plan received approval from over 83.3% of the lenders represented by the committee of creditors. The Mumbai bench of NCLT initiated the corporate insolvency resolution process for D S Kulkarni Developers in September 2019. This successful resolution plan is a positive development in the ongoing efforts to resolve insolvency and bankruptcy cases in the real estate sector.
The Gujarat High Court has requested information on the status of regularization applications for unauthorized constructions in municipalities across the state. In a PIL hearing, it was disclosed that 13,575 regularization applications have been received by 156 municipalities. The court directed the deputy commissioner of municipalities to submit details on actions taken, while also seeking updates on the regularization requests pertaining to unauthorized structures in Dholka. Two out of four builders responsible for the unauthorized constructions have already applied for regularization. The court expects the authorities to provide the requested information by August 9.
Residents of Chander Kunj Army Towers in Silver Sand Island, Vytilla, are living in fear as serious structural issues have rendered their homes unsafe. Reports from reputable agencies have highlighted design flaws, substandard construction, and the use of low-quality materials. The buildings have a limited service life of only 10 years unless extensive strengthening measures are undertaken. Residents have taken legal action against the Army Welfare Housing Organisation (AWHO) and accused them of concealing construction irregularities. The plight of the residents emphasizes the need for accountability and highlights the importance of stringent oversight in housing projects.
Unplanned daily power outages spanning six to twelve hours have been impacting water supply for residents of Gurugram's DLF 2, Sector 56, and Ardee City. The DISCOM has come under fire for its poor supply and inaction regarding complaints. Disruptions have been brought about by problems with the power infrastructure, such as low voltage, fluctuation, and tripping. Residents have reported subterranean cable faults, substation failures, and problems at the powerhouse despite the fact that authorities have showed little interest. The DHBVN disputes the existence of a power shortfall, attributing blackouts to regional faults, and guarantees monitoring through an ongoing smart grid initiative in the region.
Hero Realty Pvt. Ltd. has introduced its new brand, 'Hero Earth,' dedicated to delivering premium plotted development projects. The company has launched its flagship project, 'The Ark,' located in Gurugram's Sector 85. 'The Ark' offers meticulously designed plots with essential amenities, strategic location advantages, and a commitment to quality living. Hero Realty aims to establish itself as a prominent player in the plotted development market with 'Hero Earth' and 'The Ark' project.
Corem Property Group, ALM Equity, and Broskeppet Bostad have agreed to sell a majority stake (51%) in Klovern, a Swedish housing company, to property investor Nrep. The deal, valued at 2.5 billion Swedish crowns, will also involve an additional investment of 4 billion Swedish crowns in Klovern by Nrep through share issuances. This transaction will enable Klovern to fulfill its project portfolio of approximately 24,000 homes and establish itself as one of the largest housing companies in Sweden. Following the sale and a subsequent share issuance, Nrep's ownership stake in Klovern will increase to 65%, while Corem's ownership will decrease to 17%.
Vienna, Austria, has gained recognition for its progressive approach to social housing, with over 60% of the city's residents living in subsidized housing. City-owned flats and cooperative apartments make up a significant portion of the housing market, and stringent rent control laws ensure that residents spend only a fraction of their income on housing. Vienna's commitment to housing as a fundamental right has resulted in aesthetically appealing homes with communal amenities, fostering economic diversity within the council estates. The city's model serves as a successful example of collaboration between public and private entities in creating affordable and liveable urban areas.
HDFC, post-merger with HDFC Bank, is considering a one-time settlement offer from promoter DP Jain for the sale of two Radisson Blu hotels in Ghaziabad. The outstanding loan for these properties is Rs.507 crore, and the settlement offers from DP Jain and Prudent ARC are Rs.315 crore and Rs.311 crore, respectively. HDFC is currently evaluating these offers, which could result in a 61% recovery for the outstanding loan amount. The evaluation process will determine the course of action for HDFC in addressing the loan default.
K Raheja Corp Homes has unveiled Maestro, a collection of ultra-luxury limited edition homes situated in Mumbai's Juhu micro-market. Maestro offers approximately 100,000 square feet of premium saleable area with stunning views. Residences are designed by renowned Eco-Id Architects. The project has received its RERA certification and possession is scheduled for 2026. Notable features include a rooftop infinity pool, extensive amenities, and a strong focus on sustainability with IGBC Gold pre-certification.
Equity Address, a fintech platform for second home ownership, aims to raise $2.5 million by offering a 20 percent stake to strategic investors. The parent company, Equity Address Private Limited, operates two brands: Equity Address, a tech-enabled marketplace for real estate co-ownership, and The Venya, a global holiday home rental platform. Discussions are underway with venture capital firms and angel investors to close the funding round in the next two to three months. The investment will primarily be used for asset acquisitions, while Venya manages over 400 homes across 22 countries. The market for second homes is expected to exceed $4 billion by 2026.
Les Rivages de Almuñécar, a colossal vertical art mural commissioned by French luxury property development company Les Rivages, is nearing its final stage of completion at 80% progress. Created by artist José Ríos, the mural spans across three 12-story buildings in the Velilla area of Almuñécar, Spain, covering over 6,000 square meters. Once finished, it will be the largest vertical mural in Europe. The mural is part of the environmentally sustainable Le Grand Large development, featuring 15 luxurious villas with complete energy self-sufficiency. Les Rivages, also known as Remisol Invest, has been successfully developing and managing properties along the Costa del Sol and Costa Tropical for over a decade.
Hong Kong's property market is experiencing a shift as developers strive to attract buyers by significantly reducing prices and providing enticing incentives. In response to a decline in new home sales, developers are slashing prices, with some offering units at levels last seen years ago. Additionally, incentives such as mortgage discounts, dining vouchers, and travel vouchers to desirable destinations like the Maldives are being offered to boost sales. While experts predict a rebound in transactions, the market continues to face challenges, and it may take time for the economy to fully recover and stabilize.
Bollywood star Ajay Devgn has invested over Rs 45 crore in acquiring five office spaces in Mumbai's Andheri suburb. The properties, spread over 13,293 sq ft within the under-construction 'Signature' commercial tower, were purchased in transactions concluded in April. The deal includes 14 exclusive parking slots. This purchase adds to Devgn's growing real estate portfolio, echoing the trend among high-net-worth individuals, particularly from Bollywood, of investing in property despite rising prices and mortgage rates.
The recent audit by the Office of the Accountant General reveals misuse of property IDs in Karnal, Haryana. The IDs, introduced to promote transparency in property transactions, were misused to register properties in unauthorized areas, avoiding necessary regulations. The audit also highlighted significant encroachments on emergency access routes in Gurgaon. These findings underscore the need for stricter oversight in Haryana's real estate transactions.
Noida has unveiled 'Vedvan Park', India's first-ever Vedic-themed park. Constructed with an outlay of INR 27 crore, the park hosts over 50,000 plant species mentioned in the ancient Vedic scriptures. The site, which once served as a dump yard, now offers a unique blend of cultural history and nature across its seven zones, named after renowned Vedic sages. The park also features a Vedic-themed laser show, murals from the Vedic era, an outdoor gym, and a solar-powered amphitheatre. It is anticipated to attract residents from local sectors and nearby communities.
In an ongoing corruption investigation, IREO's CEO, Lalit Goyal, was arrested on Tuesday by the Enforcement Directorate (ED). The arrest, carried out in Gurugram, is part of a larger probe into alleged bribery involving a previously appointed judge. Goyal's arrest is the fourth made by the ED in less than a month, underscoring the agency's crackdown on corporate malfeasance. With the case raising serious concerns over collusion between corporations and the judiciary, it has drawn renewed public attention to the necessity for transparency in the legal system.
Indore's Municipal Corporation aims to redefine the city's energy landscape with a sustainable initiative: the installation of solar panels across 85 identified neighbourhoods. Mayor Pushyamitra Bhargava and IMC Commissioner Harshika Singh led the initiative, which hopes to garner the city a 'Solar City' title. The comprehensive plan, designed to promote green energy, also incorporates community development projects like restoration of community halls and establishment of a library in the student-heavy Bhawarkuan area. This move sets Indore as a precedent in the race towards sustainable urban living.
The Telangana government has taken a strong stance against the proposed partial merger of civilian areas within the Secunderabad Cantonment Board (SCB) into the Greater Hyderabad Municipal Corporation (GHMC). A preliminary report by an excision committee outlined the proposed transfer of civilian land to the GHMC while leaving defence land under the control of the SCB and Local Military Authority (LMA). The Telangana government's opposition sets the stage for potential negotiations with the defence ministry, and the final decision will have significant implications for administrative entities and affected residents.
The residents of HR Layout in Bengaluru are facing increasing challenges due to poor parking management in the city. The surge in office spaces in the area has put a strain on parking infrastructure, causing vehicles to encroach on footpaths and making it difficult for pedestrians to walk. The lack of clear distinction between commercial and residential zones has further compounded the issue. Residents have expressed concerns about the disappearing green cover and have called on the municipal corporation to ensure sufficient parking facilities or find alternative solutions. Residents have reported these incidents to the police, but no action has been taken.
The cost of establishing a disposal plant in Dhandari, under the Smart City Mission, aimed at managing the substantial construction and demolition (C&D) waste of Ludhiana, has escalated significantly. Originally estimated at Rs 2.7 crore, the project's expenses have now surged to Rs 7.6 crore. The plant was intended to efficiently handle the city's vast quantities of C&D waste. However, the substantial cost escalation poses a challenge to the project's implementation. The increased financial burden could impact the timely completion and effectiveness of the plant, potentially requiring additional funding or reassessment of the project's scope.
The Ahmedabad Municipal Corporation (AMC) has introduced a new policy requiring property owners to obtain a 'no due' certificate from the property tax department before being granted building use (BU) permission. The move aims to address the issue of unpaid property taxes for open land. The revised guidelines ensure that property owners settle all outstanding tax dues before utilizing their buildings. The AMC intends to crack down on tax evasion and the duplication of tax entries, promoting accountability and accurate tax billing. The implementation of these measures reflects the AMC's commitment to maximizing revenue and creating a fair and transparent system.
JK Administration has successfully granted plots to a total of 2,711 landless families in Jammu and Kashmir. The allocation of land comes as part of the Pradhan Mantri Awas Yojana (PMAY), aimed at providing affordable housing to those in need. An official statement revealed that the administration plans to continue providing land to eligible families based on the existing list. The administration is determined to address the backlog of land allotments and aims to complete the process by March 2024.
The Yamuna Expressway Authority (YEIDA) has announced its intention to appeal the National Company Law Tribunal's (NCLT) approval of the resolution plan for the Lotus City residential plots project. The NCLT had deemed the plan submitted by Ace Infracity Developers compliant with the Insolvency and Bankruptcy Code (IBC) and approved it unanimously based on the approval of the Committee of Creditors (CoC). However, YEIDA raised objections due to outstanding dues and has decided to challenge the decision in the National Company Law Appellate Tribunal (NCLAT).
According to a survey conducted by the National Tax Agency, land prices in Japan increased for the second consecutive year in 2022, indicating a gradual rebound from the effects of the pandemic. The survey revealed that average land prices rose by 1.5%, following a 0.5% increase in 2021. Hokkaido experienced the largest growth with a rise of 6.8%, driven by demand for commercial and residential land in Sapporo city. In Tokyo's Ginza district, the most expensive area in Japan, land prices increased by 1.1%, marking the first rise in three years. The revival of inbound tourism contributed to the upward trend in prices. The survey encompassed over 320,000 plots across Japan.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has directed Ajnara Realtech, a realty firm, to complete its stalled housing project, Ajnara Le Garden Phase-3, in Greater Noida by June 2025. The project, launched in 2014, faced challenges and was unable to meet the completion deadline. UP-RERA has granted authorization to the existing promoter to resume construction and has set a deadline for the delivery of homes to the 476 allottees. The estimated cost to complete the project is around Rs 186 crore, which will be financed through various sources. Ajnara Realtech is required to deposit Rs 4 crore as upfront capital within the next three months.
HSBC, the largest bank in Europe, has announced its decision to move its headquarters from Canary Wharf to a smaller office in central London. The new location, Panorama St Paul's, offers recently refurbished space with rooftop gardens and views of St Paul's Cathedral. The move is expected to be completed by late 2026. This decision reflects the ongoing challenges in the commercial real estate market due to the COVID-19 pandemic and the increasing trend of remote work.
Four real estate developers in mainland China have recently received approval to refinance through share placements, amounting to a total of 19.9 billion yuan ($2.8 billion). These approvals signal a relaxation of restrictions on equity fundraising in the struggling real estate industry. The move aims to improve liquidity and restore investor confidence in the market. The successful completion of these share placements is expected to enhance cash flow for the companies and stimulate further investments. State media reports indicate that several developers have already expressed their intentions to reduce equity refinancing plans.
SL Green Realty Corp, a real estate investment trust (REIT), witnessed a significant increase in its stock value after successfully selling a 50% ownership stake in a prominent office building in New York City. Valued at $2 billion, the transaction suggests a positive outlook for the struggling commercial real estate market in the city. The sale of the prestigious property at 245 Park Avenue to Mori Trust Co Ltd's American subsidiary indicates resilience in the market despite challenges such as oversupply and remote work trends. SL Green Realty Corp plans to enhance the building's design and amenities as part of the transaction. The company's stock surge outperformed other REITs and contributed to a rise in the S&P 1500 Office REIT index.
A controversy has emerged in Vadodara over the deteriorating condition of decade-old houses in Jivannagar and Himmatnagar. Residents, pointing to signs of rapid decay like visible cracks, seepage, and falling concrete, have lodged complaints about their living conditions. Despite officials blaming poor maintenance, residents insist the issues stem from shoddy construction. Demands have been made for new homes or relocation permissions. Meanwhile, Himmatnagar residents have asked for their scheme's consideration for redevelopment, asserting their readiness for such a process.
Despite opposition from councillors, the Shimla Municipal Corporation approved a four percent increase in property tax during its recent monthly meeting at Bachat Bhawan. The proposal to raise taxes based on a new formula faced resistance, while concerns were raised about Rs 40-crore grant. A similar tax system is recommended nationwide to mitigate potential grant cuts. Taxes will increase annually based on the state's five-year GDP average, with a four percent rise this time. The Municipal Corporation will issue two tax bills annually for the first time, impacting over 30,000 building owners and generating around Rs 1 crore additional revenue.
The KHB colony in Amargol Phase 2, near Navanagar, faces various challenges with inadequate infrastructure and basic amenities. Despite the construction of over 500 houses, residents suffer from a lack of essential services and the negligence of housing board officials. The scarcity of drinking water and unsanitary conditions are major concerns, while damaged roads, overgrown vegetation, and safety hazards worsen the situation. The demand to hand over the colony to the HDMC remains unanswered. Corporator Manjunath Burli emphasizes the need for the KHB to provide basic facilities until the transfer takes place.
The NGT-formed committee has recommended imposing penalties on 84 hotels in Ghaziabad for engaging in illegal groundwater extraction. The fines, ranging from Rs 10 to Rs 50 lakh per hotel, are calculated retrospectively for five years. Ghaziabad has experienced a significant decline in groundwater levels, with depletion of 6.1 metres in the past six years. This highlights the pressing need for sustainable water management practices in the area. The NGT is set to hear the case soon, drawing attention to the environmental impact of unregulated groundwater extraction and the importance of conserving this vital resource.
The Delhi High Court has delivered a significant ruling, stating that advocate offices located in residential buildings should not be considered "business buildings" and therefore should be exempt from property tax. The court emphasized that the professional activities of lawyers should not be treated as commercial activities, as the Delhi Municipal Corporation Act does not grant the authority to tax professional activities conducted from residential premises. The court upheld the exemption of advocates' services from business establishment taxes, citing previous judgments and highlighting the need for explicit taxation powers in the relevant statutes.
The Delhi Development Authority (DDA) has allowed the amalgamation of two adjacent flats as part of their new housing scheme, which has received a positive response with 4,000 registrations so far. Applicants purchasing two neighbouring flats can merge them by creating a common door through a shared wall, subject to necessary approvals. This provision also applies to those who already own a flat from a previous scheme. The scheme offers 1-BHK, 2-BHK, and 3-BHK flats in various locations across Delhi, providing flexibility and personalized living spaces to meet the diverse needs of potential homeowners.
The Municipal Corporation of Gurugram (MCG) has imposed a fine of Rs 1.1 crore on the developer of Platinum Tower for illegally dumping 12,881 metric tonnes of construction waste on the master stormwater drain in the greenbelt area. The MCG will also recover Rs 92 lakh for debris removal and disposal, along with a penalty of over Rs 18 lakh. The action was taken following the discovery of a blocked drain causing waterlogging. The developer has refused to comment. The MCG's strict actions aim to deter illegal dumping and ensure proper waste disposal in Gurugram.
Uttar Pradesh Real Estate Regulatory Authority (UP RERA) Chairman Rajive Kumar announced the successful resolution of recovery certificates worth Rs 1,200 crore across the state since 2018. This achievement was made possible through recovery efforts and mutual consent. The financial year 2022-23 contributed approximately 33% of the total resolved certificates. Chairman Kumar highlighted the effectiveness of the Conciliation Forum in resolving over 1,200 cases, resulting in Rs 485 crore worth of property disputes being resolved. Additionally, he inaugurated a coffee-table book chronicling UP RERA's achievements since its establishment in 2018.
Mahindra Lifespaces Developers Limited, renowned for its resorts and Club Mahindra services worldwide, has launched its first plotted project, Lakefront Estates, at Mahindra World City in Chennai. Spread across 19 acres, the project offers customized living experiences with excellent infrastructure, lush green spaces, and a picturesque view. Located amidst the serene Paranur Hills, overlooking the Kolavai Lake, the project aims to provide an unparalleled lifestyle in a city setting.
SETTL, a leading full-stack co-living operator, is planning to expand its operations to Pune, Noida, and Chennai after establishing a strong presence in Bengaluru, Gurugram, and Hyderabad. With a focus on providing quality rental accommodation to working professionals, SETTL aims to become the top player in the premium co-living segment. The company has witnessed significant revenue growth and targets a revenue of Rs. 41 crore in the coming year, along with plans to offer 5000 beds. Despite the challenges faced by the co-living segment during the pandemic, SETTL is optimistic about the increasing demand for rental accommodation as people return to work from their hometowns.
According to the association, a significant number of buyers, specifically 471, who had invested in SARE Homes, have been unable to secure their flats. This predicament arose due to the alleged failure of KGK-Dhoot and Interim Resolution Professional (IRP) to adequately inform them about the necessary filing procedures. As a result, these buyers were not equipped with the knowledge required to claim their properties. The association expressed its concern regarding this issue, emphasizing that the affected individuals were left uninformed and unable to exercise their rights as purchasers.
Shivakumar, the Deputy Chief Minister of Karnataka, has responded to the appeals made by concerned individuals and directed government officials to establish a committee. This committee will consist of representatives from both the government and apartment federations, aiming to foster effective coordination and address a range of issues. The primary objective of this committee is to tackle the challenges faced by apartment residents and work towards finding suitable solutions. By bringing together key stakeholders, including government officials and apartment federation members, Shivakumar aims to enhance collaboration and ensure a systematic approach in resolving the concerns raised by residents.
Iraq has unveiled an ambitious plan to address the country's housing problem by designing five new residential cities, with plans for an additional 10 projects underway. The Ministry of Construction and Housing is leading the initiative, aiming to construct 100,000 houses in the initial phase. The residential cities will be strategically located across Iraq, including in Baghdad, and will feature essential infrastructure and facilities. The government intends to collaborate with local and foreign developers to ensure successful implementation. The announcement brings hope to the Iraqi population, offering improved housing options and a better quality of life.
A cave-in near Magathane Metro station in Borivli East has resulted in prompt action by the Brihanmumbai Municipal Corporation (BMC) and safety measures by the Mumbai Metro Operation Corporation Limited (MMMOCL). The incident was caused by deep excavation conducted by a builder for a private project, leading to the collapse of a stormwater drain chamber and potential risks to the station's foundation. The BMC has issued a stop work notice and filed an FIR against the responsible builder, while the MMMOCL is working closely with the BMC to ensure the safety of metro services and implement necessary measures at the site.
The Chennai Metro Rail Limited (CMRL) has revealed the final detailed project report (DPR) for the Madurai Metro Project, showcasing ambitious plans for the construction of 27 metro stations along a 32 km rail track. The revised plan includes a combination of underground and elevated corridors to enhance connectivity in Madurai. The submission of the DPRs for both the Madurai Metro and Coimbatore Metro projects is scheduled for July 15, with the aim of completing the Madurai metro within four years.
Luxury real estate developer Dar Global has unveiled its latest project, Tierra Viva, in Benahavis, Spain. Valued at approximately 282 million euros, Tierra Viva is located within the secure community of Los Jararillos, offering breath taking views of the Mediterranean Sea. Inspired by the iconic design of Automobili Lamborghini, this residential project marks the brand's first collaboration in Europe. The community features individual grand villas with various designs and luxurious amenities, including direct car access, panoramic swimming pools, and lush gardens.
A significant number of Iranian housing developers are migrating to Turkey and Georgia, raising concerns about the local economy, according to Iran's Real Estate Consultants Association. The country's deteriorating economic situation, characterized by high inflation, a weak currency, and limited investment prospects, has disproportionately affected developers dependent on the construction industry. As the economic crisis persists, developers are increasingly seeking opportunities abroad due to a lack of prospects at home. The appeal of better social and economic conditions overseas has driven many Iranians to seek a new life elsewhere.
The Karnataka government, led by Minister Byrathi Suresh, plans to grant 'B' khatas to unauthorized urban properties, excluding Bengaluru. This move aims to facilitate property sales and bank loans. The initiative is expected to contribute around Rs 1,100 crore to the state exchequer. The government is refining the plan, and an official order will be issued soon. Additionally, a committee is reviewing the Akrama-Sakrama scheme. The government is also investigating irregularities in the Smart City project. The Jal Jeevan Mission has been temporarily halted due to implementation issues.
Shivalik Group's residential tower project in GIFT City, Ahmedabad, has garnered immense success, selling 250+ apartments worth Rs 300 crore within a mere 15 days. The strong demand for luxurious homes in GIFT City and trust in the Shivalik Group have contributed to this achievement. The project offers 2BHK and 3BHK homes to diverse buyers, including NRIs. With top-notch amenities and innovative construction techniques, it aims to be completed by early 2027. Shivalik Group is proud to contribute to GIFT City's vision as an international financial hub, with more projects planned in the future.
The UP cabinet has approved a proposal to levy a 'metro and RRTS cess' on developers in cities where these services are being developed, initially in Ghaziabad and Meerut. The cess will be implemented within a 1.5-kilometer radius of the metro or RapidX corridor. The decision aims to generate revenue for the cash-strapped Ghaziabad Development Authority. Developers' associations are awaiting the official notification before deciding on their response. The cabinet's approval signifies a policy decision that may extend to other districts as well. Legal challenges to the decision remain uncertain pending the notification.
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Conscient Infrastructure has acquired 6.6-acre land in Gurugram for approximately Rs 85 crore to develop a housing project, leveraging the bullish market. Real estate consultancy Cushman & Wakefield facilitated the deal. The land parcel has a development potential of over one million square feet. With this strategic move, Conscient Infrastructure capitalizes on the demand surge for residential properties, solidifying its position as a leading developer in Gurugram. The company's partnership with Hines to establish the 'Elevate Homes' platform further demonstrates its commitment to shaping the future of real estate in Delhi-NCR.
Stockholm Wood City is an ambitious project in the Sickla neighbourhood of Stockholm, designed by Scandinavian architectural studios Henning Larsen and White Arkitekter. This innovative development aims to be the world's largest wooden city, utilizing mass-timber construction techniques to create a sustainable and harmonious living and working environment inspired by nature. It will contain 7,000 office spaces and 2,000 homes spread across 250,000 square meters. Construction is set to begin in 2025, with the first buildings expected to be completed by 2027, and the project will be implemented in sequential phases to gather insights and apply them to subsequent stages.
Construction has started on the 2-acre retail high street project known as Paras Avenue by Paras Buildtech in Noida Sector 129. The concept intends to reinvent the high-street shopping experience and offer customers a distinctive place to buy and eat. The remarkable design, wide frontages, and flexible spaces on Paras Avenue make it the perfect setting for maximizing the economic potential of a variety of goods and services. Double-height retail locations increase brand visibility and draw greater leasing fees from investors. With a proven track record of creating commercial properties, Paras Buildtech is a dependable and respectable developer.
In a bid to compensate those affected by the Navi Mumbai International Airport project, the City and Industrial Development Corporation (CIDCO) has allocated 46 plots to Project Affected Persons (PAPs) via a computerised draw. The plots, given under rehabilitation and resettlement and the 22.5% compensation schemes, reflect CIDCO’s commitment to fair processes and generous compensation. The development also includes substantial benefits like rental disbursements, one-time special assistance, and agricultural compensation.
Residential housing loans have surged from 8.6 percent in March 2012 to 14.2 percent in March 2023, as per the Reserve Bank's Financial Stability Report, indicating a significant increase over the past eleven years. The housing sector is thriving, with sales witnessing a remarkable 21.6 percent increase in the fourth quarter of 2022–23. This strong growth reflects the high demand for new launches, showcasing a positive market outlook. The low NPA rate in the home loan segment can be attributed to Indians' inclination to repay loans promptly and the regulatory framework established by the RBI.
In a shocking revelation, a massive real estate scam amounting to INR 450 crore has been uncovered in Panipat. The illegal scheme reportedly involves Haryana Shehri Vikas Pradhikaran (HSVP) and local revenue officials. Joginder Swami, a local resident, blew the whistle on this enormous fraud, involving a 7,200 square feet commercial plot near the GT Road. Investigations are underway, and criminal proceedings against the implicated individuals are expected to follow. This incident underscores the urgency for heightened transparency and regulation within the real estate sector.
India's Securities and Exchange Board (SEBI) is closing 16 of its smaller offices as it re-evaluates its real estate needs in light of increased technology adoption. SEBI plans to leverage technology to reach investors nationwide, while maintaining a physical presence through investor service centres established in partnership with stock exchanges. The move reflects SEBI's commitment to cost optimization, efficiency, and improved investor services. The regulator aims to adapt to the digital age and evolving market ecosystem while addressing the needs of India's growing investor base.
In the first half of 2023, India's real estate sector received $2.6 billion in private equity investments, with the office segment accounting for the largest share. However, this represents a 20 percent decline from the previous year as investors adopted a cautious approach. Despite global concerns, a rebound is expected in the second half of 2023, and overall, PE investments are projected to reach $5.6 billion, reflecting a 5.3 percent YoY growth. Mumbai attracted the highest investments, followed by the NCR and Bengaluru.
Sundaram Alternates Assets plans to raise Rs 1,500 crore through its fourth real estate credit fund. The fund will focus on secured real estate investments, particularly self-liquidating residential projects. The fund will allocate 70–75 percent towards South India micro-markets and 25–30 percent for tactical investments. It targets deals below Rs 100 crore, with expected returns of 18–22 percent.
According to a circular from the Ahmedabad Municipal Corporation (AMC), after getting building use (BU) authorization, builders who disregard trees would face enforcement action. After gaining BU approval, the AMC will mandate that builders plant trees and construct tree guards that are tall enough, as well as ensure that builders maintain the trees. The AMC will take legal action if the tree planting regulations are not followed, and the garden department will check for compliance. The circular intends to encourage accountability and openness in tree-planting procedures among contractors and to ensure sustainable development methods.
A controversy has emerged in the Ahmedabad Municipal Corporation (AMC) regarding a new urban development scheme. Landowners have discovered that their final plots were allotted in different villages, potentially violating state government guidelines. The issue was raised during a town planning committee meeting, where a proposal for objections and modifications to the draft plan was presented. The scheme, similar to a previous controversial plan, awaits further approval. The AMC must address concerns and ensure transparency in the town-planning process.
Reloy, with the backing of HDFC Capital, raises Rs 7.2 crore in funding to expand its business. The pre-series A2 funding round saw participation from existing and new investors. Reloy's innovative solution streamlines the post-purchase homeowner journey by offering rewards and managing over 1.4 lakh apartments. Clients include prominent real estate developers. HDFC Capital plans to increase its stake in Reloy. The company's turnover surged to around Rs 13 crore, and it provides essential services for homeowners, creating a marketplace for home interiors and finance. Reloy aims to optimize customer and broker relationships in the real estate industry.
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According to a recent RBC report, Canada's residential construction costs have soared by 51% since the pandemic's onset due to escalating material prices, extreme weather, and labour shortages. This surge is affecting Canada's housing plans amid record immigration and population growth. Municipal development fees have also risen by 30% annually in some regions. With the country needing 5.8 million new homes by 2030 for affordable housing, the federal government has initiated a $4 billion housing acceleration plan to counter the crisis.
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The Uttar Pradesh Real Estate Regulatory Authority (RERA) has ordered Noida-based developer NexGen Infracon to pay a fine for a five-year delay in giving a buyer possession of a unit. The buyer paid Rs 1.35 crore for the apartment in Mahagun Mezzaria, and rather than the anticipated date of December 2018, possession was given in 2021. NexGen Infracon was required by RERA to turn over the apartment or pay a late fee of almost Rs 16 lakh. The resolution emphasizes the value of RERA in defending homebuyers' rights.
As part of their Siddha Seabrook project in Kandivali, Mumbai, Siddha Group and Sejal Group have secured the Occupation Certificate for two Slum Rehabilitation Authority towers. Over 450 households are housed in the towers, with the tallest residential tower in Kandivali being in the Open Sale Component. Siddha and Sejal Group have been making significant strides in the redevelopment space in Mumbai, establishing themselves as major players in the industry.
Airbnb is currently offering a unique opportunity to Barbie enthusiasts starting mid-July, where fans can book a stay in Ken's room of Barbie's Malibu mansion. Inaugural guests will enjoy a free stay, complete with a concierge service and unique Barbie-themed gifts. The announcement coincides with the launch of the highly-anticipated Barbie movie. This immersive Barbie experience follows similar initiatives by Mattel, including immersive pop-ups in multiple cities. Barbie fans can anticipate a truly pink adventure.
Indore has achieved a major milestone in its efforts to legalize illegal colonies, with the publication of the final layout for 100 colonies. Led by Indore Collector Ilayaraja, the initiative aims to provide necessary infrastructure and amenities to these previously unauthorized settlements. The meeting chaired by the collector reviewed the progress and set targets for the next phase, including the development of additional colonies. The meeting also addressed the establishment of Sanjivani Clinics across the city and discussed challenges related to infrastructure development, encroachments, and road construction.
Shanghai's property market is experiencing a downturn, with homeowners resorting to offering discounts of up to 10 percent to attract dwindling buyer interest. The increased supply of pre-owned flats has transformed the market into a buyer's domain, leading to a decline in transaction volume. As a result, owners are growing increasingly anxious to sell, prompting some to offer even larger discounts. This slump in the property sector is not only impacting the local economy but also affecting industries like steel and cement. To combat this, the government is expected to introduce stimulus measures to revive the real estate market and drive economic growth.
Out of the total 60 eligible colonies, the district administration has forwarded a list comprising 11 colonies to the state government, while active efforts are currently underway to address the issues in the remaining 49 colonies. The administration has been diligently working to assess the status of these colonies and take necessary measures to regularize their status. By engaging in this ongoing process, they aim to grant legal recognition and provide essential services to these unauthorized settlements in Gurugram. The authorities remain committed to resolving the administrative and infrastructural challenges in these colonies.
The Greater Mohali Area Development Authority (GMADA) is set to launch the second phase of the Purab Premium Apartments project, offering 550 ready-to-move-in units. The apartments range from one to three bedrooms, with prices starting at Rs 54 lakh. Occupants will enjoy cross ventilation and natural light, along with amenities such as sports facilities and a swimming pool. Applications are open from June 30 to July 31, with possession granted upon payment of 25% of the total price. The project is conveniently located near the international airport, educational institutions, and healthcare facilities.
The Assam Real Estate Appellate Tribunal (AREAT) has emphasized that a builder's responsibility extends beyond the physical handover of a property to the buyer. In a recent ruling, the tribunal emphasized the importance of a complete transfer of property ownership through the execution of a Conveyance Deed involving all relevant parties. The decision reaffirms the significance of legal documentation, contractual agreements, and transparency in real estate transactions, providing protection to buyers and promoting fair practices within the industry.
The Centre has given its approval to the state government's proposal to construct approximately 47,000 houses in Amaravati for weaker sections of society under the Pradhan Mantri Awas Yojana (PMAY). Each housing unit will receive a grant of Rs. 1.8 lakh from the Centre. Construction is scheduled to begin on July 8 and is expected to be completed within six months. This development follows legal disputes and allocation of house sites to underprivileged families in the R-5 zone of Amaravati.
According to the master plan, the corporation secretary can grant approval for apartments in the core area zone with a maximum of 150 units, eliminating the need to involve the district town planner. This proposal aims to streamline the building approval process in Thiruvananthapuram, allowing quicker decision-making for smaller residential projects. By empowering the corporation secretary with this authority, it reduces bureaucratic hurdles and expedites the approval process, benefiting both builders and residents. This move reflects an effort to enhance efficiency and decentralize decision-making in urban development.
The Kolkata Municipal Corporation (KMC) buildings department has compiled a comprehensive list of vulnerable buildings in Kolkata that are at risk of collapsing. Several areas, including Burrabazar, Chitpore, and MG Road, have particularly deteriorating structures. However, due to limited resources and time constraints, the civic body faces challenges in demolishing all hazardous buildings. Evacuation difficulties have been encountered, but the KMC remains determined to tear down high-risk sections with police assistance, aiming to mitigate potential dangers during the monsoon season.
The Union cabinet is on the verge of granting approval for an escalation in building misuse charges. The administration of Chandigarh, along with the Ministry of Home Affairs (MHA), has concluded the finalization of a comprehensive 'cabinet note' regarding this matter. This note outlines the proposed changes and seeks the cabinet's endorsement for implementing higher charges for building misuse. The imminent approval from the cabinet signifies that the increased charges will soon be enforced, potentially impacting individuals who violate building regulations in Chandigarh.
Despite double-digit monthly sales decreases, home prices in Miami-Dade County have reached a new all-time high for the second consecutive month. The scarcity of available housing and sustained high demand from buyers have contributed to this trend, creating an imbalanced housing market that heavily favors sellers. Middle-class buyers face challenges in affording homes, prompting some to explore neighboring counties. The ongoing housing affordability crisis is a concern for leaders in South Florida, as many individuals struggle to purchase homes or find affordable rental apartments.
Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, has approved the allocation of Dh3.1 billion in housing benefits to 1,807 citizens residing in Abu Dhabi. The benefits include grants for low-income individuals and various housing loans for eligible citizens. This initiative reflects the leadership's commitment to improving living standards, fostering social cohesion, and promoting stability. With the introduction of the second housing package, the total value of housing benefits allocated to Abu Dhabi citizens exceeds Dh6 billion.
The newly opened Radisson Hotel Sonamarg in Jammu and Kashmir aims to invigorate the region's tourism sector. Located amidst the picturesque valley of Sonamarg, the hotel offers luxury accommodation, breathtaking views of the Himalayas, and a range of amenities. With a focus on sustainability, the hotel strives to promote local economic growth while providing guests with a memorable and rejuvenating experience. The opening of the hotel is expected to create employment opportunities and support local businesses, further contributing to the revitalization of tourism in the region.
In an innovative move, Real Estate Investment Trust (REIT) firms in India are contemplating establishing a dedicated industry association. This planned collective, akin to the Association of Mutual Funds in India (AMFI), aims to represent and bolster the burgeoning REIT sector. Along with raising awareness, the association intends to set industry standards and promote transparency, thereby encouraging investors to tap into this largely unexplored investment avenue. As the REIT landscape is still in its infancy in India, this development is seen as a significant step towards a mature and transparent real estate investment environment.
The famous Searing House in Prairie Village, Kansas, a product of esteemed architect Bruce Goff's creativity, is on sale for the first time since its inception in 1967. Known for its futuristic design, the house initially faced pushback due to its unconventional look. Remembered fondly by the original occupants, the house has played host to celebrities like Robert Hunter, the Grateful Dead lyricist. Initially listed last fall for $975,000, the price has now been slashed to $625,000. The house, a true architectural marvel, awaits a buyer who appreciates its unique energy and artistic value.
According to CBRE South Asia Pvt. Ltd, Mumbai hosts an impressive 77% of India's high-rise buildings. The city's skyline evolution is primarily due to scarce land availability and rapid urbanization. This growth, while creating premium real estate, has also led to a rise in land prices. Other Indian cities like Hyderabad, Kolkata, and Noida trail behind, contributing 8%, 7%, and 5% to the high-rise landscape, respectively. The majority of these towering structures are residential, signalling Mumbai's upward trajectory in addressing urban housing needs.
Adani Infrastructure and Developers Pvt Ltd have emerged successful in acquiring 1.45 lakh square metres of land from Anil Ltd in Ahmedabad, for a total of Rs 325 crore. With Rs 70 crore already paid, the remaining Rs 255 crore will be settled imminently as per an NCLT order. The land, situated in the Bapunagar area, will be developed into a major real estate project. The deal marks a significant stride in Adani Group's infrastructural expansion.
COVIE, a top-tier player in India's luxury co-living sector, has bolstered its South Indian presence with the inauguration of Covie Karle Town, a premium living space in Bengaluru. The facility, offering 220 beds, caters to young professionals and signifies the addition of 500 beds by COVIE in Bengaluru in the last three months. The company's expansion strategy, driven by its mission to redefine shared living experiences and foster collaboration among millennials and Gen Z, is set to include another 500 beds in South India and 1,000 beds across India in the coming months.
K Raheja Corp Homes and media production company Cinevista have partnered to develop a four-acre parcel in Mumbai's Kanjurmarg locality. The premium residential project, expected to be completed within five years, will see K Raheja retain 75.5% of the developed space, while Cinevista will hold the remaining 24.5%. The anticipated total value of this ambitious development is estimated to exceed Rs 446 crore. This venture marks K Raheja Corp Homes' first project in Mumbai's eastern suburbs.
In an escalating dispute at Noida's Antriksh Golf View I society, residents allege the builder unsealed and sold off parking spaces intended for driveways and greenery. Despite sealing 11 of the 78 illicit flats last year, the Noida Authority's efforts have seen limited success. Residents claim two flats were discreetly unsealed and now face the prospect of unlawful sale. Promising to investigate these allegations, an official from the Noida Authority confirmed plans for an inspection. Meanwhile, attempts to reach the builder for comments have been unsuccessful.
Mahira Homes faces legal action as the Department of Town and Country Planning (DTCP) in Gurugram orders a formal investigation into alleged forgery of documents. The city-based property developer, its subsidiaries, and associates are under scrutiny for submitting counterfeit plans to authorities. Despite previous blacklisting for similar fraudulent activities, the developer has reportedly not altered its practices. As a result, the DTCP has suspended Mahira Homes' licenses for a specific project and issued a show-cause notice, risking further punitive measures.
Chief Minister M K Stalin inaugurates the Periyar Memorial Samathuvapuram, a housing project aimed at promoting inclusivity and providing improved living conditions for marginalized communities. The Samathuvapuram consists of 100 refurbished houses and repaired infrastructure, benefiting individuals from various social categories. The project faced delays due to legal issues but has now been completed with the government's financial support. This initiative reflects the government's commitment to social equality and unity, following the vision of Periyar.
The Pune Municipal Corporation (PMC) is intensifying its investigation into the illegal use of residences for commercial purposes. Collaborating with the Maharashtra State Electricity Distribution Company Limited (MSEDCL), PMC is scrutinizing commercial electric meter data to identify violators. The crackdown, which has already resulted in significant penalty collections, could affect up to 1 lakh properties across the city. Despite appeals for voluntary self-reporting, few have complied, leading to stricter actions and increased penalties.
Following accusations of discrepancies, Union Minister V K Singh promised to oversee the PMAY scheme's implementation in Tamil Nadu. During his stay in Pudukottai, Singh visited an archaeological dig site, participated in a public meeting, and witnessed the ceremonial breaking of ground for new homes. He underlined the achievements of the Prime Minister's administration, expanded federal programs to the states, and disproved complaints about an excessive number of toll booths on national highways. Singh has indicated interest in looking into the prospect of resurrecting Karaikudi's former Chettinad Airport.
Almost half of the sewage treatment plants (STPs) in Haryana do not meet pollution control standards, as reported by the Haryana State Pollution Control Board (HSPCB) to the Central Pollution Control Board (CPCB). Out of the 156 STPs assessed, 73 were found to be non-compliant, with untreated wastewater being discharged into the Yamuna and Ghaggar rivers. The state plans to upgrade 25 STPs and establish infrastructure for treated sewage reuse to address the issue. However, there is a pressing need to ensure proper sewage treatment to safeguard the health and sustainability of water bodies in the region.
The Rail Land Development Authority (RLDA) has initiated the bidding process for a residential development plot in Sewa Nagar and Lodhi Colony, Delhi. The total land area of 43,345.82 sq. m will be divided between residential and commercial development. The reserve price for the site is Rs 355 crore. Sewa Nagar offers a tranquil ambiance and convenient access to amenities, while Lodhi Colony is a vibrant residential and cultural hub known for its art and contemporary living. This opportunity provides residents with a remarkable living experience in New Delhi, with seamless connectivity and proximity to educational institutions, hospitals, markets, and recreational facilities.
The CBRE South Asia survey indicates a rising demand for flexible office spaces, with 47 percent of respondents planning to increase their usage in the next year. Over 10 percent of office portfolios are expected to be allocated to flexible spaces by 2025. Consolidation to fewer locations for improved efficiency is another trend identified. India remains attractive to global corporations, and a balance between flexibility and space optimization in hybrid work environments is crucial. A majority (96 percent) prefer at least three office days per week, with a notable increase in fully office-based strategies (40 percent in Q1 2023).
The Ministry of Panchayati Raj in India launched the Svamitva scheme, which aims to provide rural residents with ownership rights through drone surveys and physical verifications. The scheme enables villagers to obtain legal proof of their residential assets, granting them access to bank loans and government benefits. The process involves conducting surveys, verifying property details, and generating unique property IDs. The scheme has been implemented in several states, and millions of property cards have been prepared for unregistered dwellings in rural areas.
In response to the Bank of England's decision to raise interest rates, British banks have agreed to provide homeowners with a one-year grace period before initiating foreclosure and to protect the credit scores of borrowers who modify their loan terms. Homeowners will have the option to modify their mortgage terms, including paying only the interest or extending the repayment period for up to six months without fresh credit checks. While some measures may duplicate existing bank policies, the changes reflect the evolving mortgage market.
German house prices have seen a significant decline in the first quarter of this year, reaching a record rate of 6.8 percent. Factors such as increased borrowing costs, inflation, and weaker economic growth have contributed to this drop. The decline in prices is accompanied by a slowdown in housebuilding, with a significant decrease in approved construction projects. However, there are signs that the decline in prices is moderating, indicating a shift in the market favoring buyers.
Housing Development Finance Corporation (HDFC) and HDFC Bank are set to complete their merger by July 1. The record date for share swapping is expected to be July 13. These dates are tentative and subject to formalities. Once finalized, HDFC Bank will be 100 percent publicly owned. Shareholders in HDFC will receive 42 shares of the bank for every 25 shares held, giving them 41 percent ownership. The merger has received approval from regulatory bodies and is projected to create the world's 10th-largest bank with a market cap of $145 billion.
The ITAT Mumbai bench ruled in favour of a non-resident taxpayer, stating that the difference between the agreement and the stamp duty value of a flat at registration is not taxable. The ITAT accepted the booking form as evidence and acknowledged that payments were made through banking channels, exceeding the prevailing stamp duty value. The taxpayer initially did not file a return but later declared a taxable income of Rs 58,940. The income tax officer sought to tax the difference of Rs 55.9 lakh, but the ITAT dismissed the addition based on Section 56(2)(vii)(b) as the dispute was resolved.
UAE-based LuLu Group unveils a grand vision for Telangana, investing a staggering Rs 3,500 crore in the realms of food processing, logistics, and retail. Their ambitious plans include a state-of-the-art logistics hub and export processing plant, an integrated meat processing facility, and the transformation of a mall into the magnificent LuLu Mall. With employment opportunities and economic growth in mind, this visionary endeavour promises to leave a lasting impact on Telangana's landscape. The LuLu Group's commitment to innovation and expansion sets the stage for a prosperous future in the realms of commerce and consumer experiences.
Macrotech Developers, a subsidiary of the Lodha Group, has emerged as the successful bidder for V Hotels Ltd., acquiring the Tulip Star (formerly Centaur Hotel Juhu) in Mumbai. The Committee of Creditors declared Macrotech Developers as the resolution applicant for the bankrupt hospitality company. Macrotech Developers highlighted the real estate assets of V Hotels that hold potential for residential and allied development. Additionally, Macrotech Developers acquired a land parcel in Kanjur Marg from HDFC. These acquisitions further solidify Macrotech Developers' position in the real estate industry and showcase their commitment to innovation and growth.
Chintels India, the property developer of Paradiso residential complex, has barricaded Tower F due to the distressing sag of a balcony in flat 403. Citing safety risks, the developer has implored for immediate evacuation. Despite warnings, two families continue to reside in the affected tower. District town planner Manish Yadav has assured thorough inspection. Meanwhile, legal action questions the lack of rent settlement in evacuation orders, arguing that Chintels India should comply with regulations set under the Disaster Management Act, which include paying rent or providing alternate accommodation.
Earlier this week, the JMC-Greater administration in Jaipur successfully dispersed the first installment of Rs 30,000 to 110 recipients under the PM Awas Yojana (PMAY-Urban). Mayor Somya Gurjar emphasized the importance of female empowerment, urging beneficiaries to name their new homes after their daughters. The remaining 22 recipients are set to receive their initial payment soon. A forthcoming general body meeting will tackle previously stalled proposals and additional agenda points aimed at improving the city's living conditions.
R K Arora, the chairman and owner of real estate company Supertech, has been apprehended by the Enforcement Directorate (ED) on allegations of money laundering. The ED's investigation revealed that Supertech and its directors were involved in a criminal conspiracy to defraud the public. The company collected funds from homebuyers and obtained loans for construction purposes, but the funds were misappropriated and diverted. As a result, the Supertech group defaulted on payments, leading to significant non-performing assets.
The Real Estate Appellate Tribunal (REAT) of Bihar has issued a directive to the state government, stressing the importance of comprehensive training for members of the Real Estate Regulatory Authority (RERA). The tribunal's order comes in response to concerns raised about the improper functioning of the authority, particularly regarding the registration of a commercial-cum-residential project without proper examination of authenticated documents. The tribunal highlights the need for RERA members to have a thorough understanding of the laws governing the real estate sector to improve the authority's functioning.
Representatives from Noida's apartment owners associations held a meeting with Chief Minister Yogi Adityanath to discuss the significant backlog of property registries at the GBU campus in Greater Noida. The delegation expressed concerns over the delays and proposed the appointment of a nodal officer to facilitate communication between builders, residents, and authorities. They also demanded strict action against builders responsible for pending registries in completed projects. The team suggested measures such as one-time relief to builders or recovering outstanding dues by attaching their assets.
Haryana Chief Minister Manohar Lal Khattar announced the approval for metro connectivity between Ballabgarh and Palwal during a rally in Gajpuri village, Palwal. This move is expected to improve connectivity and spur development in the region adjoining Delhi. Khattar expressed gratitude to Prime Minister Narendra Modi for the central government's support in infrastructure projects and emphasized the state's commitment to inclusive development. The metro connectivity is set to have a transformative impact, fostering economic growth and enhancing transportation options.
The high court has strongly criticized officials of Canara Bank for disregarding established procedures and confiscating the payment made as part of a property sale without adhering to legal norms. The court emphasized that banks should not act as property dealers during debt recovery and should follow statutory provisions. The case involved Syed Hidayathulla, who approached the court after the bank rejected his refund request for the money paid in a property auction. Despite raising concerns and making additional payment within the extended period, the bank forfeited the amount.
Three realtors from Chennai have been arrested by the Tirupur crime branch police for allegedly swindling two individuals out of 2.22 crore. The arrests were made based on a complaint filed by S Prakash, a realtor from Tirupur. The accused realtors had purportedly offered a plot of land for sale but provided incomplete documentation. The victims made the purchase and completed transactions totaling 1,22,79,000, along with a cash payment of 1 crore. The fraud was exposed when the genuine landowner presented legitimate documents.
A case of alleged cheating and criminal intimidation has surfaced in Visakhapatnam, where the widow of an Army officer filed a complaint against the promoters of GCON BUILDER, a private real estate company. According to the complaint, the family had purchased a duplex flat from the builder, but the project was delayed multiple times without proper communication. Suspecting a discrepancy in the flat's actual area, the family consulted an architect who confirmed a significant difference. When the family confronted the builder, they were met with intimidation and threats. The complaint has been registered, and the police have initiated an investigation into the matter under relevant sections of the Indian Penal Code.
The Securities and Exchange Board of India (SEBI) has introduced disclosure formats for compliance reports on governance and annual secretarial requirements for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). These formats, to be implemented from the fiscal year 2024, mandate the disclosure of crucial information such as investment managers' details, board and committee compositions, and meeting schedules. Investment managers are also required to submit quarterly compliance reports and an annual secretarial compliance report. The objective is to improve transparency, accountability, and regulatory compliance in the operations of REITs and InvITs, contributing to the overall development of Indian capital markets.
The commercial real estate sector is grappling with a multitude of challenges, with owners and lenders facing the consequences of changing work, shopping, and living patterns in the post-pandemic era. As interest rates rise, property owners are increasingly burdened by high costs, leading some to choose default over refinancing. Major institutional owners have already halted payments on certain properties, redirecting their resources elsewhere. The market is witnessing a sharp decline in transactions, resulting in stark price decreases across various real estate segments.
The Delhi government has launched a crucial initiative to protect the city's natural conservation zones (NCZs) from encroachment and ensure their preservation. Geospatial Delhi Limited (GSDL) has provided district-wise maps of all 154 NCZs to the revenue department for physical verification, utilizing updated images from 2019. The exercise aims to identify any encroachments within these ecologically sensitive areas and prevent unauthorized development. To ensure comprehensive verification, records are being shared with the Delhi Development Authority (DDA) for areas falling under their jurisdiction. Once completed, GSDL will create color-coded maps for accurate record-keeping, marking a significant step toward safeguarding Delhi's precious natural habitats.
Escalating land costs in Ahmedabad are pushing real estate developers towards joint development projects. Two major developers, Bakeri Group and Shivalik Group, have inked joint development deals with landowner groups, spurred by increased jantri rates and premium FSI charges. These partnerships, allowing shared investments in construction and revenue, offer developers a way to bypass massive initial land investment while providing landowners potentially greater returns than conventional land sales.
Major banking institutions are set to relinquish their first rights over assets and cash flows to new financiers, aiming to jumpstart stalled housing projects nationwide. The shift, discussed by bank CEOs and industry insiders last week, reflects a growing realisation that clinging to first rights impedes project progress. This move could bring relief to millions of potential homeowners affected by these stalled projects, predominantly concentrated in the Mumbai Metropolitan Region and National Capital Region. This transformative strategy follows the Supreme Court's judgement on the Amrapali case and the subsequent launch of the SWAMIH Fund.
Spacenet Enterprises India Ltd, a reputable National Stock Exchange-listed entity, is set to disrupt the distressed assets and urban storage sectors with its innovative proptech platform, Stratayield.com. Launched via its subsidiary, Thalassa Enterprises Pvt. Ltd, the platform aims to bridge the gap between distressed and market value in India's $150 billion distressed assets market. This strategic move underscores Spacenet's commitment to leverage the rapidly expanding proptech sector and deliver significant shareholder value. With a focus on the burgeoning urban storage market, Stratayield.com is poised to redefine storage solutions in urban India.
Saya Group, a prominent real estate developer in India, has announced its plans to build "Saya Status," India's tallest mall in Noida's Sector 129. Spanning over 13.5 acres of land, the mall aims to redefine the retail experience by offering a luxurious shopping destination with high-end retail outlets, entertainment zones, and fine dining options. With its strategic location and focus on sustainability, Saya Status aims to cater to the evolving demands of modern consumers. The project is expected to generate economic benefits, provide employment opportunities, and position Noida as a thriving commercial and retail hub.
A man from Guwahati allegedly conspired with hotel staff to stay at a five-star hotel in Delhi's Aerocity for over two years without paying a bill of Rs 58 lakh. The hotel management became aware of the situation during a routine review of records, prompting them to file a complaint against the guest and several staff members accused of assisting him in the fraudulent scheme. The accused manipulated records to conceal the actual outstanding dues and avoid detection of their illegal activities. A case has been registered against the accused under various sections, including cheating and criminal conspiracy.
G Square has launched G Square Aurora, a 9.63-acre residential plot project in Navalur, OMR Chennai. It offers 217 plots and 25 amenities, with DTCP approval and RERA registration. The location's proximity to the IT hub of OMR and high-value residential areas make it an attractive investment opportunity. G Square Aurora offers villa plots ranging from 536 sq. ft to 1364 sq. ft, with prices starting at Rs. 23.3 Lakhs. Early bird bookings are priced at Rs. 4999 per sq. ft, with the launch price set at Rs. 5300 per sq. ft.
Tata Power partners with Le Roi Hotels and Resorts to establish EV charging stations across their properties, promoting sustainable mobility and eco-friendly tourism. With 16 chargers strategically located at 8 sites, this collaboration creates a green corridor for clean travel in India. The stations include fast DC (CCS-II) and AC (Type II) chargers, offering comprehensive charging solutions. The partnership covers diverse locations from Udaipur to Digha and Haridwar to Koti, connecting popular tourist destinations.
The Municipal Corporation of Delhi (MCD) has debarred 140 architects from approving building plans due to complaints of incorrect information in the sanctioned plans. The move is in response to concerns about architects violating building norms and submitting plans that violate established regulations. The MCD is taking steps to ensure the accuracy and legitimacy of plans by verifying ownership details and preventing plans from unauthorized colonies. Architects found guilty of misconduct will be debarred for three years, and their plans will be revoked. The MCD is considering registering police complaints against repeat offenders.
The Greater Noida Industrial Development Authority (GNIDA) has initiated disciplinary action against officials in the land records department for the slow progress in acquiring land for eight new industrial sectors. One month's salary has been withheld, and payments to the private agency assisting in land purchase have been stopped. GNIDA has acquired only 500 hectares out of the required 900 hectares and has set a three-month deadline to complete the process. The sectors will cover nearly 900 acres in Ecotech 7, 8, 9, 12A, 16, 19, 19A, and 21. The CEO has instructed officials to identify new sectors for land acquisition.
The AUDA (Ahmedabad Urban Development Authority) has made a significant decision that affects plotting schemes authorized before 2010. Any developer who modifies the designated purpose of a subplot within a plotting scheme will now face a mandatory land deduction of 40 percent. This means that if a plotting scheme initially approved for exclusive bungalow construction is altered to include merged subplots with residential or commercial buildings, the developer must allocate 40 percent of the land for public spaces, such as roads and gardens. Previously, developers were exempt from land deductions if the subplots were already sold.
Intel, the renowned tech giant, plans to sell its expansive office space in Bangalore, aiming to unlock the value of its real estate assets. The deal, expected to exceed Rs 450 crore, follows a three-year lease-sell model with a one-year lock-up period. Builders have shown keen interest in the property, and the transaction is set to be finalized soon. This move aligns with the industry trend of optimizing space utilization and reducing costs through hybrid working models. By consolidating offices in Bangalore, Intel strives for efficiency and collaboration. Amidst the economic slowdown, Intel takes strategic steps to thrive in the dynamic tech landscape.
California-based tech provider KLA Tencor has leased a substantial 320,000-square-foot office space in Chennai's DLF Downtown Taramani. The deal, one of the city's largest, highlights the company's expansion plans. The financial details weren't disclosed, but sources say the move will happen within three months. CBRE served as the transaction advisor. DLF's rental arm, DCCDL, reported a 19 percent YoY revenue increase. Chennai's office space absorption rose by 63 percent in 2022, and leasing activity surged by 19 percent in Q1 2023. DLF is confident in leasing the remaining space before project completion.
The state government of Maharashtra has announced a one-time 50 percent concession on stamp duty for developers of integrated township projects, excluding Mumbai City, Lonavla, and eco-sensitive areas. This progressive initiative aims to encourage new proposals and urge developers to avail themselves of the concession for their upcoming projects. The concession can be utilized during land purchases or unit sales, but not both. It applies retrospectively from 2018 to authorized projects.
The Ministry of Defence (MoD) has issued a warning to Cantonment officials, urging them to stop harassing property owners in Secunderabad Cantonment. Despite the directive, owners claim that they face ongoing harassment and are unable to undertake even minor repairs. The lack of a complaint mechanism has led some owners to resort to bribing staff. In response to these grievances, the MoD established an expert committee that recommended citizens should not require permission for repairs. However, instances of harassment persist, highlighting the need for further action to protect property owners' rights.
The Kolkata Municipal Corporation (KMC) has increased fines for unauthorized constructions in order to discourage violations of building rules. Builders and owners found guilty of such violations will face higher fines, and the recent demolition of unauthorized buildings has served as a deterrent. While severe violations will not be eligible for regularization, minor modifications may be allowed upon payment of a nominal amount. The KMC aims to promote compliance with building regulations, maintain safety, and preserve the city's architectural integrity.
The Punjab Vigilance Bureau (VB) has begun scrutinizing properties belonging to the Pearls Group in a chit fund scam. The VB is examining alienated properties and verifying ownership details to ensure accurate records. The investigation includes properties identified by the CBI and a list shared by SEBI. The government has instructed transparency measures in property transactions. Accused individuals are being summoned for investigation, and the Punjab Chief Minister has pledged accountability and strategies for the return of funds to deceived investors.
DCP (crime and traffic) BP Dinesh Kumar has urged landlords in Mangaluru to conduct thorough background checks on prospective tenants. The Mangaluru City police have organized public grievance redressal meetings to address community concerns and implement initiatives, including the goal of eliminating drug-related issues from the city. The police have assured confidentiality for informants and emphasized the importance of public involvement in promoting social responsibility.
The United States witnessed an unprecedented growth in new home construction in May 2023, reaching its highest level in three decades. This surge in housing starts, exceeding experts' expectations, suggests a potential easing of the ongoing housing scarcity. The increase was primarily driven by a sharp rise in single-family house construction. The multifamily housing market also saw significant growth, reflecting the rising demand for rental homes. The construction activity spread across the entire nation, with notable increases in the South, Midwest, and West regions.
IKEA is awaiting map approval for its new store in Noida, India, signaling progress toward construction commencement within the next few months. The Swedish furniture retailer aims to offer affordable and quality home furnishings, meeting the rising demand in the Indian market. The store's establishment is expected to create employment opportunities and contribute to the local economy. With successful store launches in other Indian cities, IKEA's entry into Noida represents a significant milestone in its expansion plans. The eagerly anticipated store will bring convenience and access to IKEA's products to residents and drive growth in the region's retail ecosystem.
The luxury real estate market in Mumbai is experiencing a positive trend as the unsold inventory of high-end homes witnesses a notable decline. Factors such as favorable policy reforms, including GST and RERA, along with improved economic conditions, have contributed to increased demand for luxury properties. Developers have made strategic adjustments, offering flexible payment plans and attractive discounts to entice buyers. While challenges like high land acquisition costs persist, experts predict a gradual recovery in the luxury real estate market as sustained demand and improving economic indicators create a brighter future.
Arihant Superstructures, a prominent real estate player in India, is expanding into the plotted development segment with a Rs 700 crore investment in the construction of 500 luxury villas. The move aligns with the company's vision of diversifying its portfolio and meeting the growing demand for premium residential properties. The luxury villas, located in Maharashtra's Jodhpur, will offer spacious layouts, top-notch amenities, and sustainable features. This strategic foray into plotted development demonstrates Arihant Superstructures' commitment to innovation and customer-centric offerings while catering to the evolving needs of discerning homebuyers. The project is set to positively impact the local economy and contribute to the overall growth of the real estate market.
REC Ltd, a state-owned financial corporation specializing in power sector financing, has approved a financial package of Rs 3,045 crore for the development of Phase-II of the Bengaluru metro project. The expansion project aims to extend existing metro corridors and introduce new lines to enhance connectivity and ease traffic congestion in the city. Upon completion, the expanded metro network will cover 72.09 kilometers with a total of 101 stations. The funding from REC Ltd demonstrates the organization's recognition of the project's significance in improving urban transportation infrastructure.
Crib, a prop-tech startup, raises Rs 15 crore in a Seed round led by We Founder Circle and Rebright Partners. The company aims to revolutionize the real estate industry with its digital ecosystem, connecting landlords, tenants, and entrepreneurs. With features like tenant onboarding, staff management, and complaint handling, Crib offers operational excellence for landlords and an immersive experience for tenants. The funding will support product expansion and nationwide distribution. The crib has already established a strong presence in multiple cities, with over 500 landlords managing 100,000 rental units.
Truliv, a groundbreaking co-living and holiday home startup, has secured $1.5 million in pre-seed funding. Led by Conquest Global Ventures VCC and Vara Future LLP, the funding values Truliv at Rs 60 crore. The company aims to redefine real estate by offering innovative housing and community solutions. With plans to expand co-living capacity to 7,000 beds in Chennai and increase holiday homes to 36 properties across Tamil Nadu, Truliv is poised for remarkable growth. The demand for shared living spaces continues to rise, driven by workforce trends, urban migration, and a growing student population.
Chief Minister K Chandrasekhar Rao inaugurated the 2BHK dignity housing colony in Kollur, which spans 145 acres and consists of 15,660 dwelling units. The project aims to provide affordable housing with flats of 560 sq. ft of built-up area at a cost of Rs 8.65 lakh per unit. It features extensive civil infrastructure, including road networks, drainage systems, water pipelines, shopping complexes, and more. The scheme received an overwhelming response with 7.09 lakh applications, highlighting the demand for dignified housing in Telangana.
India's integrated serviced office and co-working space operator, EFC (I) Limited, plans to triple its seat capacity from 23,000 to 60,000 by March 2024. With 65 percent of seats catering to institutions, the company is expanding to meet strong demand. Listed on the Bombay Stock Exchange, it emphasizes India's economic potential and its own client relationships, expertise, and balance sheet. EFC (I) Limited reported a revenue of Rs 144.58 crore and a net profit of Rs 24.05 crore in the last fiscal year. The company provides customized workspaces and end-to-end solutions, capitalizing on India's booming co-working market.
Quorum Club Private Limited, in partnership with Devbhumi Realtors Pvt. Ltd. and Blackstone India Real Estate, has introduced DISTRICT 150 in Hyderabad. Spanning 35,000 sq ft in Marquee Knowledge City, this project aims to provide modern office spaces with a focus on work-life balance and hospitality amenities. DISTRICT 150 offers a range of facilities for meetings, events, entertainment, and creative experiences, including dedicated spaces for learning and development. Additionally, it features a progressive Indian restaurant and collaboration with a coffee, bakehouse, and chocolate brand, catering to the diverse preferences of professionals and promoting a new approach to work and life in Hyderabad.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced that it will only register new real estate projects after verifying the commencement certificate issued by local planning authorities. This decision is a response to the Kalyan-Dombivli fraud case, where counterfeit documents were used to obtain MahaRERA registration certificates. Local authorities have been given a deadline to integrate their websites with MahaRERA or send independent emails for project registrations. This measure is expected to enhance transparency and protect the interests of homebuyers in Maharashtra.
The Maharashtra government has not yet reached a decision regarding the repeal of the Maharashtra Ownership of Flats Act (MOFA), 1963, according to Deputy Chief Minister Devendra Fadnavis. While developers' organizations have called for the Act's repeal, numerous citizens and consumer groups have voiced their support for its continuation. The housing department has not engaged in discussions with all stakeholders and is considering their opinions before making a final decision. Repealing MOFA would impact housing societies and buildings not covered under the Real Estate (Regulation and Development) Act (RERA), which were governed by MOFA until the implementation of RERA.
The Bhopal Municipal Corporation (BMC) has directed ward officials to promptly report any developments that pose a threat to public safety. According to the 2011 census, approximately 2.8% of housing in the state capital is in a dilapidated condition. This instruction aims to ensure that any structures posing risks to the public are identified and addressed before the onset of monsoon. The BMC is actively striving to red-flag these deteriorating buildings, highlighting the importance of monitoring and maintenance to safeguard the well-being of residents in Bhopal.
According to officials, multiple commercial entities are emerging along the South City area. In response, the Ludhiana Improvement Trust (LIT) officials are devising a plan to introduce a new scheme that combines green industry and residential components. The scheme aims to foster sustainable development by incorporating environmentally friendly practices within industrial and residential spaces. Through this initiative, LIT intends to create a harmonious blend of industry and residential areas while promoting a greener and sustainable environment. The scheme's launch is anticipated to provide a platform for both commercial and residential growth, catering to the evolving needs of the region.
The Department of Town and Country Planning (DTCP) has directed Chintels India, the developer of Chintels Paradiso society in Sector 109, to conduct another structural audit of tower A within 30 days. This decision comes after a recent report by IIT-Delhi highlighted signs of deterioration in the tower. The audit aims to assess the extent of corrosion and recommend rehabilitation measures to ensure resident safety. Chintels India must submit a compliance report and execute the recommendations outlined in the audit. Failure to comply may lead to legal action against the developer.
The directors and senior officials of Delhi-based Ansal Housing are facing a police inquiry for alleged investor fraud. Ansal's commercial project "Ansal Hub" in Sector 83, launched in 2010, is yet to be delivered despite investors paying up to 95% of the total amount by 2015. The police registered an FIR against 12 individuals from Ansal, including its directors and key sales team members, for criminal conspiracy, breach of trust, and cheating. This case emphasizes the need for more robust regulations and transparency in the real estate industry.
Investors in Gurugram are up in arms against Ninaniya Estates Limited, accusing the developer of fraud and non-completion of two projects. The protesters, mostly senior citizens, gathered outside the developer's office demanding refunds for their investments in Prism Portico and Prism Suites. Despite multiple complaints to authorities, including the police, no action has been taken. The projects, launched in 2008 and 2011 respectively, have faced significant delays, leaving investors frustrated. The lack of response from Ninaniya Estates Limited and the absence of RERA registration for the projects have further fueled the investors' anger. Justice and accountability are being demanded by the aggrieved investors.
Last week, the interest rates for British homebuyers selecting two-year fixed-rate loans exceeded 6%, reaching the highest level since the September "mini-budget" crisis. The rise in borrowing costs adds to the pressures faced by the housing market. Lenders in the UK have significantly increased interest rates in response to persistent high inflation, leading investors to anticipate higher Bank of England rates. The average interest rates for new two-year and five-year fixed-rate mortgages have also climbed. Economists predict further rate increases beyond the anticipated peak in August or September.
The prices of plots in Dubai, especially in prime areas, have witnessed a substantial increase over the past two years, with some plots doubling or quadrupling in value. This surge in demand can be attributed to the post-pandemic period, with high interest from local and foreign investors, developers, and end-users who wish to build their own homes. The Dubai Land Department reported significant plot sales, including transactions in Palm Deira, Business Bay, and Al Thanyah First.
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The Bombay High Court has taken a strong stance against the directors of Avarsekar Realty by issuing a showcause notice for civil contempt of court. This action was taken due to their willful disobedience of a court order in a petition filed by a flat purchaser of the builder's luxurious 42-storey skyscraper, which is currently under construction in Mahim. The buyer had initially approached the Maharashtra Real Estate Regulatory Authority (MahaRERA) to seek compensation for the delayed possession of the flat, thus commencing a legal battle.
Approximately 20 residents were forced to evacuate a five-storey building in DLF 3, Haryana, after it started tilting, potentially due to nearby excavation work. The building's owner received a notice for unauthorized construction, while the owner of the adjacent plot was called upon for excavation without professional oversight. The tilted building is currently supported by cranes. Violations of building codes and illegal construction have been a recurring issue in the area, leading to concerns about safety and strain on civic infrastructure. Authorities are taking action and urging strict enforcement of regulations to prevent future violations and protect residents.
The Coimbatore City Corporation has implemented measures to expedite the processing of building plan applications and reduce delays in granting approvals to residents. Previously, the process took a month, leading to a backlog of pending applications. The corporation commissioner has allocated specific timeframes for officials involved in the process and introduced digital monitoring to ensure timely completion. Significant progress has been made, with 300 pending applications cleared in a week, including those pending for over a month. These efforts aim to streamline procedures and provide residents with faster building plan approvals, enhancing urban development in the city.
Mahindra Lifespace Developers Limited, the real estate and infrastructure development arm of the Mahindra Group, has recently launched an exciting new campaign that encapsulates their brand promise of "Crafting Life." This campaign serves to emphasize the brand's unwavering dedication to meticulous design and construction, showcasing the painstaking attention to detail and thoughtful consideration that goes into creating spaces that nurture customers' dreams and aspirations in the long run.
The Chhatrapati Sambhajinagar Municipal Corporation (CSMC) in Aurangabad has announced its plan to conduct structural audits of buildings over 30 years old to address concerns about their safety. This decision comes in response to persistent demands from activists advocating for urgent measures. Property owners will be urged to conduct audits, and in cases of non-compliance, the CSMC will conduct audits and recover expenses from the owners. This proactive approach demonstrates the civic body's commitment to citizen well-being and sets an example for other municipalities.
The Bombay High Court has expressed shock and concern over the high levels of fraud in a slum rehabilitation scheme at Bandra Kurla Complex (BKC). The court criticized the existing policy and law governing slum redevelopment and called for reforms to combat trafficking and profiteering. It proposed granting slum dwellers usage rights instead of ownership rights for the allocated flats. The court appointed a court receiver for the BKC project, directed the identification of trespassers and transferees, and suggested insulating the Slum Rehabilitation Authority (SRA) from political influences.
The Nagpur Municipal Corporation (NMC) has granted clearance to 46 high-rise buildings exceeding 40 meters in height, despite the firefighting team's maximum reach of 42 meters. This poses a challenge for the NMC's fire department, as they lack the necessary equipment for tall buildings. To address this, the NMC has proposed acquiring a 70-meter hydraulic platform, which has been approved in the upcoming budget. The NMC advises developers to prioritize firefighting systems in high-rise buildings and mandates regular drills for occupied structures. These measures aim to enhance safety in Nagpur's vertical growth trend.
Supertech Ltd., a prominent realty firm, aims to secure Rs 1,600 crore from institutional investors to complete its ongoing housing projects in Delhi-NCR. With 18 projects and 50,000 apartments, the company plans to deliver 17,000 flats within two years. It requires Rs 3,000 crore to finish pending work, with receivables of Rs 2,500 crore and unsold units worth Rs 10,000 crore. The proposed funding will aid construction, while revenue from sales will clear dues to banks, NBFCs, investors, and authorities. Despite legal challenges, Supertech's visionary promoter is determined to overcome obstacles.
TMC collected Rs 200 crore in property tax, exceeding 25 percent of the FY 2023–24 target in just 66 days. Majiwada Manpada ward took the lead with 33 percent of the total tax, while Vartak Nagar and Naupada-Kopri followed closely behind. Commissioner Abhijit Bangar credited timely billing, rebates, and convenient payment methods. With a recovery target of Rs 900 crore, they aim to reach Rs 1,000 crore. The deadline was extended to June 30. Timely tax bills, SMS alerts, and online payment facilities improve accessibility. Concerns were raised about Majiwada-Manpada's needs. The corporation remains dedicated to serving the community with innovation and support.
The Nashik Municipal Corporation (NMC) plans to impose a 2 percent penalty on property owners who fail to settle their biannual property tax obligations for the 2023-24 fiscal year by June 30. The NMC provides discounts to those who promptly pay their taxes, but penalties will be applied to those who do not take advantage of the discount scheme. The NMC encourages property owners to check their outstanding dues and make online payments through their official websites. Additionally, the NMC sends reminders and payment links via SMS and WhatsApp to property tax owners.
Kotak Mahindra-backed Phoenix ARC, Cerberus Capital, and Ares SSG with ACRE are competing for Piramal Group's distressed loan portfolio valued at ?2.6 billion. The portfolio includes debts from renowned real estate projects such as Advantage Raheja, JW Marriott, and Crowne Plaza. Piramal Group will negotiate with the highest bidder, establishing a reserve price for the auction. These loans are sourced from Piramal Capital Housing, separate from the Dewan Housing Finance acquisition.
Warburg Pincus, a global private equity firm, faced difficulties in India's real estate sector, with several investments not meeting expectations. Their stake sale plans in Good Host Spaces, a student housing startup, and joint ventures with Lemon Tree Hotels and Runwal Group did not yield the desired results. However, Warburg Pincus found success in investments like Piramal Realty and ESR, a logistics company. The company's approach to real estate was considered different from others, lacking focus and expertise. Despite challenges in real estate, Warburg Pincus has achieved significant returns in financial services.
The Ghaziabad Development Authority (GDA) faces obstacles in its plans to extend the Vaishali to Electronic City metro corridor, as private land acquisition poses a hurdle and could inflate project costs. The proposed 5.8km corridor, estimated at Rs 1,166 crore, necessitates the acquisition of land in Niti Khand and Ramprastha, impacting the alignment. Additionally, the state government's rejection of funding proposals for other metro extension projects led GDA and the Delhi Metro Rail Corporation (DMRC) to propose a new corridor to connect Vaishali and Electronic City. A meeting is scheduled between GDA and DMRC to discuss the route and potential realignments.
The Pune Municipal Corporation (PMC) is contemplating making the usage of sewage treatment plant (STP) water mandatory for grounds, golf courses, and sports facilities to combat water scarcity. Currently, 5 lakh litters of treated water are used for various activities, but PMC aims to increase it to 20 lakh litres due to inadequate rainfall this year. The civic administration has implemented weekly water cuts and is closely monitoring the situation, with decisions on further cuts depending on rainfall. The move aims to conserve potable water and mitigate the effects of water shortage in the region.
A contentious situation has arisen in Hyderabad, as a villa project undertaken by Greater Infra Projects and allegedly owned by a BRS corporator faces scrutiny for potential violations and encroachment on a water body in Bollaram village. The National Green Tribunal (NGT) has ordered investigations by the Hyderabad Metropolitan Development Authority (HMDA), the Sangareddy district collector, and the Ministry of Environment and Forests. Both sides have denied the allegations and exchanged accusations of technical errors and misidentification. As the legal battle intensifies, the fate of the villa project and the disputed water body remains uncertain.
The civic body in Pune, India, has sealed over 400 buildings as citizens fail to pay property tax. The Pune Municipal Corporation (PMC) sent notices to property owners and occupants, but non-payment resulted in the sealing of properties. The PMC aims to recover approximately Rs 8,000 crore from defaulters, including industries, commercial complexes, IT parks, and hospitals. Many defaulters have resorted to legal action, causing delays. Concerns have also been raised about exaggerated tax amounts and alleged bias in targeting defaulters. PMC's unique approach of using musical bands to shame defaulters has shown success. The PMC targets a recovery of Rs 2,318 crore for the next fiscal year.
Afcons, a unit of the Shapoorji Pallonji group, is in talks with banks for an IPO to monetize assets and fulfil loan commitments, sources said. The company is also considering a strategic sale to Middle Eastern-based firms. These initiatives aim to raise funds and alleviate debt pressure on operating companies within the group. SP Group plans to raise Rs 5,000–6,000 crore through Afcons' monetization. The flagship company, SPCPL, has restructured around $3 billion of debt under a Covid relief scheme. Afcons has executed notable projects like the Ahmedabad Metro and Atal Tunnel. The Mistry family has raised significant debt using Tata Sons shares as collateral.
Paranjape Schemes, a leading real estate developer, has secured funding of over Rs 230 crore from private equity funds such as ASK Property Investment Advisors, Arbour Investments, and Walton Street Capital. These investments will be utilized for residential projects in Mumbai and Pune. Notably, Paranjape Athena in Mumbai's Bandra, Forest Trails in Pune's Bhugaon, Trident in Wakad, and Paranjape Aspire in Andheri are among the projects. The company aims to complete construction by 2027, with a projected revenue of Rs 1,100 crore. Paranjape Schemes is also recognized for its senior living developments and plans to create a residential project for families with autistic children.
Suhana Khan, soon-to-debut actress and daughter of Shah Rukh Khan has bought a 1.5-acre property in Alibaug's Thal village for INR 12.91 crore. The purchase includes three traditional cottages previously owned by descendants of actor Durga Khote. Amid Alibaug's growing urbanization and associated challenges, like water shortage and waste management, Khan's acquisition spotlights the need for sustainable planning. Notably, many Mumbai-based celebrities are turning to Alibaug for real estate investments.
The housing market challenges in the UK have now extended to the rental sector, with rental costs reaching their highest level in ten years in May. Zoopla's data shows that tenants are allocating a larger portion of their income towards rent, surpassing the 10-year average. Rental prices in May exceeded income growth for the 19th consecutive month, particularly affecting renters in London. Experts attribute the affordability crisis to an imbalance between rental property supply and demand. Simultaneously, homeowners and potential buyers are facing increasing mortgage rates due to high inflation and wage growth, leading to potential interest rate hikes by the Bank of England.
In a move that could further impact the cost of living in Ahmedabad, the Ahmedabad Urban Development Authority (AUDA) has recently announced its decision to raise development charges by a significant margin. The proposed increase would see development charges surge by 15-20 times the current rates, potentially burdening property owners and developers alike. With development charges being a crucial factor in the overall cost of construction projects, this move is expected to have far-reaching implications for the real estate sector and urban development in Ahmedabad.
Delhi police have arrested Gunveen Singh and Jitin Pal Singh, implicated in a Rs 4.85 crore property fraud in Chhatarpur. The duo allegedly duped Balaji Metropolis Pvt Ltd director, Yogesh Tyagi, by selling disputed properties. Following a public denial of any sale agreements and the revelation of concealed family disputes, it was discovered that Gunveen was not legally authorized to negotiate the sale. The arrests were made on Sunday in Gurgaon, following the issue of non-bailable warrants.
Kandoi Fabrics and one of its directors have recently purchased two luxury sea-facing apartments in Malabar Hill, Mumbai, for over Rs 108 crore. The properties, totaling nearly 9,300 sq ft, are located in Lodha Malabar, a super-luxury residential tower developed by Macrotech Developers. This acquisition marks the company's second major purchase in the same project, following a Rs 217 crore deal in March. The transactions reflect the continued robust activity in India's luxury real estate market.
FICCI and JLL India have jointly called for the establishment of formal training and certification programs for property brokers in India. The white paper presented by FICCI emphasizes the need for government collaboration, education initiatives, and accredited courses to improve skills, income, and employment opportunities for brokers. The report highlights the increasing number of broker registrations under the RERA law and emphasizes the crucial role of brokers in the expanding real estate sector. The proposed training programs would focus on current regulations, communication, marketing skills, and digital tools, enabling brokers to establish themselves as industry specialists.
Ludhiana's municipal corporation is turning to digital technology to identify property tax defaulters. A new mobile application utilizing Geographical Information System (GIS) mapping allows officials to color-code properties and assign unique identification numbers. This will facilitate the tracking of defaulters and improve operational efficiency. The initiative, which includes live location tracking for field staff and text reminders to defaulters, is part of an aggressive push to achieve this year's property tax target of Rs 130 crore.
Dubai unveils the most expensive house for sale in the city, an extravagant mansion priced at 750 million dirhams ($204 million). Located in the desirable Emirates Hills neighbourhood, the property offers 60,000 square feet of indoor space, including five bedrooms and extensive dining and entertainment areas. The mansion boasts luxurious amenities such as a 15-car garage, indoor and outdoor pools, an 80,000-liter coral reef aquarium, and panic rooms. Constructed over 12 years with meticulous craftsmanship, the Marble Palace features Italian marble stone and an extensive art collection.
The Lucknow Development Authority (LDA) is requesting plot owners in Sushant Golf City to provide a no-objection certificate (NOC) from the irrigation department for their building plans. This requirement has been implemented due to the ongoing investigation by the Central Bureau of Investigation (CBI) into the developer, Anal API, for encroachment on canals and irrigation department land. The LDA will form a team to compare the master plan with maps from the irrigation and revenue departments to determine the exact canal alignment. Decisions regarding building plans for affected properties built on encroached land will be made accordingly.
The Himachal Pradesh cabinet has approved the final draft of the Shimla Development Plan, which introduces new regulations for building construction. The plan allows for specific floor and attic allowances based on different areas within Shimla. However, its implementation is subject to the approval of the National Green Tribunal (NGT), which has imposed restrictions on construction activities. The cabinet also decided to reorganize the recruitment process, with the Himachal Pradesh Public Service Commission taking over responsibilities previously held by the disbanded Himachal Pradesh Staff Selection Commission.
The Mayfield Garden Residents Welfare Association (RWA) in Gurugram is facing legal repercussions for constructing commercial structures at a designated dispensary site. The Department of Town and Country Planning (DTCP) has issued a restoration order after the RWA failed to respond to a show-cause notice. The order mandates the removal of unauthorized structures within seven days, with potential demolition if non-compliance occurs.
The Kolkata civic body has decided to deny mutation certificates to homebuyers in developments without a completion certificate (CC). This move is aimed at stopping unscrupulous realtors from leaving homebuyers stranded in developments that are not yet complete. A CC is the necessary requirement to apply for water and drainage connections, which are essential for the basic functioning of a home. Without a CC, homebuyers may be unable to get these connections, which could leave them without access to essential utilities.
Residents of Chandigarh protested at Sukhna Lake against the suspension of share-wise property transfer in the city. The Chandigarh administration issued a notification in March 2023, halting the transfer of properties on a share-wise basis. This has caused difficulties for property owners who are unable to sell or purchase their shares. The Chandigarh Property Shareholders' Welfare Association members expressed their intention to pursue contempt proceedings against the officers of the administration and send a legal notice for contempt of court orders.
The Greater Mohali Area Development Authority (GMADA) has sent notices to the owners of two buildings neighboring the parking lot involved in the recent cave-in incident in Sector 83. The notices demand the submission of records, governmental permissions, and clearances obtained for the construction of the buildings. GMADA acted following complaints alleging violations of government norms and building plans during the construction of the parking lot. Rajiv Gupta, GMADA's chief administrator, stated that further steps would be taken after the required documents and permission clearances were provided.
Residents of Noida's Logix Blossom Greens and Logix Zest are experiencing problems as a result of the community's dependency on diesel generators to provide electricity. The societies, created by insolvent Logix Infratech, have been unfinished for years. In order to reduce diesel usage, the insolvency resolution professionals imposed power outages and implemented a new tariff system, which raised electricity prices. In response to their increased usage over a predetermined period, the residents are now compelled to pay varied rates per unit, which has caused them to become irate and frustrated.
To ensure public safety before the monsoon season, the Indore Municipal Corporation (IMC) in India demolished 21 dilapidated and dangerous structures in zone 8 of the city. Both residents and bystanders were in danger due to the over 50-year-old buildings. In order to widen the route between Raoji Bazaar police station and Sonkar Dharamshala and relieve traffic congestion in the region, the IMC also identified over 100 obstacles in the form of portions of residential and commercial structures that needed to be demolished. The IMC has requested cooperation from property owners in order to protect public safety.
The Noida Authority in India has announced plans to establish a start-up hub in Sector 81 Phase 2 to support and encourage budding entrepreneurs. The Authority will lease out built-up spaces to new businesses through an e-auction, with the Old Court Complex's second floor offering over 13,000 square feet of space. The hub aims to attract entrepreneurs from various sectors, fostering small and medium-sized businesses, digital marketing, e-commerce, and online enterprises. The scheme includes incentives such as a six-month moratorium, a 15-year lease duration, and a one-year lock-in period. The e-auction will be conducted with a minimum rent of Rs 32 per square foot.
In Dombivli, Mumbai, the Runwal Group has begun construction on Central Avenue, the sixth phase of their Runwal Gardens development. The complex consists of two 32-story towers with more than 900 residential units that range in size from 421 square feet to 523 square feet. The units are priced starting at INR 44 lakh ($59,000). The project has excellent access to Thane, Navi Mumbai, and Mumbai. It is also adjacent to infrastructural developments like the Virar-Alibaug multimodal corridor and the proposed Kalyan Taloja metro line. An 11-acre central park, a cricket field, an amphitheater, picnic spots, and other facilities are also included in the project.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to introduce a groundbreaking initiative aimed at improving the real estate market in the state. MahaRERA plans to implement a comprehensive grading system for real estate projects, making it easier for prospective homebuyers to make informed decisions when selecting a property. This will be the first initiative of its kind undertaken by any RERA authority in the country, highlighting Maharashtra's commitment to transparency and consumer protection.
The Delhi High Court has emphasized that construction workers' right to pension cannot be denied over technicalities or the absence of certain documents. The court granted relief to a construction worker who had applied for pension but didn't receive it. Stressing the need to process pension applications promptly, the court directed the disbursal of the worker's pension with interest. The court also ordered the Delhi Building and Other Construction Workers Welfare Board to pay costs to the petitioner. The ruling highlights the importance of protecting the rights of construction workers and ensuring they receive the financial support they are entitled to.
The Bombay High Court has refused to halt the demolition of structures in Jogeshwari (E), stating that it would delay rehabilitation and harm those who have already vacated the area. The court dismissed a petition by 11 occupants who claimed a lack of survey and eligibility assessment. The judges criticized the petitioners' request for an extension as unfair, emphasizing that the rehabilitation units must be constructed first. The court expressed concern over the loss of community and ordered the Slum Rehabilitation Authority to expedite the eligibility process. The hearing was adjourned, and the petitioners agreed to accept transit rent.
The Thane Zilla Parishad in India is working on mapping and creating a digital database of its 9500 properties to optimize their usage, prevent encroachment, and resolve legal disputes. This initiative involves using drones and geo-tagging to digitally map government-owned properties such as schools, offices, and community centers. All relevant information, including ownership details and encroachment history, will be accessible online. The aim is to enhance decision-making and resource allocation, protect assets, and make efficient use of government lands for new projects.
Reliance Retail Ventures (RRVL), along with six other companies, has expressed interest in acquiring Future Supply Chain (FSC), the logistics and warehousing management arm of Future Group, which is facing bankruptcy. FSC has played a crucial role in managing Future Group's warehousing and logistics requirements. RRVL had previously made an unsuccessful offer to acquire the entire Future Group business. The bidding process for FSC will determine its future and have broader implications for the Future Group and the Indian retail industry.
MCG suffered significant revenue losses of Rs 461.7 crore over a 12-year period due to the inability to collect property tax from institutional property owners. An audit revealed missing owner names in MCG's records for zones 1 and 4. The audit report highlighted the lack of effort from zonal taxation officers to locate these records. This led to a loss of property and a fire tax amounting to Rs 461.7 crore. MCG aims to recover the amount owed, but rectifying the property ID data and updating records will take time and effort.
Bhagirath Realty Private Ltd has been served a cease-and-desist order by the Nagpur Municipal Corporation (NMC) for proceeding with construction of a commercial complex without appropriate permits. The unsanctioned construction on a disputed 40,000 sq ft plot, previously held by the Nag Vidarbha Chamber of Commerce, is currently under multiple investigations. The builder faces potential legal consequences for violation of the Maharashtra Regional and Town Planning Act, and possible implications from breach of environmental and mineral excavation norms.
The Bhubaneswar Development Authority (BDA) has begun the allotment process for its Daya Enclave housing project, offering 128 two BHK apartments for the Middle-Income Group. Prospective buyers can register on the BDA's official website until July 7 for a chance to participate in the lottery system. However, locals have expressed concerns about the affordability of the apartments, urging the government to consider reducing prices to cater to the target audience effectively.
The land valuation policy of the Ahmedabad Municipal Corporation (AMC) has come under scrutiny due to inconsistencies in pricing guidelines for auctions of plots and constructed properties. Deviations from established practices and varying base prices have raised concerns about transparency and fairness. Stakeholders are urging the AMC to provide clarification and ensure a consistent valuation process to maintain trust and a level playing field in property auctions.
In an affordable housing drive, Andhra Pradesh's Chief Minister YS Jagan Mohan Reddy is inaugurating the TIDCO housing colony in Gudivada town, Krishna district. A total of 8,912 flats, each costing Rs 1, have been constructed over four years at a cost of Rs 178 crore. Alongside this, 4,500 homes are under construction adjacent to the TIDCO colony. The government's efforts towards affordable housing reflect a monumental relief of approximately Rs 9,406 crore for women beneficiaries, setting a new standard in housing accessibility.
Gurugram's Aravali Biodiversity Park, recognized as an Other Effective Area-Based Conservation Measures (OECM) site, is facing rampant illegal building activities. A road exceeding two kilometers from DLF 3 dissects the park, giving way to unauthorized structures and growing construction waste piles. Residents voice their frustration over the lack of government action to protect this key green zone. The Municipal Corporation of Gurgaon promises surveillance and demolition efforts in response.
A decade-long analysis of Mumbai's real estate market reveals a surprising trend: suburbs outpace the city's main island in property price growth. With negligible increases or even stagnation in apartment prices from 2013 to 2023, Mumbai's expensive real estate market has cooled. In contrast, other Indian cities have seen robust property price growth. Regulations like the city's DCPR 2034, increasing available floor space, are likely to maintain this stability. However, certain suburbs have demonstrated slightly better price appreciation, outperforming the main island city, signaling a shift in investment strategies in India's priciest real estate market.
Delhi saw the removal of a three-decade-old slum in Vasant Vihar last week, under the direction of the National Disaster Response Force (NDRF) and the Municipal Corporation of Delhi (MCD). This action was in compliance with a Delhi High Court ruling, allowing the construction of NDRF headquarters on the site. Meanwhile, an anti-encroachment operation was carried out near the Mata Guiri Devi Hospital in West Delhi, addressing obstructions by local vendors and shopkeepers. These enforcement actions underline the struggle to balance urban development with citizens' rights.
Pune residents will no longer need to visit police stations for tenant verifications, thanks to the state property registration department's new online system. Deputy Commissioner of Police, R Raja, confirmed that the online tenant verification system, stalled during Covid, will resume next month across Pune's 32 police stations. The streamlined process, expected to boost registration and offer home-based police verification, aims to enhance convenience for tenants and owners alike, marking a significant step in Pune's digital transformation journey.
Chandigarh Union Territory (UT) has unveiled its proactive green initiative - the Chandigarh Energy Conservation Building Code (CHECBC) 2023 and Chandigarh CBC Rule 2023. Aimed at commercial structures, the new regulations will reduce energy costs and CO2 emissions. Commercial buildings, which account for over 30% of the city's total power consumption, will now need to be more energy efficient. This move illustrates Chandigarh's firm commitment towards a more sustainable future, setting an example in the face of increasing ecological challenges.
Tamil Nadu's Commercial Tax and Registration Minister, P Moorthy, has announced the forthcoming launch of the Star 3.0 software to revolutionize property registrations. The software will digitize all registry transactions, reducing registration times to around 15 minutes, and eliminating the need for cash payments. Moorthy reassured citizens that any issues could be reported directly to the department's top officials. The new technology is expected to increase efficiency, transparency, and public trust in the system.
Telangana has furthered its vision of IT growth in tier-2 and -3 cities with the inauguration of a new IT tower in Siddipet. Seventeen companies have been allotted space in the four-storey building, which can house up to 1,440 tech professionals. The IT Minister, KT Rama Rao, emphasized that these new hubs will drive economic growth and create jobs. He highlighted the 'Telangana model' of balanced and inclusive growth, pointing to the rise in IT exports alongside an agricultural resurgence, reflecting the state's multifaceted development strategy.
Banks in the UAE have eased their requirements for mortgage approvals on off-plan properties, allowing buyers faster access to financing. Previously, lenders would only grant loans once a project reached 80 percent completion, but now they are willing to provide mortgages when the project reaches the 50 percent or higher stage. This change is expected to have a positive impact on the UAE property market, benefiting both residents and international investors. It is especially advantageous for newcomers to the UAE who previously faced challenges in obtaining mortgage approvals.
Nashik City's local government has achieved a remarkable 25 percent increase in property tax collection, amassing Rs 75 crore in just 75 days. This success can be attributed to the implementation of a rebate scheme that entices taxpayers with incentives ranging from 6 percent to 8 percent. Around 1.7 lakh taxpayers have taken advantage of the rebate scheme, resulting in a rebate amount of Rs 4 crore. With an optimistic goal of reaching Rs 90 crore, the Nashik Municipal Corporation aims to collect an additional Rs 15 crore in the next 15 days.
IndiQube aims to raise $75 million in equity funding to expand its commercial portfolio in major cities. With profitability achieved and a doubled annual recurring revenue of $100 million, IndiQube plans to acquire office properties alongside its lease model. The company's success in leasing 1 million square feet of office space and the growing demand for flexible workspaces contribute to its strong growth momentum. IndiQube's vision includes owning 1 million square feet of office space through the joint development model. Notable clients such as Myntra and Mahindra Logistics underscore the appeal of flexible spaces in India's market.
The Maharashtra Real Estate Tribunal (MREAT) has revised a previous order by MahaRERA, granting home buyers the right to receive interest on their payments and refunds of additional fees. MREAT directed a developer to compensate home buyers by refunding the statutorily mandated payments and paying interest from the date of deposit. The tribunal rejected the relief granted to the promoter regarding the Covid moratorium period, emphasizing that interest serves as compensatory remuneration for buyers enduring possession delays. MREAT's judgment referenced Supreme Court rulings and relevant legal provisions, affirming the purpose of interest as fair compensation for the utilization of funds.
The Ahmedabad Urban Development Authority (AUDA) has unveiled an audacious plan to auction eight prestigious plots worth Rs 561.28 crore. These prime lands are located in Chandkheda, Bopal, Vejalpur, and Manipur-Godhavi. The auction offers an exceptional opportunity to acquire these sought-after properties at a significant discount. The event is scheduled for June 30th and July 1st, following a meticulous evaluation by the Land Disposable Price Fixing Committee. AUDA's decision to auction these plots comes after the state government doubled the Jantri rates.
Ho Chi Minh City (HCMC) has been identified as one of the least affordable housing markets in the Asia Pacific region, according to a report by the Urban Land Institute (ULI). The median home price in HCMC is 32.5 times the median annual household income, making it the second least affordable city in the region. The report also reveals that HCMC has a higher median home price compared to other Vietnamese cities, with Da Nang ranking fourth in terms of affordability.
Sweden's housing construction sector faces a substantial setback as data from May reveals a significant 50% decline in housing starts during the first quarter. The plunge can be attributed to multiple factors such as escalating interest rates, soaring construction expenses, and dwindling demand, severely impacting building companies. To counter this worrisome trend, the Swedish government has announced its proactive stance in formulating a series of incentives. These measures aim to revive the housing construction industry by alleviating financial burdens, boosting investor confidence, and revitalizing demand.
ITC, a conglomerate in India, is reportedly exploring alternative structures, including a Real Estate Investment Trust (REIT), for its hospitality business. While ITC has expressed commitment to implementing an "asset-right" strategy, it has refrained from commenting on specific hypotheses or speculation. The potential transfer of hotel properties to a REIT would allow ITC to list the trust separately and distribute income to unitholders. The move comes as the Indian market witnesses the success of listed REITs and their growing popularity among investors.
Ashiana Housing, a realty developer, plans to invest over Rs 275 crore in a senior living project spread across 11.93 acres in Pune's Talegaon locality. This will be the company's second project in Pune, catering to the growing demand for retirement communities. The project aims to provide retirees with ample space and a peaceful environment. Ashiana Housing sees senior housing as a focus area and aims to expand its portfolio to nine projects in the near future.
Pushpam Group, a renowned real estate developer, has launched Balibaug, a Bali-style resort located in Alibaug near Mumbai. Drawing inspiration from Bali's architectural charm, Balibaug offers luxurious villas with private pools, gardens, and Balinese design elements. The resort provides over 20 premium amenities, including restaurants, a spa, and a gym. With a focus on sustainability and hotel-like services, Balibaug presents an attractive investment opportunity for buyers seeking a holiday home and rental income. The project aims to contribute to Alibaug's transformation into a premier tourist destination.
Nagpur Municipal Corporation (NMC) in India has been facing significant challenges in managing the collection, transportation, and recycling of construction and demolition (C&D) waste. Despite appointing operators and issuing guidelines, the NMC has experienced delays and operational issues. The accumulation of C&D waste on major roads and residential areas has become a pressing concern, prompting the introduction of fines for polluters. The NMC aims to improve waste management by establishing a helpline for waste collection and implementing charges for bulk waste generators. However, the delays in operationalizing recycling plants and lack of action against the operators have hindered effective waste management in Nagpur.
Kokapet Lake, once a pristine waterbody, has suffered from pollution and shrinkage as a result of rapid construction activities in the surrounding area. The lake has become cluttered with debris, solid waste, and algae, and its size has significantly reduced. The lack of a proper sewage system and flawed masterplan on the hydrology of the lake are contributing factors. Local residents are concerned about the government land auction in Kokapet, which may worsen the situation. Experts warn of the potential for urban flooding and emphasize the need for measures such as a Sewage Treatment Plant to address the issue of sewage pollution.
Haryana Urban Development Authority (HUDA) has identified two potential sites for a slum rehabilitation project in Panchkula. The initiative aims to provide one marla plot or flat to each slum dweller in the area. HUDA has earmarked a 40-acre tract in Khark Mangoli village and 20 acres in Sector 20 for the project. The plan has been shared with Haryana Assembly speaker Gian Chand Gupta and will be presented to Chief Minister Manohar Lal Khattar for final approval. The project aligns with the objective of eradicating slums and providing adequate housing to economically disadvantaged residents.
The Greater Noida Industrial Development Authority (GNIDA) has introduced a scheme to allocate data center plots, with the application process beginning on June 13 and closing on July 4. Through e-auctions, 13 plots specifically designated for data centers will be sold, aiming to generate approximately Rs 1,000 crore in revenue for the authority. These plots, ranging from 4,047 square meters to 1.07 lakh square meters in size, are located in Knowledge Park-5 and Techzone. Interested parties can access more details and apply via the GNIDA website and the State Bank of India (SBI) portal.
The construction of the Thirumayilai metro station in Chennai, which is a critical interchange station linking corridor-3 Madhavaram Milk Colony to Siruseri Sipcot with corridor-4 Lighthouse to Poonamallee Bypass, has been delayed due to its challenging design. The Thirumayilai station is expected to be the deepest metro station in the city at 35m depth, presenting an engineering challenge. The 118.1km phase-2 project is expected to be ready in stages from 2026 to 2028, and the stretches that will be ready by 2028 include Panagal Park metro to Thirumayilai metro on corridor-4, Thousand Lights metro to Thirumayilai metro, and Greenways Road metro to Thiruamyilai metro on corridor-3.
Delhi NCR-based real estate developer, Gaurs Group, is set to construct 450 luxury apartments in Jaypee Greens, Greater Noida, with an investment of over Rs 500 crore. The development will be spread over 12 lakh square feet and is likely to be launched later this year. The pricing of these flats will depend on market conditions. The project is expected to enhance the offerings of the already flourishing 450-acre township and attract discerning homebuyers. The Gaurs Group is known for delivering exceptional projects, and their foray into Jaypee Greens is expected to uphold this reputation.
The allotment process of the Blossom Greens project by real estate firm Logix Infratech has come under scrutiny following the release of an independent audit report. The report suggests potential malfeasance in the allocation of 261 apartments to Anand Kumar, brother of the former Chief Minister of Uttar Pradesh, and his wife, Vichiter Lata. Furthermore, allegations of irregularities in the allotment process, including the allocation of units already in possession of third parties, have been raised. Anand Kumar and Logix Group have denied the allegations, while investigations are ongoing.
The real estate market in the Indore region, inclusive of Shajapur, Dhar, Ujjain, and Dewas, is booming, recording double-digit growth since the start of the current financial year. With surging demand for commercial and residential properties, the region has registered revenues of Rs 725 crore, up 13% year-on-year. Market expansion is fueled by the inflow of IT companies, industrial area growth, and the Delhi-Mumbai Expressway. Experts predict a sustainable, robust future growth, indicating a promising trend for investors and home buyers alike.
In a recent development, the National Company Law Tribunal (NCLT) has granted approval to Ace Infracity's resolution plan for 3C Homes. This comes after the NCLT initially denied approval due to opposition from some of the allottees. The matter was subsequently taken to the National Company Law Appellate Tribunal (NCLAT), which has now remanded the case back to the NCLT with specific instructions. The resolution plan aims to address the challenges faced by 3C Homes and pave the way for its successful restructuring and revival.
The Bombay High Court has authorized MHADA to take action against nine unauthorized commercial structures in Kannamwar Nagar, Vikhroli (East) due to concerns about the risks posed by a deteriorating building. The residents of Sai Vihar CHSL filed a petition urging MHADA to remove the encroachments and facilitate redevelopment. The court highlighted the urgency of the situation, granting MHADA permission to proceed with the eviction process. The society's members expressed their willingness to vacate the premises, provided they are given transit rent. The court directed the members to negotiate terms with the builder, subject to MHADA's approval.
The National Green Tribunal (NGT) has formed a joint committee to investigate the presence of industries in residential areas of Faridabad and assess their legality. The committee comprises officials from the district administration, Haryana State Pollution Control Board (HSPCB), and Central Pollution Control Board (CPCB). The NGT's decision follows a petition highlighting pollution caused by industries in residential areas. The committee's mandate is to evaluate compliance with consent to operate (CTO) conditions and submit a factual report within two months.
The Department of Town and Country Planning (DTCP) in Gurugram has requested tehsildars of all eight tehsils to share data on registries of builder floors executed after the implementation of the self-certification scheme seven months ago. The scheme allowed architects to issue occupation certificates (OCs) to buildings. However, the DTCP received information that some property owners and architects obtained registries without submitting the OC file. In response, the DTCP has circulated a standard operating procedure to issue OCs under self-certification for residential units within licensed plotted colonies.
A group of developers in Noida, Uttar Pradesh, has been fined for illegally extracting groundwater without permission for their construction projects, in violation of the Uttar Pradesh Ground Water Act, 2019. The violation came to light after a resident filed a petition expressing concerns about groundwater depletion. A survey conducted by the authorities confirmed the unauthorized extraction by 13 developers, leading to fines of Rs. 5 lakhs each and the sealing of borewells. Groundwater levels in Noida and Greater Noida have significantly dropped over the past decade.
Dotom Realty and Eka Life Ltd. have partnered to introduce DOMAIN, a luxurious residential development in the prominent locality of Govandi, Mumbai. This project will feature the tallest residential luxury tower in Central Mumbai, comprising two towers with 33 floors. DOMAIN will offer premium residential segments, rooftop amenities, and multi-level car parking. The choice of Govandi as the location is driven by its excellent connectivity and infrastructure growth. The project's unique selling points include its magnificent 360-degree skyline view and a design tailored to modern luxury living.
Kalpataru Limited has announced its plans to invest in the redevelopment of a housing society spanning nearly 6 acres in Borivali, Mumbai. With a substantial investment of Rs. 700 crore, the project aims to transform the existing residential complex into a modern development covering 7 lakh sq. ft. The redevelopment will comprise 11 buildings housing a total of 400 apartments, which will be provided to the current residents as renovated units. Approximately 90% of the project will be dedicated to premium residential development, while the remaining portion will be allocated for commercial use. Kalpataru expects to generate a revenue of Rs. 1700 crores from this venture.
Actor Jim Carrey has listed his Brentwood estate for sale. The impressive ranch-style mansion, priced at $26.5 million, offers luxurious living spaces, including five bedrooms, six full bathrooms, and three half baths. The residence features high-beam ceilings, skylights, and Jim Carrey's own art collection. The property also includes a chef's kitchen, a central courtyard, a home theatre, a gym, and a home office. Outside, the two-acre grounds offer amenities like a tennis court, a swimming pool with a waterfall, and serene walking paths.
The Costa del Sol in southern Spain's Andalusia region has become increasingly popular among individuals from the United Kingdom, Sweden, and the Netherlands looking to buy property. With its beautiful beaches, sunny climate, vibrant lifestyle, and a range of attractions including picturesque towns, golf courses, and nightlife, Costa del Sol is an ideal destination for vacationers and those seeking a permanent residence. The United Kingdom leads in foreign investment, followed by Sweden and the Netherlands, while desirable locations such as Marbella, Estepona, and Fuengirola attract buyers from these countries and beyond.
Chinese investments in Malaysia have reached over US$38 billion, accounting for a significant portion of Malaysia's GDP. Malaysia has emerged as one of the top choices for Chinese commercial property investors, surpassing previous years and overtaking other regions. Key destinations for Chinese investors include Johor, Kuala Lumpur, and Selangor, with Johor benefiting from its developed economy and proximity to Singapore. The ongoing Johor Bahru-Singapore Rapid Transit System (RTS Link) is expected to further enhance investment prospects in the region.
The Government of Dubai, under the leadership of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, has distributed 11,500 plots of land to its citizens and provided housing loans totaling Dh7 billion to 7,000 beneficiaries. The government has allocated funds to support citizens with low incomes and individuals with disabilities. Additionally, initiatives such as the Bayti program aim to provide extra funds for citizens with limited incomes to construct, complete, or furnish their homes. The government is committed to enhancing the quality of life for its citizens, focusing on areas such as healthcare, Emiratisation, and investment opportunities.
Bank of Korea Governor Rhee Chang-Yong has expressed concerns about increasing risks in the financial sector, particularly due to a rise in overdue real estate loans. While the housing market is slowly recovering, Rhee emphasized the need to find ways to gradually reduce household debt in collaboration with relevant institutions. Rhee called for enhanced collaboration with regulatory authorities and the development of necessary measures to ensure financial stability. Additionally, Rhee cautioned against premature confidence in inflation easing and stressed the importance of a well-thought-out policy response to address economic growth and price pressures.
A developer has lodged a complaint against a presiding officer of the Rajasthan Real Estate Regulatory Authority (RERA) court, accusing them of biased behavior and favoritism. As a result, the RERA court has declared the developer as non-compliant for failing to adhere to its previous orders and has summoned the directors of the builder group and their chartered accountants for a hearing. The complaint was originally filed by an aggrieved party seeking a refund for non-delivery of a residential project, and despite a court order, the builder group failed to comply, leading to further legal action.
Religare Finvest (RFL) plans to transfer its stake to parent company REL, aiming to overcome Reserve Bank of India restrictions. The company is making efforts to recover corporate loans and fixed deposits from Lakshmi Vilas Bank, from which former promoters fraudulently withdrew. India Ratings and Research (Ind-Ra) withdrew ratings for a repaid bank facility, while RFL defaulted on unsecured exposure to ICICI Bank and non-convertible debentures. Timely debt servicing is crucial for a positive rating. RFL's corrective action plan continues due to fund misappropriation by erstwhile promoters.
The CHB is launching a new e-auction for residential and commercial properties. It includes 40 residential freehold properties and 88 commercial leasehold properties. Bidding starts on June 14 and ends on July 5. The CHB has added eight residential properties since the previous auction. The properties range from two-bedroom EWS units to high-end houses. Recent auctions have had mixed success rates. The CHB aims to provide a transparent process for buyers and promote access to quality properties in Chandigarh.
Fintech startup Basic Home Loan secures $4.7 million in pre-Series B funding. With digitized mortgage solutions, Basic Home Loan handles monthly applications worth Rs 3,000 crore, serving as a key player in the industry. The company aims to achieve a successful proof of concept by FY 2024, driving digital transformation in credit and catering to underserved segments. This investment marks a significant milestone for Basic Home Loan and its vision to revolutionize the housing finance landscape.
MANA, a trailblazing real estate brand, acquired 9 acres of prime land in Sarjapur, aiming to create unrivalled premium living spaces. This aligns with their vision to expand in East Bengaluru. The acquisition enables MANA to deliver upscale, eco-friendly properties that exceed expectations. The upcoming Sarjapur apartments blend green living, luxury, and convenience. The strategic location offers easy access to employers, making it ideal for professionals seeking a luxurious lifestyle.
In a bid to address the issue of over 23,000 flats being handed over without proper registration, the stamp and registry department in Noida has taken action against 66 builders. Notices have been issued, warning of legal consequences if the flats are not registered within a month. The district magistrate held a meeting on June 16 with developers and Noida Authority representatives to discuss the reasons behind the oversight. The authorities aim to safeguard property rights and prevent revenue losses. Efforts are underway to expedite the registration process and raise awareness among buyers.
In the wake of the National Green Tribunal (NGT) revoking Technopark Phase 3's environmental clearance, the State Environment Impact Assessment Authority (SEIAA) is seeking legal advice for a potential appeal. The move comes as SEIAA maintains that due procedures were followed in granting clearance to Dragonstone Realty Private Limited's mixed land-use project. Amid this legal imbroglio, SEIAA has also urged the project proponent to conduct a cumulative impact study to identify and mitigate any adverse environmental impacts caused by the project.
In response to the discovery of numerous dilapidated wadas in the city, the Nashik Municipal Corporation (NMC) has embarked on a mission to ensure public safety before the impending monsoon season. Following a comprehensive survey, fresh notices have been served to occupants of these vulnerable structures, urging them to vacate. However, the NMC is prepared to take severe actions if necessary. The water and electricity supplies will be cut off for non-compliant occupants, and in extreme cases, the local police will be involved in forcibly evicting those who refuse to cooperate. The NMC prioritizes public safety and aims to avert potential mishaps during the upcoming monsoon.
In a collaborative effort, Navin's, a renowned real estate company, partnered with Vengaivasal Panchayat to establish a state-of-the-art sports park in Medavakkam, Chennai. The Rajappa Sports Park, spanning an impressive 30,000 square feet within the OSR area, offers a diverse range of world-class facilities, from cricket nets and tennis courts to basketball and futsal courts. This initiative reflects Navin's commitment to promoting an active and healthy lifestyle while fostering a sense of camaraderie among residents. The project serves as an inspiration for other organizations to invest in sustainable and inclusive communities, creating spaces that enhance well-being and community spirit.
The Brihanmumbai Municipal Corporation (BMC) in Mumbai, India, has introduced a compensation plan for residents whose homes need to be demolished for infrastructure projects. The compensation ranges from Rs 25 lakh to Rs 40 lakh ($34,000 to $54,000) and will be provided in lieu of tenements to eligible individuals, primarily slum dwellers. This decision comes as the generation of rehabilitation tenements has been inadequate. The policy was approved in 2021, and recently, the first approval was granted to a BJP MLA for compensating slum dwellers affected by the Magathane-Goregaon road project.
In Hyderabad's GO 111 region, real estate developers are undeterred by the absence of a master plan from the Hyderabad Metropolitan Development Authority (HMDA). Filing applications for change of land use (CLU) from agriculture to non-agriculture, developers envision creating sought-after gated communities in areas like Janwada, Mokila, Chevella, Ameenpur, and Gandipet. However, concerns arise as structures encroach upon lakes and water channels, prompting experts like BV Subba Rao to emphasize the need for stricter land use regulations. As stakeholders await the release of a comprehensive master plan, the ongoing surge in real estate development highlights the delicate balance between urban growth and environmental preservation.
The Mohali Development Authority has taken steps to ensure fairness and transparency in the allocation of plots under its jurisdiction. To achieve this, the authority has organized a plot numbering draw, aiming to streamline the allocation process. In addition, the authority has extended relief measures for allottees of the IT city. As per the latest announcement, allottees wishing to avail benefits must submit a "no dues certificate" within a three-month period. This requirement aims to streamline procedures and promote accountability in plot allocation.
In Hyderabad's developing Kokapet neighborhood, Sattva Group has launched Sattva LakeRidge, its newest residential development. Six high-rise towers make up the project, which comprises 897 opulent apartments with three to five bedrooms. Elegant architecture, first-rate amenities, and an IGBC Gold rating for its eco-friendly initiatives are all features of Sattva LakeRidge. The project is a desirable option for prospective purchasers seeking opulent and modern living spaces in Hyderabad's flourishing real estate market because of its strategic position and close proximity to utilities, educational institutions, healthcare facilities, and entertainment options.
In collaboration with Simpl, OYO has introduced its "stay now pay later" (SNPL) service, which gives Indian tourists a credit limit of up to Rs 5,000 to pay off after a 15-day hotel stay. The initiative, which is available through the OYO app, intends to provide users more choice when scheduling their summer vacation. OYO noticed an 8% boost in payment completion rates during a pilot test, demonstrating the program's appeal to visitors looking for flexible payment choices. With the SNPL program, OYO hopes to assist those who are concerned about their cash flow and strengthen its position as India's top hospitality supplier.
In an electronic auction, Godrej Properties won the right to purchase 7.44 acres of property in Kolkata's New Alipore from the West Bengal Housing Infrastructure Development Corporation. Godrej Properties intends to build a luxurious group home project with an estimated developable potential of over 9.8 lakh square feet and a revenue potential of roughly Rs 1,200 crore on the site thanks to the land acquisition. The demand for luxury residences in Kolkata's real estate market has increased, and Godrej residences' acquisition positions the business to meet the city's expanding need for upmarket residential options.
The Lucknow Municipal Corporation is collaborating with the electricity department to boost property tax collection. Mayor Sushma Kharakwal aims to identify unregistered properties by matching household data with power connection records. Out of 600,000 registered properties, only 365,000 are currently paying taxes. The mayor plans to propose an attractive discount under a one-time settlement scheme, subject to state government approval, to encourage compliance. A recent survey revealed property tax evasion of approximately Rs 80 crore, with thousands of new properties remaining unregistered.
The Delhi High Court has granted bail to Preeti Chandra, wife of Unitech promoter Sanjay Chandra, in a money laundering case. The order will be effective after June 16, as the Enforcement Directorate requested time to challenge it. The case stems from allegations that the Unitech Group and its promoters illegally diverted over Rs 2,000 crore to offshore accounts. Preeti Chandra, who has been in custody since October 2021, maintains her innocence and claims no connection to the proceeds of crime. The trial court had previously denied her bail due to the seriousness of the allegations.
The property registration department of Maharashtra is awaiting the delivery of new software from the National Informatics Centre (NIC) to improve the leave and license registration system. Complaints about technical glitches have been reported since April, and the updated software is expected to resolve these issues and expedite registrations. The president of the association of service providers highlighted the software's potential to streamline the process. In the meantime, citizens have faced delays in receiving complete documents. The property registration department has cleared pending documents but continues to process thousands of registrations daily, raising concerns about the reliability of the old software.
The Bruhat Bengaluru Mahanagara Palike (BBMP) is set to intensify its anti-encroachment drive, with plans to dismantle 110 structures in Mahadevapura and KR Puram within 15 days. This marks a revival of the campaign after the May 10 assembly elections, following which, eviction orders were issued for properties associated with 110 survey numbers identified as encroachments. The BBMP is working in close collaboration with the revenue department and surveyors to ensure smooth and legal execution of the task.
After 180 years of horse racing, Singapore is closing its only racecourse to make way for public housing. The decision aims to optimize land usage for the benefit of the community and future generations. The government plans to reclaim the 120-hectare site in 2027, with the last race meeting scheduled for October 2024. As Singapore faces rising real estate prices, the closure comes as the government reviews land use policies to meet present needs and ensure sufficient land for the future. The site's potential uses include leisure and recreation, but housing, particularly public housing, will be the primary focus. The closure coincides with increasing demand for housing in Singapore, leading to rising resale prices and rental costs.
Toronto's housing market showed signs of rebounding in May, with a 20% increase in home sales compared to April and a 25% increase compared to the previous year. The desire for homeownership has surged as borrowing costs increased, prompting potential buyers to re-evaluate their housing needs and return to the market. However, sellers are holding out for higher prices, leading to a slower pace of new listings and an imbalance between supply and demand. The average selling price of a home in May was $1,196,101, slightly higher than April but 1% lower than the same period last year.
Residential real estate is projected to thrive as interest rates stabilize, ensuring healthy demand for the next few years. Top real estate companies excelled in FY23, reporting significant pre-sales growth, with DLF standing out by doubling its pre-sales. Despite higher launches, inventory overhangs were avoided due to improved sales velocity and strategic price hikes. The absorption rate for top cities remained steady, but renewed interest from first-time buyers is expected to drive growth. Additionally, large developers expanding into new markets will enhance industry growth. The outlook remains positive for the residential real estate sector.
The Strand Square, developed by the SSPL Group is the company’s newest offering the commercial real estate space. The project is strategically located in Kharadi, Punr offering excellent connectivity and surrounded by prominent business areas. The Regus Brand, the world's leading provider of workplace solutions, was the first tenant to occupy The Strand Square. The project features A-class retail outlets, premium office spaces, and F&B spaces, along with modern infrastructure and world-class amenities. It aims to foster work-life balance and caters to businesses of all sizes.
Australian real estate company Dexus has announced its plan to sell a high-quality office building in Sydney's central business district for A$393.1 million ($263.7 million), representing a significant discount of nearly 17% compared to its independent valuation. The sale of Dexus' property is subject to approval from Australia's Foreign Investment Review Board, and the buyer's identity and nationality have not been disclosed. The sale serves as an indicator of the valuation challenges faced by the sector, with market pricing suggesting a reduction in asset values by 20% to 25%.
Experts are expressing concerns over a potential policy change that would make first-floor slum dwellers eligible for slum rehabilitation schemes. Without strong regulation, this change could lead to a surge in the construction of new first-floor slum tenements. Builders may benefit from selling almost double the area with only a marginal increase in costs. The policy alteration, expected to be released before the upcoming BMC elections, aims to boost stalled Slum Rehabilitation Authority (SRA) projects. While the intention is to provide housing for the urban poor, there is a risk that the scheme could inadvertently promote slum development.
The Madras High Court has lifted a previous stay on the state government's plan to establish Tidel Park near the MGR Bus Stand in Madurai. The decision comes after a petition was filed by the traders' association seeking the implementation of a 2010 Government Order (GO) for a market. The court vacated the interim injunction, allowing the government's proposal for Tidel Park to proceed. The court has also requested a response from the agriculture departments regarding the 2010 GO. The decision paves the way for the realization of the business park in Madurai.
The Noida Authority has launched two Group Housing Schemes in sectors 43 and 44, offering prime plots through an e-auction process. The plots measure 13,800 and 41,145 square meters and interested parties must register by June 30. A non-refundable processing fee of Rs 20,000 per plot is required for participation. The Authority aims to develop group housing projects in these central Noida sectors and expects a high demand. Successful bidders must submit earnest money and pay the remaining land cost within 90 days.
The Ministry of Housing & Urban Affairs in India has directed all states and Union Territories to provide information on stalled housing projects within their jurisdictions. A committee led by Amitabh Kant has been formed to examine the projects comprehensively and propose measures for their completion. The government's initiative aims to expedite the delivery of homes to distressed homebuyers who have been awaiting possession. State governments are collaborating with homebuyers' associations to gather comprehensive data on stalled projects, facilitating the formulation of effective action plans.
GIFT City, an emerging global financial hub, witnessed the Shilp Group acquire 500,000 square feet of valuable development rights at a record-breaking rate. The highest acquisition price was previously set by Venus Group. GIFT City increased prices, triggering competitive bidding, and successfully allocated over 10 million square feet of rights despite the pandemic. With comprehensive amenities and a foreign bank presence, GIFT City positions itself as a prominent international financial centre.
NTT and the Prestige Group have joined forces to develop a 100 MW data centre in Bangalore, marking the Prestige Group's entry into the data centre business in India. The project spans a million square feet and will be executed in three phases, with the first building expected to be completed within a year. NTT has invested $4.5 billion in India since 2020 and plans to launch six additional data centres. The increasing demand for data centres in India, driven by technological advancements and digitalization, is attracting substantial investments in the sector.
WeWork India is embarking on a journey of growth and expansion with a new workspace at Raheja Mindspace in Hyderabad. Spanning over 100,000 square feet, the workspace will accommodate 1,500 individuals and open in August 2023. Located in Madhapur, Hyderabad's IT hub, Raheja Mindspace offers seamless connectivity and sophisticated amenities. Blending traditional and contemporary elements, the workspace draws inspiration from Hyderabad's cultural heritage. This addition strengthens WeWork India's presence and its goal of redefining workspaces nationwide.
SEBI plans to auction 11 properties of Arise Bhoomi Developers and its directors, located in Uttar Pradesh and Maharashtra, with a reserve price of over Rs 43 crore. The properties were involved in unregistered investment schemes, and SEBI aims to recover investors' money through the auction. Adroit Technical Services Ltd. will assist in the online auction, scheduled for July 14th. Previous attempts to refund investors' money and attach bank accounts were unsuccessful. SEBI imposed fines and prohibited the company and its directors from the securities market. The auction aims to uphold regulatory compliance and restore investor confidence.
In a first-of-its-kind initiative, the Delhi Development Authority (DDA) is set to offer around 5,000 diverse category flats on a first-come, first-serve basis under its online housing scheme. The move, designed to make owning a flat more affordable and accessible, will also address demands for multiple home ownership for larger families. Depending on the demand, the DDA has plans to add more flats. The authority will also offer solutions for the residents of Signature View Apartments and intends to provide better living conditions for eligible slum-dwellers.
Chintels Paradiso residents are grappling with looming eviction threats as the developer allegedly demands the termination of their temporary accommodation within a week. This move comes amidst ongoing issues with structural defects that led to a major collapse in February 2022. With half of the 180 affected families yet undecided on the compensation offer, and the recent order for residents of Tower G to vacate, the crisis at the residential complex has intensified. As residents battle housing rights and safety concerns, the situation necessitates urgent attention from both the developer and authorities.
In Gurugram, structural audit firms are nearing completion of visual inspections for serious construction defects in over 70 high rise societies. With 90% of the surveys complete, the district administration prepares to select 15 societies for detailed auditing based on the findings. This effort follows a tragic building collapse last year, highlighting a commitment to enhancing safety measures and addressing construction flaws across the city's residential societies.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has issued a "public notice" to Investors Clinic, a real estate agent, for allegedly violating rules in promoting a Noida-based project by M3M Group. The notice was issued after Investors Clinic failed to attend a scheduled hearing on June 12, as instructed by UP-RERA. The agent was previously issued a show cause notice on June 3, requesting clarification regarding the promotion and publicity of the "M3M The Cullinan" project in Noida Sector 94.
India's top 8 warehousing markets have experienced a historic surge in demand during the financial year 2022-23, reaching a record high of 51.3 million square feet (msf), according to Knight Frank India's report. With a compound annual growth rate (CAGR) of 24% from FY17-23, Mumbai, Bengaluru, and Kolkata stood out with exceptionally high transaction volumes. The increased demand can be attributed to the Third-party logistics (3PL), manufacturing, and retail sectors. While the 3PL and manufacturing sectors witnessed significant year-on-year growth of 34% and 23% respectively, the e-commerce sector saw a decline due to excess capacity built during the pandemic.
In a recent development, the Coimbatore Corporation took decisive action by sealing a building situated on a 12-cent OR land, which had been unlawfully rented out to a private individual for commercial purposes. Under the leadership of Assistant Town Planning Officer A Babu, a dedicated team was responsible for executing the operation. Not only did they seal the building, but they also successfully retrieved the land, valued at a staggering 2.25 crore.
Aviom India Housing Finance secures USD 30 million in fundraising from Nuveen in a new funding round. The funds will fuel market expansion and operational strengthening. Existing investor C4D Partners partially exits by selling a stake to Nuveen. Aviom caters to low-income households with construction, improvement, and renovation loans. The investment has led to a remarkable portfolio growth and employee expansion. Aviom's journey exemplifies innovative financial solutions for inclusive growth.
Gurugram's Advance India Projects Ltd. (AIPL) has leased 5 lakh sq. ft of office space in its AIPL Business Club. Located on Golf Course Extension Road, the complex offers 6,75,000 sq. ft of leasable area with retail outlets and a food court. Key tenants include Kuehne+Nagel, Lummus Technology, and British Airways. With an investment of Rs 320 crore, AIPL expects an annual rental income of Rs 50 crore. AIPL's portfolio spans premium offices, retail spaces, and residential townships in Delhi-NCR and Punjab.
The MCG's audit revealed significant delays in processing property ID applications, taking one to two years instead of the mandated ten days. In Zone 1, 569 IDs were created out of 1,219 applications, while in Zone 4, 1,266 IDs were created out of 1,859 applications. Processing times ranged from 11 days to over two years. The report highlighted undisclosed reasons for delays and a lack of communication with rejected applicants. Measures were taken to improve service delivery. Additionally, 50,415 temporary IDs were generated, with a tax assessment of Rs 14.9 crore, of which Rs 11.3 crore was received by the ULB department.
Chinese property stocks listed in Hong Kong witnessed a significant surge as investors clung to hopes of further supportive measures from Beijing to revive the embattled sector. Shares of major developers such as Longfor Group, Sunac China, and KWG Group experienced notable gains. While market participants anticipate additional property stimulus, some analysts remain sceptical about its impact, citing weak consumer and homebuyer confidence. The effectiveness of future measures remains uncertain amidst concerns about the real impact on the sector.
Prime Minister Anwar Ibrahim has recently announced the mandatory inclusion of affordable homes or People's Housing Projects (PPR) in housing projects seeking approval in Kuala Lumpur. This decision aims to address the shortage of affordable housing and meet the needs of the underprivileged. The government receives thousands of applications for affordable housing each year, but Kuala Lumpur City Hall (DBKL) can only provide a limited number of units. The People's Housing Project, initiated in 1998, has been instrumental in providing affordable housing options and improving living conditions for those in need.
The real estate market in Dubai experienced a significant surge in value and transactions in May 2023. According to Property Finder, the total value of real estate transactions increased by 87% compared to the previous year, reaching Dh34 billion ($9.3 billion). The number of transactions also rose by 78% year on year, with 11,700 deals recorded. Off-plan agreements played a crucial role in driving the market expansion, accounting for 49% of sales transaction volume and 43% of the total value. Dubai's strong economic growth, with a projected GDP expansion of 3% in 2023, government initiatives, and rising oil prices, has contributed to the recovery and continuous growth of the real estate market.
Operators of fractional property-ownership platforms in India have submitted suggestions to the Securities and Exchange Board of India (SEBI) regarding the regulation of online platforms offering fractional ownership of real estate assets. Their recommendations include allowing investments in under construction assets, reducing experience requirements, granting more time for platforms to transition, and exempting luxury residential properties from regulations. These suggestions aim to enhance investor returns, ensure commercial viability, and improve governance in the sector.
The Vadodara Municipal Corporation (VMC) is set to decide on disciplinary action against officials involved in a housing scheme scandal. It was discovered that a list of beneficiaries had been forged and houses were allocated to individuals not selected in the original draw. An inquiry revealed that an operator changed the lists under an executive engineer's instruction. A report has been submitted, and the VMC's standing committee will determine the appropriate action against the executive engineer.
The UP-Housing Board raised it’s circle rates for Vasundhara and Siddharth Vihar townships near the RapidX corridor. Effective April 1, the revision increases stamp duty and property prices. Flats and plots in Siddharth Vihar witness an Rs 850 per square metre hike, while Vasundhara's rates vary by sector. Low-income properties remain unaffected. The board justifies the move due to market sentiment and demand. However, realtors criticize the hike, citing already increased home loan rates as a burden on buyers.
Hyderabad's residential property market thrived in May 2023, with 5,877 registrations, a 31 percent increase from the previous month. The total value of registered properties also rose by 31 percent to INR 2,994 crore. The market saw demand for properties between 1,000 and 2,000 sq. ft, with the Medchal-Malkajgiri district leading in sales. Prices showed a YoY increase of 3 percent, with Hyderabad experiencing the highest surge at 8 percent. Buyers showed interest in larger, high-value homes with better amenities. The market remains strong, driven by the RBI's decision to hold interest rates and buyers' preferences for spacious properties.
Shriram Properties has announced a target of 25 percent sales growth for this fiscal after recording a record-breaking Rs 1,846 crore in sales bookings. Robust housing demand across price categories fuelled the impressive performance. Sales volume reached 4.02 million sq. ft, a new high, with an 8 percent annual sales realization growth. The company plans to launch multiple housing projects to meet rising demand. Net profit surged nearly fourfold to Rs 68.2 crore, and total income grew to Rs 813.92 crore. Shriram Properties, operating mainly in Bengaluru, Chennai, and Kolkata, has delivered 36 projects and has 26 ongoing projects.
The Mumbai ITAT ruled that individuals co-owning multiple residential houses can still claim tax exemption on long-term capital gains, benefiting many taxpayers. Section 54F allows an exemption when reinvesting sale proceeds in a house. Zainul Ghaswala's claim was denied by the I-T official, despite evidence of separate ownership and occupancy of flats inherited by family members. The ITAT bench considered the Madras High Court's ruling that joint ownership does not hinder exemption claims. With no adverse decisions from the Bombay High Court, the ITAT ruled in favour of Ghaswala, clarifying co-ownership eligibility under Section 54F.
Sundaram Home Finance Ltd. (SHFL) plans to enter the affordable housing segment, targeting loans up to Rs 35 lakh. The market outlook is positive, with expected growth surpassing small business loans. SHFL aims to expand in Tier II and Tier III cities, meeting the rising demand for homeownership. Following success in the small business loan sector, SHFL will open new branches in Tamil Nadu and expand into Telangana, Andhra Pradesh, and other regions. Stable interest rates and strong buying sentiment support the housing market's recovery. SHFL remains committed to reducing non-performing assets and maintaining high collection rates while prioritizing stakeholder satisfaction.
EY Global Delivery Services India has renewed its lease for 420,000 square feet of office space in Bengaluru's Coral building, signifying confidence in the real estate market. The lease spans 60 months, with a rental escalation of 13.5 percent after the initial 12 months. The strategic choice of the Bagmane World Technology Centre Campus reflects the significance of location and infrastructure for EY's operations. This lease renewal adds to the positive momentum in the office space market, following similar moves by prominent companies like Amazon, Google, JP Morgan, and Deloitte.
Residents of the Patna Municipal Corporation (PMC) area now have the convenience of filing their property and municipal taxes from 7 a.m. to 7 p.m. throughout the week. Alongside the newly launched 7-to-7 tax collection counter, taxpayers can also opt for online filing through the PMC website. This initiative aims to alleviate taxpayer burdens by minimizing queues and ensuring accessibility. To further enhance convenience, executive officials have been directed to provide additional computer operators and systems at tax counters in their respective circle offices.
The Nashik Municipal Corporation (NMC) has issued a warning to builders in the city, instructing them to adhere to safety guidelines and exercise caution while carrying out excavation work during the monsoon season. The NMC's action comes after a road in Govind Nagar area suffered partial collapse last year due to excavation activities, causing disruptions in vehicular movement. In response, the NMC has written to real estate organizations, including CREDAI and NAREDCO, requesting them to inform their members about the need for extra precautions during rainy season construction activities.
Delhi Development Authority (DDA) has raised concerns over the delay in laying water and sewer lines at the Jailorwala Bagh rehabilitation housing project for slum dwellers. In a letter to Lieutenant Governor V Saxena, DDA alleged that the project's inauguration and house allotment were hindered due to the Delhi Jal Board's (DJB) delayed approvals. The absence of a water and sewer network has caused significant delays. Additionally, DDA highlighted the reliance of Kalkaji rehabilitation project residents on water tankers due to the lack of a regular water supply by DJB.
The Union Government has given its preliminary approval for the establishment of two new townships in Uttarakhand. These projects include an industrial township in the Parag Farm area of Udham Singh Nagar and an integrated township in Doiwala, near Dehradun. The state government aims to transform Parag Farm into a major industrial hub, attracting significant investment and generating employment opportunities. Additionally, an integrated aero township is proposed for Doiwala, taking advantage of its proximity to the airport. A delegation from the Centre is expected to visit the locations for further assessment.
Visakhapatnam authorities are gearing up for land pooling in preparation for the "Housing for Poor" initiative. Over 770 acres of land have been identified across various villages. Grama Sabhas was conducted from June 12 to June 18 at Panchayat Offices for public opinion. Objections can be lodged at the Land Protection Cell Deputy Tahsildars' offices until July 4. The notification states that 771 acres will be acquired, with Anandapuram (401 acres), Visakha rural (118 acres), Padmanabham (116 acres), and Bheemili (135 acres) mandals being the major areas.
The Ahmedabad Municipal Corporation (AMC) is set to implement a groundbreaking reform by offering its newly built properties for direct sale instead of the customary 99-year lease, thereby avoiding the 18% Goods and Services Tax (GST) levied on property auctions based on lease deeds. The move comes after the AMC faced a hefty GST payment of Rs 36 crore on an auctioned property valued at Rs 197 crore. The shift aligns with industry trends and may have implications for other municipal corporations in the country.
In response to the National Green Tribunal's recent environmental clearance cancellation for Technopark Phase-3's expansion, the Kerala government insists the land in question is not a wetland. Using classifications from the acquisition notification, government reports, and satellite images, the authorities argue the land is a long-idle paddy field. Insiders suggest an appeal may be filed following the ruling. The focus is now shifting to the project's cumulative impact assessment.
According to property consultancy Anarock, the average size of newly launched apartments in India's major cities has seen a significant increase, with a 5% annual surge during the first quarter of 2023. This reflects the evolving real estate market, where developers are catering to the rising demand for larger living spaces. Among the cities, Delhi-NCR experienced the most prominent surge, with average flat sizes expanding by 50%. The trend signifies a shift from previous preferences for compact homes, driven by affordability and millennial lifestyle trends.
The Greater Cochin Development Authority (GCDA)'s LIFE MISSION housing project in Mundamveli, Kochi, has encountered several delays in its completion. The contractor, Thrissur District Labour Contract Co-operative Society (TDLCCS), has struggled to meet deadlines due to the impact of monsoons on the project's progress. Despite completing most of the work in one block, substantial tasks remain unfinished in the other blocks, leading to missed deadlines. The project aims to rehabilitate residents of the P&T colony and comprises two four-storeyed buildings with a total of 83 flats.
The Adityaram Group has launched Adityaram Palace, India's largest palace, and Adityaram Palace City, South India's first palace-themed villas. The palace and villas offer customers a luxurious and elegant living experience, combining contemporary design with the rich cultural heritage of South India. The Adityaram Group aims to create iconic landmarks and has a strong track record in delivering landmark projects. The palace-themed villas feature ornate facades, majestic courtyards, and exquisite interiors, providing homeowners with a regal lifestyle. With state-of-the-art amenities and meticulous attention to detail, Adityaram Palace offers residents a palatial living experience.
SEBI plans to auction 61 properties owned by the Saradha Group on July 17 to recover funds acquired through illicit schemes. The auction, with a reserve price of over Rs 26 crore, includes land parcels in West Bengal. Quikr Realty and C1 India will assist in the sale. The Calcutta High Court's order directs SEBI to complete the auction within three months. Saradha Group, accused of chit-fund operations, raised Rs 4,000 crore before collapsing in 2013. Potential bidders must conduct thorough investigations into property liabilities. The successful bidder bears transfer costs and taxes.
The Union Cabinet has given its approval for the metro rail connectivity project between HUDA City Centre and Cyber City in Gurugram, aiming to enhance public transport in the national capital region. The Haryana Mass Rapid Transport Corporation Limited (HMRTC) will undertake the 28.50-kilometer project with 27 stations. The metro trains on this line will operate at a design speed of 80 km per hour, maintaining an average speed of 34 kmph. The entire project is expected to be completed in four years.
Delhi Development Authority (DDA) is making strides in its "Vision 2041" initiative with notable progress in sustainable urban development. Updates shared by vice-chairman Subhasish Panda include the in-situ rehabilitation of 18 slums, 70% land pooling in 20 identified sectors, and transit-oriented development projects. Efforts are also underway to increase affordable housing sales, and to restore the Yamuna floodplain, with 90% of rejuvenation achieved in four out of ten sites. These advances underline DDA's commitment to create an inclusive and sustainable Delhi.
The Income Tax Department's Intelligence and Criminal Investigation Wing has launched an extensive probe into two tehsil offices in Gurugram over non-disclosure of property registry data for the past five years. Prior irregularities include arrests of officials accepting bribes, misrepresentation of property types, and unauthorized issuance of 1,200 land registries. The investigation highlights the necessity of transparency and stringent oversight in land registry processes to ensure public interest and administrative accountability.
Kaveri 2, the new property registration system in Karnataka, is currently facing severe backlash due to frequent technical glitches. The once-revolutionary platform has caused a major slowdown in property registrations, with only 25% of the normal volume being processed daily. These ongoing issues have alarmed revenue officials and frustrated the public. Despite the initial hurdles, district registrar Pavan Pandit urges the public and stamp vendors to embrace the new system, assuring that these teething problems will be addressed promptly.
Real estate prices in Raigad have spiked due to a monopoly in the minor minerals market, increasing construction costs by 200 INR per sqft. A company linked to a Thane leader's family allegedly controls this market, pledging extra royalties to the government. This unethical practice prompted a wave of complaints, with no significant resolution yet. The local administration has pledged to revisit the issue as homebuyers await an intervention to counter this unchecked exploitation of resources.
Mumbai's plan to rejuvenate ageing buildings on collector lands faces fresh hurdles due to new state regulations. The 8,000 housing societies constructed 50-60 years ago must now ensure 20% OBC membership in new flats, with premiums determined by the government. Existing battles to reduce ownership land premiums add to the struggle. With threats to cast 'None of the Above' votes in upcoming elections, urgent resolution is needed to ensure the safety of 800,000 families and the continuity of Mumbai's urban regeneration.
A dramatic rise in property prices is gripping Indian metropolises, with 43 of the top 50 cities experiencing a significant upswing in the last quarter of FY 2022-23. According to the National Housing Bank, prices peaked at an 11% increase in several urban areas, led by Kolkata. In the midst of this, the Reserve Bank of India's decision to hold the repo rate steady at 6.5% offers some relief to prospective homebuyers, assuring stable Equated Monthly Installments. As real estate volatility escalates, potential investors are advised to tread cautiously.
In an ongoing high-profile Jharkhand land fraud case, the Enforcement Directorate (ED) has presented its initial chargesheet in a special court, implicating ten individuals, including IAS officer Chhavi Ranjan. The case centres around the fraudulent seizure and sale of two land parcels, together worth Rs 74.39 crore. The ED's investigation, stemming from a complaint by the Ranchi Municipal Corporation, has unveiled extensive evidence of forgery and corruption. The chargesheet marks the first formal step towards justice in this grim demonstration of money-laundering and corruption.
Gurugram-based real estate firm, Ninex Developers, and its executives have been indicted for allegedly defrauding homebuyers by selling their assigned flats to another company. The case, highlighted by complainant Rajendra Anand, involves flats booked for over Rs 1 crore, which were later illicitly mortgaged. Despite a promised settlement, the firm has reportedly failed to deliver. Police investigations are ongoing under IPC sections for criminal breach of trust, cheating, and conspiracy, following directions from the Punjab and Haryana high court. The developer remains unavailable for comment.
Dubai's ruler has given approval for the revival of the Palm Jebel Ali project, the largest among the man-made palm-shaped islands in the city. The project, which was previously suspended during the 2008 credit crisis, will now be implemented as part of the Dubai 2040 Urban Master Plan. The revitalized Palm Jebel Ali will feature over 80 hotels and resorts, providing luxurious beachfront residences for around 35,000 families. This comes at a time when Dubai's property market is experiencing a strong recovery, driven by increased demand and rising real estate prices.
Paris has once again imposed a restriction on the maximum height allowed for new buildings in the city. This decision comes in response to the construction of the Tour Triangle tower, which faced significant opposition. The new height limit dictates that buildings in Paris cannot exceed 37 meters or 12 storeys, reintroducing the urban planning law first implemented in 1977. The move is part of mayor Anne Hidalgo's plan to reduce carbon emissions and ensure a bioclimatic urban environment. The Tour Triangle, once completed, will become the third tallest building in Paris and will house a range of facilities. The reintroduction of the height ban follows a similar trend seen in China, where restrictions on building heights have recently been implemented.
Halifax, a mortgage lender, reports that British housing prices have witnessed a yearly decline in May, marking the first drop in 11 years. The decrease can be attributed to the impact of increasing interest rates on the housing market. The average property price fell by 1.0% compared to the previous year, with monthly prices remaining stable. The director of mortgages at Halifax anticipates additional pressure on housing prices due to the rise in interest rates. The housing market had shown signs of recovery earlier in 2023 but has since weakened, with lending to first-time homebuyers at its lowest level in years.
Risland's Sky Mansion project in Chhatarpur, New Delhi, has gained MCD and RERA approvals. The project offers penthouses and luxury apartments with three and four bedrooms. In addition, Sky Mansion offers uninterrupted views of the spectacular Aravalli Greens, a magnificent 1 lakh square foot clubhouse, and a parking area for more than 500 cars. Sky Mansion is slated to reinvent luxury living in South Delhi, and 65% of the flats have already been sold, demonstrating both the resounding interest in the project and the confidence that people have in Island's superb craftsmanship.
In Koregaon Park NX, Pune, Zeassetz, a Zolostays subsidiary, has unveiled "Codename - KP ANNEXE," a completely furnished and managed residential property. The property is priced starting at 35L all-inclusive and offers contemporary studios and 1BHK units with guaranteed yearly rentals of 1.56L. Additionally, Zeassetz is providing investors with exclusive early-bird discounts on pre-leased real estate investments through an innovative Expression of Interest (EOI) program. Through investments in pre-leased residential buildings, the company seeks to offer investors a reliable passive income stream with higher yields and fewer risks.
Environmentalists in Ghaziabad, represented by Prasoon Pant and Pradeep Dahlia, have filed a petition against 21 establishments, including malls, hotels, and banquet halls, for operating without obtaining the necessary No Objection Certificate (NOC) from the state pollution control board. Following a hearing, the National Green Tribunal (NGT) issued notices to the Central Pollution Control Board (CPCB) and the Uttar Pradesh Pollution Control Board (UPPCB) to respond to the allegations. The case is scheduled for further proceedings on July 6.
Phoenix Mills, a retail-led mixed development company, is planning a major expansion in the current fiscal year. With an investment of over Rs 2,000 crore, the company aims to strengthen its presence in key cities like Pune, Bengaluru, Kolkata, and Surat. In the previous fiscal year, they had already invested more than Rs 1,400 crore in various development projects. As part of their expansion strategy, they are set to open two new destination malls in Pune and Bengaluru, adding a combined leasable space of 2.4 million square feet. This move will establish The Phoenix Mills as the largest mall developer and operator in the country, with a total of approximately 11 million square feet of operational retail space.
The Vadodara Municipal Corporation (VMC) has issued a public notice asking beneficiaries of housing schemes in the city to clear pending dues totaling over Rs 100 crore. The notice applies to 24 housing schemes, and beneficiaries have until June 30 to repay their outstanding amounts. Failure to do so will result in the cancellation of house allotments. The VMC aims to recover funds and ensure the sustainability of housing projects. Beneficiaries have a designated period from June 13 to 16 to communicate with the VMC and address any concerns regarding their outstanding dues.
The insolvency and bankruptcy cases of real estate companies have been making steady progress in terms of resolutions, despite facing numerous complexities, including a large number of troubled homebuyers. Experts believe that the government's potential changes to the code, allowing resolutions based on the nature of projects instead of a rigid framework for the entire property sector, could further enhance performance in this regard.
The Calcutta High Court has ruled that buying property in a wife's name by the husband does not always indicate a benami transaction, stating that the source of funds is important but not decisive. The court clarified the two types of benami transactions and emphasized that the burden of proving a transfer as benami lies with the accuser. In a specific case, the court dismissed a son's claim that his father had engaged in a benami transaction by giving a property to his mother. The ruling provides clarity on the matter and highlights the need to consider various factors when determining the nature of a property transfer.
Marriott Executive Apartments Kuwait City, owned by Assima Real Estate Company, has recently opened in Kuwait. The property features 164 residential apartments, including studios, one-bedroom, two-bedroom, and three-bedroom units. Conveniently located near the airport and Kuwait Towers, the apartments offer stunning views of the city skyline and coastline. Amenities include a fitness center, sauna, spa bath, and indoor swimming pool. The property aims to cater to the growing demand for extended stay accommodations in Kuwait, combining exceptional comforts and elevated services associated with the Marriott brand.
Awfis, a leading coworking space provider, has partnered with NSL (Nuziveedu Seeds Pvt Ltd) to open coworking spaces in Bangalore and Hyderabad. The collaboration aims to meet the growing demand for flexible workspaces and support the entrepreneurial community in these cities. The new centres, located in Banjara Hills, Hyderabad, and Prestige Technology Park, Bangalore, will provide high-quality facilities and resources. With this expansion, Awfis strengthens its commitment to offering clients top-notch flexible workspaces in key Indian markets. The rise of flexible workspaces is expected to have a significant impact on the Indian real estate industry, creating new opportunities for developers, landlords, and businesses.
Real estate developer Kalpataru and Indian Hume Pipe Company have agreed to a revenue-sharing arrangement for the development of a mixed-use project on a 15-acre tract of property in the Vadgaon neighborhood of Pune. The project is expected to generate Rs 2,500 crore in revenue overall, of which Kalpataru will receive about Rs 1,700 crore. Over the course of the next 6-7 years, the project will be built out in two phases, with premium residential development making up 90% of it and commercial development the remaining 10%. Additionally, HDFC Capital most recently contributed Rs 1,450 crore to Kalpataru's project and land portfolio.
In Ahmedabad, low engagement with the Gujarat Regularization of Unauthorized Development Act (GRUDA) 2022 has prompted new regulations mandating unanimous consent from society members for regularization applications. Of the 36,349 applications received, only 2% have been approved, predominantly for residential constructions. The need for total consensus, owners bearing parking provision costs, and high impact fee regulation costs are primary deterrents, slowing the pace of regularization. The AMC is navigating these challenges as it reshapes the city's urban development.
NDR Warehousing, a prominent player in the warehousing industry, has successfully acquired LSA Warehousing Private Limited, enhancing its presence in one of India's major consumption markets. The acquisition encompasses a sprawling 18-acre project strategically located along the Sohna-Balabgarh Road, strengthening NDR's foothold in the NCR region. This development signifies NDR's fourth venture in the area, with a specific focus on the thriving micro market of Sohna. The company aims to complete Phase I of the project within 6 to 8 months and deliver the entire project within a year.
MahaRERA has received 39 applications for deregistration from developers of real estate projects in Pune, out of a total of 88 requests received from various regions. Developers cite reasons such as insufficient funds, legal disputes, and changes in government planning regulations. Majority of the projects seeking deregistration are located in rural areas of Pune. MahaRERA has set requirements for developers to meet before halting construction, including settling allottees' rights and providing relevant documents.
The Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) has invited bids for auctioning three land parcels totaling 142.5 acres at the Global City project site. The project, located near the Dwarka Expressway, aims to become the central business district of Gurgaon, incorporating advanced technology and mixed land-use. The development includes the construction of a utility tunnel, making Global City a "digging-free city." The HSIIDC estimates the cost of developing essential services and amenities at Rs 931 crore and has organized roundtable conferences to attract investments for the project.
Trichy Corporation has recently concluded the selection of an expansive 8.9-acre plot of land in Panjapur for allocation to Tidel Park Limited. This organization is a joint venture between the Tamil Nadu Industrial Development Corporation (TIDCO) and the Electronic Corporation of Tamil Nadu (ELCOT), both state-owned entities. The primary objective of this acquisition is to facilitate the construction of a state-of-the-art office space specifically designed for IT and ITES companies operating in Trichy city.
The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has made a recommendation to the state government regarding the registry of flats in completed real estate projects. The suggestion is to delink the registry process from the outstanding dues that builders owe to the Noida and Greater Noida authorities. This proposal aims to provide relief to homebuyers who have been waiting for the registry of their flats due to a stalemate between the development authorities and builders over Rs 39,000 crore land dues.
IndoSpace Core, India's leading logistics and industrial real estate vehicle, has successfully acquired the Amazon Fulfilment Centre located in Hyderabad, strengthening its nationwide presence. This marks IndoSpace's inaugural acquisition in the city, further solidifying its position in the market. The acquisition adds a substantial 0.8 million square feet to IndoSpace's portfolio, bringing their total advanced logistics and industrial infrastructure to an impressive 58 million square feet across 51 parks in India.
Haryana's Department of Town and Country Planning (DTCP) has mandated tehsildars to halt property registration in 50 unauthorized colonies, built illegally on agricultural land over the past five years. In enforcing compliance with the Haryana Development and Regulation of Urban Areas Act, 1975, the DTCP has issued show-cause notices and carried out demolitions in these areas. Amid potential legal consequences for landowners, the DTCP urges prospective buyers to conduct thorough investigations before investing in properties.
The Madras High Court has granted permission for the Tamil Nadu government to proceed with its corruption investigation into the Smart City projects in Chennai. The court modified its earlier order and stated that the state cannot be barred from taking action based on its preliminary report. The case, initiated by anti-corruption organization Arappor Iyakkam, alleges corruption in the projects during the AIADMK regime. The investigation was delayed due to a court order in 2020. The decision now allows the government to delve into the allegations and potentially hold those involved accountable.
Web Werks and Iron Mountain Data Centres have joined forces to expand their data centre campus in Rabale, Navi Mumbai. The collaboration aims to establish the third facility, MUM-3, which will be operational in the second half of 2025. MUM-3 will have a capacity of 32 megawatts and be designed as a Tier III data centre. The expansion also includes the approval for an extra power substation to support the increased capacity. Web Werks and Iron Mountain have strategic plans to establish data centres in Bangalore and Hyderabad as well.
The Union Housing and Urban Affairs Ministry has extended the implementation deadline for the Smart City Mission until June 2024, causing concerns among the residents of Dehradun. The second phase of the Smart City Mission, launched in 2017 with a budget of over Rs 1,400 crore, includes Dehradun as part of the scheme. However, residents have been complaining about the poor execution of the Smart City projects, leading to delays, disorganization, and inconvenience. While government representatives insist that projects are progressing smoothly, residents argue that simply installing a few smart features is not enough to create a smart city.
The Municipal Corporation Gurugram (MCG) in Haryana currently leads all municipal corporations in the state with outstanding stamp duty totalling Rs 245.2 crore. Sonipat Municipal Corporation follows closely behind with Rs 78.4 crore pending, while the Panchkula Civic Body has Rs 50.3 crore outstanding. The municipalities of Manesar and Faridabad also face the task of reclaiming Rs 43.8 crore and Rs 31.2 crore, respectively. These unpaid dues for fiscal years 2021–22 and 2022–23 highlight the substantial stamp duty arrear of Rs 644.1 crore across the state. The Department of Urban Local Bodies has directed municipalities to expedite recovery efforts and conduct fresh evaluations to address the issue promptly. Stamp duty serves as a vital income source for municipalities, enabling them to undertake development projects.
The government's proposed revisions to Bhopal's draft master plan have triggered a rush to finalize ongoing development projects within the state capital. While some experts believe the changes could benefit builders and buyers, developers argue that Bhopal's unique characteristics make a change in base FAR impractical. The existing master plan from 2005 will remain in effect until the proposed amendments are incorporated.
Leo Lynch, owner of flower wholesaler Lynch Group, recently made two significant transactions in Sydney's luxury housing market, totaling $130 million. He purchased the prestigious Federation estate known as Leura in Bellevue Hill for approximately $70 million while simultaneously selling his own reconstructed residence for an impressive $61.5 million. Both transactions set new records for the highest sale prices in their respective neighborhoods. The surge in sales reflects the booming luxury property market in Sydney, with over 20 properties being sold for amounts exceeding $20 million this year.
According to Irish property portal Daft.ie, the nationwide demand for homes in Ireland has seen a significant increase of 17% compared to the previous year. Demand for new homes specifically has experienced a staggering surge of 114% nationally, with Dublin witnessing a 99% increase. Eighteen out of twenty-six counties have witnessed a rise in demand, with Meath, Limerick, Offaly, and Louth showing notable growth. The demand for homes in the price range of €400k - €600k experienced the highest growth, while there was also an increase in demand for higher-priced homes. Despite the increased demand, Ireland faces a critical shortage of housing supply, emphasizing the need for increased construction in the coming years.
Haryana Chief Minister Manohar Lal Khattar has announced the regularization of unauthorized colonies with certain criteria in the state, providing legal recognition and access to amenities for residents. Additionally, a property identification correction campaign has been launched to assist citizens in rectifying any errors in property details. The government is conducting a comprehensive survey to collect data on families, which will help in designing targeted welfare schemes. The reinstatement of invalidated ration cards and ensuring benefits for financially vulnerable households are among the other initiatives mentioned by the Chief Minister.
The Lucknow Development Authority (LDA) cracked down on illegal constructions in zone 5, sealing an illegal hotel, row houses, and five unauthorized structures during an anti-encroachment drive. The LDA took action against a two-storey building constructed without approval, a three-storey hotel without necessary permits, and four row houses violating construction norms. These measures reflect the LDA's commitment to maintaining the integrity of urban development, promoting adherence to building regulations, and ensuring a safe and sustainable environment in Lucknow.
In an escalating urban nightmare, 298 illegal colonies have sprung up across Gurgaon and neighboring areas in the past 17 years. Following a directive from the Director-General, 14 district town planners (DTPs) are under investigation for their failure to prevent these illicit settlements. The Haryana Government is now mulling over the legalization of these colonies, subject to specific criteria. As the probe continues, it highlights the enforcement inadequacies and the urgent need for more effective urban planning strategies.
U.N.-Habitat warns that the global urban slum population is set to triple, reaching 3 billion by 2050, fueled by rapid urbanization and an escalating housing crisis. Eight countries, including Nigeria, the Philippines, and India, are expected to bear half of this increase. Housing scarcity is now a global problem, with even developed countries like the US, Britain, and Germany facing severe shortages. The Kenyan President's strategy to build 250,000 affordable homes annually signals the urgent need for governments worldwide to prioritize housing in their development plans.
In Gurugram, the Municipal Corporation (MCG) conducted correction camps to address inaccuracies in the property tax data. A survey conducted by a private organization revealed that the newly generated property IDs contained inaccurate information, causing residents to express dissatisfaction. The local government has been slow to correct the inconsistencies, leading to multiple complaints from residents who are unable to pay their property taxes. Most services for citizens, including addressing grievances and creating property IDs, have been removed from the online system, leaving the No Dues Certificate (NDC) portal as the primary channel for concerns.
Roop Kumar Bansal, a director of M3M, was detained by the Enforcement Directorate (ED) over alleged money laundering and diversion of investors' funds involving IREO and M3M real estate groups. The arrest follows a probe into financial irregularities amounting to hundreds of crores. ED's recent raids led to the seizure of luxury assets worth Rs 65.75 crore. This arrest underlines the enforcement authorities' commitment to combating financial fraud, particularly in the real estate sector.
Land prices in Visakhapatnam are soaring, threatening the availability of affordable housing. Notable areas like Kurmannapalem and Anandapuram have seen up to 50% increases in real estate prices. This hike, linked to the proposed executive capital relocation, is expected to negatively impact the property market. CREDAI's Bayana Srinivasa Rao fears this may deter potential middle-class buyers. To counter this, the VMRDA is developing Middle-Income Group (MIG) layouts, offering fixed-price plots allocated via lottery.
The Yamuna Expressway Industrial Development Authority (YEIDA) has questioned Jaiprakash Associates Ltd's (JAL) plan to settle dues and reclaim 1,000 hectares of land. JAL proposed selling land to raise funds, but YEIDA raised concerns about the land being mortgaged. Discrepancies exist regarding the outstanding amount, with YEIDA claiming Rs 3,621 crore while JAL insists on Rs 1,483 crore. The next court hearing is scheduled for July 13, where JAL must address the land encumbrance. The resolution will determine the fate of the Sports City project on the Yamuna Expressway.
To address grievances regarding registration documents and allotment orders for housing units, the Tamil Nadu Housing Board (TNHB) has set up petition boxes in its offices across the state. Beneficiaries can submit their complaints for a one-month period, after which a special cell in Chennai will review and provide solutions. This initiative aims to expedite the resolution process and ensure the rightful ownership of housing units. It offers residents of five districts, including Trichy, an opportunity to voice their concerns and seek timely resolutions, emphasizing the government's commitment to addressing housing-related issues.
The government of India is considering amendments to the insolvency law to enable "customized resolutions" for bankrupt residential real estate projects. The aim is to accelerate the delivery of flats to homebuyers in distressed housing projects by tailoring the resolution process to the specific nature of each project. The proposed changes seek to address the unique challenges of the real estate sector while adhering to the fundamental structure of the Insolvency and Bankruptcy Code. Clear guidelines and regulations are essential to ensure transparency and accountability in these customized resolutions, striking a balance between flexibility and accountability.
The Real Estate (Regulation and Development) Act, 2016 will now include new construction projects with six or more flats on 3-cottah plots. Previously, only projects with eight or more flats on larger plots fell under its jurisdiction. This move aims to protect small homebuyers who often face issues such as delays, non-completion, multiple sales of the same unit, and poor construction quality. By regulating these projects, the authorities seek to bring transparency and accountability to the real estate sector, ensuring consumer protection and resolving grievances within the regulatory framework.
UP-RERA is facing public backlash for its perceived sluggish resolution of disputes. A recent report to the Allahabad High Court revealed that UP-RERA has issued RCs totaling Rs 2,125 crore since 2017, but only Rs 504 crore has been recovered. Social media is awash with distressed homebuyers awaiting refunds, despite holding valid recovery certificates. UP-RERA Chairperson Rajive Kumar cited significant recent recoveries and an increased post-pandemic administrative effort. However, it remains to be seen if these measures can restore public confidence and expedite the recovery of the aggrieved parties' investments.
A total of 15,273 small flat allottees in Chandigarh are under scrutiny for defaulting on their dues, accruing a massive Rs 50 crore in debt to the Chandigarh Housing Board (CHB). In a stringent notice, CHB has demanded the settlement of these dues within ten days, or the allottees face potential eviction. Additionally, a crackdown on unauthorized occupations has seen the rescindment of 68 small flat allotments. CHB is intensifying its efforts to protect the rights of lawful flat holders and recover the outstanding payments swiftly.
Uttar Pradesh has introduced a regulation to impose stamp duty, according to circle rates, on the registration of power of attorney for non-relative property sales. This follows a spate of stamp duty evasions where builders exploited legal loopholes to avoid tax on land acquisitions. The new rule ensures that, regardless of who holds the power of attorney, if a property is sold, stamp duty corresponding to the land's circle rate will apply. The measure is expected to safeguard farmers, deter tax evasion, and plug government revenue leaks.
L&T Finance received 10 expressions of interest (EoI) for distressed developer loans worth Rs 3,022 crore. Stakeholders include Phoenix ARC, ACRE, Arcil, Omkara, and Edelweiss ARC. Nirmal Lifestyle Developers holds the largest loan at Rs 790 crore. The deadline for firm offers is June 18. L&T Finance adopted a 15:85 structure and invited EoIs from asset-rebuilding firms. The company aims to reduce its wholesale portfolio and focus on retail lending. Retail loans make up 75 percent of its total loan book.
Karnataka's Housing Minister, B Z Zameer Ahmed Khan, has recommended the Karnataka Housing Board (KHB) to consider a grand proposal of 1,000 luxury villas across a 500-acre land on Bengaluru's outskirts. These residences are aimed at attracting international industrialists and VIPs who wish to establish a permanent base in the city. The plan, part of a larger scheme involving five high-tech cities on 2,000 acres, envisages a 50:50 public-private partnership to offset land acquisition costs. The move promises to transform Bengaluru into an appealing residential hub on the global map.
The draft master plan for Thiruvananthapuram introduces Transit-Oriented Development (TOD) as an innovative approach to promote sustainable urban growth. The plan includes two TOD corridors along the old NH-47 and NH bypass, where a flexible floor area ratio (FAR) will be implemented to encourage mixed land use and efficient transportation. The plan suggests various policy measures and incentives to support TOD, aiming to create vibrant, well-connected neighbourhoods and enhance the quality of urban life in the capital city of Kerala.
Investment in premium warehousing parks is set to surge in Bengaluru to meet the rising demand for storage space from e-commerce and logistics companies, according to a white paper by India Sotheby's International Realty and CRE Matrix. Over the past five years, the demand for warehouse space has outpaced supply, leading to low vacancy rates and rental growth. Data from CRE Matrix reveals that Bengaluru absorbed 16.34 million square feet of warehousing space from 2018 to 2022, while new supply amounted to 10.5 million square feet.
Jeff Bezos, the founder of Amazon, and his fiancée Lauren Sanchez are currently renting a lavish oceanfront property in Malibu owned by smooth jazz saxophonist Kenny G. The monthly rent for the property amounts to an astounding $600,000. The total cost of renting the Malibu property is expected to reach approximately $7 million per year. This rental is among the extravagant real estate choices made by wealthy individuals in the exclusive area of Malibu, which has seen skyrocketing property values in recent years.
CM Siddaramaiah and Energy Minister KJ George addressed concerns regarding the eligibility of tenants for the free power scheme in rented accommodations. They assured that tenants consuming less than 200 units of power per month would be covered by the scheme. Landlords and tenants are required to register on the Seva Sindhu portal, providing necessary details for verification. The initiative promotes transparency, prevents misuse, and ensures equal access to affordable power.
Rajesh Shukla, the former BJP MLA representing Kichha, revealed plans for a greenfield city with strategic placement along State Highway-74. Situated merely 15 kilometres away from Rudrapur, the city will be conveniently connected to the Amritsar-Kolkata Industrial Corridor. In addition, a knowledge park covering an estimated area of 200 to 250 acres is being proposed in close proximity. This ambitious undertaking aims to harness the region's potential for economic growth and development, capitalizing on its favourable location and connectivity to major industrial corridors.
Auckland's housing market experienced a rebound in May with a significant increase in house sales. Despite stagnant sale prices, the surge in sales volume indicates a potential recovery in progress. The market's buoyancy aligns with reports suggesting a stabilization of declining property values. ANZ economists have revised their predictions, now expecting a marginal increase in annual house prices. The high-end market and affordable price range both witnessed strong demand. The surge in sales offers hope for the Auckland housing market, showcasing renewed buyer confidence and resilience.
In accordance with the CAQM directives, the Haryana State Pollution Control Board is undertaking a city-wide survey in Gurugram to ensure larger construction sites are adhering to mandatory dust pollution measures. Shockingly, of the estimated 3,000 sites, only 5% have registered on the government's dust pollution control portal. Sites found violating these regulations will face legal action and penalties. This initiative underscores the state's commitment to tackling pollution.
Provident Housing, a leading real estate developer, has launched its "1 tree per home" campaign as part of World Environment Month. The initiative kicked off with a large-scale plantation drive at a project site in Bagalur, Bengaluru. Over the next month, similar drives will take place at four more project sites, where 10% of the committed number of trees will be planted. The campaign aims to highlight Provident's commitment to sustainability and environmental conservation. Trees will be planted at various project sites, including Bengaluru and Kochi, creating a greener and more sustainable future for residents.
The Noida Authority in Uttar Pradesh has demolished 32 unauthorized farmhouses encroaching on the Yamuna floodplains. These opulent structures, valued at Rs 40 crore, were part of nearly 200 illicit constructions targeted by Noida's strict enforcement of environmental regulations. The Authority is determined to combat illegal construction on the floodplains and has emphasized that demolition costs will be recovered from the property owners. The crackdown highlights the Authority's commitment to environmental preservation and sustainable development.
The Telangana High Court has ruled in favor of public access rights in a dispute involving the restricted access to the Shadnagar gated community. The Court has authorized municipal officials to demolish a wall built by a housing developer, which had obstructed public passage. The ruling, which dismissed an appeal by the township's residents, reinforces that the interests of private gated communities should not supersede public right of way, and developers must ensure complete transparency in their dealings.
The DDA initiated a phased demolition at Bhoomiheen Camp to remove structures left by JJ residents. The aim is to relocate JJ residents from Bhoomiheen Camp to new flats. The area is slated to be used for the purpose of aiding qualified residents from Navjeevan Camp and Jawaharlal Nehru Camp through rehabilitation efforts. An official stated that demolition had taken place in accordance with the Delhi Slum and Jhuggi Jhopri Rehabilitation and Relocation Policy, 2015, of the DUSIB, after notice and announcements were made. 1,862 people in Bhoomiheen Camp were relocated to the A-14 project in Kalkaji Extension.
Magicbricks, a leading real estate platform, has introduced the Know Your Tenant (KYT) feature, aimed at revolutionizing the home renting process through advanced technology. KYT reduces the time spent by tenants and landlords by 37% and enhances the match between tenants and landlords by over 20%. The feature simplifies communication, ensures privacy, and facilitates informed discussions, leading to successful matches. With increasing rental demand in India, KYT assists landlords in making well-informed decisions based on their preferences. The implementation of KYT has resulted in significant benefits, demonstrating Magicbricks' commitment to efficiency and effectiveness in the real estate industry.
Jaypee Group's main company, Jaiprakash Associates Ltd. (JAL), had defaulted on loans worth Rs 3,961 crore, which included the principal and interest amounts. JAL informed that the company defaulted on repayments on May 31 of a principal amount of Rs 1,600 crore and interest of Rs 2,361 crore. JAL has been taking tangible steps to reduce its borrowings and is set to divest its cement business and transfer its real estate to a Special Purpose Vehicle (SPV). However, ICICI Bank and SBI have both moved the NCLT against JAL, claiming a total default of Rs 6,893.15 crore and Rs 29,429 crore, respectively.
The Ahmedabad Municipal Corporation (AMC) is considering deviating from its regulations on land deduction for urban planning schemes to assist select property owners in the Shahwadi-Behrampura area. The proposed town planning (TP) Scheme 32 would deduct only 25 percent of land from private plot owners, instead of the required 40 percent. This reduction would result in a smaller area for public utilization and an estimated loss of land worth approximately Rs 1,700 crore for the AMC. The decision to deviate from the regulations has raised concerns and may lead to disputes among landowners. The TP Scheme mechanism is a well-established part of Gujarat's urban planning framework.
Transindia Real Estate Limited has disclosed its intention to sell off some of its business operations and its subsidiary to investment funds managed or advised by Blackstone, a leading international investment company. The divestment pertains to the disposal of a logistics park located in Jhajjar as well as a 10 percent equity stake that is currently owned in several other parks. This deal will generate substantial cash profits and support the expansion goals of Transindia Real Estate Limited.
B Lakshminarayana, the main accused in the Sahithi Infra scam, and his family members have managed to evade questioning by the Enforcement Directorate (ED) on multiple occasions. The ED, investigating the money laundering aspect of the case, plans to file a petition in court to compel the accused to cooperate. The scam involves defrauding homebuyers of crores of rupees through false promotion of high-rise apartments. The ED has instructed property transfers related to Sahithi to be halted, and investigations have revealed additional individuals involved in the fraud.
Jammu and Kashmir has been allocated an additional 1.99 lakh houses under the Pradhan Mantri Awaas Yojna-Gramin (PMAY-G) scheme, the highest allocation among all Union Territories in India. This move aims to address the housing needs of the region and fulfil the aspirations of countless families. The allocation will significantly benefit those on the waiting list, providing them with permanent housing and contributing to socio-economic development. The implementation of the PMAY-G scheme in Jammu and Kashmir reflects the government's commitment to inclusive development and bridging urban-rural disparities.
The district administration in Gurgaon, India, is facing criticism for failing to comply with an order from the National Green Tribunal (NGT) to demolish illegal constructions on protected Aravali lands. Despite the NGT's directive and the presence of numerous farmhouses built illegally, construction activities continue, leading to concerns raised by environmentalists. Activists question why authorities have not taken action to enforce the NGT's orders and protect Aravalis as mandated.
The real estate industry in Ahmedabad is facing confusion over the utilization of transferable development rights (TDR) due to revised jantri rates. Projects are stalled at the plan passing stage as the Ahmedabad Municipal Corporation seeks clarification on calculating jantri rates for TDR after April 15. Developers are unsure if they can use TDR at old rates for projects launched after that date. The uncertainty has caused delays and clearance issues. Prompt clarification is necessary to resolve the situation and ensure smooth functioning of the real estate market in Ahmedabad.
The Kanpur Development Authority (KDA) has proposed multi-storey group housing residential schemes in the city. A demand survey will be conducted to assess interest in 2 and 3 BHK flats under the Daheli Sujanpur scheme. Interested citizens can participate by paying a token amount, and the decision to proceed with the construction will be based on the number of applications received. The KDA emphasizes that this is only a demand survey, and all necessary registrations will be completed according to regulations. The initiative aims to provide affordable housing options and contribute to Kanpur's development.
The Slum Redevelopment Authority (SRA) in Mumbai has announced a new initiative to acquire privately-owned slum-encumbered plots designated for public amenities. This decision follows controversies surrounding the acquisition of such plots by the Brihanmumbai Municipal Corporation (BMC). The SRA's involvement aims to streamline the process and ensure compliance with the Slum Act, leading to more efficient and effective slum redevelopment and improved public amenities.
Ahmedabad Municipal Corporation (AMC) has approved a proposal to blacklist Jyoti InfraTech and Vande Mataram Projects Pvt Ltd for a period of five years. The companies failed to complete seven housing projects worth over Rs 500 crore within the agreed-upon timeframe. The AMC now faces the burden of Rs 100 crore to restart the projects with new contractors. The decision serves as a warning to other contractors and highlights the importance of adhering to project timelines. The AMC will need to find new contractors to ensure the completion of these housing initiatives.
The housing market in Luxembourg has experienced a significant decline in prices during the second quarter of 2023, following an announcement by the Central Bank of Luxembourg regarding an increase in interest rates. This reversal in the market, previously known for its high prices, has led to a surge in rental prices. The situation has created challenges, with many Luxembourgish citizens unable to afford housing and becoming "housing refugees" in neighboring countries.
India's real estate consulting firm CBRE has reported that the manufacturing facilities for 4-wheeler and 2-wheeler electric vehicles (EVs) will require approximately 13 million sq. ft. of real estate by 2030. This surge in demand is attributed to the government's EV adoption targets. The report also highlights the exponential growth of EV battery manufacturing facilities, which would need 2,400 acres of land to produce 200 GWh of batteries by 2030. These expansions are expected to enable a production capacity of around 4 million units of 4-wheelers and 23 million units of 2-wheelers by 2030.
Renowned guitarist Joe Walsh purchased an upgraded bungalow in Sherman Oaks for his stepson, Christian Quilici, who leads the philanthropic organization VetsAid. The property, priced at $2.3 million, offers impressive amenities, including a Tuscan-inspired front yard, modern interiors, and luxurious features such as a La Cornue stove and a screening room. The main house features three bedrooms and 2.5 bathrooms, with the primary suite providing direct access to the backyard. The backyard boasts an octagonal swimming pool, a built-in BBQ centre, and a hidden vegetable garden.
The luxurious Sky Palace at AVA, Palm Jumeirah, Dorchester Collection in Dubai, has been sold for an astounding AED220 million ($60 million). Developed by OMNIYAT and managed exclusively by Dorchester Collection, this property spans four floors and features a 360-degree infinity lap pool, a four-floor indoor garden, and a rooftop terrace with panoramic views of Palm Jumeirah and Dubai's iconic skyline. Residents of AVA enjoy world-class services provided by Dorchester Collection, including a dedicated residence concierge, doorman and porter services, personal valet assistance, and more.
Homebuyers at Tashee Capital Gateway in Gurugram protested the 13-year delay in receiving their apartments. When the project was first announced in 2010, the developer said it would be completed by 2015. In 2022, the developer was later taken over under the SWAMIH plan, but the work has moved slowly, and the developer hasn't made up the lost time compensation. Additionally, homebuyers claimed that the developer had broken H-Rera rules by altering the floor plan and turning the communal facility into a clubhouse. The essay focuses on the necessity for homeowners to take precautions against dishonest developers and guarantee the security of their investment.
The Tamil Nadu Housing Board (TNHB) has completed a high-rise residential project in Varaganeri, which includes 56 dwelling units sold to the general public at around 4,800 per square feet. The completion of this project is a positive step toward fulfilling the demand for affordable housing in the region, and upcoming projects for middle-income and low-income groups will further strengthen the government's efforts to provide affordable housing solutions. The Pradhan Mantri Awas Yojana (PMAY) scheme has been successful in providing housing to many people, but challenges still exist in its implementation, such as the lack of awareness among eligible applicants, the availability of land, and the quality of construction.
The Greater Noida Industrial Development Authority (GNIDA) discovers that developers have been giving apartments to homebuyers without fulfilling the necessary registration requirements. Financial consultancy Curie & Brown exposed several such violations in their examination of group housing projects. In response, the GNIDA plans to take legal action against these developers to ensure compliance with regulations and protect the rights of homebuyers. Additionally, the Yamuna Expressway Industrial Development Authority (YEIDA) is preparing to implement a plot relocation policy to address delays caused by land disputes.
Dusit International, a prominent hotel property development company in Thailand, introduces ASAI Bangkok Sathorn, its second ASAI branded hotel in Bangkok. Situated near the Business District, the hotel aims to foster a sense of community and offer local and authentic experiences. ASAI Bangkok Sathorn features 106 compact rooms with comfortable amenities, a neighbourhood bar, and a co-working area. ASAI Bangkok Sathorn builds upon the achievements of ASAI Bangkok Chinatown, the brand's first hotel.
Sigma One Universal introduces Sigma One Bizbay, an impressive eight-story commercial project located on Kumthekar Road in Pune. With its striking glass facade and strategic location in Pune's oldest shopping destination, Bizbay offers a thriving environment for retailers and entrepreneurs seeking growth and success. The project provides modern retail spaces, flexible office areas, and versatile commercial units, catering to various businesses. With high footfall and attractive rental yields, Bizbay presents a compelling investment opportunity in the Pune market.
Fire officials in Ludhiana have notified 25 commercial establishments lacking fire safety protocols but are unable to conduct subsequent inspections due to manpower shortages and time constraints. The municipal corporation had assured appropriate measures will be taken to ensure safety precautions in commercial enterprises. Inspections are scheduled for institutes this week, and penalties up to Rs 25,000 will be imposed if irregularities are not rectified within 30 days. Lack of fire safety equipment and No Objection Certificates (NOCs) is a common issue.
The Ghaziabad Development Authority (GDA) may be liable to pay increased compensation of Rs 1,000-1,200 crore to farmers for the land procured for the Indirapuram and Vaishali residential developments between 1986 and 1989. The Allahabad High Court will review the GDA's petition on July 12, challenging the higher compensation rate of Rs 297 per square yard established in 2017. The GDA is exploring options to recover the additional costs from developers, while Apartment Owners' Associations and Residents' Welfare Associations oppose passing on the increased compensation to flat owners.
The Punjab and Haryana High Court has temporarily stopped the allocation of four commercial sites and seven residential plots within the protected Aravali green belt. The court ruling comes in response to a petition filed by Bharat Petroleum Corporation Ltd. (BPCL) and is pending a decision on a related petition by the DLF Qutub Enclave Residents Welfare Association. The disputed land, located between DLF-1 and Sector 42, falls within the Central Forest (Conservation) Act's protected Aravali Plantation. Local residents argue that any development in the green belt would violate ecological regulations and cause congestion in the area.
Gaurs Group, a leading real estate company, has inaugurated a state-of-the-art 15 MW solar power plant near Gwalior in Mahoba. With an investment of Rs 80 crores, the project aims to generate 2.25 crore units of electricity annually, contributing to environmental sustainability and reducing carbon emissions. The plant's completion solidifies Gaurs Group's commitment to sustainable development and positions them as an industry leader in environmental consciousness.
In a recent development, the draft plan for the Bhopal planning area has undergone significant revisions. The proposed size of the area has been increased from the previous 813 sqkm to a substantial 1016.90 sqkm. Furthermore, the planning area for BD has also witnessed an expansion, now encompassing 1016.90 sqkm and comprising 248 villages. These modifications reflect a comprehensive effort to accommodate the growing needs and requirements of the region, ensuring adequate planning and development for the future.
Stellar Value Chain Solutions, a prominent supply chain management company, has expanded its warehousing capacity by adding 1.5 million sq. ft. in Bhiwandi and 0.5 million sq. ft. in Banur. This move aims to support the company's pan-India supply chain operations for a consumer durable giant. Stellar has taken over Central Distribution Centre Operations and two regional Distribution Centres, increasing its total warehousing capacity to 16 million sq. ft. To facilitate further growth, Stellar is seeking primary capital funding, planning to roll out 5 million sq. ft. of warehousing operations annually and develop 10 million sq. ft. of logistics space through RFQs.
The Karnataka High Court ruled that a shareholder who prefers the sale of a property under Section 2 of the Partition Act cannot purchase the shares of other shareholders. The case involved a property in Bhadravathi town, Shivamogga district. The court dismissed a petition filed by two shareholders who expressed a preference for a sale but were prevented from exercising their rights under Section 3 of the Act. The court clarified that when Sections 2 and 3 of the Act are read together, the court must first determine that division according to the decree is not feasible. As a result, the court upheld the trial court's decision.
The Municipal Corporation of Delhi (MCD) has introduced a mobile app enabling taxpayers to geo-tag their properties, ushering in a more transparent property tax regime. The MCD App, available for Android now and iOS soon, allows residents to pinpoint their assets on a map via unique geographical coordinates, ensuring precise location-based identification and improved service delivery. Officials have urged residents to download the app and geo-tag their properties promptly, fostering the city's holistic development.
Maharashtra has initiated action against property registration officials for improperly registering around 20,000 property documents. The documents, found in violation of RERA rules and Maharashtra's Prevention of Fragmentation Act, are void and set for immediate correction. With 10,000 suspect documents from Pune and cases from Thane, Chhatrapati Sambhaji Nagar, and Latur district, this vast rectification will ensure adherence to regulatory norms and deter future malpractices in property registration.
The real estate market in Gujarat has experienced a surge in housing finance loans and new home loan disbursements during the fiscal year 2023. The amount of approved housing finance loans increased by 60% compared to the previous year, with a notable rise in the number of individuals receiving new home loan payments. This growth in the real estate sector is attributed to customers' desire to improve their living spaces and the positive outlook within the industry. Ahmedabad, in particular, has seen an increase in property prices and demand due to migration, post-pandemic aspirations for new homes, and the influx of young professionals.
Property owners in the Pune Municipal Corporation (PMC) are facing confusion and frustration over their property tax bills, which have been delayed and contain discrepancies. The Maharashtra government's decision to reinstate a 40% tax deduction for self-occupied homes has led to issues with software updates and re-issued bills. PMC officials have acknowledged the problem and plan to provide clearer explanations on future bills. However, residents are expressing dissatisfaction with the lack of guidance and the burden of resolving the errors.
Godrej Properties (GPL) has increased its ownership in Godrej Home Constructions (GHCL) from 74% to 100% by acquiring an additional equity share capital. The acquisition was made for a total amount of Rs 14.98 crore. GHCL, a subsidiary of GPL, is primarily involved in the construction, development, and marketing of residential projects in India. In a separate acquisition, GHCL has also acquired the remaining 26% stake in Wonder City Buildcon (WCBL), making it a wholly owned subsidiary. The acquisition of WCBL shares was carried out according to a share-purchasing contract established between the companies. Godrej Properties, a division of the Godrej Group, is a real estate company operating in multiple municipalities with a focus on residential, commercial, and township structures.
The Chandigarh Housing Board (CHB) is considering reducing the reserve price of its residential properties by approximately 10% following unsuccessful property auctions. In recent auctions, there has been a lack of interest in CHB residential properties, despite their freehold status. Only a small number of properties have been sold in the past few auctions. The commercial real estate sector has also experienced poor performance, with no buyers for the auctioned properties. The leasehold status of commercial properties has contributed to the lack of interest. The recent decision to prohibit the CHB from selling converted commercial leasehold properties as freehold has further dampened demand. The CHB aims to attract more participants and improve auction outcomes by lowering the reserve price.
The Panchkula Municipal Corporation (MC) is taking strict action against property tax defaulters, both commercial and government-owned properties, in an effort to collect outstanding dues. A total of Rs 38.66 crore is due from various commercial establishments, including well-known hotels and schools, while government properties owe Rs 32.19 crore. Notices have been issued, and a 15-day deadline has been given to settle the dues. Non-payers risk having their properties sealed. The commissioner has also directed the publication of defaulters' names on the MC website to hold them accountable.
The UAE government has launched a national housing platform called "Darak" to enhance community and family stability and improve the standard of living for UAE residents. The platform, established by the Ministry of Possibilities and the Ministry of Energy and Infrastructure in collaboration with housing authorities, aims to manage housing projects and provide citizens with access to suitable housing options. Darak offers discounts on construction and furniture costs, facilitates access to project opportunities, certified consultants, contractors, financing options, and construction-related information.
Prestige Estates Projects has successfully completed two strategic acquisitions, gaining full ownership of Prestige (BKC) Realtors and Turf Estate Joint Venture LLP. These acquisitions are expected to greatly enhance the value of Prestige Estates Projects' rental portfolio. Prestige (BKC) Realtors is involved in the development of a project in Mumbai's Bandra Kurla Complex, offering Grade A office space with a gross leasable area of 2.79 million square feet. With these acquisitions, Prestige Estates Projects has reached significant milestones in its growth trajectory, solidifying its position in the real estate market.
The Ludhiana Improvement Trust (LIT) in Ludhiana, India, has decided to re-auction a property on Rani Jhansi Road after facing difficulties in finding tenants for the renovated multi-story structure. The building, which features various commercial units, has remained vacant and deteriorated over time. LIT's initial plans to attract banks or a multiplex for consistent rental income have shifted towards auctioning the property. Previous proposals to establish a jewellers' market, an income tax office, and relocate the Powercom office were considered but not implemented. By re-auctioning the property, LIT aims to find a suitable buyer or tenant who can revitalize the building and contribute to the area's development.
India's new Parliament building was recently inaugurated by PM Narendra Modi, replacing the 90-year-old structure. Boasting a capacity for 1,272 individuals in the Lok Sabha, the new building cost ?836 crore and covers an expansive 64,500 square metres. With cultural highlights from across the country, it mirrors India's rich heritage. The edifice was conceived to address the space constraints faced in the old Parliament during joint sessions. The new construction marks a significant milestone in India's democratic journey, embodying a blend of tradition and modernity.
Missing property transaction records from 1993 to 2007 in Gujarat have caused significant frustrations among buyers and sellers. The state revenue department's directive, mandating the digitization of property data, has hit a roadblock due to the missing historical data and officials' reluctance to provide physical documents. Jenu Devan, the superintendent of stamps, assured that they are actively working to resolve this issue and make the missing data available online soon.
Maharashtra launched Asia's largest urban renewal project in Thane city on June 5th. The Joint Colonies Redevelopment Project encompasses 45 schemes, transforming dilapidated buildings into safe, modern complexes over 1500 hectares. With dedicated facilities ranging from healthcare to women's empowerment centres, the project is set to radically improve living standards. Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis were present at the inauguration of this initiative, conceptualized by renowned architect Hafiz Contractor.
Rohan Developers' director, Hareesh Mehta, was arrested on May 20 in a historic Rs 280 crore ($37M) bank fraud case, dating back two decades. The Central Bureau of Investigation alleges that Mehta, in collusion with others, duped the State Bank of India, using the fraud proceeds for personal gain and business investments. Currently in judicial custody, his bail hearing is impending. This significant arrest underscores the necessity for stringent scrutiny in India's booming real estate industry.
In a resolute operation against the land mafia, Ratlam's district administration reclaimed a residential parcel developed by Ehsan Mukati in 1994 near Surajmal Jain Nagar. The administration cleared unauthorized encroachments and restored ownership to the 38 plot purchasers who had been denied possession for nearly three decades. The district is now initiating the process of legalizing the residential colony and developing basic infrastructure financed by the sale of the remaining plots.
In a contentious move by the Haryana Urban Development Authority (HUDA), nearly 300 families were evicted following the swift demolition of Fatehpur Colony, Panchkula. Despite the residents' claims of regular tax payments and procured stay orders, their pleas for a two-day extension were dismissed. This large-scale operation, paradoxically, spared an illegally constructed temple. Amid conflicting statements and rising discontent, this incident underlines the urgent necessity for just housing policies.
The Enforcement Directorate (ED) announced it has confiscated Rs 65.75 crore worth of assets from real estate conglomerates IREO and M3M. The seizures, part of an ongoing money laundering investigation, include luxury cars and jewellery. The ED conducted raids at seven locations in Delhi and Gurugram, during which top brass of the M3M Group were noticeably absent. IREO and M3M stand accused of siphoning off hundreds of crores through a complex network of shell companies, highlighting a potential major scandal within India's real estate industry.
The initiative by the Rajasthan government to provide piped water connections to high-rise buildings in Jaipur and other cities has faced a lacklustre response. As of now, only five applications have been received by the Public Health and Engineering Department (PHED). The slow uptake can be attributed to various factors, including the absence of water connections in certain areas and the financial challenges faced by residents in collecting the one-time connection charges. PHED officials, however, remain optimistic, stating that these are initial difficulties and expect the system to be streamlined in the future, with builders taking the lead in applying for connections.
The Smart Cities project is revolutionizing urban living across the globe. With the aim of creating sustainable and technologically advanced cities, this initiative has identified 100 cities worldwide for transformation. Through the integration of digital technologies, efficient infrastructure, and citizen engagement, Smart Cities are enhancing quality of life, optimizing resource management, and promoting environmental sustainability. From improved transportation systems and smart grids to digital governance and citizen-centric services, these cities are becoming hubs of innovation and connectivity. The Smart Cities project represents a visionary approach to urban development, ushering in a new era of smart, liveable, and future-ready cities.
The Delhi Metro Rail Corporation (DMRC) is introducing state-of-the-art monitoring mechanisms for its Phase 4 expansion project, which involves constructing underground corridors through challenging strata in crowded residential and commercial areas. With the aim of ensuring safe and efficient construction, the DMRC will utilize smart gadgets and real-time data transmission to monitor the condition of buildings and predict geological features ahead of the Tunnel Boring Machines (TBMs).
An audit conducted by IIT-Delhi on Godrej Summit, a residential project near Dwarka Expressway, has raised concerns regarding the presence of chloride in the water supply. This chloride content poses a significant threat to concrete structures, necessitating the implementation of a strong maintenance system to mitigate the problem. The audit report recommends the establishment of a comprehensive framework to address this issue effectively and safeguard the durability of the buildings in the area.
A recent study revealed that over 50% of condo investors in the Greater Toronto Area experienced financial losses on their rental properties in 2022. Insufficient rental income to cover expenses such as mortgages, condominium fees, and taxes has led to a negative cash flow for many investors. Experts predict this trend will continue due to the completion of expensive new condos sold to investors in recent years. Limited housing supply and a tight resale market discourage investors from selling their properties. However, if investor demand for pre-construction properties declines, it could lead to a decrease in new construction and rental supply.
Bajaj Electricals, a prominent consumer electronics manufacturer, has secured a long-term lease for an entire floor of office space in Mumbai's business district. The lease agreement was made with Nucleus Office Parks, and Bajaj Electricals will pay a total rent of nearly 70 crores over five years. The company has the option to extend the lease for an additional 15 years. The senior management of Bajaj Electricals will conduct their business operations from this new office space, with plans to move in by September or October. The company is also in negotiations for additional space and a potential lease extension.
Brookfield India's real estate investment trust (REIT), BROF.NS, has chosen eight investment banks to manage an equity-raising venture of approximately $400 million. The REIT aims to conclude the transaction by July to finance the purchase of office spaces in India. Brookfield oversees a vast portfolio of office spaces in major Indian cities and has prominent tenants such as Accenture, Amazon, and Samsung Electronics. The REIT plans to secure funds through a qualified institutional placement, with notable banks like Morgan Stanley, Citigroup, and Bank of America among those mandated.
The Municipal Corporation (MC) of Chandigarh has collected a sum of Rs 42.47 crore as property tax within the duration of two months during which the rebate period took place. About 1.42 lakh taxpayers are present in the city, out of which 64,000 individuals who possess residential properties and 16,000 individuals who have commercial properties have made their tax payments during the months of April and May. As the rebate period expires, property owners will be subject to a 25 percent penalty and an annual interest rate of 12 percent from the issuance date of the bill until the payment is made.
The 2022-23 fiscal year saw a powerful rebound in India's residential housing sector, fuelled by robust consumer sentiment and pent-up demand following the pandemic, reports RBI. After two years of irregular closures, housing project launches showed steady growth. While credit growth, particularly in housing and personal loans, signalled solid domestic household demand, housing inflation remained moderate, influenced by the evolving hybrid work culture. The RBI predicts a positive trajectory for the services sector in 2023-24.
Despite rising mortgage rates and property prices, Mumbai's real estate market achieved a record-breaking stamp duty collection in May. This resilience in demand has been spurred by robust transactions involving mid-income and high-end properties. Notably, South Mumbai observed a doubling in sales registrations compared to last year. Market experts attribute this demand stability to the pandemic-driven shift in home-buying preferences and strategic property features.
Aggrieved buyers of Mahira Homes' affordable housing projects are staging an indefinite protest at Jantar Mantar, voicing their frustration over a one-year delay in handover. Approximately 5,000 homebuyers accuse HRera, DCP and other concerned authorities of failing to act against the developer's stalling tactics. The DTCP had previously revoked, then restored, the developer's license under strict conditions. However, the developer failed to resume construction. Now, they promise completion by December 2023, while their accounts remain frozen by HRera.
Shubhashish Homes, a renowned real estate developer in India, has successfully completed the Phase 2 handover of its Shubhashish Geeta project. The event received an overwhelming response from potential homeowners and the public, highlighting the company's commitment to customer satisfaction. Notably, the villas were handed over six months ahead of schedule, showcasing the developer's dedication to timely delivery. Shubhashish Geeta offers spacious villas with modern amenities in Jaipur, providing a luxurious living experience. The project has received positive reviews and is highly regarded for its quality construction, innovation, and attention to customer needs.
Builders in Nashik, India, are facing delays in obtaining building approvals due to a flawed online system. They plan to meet with Deputy Chief Minister Devendra Fadnavis to discuss the issue and propose a purely online software system. This problem is not unique to Nashik, as other Indian cities also struggle with streamlining the approval process. Builders must navigate multiple government agencies, adding time and cost to the process. The need for a more efficient system is crucial to reduce burdens on builders and encourage real estate investment.
DAC Developers has launched 'DAC Prathyangira', a luxurious residential project in Chennai's Sholinganallur area. The complex offers 163 apartments with various configurations, including 2 and 3 BHK units and penthouses. With stunning amenities, such as an infinity pool and rooftop clubhouse, the project prioritizes the well-being of its residents. Its prime location near the Sri Prathyangira Devi Temple adds to its appeal, and the project is progressing steadily toward completion. 'DAC Prathyangira' presents a lavish living experience in a serene environment.
The Vigilance Bureau is investigating the fraudulent allocation of residential plots under Ludhiana Improvement Trust's scheme. They have arrested an individual who tampered with the e-auction system and are planning to summon officials from the software company involved in its development. The accused manipulated bids by adding extra zeros, leading to their cancellation. The Bureau aims to determine how the e-auction system was hacked. The involvement of the software company and suspicions surrounding an official's connection to the fraud are being examined.
The tenancy certificate introduced by the Pune Municipal Corporation (PMC) has seen limited uptake among wada residents. Only around 400 tenants have applied, with concerns about its utility, legal value, and potential loss of rights deterring others. The PMC is exploring alternatives like offering additional floor space index for wada redevelopment. Legal experts suggest that the significance of the certificates depends on their allocation. The low adoption reflects scepticism and fear among tenants. Efforts are being made to address concerns and protect residents' rights. The PMC aims to strike a balance between property owners and tenants' interests.
The government of Maharashtra has introduced a resolution to expedite self-redevelopment for housing societies. Under the new resolution, societies that pass a majority resolution for self-redevelopment can apply for deemed conveyance or land ownership. Approval will be granted within one month. The competent authority will issue notices to builders or landowners, conduct hearings, and make decisions on deemed conveyance. Around 10,000 societies in Mumbai and another 10,000 in the metropolitan region seek redevelopment. The government will be flexible with document submission, and the stamp duty will be a nominal Rs 100. The resolution aims to address ownership issues and empower housing societies.
The delay in replacing the SEZ Act with the DESH Bill has affected the rental collection of large office parks. Corporates are hesitant to lease space at SEZ parks, causing vacancies to persist. Global macro headwinds and the delayed bill implementation have further slowed down leasing decisions. However, there is optimism that once the DESH Bill is enacted, occupiers and developers can plan for the future and reverse the current market underperformance.
The Patna Municipal Commissioner has instructed newly registered architects, engineers, structural engineers, and town planners to expedite the approval process for building maps. Emphasizing efficiency, smaller buildings are expected to receive approval within seven days, while larger structures should be processed within 15 days. The Patna Municipal Corporation organized a training program for these professionals, focusing on the utilization of a software tool to streamline the approval process. The aim is to promote sustainable urban development by enforcing stricter regulations and ensuring standardized procedures in construction projects while considering long-term impacts on the city's infrastructure.
Larsen & Toubro's Power Transmission & Distribution Business has achieved key milestones for NEOM's largest green hydrogen plant. NEOM Green Hydrogen Company (NGHC) is constructing a mega plant in Saudi Arabia's NEOM region, with an investment of USD 8.4 billion. L&T has been awarded contracts worth USD 2.779 billion to establish renewable energy generation, storage, and grid infrastructure for the project. This includes a 2.2 GWac PV solar plant, 1.65 GW wind generation balance of plant, and a 400 MWh battery energy storage system.
London's luxury housing market is experiencing a revival in both supply and demand, signalling a recovery from last year's turmoil, as per a report by Knight Frank. Prime London witnessed robust demand in the first four months of this year, with new prospective buyers surpassing the five-year average by 35%, except for 2020. Supply in prime London also increased by 16%, leading to an 8% rise in property exchanges compared to the five-year average, excluding 2020. Factors such as international travel resuming, a weaker pound, and prices remaining 15% below their mid-2015 peak contributed to this resurgence.
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Music sensation Rihanna has recently listed her 5,100-square-foot home in the Beverly Hills Post Office neighbourhood for sale at $10.5 million. The property, which she purchased in 2021 for $10 million, is situated on a prestigious street and offers a tranquil retreat behind gated entrances and mature landscaping. The house, built in 1939, features wood and stone flooring, cathedral ceilings, original fireplaces, a chef's kitchen, a family room with French doors leading to the backyard, and a separate guest house. The outdoor area boasts a pool, a half basketball court, a vegetable garden, and multiple dining and relaxation spaces. Rihanna also owns the adjacent property, which she bought for $13.75 million in 2020.
Info Edge has announced an international audit into Rahul Yadav-backed proptech startup, 4B Networks, following the firm's consistent failure to provide essential financial information. Allcheckdeals, an Info Edge subsidiary, has invested a sum of ?288 crore in the startup, yet 4B Networks has continually ignored requests for financial transparency. Info Edge has thus contracted Deloitte Touche Tohmatsu India LLP to conduct a forensic audit, signalling a potential financial crisis within the company. The event underscores the need for financial accountability in startups, especially when substantial investor funds are involved.
L&T Finance, a subsidiary of Larsen & Toubro, has initiated a bidding process to sell off bad debts amounting to Rs 3,022 crore to asset reconstruction firms. These debts are spread across ten accounts, with Nirmal Lifestyle Developers holding the largest debt of Rs 790 crore, followed by Supertech with Rs 515 crore and Nirmal Lifestyle Malls with Rs 251 crore. L&T Finance aims to reduce its wholesale finance portfolio, which includes real estate and infrastructure finance. The company had previously planned to collaborate with a private equity partner for its real estate ventures but did not receive regulatory approval.
Keystone Realtors, operating under the Rustomjee Group brand, has acquired five new real estate projects in Mumbai. With a gross development value of over Rs 3,430 crore, the projects have a combined development potential of 1.28 million square feet. Keystone Realtors' robust financial performance, reduced net debt, and successful fundraising efforts position them to expand their presence and maintain a dominant position in the Mumbai real estate market.
After a decade of delays, Sidhartha Buildhome Private Limited's intention to finish two housing developments, Sidhartha Estella and Sidhartha NCR One/Greens, has been approved by the National Company Law Tribunal (NCLT), offering relief to over 800 purchasers. The projects were started in 2010–11, with a 2014–15 initial completion date. However, work ceased, and the developer declared bankruptcy in March 2021. The NCLT granted the developer's request to complete the projects and end the insolvency proceedings after two years of litigation.
A cabinet led by Chief Minister Naveen Patnaik has approved a new rural housing scheme called 'Mo Ghara' to benefit those excluded from existing housing schemes. With a budget of Rs 2,150 crore, the scheme aims to provide housing assistance to four lakh families over the next two years. Eligible beneficiaries can avail loans up to Rs 3 lakh with subsidies and rebates. The scheme also covers processing fees, registration fees, stamp duties, and legal consultation fees.
The state cabinet has approved a 50% reduction in premium rates to promote cluster redevelopment in Mumbai. The move aims to accelerate the approval process for housing projects and provide affordable homes within the city. Experts believe the reduced premium rates will encourage more developers to participate but stress the importance of timely approvals and building public confidence. The government hopes this initiative will revitalize the real estate sector and transform Mumbai's urban landscape.
The Noida Authority recently conducted a successful online auction for four duplex villas, with three of them sold at prices higher than the base price. The auction generated significant interest from potential buyers, resulting in a revenue of Rs 6.47 crore. The authority's efficient management of the auction process highlights its role in contributing to the growth and development of Noida.
A recent Supreme Court ruling has eliminated safeguards for wetlands not directly connected to regulated bodies of water under the Clean Water Act. The case involved Chantell and Michael Sackett, who faced objections from federal officials when they wanted to build a house near Priest Lake in Idaho. The court prioritized property rights over clean water concerns, overturning a previous opinion. Critics argue that the previous standard was ambiguous, while environmental proponents warn of the loss of wetland protections. Environmental organizations are calling for Congress to amend the Clean Water Act.
In a decisive move against unauthorized urban development, Gurugram's Department of Town and Country Planning (DTCP) demolished 18 farmhouses and a road network in six unlawful colonies. The action was taken within the Kaliyawas, Iqbalpur, and Jataula village areas, in compliance with the Haryana Development and Regulation of Urban Areas Act, 1975. District Town Planner Manish Yadav urged the public to avoid investing in such illegal establishments, underlining the importance of verifying land legitimacy before purchase. The crackdown underscores the DTCP's resolve in maintaining lawful urban development.
Mumbai's Municipal Commissioner, Iqbal Chahal, has endorsed the use of Transfer of Development Rights (TDR) for redeveloping older buildings on internal, private layout roads. This move, conditioned on road dimensions and proximity to public roads, is expected to invigorate urban renewal of numerous aged structures. The decision also insists on a deed to assure perpetual private access. However, the stance on TDR for landlocked plots remains undecided. Despite this, the decision anticipates a promising transformation in Mumbai's real estate scene.
WeWork India has unveiled three new flexible workspaces in Bengaluru: Princeville and Cherry Hills in the Embassy Golf Links Business Park, and Prestige Tech Park Jupiter near Marathahalli. Covering over 220,000 sq. ft., these additions provide 3,600+ new desks, with 60% already pre-committed. This development pushes WeWork India's Bengaluru presence to 22 facilities, underscoring the growing flexible workspace market in the city.
Labdhi Lifestyle has collaborated with Carta, a famous company that offers equity management solutions, to offer its workforce a complete ESOP experience. The development of the ESOP plan is fundamental to the company's principle of enhancing value for all major stakeholders. The ESOP program will be fully implemented within six months, offering employees a chance to actively contribute to the company's growth and feel a sense of ownership.
Amazon Development Centre India has chosen to extend its rental agreement for approximately 500,000 square feet of office space in Chennai. The lease extension, which spans 36 months, signifies Amazon's commitment to the Indian market. This decision comes after the company recently signed two significant renewals, including a lease on a 650,000-square-foot area near Bengaluru. While Amazon is downsizing globally and reducing its workforce in India, it continues to make substantial investments in the country.
Real Estate Investment Trusts (REITs) in India have gained significant popularity, attracting renowned institutional and anchor investors. India's growing office market and the diversification brought by retail asset-led REIT IPOs have paved the way for more REITs across different asset classes. REITs offer retail investors an opportunity to invest in real estate with smaller denominations, organized platforms, cost savings, tax benefits, liquidity, and expert guidance. According to data from JLL, India has over 393.7 million square feet of Grade A office space that generates rental income and is valued at over $61 billion, making it suitable for listing on REITs in the future.
The Maharashtra State Cooperative (MSC) Bank has announced a loan offering to support established housing societies in undertaking self-improvement projects. With a whopping Rs 1,950 crore earmarked for this purpose, the bank aims to disburse the funds during the 2023-24 fiscal year. Eligibility guidelines for obtaining these loans will be revealed soon, benefiting approximately 50 old housing societies. As the largest co-operative bank in India, MSC Bank plays a vital role in balancing the resources of cooperatives in Maharashtra and promoting their growth.
Members of CREDAI and CREDAI-MCHI recently approached the government with a request to remove GST on free-of-cost flats provided to current residents in redevelopment projects, particularly in the Mumbai region. They are of the opinion that the flats are given without any compensation and the construction costs are already included in the sale price, they should be exempt from GST to avoid double taxation. The association believes that revising the GST regulations will create a more favourable environment for redevelopment initiatives and help unlock the real estate potential in the Mumbai Metropolitan Region.
The recent auction conducted by the Chandigarh Housing Board (CHB) witnessed a disappointing outcome, with only two out of the total 123 properties finding buyers. The auction included residential freehold and commercial leasehold properties, but the majority remained unsold. This follows a trend of low success rates in previous auctions by the CHB. Experts attribute the challenges to factors such as high collector rates and limited demand for leasehold properties. The CHB continues to explore electronic bidding procedures to attract interested buyers, with eligibility open to residents from across the country, including NRIs.
Realtors in Vijayawada are voicing concerns over the state government's plan to increase land value, fearing a negative impact on the demand for properties. They argue that the current land value is already high compared to market prices, and any further increase would widen the gap between book value and intrinsic value. The real estate industry in Vijayawada has faced stagnation due to uncertainty surrounding the state capital's location. Industry experts warn that rising land costs may decrease demand for properties in certain areas. Realtor associations have urged the Chief Minister to reconsider the decision and support the real estate industry.
Ben Affleck and Jennifer Lopez have successfully sealed the deal on a residence in Los Angeles for an approximate amount of $61 million. Situated within the confines of Wallingford Estates, Beverly Hills, the estate occupies a land mass of approximately 5 acres while offering a living area of 38,000 square feet. Compass's Ginger Glass was the listing agent for the property located in Beverly Hills, while the buyers were represented by Brett Lawyer at Carolwood Estates. The real estate was originally offered at a price tag of $135 million in 2018, but its value was eventually reduced to $74.995 million by March.
Roche Information Solutions India has agreed to lease office space in the '45ICON' workplace project in Baner, Pune. The modern office space, developed by Raviraj Abhinandan Developers and Brookfield Properties, offers approximately 18,000 square metres of space. The establishment aims to accommodate over 1,000 personnel, with room for future expansion, and aligns with Roche's sustainability standards. The tower is already occupied by major tenants Tarana Wireless and Infobeans Cloudtech, in addition to Roche.
Delhi-based property developer TARC Limited has announced its financial and operational progress for the quarter and fiscal year ending on March 31st, 2023. The company achieved its strongest sales performance to date, exceeding the set sales target and generating a remarkable sales value of Rs 520 crore. The TARC Tripundara project experienced a successful booking rate and higher prices, while the TARC Maceo project achieved a fully sold-out status with a significant price surge. The company has set a challenging sales target of Rs 1,500 crore for the upcoming fiscal year and aims to generate robust cash flows for business expansion and debt reduction.
In response to an appeal by environmentalist Thomas Lawrence, the National Green Tribunal (NGT) has overturned the Environmental Clearance (EC) for the proposed expansion of Technopark phase III campus by Dragonstone Realty Private Limited. Citing a violation of a 2020 Supreme Court verdict, NGT slammed a penalty of Rs 15 crore on Dragonstone Realty for splitting the project. Further work on the project is halted until a new EC is obtained. The fine is set to fund district wetland improvements.
Mohamed Ali Alabbar, the Founder and Managing Director of Emaar Properties, is set to face questioning by Delhi Police's Economic Offences Wing in a forgery and trust breach case. This summons comes as part of an ongoing investigation into complaints from homebuyers alleging that Emaar India Limited misappropriated funds, misrepresented project details, and caused considerable delays in the delivery of a Gurugram housing project. Emaar India has confirmed receipt of the notice and promises full cooperation during the investigation.
Nashik Municipal Corporation (NMC) has revealed that about 100 city buildings have non-functional rainwater harvesting systems. As a response, an inspection drive is planned for July to ensure that all systems are operational. The corporation also introduced a 5% property tax rebate for buildings with functional systems and warns of fines for non-compliance. NMC’s previous similar drive in 2019 found over 60 buildings with defunct systems. This new initiative underscores NMC’s commitment to conservation and sustainable use of water resources in the city.
The Delhi Development Authority (DDA) is set to launch a monumental housing scheme for 23,000 flats, with approval expected in June. The project, offering phased distribution and newly eligible applicants, will be launched subject to the authority's approval. Individuals owning property less than 67 square meters in Delhi are now eligible to apply, marking a significant shift in DDA regulations. The sale of approximately 16,000 units from old schemes will be temporarily suspended to prevent confusion. The DDA is taking proactive measures to enhance the appeal of these new flats, including infrastructure improvements and certain buyer concessions.
The Nagpur Metropolitan Region Development Authority (NMRDA) has launched the Gunthewari scheme 2.0, allowing for the regularization of over 1.5 lakh unauthorized plots. Owners of these plots can apply for regularization on the NMRDA's website from June 1 to August 31. The scheme aims to benefit financially backward individuals who have been waiting to build their dream homes. While the NMRDA will recover charges of ?56 per sq. ft, the expenditure for providing basic amenities will be higher. The scheme excludes certain areas and is expected to generate significant revenue for the NMRDA.
Residents in multiple areas of Gurugram are complaining about the construction of stilt plus four-floor buildings, citing noise and air pollution. They have submitted a petition urging the district administration to revoke the policy allowing such structures on residential plots. The policy is currently under review after facing protests, with a panel analysing the situation and seeking expert opinions. Concerns about population density, weakened foundations, and health hazards from construction dust have been raised. The decision on the policy's future is expected by the end of the following month.
The Tamil Nadu Housing Board (TNHB) is facing a significant challenge with nearly 8,000 unsold houses spread across the state. However, a solution is now on the horizon as the board has made the decision to allocate over 2,800 of these houses to police personnel in the Sholinganallur and Athipattu areas of Chennai under the 'own your house' scheme facilitated by the Tamil Nadu Police Housing Corporation Limited (TNPHCL).
Lucknow Development Authority (LDA) is discussing a policy that would require individuals to pay fees if they don't begin construction on their plots within five years of registry. The fees could be up to 5% of the land value. The goal is to reduce pollution and encourage housing construction. If approved, individuals must submit construction costs after five years or face rejection of their construction plans. Approved plans will have a three-year window for construction, after which they will expire. The policy aims to promote timely development and affordable housing in Lucknow.
The state government of Odisha has approved an ordinance to align local housing laws with the Real Estate (Regulation and Development) Act, 2016. The move aims to resume stalled apartment registrations that have been on hold since May 2022. The Odisha Apartment (Ownership and Management) Ordinance, 2023 replaces the Odisha Apartment Ownership Act, 1982. The ordinance requires the formation of associations for housing projects and registration of common areas in their name. The government believes a new legislation is necessary to address the challenges faced by apartment buyers and to prevent revenue loss due to unregistered sale deeds.
NBCC (India) witnessed a significant increase in its net consolidated profit for the fourth quarter of fiscal year 2022–23. The company reported a profit after tax of Rs 113.63 crore, reflecting a 176.47 percent surge compared to the same quarter in the previous fiscal year. NBCC (India) also experienced growth in its net total income during this period. The company has proposed a final dividend pay-out and allocated funds for interest payment on customer refunds. Additionally, NBCC (India) is awaiting environmental clearance for its shared housing project in Kochi, Kerala.
As the deadline for property tax payment in Chandigarh approaches, a substantial percentage of property owners, specifically 75,473 out of 1.42 lakh assesses, have not paid their dues for the current financial year. The Municipal Corporation has issued invoices and offered a rebate option until May 31, 2023. Failure to pay within the specified time will result in penalties and interest charges.
A builder in Goa has been fined Rs 1.26 crore by the Goa State Environment Impact Assessment Authority (Goa-SEIAA) for starting construction activities on a project in Taleigao without obtaining the necessary environmental clearance. The residential-cum-commercial complex, consisting of four phases, including one on a hillside, was initiated without following the required procedures, violating the Environment Impact Assessment Notification 2006. The Goa-SEIAA imposed the penalty and directed the builder to apply for environmental clearance under the violation category.
The National Company Law Appellate Tribunal has dismissed a petition filed by the suspended promoter and director of Renaissance Indus Infra, a real estate and construction company, against the decision to admit the company under the corporate insolvency resolution process (CIRP). The bankruptcy court had accepted the plea of Catalyst Trusteeship, the financial creditor, after the company defaulted on dues worth Rs 444 crore. The NCLAT bench ruled in favour of the creditor, stating that the debt and default were not disputed, and the borrower had not responded to demand and enforcement notices. The ruling allows the CIRP to proceed, enabling the creditor to recover its dues.
CBRE South Asia Pvt. Ltd is set to fortify its Consulting and Valuation (C&V) business, particularly in government advisory. Over the next two years, the company plans to double its advisory team size and expand to over 20 new cities. This strategic expansion accompanies an enhancement of its portfolio in infrastructure, healthcare, and education sectors. CBRE's C&V division has maintained a consistent growth rate of 25% Y-o-Y for the past five years and now manages a portfolio worth $25bn. With these steps, CBRE reaffirms its commitment to provide superior real estate solutions and anticipates a 50% growth in this business line in the next two years.
The Indore district administration has served notices to 53 occupants of properties near Patnipura Square to substantiate their land ownership claims. This action follows a rival claim by the Madhya Pradesh State Road Transport Corporation (MPSRTC) over the disputed land. With the upcoming hearing scheduled for June 5, the occupants, some of whom have been on the land for generations, face a precarious situation. Meanwhile, MPSRTC has already allotted funds for developing a shopping complex on part of the said land, intensifying the controversy.
Greater Noida Industrial Development Authority (GNIDA) has unveiled a scheme offering 22 commercial plots valued at Rs 1,100 crore for public auction. This initiative, aimed at stimulating the region's economy and providing residents with convenient access to everyday necessities, allows potential investors to pay in flexible instalments. The plots, intended for the development of commercial complexes, are located in strategic sectors across the city. Online applications for the scheme are open until June 19.
Maharashtra's Chief Minister, Eknath Shinde, has directed civic bodies to conduct independent safety audits of hazardous buildings through esteemed engineering institutes. The decision followed a report by the BMC revealing only a fraction of unsafe buildings had been vacated. In a monsoon preparedness meeting, Shinde emphasized life preservation and relocation provisions for displaced families. The mandate covers multiple aspects, from leveraging modern technology in rescue operations to infrastructure maintenance, highlighting the government's comprehensive plan to ensure public safety during the upcoming monsoon season.
The Chief Minister of Uttar Pradesh, Mr. Yogi Adityanath, has received a proposal outlining the new Supplementary Accommodation Control Rules of 2023. These rules aim to regulate illegal rooms and homestays in the city by requiring registration and monitoring of all stay rooms and homestays. The rules will help prevent property misuse and illegal activities, ensuring guest security and promoting the concept of supplementary accommodations in the tourism industry. Properties found to be misused or involved in illegal activities may face seizure or demolition.
The U.S. Supreme Court unanimously ruled to restrict the ability of state and local governments to seize and sell homes of individuals with unpaid property taxes. The ruling stemmed from a case involving Geraldine Tyler, a 94-year-old woman in Minnesota whose property was seized by Hennepin County. The court deemed the practice unconstitutional, violating the Fifth Amendment's Takings Clause. The ruling protects property rights and prevents potential homelessness and loss of savings for individuals, particularly seniors. This decision has implications for property tax collection policies across the country.
Several British banks, including Nationwide, have raised their mortgage rates in response to a significant increase in market interest rates following higher-than-expected inflation data. Smaller lenders have temporarily suspended their offerings. This situation resembles a previous temporary halt in the mortgage market triggered by investor response to former Prime Minister Liz A's policy plans. Analysts predict that other lenders will likely follow Nationwide's lead in raising rates, impacting credit demand. The adjustment in rates is attributed to fluctuating and rising swap rates.
According to a housing market review by Hypo, Finland is expected to see its largest decline in housing prices since 1993. The decline is attributed to factors such as high interest rates, an influx of new apartments, and reduced demand due to economic uncertainty. The review also predicts a decrease in property transactions compared to previous years. The situation is expected to improve in the following year with decreased construction of new apartments, stabilized interest rates, and projected growth in demand.
Aurum PropTech is set to acquire NestAway Technologies, a managed rental home company backed by prominent investors including Ratan Tata. The anticipated buyout, worth over $20 million, marks one of the first such deals in the rental platform sector. NestAway, a key player in the online home rental marketplace, currently houses over 39,600 tenants across ten cities. This acquisition will be Aurum PropTech's eighth in the property technology sector within the last two years, highlighting the company's aggressive growth strategy.
Last week, Chief Minister Bhagwant Mann announced that Punjab will digitize all land records to improve public access and streamline administrative processes. This initiative will also include making these records available in simple Punjabi for easy readability. Mann emphasized efficient record maintenance across all levels and advocated for faceless bureaucratic procedures for enhanced transparency. The early completion of the revenue department's computerization projects is also on the agenda as part of this digital governance strategy.
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The Bruhat Bengaluru Mahanagara Palike (BBMP) is considering a hike in property tax rates for the city of Bengaluru, which could impact over 25 lakh property owners. The Deputy Chief Minister and City Development Minister, DK Shivakumar, has examined the proposal and emphasized the need for alternative funding sources to support developmental projects. The BBMP aims to collect a total of Rs 4,790 crore in property taxes and cesses for the year 2023-24.
A civil court in Mumbai rejected the claim of Shailesh Kamani, a broker, who sought a fee of Rs 3 lakh for allegedly brokering a property deal in 2012. The court ruled that since the property owner did not sell the property to the party introduced by the broker, he could not claim remuneration. The court clarified that a broker's entitlement to fees is contingent upon the successful completion of the transaction and does not include mediating compromises between parties. The ruling highlights the limitations and obligations of brokers in property transactions.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a warning to builders by disallowing the Covid-19 pandemic moratorium benefits for a promoter who violated the sanctioned plan. The MahaRERA directed the promoter to pay interest to a complainant for the period in question and emphasized the importance of adhering to approved plans and regulations. The case involved irregularities in construction, including unauthorized floors and offices, conversion of designated space, and deviations from the sanctioned plan's specifications. The order aims to ensure transparency and protect the rights of buyers while cautioning against misconduct in the real estate sector.
The chairperson of a Dadar housing society, Vinod Shah, has been acquitted by a sessions court, overturning a 2014 conviction and three-month jail sentence. The court found insufficient evidence to prove his responsibility for not carrying out necessary repairs despite a notice from the Brihanmumbai Municipal Corporation. The court also criticized the prosecution's case, citing incongruent testimonies and inadequate evidence. The verdict emphasizes the need for clear and compelling evidence to support charges and ensure fair judgments in legal proceedings.
A recent survey conducted by fire officials in Ghaziabad has revealed that approximately 700 buildings, including hospitals, malls, housing societies, and hotels, are operating without proper firefighting equipment and the required no-objection certificates (NOCs) from the fire department. Nearly 42% of the inspected buildings lacked the necessary NOCs and over 40% of the buildings with fire NOCs lacked standard fire-fighting arrangements. The Chief Fire Officer has issued show-cause notices to the owners of these buildings, directing them to install proper firefighting equipment within a month.
The Minister of Urban Local Bodies in Haryana has hinted at the potential merger of Housing Board Haryana (HBH) with Haryana Sahri Vikas Pradhikaran (HSVP). This development, expected to be finalized within 45 days, aims to consolidate their operations. During a meeting reviewing the progress of the Pradhan Mantri Awas Yojana - Urban, a committee was formed to oversee the merger process. In addition, the government has formulated the Mukhya Mantri Awas Yojana to address the housing needs of economically weaker section families. Pilot projects under this scheme have been approved in Panchkula and Yamunanagar.
In an important development, Lieutenant Governor VK Saxena has granted approval for the transfer of land to the Delhi Metro Rail Corporation (DMRC). The approval comes after a long-pending request made by the DMRC to the Delhi government. The land transfer will facilitate the construction of a new station at Keshopur as part of the ongoing Phase-IV project. Situated on the under-construction metro corridor between Janakpuri and RK Ashram Marg, the Keshopur station will provide a crucial link in the expanding Delhi Metro network.
Workspace Group, a London-based office space provider catering to a diverse client base, experienced a more than 3% drop in the valuation of its properties, leading to an annual loss. However, the company has outperformed traditional property firms by offering flexible office spaces and shorter lease terms, which are preferred by tenants during times of economic uncertainty. Despite the property valuation decline, Workspace Group expects rental income growth in its fiscal year 2023/24, supported by a 7.1% increase in rent roll and the leasing of refurbished spaces.
Bugatti, the renowned luxury car manufacturer, and Binghatti, a prominent developer, have revealed their ground-breaking collaboration: a mesmerizing residential skyscraper in the heart of Dubai. This architectural marvel combines the visionary design philosophies of both brands, showcasing a distinctive facade and meticulously crafted interiors. The 42-storey tower will house unique apartments with access to curved balconies, while the penthouses will feature exclusive car lifts, allowing residents to drive their vehicles directly into their lavish abodes. The development will also include a private spa, a members club, and a Riviera-inspired beach, embodying the timeless elegance of the French Riviera.
Manoj Joshi, the Housing and Urban Affairs Secretary, recently advocated for an efficient evaluation mechanism to distinguish between reliable and poor-performing real estate developers. At a CII conference, he suggested this system would enable easier access to bank credit, reducing dependence on customers' prepayments. Highlighting cash flow issues due to inadequate bank financing for contractors and vendors, Joshi urged the sector to collaborate with the Reserve Bank of India and banking system to establish preventive measures against excessive bad lending.
In anticipation of the impending monsoon season, the Brihanmumbai Municipal Corporation (BMC) has unveiled a list of 226 buildings classified as "extremely unsafe", urging residents to relocate. Majority of these structures are in the western and eastern suburbs. The list, accessible on the BMC's official portal, was a step towards public safety. Furthermore, the Municipal Commissioner had ordered the discontinuation of water and electricity supplies to these buildings earlier this month, stressing the need for evacuation and alternative accommodations.
Amid growing concerns over building safety, Gurugram's Deputy Audit Commissioner, Nishant Yadav, has launched the second phase of a critical structural audit for 15 residential societies. These buildings, selected from a list of 60 high-risk projects, will undergo a comprehensive on-site inspection to identify structural defects. The audit follows the tragic collapse at the Chintels Paradiso apartments last year. The cost of these audits will be shared equally between residents and developers, although if complaints are confirmed, developers will bear the full cost. This move emphasizes the city administration's commitment to ensuring resident safety.
The government of Karnataka plans to capitalize on the thriving real estate industry by raising the guidance value and promoting online property registration. The stagnant guidance value, unchanged since 2019 due to the pandemic, may be revised upward to increase government earnings by approximately 20%. The government has also launched Kaveri 2.0, a web-based application for property registration, in multiple sub-registrar offices. These measures aim to streamline the registration process and leverage the positive momentum in the real estate sector for increased revenue generation.
The CEO of PAG, Christopher Marcus Gradel, has acquired a century-old waterfront villa in Hong Kong's Pok Fu Lam district for HKD550 million (USD70.1 million). Villa Ellenbud, a Grade III historical structure, consists of two residences with stunning ocean views and a garden area. The property has the potential for redevelopment into two luxurious mansions with a combined floor space of 14,625 sq. ft. The purchase aligns with the ongoing luxury housing boom in Hong Kong, as the demand for high-value properties continues to rise.
The government is considering amendments to the insolvency code to address the concerns of homebuyers who have invested in completed projects where the developer is undergoing insolvency resolution. The proposal aims to enable the unhindered registration of flats in such projects and involve the relevant Real Estate Regulatory Authority (RERA) in the resolution process. This change could motivate homebuyers to fulfil their financial obligations, provide relief to them, improve cash flow for insolvent real estate companies, and facilitate a more efficient resolution of cases in the housing sector.
The Delhi High Court has upheld the statutory bail granted to Kapil Wadhawan and his brother Dheeraj, former promoters of Dewan Housing Finance Corporation Limited (DHFL), in connection with a bank loan scam case. The court dismissed the Central Bureau of Investigation's (CBI) petition challenging the trial court's order, stating that the decision to grant bail was based on sound reasoning and logic. The court emphasized that considering an incomplete charge sheet as a final report to deny bail would be against the law and violate the constitutional right to personal liberty.
Omaxe has reported a net loss in Q4 FY 22-23. The company disclosed a net consolidated loss after tax of Rs 104.39 crore, compared to a loss of Rs 36.62 crore in the same quarter of the previous fiscal year. The directors have proposed a dividend for preference shares, and there have been changes in the board, including the appointment of an additional director and the resignation of the current chairman. The company has also made significant investments in subsidiaries. Despite these financial challenges, Omaxe remains committed to providing diverse real estate services, including townships, housing, commercial offices, shopping centres, and hotels.
Jaypee Infratech, currently undergoing insolvency proceedings, has postponed the endorsement of its financial records for the latest quarter and fiscal year due to pending cases in the appellate tribunal. The National Company Law Tribunal has approved the resolution plan proposed by the Suraksha Group to take over Jaypee Infratech. To facilitate the implementation of the plan, an Implementation and Monitoring Committee has been established. The company attributes the delay in financial statements to pending appeals and has requested an extension to accurately reflect the impact of the resolution plan.
The imposition GST on the transfer of plots within the Gujarat Industrial Development Corporation (GIDC) estates in Gujarat has faced opposition from industrial units in the region. Micro, small, and medium enterprises (MSMEs) have incurred significant GST debts, surpassing their earnings, due to the financial constraints of their businesses. The Gujarat Chamber of Commerce and Industry (GCCI) has raised this issue with the state's chief minister and the Union finance minister. The matter may be taken to court if a resolution is not reached.
Emami Realty, a subsidiary of the diversified Emami Group, announced a consolidated net loss of Rs 17.79 crore for the quarter ending March 31, 2023. The company experienced a decline in net consolidated total revenue and recorded a negative EBITDA metric during this period. In fiscal year 2023, Emami Realty witnessed a significant decrease in total revenue compared to the previous year. Despite these financial challenges, Emami Group continues to be a prominent player in various sectors and has successfully developed notable projects in Kolkata.
The Uttar Pradesh Pollution Control Board (UPPCB) cracks down on illegal groundwater extraction in Noida and imposes a hefty fine on 38 builders found guilty of using borewells for illegal extraction. The builders are given a 15-day deadline to deposit the fine. The action follows a thorough evaluation by a joint committee formed by the National Green Tribunal, revealing widespread violations. The UPPCB aims to deter such violations and promote responsible water usage to protect the region's water resources and ecosystem.
Trehan Group, a prominent real estate developer in Rajasthan, has announced the launch of Trehan Vistaar, a residential plot project in Alwar. The project, strategically located on the Delhi-Bhiwadi State Highway and connected to the Delhi-Mumbai Industrial Corridor (DMIC), offers excellent connectivity and convenience for residents. Divided into four phases, the project will deliver 393 plots in the first phase within a two-year timeframe. Trehan Group plans to provide a range of amenities, including gated security, a clubhouse, parks, water harvesting, sewerage facilities, and well-developed roads, creating a desirable residential township.
Brigade Enterprises, a prominent real estate company, achieved a net consolidated profit of Rs. 63.09 crore in the quarter ending on March 31, 2023, marking a significant improvement compared to the net consolidated loss in the same period of the previous fiscal year. The company's total income for Q4 FY23 decreased by 9.60% to Rs. 872.11 crore. Despite the decline, Brigade Enterprises maintains a strong pipeline of ongoing and upcoming projects, totalling 20 million square feet and 7.5 million square feet, respectively. With a net debt to equity ratio of 0.55:1 and no debt in the residential division, Brigade Enterprises demonstrates financial stability and resilience.
Saudi Arabia's residential property market witnessed a notable slump in Q1, primarily due to escalating prices and significant internal migration, according to a Knight Frank report. The surge in villa and apartment costs in Riyadh and a shift towards domestic migration has led to a sharp fall in transactions. Amid these changing dynamics, Saudi Arabia's real estate market trajectory remains to be closely watched by investors and policymakers.
Global distressed asset investors such as PAG, Oaktree, and Varde Partners have capitalized on opportunities amid India's real estate turmoil. While domestic lenders retreated following the NBFC crisis, these international firms injected billions into the sector, filling the credit vacuum. PAG has loaned around $1.3 billion to developers in the past four years, while Oaktree Capital and Varde Partners have made strategic investments and loaned hundreds of crores. Amidst economic reforms and market instability, this trend demonstrates how international investment is playing a crucial role in stabilizing the Indian real estate landscape.
The Assam Real Estate Appellate Tribunal (REAT) has ruled that promoters are obligated to adhere to the prescribed format for the Agreement for Sale, as stated in the Assam Real Estate (Regulation and Development) Rules, 2017. The ruling came in response to an appeal filed by a Guwahati-based promoter who was penalized for not signing the Sale Agreement as per the prescribed format. The Tribunal rejected the builder's arguments and emphasized the promoter's responsibility to strictly follow the prescribed form. The decision highlights the importance of standardized procedures and transparency in the real estate sector to protect buyer interests.
The government has made a significant decision to simplify the process of obtaining Non-Agricultural Use Permits (NA) for construction projects. The authority to grant these permits has been delegated to local self-government bodies, streamlining the process and eliminating the need for separate visits to the Revenue Department. This decision applies to class 1 lands and aims to simplify and expedite construction procedures. The new system allows for online application submission and fee acceptance, saving time and reducing human intervention. The decision has been implemented in all municipalities, providing reassurance to developers and the public.
Union Minister Rao Inderjit Singh has instructed officials in Manesar to file police complaints against developers if they release untreated sewage or have irregularities in their rainwater harvesting systems. Singh expressed concern about the discharge of untreated sewage in new sectors and urged action against societies violating environmental regulations. He emphasized the need for rainwater harvesting and directed officials to address residents' complaints. Singh inaugurated projects worth Rs 9.1 crore and reviewed fund utilization by panchayats merged with the corporation. His actions reflect a commitment to environmental sustainability and development in the region.
The Supreme Court has dismissed Godrej & Boyce Manufacturing Company Limited's claim for additional Transfer of Development Rights (TDR) for a recreation ground in Vikhroli. The court's decision was based on the absence of developed amenities required by law to be eligible for extra TDR. The case dates back to 1994 when the company surrendered the land reserved for a recreation ground. Despite legal challenges, the court upheld the Bombay High Court's decision, emphasizing the importance of adhering to legal requirements and protecting constitutional rights related to fair compensation in property acquisition cases.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a directive mandating the use of QR codes in advertisements and social media displays for registered housing projects. Effective from August 1, this new regulation aims to provide homebuyers with easy access to crucial project information. By scanning the QR codes, potential buyers can instantly obtain details about the project, including commencement and completion dates, complaints, necessary approvals, and more. This move by MahaRERA enhances transparency, simplifies research, and promotes informed decision-making in the real estate sector.
Last week, the Haryana Urban Development Authority (HUDA) conducted an e-auction of nine sites for group housing societies. The auction included plots in various sectors across Haryana, with additional sites in Pinjore. This marks the first time since 2021 that HUDA is auctioning plots for group housing in multiple cities. Interested bidders were told to register on the HUDA website. The auction aims to facilitate urban development and address housing needs, providing opportunities for developers and investors to acquire land for the construction of quality housing projects in the region.
Toronto City Council has taken a significant step towards curbing embodied carbon in new construction projects by introducing a policy that offers cash incentives to builders. Under the new policy, builders who voluntarily limit the embodied carbon in their projects will receive cash rewards ranging from $2,400 to almost $5,300 per apartment, depending on size. The move, aligned with Version 4 of the Toronto Green Standard, follows the Council's recent decision to eliminate parking minimums for new condos and rental buildings. This initiative places Toronto among a growing number of jurisdictions globally actively regulating and reducing embodied carbon in construction.
In a bid to boost investor confidence amidst concerns about the financial health of U.S. regional lenders, PacWest Bancorp has sold its property lending division to real estate financing firm Roc360. The undisclosed deal includes the acquisition of PacWest's Civic Financial Services ("CIVIC") unit, known for providing loans to landlords and investors interested in buying and renovating homes. PacWest's strategic move follows a recent surge in regional bank stocks, indicating growing investor optimism about the sector's recovery from its biggest crisis since 2008.
Thane revenue authorities have taken action by attaching a flat belonging to the promoter of the Green World project in Airoli. This action was initiated due to the promoter's failure to deliver a flat that had been booked by a senior citizen in 2013. The promoter challenged the order from the Maharashtra Real Estate Regulatory Authority (MahaRERA), but their appeal was rejected by the High Court. As a result, attachment proceedings were initiated to recover an amount exceeding Rs 1.3 crore. The promoter had sold the flat to a third party, leading to a complaint with MahaRERA and subsequent orders for a refund.
The UP Police's Economic Offences Wing (EOW) has made significant progress in its investigation into Shine City Company, a real estate firm based in Prayagraj. The director of the company, Faiz Ahmed, and his associate Shailendra Patel have been apprehended. The investigation has revealed over 200 FIRs against the company and the seizure of properties worth Rs 100 crore by the Enforcement Directorate (ED) under the money laundering Act. Shine City engaged in fraudulent schemes, promising investors land or high returns on their investment but failing to deliver. The EOW is continuing its probe to uncover more details about Shine City's illegal activities.
Sunteck Realty has reported a net consolidated loss of Rs. 27.93 crores for the quarter ending on March 31, 2023, which is a significant increase from the previous year's quarter. The company's net consolidated total income for the same period declined by 64.53%. The board of directors has proposed a dividend of 150% and authorized a resolution to raise funds up to Rs 2,250 crore through various means. Additionally, the board has approved the consolidation plan to merge Sunteck Realty with its wholly owned subsidiary firms, aiming to streamline operations and optimize synergies within the company's portfolio.
Roche, the multinational pharmaceutical company, has acquired an office property in Pune, India, from Brookfield Properties. The property will serve as the headquarters for Roche Information Solutions India, Roche's healthcare digital subsidiary. The lease agreement spans nine years, with Roche Information Solutions India expected to pay over 210 crores in rent during this period. The acquisition reflects Roche's commitment to expanding its presence in India and leveraging data analytics to enhance patient care. The transaction also highlights the positive trend in the Indian commercial office category, despite global economic uncertainties.
Punjab Chief Minister, Bhagwant Mann, has ordered the demolition of all unauthorized constructions around Mohali's Shaheed Bhagat Singh International Airport. The move addresses national security concerns and aligns with a High Court mandate. To counteract residential displacement, Mann has instructed local government departments to formulate a swift and just rehabilitation package for the affected residents. He emphasizes this will not only alleviate distress but also help minimize legal disputes, ultimately conserving public funds.
Contravening its own directive from 2021, the Ahmedabad Urban Development Authority (AUDA) has decided to sell eight government-owned plots around the Narendra Modi Stadium, previously designated for sports facilities development in preparation for the 2036 Olympics. The sale, including seven plots in Chandkheda and one in Motera, is expected to generate INR 1,500 crore. The move sparks concern over the future of the state's Olympic infrastructure, as official auction dates are yet to be announced. Public scrutiny of AUDA's decision is anticipated.
Protests have erupted in Bandemutt KHB Layout, Bengaluru, over glaring infrastructure deficits and irregular water supply. Despite the allocation of INR 10 crore for development works since the area came under BBMP jurisdiction six months ago, residents assert that little progress has been made beyond road excavation. The residents, now resorting to public demonstrations, also express safety concerns due to rising housebreaking incidents. Their calls for increased police presence in the area remain unanswered, adding to the growing dissatisfaction among the community.
The Nashik Municipal Corporation (NMC) in India has experienced a boost in property tax revenue with the inclusion of newly acquired properties. The addition of a minimum of 51,000 newly identified properties has contributed an extra annual revenue of Rs 25 crore. The NMC has been focusing on expanding the range of properties subject to taxation, particularly those without proper building completion certificates. This initiative has led to a rise in the overall count of taxed properties in Nashik city, which now stands at 5.33 lakh. The NMC aims to achieve a property tax collection of Rs 210 crore for the current fiscal year.
The Mangaluru City Corporation (MCC) is facing concerns from citizens and corporators regarding the increase in property taxes for the fiscal year 2023-24. The amendment to the Karnataka Municipal Corporation Act in 2021 changed the calculation of property taxes based on the property's current guidance value, including unoccupied land. The MCC council members and representatives expressed their concerns about the substantial tax burden on individuals with unoccupied land and the potential difficulties faced by middle-class families to fulfil the tax obligations. Chief Whip Premanand Shetty emphasized the need to bring this matter to the government's attention.
Phoenix Mills, India's leading mixed-use project developer, reported impressive financial results for Q4 FY23. Net consolidated profit surged by 149.86%, reaching Rs 293.19 crore, while total income grew by 45.19% to Rs 754.73 crore. A final dividend of Rs 5 per share was proposed. The company's EPS and share price also saw positive trends. With strong demand for residential properties, The Phoenix Mills achieved robust sales growth. As a prominent player in real estate development, the company maintains tangible property investments in various Indian cities.
Amidst the collapse of major lenders and banking turmoil, office space owners such as Boston Properties and Vornado Realty Trust in USA find themselves facing heightened concerns. The combination of the Federal Reserve's increased interest rates, a slowing economy, and the rise of remote work during the pandemic has resulted in a rise in vacant office spaces. With the vacancy rate reaching its highest level since 1991, the risks of loan losses for banks loom large. As a result, investors are seeking safer investment options, causing a significant decline in the office property segment of the market.
The rental market in London has become increasingly challenging, especially for individuals who are single. Rising rental prices and diminishing housing options have made finding a place to live a daunting ordeal. The scarcity of one-bedroom apartments, attributed to insufficient investment and property conversions, has led to fierce competition between singles and couples. The limited supply of housing has caused agents to handle fewer properties, exacerbating the difficulties for those seeking affordable rentals. Homeownership remains unattainable for many due to stagnant wages and increasing mortgage rates.
Purvankara, a renowned real estate developer in India, reported a net consolidated profit of Rs. 26.75 crore in the quarter ending on March 31, 2023, marking a significant improvement compared to the net consolidated loss in the same quarter of the previous fiscal year. The company's total income for Q4 FY23 rose by 39.44% to Rs. 446.39 crore. The exceptional performance can be attributed to recent product releases, advancements in ongoing projects, and substantial collections of Rs. 2,258 crore. Purvankara experienced a year-over-year growth of nearly 21% in sales, selling 1.21 million square feet for Rs. 1,007 crore.
Nexus Select Mall Management (NSMMPL), the manager of Nexus Select Trust, has received approval from its board of directors to raise a debt amount of up to Rs. 2,350 Crores. This debt will be utilized for purposes such as refinancing existing debt of Special Purpose Vehicles (SPVs) and general corporate needs. The funds will be raised through a term loan and non-convertible debentures. The subscription for the debt offering was a remarkable success, being subscribed to 5.45 times on the last day of subscription.
Mumbai-based property developer Oberoi Realty is in discussions with Marriott International and Hyatt to manage and operate a 5-star luxury hotel in Thane, Mumbai. The hotel will be part of a larger township project spread across 75 acres of premium land, which will also include residential buildings, office spaces, retail units, and an international school. Oberoi Realty, known for its successful collaborations in the hospitality sector, aims to invest approximately Rs. 10,000 crores in developing the project in phases.
Ludhiana is implementing a smart QR code-based Unique Identity Number (UID) system to update the city's property mapping. With rapid growth and changes in the city, the previous mapping has become outdated. A private firm has begun the mapping process and will install UID plates in various blocks. The firm is utilizing survey teams and developing a mobile application to monitor the mapping and installation progress. The project aims to accurately map properties and assign UID numbers, with a target completion time of six months for approximately 5 lakh properties in the city.
LOGOS, a prominent logistics real estate company in the Asia Pacific region, has joined forces with Ivanhoe Cambridge, its venture partner, to purchase a substantial 77-acre industrial land parcel located in Pune's Chakan industrial area. The objective behind this acquisition is to establish a sprawling logistics park within the region. The park's development aims to cater to the increasing demand for efficient and extensive logistics facilities in Pune, an industrial hub. This strategic move by LOGOS and Ivanhoe Cambridge highlights their commitment to expanding their presence in the logistics sector.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has ruled in favour of 12 allottees who lodged a complaint about the delay in the luxury project Mirabilis in Santacruz, directing the builders to refund their payments. Under the subvention scheme, nine of the allottees will receive their payments without interest, while the remaining three buyers will be refunded with interest. The total refund amount reaches over Rs 7 crore, with individual cases involving up to Rs 1 crore each. The refund will be disbursed after obtaining the full occupancy certificate by the scheduled possession date of December 30, 2023.
India's leading cities are projected to complete a record 560,000 residential units in 2023, a 39% increase from the previous year. This boost is driven by strict RERA guidelines, improved cash flows, technological advancements in construction, and alternative investment funds. The National Capital Region is expected to lead with 30% of total deliveries, a 97% rise from 2022. Despite looming global economic uncertainties, the robust growth and resilience of the Indian real estate sector render this milestone achievable.
DLF's Rajiv Singh is the wealthiest Indian real estate entrepreneur, as per the GROHE-HURUN India Real Estate Rich List 2023, with a fortune of Rs 59,030 crore. The Lodha Group's Mangal Prabhat Lodha and family trail him with Rs 42,270 crore. The report highlights the wealth growth of 61% of featured individuals, with 25 debutants. Interestingly, the entry point to the top 10 soared from Rs 3,350 crore in 2017 to Rs 15,000 crore, reflecting the burgeoning wealth in the Indian real estate sector.
Despite police notices and fines, Ecovillage residents persist in a peaceful protest against Supertech builder, claiming inadequate basic amenities. Over the past month, protestors have faced legal repercussions, but remain unwavering. Accusations suggest police bias towards the builder, yet no actions have been taken against Supertech despite numerous complaints. Protestors are demanding improved infrastructure, and better water and sewage management. As authorities strive to maintain peace, it remains to be seen how this situation will unfold and if the residents' demands will be addressed.
Last week, CM Saikanth Varma, the Commissioner of the Greater Visakhapatnam Municipal Corporation (GVMC), visited a TIDCO housing colony in Satyanarayanapuram to evaluate the progress of construction works. The housing units, totalling 2,750, are nearing completion, with infrastructure works already finished. The wider TIDCO housing project in Visakhapatnam district involves the construction of 24,000 units of varying sizes, aiming to provide affordable housing options to different income groups.
The Enforcement Directorate (ED) has conducted searches on businessman Purnachandra Rao as part of their investigation into the Sahithi Infratech Venture real estate fraud case. The ED suspects his involvement in diverting Rs 100 crore collected from homebuyers by Sahithi. Bank accounts associated with Rao have been frozen, and crucial property documents have been seized. The ED aims to uncover potential money laundering activities. The case emerged after police arrested the managing director of Sahithi Infratech for defrauding homebuyers.
Over 1.8 million houses have been sanctioned under the Pradhan Mantri Awas Yojana - Gramin (PMAY-G) in Assam, with over 1.1 million houses already completed, according to the state's Panchayat and Rural Development Minister. More than 1.9 million beneficiaries are covered under the scheme. The government has provided land to 40,096 landless beneficiaries and formulated a standard operating procedure for housing in tea garden areas. A mass ceremony for over 250,000 completed houses is planned, and efforts are being made to train local masons.
Maharashtra Deputy Chief Minister Devendra Fadnavis recently announced a new housing scheme allowing slum dwellers in Mumbai Metropolitan Region (MMR) and Pune to acquire homes by paying a fixed fee of Rs 2.5 lakh per house. The initiative aims to provide affordable housing options for low-income individuals. The Slum Rehabilitation Department of Maharashtra stated that 2,205 houses are currently available, with additional schemes in progress. The scheme can be combined with the central government's Pradhan Mantri Awas Yojana for further relief.
Several civic bodies in Rajasthan, including the Jaipur Development Authority (JDA), have raised objections to a notification issued by the Rajasthan Real Estate Regulatory Authority (RERA) in September 2021. The notification mandates that all civic bodies must register all real estate schemes under RERA. The civic bodies, including JDA, have written to the Urban Development and Housing department (UDH) challenging the notification, arguing that it falls outside their jurisdiction to register schemes under RERA.
Maharashtra's property registration department is on the brink of adopting blockchain technology to secure online property registration. This initiative aims to prevent document duplication and allow safe data sharing with property buyers, government authorities, and financial institutions. The blockchain-based system will assign a unique identification number to each registered document, enhancing security and reliability. With blockchain's integration, Maharashtra paves the way for other regions to adopt this digital transformation in public services.
The Greater Chennai Corporation (GCC) has identified more than 1,300 sites with illicitly dumped construction debris. Small construction sites remain the biggest culprits, continuing to dispose of waste near water bodies, streets, and garbage bins. Despite levying hefty fines, collecting 12.4 lakh in April and 1 lakh in May, the problem persists. To combat the issue, GCC Commissioner, Dr. J Radhakrishnan, has ordered midnight inspections and confiscation of offenders' equipment and vehicles.
The Delhi High Court has urged authorities to decide on the regularization of unauthorized colonies in the city, stating that people should not be left in limbo. The court emphasized that it is the government's responsibility, not the courts', to determine the regularization process. The court also clarified that no permissions for repairs or construction should be granted in these colonies. The Centre was asked to submit a status report by August 25. The committee expressed concerns that granting repair permissions could lead to misuse and further unauthorized construction.
The Maharashtra Housing and Area Development Authority (MHADA) has commenced its housing lottery for 4,083 flats in Mumbai. With prices ranging from Rs 34 lakh to Rs 7 crore, the properties cater to various income groups. Applications will be accepted until June 26, with the lottery draw scheduled for July 18. This initiative provides a significant opportunity for Mumbai residents to secure a home in diverse and desirable city neighbourhoods.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has successfully retrieved over Rs 8 crore from developers who previously defaulted on their obligations to homebuyers. These recoveries come from 20 recovery warrants issued across Mumbai, its suburbs, Raigad, and Thane districts. Instead of pushing for property auctions, MahaRERA has incentivized developers to settle their debts, leading to some disputes being amicably resolved. Eleven developers have deposited the owed sums, helping to avoid the distress and uncertainty of property auctions. This development signifies a significant win for consumer protection in the real estate sector.
Telangana's thriving real estate market has encountered a slowdown, marked by a drop in property registrations over the past year. Industry insiders attribute this to escalating land prices, increased property expenses, and upcoming assembly elections. However, despite the dip in transactions, the state government's revenue from registrations saw an uptick due to a surge in land values. Although this presents a contrasting picture, officials are optimistic about a revival in the sector, buoyed by the completion of several large-scale projects. The sector's trajectory in the coming months will be pivotal.
Kolte-Patil Developers has reported a substantial increase in its net consolidated profit for the fourth quarter of FY23. With a net income of Rs 120.80 crore, representing a growth of 352.77 percent compared to the previous year, the company has achieved remarkable financial performance. The net consolidated total income also witnessed significant growth, reaching Rs 804.42 crore, a rise of 111.14 percent. The company has undertaken debenture allotments and private placements to secure funds, while also proposing a dividend for the fiscal year.
The Maharashtra government has appointed CIDCO (City and Industrial Development Corporation) as the New Town Development Authority (NTDA) for the Jalna-Kharpudi New Town Project. This decision marks CIDCO's involvement in the development of the state's eleventh new town project. With this appointment, CIDCO aims to create a well-designed and well-connected urban space that caters to the needs of the growing population while preserving natural resources. Through its efforts, CIDCO continues to drive progress and prosperity in Maharashtra, setting a benchmark for urban planning and development in the region.
The Rajasthan government has approved the creation of 3D models for Jodhpur, Udaipur, Kota, and Ajmer using GIS technology. With a significant budget allocation, these models will enhance urban planning and administration by suggesting land use, aiding infrastructure development, and facilitating large-scale planning. Virtual tours through Virtual Reality technology will be possible, and a satellite imagery repository called Rajdhara will be established to analyse various aspects of land usage. Additionally, the government plans to develop Lavkush Gardens in each district to promote ecotourism and environmental awareness.
The Haryana Town and Country Planning Department has introduced policy changes to promote industrial clusters in the state. The revisions include reducing the minimum required area for industrial colonies/parks and introducing additional slabs based on the area. The policy allocates specific percentages of the sellable land for industrial, residential, and commercial use. The department is responsible for urban and rural planning, infrastructure development, and ensuring sustainable growth in Haryana. The changes reflect the government's commitment to industrial growth and the establishment of thriving industrial clusters.
Real estate developer Oberoi Realty has signed an MoU with NRB Bearings to acquire a 6.4-acre plot of land in Thane, adjacent to its existing land. The company reported significant growth in net consolidated profit for the quarter ending March 2023. The acquisition aims to strengthen Oberoi Realty's position in the real estate market and provide opportunities for further growth. Extensive market research will be conducted to tailor the development to meet local market demands, while customer service remains a priority.
Shriram Properties has acquired 100% development rights for an ongoing residential project, named "Divine City", in Chennai for Rs 185 crore. The deal includes the development rights in phase 2 and 3 of the project, with a saleable area of 1.9 million sq. ft and revenue potential of approximately Rs 1,200 crore in the next five years. Shriram Properties is planning to re-launch the project under a new identity in H1-FY24. Shriram Properties is targeting to launch two new projects in the Chennai market over the next 12-18 months, with a combined saleable area of 3.3 million sq. ft.
Adobe Systems India has acquired a 400,000 sq. ft office space in Bengaluru's Prestige Tech Park IV for Rs 505 crore. The purchase includes 640 car parking slots and an undivided share of over 124,000 sq. ft of land. The deal indicates the company's intention to expand its operations in the region, which is known to house major IT and corporate entities such as Google, Amazon, and Microsoft. The Indian office space market has been witnessing significant activity in recent years, with a growing demand for office spaces from both domestic and international companies.
Researchers at the University of Kitakyushu in Japan have developed a cost-effective house prototype that utilizes shredded disposable diapers as a building material. This innovative design addresses waste management concerns by replacing up to 8% of sand in construction materials with recycled diapers. The prototype adheres to Indonesian building standards and can accommodate up to four people in a 36 square meter area. However, implementing this technique on a larger scale would require modifications to existing building regulations and the involvement of various stakeholders in waste treatment and government.
Renowned singer Celine Dion has sold her luxurious Las Vegas residence, spanning over 31,000 square feet, for an impressive $30 million. The sale represents a substantial financial gain for Dion, who originally purchased the mansion for $9.2 million in 2017. The property, featuring four bedrooms and twelve bathrooms, underwent significant renovations during her ownership. Situated in The Summit Club, a prestigious private residential lifestyle club in Las Vegas, the residence offers top-notch amenities, a golf course, and unique local cuisine.
Group 108, a real estate developer, has announced a significant investment of Rs 2000 crore in multiple projects located in Greater Noida West. The company, formerly known as a division of the Bhutani Group, has rebranded itself and is focused on completing their flagship project, Grandthum. This project, spread over 23 acres and featuring two towers with a combined built-up area of 40 lakh square feet, offers a mix of retail outlets, office spaces, and recreational amenities. The investment will be funded through promoters' funds and internal earnings, and negotiations are underway to acquire land for future commercial and residential developments in Noida and Greater Noida.
Global Net Lease Inc. (GNL) has announced its plan to acquire Necessity Retail REIT Inc. (Necessity) in a stock-for-stock transaction valued at approximately $950 million. Shareholders of Necessity will receive 0.670 shares of GNL for each share of Necessity held, resulting in a total value of $7.08 per share. The newly formed company, GNL, will be led by co-CEOs James Nelson and Michael Weil, with Nelson retiring in April 2024. Necessity Retail REIT, established in 2013, operates 1,039 establishments primarily occupied by single tenants.
Ramesh Juneja, the chairman of Mankind Pharma, and his wife Poonam Juneja have sold a bungalow in Vasant Vihar, Delhi for Rs 91 crore to Dhruv, Dakhsh, and Ranjana Malhotra from Everest Pressure & Vacuum Systems. The sale was facilitated by Christie's International Real Estate. The buyers paid stamp duty of Rs 4.85 crore to finalize the purchase of this 1200 square yard property. Meanwhile, Mankind Pharma, which recently launched its IPO, is facing allegations of tax evasion, leading to searches by the Income Tax Bureau.
A panel in Gurugram has lifted the ban on property registrations owned by Chintels India, which is expected to expedite the compensation process for owners of towers D, E, and F of Chintels Paradiso. Chintels India had claimed that the ban had severely affected its cash flow, making it difficult to pay rent to families that had relocated. The panel has directed residents of towers E and F to vacate immediately, deeming the structures unfit for living. Some residents have requested that property registrations be allowed only after the developer has collected the necessary funds for compensation and rent payment.
Hong Kong's housing market, which experienced a brief surge in the first quarter, is now facing a significant downturn. Property transactions have plummeted, and sellers are reducing prices to close deals in a market expected to continue its downward trend throughout the year. The decline in transaction volume since March indicates a reversal in home prices, and some property owners are selling at a loss. The proportion of non-local and local buyers has also decreased, further contributing to the market correction. Analysts anticipate the correction period to last until the end of 2023, with a potential rebound in the first half of 2024.
Chinese buyers are showing an increased interest in purchasing property in Australia. Local agents have reported a significant surge in inquiries, with two to three times the usual volume from Chinese buyers. Buyers are seeking properties for investment purposes and personal occupancy. Proximity to China, minimal time difference, and convenience for remote business make Australian properties attractive. Chinese buyers prefer apartments in prime areas, prestigious houses near Sydney Harbour, and properties near private schools. The majority of buyers attending high-end property inspections are from mainland China, with preferred price ranges falling around A$20 million to A$60 million.
Indiabulls Housing Finance reported a decline of 15.04 percent in its consolidated net profit for the fourth quarter of fiscal year 2022-23. The company recorded a profit after tax of Rs 260.60 crore, compared to Rs 306.75 crore in the same period of the previous year. Additionally, the company experienced a decrease of 5.20 percent in its net consolidated total income, earning Rs 2,077.13 crore in Q4 FY23. The company's total assets amounted to Rs 16,028.93 crore, with outstanding debt of Rs 31,114.47 crore and a debt-equity ratio of 2.96 as of March 31, 2023.
PNB Housing Finance, a prominent financial institution, achieved a remarkable increase of 64.73 percent in its net consolidated profit for the quarter ending March 31, 2023. With a profit after tax of Rs. 279.28 crore, compared to Rs. 169.54 crore in the previous fiscal year, the company showcased its strong financial performance. The quarter also witnessed successful asset sales and a rights issue, contributing to the company's growth and strategic plans.
In a move to bolster transparency and consumer protection, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced a stringent policy to commence from June 19. The new protocol stipulates approval of new real estate projects only after an in-depth verification of their commencement certificates (CCs), to be sent directly by the local authorities. This initiative aims to curb instances of fraudulent documentation, reminiscent of the Kalyan Dombivali case, ensuring rigorous scrutiny before granting project registrations.
The Maharashtra government plans to expedite the issuance of deemed conveyance certificates to cooperative housing societies. Currently, only 40% of registered societies have obtained complete land ownership. The government aims to process applications within one month, clearing pending proposals and providing relief to waiting societies. The conveyance deed is crucial for property ownership, transfer, and future development. Streamlining the process will benefit cooperative housing societies and their members.
The Telangana Government has inaugurated a housing project in Kamalanagar, providing 210 double-bedroom homes to address the housing needs of the urban poor. The cost-effective construction of these homes, along with the distribution of 89 houses, showcases the government's commitment to affordable housing. The remaining houses will be allocated based on eligibility criteria, ensuring a fair and transparent process. The project incorporates innovative measures such as commercial spaces, generating rental income for long-term maintenance.
In a bid to professionalise the real estate sector, the Maharashtra Real Estate Regulatory Authority (MahaRERA) conducted its inaugural certification examination, attended by 423 brokers. This mandatory certification aims to ensure all agents are well-versed with MahaRERA rules, promoting accountability and transparency. With a 92% turnout in the first round, the MahaRERA anticipates a similar response in the upcoming exams. This landmark examination marks the onset of a significant structural transformation, paving the way for an improved real estate market in Maharashtra.
Hyderabad's real estate sector is grappling with a mounting crisis of illegal constructions, revealed by a GHMC survey stating 7,000 to 8,000 unauthorized structures sprout annually. The city, still reeling from last month's demolition of 200 illegal homes in Bandlaguda's Crystal Township, faces the looming spectre of similar incidents. Homebuyers express shock and frustration, while experts advise due diligence. Amid an influx of 300 to 400 monthly complaints, GHMC's town planning department struggles with severe understaffing. This surge in illicit townships calls for a more rigorous regulatory framework and vigilant purchasing decisions by prospective homeowners.
The Noida Authority has identified 1,097 registries in 21 residential projects awaiting execution, stalled due to builders' inaction. The properties, scattered across nine sectors in Noida, are approved for registry, yet developers lag in delivering to homebuyers. The Authority warned of potential penalties if developers continue to delay. It encouraged buyers to directly contact builders, ensuring the execution of their home registries. Developers who fail to comply risk punitive action in line with land allotment rules and the Real Estate Regulatory Authority (RERA).
Despite a five-fold surge in rainwater harvesting installations over the past year, only 1,123 buildings in Nagpur have complied with the 14-year-old mandate. This equates to just 0.18% of all structures, according to the Nagpur Municipal Corporation (NMC). Critics attribute this sluggish progress to poor enforcement by the town planning department. Former Water Works Committee Chairman Vijay Zalke urges for a more earnest approach towards such critical ecological practices, emphasizing the significant potential of rainwater harvesting for groundwater replenishment.
The BJP government in Madhya Pradesh has announced the regularization of all unauthorized colonies constructed up to December 31, 2022. This landmark decision, made before the upcoming Assembly elections, will alleviate development costs for residents and open access to necessary utilities, bank loans, and MP/MLA Local Area Development funds. Urban administration officials are warned to prevent the development of illegal colonies beyond the stated deadline. The process is expected to conclude by June 30, 2023.
Coimbatore is streamlining building approval procedures near its airport with the integration of the Colour Coded Zoning Map (CCZM) into the land survey map. This innovation will allow local officials to approve construction projects using color-coded grids to confirm permissible building heights. The procedure aims to ensure aircraft and passenger safety by avoiding potential obstructions within a 20 km radius of the airport. This measure should simplify and expedite construction project approval while maintaining stringent safety standards.
In a significant move towards public safety, the Navi Mumbai Municipal Corporation (NMMC) has ordered the immediate evacuation of 524 hazardous buildings within the city. These buildings, identified after a comprehensive survey, fall under various categories of disrepair. Sixty-one are deemed highly dangerous and need instant demolition, while others require varying levels of structural repair. The NMMC has urged residents to vacate these premises promptly to prevent potential accidents and loss of life.
The real estate market in Dubai experienced a decline in sales in April 2023, marking the first decrease since December 2022. This drop was attributed to external factors such as reduced working hours and the occurrence of holidays like Ramadan, Eid, and Easter, resulting in fewer new properties entering the market. Consequently, there was a decrease in property sales viewings and new sales transactions. However, the report suggests a rapid rebound in sales levels in early May, indicating a positive trend for the second quarter. Cash buyers, particularly in the luxury real estate market, remain active, with robust demand for upscale homes.
The joint venture between Sumitomo Corporation and Krishna Group, known as Krisumi Corporation, is embarking on the second phase of its residential development project called "Krisumi City" in Gurugram. With plans to allocate a substantial budget and achieve high revenues, the company aims to deliver phase 1 occupancy by January 2024 and continue with additional stages. The initial sales of the luxury suite project were swift, and positive feedback from clients has been received. Krisumi Corporation is also establishing a hospitality arm to manage the residential apartments, while Sumitomo looks to make a significant investment in India.
The Pune Municipal Corporation (PMC) in India has successfully generated a significant revenue of Rs 40 crore from property tax bills within a week of their issuance. The PMC has implemented a 40 percent discount on property tax for individuals who occupy their own properties, with the option to pay digitally or in person. While physical bills are yet to be distributed, the PMC has accumulated Rs 92 crore in property taxes through electronic payments. The government has announced that properties registered post-2019 will undergo an assessment and become eligible for the discount from April 1, 2023.
Celebrity power couple Beyoncé and Jay-Z have made headlines with their jaw-dropping $200 million acquisition of a stunning mansion in Malibu. The property, designed by renowned architect Tadao Ando, is the most expensive residence ever sold in California and ranks as the second highest-priced in the United States. Situated in the coveted Paradise Cove area, also known as "Billionaires' Row," the mansion spans 30,000 square feet on an 8-acre hillside with breath-taking ocean views. The minimalist design features glass and concrete, and the luxurious amenities include eight bedrooms, eleven bathrooms, multiple pools, a basketball court, recording studio, spa, and more.
The Managing Director and Director of Holy Faith Builders and Developers Pvt Ltd, Sani Francis and Vinod George, have had their personal assets seized by tax authorities in response to the ongoing struggles faced by apartment owners in the demolished Holy Faith H2O building in Maradu. Following a Supreme Court order, 15 personal possessions, including properties owned by Francis and George, have been attached. While apartment owners in three other demolished buildings have received compensation, those affected by the Holy Faith H2O development are still awaiting reimbursement.
Documents from the New Delhi Municipal Corporation (NDMC) reveal that the collection of construction and demolition waste in New Delhi experienced a decrease of more than 27% in the previous financial year. The NDMC collected 19,819.87 metric tons of waste in 2022-23, compared to 27,272.76 metric tons in the previous year. The decline is attributed to a reduced number of construction activities in the area. The NDMC relies on a private firm for waste disposal and has designated 15 specific sites for dumping the waste to ensure proper disposal and maintain a clean environment.
Luxury home rents in Hong Kong are set to increase by up to 6 percent in the second half of the year, marking a turning point in the rental market. The return of expatriates and the government's Top Talent Pass Scheme are contributing to this rise. Prestigious areas like The Peak and the Southern district are expected to see rent increases between 3 and 5 percent due to high demand and limited housing supply. Data shows that the rental index for large homes has already increased by 2.7 percent in the first quarter, indicating a strengthening market for spacious residences. Despite economic contraction last year, the Hong Kong government forecasts moderate growth for this year.
St. Andrews, a picturesque coastal town in Scotland, is famous as the birthplace of golf and attracts golf enthusiasts from around the world. The housing market in St. Andrews experienced a surge last year. Properties were sold at prices significantly higher than their initial asking prices, some even selling within 24 hours. International buyers, particularly avid golfers seeking second homes. The central area of St. Andrews, especially near South, Market, and North streets, is particularly sought after due to the potential to obtain the coveted St. Andrew Links annual golf season ticket.
The state government of Tamil Nadu provided an update to the Madras High Court regarding illegal quarrying activities on patta land parcels in the Kadaladi taluk of Ramanathapuram district. A local agriculturalist filed a public interest litigation, highlighting the detrimental effects of these activities on the Gundaru River, a crucial source of irrigation and groundwater replenishment. The government formed a committee to investigate the matter, confirming the illegal quarrying. The court instructed the authorities to present a status report on the progress made in curbing the issue. This case emphasizes the importance of addressing illegal sand mining and protecting natural resources.
The Department of Town and Country Planning (DTCP) has warned developers in a city in Haryana for setting up temporary site offices without obtaining permission. Around 50 developers have been issued guidelines by the DTCP, emphasizing the need for proper authorization. The unauthorized site offices violate norms and result in revenue loss. The DTCP has specified a process for developers to apply for permission, with a validity of five years and a provision for extension. Violators will face action. The DTCP aims to ensure compliance, protect revenue, and uphold urban development regulations.
Canadian entrepreneur Michael Henderson envisions constructing a replica of the moon on a building in Dubai, known for its impressive architectural wonders. The ambitious project, called MOON, aims to create a destination resort with a 4,000-room hotel, a 10,000-capacity arena, and a simulated lunar colony experience. The project may also include a casino, despite gambling being illegal in the UAE. Dubai's real estate market has shown resilience and growth, and there are ongoing efforts to revive and develop significant projects such as Palm Jebel Ali and Dubai Island.
Multiple relatives of Ross Browning, the leader of the Kinahan cartel in Ireland, have agreed to vacate two high-end properties that were determined by the High Court to have been acquired through criminal activities. The properties, located in Garristown and Finglas, Dublin, will be taken over by a designated receiver authorized by the court to arrange their sale. Ross Browning, along with his family members, faced legal action by the Criminal Assets Bureau (CAB) to permanently confiscate approximately €1.7 million worth of assets acquired through illicit means. The court has ordered the properties to be vacated by mid-July, as the CAB seeks to dismantle the criminal network's ill-gotten gains.
Prominent government entities and private properties in a city have recently paid a total of Rs 2.94 crore in arrears for property tax to the Municipal Corporation (MC). The Punjab government's public works department tops the chart with a payment of Rs 88.7 lakh. Following shortly after is the engineering branch of the UT management, which has deposited a sum of Rs 77.19 lakh. Delhi Public School (DPS) has disbursed a sum of Rs 54.54 lakh, while ICS (Jagat) Hotel and Punjab Packages Private Limited have respectively paid off Rs 40 lakh and Rs 23.7 lakh. The MC aims to collect Rs 92 crore through property taxes during the fiscal year.
The Urban Development Department of Maharashtra has requested the Nashik Municipal Corporation (NMC) to submit a new proposal for imposing property taxes on industries. This proposal suggests reintroducing industrial slabs instead of using the existing commercial slabs. The industrial rate classification for property tax was eliminated in 2018 by the ex-commissioner of NMC. The NMC has submitted a proposal to the government for consideration. However, concerns have been raised about the potential impact of higher property taxes on industrial establishments and future investments in the Nashik region.
Keystone Realtors has reported an impressive 85.05 percent increase in its net consolidated profit for the fourth quarter of fiscal year 2023. The company recorded a net profit of Rs 74.04 crore, compared to Rs 40.01 crore in the same quarter of the previous fiscal year. The company also witnessed substantial growth in its net consolidated total income, which amounted to Rs 357.63 crore, marking a growth of 44.25 percent compared to the previous year.
Awfis, a flexible workspace provider, has announced its expansion plans in the National Capital Region (NCR) by launching two new centres in Gurgaon and Noida. The Suncity Success Towers in Gurgaon will cover 40,000 square feet and accommodate 650 individuals, while the Knowledge Boulevard centre in Noida will span approximately 44,000 square feet and accommodate 700 individuals. These centres will offer adaptable workspaces designed with elements of natural light, biophilia, and collaborative environments to enhance employee well-being.
During Q4 FY23, Arihant Superstructures, a prominent real estate company, witnessed a significant decline of 97.67 percent in its net profit. The company reported a profit after tax of Rs 23.47 lakh, a substantial decrease from the Rs 9.87 crore achieved in the same quarter of the previous fiscal year. The consolidated revenue for the quarter stood at Rs 66.05 crore, reflecting a decline of 7.32 percent compared to the corresponding quarter in the previous year.
Titan Company, a subsidiary of the Tata Group, has invested Rs. 100 crores to acquire commercial space in Mumbai's Borivali area. The company purchased three floors in the Vini Elegance building, currently housing a Tanishq jewellery store. With a total area of 16,280 square feet and exclusive access to 18 parking spaces, this acquisition strengthens Titan Company's presence in the region. Additionally, the company reported impressive financial performance, including a substantial increase in net profit and revenue for the quarter ending in March. Furthermore, Titan Company expanded its retail network, adding numerous stores in both domestic and international markets.
Embassy Property Development is planning to sell multiple assets, including its office park in Chennai and other office spaces, to reduce its debt of $8,800 crores. The company also aims to lower its debt by selling completed goods from its residential projects. Embassy generated significant revenue of around 1,300 crores through the sale of luxury and premium residential developments, contributing to debt reduction. The company plans to cut its debt by $2,700 crores before September 30, 2023.
In a strategic move to generate funds for new real estate ventures, the Adani Group is set to liquidate non-core real estate assets, according to insiders. This initiative includes a potential sale of Inspire BKC, a commercial project in Mumbai's Bandra-Kurla Complex, and a 16-acre plot in Thane, near Mumbai, both expected to collectively fetch approximately INR 15,150 crore. The initiative is part of Adani's wider strategy to invest in significant projects, such as the redevelopment of Dharavi, one of the world's largest slum clusters.
Over 50 homebuyers have braved scorching temperatures to stage their 25th week of protests in Greater Noida West, demanding resolution for long-pending home registries. NEFOWA's president, Abhishek Kumar, expresses disappointment at the government's inaction despite repeated assurances. The protests continue to gain momentum as more residents join from various societies, and with over 60,000 homebuyers still awaiting their registries, the situation is growing more urgent. The homebuyers remain resolute, vowing to persist until their demands are met.
The Ahmedabad Municipal Corporation (AMC) sealed 38 properties, including 14 in Ranip and 10 in Vastral, over non-compliance with building-use permits. In addition to sealing buildings, AMC embarked on a demolition spree, razing illegal constructions in the historic Walled City. An illegal structure spanning 490 square meters in Shahpur and unauthorized constructions over 13,080 square meters in Danilimda were dismantled. This enforcement highlights AMC's determination to uphold building regulations, underscoring the necessity of legal compliance in urban development.
Six individuals, including five employees of the Tamil Nadu Urban Habitat Development Board (TNUHDB) and a private contractor, have been indicted by the Directorate of Vigilance and Anti-Corruption (DVAC) for alleged corruption and quality negligence in a housing project. The housing, intended for the victims of the 2015 Chennai floods, was deemed substandard, leading to a significant loss of 732 crore to the exchequer. The indictment underscores the need for stronger oversight and accountability in government-led construction projects, particularly those aimed at housing disaster victims.
The Atal Apartments project in Ludhiana has been postponed for about 15 years, but the authorities are currently awaiting the MC chief engineer's clearance for the revision of the total cost. The increased estimate is anticipated to be around Rs 225 crore and is owing to an increase in building costs. However, many who have received letters of allotment for the units are worried about the project being finished in the three years that were promised. Modern conveniences like a swimming pool, gym, parks, and a clubhouse have now been included in the project.
The Thane Revenue Department in Maharashtra is taking action against around 300 residents who allegedly defaulted on repaying bank loans taken to purchase immovable properties. The department will attach properties collectively valued over Rs. 300 crores against which the loans were secured. The action follows requests from lending institutions under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act.
The luxury residential skyscraper, Asparro, located in Manhattan's Upper West Side, is implementing an innovative carbon capture system to reduce emissions and combat climate change. The building's basement houses unique equipment that captures carbon dioxide emitted by its gas-powered boilers, preventing its release into the atmosphere. This initiative aligns with the urgent need to reduce emissions from tall buildings in New York City, which account for a significant portion of the city's greenhouse gas emissions. While some commend these efforts, critics argue for more extensive upgrades and a transition to renewable energy sources.
GIC Housing Finance, a housing finance company, has announced a 6.80% rise in its net consolidated earnings for the quarter ended March 31, 2023. The company reported a profit of Rs 52.33 crore in Q4 FY23, compared to Rs 49 crore in the same period of the previous year. However, its net consolidated income experienced a slight decline of 0.88% to Rs 287.40 crore in the same quarter. The company's board has approved the raising of funds through the issuance of additional shares and the appointment of Darshit Sheth as the chief compliance officer.
The Greater Hyderabad Municipal Corporation (GHMC) has revealed that the state and central governments are the top defaulters of property tax in Hyderabad, with a combined outstanding balance of approximately Rs 6,000 crore. The state government owes over Rs 5,500 crore, while the Centre owes around Rs 300 crore. Despite regular demand notices, the government departments have only disbursed a small fraction of their outstanding payments. The GHMC is responsible for imposing property taxes in Hyderabad, which contribute to local amenities and services.
Arvind Smartspaces (ASL) has recorded a 26.35% decrease in its consolidated net profit for the quarter ending March 31, 2023. The company's profit stood at Rs 10.48 crore, down from Rs 14.23 crore in the same quarter of the previous fiscal year. ASL also experienced a 42.32% decline in its consolidated net total income during Q4 FY23. However, the company announced its highest-ever annual bookings of Rs 802 crore and exceeded sales milestones, selling over 1,100 units in a year for the first time.
Chief Minister Eknath Shinde has waived 100% of additional development charges in the Pune Metropolitan Regional Development Authority (PMRDA) areas from July 2018 to April 2023, providing relief to builders and homeowners. The decision follows a proposal presented during the PMRDA annual budget meeting. Shinde also approved the PMRDA budget for 2023-24 and proposed the transfer of land for a memorial construction. The move aims to facilitate development and ease the financial burden on stakeholders in the region.
The Jharkhand Real Estate Regulatory Authority (RERA) has taken strong action against M/s Rebloon Impex and its partners for failing to register their projects and violating regulations. This is the first instance of blacklisting in Jharkhand. The firm and its partners were found to be non-compliant with a court order and various norms set by the authority. As a result, they have been barred from undertaking any new projects. The authority aims to protect home buyers, resolve pending complaints, and promote transparency in the real estate sector.
In a significant development, the bail pleas of Dheeraj and Kapil Wadhawan, promoters of Dewan Housing Finance Limited (DHFL), were rejected by a special Prevention of Money Laundering Act (PMLA) court. The court stated that both individuals played integral roles in a conspiracy and scam that involved the illicit use of public funds, resulting in substantial damage to Yes Bank. The case revolves around an alleged money laundering scheme amounting to Rs 5,050 crore, allegedly involving banker Rana Kapoor and his family members. Since 2020, the Wadhawan brothers have been incarcerated.
Ghaziabad's Master Plan 2031 is set to come into effect within the next two months, with approval anticipated by July. The new plan, which spans a 10-year period and incorporates areas like Loni, Dasna, Modinagar, and Muradnagar, aims to leverage Ghaziabad's strategic location and robust transportation networks for a forthcoming logistic hub in the National Capital Region (NCR). Utilizing Geographical Information System (GIS) technology for the first time, the plan ensures accuracy and precision. Noteworthy changes include increased residential land allocation and the establishment of special development areas (SDAs) near Guldhar and Duhai for new townships.
Haryana grapples with a rampant issue of illegal encroachment as thousands of acres of municipal land remain unlawfully occupied. Recent reports indicate significant encroachment in various areas, including Sohna, Kalka, Beri, Pehowa, Shahabad, Thanesar, Bawani Khera, Ambala City, and Ambala Sadar. Despite the alarming extent of encroachment, the process of eviction and removal has been hindered by vacant positions of joint commissioners and pending cases. The Punjab and Haryana High Court has taken notice of the matter, ordering action against responsible officials. However, the situation persists, leaving the resolution of the land crisis in Haryana uncertain.
The Vaishnavi Group has successfully leased a significant 4.12 lakh sq ft of office space to Navi Technologies, a prominent insurance company. This move by the Vaishnavi Group is driven by the increasing need for high-quality commercial properties in the city. The leased area is located in the Vaishnavi Tech Square, Outer Ring Road, Bengaluru and covers a sprawling 4-acre land. With cutting-edge facilities and recreational amenities, the tech park can accommodate more than 4,000 employees, catering to the evolving needs of modern-day professionals in the country.
A collaborative team comprising the district town planner (enforcement) and hydrologists will conduct a comprehensive survey of residential societies in the new sectors and Sohna to assess the functionality of sewage treatment plants (STPs). This initiative comes in response to complaints regarding the illegal discharge of sewage in open areas. The team will inspect the residential areas, identify non-compliant societies, and submit a detailed report on their findings. The survey aims to address concerns raised by residents about health and environmental hazards caused by improper sewage disposal in these areas.
The rental crisis in Sydney continues unabated as new data shows a significant decrease in available rental properties. The latest Market Insight Report by PropTrack has revealed that the number of new rental listings on realestate.com.au experienced a sharp decline of 17 percent in April, reaching its lowest point since April 2012. Additionally, the total number of rental listings across Sydney on realestate.com.au decreased by 7.8 percent in April, marking another record low since December 2012. These figures provide further evidence of the dire situation faced by individuals searching for rental accommodations in Sydney.
Spain's Senate has given its final approval to a bill aimed at curbing rapidly increasing rents and addressing the issue of insufficient social housing. The bill introduces measures to restrict excessive rent increases, enhance tenant safeguards, and penalize landlords who abandon properties. The proposed changes include limiting rental increases, establishing rent caps in high-priced areas, and imposing sanctions on landlords with vacant properties. This bill is a response to the housing crisis and the aftermath of the 2008 financial crisis, which led to numerous evictions.
The Kerala Real Estate Regulatory Authority (K-RERA) has launched an upgraded website, providing buyers with enhanced transparency and useful tools. The redesigned website incorporates GIS mapping and property exploration tools, enabling users to access interactive maps that showcase not only the projects but also key aspects of the surrounding neighbourhood. Buyers can monitor development progress, access plans, permits, brochures, and photos with a single click. The website has been designed by the startup Xocortx.
Supertech, a prominent real estate company, has recently informed the administration that it has successfully resolved 32 recovery certificates (RCs) issued by the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera), amounting to a total of Rs 7.6 crore. Additionally, the company stated that it has made a payment of Rs 3 crore to the administration. These developments come as Supertech strives to address the concerns of its customers and settle any outstanding complaints amicably. The company has been offering alternative units or other suitable arrangements to allottees in an effort to find mutually agreeable solutions.
Synopsis: The government of Karnataka is considering increasing the property guidance value, which represents the minimum value required for property registration, by 10-30 percent. This would be the first increase since 2018-19, and while the impact on homebuyers is currently minimal, it could affect affordability in the next 1-2 years. The specific formula used to determine guidance value takes into account factors such as location, land area, and market worth. The decision to adjust the guidance value is expected to bring significant changes to the real estate market in Bengaluru.
Urban local bodies in India are increasingly adopting Geographic Information Systems (GIS) for property tax systems, resulting in improved revenue generation and reduced tax evasion. The All-India Institute of Local Self-Government (AIILSG) is providing consultation services and training programs to assist in implementing effective local governance practices and incorporating GIS technology. The adoption of GIS-based systems has led to increased revenue and operational efficiency for urban areas. GIS technology is being recognized as advantageous in multiple areas such as infrastructure development, water resources, and Swachh Bharat initiatives.
The Department of Town and Country Planning (DTCP) has sealed five high-end residential buildings in Gurugram, citing flagrant violations of building regulations. The illegal activities were uncovered in notable colonies like Sushant Lok I, Greenwood City, and South City 1 following complaints lodged through the Chief Minister's window. The offenders had constructed plots earmarked for the Economically Weaker Sections (EWS) without mandatory permissions. Authorities have called for regular inspections to prevent such infractions, highlighting the strain unauthorized constructions place on local infrastructure and amenities.
The family of Bollywood superstar Salman Khan has plans to construct a 19-floor hotel on a prime sea-facing plot in Mumbai's Bandra. Originally intending to develop the property into a residential building, the family changed course to erect a hotel. The plan features several amenities including a café, restaurant, gymnasium, swimming pool, and convention centre, providing a new luxury accommodation option in Mumbai's thriving real estate market.
Persistent software glitches in Maharashtra's nine-year-old tenant registration system have stalled processing of over 13,000 applications. The state registration department has appealed to the National Informatics Centre (NIC) for an urgent software upgrade. HH Sonawane, Inspector General of Registration and Stamps, acknowledged the issue, which has disrupted registrations and left lease applications pending for nearly two weeks. Amid growing frustration, the Association of Service Providers calls for a robust backup system to protect citizens from future technical disruptions.
Union Housing Minister Kaushal Kishore applauded Andhra Pradesh's government for allotting residential plots to three million impoverished families. The praise came during his review of housing schemes, including the Prime Minister Awas Yojana (PMAY). Emphasizing the Centre's goal of universal housing by 2024, Kishore urged officials to expedite construction and infrastructure development. State Housing Minister Jogi Ramesh sought additional funding for infrastructure, revealing the state's Rs 30,000 crore investment in the YSR Jagananna colonies.
Land Securities, a British real estate company, has announced plans to sell more assets than it will acquire due to a shift in its financial situation. The company reported a loss for the year, primarily influenced by increased interest rates and overall economic challenges, which have negatively affected the value of its properties. The British commercial property sector, heavily reliant on borrowing, has faced setbacks in its recovery from the pandemic, hindered by rising interest rates and concerns about the macroeconomic environment. Land Securities' office space portfolio has also encountered difficulties due to changing work patterns.
The property investment and sales in China experienced a significant acceleration in decline during April, raising concerns about the country's economic recovery. Property investment saw a sharp year-on-year decrease of 16.2%, the largest drop since November 2022, while property sales also plummeted by 11.8% compared to the same period last year. These declines highlight the ongoing challenges faced by the Chinese property sector, which has been impacted by strict regulations and financial crises.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) aims to harness the potential of cutting-edge technologies like artificial intelligence (AI), machine learning, and natural language processing (NLP) to establish a Smart Court. By incorporating these emerging technologies, UP-RERA intends to enhance the design, development, and implementation of a technologically advanced judicial system. The Smart Court initiative seeks to leverage AI's capabilities to streamline and optimize various court processes, enabling more efficient and effective resolution of legal matters. With the integration of AI, machine learning, and NLP, UP-RERA aims to create a modernized and technology-driven judicial framework in Uttar Pradesh.
Reliance Industries, led by billionaire Mukesh Ambani, has made a significant entry into the real estate and hospitality market in New York City by acquiring the Mandarin Oriental hotel for $98.15 million. The luxury hotel, located near Central Park, is renowned for its high-end accommodations and attracts Hollywood celebrities and billionaires. This acquisition expands Reliance Industries' presence in the hospitality industry and adds to their portfolio of investments in the sector.
A significant portion of the Aravalli terrain near Gurugram has been stripped of trees, levelled, and transformed into walled compounds, violating the Forest Conservation Act. The area, part of the Aravalli Plantation project, has been encroached upon to build farmhouses. Satellite images and eyewitness reports confirm the irreversible destruction. Activists highlight the urgent need for an Aravalli task force to protect the ecosystem, recharge groundwater, and preserve wildlife habitats. Violations underscore the importance of challenging attempts to privatize the land and emphasize its ecological significance.
The Chhattisgarh State Consumer Disputes Redressal Commission (SCDRC) has repeatedly issued notices to the Superintendents of Police (SPs) in Bilaspur and Durg on various dates, including November 17, 2020, March 25, 2021, February 24, 2023, and March 24, 2023. The purpose of these notices was to ensure the arrest of realtors Sardul Singh and Raspal Singh, and their subsequent appearance before the consumer court during the upcoming hearing scheduled for June 19, 2023. The SCDRC aims to enforce legal action against the mentioned individuals and resolve the consumer dispute case.
In a recently held review meeting, Ritu Maheshwari, the chief executive officer of Greater Noida Industrial Development Authority (GNIDA), issued a directive to initiate a survey through the consultant firm, Currie & Brown. The survey aims to assess the status of various group housing plots that have been lying idle. Maheshwari's decision highlights the authority's proactive approach in addressing the issue of unutilized plots. By commissioning the survey, GNIDA intends to gather crucial data regarding the status and potential utilization of these plots.
Hindustan Construction Company (HCC) has stated that its consolidated net profit increased significantly during the March 2023 quarter reaching Rs 190.66 crore. The business made a profit of Rs 30.88 crore in the previous fiscal year. Its overall revenue for the quarter under review was Rs 3,107.58 crore, up from Rs 2,946.16 crore a year before. The overall expenditures rose from 2,884.35 crore to Rs 3,077.51 crore. It reported a net profit of Rs. 571.74 crore in FY22.
The Income Tax Department officials have conducted raids on the premises of Haigreeva Infratech Projects Limited and the homes of its high-ranking executives in Visakhapatnam. The investigation is linked to alleged monetary dealings of Rs 100 crore between the company and the TDP during and after the 2019 elections. The raids resulted in the confiscation of crucial documents. Initial reports suggest a connection to IT security breaches at Navayuga Infra in Hyderabad. Haigreeva Infratech is a rapidly expanding infrastructure conglomerate with a strong presence in various sectors across India.
Integrow Asset Management, a specialized investment firm in real estate, plans to raise over Rs 1,500 crore through a commercial real estate fund. The fund aims to invest in pre-leased and revenue-generating properties in India's leading six property markets, including Mumbai, Pune, Hyderabad, Bengaluru, Chennai, and Delhi-NCR. The company aims to build a portfolio worth Rs 4,000 crore and sees commercial real estate as a hedge against inflation. The newly formed fund, led by Ashish Mundada, aims to become the sole multi-fund institution focused on real estate.
Brookfield Asset Management, in partnership with Singapore's sovereign wealth fund GIC, plans to sell two commercial properties in India with a combined enterprise value of $1.4 billion. The properties, located in Mumbai and Gurgaon, were owned by Brookfield's property investment fund. The sale will significantly expand the portfolio of Brookfield India REIT, increasing the overall leasing space by 35% and operational area by 44%. Brookfield India REIT comprises five office parks across major cities in India, with a total market value estimated at Rs 9,100 crore.
The Appellate Authority of Advance Rulings (AAAR) in West Bengal has upheld a decision stating that the sale or usage rights of a car park should not be considered a composite supply with construction services. This ruling means that car parks will be subject to a higher GST rate of 18%. The decision may lead to higher costs for homebuyers who include parking facilities. The AAAR's ruling contradicts a previous verdict by the Authority for Advance Ruling (AAR) in West Bengal, which classified facilities like car parking as composite construction services subject to a lower GST rate.
Over 26,000 landless families in Nashik have been granted plots for housing construction under the Pradhan Mantri Awas Yojana (PMAY). With a total of 32,798 applications received, the district administrations have cleared approximately 80% of the proposals. The highest demand for land came from Jalgaon district, where 19,936 out of 23,207 applications were approved. Additionally, the state government has launched the Maha Awas Yojana to provide affordable housing solutions. Out of 1.10 lakh applications received, 85,750 have been completed so far. The authorities are determined to meet the housing needs of the people in a timely manner.
Real estate company BCD Group has unveiled Vanaprastha, a senior living community experience inspired by the Vedic age, to meet the rising demand for retirement options in India. The project, located in Hoskote, offers state-of-the-art amenities such as recreational centres, fitness facilities, and 24/7 medical services. The company plans to collaborate with specialized UK-based healthcare companies to provide personalized services. Vanaprastha at BCD Emprassa will be the country's first rental senior community living experience of its scale, offering affordable pricing. BCD Group aims to replicate this model in Chennai and NCR, investing over Rs 200 crores in each project.
Gurugram residents anxiously await the release of the final audit report for four towers of Chintels Paradiso in Sector 109. The Shri Ram Institute has submitted a sealed test report to the district administration, which is now being analysed by IIT-Delhi for recommendations on the habitability of the structures. Towers D, E, and F have already been declared unsafe, leading to an ongoing compensation settlement process. Chintels India, the developer, has offered residents the choice between compensation or having their flats repaired or rebuilt. The findings of the audit report will play a crucial role in determining the future of these towers.
The Supreme Court has ruled that the allocation of house sites in the R5 zone of Amaravati to the poor is contingent upon the final judgment of the AP high court. The court refused to grant a stay on the allocation, stating that third-party rights are also subject to the high court's decision. The farmers of Amaravati argued that the government had changed the master plan and allocated housing sites in non-residential zones. The court has been urged to impose a stay on the R5 zone until the Amaravati petitions are heard in July 2023.
Ahmedabad City civic body chief M Thennarasan expressed dissatisfaction with the public's lack luster response to the recently implemented impact fee scheme, prompting him to take decisive action. In an effort to address the issue of illegal constructions, Thennarasan issued a directive to all municipal zone heads, instructing them to compile a list of the five largest unauthorized structures within their respective zones. Furthermore, he mandated that demolition proceedings should commence within a week.
The Ahmedabad Municipal Corporation (AMC) is taking strict actions against property tax defaulters. It recently published a list of 313 defaulters intimated owners that it will disclose the details of any individuals who fail to meet their obligations to the Credit Information Bureau (India) Limited (CIBIL). These actions led to 55 property owners clearing their outstanding dues. In addition, the AMC is compiling a record of major debtors and intends to impose liens on their properties. Currently, the process of placing liens on 24 properties has already been initiated and the civic body gearing up to auction 258 defaulting properties within the city to collect arrears.
The Pune Municipal Corporation (PMC) in Pune City has commenced the distribution of property tax invoices after a delay of one and a half months. The bills can be accessed online through the PMC website, and taxpayers have multiple payment options available. The distribution process involves printing and mailing the bills, and the deadline for payment has been extended. The PMC has also implemented a 40 percent tax reduction for properties occupied by their owners, and eligible property owners can submit documentation to benefit from the discount.
The Chhattisgarh High Court has dismissed a petition challenging the Smart City projects in Bilaspur and Raipur, clearing the path for these urban development initiatives to proceed unhindered. The petition claimed these projects were infringing on the roles of the municipal corporations. However, the court ruled that no overstepping had occurred. The verdict ensures the continuation of key developmental activities aimed at enhancing residents' quality of life and bolstering urban infrastructure, setting a robust precedent for future Smart City projects across India.
Following a series of court-ordered home demolitions in Tughlagabad, a multitude of displaced slum residents rallied at Jantar Mantar, under the banner of Mazdoor Awas Sangathan Samiti. The protestors, from across Delhi, united to demand immediate government intervention and rehabilitation. The demonstrations were intensified by the hunger strike of Reena, a 45-year-old Tughlagabad resident, alongside widespread fears that the city's beautification efforts for the upcoming G20 Summit have escalated the evictions. The protest spotlighted the increasing tensions between urban development and housing rights in the city, posing serious ethical questions under the global gaze.
The National Company Law Tribunal (NCLT) has commenced insolvency proceedings against Tulip Hotels following the hotel chain's alleged default on loan guarantees worth INR 900 crores. The claim, first initiated by Yes Bank and later assigned to JC Flowers, involves Tulip Hotels' guarantees for loans disbursed to Cox and Kings and Ezeego One Travel & Tours. Contrarily, Tulip Hotels denies any financial ties to these companies, accusing the lender of document fabrication. The case marks a significant development in the Indian hospitality industry and sets the stage for intriguing legal battles ahead.
National Thermal Power Corporation (NTPC) facilities in East Uttar Pradesh have embarked on an eco-friendly initiative to manufacture durable building materials using fly ash, a by-product of thermal power generation. Aimed at curbing pollution and preserving natural resources, the initiative includes the production of aggregates, bricks, sand, and tiles, all under the brand 'Vikalp'. The company emphasizes stringent quality control and effective branding to promote these sustainable building alternatives.
Mumbai Metropolitan Regional Development Authority (MMRDA) is set to lease two prime plots in Bandra-Kurla Complex (BKC) aiming to generate around Rs 2,900 crore. The plots, C-13 and C-19, have areas of 7,071.90 sqm and 6,096.67 sqm respectively with considerable development potential. This follows MMRDA's successful lease to Goisu Realty in 2022 which earned Rs 2,067 crore. As MMRDA cannot generate revenue through tax, they plan to raise funds through land leases and asset monetisation to finance numerous infrastructural projects. The approved Rs 60,000 crore loan serves as a financial safety net for possible project delays.
DTCP has clarified that until a decision is reached by the expert committee, affordable housing plots under the Deen Dayal Jan Awas Yojna (DDJAY) will only be approved for three-floor constructions. This follows the halt on approvals for fourth-floor buildings earlier this year due to resident protests over insufficient infrastructure. The expert committee is set to decide on this issue soon, potentially altering the course for future housing constructions.
The Canadian housing market experienced a surge in home prices and transactions in April due to increased buyer activity and limited inventory. The Bank of Canada's decision to pause rate hikes contributed to the recovery, stabilizing mortgage costs and slightly decreasing longer-term rates. The impact of higher borrowing costs on homebuyers has been less severe than expected, resulting in a lower level of financial strain. However, concerns remain about potential delinquencies and the spill over effect from the US regional banking sector.
South Korea has experienced an 11-month consecutive decline in house prices, marking the longest period of decreases in 11 years. However, there are indications that the rate of decline is slowing down, with the April data showing a less severe drop compared to the previous month. This suggests that aggressive economic measures, including interest rate adjustments, may be starting to have an impact. The significant decline in house prices over the 11-month period can be partly attributed to a correction following a prolonged period of continuous upward surge.
The Greater Mohali Area Development Authority (GMADA) has been found responsible for not fulfilling its obligation to provide a plot with promised amenities within the specified timeframe. As a result, the Punjab State Consumer Disputes Redressal Commission has ordered GMADA to either hand over possession of the plot or refund the money. In addition, the authority has been fined Rs 40,000 as compensation for causing mental distress and harassment, as well as covering the costs of litigation.
The Ahmedabad Municipal Corporation (AMC) experienced a surge in project approvals and revenue collection during a period between March 1 and April 15. A total of 560 projects were approved, resulting in a substantial amount of Rs 784 crore collected from developers through chargeable Floor Space Index (FSI) and other fees. This influx of revenue can be attributed to the announcement of the jantri revision, which led developers to seek approvals based on the old rates to minimize costs. The relaxation of chargeable FSI for affordable housing projects further accelerated the rush among developers.
India's markets regulator, SEBI, has proposed granting special rights to unitholders of REITs and InvITs, including the right to nominate representatives on boards, to strengthen governance norms. The regulator also suggested the concept of self-sponsored REITs and InvITs and proposed applying the principles of stewardship code to board members nominated by unitholders. These proposals aim to empower unitholders, enhance monitoring of investments, and facilitate decision-making. SEBI has sought public comments on the proposals until May 29.
The state government of Maharashtra, India, has announced several measures to streamline the process of slum redevelopment and promote self-redevelopment. These include reducing the premium for transferring slum redevelopment flats, making it mandatory for builders to pay one year's rent in advance, organizing camps for Deemed Conveyance, waiving the increase in service charges for housing societies, and considering the abolition of non-agricultural tax on housing societies. These initiatives aim to expedite redevelopment procedures, provide financial relief to residents, and improve housing community management in the state.
The West Bengal Real Estate Regulatory Authority (WBRERA) will now continue with all pending complaints filed by home buyers against developers that were previously under the jurisdiction of the now-defunct West Bengal Housing Industry Regulatory Authority (WBHIRA). The Supreme Court clarified this while hearing a special leave petition (SLP) on May 12, stating that all orders issued by WBHIRA will remain valid. However, individuals who are dissatisfied with WBHIRA's orders can seek recourse before WBRERA.
LIC Housing Finance (LIC HF) is planning to expand its branch network and consolidate its position as the largest housing finance company following the merger of its competitor. The company will concentrate on providing high-yielding loans against property (LAP) and intensify efforts to recover outstanding debts. LIC HF aims to boost loan disbursements and improve net interest margins by establishing new branches in smaller towns with low home loan penetration, primarily in Maharashtra and Madhya Pradesh.
The Department of Town and Country Planning (DTCP) has issued a notice to the developer of Emerald Hills, a housing society in Gurugram, for building a commercial club on the designated site meant for a community centre. This action violates the terms of the agreement with the housing society, and the DTCP has instructed the developer to remove the unauthorized club and provide a response within a specified timeframe. Failure to comply may result in legal action under the Haryana Development and Regulation of Urban Areas Act 1975. The residents are seeking the restoration of the community centre for their continued enjoyment.
Coimbatore-based real estate firm, Meritt Ventures, has been accused of scamming residents out of several lakh rupees by offering them low-cost housing and villas. The company, led by its director N Vijayakumar, allegedly sold fake plots to unsuspecting buyers. The firm used social media and online marketing to create the appearance of a legitimate real estate business. Despite collecting money, the company did not provide the plots or offer refunds, and those seeking reimbursement faced threats and intimidation. A group of over twelve cheated investors has filed a complaint with the assistant police commissioner, seeking assistance in recovering their collective investment of over Rs 30 lakhs.
In a strategic move, Micron Technology, a leading memory chip maker and storage solutions provider, has secured a lease for a vast expanse of space in Hyderabad, India. The leased area spans an impressive 1.04 million square feet and is located within the Phoenix Quila Block A construction at Phoenix IT Hub in Gachibowli. The lease agreement spans a decade, with Micron Technology paying a monthly rent of 68 million rupees. This expansion signifies Micron's commitment to its operations in India and its aim to bolster its global engineering and operational bases.
The housing market in the Netherlands is expected to reach a state of balance as mortgage rates increase and house prices fall. This creates affordability for prospective buyers in 2023, similar to the favourable conditions seen in 2021. However, if interest rates remain unchanged, buying houses in 2024 could become more expensive. The market experienced a prolonged period of growth from 1985 to 2008, but it came to an end in 2008, followed by a decline in housing prices. The future trajectory of prices depends on evaluating their relation to relevant economic factors.
The Municipal Corporation of Gurugram (MCG) demolished a building with 30 apartments illegally constructed in Sukhrali Enclave, falling within the restricted zone near an Indian Air Force ammunition depot. The MCG commissioner suspended a junior engineer for negligence and ordered a chargesheet against him. The building was initially partially razed, but upon noticing this, the commissioner instructed its complete demolition. Authorities plan to file an FIR against the building owner, warning the public against buying illegal properties lacking basic amenities and property registries. MCG officials will continue demolishing such buildings in the area.
Haryana Assembly Speaker Gian Chand Gupta has revealed a plan to provide 1 marla plots or flats to residents of slums and shanties. The proposal, discussed with senior officials, awaits approval from the Chief Minister. The plan aims to address the increasing number of slums in the city and fulfil promises previously unmet. Gupta also reviewed existing rehabilitation schemes and urged action against illegal encroachments. The initiative demonstrates the government's commitment to improving living conditions for slum dwellers in Haryana.
Welspun One Logistics Parks (WOLP) has raised INR 500 crores for its second Alternative Investment Fund (AIF), WOLP Fund 2, within just eight weeks. WOLP Fund 2, launched in March 2023, aims to gather a total corpus of INR 2,000 crores, including a green shoe option of INR 1,000 crores, to invest in projects worth over INR 6,000 crores. Welspun One's first fund, introduced in early 2021, has been fully committed across a portfolio of 6 projects, delivering impressive results.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has permitted the deregistration of two real estate projects out of a total of 60 applications received. In February, developers were given the option to deregister their projects under specific conditions due to difficulties in commencing and completing construction. The deregistration is only allowed for projects with no homebuyers or if the rights and claims of existing homebuyers are settled. While two projects have been approved for deregistration, the remaining 58 applications are currently under review.
The National Company Law Appellate Tribunal (NCLAT) has concluded the Corporate Insolvency Resolution Process (CIRP) against Marvel Realtors & Developers Ltd, following the acceptance of a settlement agreement with its financial creditor. Furthermore, the plea filed by Catalyst Trusteeship, opposing the withdrawal of the CIRP against Marvel Realtors & Developers, was rejected by the appellate tribunal. The NCLT bench in Mumbai had ordered the initiation of insolvency proceedings against Marvel Realtors & Developers in December 2022, based on a plea from IDFC First Bank.
Residents of housing societies situated on collector's or leasehold land are requesting a reduction in the premium fees imposed for converting the land to freehold status. They seek a decrease from the current rate of 15 percent of the ready reckoner (RR) rate to a more reasonable 5 percent. The request was put forward at the recent gathering of the State Sahakar Parishad held last week. The chief minister, deputy CM, and revenue minister were all present at the meeting.
The Madurai Corporation has successfully collected a significant portion of its property tax dues thanks to a government incentive. The corporation managed to retrieve approximately 35 percent of the outstanding amount in the first half of the annual tax cycle, with a large influx of payments occurring just before the April 30 deadline. The incentive, previously exclusive to Greater Chennai Corporation, was extended to other municipal corporations as well. The collected funds will be deposited in a bank to generate interest and compensate for the cost of the incentive.
The Gujarat government experienced a substantial surge of over 30 percent in its revenue from construction cess, marking it as the most significant yearly growth to date, during the financial year 2022-23. The earnings generated from the cess increased significantly from Rs 572 crore in 2021-22 to Rs 748 crore in the following year. The rise in numbers was attributed to improved supervision and expanded scope. This fiscal year, the state government aims to allocate 900 crore rupees towards supporting welfare initiatives for construction labourers.
Synopsis: DLF, India's top real estate company, has impressively slashed its net debt by 73 percent, bringing it down to Rs 721 crore in the fiscal year 2022-23. The net debt of Rs 18,772 crore for DLF Cyber City Developers, a joint venture firm, declined by 1 percent. DLF's debt load has been reduced following a boost in sales, driven by significant demand for housing. DLF aims to reach net debt-zero status for its development business by fiscal year 2024. DLF is set to unveil developments valued at Rs 19,710 crore during this fiscal year. It expects to register sales of approximately Rs 12,000 crore this fiscal year due to robust housing demand.
The SWAMIH I, managed by SBICAP Ventures and supported by the government, has contributed a sum of Rs 158.50 crore into a mixed-use real estate project located on Ghodbunder Road in the Thane. With a hefty 1,076 units under its belt, the project stands to offer much-needed solace to more than 500 homeowners who have been patiently waiting to receive their residences. The SWAMIH-I fund was first introduced in 2019 as a category II alternative investment fund that would provide last-mile funding for stressed real estate projects. The State Bank of India, and the Life Insurance Corporation of India (LIC), are some of its anchor investors.
Shriram Housing Finance, a subsidiary of Shriram Finance, is considering postponing its planned $100 million share offering to ensure higher valuations. The company is exploring various options to raise funds, including approaching investors directly or selling a portion of their holdings besides launching an IPO. Valuation discrepancies have hindered potential deals with new investors. Shriram Housing Finance has witnessed significant growth in its assets under management (AUM) and plans to expand its branch network and increase its sales and service staff to support its growth strategy.
The Phoenix Group recently sold its information technology special economic zone (IT-SEZ) spread over 1.1 million square feet in Gachibowli locality of Hyderabad to Singapore's sovereign wealth fund GIC for Rs 1050 crore. GIC had signed a forward purchase agreement in 2021 to purchase the second block which was under construction at that time. The entire IT park has been pre-leased to American IT major Micron Technologies in 2020, making it one of the most significant leasing transactions in the nation.
Mumbai, Bengaluru, and New Delhi have experienced a significant upswing in high-end residential property prices, according to a report by Knight Frank India. Mumbai secured the sixth position globally, with a notable 5.5 percent appreciation in annual price growth. Dubai topped the global index with a substantial increase in prime residential property values. The steady performance of the Indian economy, increased income and stability, and a trend of purchasing larger homes were identified as key factors contributing to the sustained demand for prime residential properties.
The Indian hospitality sector is set to attract investments exceeding $2.3 billion in the next two to five years, driven by factors such as a successful vaccination program, border reopening, lifted travel restrictions, and consistent economic growth. A report by CBRE South Asia predicts the addition of 12,000 hotel rooms in 2023 and a compound annual growth rate (CAGR) of 3.3% by 2025. Demand is expected to outpace supply, leading to positive performance indicators like occupancy rates and revenue per available room (RevPAR). International hotel chains and private equity funds have shown significant interest in investing in India's growing hospitality industry.
Chalet Airport Hotel, a subsidiary of Chalet Hotels, has partnered with Indian Hotels Company (IHCL) to open a luxurious Taj-branded hotel at New Delhi's Indira Gandhi International Airport. The upcoming hotel, located near terminals 3 and 2, will feature 400 rooms, dining facilities, and conference spaces. The franchise agreement aligns with IHCL's expansion strategy, while Chalet Hotels reported strong financial results, including a significant increase in revenue and profits. The Taj brand will now have a presence in Delhi, Mumbai, and Bengaluru airports.
In April, sales of newly built private homes in Singapore surged by 80%, reaching the highest level in seven months. The increase was driven by prominent projects and strong demand from local buyers. Despite new cooling measures, analysts expect sustained demand and further price increases. Foreign buyers may be impacted, but their overall influence on transaction volume is minimal. The market for homebuying is projected to shrink in 2023, potentially leading developers to postpone property launches in prime areas.
Gurugram district authorities have issued a 15-day evacuation notice for Towers E and F of Chintels Paradiso, declared unsafe by an IIT Delhi audit. District Magistrate Nishant Kumar Yadav initiated the evacuation under the Disaster Management Act and Section 144 of CrPC. The towers were linked to fatalities last year when Tower D partially collapsed. Non-compliance with the evacuation order could lead to legal consequences, reinforcing the critical need for residents' safety amid structural uncertainties.
In a landmark move, MahaRERA is poised to conduct the inaugural certification examination for real estate. This follows a mandate that requires all existing and new agents to obtain certification for professional operation. The examination is a significant step towards elevating transparency and industry professionalism, aimed at protecting the interests of all stakeholders in the real-estate sector.
Smriti Irani, the Minister of Women and Child Development, has urged the Confederation of Real Estate Developers' Associations of India (CREDAI) to champion the rise of first-generation female developers in the property sector. In her address at the CREDAI Women and Youth Leadership Summit, she highlighted the importance of empowering young women and maintaining high construction standards while offering affordable housing. She challenged newly elected CREDAI President, Boman Irani, to produce 100 new female developers during his tenure, marking this as a milestone for success.
Bollywood actress Neetu Kapoor has recently purchased a Rs 17.4 crore luxury apartment in the prestigious Bandra Kurla Complex, Mumbai. This acquisition in the upscale Signia Isle project by Sunteck Group expands her real estate portfolio. The trend of Bollywood celebrities investing in premium properties continues, with recent high-value purchases by Alia Bhatt and Sajid Nadiadwala, reinforcing the allure of prime Mumbai real estate.
In the recently concluded financial year, London witnessed the sale of over 160 properties valued at £10 million or more, marking the highest number since 2016. During that year, the global super-rich were deterred from investing in the UK’s “super-prime” market due to Brexit concerns. The analysis of Land Registry data conducted by estate agent Knight Frank and data provider LonRes reveals that a total of 161 such sales, averaging three per week, took place in the capital city between April and March.
The Indore Development Authority (IDA) has significantly revised its budget reference to increase revenue generation by 12 times compared to the previous fiscal year. The predicted income for IDA in the 2023-24 budget is Rs 6,005 crore, which will be generated through the sale of plots of land/buildings, lease rent, freehold fees, interest on bank deposits, grants, and other sources.
MahaRERA, the homebuyers regulatory body, is grappling with a backlog of almost 7,000 cases out of 21,274 filed to date, causing significant distress for homebuyers. Lack of adequate staff is cited as the primary reason for this delay, with only two members, including the chairman, currently hearing complaints. Despite appeals, the state government has yet to fill these vacancies. Homebuyers are now calling for immediate action to ensure swift resolution of their pending cases.
China Evergrande Group, a property developer, recently announced that it has been served an enforcement notice by the court regarding arbitration proceedings involving one of its subsidiaries and an executive director. The notice mandates the group to fulfil various financial obligations, including a payment of approximately 770 million yuan ($111.40 million) as compensation to the claimant.
In the city of Mohali, the rapid growth of real estate construction has resulted in a mounting problem of construction and demolition waste. Piles of rubble can be found scattered across roads, vacant plots, and public spaces, indicating the lack of effective waste management. Despite the presence of two waste processing plants capable of recycling the waste, the community continues to ignore designated dumping grounds. The Municipal Corporation plans to act by imposing penalties and collecting waste from construction sites to be processed at authorized dumping sites.
Kolkata's Mayor, Firhad Hakim, has issued a stern warning to officials and engineers of the buildings department over ongoing illegal constructions. Building department officials face immediate suspension if they fail to report or act against unauthorized constructions within their jurisdictions. The mayor has also ordered the creation of a central demolition team to tackle this issue. The warning underscores the city's determination to curb illegal construction activities, promoting safety and integrity in the cityscape.
City Crime Branch (CCB) of Coimbatore has arrested T. Chandran, the head of a bogus real estate company, for defrauding 19 prospective homeowners of Rs. 62.47 lakh. Chandran operated Smart Home Developers, utilizing social media to target unsuspecting buyers. His arrest follows a complaint by a victim, Elson K. Joe, after a fraudulent sale agreement. The case against Chandran and his associates is ongoing. Police urge the public to remain vigilant when dealing with real estate transactions.
A civil court has ruled in favour of the residents of a Malabar Hill building, affirming their right to access the common terrace. The decision comes after a couple claimed exclusive ownership of the terrace, prompting the residents to seek legal action. The court recognized the plaintiffs prima facie claim based on conveyance deeds and their contributions to the terrace's maintenance. While the matter of the defendants exclusive rights will be determined in trial, the court granted the residents access to the terrace, citing the balance of convenience and lack of harm to the defendants. This ruling brings relief to the residents and emphasizes the importance of communal rights.
The Navi Mumbai Municipal Corporation (NMMC) has ordered three housing societies, Sai Ashirvad, Gulmohar, and Utkarsh, to develop gardens in their open spaces, collectively measuring approximately 3,000 square meters. This move comes after public complaints about lost green spaces due to ongoing redevelopment. Activists have raised concerns over environmental regulations being disregarded during the redevelopment process. If the societies or their developers fail to comply, NMMC will develop the gardens at their cost, ensuring adherence to the green norms and enhancing the residents' quality of life.
The state government of Maharashtra has directed the Slum Rehabilitation Authority (SRA) to allocate Rs 300 crore to the Dharavi Redevelopment Project Authority (DRPA) for the revitalization of slums in Dharavi. However, a pending payment of Rs 200 crore to the Indian Railways for the railway land integrated into the project poses a financial hurdle. Adani Realty, the proposed developer, awaits the official contract after a delay caused by concerns raised in the Hindenburg report on Adani's financial status.
The Thane Municipal Corporation (TMC) in Maharashtra has achieved an impressive feat by collecting Rs 100 crore in property tax within the first 40 days of the fiscal year, far exceeding the previous year's collection. The corporation's success in generating revenue has been attributed to the early issuance of bills and the introduction of online tax payment options. While celebrating the financial achievement, citizens urge the government to address pressing issues such as water scarcity and poor road conditions, emphasizing the importance of optimizing taxpayer funds for community improvement.
The Panchkula Municipal Corporation (MC) has announced its plans to take action against residents who have illegally constructed entry/exit gates on the backside of their houses, leading towards roads. Officials will conduct house inspections across all sectors. Defaulters will be issued a notice and be given a one-week grace period to comply, failing which the MC will resort to cutting off the water supply to these houses. This measure aims to ensure compliance with the regulations and discourage the construction of illegal entry/exit points.
The Greater Hyderabad Municipal Corporation (GHMC) has introduced fire mitigation certificates for commercial establishments following a series of fire accidents. However, many owners are unaware of this requirement, resulting in a poor response. The EVDM has created a website for certificate applications, and eligible buildings must meet specific fire safety installations. The initiative aims to enhance safety and prevent future incidents. Awareness and compliance are essential to protect lives and properties in Hyderabad.
The Supreme Court made a significant statement emphasizing the purpose of the Consumer Protection Act of 2019, stating that it aims to promote consumerism in the country. The remarks were made in response to appeals challenging a previous order by the National Consumer Disputes Redressal Commission (NCDRC) regarding a housing project. The court highlighted the flexibility the Act provides to consumers in seeking redress and expressed concerns over the rigid interpretation of the law. The bench set aside the impugned orders and directed the national commission to expedite the hearing of the matters on their merits, reinforcing the significance of the Act.
The Department of Town and Country Planning (DTCP) has issued a show-cause notice to the developer of Godrej Summit, a residential complex in Gurugram, and sealed two flats on the third and fourth floors due to the dismantling of the separating slab between them. The fourth-floor flat now lacks a floor, exposing the concrete mesh, while the third-floor apartment has no roof. Complaints from residents about cracks in balconies and walls of other apartments have raised concerns about the tower's structural integrity. The DTCP has ordered the developer to stop ongoing repair work, restore the flats to their original plan, and provide an explanation for the unauthorized alterations.
The district administration in Noida is set to auction 38 shops in Wave Mega City Centre's commercial project in Sector 18 due to the developer's failure to settle dues amounting to Rs 136 crore. The shops, located in Wave Silver Tower, will be auctioned with reserved prices ranging from Rs 48 lakh to Rs 2.7 crore. This action is part of the administration's efforts to collect outstanding dues from developers and hold them accountable.
The Residents Welfare Association (RWA) of Raheja Atlantis in Gurugram Sector 31 has received a show-cause notice from the Department of Town and Country Planning (DTCP) for the illegal building of businesses in common spaces. The letter makes clear that the society's pharmacy, grocery store, coffee shop, and salon were all constructed without the necessary permits, in violation of Section 3B of the Haryana Development and Regulation of Urban Areas Act. The RWA asserts that the buildings were designed for the convenience of older persons, but they will abide with the rules if the department has concerns.
Officials of the Maharashtra State Farming Corporation (MSFC) have been directed by Revenue Minister Vikhe Patil to create plans for multiple parks in the Samruddhi Corridor project. The project, which is being developed in two phases, aims to facilitate multimodal logistics and business parks alongside the Samruddhi Mahamarg (Mumbai- Nagpur Expressway). The plan is expected to generate employment opportunities and provide services to industries, including food parks, cold storage, warehousing, and packaging. The connectivity between the Samruddhi Corridor and the Shirdi Airport will enhance the value of these parks, allowing for easier export of produce and growth of service industries.
Oberoi Realty recorded a significant increase in net consolidated profit for the quarter ended March 31, 2023, with a growth of 106.71%. The company's profit after tax rose to Rs. 480.29 crore compared to Rs. 232.35 crore in the same period of the previous fiscal year. Net consolidated total income also witnessed a notable increase of 18.05% to Rs. 995.11 crore. The company's board of directors has proposed a dividend of Rs. 4 per share for the fiscal year 2022- 2023. Additionally, the board approved the issuance of non-convertible debentures for a maximum total of Rs. 1,500 crores.
Eldeco Housing & Industries reported a marginal 2.62% growth in net consolidated profit for Q4 FY23. The company's profit after tax increased to Rs 14.90 crore, and its total income rose by 23.72% to Rs 41.99 crore. Sales were impacted due to a lack of new launches, but the company expects to resolve these issues in the coming quarters. A final dividend of 400% was recommended, and the acquisition of Surya Season Foods was approved.
Home First Finance, an affordable housing finance company, saw shares worth Rs 330 crore sold by True North Fund V LLP, Aether Mauritius Ltd., and Orange Clove Investments BV. The transaction resulted in a decrease in the promoters stake and Orange Clove's equity in the company. Norges Bank and Society Generate acquired shares from Home First Finance. The company focuses on providing mortgages to low- and middle-income individuals in various regions of India.
The fully operational Construction and Demolition (C&D) waste plant supported by the Chandigarh Municipal Corporation has successfully recycled waste materials from construction and demolition sites, generating a variety of construction materials. These materials are being sold back to the government and private entities. Despite challenges with illegal dumping, the sale of recycled construction materials has been well-received. Various initiatives have been introduced to encourage citizens to use one of the twenty-three designated dumping grounds including an on-call vehicle facility to have waste collected from sites.
Tycoon Chen Hongtian finds himself in further financial trouble as agents appointed by creditors announce the tender sale of a HK$7 billion (US$892 million) commercial property in Hong Kong. The property, One HarbourGate East Tower, is part of the three assets that Chen seeks to regain control of. Savills, the sole agent overseeing the sale, has revealed that the tender will be available globally. This development prompts Chen to consider legal action, adding to the ongoing discussions with lenders and the challenges associated with his missed mortgage payments.
Greater Noida is grappling with a backlog of registrations for approximately 4,000 flats across 20 projects, despite developers clearing dues and acquiring necessary approvals. The Greater Noida Industrial Development Authority (GNIDA) has cautioned developers under the UP-Rera Act and issued a public notice outlining registration requirements. Reasons for the delay include developers' negligence, payment disputes with homeowners, and unsold flats. Officials and developers assure that they are working diligently to expedite the process and anticipate resolution within a month.
The Supreme Court of India has directed the Himachal Pradesh government to address objections to the Shimla draft development plan and publish a final plan within six weeks. The court emphasized that construction based on the draft plan is not allowed. The National Green Tribunal had previously declared the draft plan illegal and in conflict with its ruling. Construction of any kind without sanctioned plans were deemed unauthorized by the court, with applicants encouraged to seek remedy through the High Court. The state's view was deemed non-binding due to the overriding provisions of the NGT Act.
The Supreme Court has put a hold on a Bombay High Court order allowing builders to have recreation grounds on the podiums of their towers. The High Court's ruling had provided relief to builders whose projects were affected by the National Green Tribunal's order that required recreational grounds to be open to the sky. The Supreme Court's decision came in response to a petition challenging the High Court's order. The final decision on the matter will be determined during a hearing scheduled for July 31.
The Maharashtra Housing Board (MHADA) conducted its Konkan board lottery, offering 4,640 apartments and 14 plots. The event, held at Thane's Kashinath Ghanekar Auditorium, received an overwhelming response of 48,805 applications. MHADA implemented a computerized lottery system to ensure fairness and transparency. Chief Minister Eknath Shinde commended MHADA for fulfilling citizens' dreams of affordable housing. The live broadcast of the draw allowed approximately 47,194 people to witness the event. This successful lottery exemplifies MHADA's commitment to providing accessible housing solutions in Maharashtra.
The Orissa High Court has demanded a response from the Odisha Real Estate Regulatory Authority (ORERA) regarding allegations of failure to recover money from builders in disputes over possession and handover of flats. A Public Interest Litigation (PIL) was filed by a flat owner, highlighting ORERA's alleged neglect in executing court orders for money recovery. The court acknowledged an affidavit based on RTI information, revealing that no progress has been made in 53 cases related to money recovery. ORERA had sent these cases to the collector of Khurda, but civil courts have started returning them. ORERA cited a lack of necessary mechanisms to enforce orders, emphasizing the need for infrastructure.
Mumbai Police has announced that landlords do not need a No Objection Certificate (NOC) to rent out their properties. They have provided multiple ways for citizens to furnish tenant details, including an online application process. Landlords and tenants must ensure the accuracy of the information provided. The service is free, and any instances of bribery or malpractice should be reported to the police. The police also issued a preventive order to property owners, urging them to disclose tenant information through the Mumbai Police's citizen portal. These measures aim to maintain public safety and peace in the city.
Property registration earnings in Indore experienced a significant increase in April, driven by higher acquisition of residential and business properties. The surge in visitors to IT firms, offices, co-working spaces, and showrooms has fuelled the demand for both residential and commercial properties. Experts predict continued growth in the real estate market due to the demand generated by IT companies and commercial establishments. The recent reduction in stamp duty charges by the state government has made owning residential property in Indore more affordable.
Ganesh Housing Corporation (GHCL), a renowned real estate development company, has acquired a minority stake in its subsidiary, Gatil Properties. This acquisition, valued at approximately Rs 321 crores, has made Gatil Properties a wholly owned subsidiary of GHCL. The project entails the development of a future township in Godhavi, Ahmedabad, spread over 450 acres, with a potential development area of 15.3 million square feet and a saleable potential of over Rs 5,000 crore. The township will be introduced in five phases, with the first phase scheduled to start in the second half of FY24 and the subsequent phases targeted for completion by the second half of FY29.
Bollywood producer Sajid Nadiadwala, through his production business Nadiadwala Grandson Entertainment, has acquired a plot in the affluent Juhu area of Mumbai. The plot, roughly one-fifth of an acre in size, was purchased for Rs 31.30 crore along with additional stamp duty charges. In a separate transaction, Nalin Gupta, the managing director of J Kumar Infraprojects, has paid Rs 50 crores for two adjacent bungalows in Juhu, with a combined built-up size of 5,650 square feet. Juhu continues to be a popular residential destination for Bollywood actors, business leaders, and industrialists.
DLF, a prominent residential company, witnessed a remarkable increase in net consolidated profit, with a 40.45% growth in the quarter ending on March 31, 2023. The profit after tax rose to Rs. 569.60 crore compared to Rs. 405.54 crore in the corresponding period of the previous year. Despite a 4.63% decrease in net consolidated total income, amounting to Rs 1,575.70 crore in Q4 FY23, DLF recorded significant new sales bookings of Rs 8,458 crore, marking a substantial 210% YoY increase. For the fiscal year, the company achieved a total of Rs 15,058 crore in new sales.
The Directorate of Enforcement (ED) has begun investigating real estate developer Ansal API, following complaints of financial irregularities in their Lucknow township project. The probe is primarily focused on the company's Gurgaon project and potential violations of the Prevention of Money Laundering Act. Ansal API, whose promoter denies any economic offense, was admitted for insolvency proceedings in November 2022. This investigation marks a significant step in the government's efforts to address economic crimes in the real estate sector.
The National Housing Bank (NHB) has instructed all housing finance companies (HFCs) with an asset size over Rs 1,000 crore to integrate an Early Warning Signals (EWS) framework to curtail financial fraud and prevent accounts from becoming non-performing assets. This directive comes after an analysis of reported frauds revealed seller impersonation, submission of fraudulent documents, and builder-borrower collusion. The EWS framework aims to alert HFCs to potential risks, encouraging proactive risk management. The new mechanism is expected to be operational by April 1, 2024.
SEBI has proposed new rules for online platforms offering fractional ownership of real estate assets, aiming to protect small investors. The move calls for standardization, independent valuation, and increased transparency to prevent potential mis-selling. Under the proposed regulations, these platforms would need to register under the Regulatory Framework for Micro, Small, and Medium REITs, establishing separate trustees, sponsors, and investment managers. The proposal is the first step towards formulating new rules to govern this burgeoning sector.
The Pune Municipal Corporation (PMC) has extended the 40 percent tax benefit for self-occupied properties to the recently merged areas, easing concerns over high property tax rates. However, residents are confused about their bill status. Merged villages lack basic infrastructure and face higher taxes while receiving fewer amenities compared to central areas. The PMC has become the largest municipal corporation in Maharashtra after adding 23 villages. The Uruli-Phursungi areas will undergo demerger and have a separate governing body.
Bluestar Group, a potential buyer, has abandoned its pursuit of British housing provider Home REIT. The decision was made when Home REIT's board declined to grant an extension beyond the May 11 deadline for Bluestar to submit a firm offer. This comes after Home REIT had faced challenges, including concerns raised by short-seller Viceroy regarding the company's asset valuation. Home REIT, focusing on stabilizing its property portfolio, expressed its immediate priority of appointing a new investment advisor. Bluestar's withdrawal raises questions about the prospects and strategic direction of Home REIT.
Real estate consulting services company Property Pistol has received Rs 45 crore from investors including ICICI Bank and Baring Private Equity Partners to grow its operations. The company will use the money to diversify its leadership team across company functions and increase its presence in more recent markets, both domestically and internationally. It will concentrate on developing new products in addition to strengthening core verticals like the syndicate broker platform and project mandates. Property Pistol was founded by Ashish Narain Agarwal, an IIT alumni in 2012. It provides developers, real estate agents, and home buyers with a range of technological solutions as well as consultancy services.
Reliance Retail Ventures Ltd (RRVL) has acquired all Indian assets of German food wholesaler Metro AG, including 31 wholesale stores and six properties, for ?0.3 billion (?2,700 crore). The sale, which resulted in an EBITDA gain of ?150 million (?1,345 crore) for Metro AG, aligns with the latter's long-term growth strategy. All stores will retain the Metro brand during the agreed transition period. This significant acquisition bolsters Reliance Retail's footprint in the Indian market.
Mongolia's construction boom driven by the mining industry's profits presents a range of challenges for Ulaanbaatar. The rapid urbanization has led to the disappearance of the nomadic lifestyle, scarcity of public amenities, and traffic congestion. Outdated city planning strategies and a lack of effective implementation of infrastructure plans have contributed to these issues. Furthermore, allegations of corruption among public officials and questionable real estate deals raise concerns about the equitable distribution of wealth and the integrity of the construction sector. The situation calls for a comprehensive approach to balancing economic growth, urban development, and the well-being of Mongolian society.
Former President Barack Obama's Washington, D.C. townhouse, where he resided during his years as a senator, is now available for sale at a price of $1.279 million. The property's location, less than a mile from Capitol Hill and across from Stanton Park. The townhouse includes two residences, one of which was the first-floor apartment where Mr. Obama lived. The upper-level residence features an open layout with a kitchen, pantry, iron deck, backyard, two bedrooms, and off-street parking. Despite not being extravagant, the townhouse's convenience factor and bragging rights make it a desirable purchase.
The Cooperatives Commissioner of Maharashtra, Anil Kawade, has issued an advisory to housing societies in the state to promote transparency, efficiency, and effective grievance resolution. The advisory includes instructions such as limiting auditors' tenure, computerizing society information, and mandating timely meeting minutes. Kawade suggests setting up an advisory committee, promoting local complaint resolution, and establishing a clear hierarchy for escalating complaints. He also proposes the registration of a Federation of Housing Institutions to assist societies.
The Department of Town and Country Planning (DTCP) has sealed five residential buildings in Gurugram for violating building norms, including three in DLF 1 and 2 and two in South City 2. An office in the parking lot of an affordable housing project was also sealed. The violators had carried out unauthorized construction in the buildings after procuring occupation certificates from the department. The action was taken on the basis of complaints filed on the CM's online complaint window. The DTCP's enforcement team carried out the sealing drive after issuing show cause notices and restoration orders in all cases.
The urban development minister of Uttarakhand, Prem Chand Agarwal, expressed his dissatisfaction with the progress of Dehradun's Smart City project during a review meeting held earlier this month. The project, which was expected to be completed by June 2023, has caused inconvenience to the public due to delays and uncoordinated efforts. The minister urged authorities to speed up the work and increase night shifts to complete the projects before the monsoon season, while ensuring good quality. However, several projects, such as the smart roads and green building development, are falling behind schedule.
The Odisha Real Estate Regulatory Authority (ORERA) may waive the registration and late registration fees for affordable housing projects in the city. The state's Housing and Urban Development Department has requested ORERA to exempt authorities from paying the fees until amendments are made in the Odisha Real Estate (Regulation and Development) Rules, 2017. The government has proposed an amendment to exempt affordable housing projects from paying the fees, which is currently under process. As an interim measure, the department has proposed an affidavit from the Bhubaneswar Development Authority to exempt affordable housing projects from paying the fees.
The Noida Authority is set to scrutinize financial models from Gujarat, Haryana, Delhi, and Rajasthan, aiming to inform its land acquisition strategy for the upcoming Dadri-Noida-Ghaziabad Investment Region (DNGIR). This study, led by the planning department's general manager, will culminate in a report for state government approval. The initiative is part of the Authority's commitment to explore innovative land acquisition strategies, supporting its vision of phased industrial development in the region and creating over 50,000 job opportunities.
The Noida Authority has allocated Rs 500 crore for acquiring new land, even as over 550 hectares are yet to be reclaimed from encroachers. The Authority is surveying unused "dumped" land parcels across sectors for their potential use, while also pursuing legal avenues to recover disputed land. Efforts are underway to reclaim land from non-functional industrial and IT units. The Authority has also regularized land for eligible farmers to prevent future encroachments. Despite the challenges, the Authority has managed to secure Rs 40,000 crore in investments so far.
In a significant surge, foreign institutional investments in Indian real estate rose three-fold to $26.6 billion in the 2017-22 period, primarily driven by the USA and Canada, reveals a report by Colliers India. The report credits structural and policy reforms fostering transparency and easy business operations for this uptick. Despite a dip in domestic investments, India's favourable demographics, deep digital talent pool, progressive policies, and infrastructure advancements have all contributed to making it an attractive choice for global investors.
The Chandigarh Housing Board (CHB) has received final approval to launch its Sector 53 Housing Scheme. The scheme will now offer a total of 372 flats, including 32 additional units in the Economically Weaker Section (EWS) category. The online application process will be simplified, and applicants will not be required to submit documents initially. The cost of the flats will be recovered in five instalments with an interest rate of 12% per annum. Additionally, the CHB plans to introduce a standardized design for lifts in multi-storied units to streamline the construction process.
Former members of the management committee of Anjali Cooperative Housing Society in Andheri West have been banned from participating in society elections for five years due to their failure to submit audit rectification reports and alleged mishandling of financial affairs. The Deputy Registrar of Housing Societies issued the ban after complaints were made regarding the committee's actions. The committee members were found to have violated rules, resulting in financial losses to the society. The ban aims to protect the interests of the organization and its members while promoting transparency and accountability.
The Capital Region Development Authority (CRDA) has allocated an additional 268 acres of land to meet the demand for house sites in the districts of Guntur and NTR. This comes on top of the previously allocated 1,134 acres. The decision was made in response to requests from the district collectors who identified insufficient land to accommodate all applicants. The allocation includes 168 acres for NTR district and 100 acres for Guntur district. The state government aims to distribute the house sites to the needy this week, improving their living conditions.
The public in Thiruvananthapuram has expressed outrage over the significant increase in building permit fees. The Local Fund Audit report for FY 2021-22 highlighted cases where the civic authority failed to collect the necessary service cess, particularly for high-rise structures and commercial developments. Thiruvananthapuram Corporation has issued notices to applicants demanding payment of outstanding amounts. The audit revealed undercharging and non-collection of fees, leading to a loss of funds. The Local Fund Audit is responsible for auditing local self-government institutions and aims to increase accountability and financial compliance.
Housing Development Finance Corp (HDFC) is seeking to sell stressed loans amounting to over 2,000 crore that it extended to developers prior to its merger with HDFC Bank. These loans, spread across multiple accounts, including advances to owners of Radisson Blu properties, are now being discussed with asset reconstruction companies for liquidation. Alvarez & Marsal, a consultancy firm, is actively searching for potential buyers. The sale of distressed debts is aimed at preparing for HDFC's upcoming merger with HDFC Bank.
Indore, known for its business activities, is planning to construct two additional IT Parks to attract more IT/ITES companies to the area. One of these parks is proposed to be built in the Electronic Complex, while the other is set to be located near the Crystal IT Park. The new IT Parks are expected to offer amenities such as co-working spaces, conference rooms, gymnasiums, restaurants, and accommodation for visiting clients. The MPIDC is striving to create an environmentally friendly infrastructure, with solar panels and direct sunlight provisions included in the design. The new parks are expected to accommodate more than 50 technology firms and help stimulate economic growth in the region.
The local government in Chandigarh has separated charges for commercial property owners regarding doorstep waste collection from property tax statements. Commercial property owners will now receive waste disposal fees alongside their bi-monthly water bills. The resolution was made in response to grievances from property owners who received bills that were considerably higher than previous years. The MC has also planned to construct a new integrated waste processing plant for complete waste processing. The new plant will handle 550 MT of daily waste and have facilities for dry, wet, and horticulture waste.
Supertech has announced that it has successfully secured the necessary funding to complete its stalled projects. Having raised approximately Rs 1,200 - 1,600 crores from Oak Tree Financial, the company aims to fulfil its commitments to homebuyers, lenders, financial institutions, and land authorities by completing ongoing projects within the next two years. The recent Supreme Court decision abstaining from interference in the NCLAT's decision has allowed Supertech's promoters to obtain funds through a priority funding approach, ensuring project completion without external interference.
The Prayagraj Municipal Corporation has recently expanded its jurisdiction to include 20 new localities, resulting in the incorporation of these areas into the official records of the PMC. With the addition of these localities, the municipal corporation now has a total of 100 wards. Efforts are being made to ensure that properties in the newly created wards comply with PMC's house tax regulations. A GIS-powered study is also underway to provide precise data for the newly incorporated wards.
The retail megawatt Lifestyle has set its sights on expanding its retail presence to small towns in India within the next few years. Encouraged by the positive response received in cities like Raipur and Guntur, the company will open over 50 stores over next couple of years, with more 20 slated for this financial year itself. Along with a new avatar, the new stores will be smaller in size compared to their metro counterparts and will offer clothing, footwear, and beauty products at affordable prices.
A four-year-old girl sustains severe injuries after falling off the balcony of a high-rise building in Andheri East, Mumbai. The housing society had removed the protective glass panels from the balcony for renovation, failing to follow proper safety procedures. The girl's father has filed a complaint against the contractor responsible. The police have arrested multiple individuals, including the builder and contractor, for negligence. While undergoing treatment at Holy Spirit Hospital, the young girl's recovery journey begins.
In a corruption complaint filed at the anti-corruption bureau police station in Panchkula, Sudhir Parmar, his nephew Ajay Parmar, and managing director of the real estate firm M3M Roop Bansal have all been detained. On charges of criminal misconduct and bribery in accordance with Sections 7, 8, and 11 of the Prevention of Corruption Act and IPC Sec. 120 B. According to the report Parmar used his nephew to collect bribes from the proprietors of the M3M to mislead the ongoing cases filled with the ED against the builder. He also allegedly got them to hire his nephew as a legal advisor for M3M.
Indiabulls Real Estate's shares fell 20% on last week after the National Company Law Tribunal's Chandigarh bench refused to approve the merger of realty firm Embassy Group's specific residential and commercial projects with the company. It dropped significantly by 20% to close at Rs. 55.40 per piece on the NSE which was below the circuit limit. The company's shares were traded in a total volume of 20.29 lakh on the BSE and over 3.93 crore on the NSE during the day. The market value of the company decreased by Rs 748.59 billion to Rs 2,997.63 billion.
The sale of a plot on the London /Orange City Street Project fetched the Nagpur Municipal Corporation (NMC) its highest-ever sale price for a plot. The 80,000 square foot property was sold for Rs111.75 crore which equals about Rs 14,000 per square foot. Previously, the 26,997 square foot Air India land purchased by Kukreja Infrastructures in Civil Lines sold for the highest price of Rs33.01 crore or Rs12,227.28 per square foot. The NMC site is located in South-West Nagpur between Khamla and Sahakar Nagar.
Jupiter Hospital, a leading Mumbai-based healthcare chain, has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for a substantial Rs 900-1,100 crore Initial Public Offering (IPO). The IPO, which includes a fresh issue of Rs 615 crore and an offer for sale of 44,50,000 shares, is intended to fund the hospital's network expansion and debt reduction efforts. Promoters, including Dr. Ajay Thakker, Dr. Ankit Thakker, and Western Medical Solutions LLP, will retain their current stakes.
Noida and Greater Noida authorities are contemplating a co-developer policy to resolve the longstanding issue of incomplete housing projects. The proposed policy would allow new firms to invest in and complete these projects, provided they clear nearly INR 40,000 crore in land dues. This move could bring relief to many homebuyers who have been waiting for a decade for their homes. The policy, initially suggested by the Confederation of Real Estate Developers Association of India, also includes potential incentives for developers prioritizing clearing the dues.
The Supreme Court dismisses the plea to initiate insolvency proceedings against Supertech, a prominent real estate company, with the intention of protecting home buyers from potential hardships. However, the court decided that the Ecovillage 2 project in Greater Noida West will undergo insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). The rest of Supertech's projects will continue with existing funds under the supervision of the Interim Resolution Professional (IRP), in collaboration with the current workers, employees, and management.
Chinese buyers are capitalizing on the relaxation of travel restrictions by flocking to Thailand's real estate market. Seeking to diversify their investments and secure properties abroad, they are drawn to Thailand's favorable market conditions, top-tier medical facilities, and international schools. Despite the continued impact of the pandemic, the influx of Chinese tourists and investors has provided a boost to Thailand's real estate agents, with major cities such as Bangkok, Chiang Mai, Pattaya, and Isan emerging as top choices.
Despite a decline in the number of houses changing hands in the first quarter of 2023, new analysis from property tech start-up Geowox has revealed that the median price for a home in Ireland rose to €305,000. This represents an 8.9% increase from the same period in 2022. Dublin remains the most expensive county, with the median price of a home sold up 8.1% year-on-year. However, the number of transactions declined by 2.5% compared to Q1 2022, likely due to higher European Central Bank interest rates. Nonetheless, industry experts anticipate that prices will remain elevated due to long-standing supply issues.
The asking price for Tidewood, a Massachusetts coastal mansion where convicted sex trafficker Ghislaine Maxwell previously resided, has been lowered by almost $1 million. The property, located in Manchester-by-the-Sea and owned by a company linked to Maxwell's former partner, Scott Borgerson, is now available for $5.85 million. Tidewood was originally listed for sale at $7.8 million in April 2020, with the most recent asking price being $6.75 million. The property is considered one of the oldest in the state and features a blend of period details and modern upgrades.
Panchkula residents are facing a grave issue as construction and demolition waste continues to accumulate in vacant areas throughout the region. The Municipal Corporation's indifference to the violations has allowed violators to go unpunished, resulting in the city's transformation into a wasteland. Despite the corporation's resolution to impose fines and provide designated disposal areas, the response from individuals and entities has been lacklustre. The lack of accountability and action from the civic body has caused dissent among the locals, who feel let down by their elected representatives.
The urban development authorities of Gujarat’s two major cities, Ahmedabad, and Gandhinagar are collaborating on a joint development plan (DP) to be completed by March 2024. The plan will integrate the roads and civic infrastructure connecting both cities and consider the non-agricultural land of the 69 villages within Ahmedabad Urban Development Authority's green zone. The joint DP is also expected to improve the overall development of the two cities, as there is no clear boundary between them. However, experts caution that the plan must prioritize policy and prospects rather than project-driven development to prevent conflicts of interest.
The landmark Victoria Zenana Hospital in Hyderabad, the city's first all-women hospital, is slated for demolition this month to accommodate a new multi-level parking lot for the Telangana High Court. Despite government approval for the demolition, heritage conservationists insist the 120-year-old building could be repurposed. The decision to raze the site, which once housed pioneering women doctors and is a notable example of Indo-Saracenic architecture, has sparked intense debate about the need for urban development versus the preservation of historical heritage.
Greater Chennai Corporation (GCC) is imposing hefty fines, over Rs.20 lakh monthly, to enforce proper debris disposal as part of their management strategy. Amidst rampant construction and demolition, property owners are held responsible for their waste. The city generates around 500 tonnes of debris daily, which is now managed by a hired private contractor. The contractor collects waste from designated dump sites and transports it to processing centres, where it's turned into reusable resources like sand. This initiative balances Chennai's rapid urban development with environmental sustainability.
In response to concerns over open space policies, local residents of Mumbai have written an open letter to Chief Minister Eknath Shinde, Deputy Chief Minister Devendra Fadnavis, and BMC Chief IS Chahal. The letter, made public on last week, calls for rigorous enforcement of the city's open space policy to prevent misuse, and for the maintenance and caretaking of public spaces to become a mandatory duty of the BMC.
The Maharashtra State Electricity Distribution Company Limited (MSEDCL) has disconnected power to 16,413 defaulting consumers in Pune, who failed to clear three months' worth of electricity bills. The MSEDCL is also processing disconnections for another 71,098 customers with unpaid dues. The crackdown, which includes commercial, industrial, and domestic consumers, is part of a special drive to recover long-overdue payments. Defaulters have been warned of strict action under the Indian Electricity Act 2003 if they resort to unauthorized power sourcing.
In an effort to address the problem of stalled real estate projects, Forum for People's Collective Efforts (FPCE) President Abhay Upadhyay has suggested lifetime bans for the responsible developers. Proposing nationwide audits to identify such projects, Upadhyay recommends removing the original promoters from their roles and conducting forensic audits to trace fund diversions. The suggestions, aimed at safeguarding homebuyers' interests, were presented to Amitabh Kant, Chairman of the Committee on Stalled Projects. The issue remains particularly severe in Delhi-NCR, one of India's largest property markets.
The Uttarakhand government plans to build eight new theme-based townships in the state, with two more sites currently being studied. The government has proposed a city in Parag Farm and another in Doiwala, and 10 out of 20 locations have been shortlisted for development. The projects include a Film City, a Cyber City, a Wellness Township, a Haldwani Twin City, and a Tourism Township. The aim is to draw investment and generate jobs while keeping up with population growth in urban areas.
The Kerala state government has completed 1,379 houses under the Life Sampoorna Parpidam Scheme, with a goal of constructing houses for 8,703 beneficiaries by 2024. In addition, the government has implemented the 'Manasoduithiri Mannu' scheme to provide land to the landless. The construction of housing complexes for beneficiaries is also ongoing in various areas.
The Pune Municipal Corporation (PMC) is streamlining the procedure for obtaining a 40 percent reduction in property tax. However, political leaders across the spectrum have raised concerns about the lengthy process involved in obtaining the rebate. The PMC has requested numerous documents from citizens, causing confusion and uncertainty among the public. Despite the state government's directive to reimburse supplementary taxes for individuals residing in newly built estates, the PMC has opted to distribute the tax evenly across property tax invoices over the next four years.
Ajmera Realty & Infra India (ARIIL) has reported a 7.85 percent increase in its net consolidated profit for the fourth quarter of the financial year 2022-2023. The company has also decreased its debt by 7 percent and procured property worth approximately Rs 550 crore for development purposes. The board of directors has proposed a final dividend of Rs 3 for each equity share with a face value of Rs 10, pertaining to the fiscal year concluding on March 31, 2023. Despite a decline of 35.85 percent in its net consolidated total income from operations, ARIIL's sales volume and valuation have surged in FY2023.
The Nexus Select Trust's IPO was subscribed 5.45 times on the final day of subscription. The offer to sell shares worth Rs 3,200 crore received bids for 101.03 crore units compared to the 18.52 crore units available for sale. The REIT is financially backed by Blackstone and owns 17 functional shopping centres, including Delhi's Select City Walk, in 14 cities covering 9.8 million square feet. Blackstone's ownership stake in Nexus Select Trust will decrease from 60 percent to 43 percent following the IPO.
The Quelossim village panchayat has updated its house tax rates, which had not been changed for over 25 years. The revision was approved smoothly during the gram sabha gathering, and houses made of mud that have been in existence since 1996 will be charged Rs 100 annually. Houses constructed with cement, bricks, stones, or Mangalore tiles will be charged Rs 200 annually. Houses constructed with slabs made of reinforced cement concrete are obligated to bear a fee of Rs 5 for every square metre, and individuals requesting occupancy certificates will be required to remit a fee of Rs 8 for every square metre.
The joint venture between the Allianz Group and the Shapoorji Pallonji Group has announced plans to sell Waverock, a large IT SEZ in Hyderabad, which is home to several major tech companies. The property was originally purchased in 2019 from Singapore's sovereign wealth fund GIC and New York-based developer Tishman Speyer. The property has attracted interest from institutional investors and has a capacity of up to 20,000 professionals.
The UK's housing market has seen homes being sold at a faster pace in several parts of England and Wales, according to a report from GetAgent.co.uk. The average time taken to sell a home in England and Wales has reduced to 44 days, despite the uncertainty caused by last September’s mini budget. However, this trend is not consistent across all regions. The report also showed that Westminster district, with the SW1Y postcode, had the quickest average time for selling a home, followed by Northumberland’s TD15 postcode. The recent report from Nationwide showed a slight improvement in the annual decline of house prices, with a 0.5% increase in April compared to March.
A waterfront property known as Palm Harbor, located in the Florida Keys and previously used as a location for fashion brand photoshoots, has been sold for a record-breaking price of $23 million for a single-parcel sale. This isn’t the first time the property has set a record, as it previously did so in 2015 when it sold for $13.125 million. Both sales were handled by Kelly K. Shaw, a broker associate with American Caribbean Real Estate, and her son Trent M. P. Shaw.
Despite being approved by the NCLT-Bengaluru bench, the merger of NAM Estates and Embassy One Commercial Property Developments with Indiabulls Real Estate (IBREL) has been delayed by the NCLT-Chandigarh court. Due to concerns made by the NCLT-Chandigarh in relation to Income Tax department objections to the merger, IBREL addressed the complaints and sought to appeal the verdict. IBREL's board will meet to examine the next steps even though the merger has already gained backing from shareholders and clearance from other regulators.
The Noida Authority has given Supertech's chairman, R.K. Arora, ten days to pay the INR 26 crore ($3.5 million) worth of recovery certificates (RCs) issued by UP-RERA that the company has not yet fulfilled. Last week, the Supertech chairman committed to paying INR 2 crore ($270,000) and making settlements of INR 5 crore ($670,000), pledging that the company will soon pay the remaining dues. This move is part of the district administration's drive to collect Rs 503 crore against 1705 RCs issued by UP-RERA to 101 developers.
With a top-line potential of INR 1,300 crore (about $175 million) and an estimated saleable area of 1.9 million square feet, Kolte-Patil Developers has announced the signing of two new residential development projects in Pune, India. The business has purchased 5 acres of land in Wagholi to build the MIG residential project there. It has also formed a joint venture to build the NIBM Road premium residential project. With these initiatives, Kolte-Patil hopes to solidify its dominance in Pune's high-potential micro markets.
Nearly 1,000 cooperative housing societies in Pune, India, are waiting for the implementation of a single-window system announced in 2019 for the clearance of self-redevelopment projects. The delay in the issuance of the order by the state government has caused inconvenience and delays, and many societies have adopted a wait-and-watch policy. Representatives of the state housing federation have made representations to the government to expedite the implementation of the single-window system and ensure that the Maharashtra State Bank's budget for self-redevelopment is implemented as soon as possible.
The failure of civic bodies in Hyderabad to ensure that traffic carrying capacity of a road is assessed before giving permission for a new building has left many residential areas choked under vehicle pressure. Builders are not conducting mandatory Traffic Impact Assessment (TIA) when seeking building permissions, and the Greater Hyderabad Municipal Corporation and other ULBs within Hyderabad Metropolitan Development Authority are not strict about conducting traffic studies. With permissions being given freely, small by lanes are turning into major bottlenecks, causing gridlock and making it difficult for residents to access their homes.
The Pune Municipal Corporation estimates that around 30,000 properties over PMC limits, including 34 merged areas, are liable for fire safety preparedness audits. However, only 800 to 1,000 certificates are submitted annually to the department. More than 90% of housing societies and commercial properties in Pune do not have certified firefighting systems, making them more susceptible to fire accidents. The PMC is taking necessary measures to make citizens aware of the importance of fire safety preparedness.
Former Chairman Anil Kumar Sharma of Amrapali Group was denied bail by the Supreme Court after being accused of cheating thousands of homebuyers and siphoning off their hard-earned money for personal benefit. The court stated that he did not deserve sympathy as he had left behind a mess, making it difficult for the court to tackle the problem. The company had 16 incomplete projects, consisting of 46,575 units in Noida, which required Rs. 8,000 crores to complete.
Delhi's iconic Jama Masjid is set to receive a much-needed facelift as part of a redevelopment plan conceptualized in 2004. The Shahjahanabad Redevelopment Corporation (SRDC) has approved a fresh tender issued by the Public Works Department (PWD) for preparing a detailed project report (DPR) for the mosque's redevelopment, which includes the refurbishment of surrounding areas such as Meena Bazaar, construction of walkways, pedestrian passages, and common utility ducts. The first part of the project will focus on the area around Jama Masjid, while the second part will require a new DPR for revamping the mosque's premises.
The town planning committee of Ahmedabad has raised alarm among developers by announcing that buildings in the 200m buffer area of prime zones, which were initially outside the zone when the town planning scheme was formulated, will not be permitted to have an FSI of 4. This ruling will impact plots that were once part of the buffer zone but were later moved outside. The objective behind this decision is to prevent individuals from deceiving the corporation to obtain a higher FSI. As a result, this ruling will have substantial consequences for developers and landowners situated close to premium thoroughfares such as the Metro, BRTS, TOZ, and CBD.
MahaRERA, the Maharashtra Real Estate Regulatory Authority, has issued show-cause notices to over 584 promoters of housing projects for not updating information related to their projects. As per the RERA Act, certain information needs to be updated every three months and financial details once a year. The regulator had expected these new developers to update the information by April 20, but they failed to do so. The regulator has given them 15 days to update the information, failing which action will be initiated.
The government is reportedly planning to introduce a special carve-out within the Insolvency and Bankruptcy Code (IBC) to exempt homebuyers who occupy a house without completing the necessary paperwork from being considered part of a builder's inventory. This would prevent a situation where a homeowner who has taken possession of the property and has been living there for years, faces questions about their eligibility for the full value of the house, while other creditors take a significant cut as part of debt resolution of the builder. The proposed change would benefit consumers, but the process may get complex.
An expert committee is set to convene on May 16 to review Haryana's contentious fourth-floor policy in residential areas. The panel will deliberate on issues such as structural damages, parking shortages, and environmental implications. While developers push for upgraded infrastructure and policy restoration, residents argue that existing services are already overstretched. The outcome could significantly reshape housing construction and infrastructure development in the state.
Kottayam district in Kerala is witnessing a surge in vacant NRI-owned mansions due to an increasing trend of overseas migration. The once-thriving region, flush with NRI investments, now hosts nearly 100 such deserted properties up for sale. The trend, initially led by the Knanaya Catholic community, has spread across other local communities, causing a significant increase in unoccupied homes. Local businesses, schools, and societal structures are affected, leading to calls for government intervention to understand and address this mass migration phenomenon.
The Tamil Nadu Pollution Control Board (TNPCB) is set to launch criminal proceedings against apartment complexes in Padur, near the Muttukadu backwaters, for severe environmental transgressions. The directive follows a complaint lodged with the National Green Tribunal (NGT) by a local resident, highlighting improper waste disposal in this ecologically sensitive region. In response, the apartment owners have been instructed to pay a penalty of 81.9 lakh for environmental damage. The case highlights the critical need for effective waste management and strict adherence to environmental regulations in rapidly urbanizing areas.
The Jamshedpur Notified Area Committee (JNAC) has begun a series of unexpected audits of commercial buildings, penalizing owners unlawfully using basements for business operations. The inspections, set to continue over the coming weeks, were initiated after three stores were found violating regulations. These actions follow a directive from the Jharkhand High Court, emphasizing the enforcement of municipal rules and building codes. Owners have been instructed to clear out the parking spaces within a week, with the JNAC set to enforce penalties for non-compliance.
Prime Minister Narendra Modi is set to inaugurate over 42,000 houses in Gujarat under the Pradhan Mantri Awas Yojana (PMAY), costing 1,946 crore. The event, dubbed 'Amrut Awas Utsav', will take place at Gandhinagar's Mahatma Mandir. The PM will also facilitate the housewarming ceremony for nearly 19,000 homes and lay the foundation stone for more than 4,000 houses. Additionally, a short film highlighting PMAY's impact will be screened during the event.
In an urgent move against illegal alterations, the Brihanmumbai Municipal Corporation (BMC) has issued stop work notices to 65 flats in two Malad-Marve high-rises. The owners, in violation of regulations, had undertaken unauthorized modifications, merged apartments and even installing lifts. The offenders, warned of demolition and penalties, now face significant consequences for compromising the structural integrity of their buildings. The BMC's swift action serves as a stark reminder about the importance of adhering to safety regulations and building codes.
The ASK Property Fund, a real estate private equity division of the ASK Group, has successfully closed its sixth fund with over Rs 1,500 crore. The primary goal of the fund will be to invest in mid-income and affordable residential development projects in India's top five cities, including Mumbai, Pune, the National Capital Region, Bengaluru, and Chennai. The average ticket size of the investments is roughly Rs 10 crores and more than 60% of the most recent fund's investors are returning participants from the prior fund including domestic investors, foreign corporations and family offices.
Mindspace Business Parks REIT announced a net loss after tax of Rs. 339 million in Q4 FY23, compared to a profit of Rs. 1336 million in the same period the previous year. However, the net consolidated income increased by 19.9% to Rs. 5,723 million. The REIT approved a pay out of Rs. 4.81 per unit, totalling Rs. 2,852 million. The NOI increased by 9.2% YoY to Rs. 4,364 million in Q4 FY23 and in FY23 by 13.2% YoY to Rs. 17,101 million. The REIT obtained Rs. 5.5 billion through green bond issuance and raised a total of Rs. 15.4 billion through NCDs.
According to a report published last week by Realtor Magazine, the unstable market conditions in the US are causing homeowners to be reluctant to sell their properties, resulting in a serious shortage of supply. The number of homes listed for sale in April was significantly lower than pre-pandemic levels, and new listings dropped by 21.3% compared to the same period last year. Among the 50 largest metropolitan areas analysed in the report, only Austin, Texas had more inventory in April than the average levels seen between 2017 and 2019.
Last week, Sunac China Holdings Ltd, a property developer in China facing difficulties, announced that approximately 85% of its current bondholders have accepted a debt restructuring plan. Although the company had already met the minimum requirement for the plan in April, when creditors owning around 75% of its current debt had agreed to the proposal, some of them requested more time to complete certain internal processes.
The Panvel Municipal Corporation collected a significant amount of Rs 165 crore from property taxes during the financial year 2022-23. As a result, PMC has decided to offer property owners a 5 percent reduction in the current property tax bill until May 31, 2023. The local administration also promoted the use of digital payment methods for property tax and provided incentives to proprietors of solar energy and rainwater harvesting societies.
The Municipal Corporation of Delhi (MCD) has received consent from the Delhi government to increase the transfer fee on property sales by 1 percent for properties valued over Rs 25 lakh. This proposal has been endorsed by the special officer and municipal commissioner and forwarded to the Delhi government for approval. The increase in transfer fee is expected to generate revenue and enhance the financial status of MCD after the unification process. The registration fee in Delhi is also discussed as an important payment required for property registration.
Manthan Downtown is undergoing a revitalization project aimed at transforming the urban core. The project includes the conversion of vacant offices to residential spaces, mixed-use development, and the introduction of amenities to attract diverse residents, promote economic growth, and create a strong sense of community. The initiative offers incentives for developers, tax breaks for conversion projects, and affordable housing options. Additionally, there are efforts to improve green spaces, transportation options, and establish a vibrant atmosphere with various dining, shopping, and entertainment venues.
According to a report by the Maharashtra Real Estate Regulatory Authority (MahaRERA), only 39 out of 277 recovery warrant orders have been executed by the district administration of Pune, resulting in only Rs32.92 crore being recovered out of the total amount of Rs170.37 crore owed by errant realtors. The slow process of execution of orders in Pune district has been attributed to the lack of a dedicated team and difficulty in finding properties of errant builders for auction. Homebuyers have expressed frustration at the inordinate delay in executing recovery warrant orders.
The Chandigarh Housing Board had cancelled the flat allotment for the rent defaulters. The CHB cancelled 100 allottees and also sent notices to all the small flats that were rented and dues not paid. About Rs.50 crores were outstanding from the small flats rented out. Once the allotment is cancelled, the tenants must vacate the flat and if the dues are paid with interest and revival charges, the flat can be restored. About 18000 flats are under restoration in Chandigarh. Besides cancelling allotments, show cause notices have also been sent to some tenants to pay off their pending dues.
The Ahmedabad Urban Development Authority (AUDA) revealed a 0.55% to 28.4% price increase for five Bopal plots in just two years. Bopal's strategic location and improved infrastructure have contributed to its real estate boom. AUDA's recent evaluation of 17 plots, including the Bopal properties, resulted in a combined value of INR 1,238.35 crore. The new jantri rates, which have doubled, may further accelerate property value growth. Bopal's rapid development is attracting real estate investors and developers, making it a key player in Ahmedabad's thriving real estate market.
Residents of Migsun Green Mansion in Greater Noida have filed a complaint with local authorities over an unauthorized temple being built in the complex's common area. The temple is being constructed on a park that serves as the only play area for children, leading to concerns about encroachment and reduced space. Tensions continue to rise between the residents and the builder, with each party disputing responsibility for the construction. The outcome of this conflict remains uncertain, as authorities have yet to intervene to resolve the issue and ensure the common area remains a safe and enjoyable space for all residents.
Gurugram's infrastructure is under immense pressure as over 20,000 new builder-floors have been constructed since 2017, following the Haryana government's allowance of stilt plus four floors. The city's infrastructure, initially designed for two and a half floors per plot, now faces issues such as water supply problems, broken roads, and power outages. Despite government assurances, residents demand a halt to the registration of fourth floors and call for infrastructure upgrades to manage the strain on civic amenities.
The Maharashtra state environment department has directed CIDCO to take action against Bhumiraj Builders for violating environmental norms on Parsik Hill. Despite being called for a hearing by the State Human Rights Commission, CIDCO failed to appear. The state environment department has given CIDCO seven days to act against the builder, who has been accused of cutting slopes on the hill in violation of the leave and license agreement. This is not the first time CIDCO has faced environmental issues.
Godrej Properties sees 75.48% growth in net profit by March 31, 2023, with its net consolidated total income reaching Rs.1,839 crore in Q4FY23, up by 20.77% from the previous year. The company's earnings per share has also seen a significant increase, reflecting its strong financial performance. In addition to its financial success, the company has added 18 new residential projects in key cities, showcasing its focus on sustainable and innovative development.
Dharmesh Jain and his brother Rajeev, directors of Nirmal Lifestyle Construction Company, were arrested and sent to judicial custody for failing to hand over flats to 54 buyers in three incomplete projects, cheating them of Rs. 43 crores. The court denied their bail application, fearing their influence could tamper with evidence. The Economic Offences Wing had taken up the case, with three FIRs registered against the Jain brothers for cheating more than 700 buyers.
The Australian property market has seen a resurgence with home values increasing for two consecutive months, according to a report by CoreLogic. Sydney ranked first for April with a 1.3% increase in median home price compared to the previous month. The return of overseas buyers and a shortage of rental properties are cited as primary factors contributing to the positive trend. The stabilization of interest rates is also playing a role in the market's recovery.
Vonovia, one of Europe's largest residential real estate companies, has sold five properties to CBRE Investment Management for around 560 million euros. The sale is due to the negative impact of high interest rates and increasing costs of construction and energy on property values. Two of the properties have a total of 1,350 residential units and are in the final stages of construction, with an expected completion date of August 2023. Despite a decrease in group funds from operations in the first quarter, Vonovia's CEO expressed optimism for the real estate sector due to the recently closed deal.
Brookfield Asset Management and Tata Group are in talks to invest in Nexus Malls ahead of its planned IPO. The Blackstone-owned real estate investment trust is valued at around $3 billion and aims to raise $390 million through the share sale. Nexus Malls owns 17 commercial assets across 13 Indian cities and has seen a significant reduction in losses in the fiscal year ending March 2022. The IPO is set to begin trading on May 19, with lead book-running managers including Axis Capital, IIFL Securities, and BofA Securities India.
The Chennai Metropolitan Development Authority (CMDA) has fully digitized its planning and approval processes, aiming to streamline operations and stimulate the city's real estate sector. Since the digital transition last June, 330 online planning permissions have been issued, indicating improved efficiency. The move has been welcomed by industry professionals, who anticipate quicker construction and approval processes, alongside enhanced transparency for home buyers.
Indore Municipal Corporation (IMC) plans to extend its rainwater harvesting initiatives to an additional 100,000 buildings this year, following promising results from last year's efforts. The plan is expected to increase groundwater levels and aid in water conservation. While no definitive scientific data exists yet, the trends suggest a positive correlation between rainwater harvesting and groundwater replenishment. The initiative is supported by legislative measures, making such systems mandatory in Indore, emphasizing the city's commitment to sustainable water management.
In a bid to combat waste accumulation on vacant plots in Salt Lake, the Bidhannagar Municipal Corporation (BMC) is instituting a clean-up fee for leaseholders. The fee will be added to their property tax bills, streamlining payment and ensuring continued maintenance of these areas. This initiative is part of a broader effort to prevent these unused plots from becoming mosquito breeding grounds and public health risks. Leaseholders must settle all tax dues, including the cleaning fee, before the BMC approves any building plans, fostering a sense of shared responsibility for urban cleanliness and sanitation.
The Municipal Corporation of Chandigarh (MCC) has launched a two-month rebate period for property tax payments, during which residential and commercial property owners can avail of discounts of up to 20% and 10%, respectively. The MCC has contracted the Indian postal service to disseminate property tax invoices and has established assistance counters to address the concerns of taxpayers. Failure to pay property taxes within the rebate period will result in additional charges and interest. The MCC is optimistic that many taxpayers will take advantage of the rebate period and pay their taxes in May, historically the month with the highest number of payments.
The Piramal Group is seeking buyers for its portfolio of foreclosed real estate properties, which includes outstanding debts and unpaid security receipts. The portfolio is jointly owned by Piramal Enterprises (PEL) and its subsidiary Piramal Capital & Housing Finance (PCHFL) and includes real estate projects located in Mumbai, Pune, Bengaluru, and Gurgaon. E&Y has been hired as a consultant to assist with the resolution of these assets, and the company plans to launch an auction by the first week of June.
The Runwal Group has acquired GIC's entire 50% ownership in their joint retail development R City Mall for almost Rs 1,000 crore, making it one of the biggest purchases of a single property in the Indian retail sector. The mall is located in Mumbai's Ghatkopar area and features over 300 businesses in fashion, food, beverage, and entertainment industries. The acquisition allows Runwal to fully manage the asset and is expected to benefit from the increasing demand for high-quality retail assets in India.
The Supreme Court has directed the Brihanmumbai Municipal Corporation (BMC) to rework the capital value of all properties in Mumbai and refund citizens who paid property tax for the years 2010 to 2012 as per the Capital Valuation System (CVS). The high court had set aside certain rules framed by the BMC for retrospective tax assessment and directed them to frame new rules and issue fresh bills. This decision will have significant implications for the BMC and the citizens of Mumbai as property tax is the second largest source of revenue for the civic agency.
The Maharashtra State Consumer Disputes Redressal Commission has ordered a housing society in Deonar to pay Rs 55,000 as compensation and carry out repairs and water-proofing of two row houses owned by residents who had been regularly paying monthly service charges. The society had failed to fix the leakage and waterproofing of the houses, despite carrying out waterproofing of all the other units in the colony. The commission observed that a housing society cannot shirk its responsibility of necessary maintenance only because the owners have given the house on rent.
Blackstone Inc has once again restricted withdrawals from its $70 billion real estate income trust due to a surge of investor redemption requests. The company has been using its authority to prevent investors from withdrawing funds if the requests exceed 5% of the fund's net asset value. Despite this, the trust has delivered strong performance with an annualized net return of 12.3% since its inception and has paid out nearly $5 billion to shareholders who redeemed their shares. Blackstone REIT's fundraising in 2023 has just kept up with the redemption of its shares since November.
The pricing range for India's Nexus Malls' 32 billion rupee ($391.1 million) initial public offering has been set at 95 to 100 rupees per unit. Nexus Malls is a portfolio of mall real estate investment trusts financed by Blackstone Inc. The REIT formerly known as Nexus Select Trust intends to issue new units worth 14 billion rupees and to make existing holders an offer to sell their existing units for 18 billion rupees as stated in the offer document.
The Uttarakhand Government has announced plans to introduce a new law with strict provisions for purchasing land in the state. The move comes after concerns raised by Chief Minister Pushkar Singh Dhami about "land jihad", or encroachments on state-owned land by way of building religious structures. The new law will examine the background of prospective buyers and their reasons for purchasing land in Uttarakhand, with officials aiming to prevent "people with dubious backgrounds" from buying land in the state. The government will also make necessary changes to existing land-related laws and bring an ordinance over the issue.
Trichy Corporation collected 32% of total dues for the first half-yearly tax cycle due to the state government's incentive for those who paid their property taxes on time. Officials reported a sum of Rs 18 crore collected in April alone. Despite the delayed announcement, the municipality observed an increase in tax revenue after offering a 5% discount. Educational institutions and commercial properties are paying their taxes ahead of schedule to receive deductions. The accumulated amount of property tax is utilized to support public services within the city.
The U.S. housing market is experiencing a substantial decline in home listings, with new listings down by 22.4% year over year due to homeowners' reluctance to sell. This scarcity has led to a competitive market and prevented prices from falling rapidly. Although pending home sales have decreased, homes are selling quickly, with almost half selling within two weeks. The impact on prices has varied across different U.S. metro areas, with some experiencing significant declines while others see increases. Prospective sellers may be encouraged to enter the market as sustained high home prices may balance the supply-demand dynamics in the future.
A recent report by the Pune Cooperation Department revealed that approximately 17,000 registered housing societies in Pune lack conveyance or deemed conveyance. Incomplete documentation and property disputes are the main reasons for this situation. To tackle this problem, the state government is planning to conduct monthly camps to educate and assist housing societies in applying for conveyance or deemed conveyance. An app has also been launched to guide housing societies through the process, and social media groups have been formed to create awareness.
The Bombay High Court has granted a group of 78 flat purchasers of RNA Palazzo, a stalled residential project in Kandivli, the right to self-develop the remaining parts of the project. The flat purchasers had formed an association and filed a suit against the developer seeking specific performance by the builder of their agreements for flats. The court appointed the association of flat purchasers as an agent of the court receiver to take charge of the project and self-develop the remaining parts.
The UP government plans to begin the land acquisition process for the second phase of the Noida International Airport in July. Two townships will be established in Falaida Cut and Modal Pur to resettle the impacted villagers. The government requires 230 hectares of land to build the townships, and officials have issued notifications for people to file objections. After addressing objections, compensation will be handed out, and land will be acquired. The resettlement process is estimated to take two years, and families will be given jobs or a one-time payment of Rs 5 lakh. Connectivity will be improved by linking the townships to nearby roads.
Senior Town Planner Sanjeev Mann has called on the Department of Town and Country Planning (DTCP) to revise the payment plan for Mahira Homes in Gurugram's Sector 104, linking it to construction progress rather than a predetermined timeline. The request comes after homebuyers raised concerns about the stalled project and lack of construction progress. Mann's proposal aims to safeguard buyers' interests while pressuring the developer to prioritize the project's timely completion. The DTCP's response to these recommendations will play a crucial role in addressing the concerns of homebuyers and ensuring transparency and accountability in the real estate sector.
Real estate developers in India secured 87 land deals totalling 1,862 acres during FY23, as reported by Anarock. This is a significant increase compared to the 44 deals accounting for 1,649 acres in FY22. The majority of deals took place in major cities, with Mumbai and Delhi-NCR leading the way. Anarock Chairman Anuj Puri highlighted the aggressive land purchasing by developers to meet strong housing demand. The increased number of land deals signals ongoing growth in the real estate sector and developers' determination to secure prime land parcels for both residential and commercial projects.
As monsoon season approaches, the Kolkata Municipal Corporation (KMC) is taking comprehensive measures to ensure residents' safety. With around 2,300 insecure structures, KMC is prioritizing repairs and demolition of high-risk buildings, while revising building codes to improve safety standards. Borough-specific teams are being established to monitor dilapidated buildings and relocate tenants as needed. Additionally, KMC is collaborating with local disaster management authorities to develop a comprehensive disaster response plan, aiming to minimize potential damages and loss of life during upcoming storms and future natural disasters.
CPP Investments and RMZ Corp will jointly develop a commercial office project on Mumbai's historic Kamalistan Studio's 15-acre land. The iconic studio, established in 1958, is known for Bollywood blockbusters like Pakeezah and Amar Akbar Anthony. This marks the second collaboration between the firms, following their 2021 joint venture to develop 10 million sq ft of office spaces in Hyderabad and Chennai. The project is expected to meet the growing demand for high-quality office spaces in India's key cities and contribute to Mumbai's ongoing urban renewal efforts.
Maharashtra's property registration department is set to improve accessibility and convenience for homebuyers and developers by expanding its services to weekends. Revenue Minister Radhakrishna Vikhe Patil recently approved the decision to open 27 additional offices for property registration on Saturdays and Sundays. This move is in response to increasing demand for weekend services, as many homebuyers and developers prefer registering property documents during non-working days due to job commitments.
Supertech Ecovillage 1 residents in Greater Noida West have initiated an indefinite sit-in protest, demanding improved infrastructure and amenities. Key concerns include comparable electricity rates to Noida Power Company Limited (NPCL), rationalized covered parking charges, and completion of car parking facilities. While the builder claims negotiations are ongoing, the two new concerns require further investigation into financial implications. As a concession, the builder has offered to reduce charges for power increase and covered parking, but it remains to be seen if these offers will appease the protestors.
Gurugram officials have taken action against building code violations, sealing two residential properties in DLF 1 and an unauthorized office in Palm Springs Plaza's basement. The properties had breached provisions of the occupation certificate and Haryana Building Code, leading the Department of Town and Country Planning to enforce the closures. The crackdown emphasizes the local government's dedication to upholding regulations and maintaining a safe living and working environment, as Gurugram continues to grow and develop.
The state government of Lucknow is taking strict measures to eradicate illegal construction and encroachments made on government lands. The State Level Anti-Mafia Task Force (SLALMTF) has been formed to put a stop to encroachments, and the government has passed an order for all state urban bodies to report any encroachments on public lands, parks, and ponds within their jurisdiction. The revenue department and Directorate of Local Bodies are working together to update information on the Anti-Land Mafia Portal (IGRS Portal). A four-level task force has been established for analysing the anti-land campaign at various levels.
Residents of Gurugram's Chintels Paradiso, where two people perished in a building collapse last year, are requesting changes to the developer's compensation offer. Homeowners have two alternatives from Chintels India: a buyback offer or renovation, however the latter option has drawn criticism from locals because it entails paying an extra Rs 1,000 per square foot to the developer. Additionally, they are demanding that rent be paid up until the time that their apartments are rebuilt, and that the construction be completed within a certain amount of time.
Jaiprakash Associates, a flagship firm of the Jaypee Group, has defaulted on loans amounting to Rs 4,161 crore, including principal and interest amount. The company has been taking steps to reduce its borrowing and has proposed divestment of its cement business and restructuring. However, ICICI Bank has approached the National Company Law Tribunal (NCLT) Allahabad against the company under the Insolvency and Bankruptcy Code 2016, and SBI has also moved the NCLT against JAL, claiming a total default of Rs 6,893.15 crore. JAL's debt reduction strategy will be crucial in determining its future prospects.
Skanska, a Swedish construction company and one of the largest in the United States, reported a significant decrease in its operating earnings for the first quarter. The drop was attributed to the adverse effects of high inflation and interest rates on the real estate market, which negatively impacted Skanska’s property development business. The company’s operating profit declined to 394 million crowns ($39 million) from 1.85 billion crowns the previous year, falling short of Refinitiv SmartEstimate’s forecast of 854 million crowns.
Shoppers Stop (SHOP) reports impressive revenue growth, driven by a focus on private labels, beauty, and strategic partnerships. The company has established itself as a one-stop fashion destination in metropolitan cities, offering a diverse range of products and catering to various consumer segments. Under Venu's leadership, Shoppers Stop has increased focus on private label brands and improved department store throughput. As the brand continues to expand its presence and product offerings, it is poised to maintain its reputation as a leading fashion retailer in the country.
The Bengal government has launched a web portal to guide potential buyers in the East Kolkata Wetlands (EKW), an internationally protected Ramsar site. The portal is designed to provide detailed information about any land within the EKW to prevent illegal construction and encroachment. The tool is integrated into the e-nathikaran system, and users receive pop-up alerts about issues related to EKW land when they input the land's identification numbers. This initiative aims to protect the EKW, known as the 'city's kidney,' and preserve its essential role in the city's ecology.
The Mahindra Group's real estate and infrastructure development company, Mahindra Lifespace Developers posted a combined net profit for the quarter ending March 31, 2023, of just Rs 54 lakh. The company reported in a BSE filing that it had recorded a profit after tax (PAT) of Rs 137.66 crore in the previous year's similar quarter. The paid up equity share capital increased by Rs 14.99 lakh during the year ended March 31, 2023 as a result of eligible employees exercising their stock options under ESOS.
The Vonovia-Apollo deal has had a significant impact on the real estate market. Germany's largest real estate group, Vonovia, sold a minority stake in its Suedewo residential portfolio to U.S. investor Apollo for 1 billion euros, thereby set a precedent in a struggling market. Vonovia's decision to retain management of the portfolio, coupled with a positive market reaction, has strengthened its financial position. The deal's valuation at a slight discount to fair value, generating proceeds for Vonovia, and the potential for reshaping the real estate landscape make this transaction noteworthy for both Vonovia and the broader market.
Wanda Group, a Chinese commercial property developer, is facing hurdles with its planned IPO for its unit, Zhuhai Wanda Commercial Management Group, in Hong Kong due to new regulations requiring approval from both Hong Kong and Chinese securities regulators. Wanda's chairman, Wang Jianlin, has acknowledged the IPO's difficulties and aims to reduce the company's debt over the next two years. The IPO's uncertainty has caused Wanda's dollar bonds to drop, and the company is in talks with creditors to extend the deadline. The China Securities Regulatory Commission has also questioned Wanda's short-term repayment ability and given the company three months to address its concerns.
India's Union Housing and Urban Affairs Ministry has extended the deadline for the Smart Cities Mission until June 2024 due to requests from some cities. The Mission was launched in 2015 to redevelop 100 cities, and on-ground project execution began at least 18 months post-city selection. Officials stated that the extension is being granted not only to complete projects but also to disseminate and institutionalize best practices, templates, and innovations created under the Mission for replication across the country.
Researchers in the UK and five students from India have separately developed methods to recycle personal protective equipment (PPE) waste, including masks and gloves, into bricks for sustainable building construction. These innovative solutions help manage PPE waste and reduce environmental pollution caused by traditional brick manufacturing processes. The bricks are cost-effective, have a lower carbon footprint, and meet building regulation.
In a recent development, the appellate tribunal NCLAT has admitted YEIDA's plea challenging the NCLT's order approving Suraksha Group's bid to acquire debt-ridden Jaypee Infratech. Although the appellate tribunal recognised ‘substantial merit’ in YEIDA’s appeal for higher compensation, it declined to issue a stay on the NCLT's order. As per the NCLT order dated March 7, 2023, YEIDA was allotted an additional farmer's compensation of Rs. 10 lakhs, which has been challenged by YEIDA. YEIDA's claims amount to Rs. 6,111.59 crores, including a 64.7 percent additional compensation payable to farmers.
The residents of Aakriti Eco City Society, a posh residential colony, are living in fear of losing their electricity supply as the builder has declared himself insolvent. The builder had set up a power substation in agreement with the Madhya Pradesh Electricity Board (MPEB), but bills were issued by AG 8 Limited instead of MPEB. The residents claimed to have made payment for all water and electricity bills to the builder. However, when the builder declared bankruptcy, it was discovered that bills had not been deposited with MPEB. The Residents Welfare Society urged MPEB to take over the electricity supply system, but this would require laying a new network of electrical supply, costing 3 to 4 crores.
In a housing scheme constructed for middle-income group beneficiaries under the Mukhyamantri Gruh Yojana Housing Scheme, the plaster from the ceiling of an apartment in Vinayak Residency fell in one of the rooms, narrowly missing three people. After this incident, other residents complained about incomplete work in the scheme, including the lack of a community hall, rainwater harvesting system, and only one lift instead of two. The Vadodara Municipal Corporation issued a notice to the contractor responsible for the construction of the apartments, who was asked to complete all pending work and ensure the safety of the residents. A team of officials was sent to conduct a survey of the apartments.
The Jammu and Kashmir Housing Board is set to allot 336 Low Income Group and Economically Weaker Section flats to non-locals under the Pradhan Mantri Awas Yojana (Urban) mission. The flats are available for a monthly rent of Rs. 2200 per flat for a period of three years which can be extended to five years under certain terms and conditions. The allotment will be made in three phases, and families with incomes below 3 lakhs per annum for EWS and less than 6 lakhs per annum for LIG are eligible to apply. The site is located near major industrial estates and educational and health infrastructure.
The Mayor of GMC, Mrigen Sarania, claimed that the corporation's property tax collection has significantly increased by approximately Rs 40 crore, citing their rigorous policy implementation as the reason. GMC has experienced a substantial increase of 53% in property tax, 9% in trade licensing, and 40% in funds generated from its multiple branches, demonstrating notable growth in revenue collection efforts. The Guwahati Municipal Corporation (GMC) has declared an offer of a 10 percent discount on property tax payments made before May 30.
The Ahmedabad Urban Development Authority (AUDA) has decided to auction 18 plots in different regions of the city for residential and commercial use at a base price of Rs 1,238.35 crore, with the most expensive plot in Vejalpur's TP Scheme 6 priced at Rs 2.84 lakh per sq. m. AUDA's land pricing committee met twice, once on March 9 and again on April 13, to establish the values and base prices for these plots, ignoring the impending increase in jantri rates on April 15. Despite the increase in jantri rates, AUDA officials stated that the new rates would not impact the plot prices as the valuation took into account sale deeds and other factors.
Beginning May 8, 2023, households in Salt Lake City will receive property tax invoices for the initial half of the 2023-24 fiscal year from the Bidhannagar Municipal Corporation (BMC), which aims to generate a revenue of Rs 40 crore through property tax during the current fiscal year. Tax payments can be made online through the BMC website or in person at the tax collection centres. The tax bills will include all outstanding payments and overdue charges. Taxpayers who have not paid their dues will be required to pay a 10 percent penalty, which will be applied in the third quarter.
The Allahabad High Court has directed the Noida Authority to maintain status quo on its order of demolishing farmhouses on the Yamuna floodplain. The directive was issued in response to a petition filed by a farmhouse owner, Ratna Mitra, whose objections were rejected by the authority. Mitra's legal team contended that the authority did not have the necessary jurisdiction to order the demolitions, especially in the absence of floodplain demarcation. The court has directed the authority and National Mission for Clean Ganga to file counter affidavits and listed the case for the next hearing on July 2, 2023.
Maharashtra's property registration department has developed a module to integrate tenant registration data with the home department, eliminating the need for in-person police station visits. Already in use in Pune and Mumbai, the system will soon expand state-wide. The streamlined process aims to enhance inter-departmental collaboration, increase transparency in the real estate sector, and make tenant verification more efficient and accessible. The successful implementation could serve as a model for other states, promoting a safer and better-regulated rental market across India.
The Coimbatore Municipal Corporation has collected a record-breaking amount of Rs 50.2 crore in property tax within the first month of the fiscal year. This success is attributed to the 5% bonus offered by the department of municipal administration and water supply, as well as weekend tax collection camps. The early tax collection will aid the implementation of budget initiatives and alleviate financial matters. The municipality expects to collect Rs 363.78 crore in property tax from approximately 551,218 residential and commercial buildings in the city.
The Nashik Municipal Corporation (NMC) received a substantial increase in property tax collection during April, thanks to the 8 percent discount offered to taxpayers who paid their yearly tax amount promptly. Over 1.5 lakh taxpayers collectively paid property taxes amounting to approximately Rs 50 crore. The municipal government has set a target revenue of Rs 210 crore for property tax collection in the upcoming fiscal year of 2023-24. NMC is promoting community collaboration and reliability by providing rewards for punctual tax payment and environmentally friendly behaviour, enhancing citizens' involvement in the city's growth.
Hyatt has acquired luxury hotel guide Mr & Mrs Smith for £53 million as the travel industry experiences a post-pandemic boom. Founded by Tamara and James Lohan, the platform features 1,500 boutique hotels and locations with anonymous reviews from experts and celebrities. The acquisition comes as luxury travel operators enjoy record sales due to pent-up demand and savings accumulated during lockdowns. More than 120 Mr & Mrs Smith staff will join Hyatt's commercial services team, with Tamara Lohan remaining as chief executive, while her husband continues as chief creative officer.
Homebuyers in Karnataka are urging the Karnataka Real Estate Regulatory Authority (K-RERA) to adhere to rules regarding occupancy certificates and not permit civic bodies to issue partial certificates to builders. They claim that K-RERA's introduction of partial occupancy certificates deviates from the RERA Act 2016, negatively affecting homebuyers in the state. In response, K-RERA is considering amending the K-RERA Act to address the partial occupancy certificate issue.
The Andhra Pradesh High Court has directed the government and petitioners to submit complete details about houses constructed by the Andhra Pradesh Township and Infrastructure Development Corporation (APTIDCO) for economically weaker sections. The court has asked for details of beneficiaries and guidelines framed for selection before deciding on interim orders on petitions challenging the creation of the R5 zone by amending the capital city masterplan. The petitioners allege that the government is planning to allot house sites to landless poor from other areas without handing over the finished houses to beneficiaries.
Telangana government has announced its decision to regularize notarized property transactions, which will benefit around six lakh individuals in the state, particularly in Greater Hyderabad, and generate INR 2,000 crore in regularisation fees for the government. The move will help people avoid legal complications and transfer property ownership more easily. Officials are currently working on the kind of transactions that will be allowed and the fee.
Private developers of eight colonies in Gurugram have been instructed to deposit Rs 75.8 crore for deficient infrastructure costs to continue development, after the Municipal Corporation of Gurugram (MCG) took over the colonies last year. The developers have demanded a re-evaluation of the deficient infrastructure cost, and the MCG commissioner has sanctioned the creation of a committee to re-evaluate the estimates of deficient infrastructure. Meanwhile, the residents of Mayfield Gardens are suffering due to the delay in the matter by MCG.
Anarock data reveals a growing trend in the Indian office real estate market, with co-working spaces constituting 27% of net absorption across the top seven cities in Q1 2023. This marks a significant increase from 14% in Q1 2019. Bengaluru and the National Capital Region (NCR) led the way, followed by Pune and Chennai. The growth is attributed to an increasing preference for flexible spaces among start-ups, IT/ITeS companies, and businesses, as well as the adoption of hybrid working models. The co-working industry's expansion is expected to shape the future of workspaces in India.
MahaRERA has issued show-cause notices to chartered accountants and contacted the Institute of Chartered Accountants of India after discovering instances where the same chartered accountant acted as both project auditor and statutory auditor, violating MahaRERA regulations. Officials raised concerns about the intentions of promoters in such cases. MahaRERA has requested the Institute to conduct training sessions to ensure compliance with regulations and the Real Estate (Regulation and Development) Act. This move aims to promote transparency, accountability, and better adherence to guidelines within the real estate sector.
Beneficiaries of the Pradhan Mantri Awas Yojana (PMAY) housing scheme in Kerala face challenges as the Parvathy Puthanar canal widening project encroaches on their assigned plots. Unable to construct homes, they have requested exemption from interest payments if they withdraw from the scheme. The government is considering compensation packages, including Rs 11 lakh per family and an amount based on the value of the houses, for the 1,300 buildings affected by the project. However, eligibility for PMAY beneficiaries remains uncertain.
An investment of Rs 2,000 crore has been committed by real estate developer Casagrand to the construction of 15.5 million square feet of residential space in Bengaluru. The company plans to build 25 new residential complexes in various parts of Bengaluru this year after purchasing land parcels with a potential revenue of Rs 13,500 crore. Located off Kanakapura Main Road, Casagrand recently unveiled Casagrand Zaiden, a residential development with 2- and 3-bedroom homes beginning at Rs 74 lakh. The project will be completed in 24 months and is registered under RERA PRM/KA/RERA/1251/310/PR/120423/005862.
Gen Z couples are moving in together at record rates, with a significant increase in the number of couples cohabiting in the past year. Many couples are also choosing to live with roommates to save money on rent, further fuelling the trend of cohabitation among young people. As housing costs rise significantly coupled with inflation, many young couples believe it is the most financial viable solution as it can allow them to save up to $ 1,000 a month.
Advance India Projects Ltd (AIPL) has signed a contract with Ireo to invest around Rs 600 crore to complete the stalled 500-acre 'IREO Waterfront' township project in Ludhiana, Punjab. The project was launched in 2010 but got stuck due to financial problems. Over 1,000 homebuyers are waiting for possession of the plots, villas, and independent floors they purchased in the township. AIPL has paid approximately Rs 57 crore to the Government of Punjab and has streamlined payments to LIC Housing Finance Limited, which has resulted in the restoration of project approvals and conveyance deeds.
A Colliers report reveals an 11% YoY surge in industrial warehousing leasing to 7.2 million sq ft across India's top five cities in Q4 FY23, largely driven by third-party logistics firms. Demand from retail and FMCG sectors also tripled YoY. Despite the demand surge, supply fell 8% YoY due to increased raw material and logistics costs. With vacancy rates dropping and rental prices rising, the sector shows resilience amidst challenges.
Real estate service company ArisUnitern has partnered with alternative investment fund firm Jiraaf to raise Rs 250 crore for its expansion plans. Jiraaf will provide a line of credit for investment in development projects, while ArisUnitern will handle the development. The partnership will help ArisUnitern add five projects worth Rs 500 crore to its portfolio, with opportunities for investors to explore different asset classes and risk profiles on its digital platform. ArisUnitern aims to simplify the real estate industry by providing all necessary resources under one roof, including marketing, finance, and material procurement solutions.
Can Fin Homes has announced an increase in net profit of 34.88% for the quarter ending March 31, 2023. The company said in a BSE filing that its profit after tax (PAT) increased to Rs 165.79 crore in Q4 FY23 from Rs 122.92 crore in the same period of the previous fiscal. The company's total operating income increased by 36.17% to Rs. 764.29 crore in Q4 FY23 from Rs. 561.29 crore it reported in the same quarter last year.
Income tax (IT) officials from New Delhi raided three premises of the Kalsi brothers, owners of Kalsi Buildcon Private Limited in Hinoo, Ranchi, last week in connection with tax evasion. Six cars carrying the IT sleuths arrived at the location at 6.30 am and worked all day. All the structures were searched, including a prestigious preparatory school nearby called Springdales. Kalsi Buildcon Private Limited operates in a variety of industries around the country, including building construction, bridge construction, and real estate.
Despite protests from the housing society, the Bombay High Court approved the construction of nine additional floors by a developer in a 12-story building. The organization had contended that due to CRZ limits, the original project to build 38 levels had been reduced to 12 floors, and that additional construction would endanger the existing building. However, the developer relied on a VJTI report that authorized the extra floors. Until the petitioners file a substantive lawsuit, the developer will continue construction at their own risk, according to the division bench of justices Gautam Patel and Neela Gokhale.
The Municipal Corporation of Chandigarh collected Rs 4 crore in taxes from approximately 12,000 property owners during a two-month rebate programme for both commercial and residential properties. The first month of the promotional period saw a collection of Rs 3.20 crore from 11,500 residential properties and around Rs 70 lakh from commercial properties. May is expected to see a rise in tax collection due to historical data indicating increased compliance during rebate availability. There are 1.42 lakh properties within the tax jurisdiction of the city, with a majority being residential properties.
Indian Hotels Company Limited (IHCL), which is supported by the Tata Group, reported a historic annual profit amounting to Rs 1,053 crore in the financial year 2023, compared to a loss of Rs 265 crore in the previous year, due to effective asset management, demand surpassing supply, robust portfolio growth, among other factors. IHCL saw a 90 percent increase in revenue from operations, totalling to Rs 5,810 crore in the same period.
The Goa revenue department has introduced new rules to tackle property undervaluation by real estate professionals, builders, and landlords. A task force has been established to accurately determine the market price of tangible property and categorize it into distinct groups. Collectors will compile an annual report with average land rates and built-up property rates, and sub-registrars must verify property market value before sale deed registration. The new rules aim to streamline property registration and reduce disputes related to property valuation.
Investigations are ongoing into the devastating warehouse collapse in Bhiwandi, managed by MRK Foods Pvt Ltd, which claimed eight lives. Authorities are probing whether overloading contributed to the disaster. Additionally, substandard construction material is also suspected. The warehouse worker had previously warned about overstocking, which was ignored. The owner of the illegally constructed building has been arrested. The incident raises serious concerns about warehouse regulations and safety standards in India.
Midwest small cities lead the Wall Street Journal/Realtor.com Emerging Housing Markets Index for Q1, showcasing strong demand for affordable homes despite a slowing overall market. Lafayette, Indiana, tops the list for the second consecutive quarter, with Bloomington, Illinois; Elkhart, Indiana; Lebanon, Pennsylvania, and Fort Wayne, Indiana, following closely. The top 20 markets, with populations averaging below 400,000, have lower median home-listing prices and offer strong local economies and desirable lifestyle amenities. The resilience of these small cities highlights their potential to continue gaining popularity in the housing market as more accessible options for US homebuyers.
Mumbai's real estate market achieved a record-breaking April for stamp duty collection, despite a decrease in overall property registrations. High-value transactions and premium and mid-income housing segments contributed to this success, as revenues rose 15% to over Rs 845 crore. The resilient market has continued to attract homebuyers, with properties priced up to Rs 1 crore and those measuring 500 sq ft to 1,000 sq ft remaining particularly popular. Mumbai's property market demonstrates sustained momentum despite rising interest rates and housing prices.
Registrations of construction workers in Telangana have risen sharply from 5.9 lakh in 2014-2015 to nearly 14 lakh in 2022-23, signalling a robust real estate and infrastructure sector. The pandemic years saw a particular boost in registrations, as workers sought to secure access to welfare schemes. The Telangana Building and Other Construction Workers Welfare Board also saw a significant increase in collected cess, used for worker welfare, from 95 crore in 2014-15 to 830 crore in 2022-23. This trend showcases the state's commitment to worker welfare and points towards continued economic growth.
The Kolkata Municipal Corporation is proposing to impose a penalty of up to 30% on property owners who refuse to switch to the Unit Area Assessment (UAA) system, which has been mandatory since April 2017. The KMC is sending notices to property owners to encourage them to switch to the UAA system and streamline the process. The UAA system calculates property tax based on the unit area value of a property and is intended to be more accurate and transparent than the previous system.
The Urban Property Ownership Records (UPOR) project in Bengaluru has provided over four lakh property owners with digitized and georeferenced property cards that contain a unique land property identification number. The project aims to issue such cards for all 25 lakh properties in the Bruhat Bengaluru Mahanagara Palike (BBMP) limits. The UPOR project is being implemented by staff at Survey Settlement and Land Records (SSLR).
The Visakhapatnam Metropolitan Region Development Authority (VMRDA) is offering a 10% discount on the price of seven bulk land parcels that failed to sell at auction in September 2022. The auction is set to take place on May 11, and the deadline for applications is May 9. Buyers will have to bid above the upset price per square yard, and all the money involved in the transaction must be shown in white. The auction may affect private real estate ventures in the area and is expected to receive good interest.
The National Green Tribunal (NGT) recently issued an order directing Jain Housing to pay a penalty of Rs 2.19 crore for violating environmental laws during the expansion of one of its premium projects in Thoraipakkam. In 2009, the company obtained environmental clearance to construct 412 dwelling units in the first phase and another 396 units in the second phase of the Jains Pebble Brook apartment. However, the company ended up constructing 620 dwelling units in the first phase alone, without obtaining consent from the Tamil Nadu Pollution Control Board (TNPCB) or revised environmental clearance for the entire project.
The Brihanmumbai Municipal Corporation (BMC) has issued notices to 22 developers for failing to comply with LOI conditions and causing delays in tenanted property redevelopment in Mumbai. Following a review of 94 ongoing projects, BMC issued show-cause notices and even terminated one developer's contract. Local politicians and housing experts urge BMC to re-evaluate the redevelopment policy, scrutinize developers' financial conditions, and take stricter action against alleged developer-authority nexus. The crackdown aims to address Mumbai's housing challenges and set a precedent for better compliance and timely completion of projects.
Brookfield Asset Management acquired a controlling stake in four commercial properties of Bharti Enterprise totalling 3.3 million square feet situated in the Delhi-NCR area for Rs 5,000 crore. Brookfield managed private real estate fund now owns 51% of the joint venture while Bharti Enterprises will have the remaining 49% stake. As part of the agreement, Worldmark Aerocity in Delhi, Airtel Centre and Worldmark 65 in Gurugram, and Pavillion Mall in Ludhiana will all be managed by Brookfield Properties, the real estate operating arm of Brookfield Asset Management.
Nexus Select Trust plans to raise up to Rs 3,200 crore through India's first retail REIT public offering, which will consist of an offer for sale of up to Rs 1,800 crore and a fresh issue of units up to Rs 1,400 crore. The portfolio includes 17 operational shopping centres spread across 14 major cities, totalling 9.8 million square feet. This marks Blackstone's third REIT sponsorship. While three REITs are currently listed on Indian stock exchanges, they are all leased office properties, making Nexus Select Trust the first REIT with holdings in retail real estate that yield rent.
The Department of Town and Country Planning (DTCP) has issued a show cause notice to the developer of Vatika India Next Society for allegedly violating the approved layout and licence terms by installing gates at entry and exit points and allowing commercial establishments within the residential area. A team of government officials found violations throughout the society, and notices were issued to the developer, maintenance company, and president of the residents' welfare association. The developer has been ordered to remove the commercial outlets and gates placed unlawfully or face legal action.
Goa's TCP department has proposed new construction norms for green zones, which permit the construction of sports complexes, religious structures, yoga centres, and farmhouses. The draft regulations aim to balance development with environmental concerns and have a 30-day window open for stakeholders to voice their objections. The proposed changes include minimum land size requirements, height restrictions, and maximum built-up areas for each type of construction. The TCP department has also suggested allowing the "common use" of open spaces and regularizing unauthorized structures.
Singapore has made an unexpected decision to raise property taxes in an effort to cool down the booming housing market. The tax increase primarily targets foreign buyers, with stamp duties for foreigners doubling to almost 60%. The government aims to ensure housing affordability for locals and prevent property prices from exceeding economic fundamentals. The additional buyer's stamp duty (ABSD) for Singapore citizens and permanent residents will also see smaller increases for second and subsequent property purchases.
A vacant plot of land on Jumeirah Bay Island in Dubai, part of a select offering of 128 plots, sold for a record-breaking price of 125 million dirhams ($34 million) on April 19. The purchaser, not a UAE resident, plans to build a family holiday residence on the highly desirable island, connected to the mainland by a bridge. Real estate brokers predict further records will be broken in the future, with the seller of this transaction already planning to sell another similar property for 135 million dirhams. Jumeirah Bay Island is home to the luxurious Bulgari Resort, and apartment prices in the upcoming Bulgari Lighthouse tower have already soared to remarkable heights.
The state government of Uttar Pradesh is set to introduce a new township policy to tackle housing and urbanisation issues. The policy aims to promote affordable housing through private investment and create an investment-friendly environment for private developers by offering incentives and exemptions. The government will develop affordable housing with the assistance of private players to maintain balance in the regional disparity in urbanisation. The minimum size of land for development will be 12.5 acres in towns with a population of fewer than 2.5 lakh and 25 acres in bigger towns.
The civic body in Ahmedabad has cleared construction plans for thousands of residential and commercial buildings, but urban planners say tall buildings with multi-level basement parking are hindering tree growth. Despite leaving margin spaces around the buildings for trees, the small margin of 3m in the basement is not enough for trees to grow roots. Green roofs and walls, and permeable pavements are possible solutions to increase space for plants to grow while also improving air quality and reducing the urban heat island effect.
ESR Group Limited has constructed the first-ever 9-storey logistics facility in Japan, the ESR Higashi Ogishima Distribution Centre. The building is situated in the heart of Tokyo and offers unparalleled convenience in transportation, connectivity to E-commerce, 3PL, cold storage, and other leading businesses. It has a Gross Floor Area (GFA) of approximately 349,000 square meters. The facility has been constructed with a focus on sustainability, ensuring that it integrates well into the surrounding urban environment while minimizing its impact on the environment.
The demerger of Uruli-Phursungi from the Pune Municipal Corporation (PMC) has cast uncertainty over the future of the city's town planning scheme. The newly formed municipal council, now responsible for these areas, may struggle to execute the project due to a lack of resources, expertise, and infrastructure. Experts urge other government bodies to step in and ensure the town planning scheme's continuation, which is vital for the rapidly developing areas covering 371 hectares of land.
Maharashtra's urban development department is set to decide the future of five proposed town planning schemes in the Pune Metropolitan Region. The plans, spanning 751.55 hectares, will be established in Wadachiwadi, Autadewadi Handewadi, Manjari Kolwadi, and Holkarwadi, subject to state approval. The schemes, modeled on the successful Maan-Mhalunge town planning scheme, will ensure landowners regain 50% of developed plots, fostering a mutually beneficial development process. The projects are part of a larger vision for the 128-km PMRDA inner ring road.
The Nashik Municipal Corporation (NMC) is set to survey unauthorized city settlements, potentially leading to their legitimization. Prompted by the state government, the NMC will assess the feasibility of regularizing these slums, submitting their findings to aid in the state's decision. Of the 159 slums identified in a 2017-18 survey, 55 have been authorized, leaving 104 under consideration. This move could enhance living conditions for around 1.94 lakh residents, marking a significant stride towards urban planning and social inclusion.
A Mumbai-based builder has been arrested for allegedly faking Enforcement Directorate (ED) summons to extort around 26.5 crore from his two competitors. The accused, Raju Shah, had his anticipatory bail plea rejected by the sessions court on Wednesday. The incident came to light in September 2022 when the complainant, Anand Ramprasad Agarwal, found out that the ED summons posted on social media by Shah were fake. Agarwal had filed a complaint in February 2023 against three builders - Gautam Agarwal, Mitesh Shah, and Raju Shah - for cheating him.
After receiving a complaint from residents regarding the developer's delay in handing over maintenance of the residential society to the Resident Welfare Association (RWA), the Department of Town and Country Planning (DTCP) has sent a notice to the developer of the Oyster Grande in Gurugram's Sector 102. Residents claim that despite numerous meetings and reminders, the developer is unwilling to turn over control of the society's daily operations to RWA.
The Lucknow bench of the Allahabad High Court has granted bail to former CMD Kapil Wadhawan and Dheeraj Wadhawan of Dewan Housing Finance Ltd (DHFL) in a multi-crore provident fund fraud case. The defendants had been detained since May 26, 2020. The Wadhawans' names came up during the investigation after the FIR was filed on November 2, 2019, in response to a complaint made by IM Kaushal, the Trust's then-secretary. They were accused of investing the GPF and contributing PF in DHFL against the rules established by a 2015 Centre notification.
The Ahmedabad Urban Development Authority (AUDA) has repurposed INR 20 crore from unclaimed builders' deposits to plant 100,000 trees within its jurisdiction during 2022. Accumulated over 15 years, the fund was originally collected as a guarantee from builders who promised to plant trees in their projects, as per the CGDCR 2017 regulations. AUDA's innovative move has not only amplified the city's green cover but also set a benchmark for other urban development bodies in effectively utilizing unclaimed resources for environmental conservation.
Civic authorities have indicated that producing property tax bills in advance will prompt KMC to amass additional revenues at the outset of the year. The superintendent of property tax at KMC, stated that this year, they were able to produce all the bills on the KMC website in a timely manner and property owners can easily access their tax information and make payments by logging in to the municipal corporation website or visiting the citizen facilitation centres and providing their assessment number.
The revenue department has recently reduced the stamp duty and registration fees for conveyance deeds to a mere 1 percent of the current market rate. The government has acknowledged that in numerous cases, builders have neglected to carry out sale or conveyance deeds for cooperative housing societies, and to rectify this, they are providing a three-month grace period to finalise the necessary paperwork.
In an effort to recoup funds fraudulently obtained from investors, the Securities and Exchange Board of India (SEBI) plans to auction 26 properties owned by three companies - Infinity Realcon, the Bishal Group of Companies, and Sumangal Industries - at a reserve price of more than Rs 21 crore next month. The May 30th online auction will feature land parcels, one-story buildings, a residential building, and a flat all in West Bengal. Before submitting their offers, bidders are advised to make their own independent investigations.
AweSpace Ventures Private Limited has recently announced its entry into the Indian real estate development sector with a focus on luxury properties that are sustainable and environmentally friendly. With the increasing demand for luxury properties in India and the company's commitment to sustainability, it is poised to differentiate itself from its competitors. As India's real estate market continues to grow, AweSpace Ventures' entry is expected to provide new opportunities for investors and homebuyers alike.
The Panvel Tehsil office in Navi Mumbai has auctioned properties of builder NK Bhupeshbabu in Morbi gram panchayat and recovered Rs 4.82 crore, exceeding the reserve price of Rs 3.72 crore, in an attempt to recover a total sum of Rs 6.5 crore from the developer, against whom MahaRERA had issued 33 warrants. However, homebuyers complain that revenue officials are not serious about carrying out the recovery process, leading to their grievances being unaddressed.
In a bid to enforce environmental regulations, officials in Odisha's Kendrapada district razed about 25 illegal brick kilns. The move came after these units were found violating environmental protection and pollution control measures, causing respiratory issues among locals due to the black smoke. Sub-collector Niranjan Behera confirmed the demolition, vowing that no brick kiln will operate without clearance from the State Pollution Control Board. This stern action underscores the district administration's commitment to uphold environmental standards and public health.
Unitech homebuyers, numbering over 20,000, protested outside the Supreme Court, demanding a hastened timeline for their overdue housing projects. The group voiced dissatisfaction over the lack of progress despite the government's takeover of Unitech three and a half years ago. They called for management replacement, a priority hearing from the Supreme Court, and the extension of refund policies to all buyers. The association also proposed financial adjustments by stakeholders to accelerate project completion and access to the SWAMIH stress fund for Unitech projects.
Many realtors in Rajasthan are not complying with the mandatory requirement of filing online quarterly progress reports of their registered projects, according to the Rajasthan Real Estate Regulatory Authority (RERA). The QPR is designed to provide transparency and keep investors informed about the financial health of the developers. The lack of adherence to the rule is causing anxiety among buyers and has prompted calls for more stringent action from the RERA to safeguard buyers' rights and protect the integrity of the real estate market in Rajasthan.
The Integrated Industrial Township Greater Noida Limited (IITGNL) has approved a residential and commercial scheme, including eight plots ranging from 17,400 to 56,300 sqm. The IITGNL board has also approved an increase in ground coverage on industrial plots from 35% to 55% to encourage more investors. The township is located near Dadri on 747 acres of land and is part of the Delhi-Mumbai Industrial Corridor, with a plug-and-play infrastructure and automatic solid waste management system. The scheme is expected to attract more investors and contribute to the growth of the township.
The Brihanmumbai Municipal Corporation (BMC) has issued credit notes worth about Rs 350 crore to contractors to build houses for project-affected people in Mulund, Bhandup, and Prabhadevi, instead of paying them directly. These credit notes can be used to pay municipal taxes or premium charges to the BMC in the future or sold to other contractors for money. While there is no provision for credit notes under the MRTP Act, the state urban development department permitted BMC to implement the credit notes policy citing an earlier MMRDA precedent.
The Chennai Metropolitan Development Authority (CMDA) has issued a showcause notice to the developer and owner of VR Mall for not following the approved plan for the building. Deviations include traffic congestion, unutilized entry gates, a temporary shed in the setback space, and the presence of unapproved swimming pools and sports courts. The CMDA has warned of lock and seal action if the building is not restored as per the approved plan. The notice highlights the importance of following safety and security regulations and adhering to the approved plan.
The Bombay High Court has directed MHADA and BMC not to insist on a no-objection certificate from the previous developer for the redevelopment of a Girgaum building that had been stalled for over a decade. The decision is expected to expedite the redevelopment process and provide relief to the affected families. The court set timelines for granting permissions and directed the liquidator to remove equipment or machinery lying on the site. The decision highlights the need for a more efficient and effective redevelopment process that is sensitive to the needs of the affected families.
A recent report by PropertyShark revealed that Hudson Yards, located on the far West Side of Manhattan, has been declared the most expensive neighborhood in New York City, with a median sale price of $5.729 million during Q1 2023. However, the area also saw a 67% decrease in sales during the same period. Tribeca, which ranked second, experienced a 65% decline in sales volume with a median price of $3.5 million, while Vinegar Hill in Brooklyn was ranked as the third priciest area, with a median price of $2.6 million. The top ten priciest neighbourhoods in NYC saw significant declines in sales growth ranging from 30% to 67%.
Kolte-Patil Developers has announced the signing of two society redevelopment projects in the Mumbai Metropolitan Region, with a total saleable area of 7.3 lakh square feet. The project in Mulund-West is the largest society redevelopment project undertaken by the company in Mumbai, with a total saleable area of 6.1 lakh sq ft and a top-line potential of Rs 900 crore. The Vashi project has a total saleable area of 1.2 lakh sq ft and a top-line potential of Rs 300 crore and will be developed jointly with Nivasti Group.
The Economic Offences Wing of Mumbai Police has arrested developers Dharmesh Jain and Rajiv Jain of Nirmal Lifestyle for allegedly cheating 34 home buyers who had purchased flats in three projects for more than Rs 11 crore. The accused allegedly took money against bookings in 2011, promising that flats would be handed over in 2017, but the buyers allegedly did not get possession of the flats.
Settl., a co-living operator, is expanding its business in Gurugram with the opening of four new centres within the next month, offering approximately 300 beds in total. Settl. plans to launch 1,500 more beds in the Delhi-NCR region in the coming fiscal year. With a total of 7 operational co-living properties in Gurugram, 1,200 beds in Bengaluru, and 300 in Hyderabad, Settl. aims to reach 2,200 beds in NCR and 5,000 beds across India by March next year.
Chintels Group has made an offer to purchase 180 apartments from homeowners in three of its Gurugram project's buildings that were deemed hazardous following a partial collapse last year. The firm also provided the option to fix and/or rebuild the three towers, however if any tower needed to be redone, it would cost allottees Rs 1,000 per square foot (super area). The action was taken at the same time as the Supreme Court was hearing a citizens' petition demanding compensation and legal action against the developer.
Homebuyers at Renuka Aashiyara in Gurugram are protesting against the developer for the delay in the delivery of flats. The project was launched in 2018 and was supposed to be completed by January 2023, but only 63% of the work has been completed so far, leaving the buyers frustrated. They have already paid 100% of the amount and are facing financial burdens due to the EMI and rents. The buyers also alleged substandard quality and non-adherence to the approved layouts and specifications by the developer.
The Nagpur Municipal Corporation's property tax department has reported that 60 percent of the approximately 6.36 lakh property holders in the urban area have failed to pay their property tax dues for the fiscal year 2022-23, resulting in more than 3.80 lakh non-paying customers accumulating an outstanding balance of 581 crore rupees. The Ashi Nagar zone has the maximum number of defaulters, owing Rs 114.44 crore, followed by Laxmi Nagar and Mangalwari zones. The NMC has implemented multiple programmes aimed at diminishing the outstanding debts, including a penalty of 2 percent interest per month.
In a circular released on April 17th, N Satyanarayana, the Director of Municipal Administration, instructed all municipal corporations within the Hyderabad Metropolitan Development Authority (HMDA) boundaries to adhere to the current process of evaluating property tax until a final resolution was reached. It is crucial to thoroughly analyse and investigate the effects of a significant rise in property tax, particularly on individuals belonging to the middle and lower-middle income brackets.
The Nagpur Municipal Corporation (NMC) is offering a 5% rebate on online property tax payments for the FY 2023-24. Those who pay before June 30 will receive an additional 10% rebate, and payments made before December 31 will avail a 5% rebate. As of now, over 4,500 property owners have already paid their taxes, with a discount of almost Rs 20 lacs. In addition, the NMC is offering a 5-10% discount on four environmentally friendly programs.
The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has ruled that compensation received by flat owners from builders for rent during redevelopment cannot be taxed. The decision came after a taxpayer was found liable to pay tax on the sum received as rent compensation during the redevelopment of his co-operative housing society. The ITAT also forgave a delay of 1,566 days in submitting an appeal due to the taxpayer receiving inadequate guidance from their previous tax advisor.
The Xinhua news agency recently reported that China has completed the construction of a national and integrated system for real estate registration, after a decade-long effort. This system will enhance the transparency of property ownership and assist the central government in monitoring the housing market. This move is viewed as significant by industry experts, who believe it will contribute to the healthy and sustainable growth of the country's extensive real estate industry. Additionally, a unified registration system could enable China to introduce a property tax in the future.
IRB Infrastructure Developers Ltd. has secured the Hyderabad Outer Ring Road Toll-Operate-Transfer (TOT) project worth ?7,380 crore, which involves a 158-km expressway. The 30-year concession period deal is the second largest in the country, following the Mumbai-Pune Expressway project. This acquisition takes IRB's asset base to over Rs 70,000 crore, bolstering its position as India's largest private player in the TOT space. The company's shares surged 3.2% on the news, reflecting investor confidence in the firm's strategic growth trajectory.
Panchkula residents, led by the Citizens Welfare Association (CWA), are calling for a reconstitution of the local building design committee. They claim the current committee is biased towards builders and their favoured "stilt plus four floor" design. Given Panchkula's location in an earthquake-prone zone, the CWA emphasizes the need for public safety and is seeking greater representation in committee decisions. The group has presented objections from over 5,000 residents and is urging authorities to prioritize residents' safety over builder preferences.
In Dombivli, an illegal eight-story building is nearing completion on land reserved for a garden. Local architect and activist, Sandeep Patil, brought this to the attention of the Kalyan-Dombivli Municipal Corporation (KDMC). Patil, known for uncovering a previous construction scam, urged the KDMC to act swiftly. He alleges that despite local officials being aware of the illegal construction, no action was taken due to influential individuals' involvement. However, KDMC Commissioner Dr. Bhausabeb Dangade has assured that the building will be demolished, with Thane police's assistance if necessary.
The Bhubaneswar Development Authority (BDA) announced that three premium housing projects are set to be completed by the end of 2023. Two projects are in Kalinga Nagar, with one offering commercial-residential spaces, and the other exclusively residential. The third project is situated in Subudhipur. These developments will cater to middle and high-income groups, with modern amenities such as parks, green spaces, and round-the-clock utilities. The BDA is also working on affordable housing projects for lower-income residents, reflecting its commitment to inclusive urban development.
Madurai Corporation will invest Rs. 6 crores in a new plant to process construction and demolition waste, a significant step towards sustainable waste management. The plant, to be set up at Vellaikal, will process 100 tonnes of waste daily. In addition, four debris collection centres will be established citywide. The project, designed to operate under a public-private partnership, aims to curb construction waste dumping, improve the urban environment, and generate revenue for the corporation. Construction will commence following the submission of a detailed project report by the contractor.
The handover of the Dharavi redevelopment project to Adani Realty has been delayed due to uncertainties surrounding the calculation of Transfer of Development Rights (TDR), according to Mantralaya sources. Despite the hold-up, Adani has reaffirmed its commitment to the project. The company also raised queries regarding the government's concessions to the winning bidder, especially the TDR the project will generate and the GST compensation for Dharavi's commercial units. Officials suggest abolishing the current TDR indexation system to create a level playing field.
Amid soaring interest rates, many home loan borrowers are opting to refinance their loans to mitigate the financial blow. The rising trend is largely due to the narrowing spread between benchmark rates and actual lending rates. The significant hike in policy repo rates since May 2022 has pushed home loan rates up from approximately 6.2% to around 9%. Borrowers are leveraging reduced spreads offered by lenders and shifting their loans to lenders offering lower rates or renegotiating terms with their existing lenders to secure more favourable rates.
The Indore Municipal Corporation (IMC) has demolished a 65,000 square foot commercial structure constructed without the necessary approvals. The owner, previously issued a notice to provide required documentation, failed to comply, prompting the IMC to take action. The cost of the demolition operation will be recovered from the owner. As part of an ongoing initiative, the IMC Commissioner has also instructed officials to identify and issue notices for the removal of dilapidated structures within a week, ensuring the city's infrastructure remains safe and compliant.
The Bombay High Court has issued a notice to Mumbai City Collector Rajiv Nivatkar and an authorized representative of Avarsekar Realty Pvt Ltd for not complying with a March 2023 order. A flat buyer had filed a contempt petition to recover compensation from the builder for delay in possession. The HC had restrained the builder from selling unsold flats in a 42-storey tower, but he filed an affidavit on March 25, which the HC observed "wilfully" did not comply with the March 8 order. The next hearing is on June 12.
The Uttar Pradesh housing department has allowed for the installation of solar panels on rooftops of residential, commercial, and institutional properties. The exemption of FAR calculation for solar panel installations up to 4.5 meters can increase the value of the property and create employment opportunities. This decision can promote renewable energy, reduce carbon emissions, and contribute to the state's economic growth.
BMC commissioner, K V S Choudary, has instructed plot holders of the Neelbad Kalkheda residential project to obtain building permission before commencing construction during an inspection of the 'housing for all' project. He also directed that no new encroachments or constructions should be carried out on the vacant land. The project provides affordable housing to people from the LIG and EWS categories under the Pradhan Mantri Awas Yojana, with basic facilities being developed, including road, water, and electricity. The successful completion of these projects will help achieve the Indian government's goal of providing affordable housing to all.
The Bombay High Court has overturned a 2016 acquisition order by the Slum Rehabilitation Authority (SRA) for almost two acres of land in Mumbai's Goregaon, ruling that a developer and slum society had taken steps "in grabbing the property" from its owner. The court held that the owner had been deprived of his preferential rights to develop the property by fraudulent means and that the SRA's order should be set aside. The land had been declared a slum rehabilitation area in 2015.
The Directorate of Enforcement (ED) has conducted raids on five locations in Ranchi and Jamshedpur in connection with land scams and money laundering. During the operation, the ED teams froze 50 bank accounts, blocking any transactions. The ED has uncovered largescale irregularities in the sale and purchase of land in Ranchi district in recent months. The role of government officials in such scams is particularly concerning. The government needs to take strict action against such officials and ensure that they are held accountable for their actions.
The New Delhi Municipal Council (NDMC) has released an updated assessment list of all land and constructions in its areas. Residents are urged to double-check the information at the Palika Kendra property tax office and register objections by May 13. The assessment list for 2023-24 is based on the tax returns filed by the owner, occupant, and lessee last year (2022-23). Objections must be submitted online or on working days between 10 a.m. and 1 p.m. using the prescribed format. Any concerns received prior to April 13 and after May 13 will be disregarded.
The State Cabinet in Pune recently approved a proposal to offer a 40% discount on property tax to owners of self-occupied properties in the city. The move is expected to provide relief to property owners but may cause the government to lose revenue of at least Rs. 400 crores. The discount was first introduced in 1970 but never implemented by the state government and was eventually declared illegal and scrapped in 2019. However, with the formal introduction of the discount, the civic body has announced that all arrears collected between 2019 and 2022 will be adjusted with future bills.
Maharashtra CM Eknath Shinde has received a plea from Thane-based homebuyers, seeking intervention in the delayed Kalpataru Immensa project. Approximately 1,200 homebuyers have invested Rs 1,000 crore in the 1,500-apartment township but have not received possession. They also report difficulties in obtaining timely hearings from the Maharashtra Real Estate Regulatory Authority (MahaRERA). The homebuyers hope that the Chief Minister's intervention will help them secure possession of their homes and address the challenges they face in navigating the slow judicial process.
Mahindra Lifespaces has secured a ?850 crore housing society redevelopment project in Malad West, Mumbai. The 3.6-acre project marks the company's second society redevelopment venture, reinforcing its focus on growth opportunities in areas with limited space for new construction. The redevelopment aims to provide residents with modern, upgraded living spaces, while enhancing local infrastructure and creating job opportunities. Mahindra Lifespaces has an extensive presence in the Mumbai Metropolitan Region and plans to continue expanding its residential portfolio by exploring similar redevelopment opportunities in the city.
The Urban Local Bodies (ULB) Minister of Haryana announced a 10 percent discount on property taxes for citizens who pay within ULB units until the end of July this financial year. The ULB has also extended the deadline for the submission of property tax, water or sewerage, rent, and license fees for shops. The ULB aims to improve the living standards of the general public by using the proceeds of the initiatives directly extended to them.
Indian startup DevX, which provides flexible office space solutions to businesses of all sizes, has raised more than $3m in funding from a number of investors, including Urmin Family Office and Navneet Publications. The capital will be used to expand the company's presence in tier-2 and tier-3 cities across India and double its portfolio to 2 million square feet in the coming financial year. DevX already operates in 25 locations across 11 cities and provides various workspace options, including private offices, dedicated desks, and coworking spaces. It also hosts events and programs to foster collaboration and networking among its members.
The Bhubaneswar Development Authority's (BDA) affordable housing projects have encountered a roadblock due to compulsory registration under the Real Estate (Regulation and Development) Act, 2016 (RERA Act). The registration, which became mandatory to access central grants, has rendered the projects financially unfeasible due to increased fees. The BDA has sought state government intervention and proposed exempting these projects from the application and late fees. The issue underscores the need for a nuanced regulatory approach to affordable housing, with resolution being vital for the success of such critical initiatives.
Pune's civic body has launched a stringent campaign to enforce fire safety norms, targeting housing societies and commercial properties failing to comply. Non-compliant property owners and tenants risk a Rs 50,000 fine or six-month jail term. The Pune Municipal Corporation (PMC) requires a certificate from licensed auditors, affirming the adequacy of fire safety systems. The Maharashtra Fire Prevention and Life Safety Measure Act of 2006 mandates biannual certificates and encourages fire safety education for residents. This initiative seeks to improve safety standards in Pune and emphasize fire safety as a legal obligation for all stakeholders.
Under the central SVAMITVA scheme, Mizoram's Minister of Land Revenue and Settlement, Lalruatkima, distributed property cards to 420 rural beneficiaries in Tachhip and Phulpui villages. The initiative aims to grant legal ownership of residential lands to rural dwellers, enabling them to use their properties as financial assets for loans and other benefits. This initiative, launched by Prime Minister Narendra Modi in April 2021, plans to cover 319 villages in Mizoram, with drone mapping currently in progress. The scheme demonstrates the government's commitment to improving rural land ownership rights and providing better economic opportunities.
A pioneering construction and demolition waste recovery plant has begun operations in Rajarhat, Kolkata. The facility, a significant stride towards sustainable waste management, will transform non-biodegradable construction waste into reusable "aggregates" for road paving. Instead of landfill disposal, waste from smaller housing projects will be transported to the Rajarhat plant. The initiative, which could serve as a model for other cities facing waste management challenges, underscores the shift towards a circular economy, where waste is seen as a valuable resource to be reused and recycled.
Out of 128 properties put up for auction by the CHB, only six were sold, with revenue generated being slightly higher than the reserve price. The low sales can be attributed to the impact of the ongoing COVID-19 pandemic and the current economic slowdown. Additionally, the high reserve prices of the properties may have deterred potential buyers. The CHB may need to lower the reserve prices or offer more incentives to attract buyers.
The Yamuna Expressway Industrial Development Authority (YEIDA) is re-launching its plot allotment schemes for group housing, institutional projects, hotels, and petrol pumps. Allottees will now get 3-5 years to pay the total amount in instalments, reducing the financial burden on investors, and there will be more flexibility in the eligibility criteria. YEIDA is also throwing open the fuel pump scheme for all and doing away with the one-time payment option in the residential plot scheme. The revised scheme is expected to attract more investors and lead to more successful allotments.
The primary unit of China Evergrande Group, known as GDA Real Estate, has announced that the owners of an 8.2-billion-yuan ($1.19 billion) bond will have a meeting to decide whether they will participate in the group’s offshore restructuring plan. This particular bond was originally due on July 8th but was extended by 12 months last year. If the owners agree to the proposal, it could be the first time onshore bonds are included in the restructuring plan.
Last week, the president of SM Prime Holdings Inc announced that the company is considering raising approximately $1 billion through the listing of its real estate investment trust (REIT) unit later this year. If successful, this IPO would be the largest of its kind in the Philippines. SM Prime is a developer of commercial properties such as malls and offices, and its IPO would compete with the record-breaking IPO of Monde Nissin Corp, a Philippine food manufacturer, which raised 48.6 billion pesos through its IPO in 2021.
LTI Mindtree and L&T Technology Services are consolidating their real estate assets around Chennai as part of cost-cutting initiatives. LTI Mindtree has moved to L&T Innovation Campus at Manapakkam in Chennai, and LTTS is in talks to sell their 300,000 sq ft office space. The companies' decision is due to the adoption of a hybrid work model and the visible global recession. LTI Mindtree has leased 600,000 square feet at Chennai's L&T Innovation Campus, and they plan to use it by the first quarter of 2024.
Mohan Exports, the parent company of the Mohan Group, has acquired 27,000 square feet of office space in DLF Horizon Centre, Gurgaon from Hero Cycles for Rs 80.66 crore. DLF, a major company in leasing office space, had been selling office floors to families and businesses between 2014 and 2019 but has since focused on building a rental portfolio. Mohan Exports paid Rs 5.64 crore in stamp duty.
Following the implementation of new jantri rates on April 15, the Ahmedabad Municipal Corporation (AMC) has received an influx of applications for plan approval. The AMC authorised 325 projects and collected Rs 290 crore in fees in the first 11 days of the month. This amount comprises revenue from plan approval fees and purchased FSI, and it is the most ever earned in a single month under this heading.
Synopsis: Ludhiana property owners will now get notifications from civic officials to pay their outstanding debts. In a few localities, officials have already begun to serve notices. They will strive to recover outstanding amounts from defaulters in the next two months Over 3.55 lakh tax returns were filed last year. Those who have not paid their taxes will be subject to a 20 percent penalty and 18 percent yearly interest charge.
Prestige Estates has reported a record-breaking sales booking of Rs. 12,930.9 crore for the last financial year, up by 25% on a year-to-year basis. The surge in sales bookings is attributed to the high demand for housing in the country. The company has sustained sales bookings of 15.09 million square feet, with an average realization of Rs. 8,812 per sq ft for apartments, villas, and commercial sales. With ambitious objectives set for the next three years, the company aims to double the sales this fiscal year.
Last week, the Noida Authority raised the prices of plots meant for residential, group housing, and institutional purposes by a range of 6% to 10%. The rates for flats constructed by the Authority or commercial properties rented by it however remained unchanged. The decision to increase the land rates was sanctioned during the Authority's board meeting, headed by Manoj Singh, the Chairperson of the Authority and the Commissioner of Infrastructure and Industrial Development.
Sobha shareholders voted against two resolutions proposed by the real estate developer to cap non-executive directors' remuneration. The first aimed to limit total remuneration at 5% of the company's net profit, while the second sought to allow Ravi Menon, non-executive director and chairperson, to receive over 50% of the total annual remuneration for FY2024. Shareholders and corporate governance firms expressed concerns over fairness and potential conflicts of interest. This decision emphasizes the importance of good governance practices and balanced remuneration policies for non-executive directors.
Indian mall operators are projected to experience a 7-9% revenue increase in the current fiscal year, as revealed by a recent Crisil analysis. High occupancy and leasing rates, coupled with cost-saving measures implemented during the pandemic, are driving this growth. Strong retail sales, a diversified tenant mix, and continued investor interest in the sector contribute to the positive outlook. As consumer confidence returns and the economy recovers, mall operators are expected to capitalize on new opportunities and trends in the evolving retail landscape.
The Haryana government has directed Gurgaon and Faridabad district administrations to evaluate the effectiveness of anti-smog guns at construction sites in the Delhi-NCR region. With dust pollution becoming a significant concern during summer months, officials have been given one month to assess if the deployment of these devices is sufficient to mitigate pollutants. While experts argue that anti-smog guns provide temporary relief, long-term solutions will require addressing the root causes of pollution, ensuring strict compliance with dust mitigation measures, and fostering collaboration among various stakeholders to improve air quality and safeguard public health.
Chandigarh's IT department has launched an ambitious project to overhaul the city's property management system. This initiative will create unique IDs for all properties, providing a fully mapped, data-rich solution to aid key departments. In addition to streamlining property tax assessments, the project aims to enhance inter-departmental integration. The administration is also integrating 360-degree panorama images with GIS for a comprehensive city view, aiding accurate decision-making. An agency for project execution will be selected within a month. This project exemplifies the transformative power of technology in urban administration.
The Rajasthan Real Estate Regulatory Authority (RERA) is considering partnering with the Rajasthan Housing Board (RHB) to conclude several incomplete real estate projects. This move follows growing concerns about the significant number of unfinished real estate projects in the state, leaving homebuyers in limbo. RERA officials have identified five major projects, including Atmosphere Grand-1 and Grand-2 by Samanvay Infra in Jaipur, which RHB is interested in completing. However, the decision has not been officially approved yet, and RERA is expected to finalize it after the appointment of a new chairman.
A consortium led by KGK Realty and Dhoot Infrastructure has won a Rs. 990 crore ($132m) bid to acquire Sare Gurugram, a unit of Sare Homes, which defaulted on its dues to creditors and failed to complete a township project. The two companies beat five other bidders, including Alpha Corp and Signature Global. Homeowners and financiers had filed claims worth around Rs. 2,100 crore when the company was admitted for bankruptcy, and the new plan will enable homeowners to obtain possession of their apartments within three years.
The Punjab and Haryana High Court has temporarily halted land consolidation in Faridabad's Kot, following a petition claiming that the process was a front to "privatise" common village land and the Aravalis. Residents have opposed the process of consolidation, stating that common land must be earmarked and handed over to the village as per directions of the Supreme Court in 2012. A two-judge bench of justices Sureshwar Thakur and Kuldeep Tiwari issued an interim stay order.
Last week, China Evergrande Group announced that its subsidiary Hengda Real Estate Group and one of its directors would be sanctioned by stock exchanges for their failure to release their 2021 annual report. The Shanghai and Shenzhen stock exchanges reprimanded Hengda Real Estate and Qian Cheng, an executive director of China Evergrande Group, for not submitting the report before the deadline of April 30, 2022.
The Haryana government has introduced 'The Haryana Disposal of Rented Government Properties Policy 2023' to sell its properties that have been leased or rented by private entities for 20 years or more. The policy applies to properties up to 100 sq yards and charges will vary depending on possession duration. The aim is to generate revenue and utilize the properties for public welfare projects.
The Tamil Nadu Urban Habitat Development Board (TNUHDB) has initiated the demolition of dilapidated tenements on New Avadi Road, Chennai, to make way for modern, multi-storied residential buildings. The new complex will feature improved infrastructure, a park, and eco-friendly amenities. TNUHDB's systematic approach to reconstruction has already completed 11,490 tenements, with 6,862 currently underway. The revitalization of the neighbourhood is expected to spur economic growth and improve living conditions for thousands of residents, while promoting sustainable living and community engagement in the area.
Office space absorption in India's major cities declined by 11% YoY in Q1 2023, with Bengaluru, Delhi-NCR, and Chennai accounting for two-thirds of demand. Hyderabad was the only city with strong YoY leasing activity. The flexible workspace is the leading absorption driver, with IT-BPM and BFSI sectors as major contributors. New supply infusion decreased by 31% YoY. Despite the decline, experts foresee a gradual pickup in demand due to the resumption of operations and growing Indian economy, with gross absorption estimated to reach 48.5 million sq. ft in 2023.
Birla Estates, the real estate development arm of the Aditya Birla Group, has acquired a prime land parcel in the upmarket residential area of Walkeshwar in South Mumbai, marking its entry into the super luxury real estate market. The company plans to redevelop the property into a luxury residential development with sea views, expected to generate revenue of over ?600 crore. This acquisition follows the strong response to Birla Estates' luxury project in Worli and is part of the company's growth plans.
The Maharashtra Pollution Control Board (MPCB) has issued a show cause notice to Safal Developers on Bhau Daji Road, Sion for not obtaining N environmental clearance for their redevelopment project and causing noise pollution which is affecting senior citizens residing at an old age home nearby. Activists had complained about the sound pollution from the construction site and requested action.
The Indore District Administration warned Vatsalya Builders and Developers to settle accounts with plot buyers within a fortnight or face strict action and FIR. The company was accused of selling property without T&CP diversion of the colony and not carrying out registration and stamp duty formalities. The company has been instructed to submit a demand fee at the T&CP department to get its clearance and carry out registration of plots in a set time limit. ADM and colony cell officials have been roped into the matter to ensure the affected people receive complete rights to the plots they have paid for.
The Pune property market had its biggest monthly stamp duty collection in March 2023, indicating a 20% increase from February. The increase in sales of houses costing Rs 50 lakh or more and the shift towards larger residences contributed to the growth. Primary and secondary residential transactions accounted for 76% of all property registrations, with Central Pune having a higher percentage of transactions. Micro markets in Pune's north, south, and east held a smaller percentage of residential sales during the month.
Smartworld Developers Pvt. Ltd, based in Gurgaon, plans to invest Rs 3300 crore in FY24 to build three projects totalling 11.5 million square feet. The company is expanding to Noida and Bengaluru and aims to reach a sales target of Rs 7,000 crores in FY23-24. The company has received funding from Motilal Oswal and previously from Piramal Group and IIFL. Smartworld Developers is known for developing high-end residential and commercial properties and has earned a reputation for delivering projects on time and to the highest quality standards.
HDFC Capital Advisors is increasing its ownership in proptech firm Loyalie IT Solutions from 7.2% to 9.6% by purchasing 1.67 lakh compulsory convertible preference shares. Loyalie works with leading real estate developers to design customer loyalty programs for an ideal home ownership experience. HDFC Capital Advisors is investing in Loyalie as part of its H@ART initiative program, which invests in innovative firms to enhance the real estate industry. Loyalie's revenue has grown from Rs 4.33 crore to Rs 11.45 crore in FY 2022-23, and it raised Rs 5 crore from investors in a pre-Series-A round in January last year.
SEBI has approved Nexus Select Trust's IPO, a retail-focused real estate investment trust sponsored by private equity firm Blackstone, which includes a fresh issue of Rs1,600 crore and an offer of sale from Blackstone and other smaller holders. The REIT's portfolio includes 17 malls, two hotels, and three office buildings, and proceeds from the IPO will be used to pay down debt. The trust offers high net worth individuals, family offices, and institutional investors access to a diversified portfolio of alternative assets such as private equity, real estate, infrastructure, and private debt.
China's real estate sector faced significant challenges over the past year, with the downturn caused by reduced credit availability and the near bankruptcy of industry leader Evergrande. Despite this, the National Bureau of Statistics recently reported a significant increase in property prices in major cities across China, indicating a potential stabilization of the market. However, experts caution that the real estate sector may experience a slowdown in the future, as credit availability remains an issue, and the pandemic has caused anxiety among potential buyers.
A recent analysis by City Hall revealed that private landlords in England are receiving £1.6bn in housing benefits each year for providing non-decent homes. The problem is particularly severe in London, where £500m of welfare money is being spent on privately rented homes that are in poor condition and fail to meet health and safety standards. Tenants are also paying an additional £7.3bn annually to rent these inadequate homes from landlords. The government has yet to deliver on the reforms promised for the private rented sector in its 2019 manifesto, and while plans for a renter’s reform bill were announced last year, the bill has been delayed.
The state government of Kerala has released a notice for the acquisition of land for the construction of nine Metro stations as part of Phase II of the Kochi Metro. A social impact assessment is currently being conducted. The new line will showcase environmentally sustainable architecture with minimal design, and its estimated cost is Rs 1957.05 crore. Despite the delay in commencing work, the Agence Française de Développement is expected to provide funding, and it is projected that the second phase of the Kochi Metro will be completed by 2028, serving an additional 150,000 passengers daily.
The Department of Town and Country Planning (DTCP) has revised its policy to encourage the construction of low-density and eco-friendly farmhouse colonies on agricultural land. The new policy allows developers to apply for a license for any agricultural land within the city's master plan and caps the number of residents at 25 per acre. To promote eco-friendliness, colonies would need to install solar plants, stormwater recycling systems, sewage treatment plants, waste management facilities, and biodegradable waste recycling facilities.
The CBRE India report titled “Indian Real Estate – Betting on a Capital Future” revealed that real estate developers and investors bought nearly 6,800 acres of land in India between 2018 and 2022 for more than USD 12.2 billion to develop greenfield real estate projects. Majority of the land was acquired after January 2021, with residential and mixed-use land parcels making up almost 60% of the total land investments, followed by office developments, industrial, and logistics. Mumbai, Bengaluru, Hyderabad, and Chennai were the cities with the most land acquisition activity.
Foreign investors, led by North America and Singapore, have injected $18 billion into the Indian real estate market between 2018 and 2022, accounting for 58% of total equity investments, according to a CBRE South Asia report. Despite pandemic headwinds, the office sector attracted over $13 billion or 40% of total equity inflows. Emerging segments like warehousing, data centres, and co-living spaces have also witnessed growing interest. Over the next two years, investments are expected to remain steady at $16-17 billion, with the office sector continuing to draw the largest share of institutional inflows.
The construction of single-family homes in the US has increased for the second month in a row. The Northeast, Midwest, and South regions experienced an increase in single-family housing, but the West saw a decline. Further, permits for future construction have also seen a significant rise, signalling a positive outlook for the struggling housing market. The rise is attributed to buyers taking advantage of lower mortgage rates. However, the housing market still faces challenges such as high input and labour costs for builders, as well as expensive financing options for buyers.
The Office of the Superintendent of Financial Institutions (OSFI) in Canada has released its first annual risk outlook report, identifying potential threats to the country's financial system in the fiscal year until March 31, 2024. According to the report, the two main risks are the possibility of a decline in the housing market and the challenge of adapting to sudden rises in interest rates. Other risks include the growth of unregulated non-bank financial institutions, climate-related risks, cyber-attacks, and hazards arising from emerging technologies.
The Madurai City Licensed Builders' and City Developers' Welfare Association has called on the Madurai Corporation to expedite building plan approvals and plot regularisations, citing a 40-day backlog affecting builders and construction workers. The delay has stalled new projects and impacted the local construction sector. In response, the corporation has appointed a new official to oversee the town planning department, aiming to address the backlog. The association has also suggested process improvements, such as allowing zonal offices to handle larger plots and implementing a fully online system for regularisations, to support the industry's growth in Madurai.
Over 70 residents of Chennai's Metro Zone gated community protested the builder's failure to pay INR 44 lakh in electricity dues. The Residents Welfare Association (RWA) had to cover costs using maintenance funds to avoid power disconnection. The community has also raised concerns about construction quality and safety standards. Residents demand the builder to comply with Real Estate Regulatory Authority (RERA) orders, reimburse the RWA, and address their concerns. Metro Zone officials dispute the amount claimed and assure that the remaining dues will be paid before the end of the month.
The Delhi Development Authority (DDA) has submitted a draft of the Master Plan for Delhi 2041 to the Union Housing and Urban Affairs ministry for review. The plan includes sustainable development, green economy, infrastructure development, and transit-oriented development hubs. The authority expects all formal procedures to be completed by next month, after which the plan will serve as a blueprint for the capital city's development for the next two decades.
The Enforcement Directorate (ED) has lifted the stay that it had imposed on Slum Rehabilitation Authority (SRA) builders who were carrying out projects under ED's probe for alleged money laundering. The SRA had issued a stop work on around 20 projects due to the ED investigation, which left over 5,000 slum dwellers without homes and rent. The state government had asked the Centre to direct the ED to let the slum redevelopment projects continue, and the issue was taken up at a meeting called by officials from the Prime Minister's Office (PMO).
The Ranchi Municipal Corporation has ordered the demolition of 90 buildings encroaching upon Ranchi's Kanke Dam and Ranchi Lake catchment areas, following a directive from the Jharkhand High Court. The owners of the buildings have been given two weeks to demolish the structures themselves, or the RMC will do so and levy costs against them. Encroachment on catchment areas can lead to water degradation, pollution, and environmental problems. The RMC's action is a step towards preserving the water bodies and protecting public health, but the high court should ensure fairness in the process.
The Bihar government has issued notices to 2.21 lakh beneficiaries and initiated action against 347 government employees for not completing houses under the Pradhan Mantri Awaas Yojana Gramin (PMAY-G) scheme, despite receiving full funding. Majority of notices were served in Gaya district, while the fewest were in Kishanganj and Buxar districts. These actions emphasize the importance of accountability and timely project completion to achieve the program's affordable housing objectives.
BGH Properties, a subsidiary of the Aditya Birla Group, has purchased the Sunny Ville bungalow on Carmichael Road in South Mumbai for over Rs 220 crore. The bungalow has a total constructed area of nearly 19,000 sq ft and is located close to Jatia House, another property owned by the Aditya Birla Group. The rise of luxury skyscrapers in the area has led to several bungalows making way for high-rise buildings.
JM Financial Home Loans is in talks with IndoStar Capital Finance for a potential merger of their home finance businesses, which focus on the affordable housing market. The discussions are non-binding and subject to due diligence and negotiation of commercial terms. The combined entity could benefit from synergies in operations, distribution, and technology, enabling it to provide more efficient services to customers. The potential merger could have a significant impact on the affordable housing market in India, which has been witnessing strong growth due to the government's push to provide housing for all.
The Income Tax department conducted searches on Tamil Nadu-based real estate firm G Square's premises across various locations in the state. G Square denied the allegations and said it had been subjected to unwarranted persecution. The company was accused of having links to the ruling DMK's 'first family', which it denied. Tamil Nadu Housing and Urban Development Minister S Muthusamy said no special concessions had been extended to G Square. The situation has sparked controversy and raised questions about the legitimacy of the allegations made against the company.
The developer of Malibu Towne and five other companies have been booked for unauthorized construction and encroachment on public land. The Department of Town and Country Planning (DTCP) urged the police commissioner to register an FIR against the companies, which was filed under sections 10(2) and 3 of the Haryana Development and Regulation of Urban Areas Act, 1975. The alleged crime came to light after a resident filed a complaint. Restoration orders were passed in March 2023 for the unauthorized construction, and the developer's reply to the notice was found unsatisfactory.
The Ahmedabad Municipal Corporation (AMC) has adopted a "zero tolerance policy" against property tax defaulters and has started putting liens on properties whose owners have not paid their taxes. The move is expected to compel defaulters to pay their dues along with the 18% interest rate mentioned in the lien, and to reduce the number of tax defaulters. The AMC is currently drawing up a list of tax defaulters and will prepare a standard operating procedure for imposing liens.
The Covid-19 pandemic has led to a dramatic increase in gift deeds and will registrations in Mumbai, according to Maharashtra government data. The surge is attributed to property owners' heightened sense of mortality, prompting them to secure their families' interests. Data from the Department of Registrations and Stamps reveals gift deed registrations grew annually since 2019, reaching 20,843 in 2022 and 3,287 in the first quarter of 2023. Will registrations have also increased significantly, with 11,642 registered in 2022 and 3,091 in the first three months of 2023. The pandemic and reduced stamp duty rates contributed to this trend.
The Delhi Development Authority (DDA) recently conducted a draw of lots for 1,093 households in the Jailorwala Bagh JJ cluster, Ashok Vihar, as part of its in-situ rehabilitation project. The initiative aims to provide better living conditions and amenities to JJ cluster residents, with 1,675 EWS flats expected to be ready for possession by July 31. The DDA will subsidize each flat by approximately Rs 24 lakh, making the housing units more affordable for the target population.
Following the collapse of a 60-year-old building in the Royapuram zone, the Greater Chennai Corporation (GCC) will re-inspect 387 dilapidated buildings identified in 2022 to ensure public safety. The joint inspection, conducted with the Chennai Metropolitan Development Authority, found that many of these buildings posed a potential danger to residents. The GCC plans to work closely with the Public Works Department to assess structural stability and take necessary action based on scientific evidence. Stricter safety guidelines and regulations, as well as efficient demolition processes, are being considered to improve overall safety in the city.
An estimated 150 unauthorized buildings are constructed annually within Jaipur's Walled City, threatening the integrity of the UNESCO Heritage site. Officials from IMC-Heritage reveal that the actual number of illegal constructions could be higher. Despite strict guidelines, unauthorized construction continues to proliferate, exploiting loopholes and evading oversight. Authorities must enhance enforcement efforts, increase transparency in the permit application process, and promote public awareness to preserve this historic area for future generations.
The Noida Authority has earmarked Rs 1,000 crore for land acquisition in 'New Noida' and Rs 500 crore for land acquisition in existing Noida. A budget of Rs 6,920 crore has been approved for the financial year 2023-24, with Rs 1,906 crore designated for infrastructure and development work. A total of Rs 141 crore has been allocated for village development. The Authority has expressed dissatisfaction with the progress of land acquisition in the previous year and directed the Revenue Department to speed up efforts.
The Enforcement Directorate (ED) faces challenges in disposing of three high-end flats in South Mumbai confiscated from fugitive diamantaire Nirav Modi. Legal hurdles and long-term vacancy may result in lower-than-expected auction proceeds. The flats contain valuable household items and artworks, complicating their use as guesthouses. With no clear solution, the ED must carefully navigate the disposal of these assets to maximize auction proceeds and avoid controversies surrounding the valuable items inside. This situation highlights the need for a well-defined strategy to manage confiscated assets efficiently and prevent the loss of value over time.
The Supreme Court of India has issued a notice to the government, financial institutions, and real estate developers in response to appeals by Supertech homebuyers seeking to restrain lenders from charging EMIs until they receive possession of their flats. Meanwhile, the Delhi High Court has sought responses from the government on a PIL seeking to link property documents with Aadhaar to curb corruption, black money, and benami transactions. While proponents argue that linking property documents with Aadhaar would help curb corruption, critics are concerned about privacy issues.
The Chandigarh Housing Board (CHB) is considering allowing the conversion of leasehold apartments in the Sector 63 Housing Scheme to freehold, which will benefit more than 2,100 allottees. The proposal will be put before the CHB board of directors, which is likely to meet soon. Allowing the conversion will also improve the ease of property transfer, giving ownership rights to allottees and is likely to boost the price of the property. The CHB had launched the scheme 15 years back in 2008.
The Bombay High Court has ordered state authorities to take strict action, including punitive measures, against those involved in illegal sand mining in Vaitarna Creek and near Julie Island. The court observed that the state's efforts have not yielded results, and remedial steps, such as the installation of barricades near bridges, need to be taken to prevent erosion of the banks of Julie Island. The court has directed the state to take positive steps by June 8.
Quarry owners in the state of Kerala have launched an indefinite strike to protest the state government's new quarry policy, which includes an increase in royalty and penalties collections, and reinstatement of permission for mining revenue land. The new policy has also increased security fee charges and penalties for violating the act, leading to concerns of severe repercussions such as a temporary shortage of construction materials. Around 636 quarries, 1,100 crushers, and over 1,000 yards have remained closed since the start of the protest, causing several government-funded infrastructure and low-cost housing projects to come to a halt.
The Hubballi-Dharwad civic body has started a drive to recover unpaid property taxes from individuals who have been evading them. Officials have also discovered that many people have constructed houses illegally but have only paid taxes for the disclosed sites. The goal is to recover unpaid taxes and penalties amounting to approximately Rs 22 crores. The civic body has disclosed the methodology it will use to ascertain the amount of tax due, which includes a penalty of 200% added to the tax amount, and an interest of 2% until the owner pays their dues.
The government of Uttar Pradesh has announced a 100% stamp duty exemption for the purchase or lease of land to set up logistic parks, IT parks, and solar plants under the Uttar Pradesh Warehousing and Logistics Policy of 2022. The exemption will be valid for ten years from the date of notification and will be applicable to all land allotted or leased by the industrial development authorities. The district magistrate or deputy commissioner of industries will confirm the instrument of conveyance or lease under the prescribed format of the policy.
Vanguard Emerging Markets Stock Index Fund has increased its stake in Indiabulls Real Estate Limited by 0.1%, according to a BSE document outlining shareholding patterns. The fund's holdings grew from 1.19% to 1.20% between December 2022 and March 2023. Another Vanguard fund, the Vanguard Total International Stock Index Fund, maintained its 1.14% ownership of the corporation. The stock has returned a negative 42.30% over the past year, compared to a 3.01% return for the BSE Sensex.
Spain and Portugal, two of the poorest countries in western Europe, are looking to tackle the issue of soaring property costs by using a “bad bank” created during Spain’s most recent financial crisis to build up to 50,000 units of public housing. Spain’s Cabinet is set to approve a plan that would increase the number of public homes by 17% using properties from its bad bank. The Portuguese Government has approved plans to invest €2.4bn in public housing by the end of 2026 and presented a housing bill to parliament last week that would allow the state to convert vacant private properties into social housing.
The National Bureau of Statistics (NBS) has reported that new home prices rose by 0.5% month-on-month in March, following a 0.3% increase in February. This marks the highest rate of growth since June 2021 and the third consecutive monthly increase. This is a positive indication of the market slowly recovering from it slump with the help of various supportive policies introduced by the government in the last year to tackle the crisis. However, the extent of this upward trend’s momentum remains uncertain.
The state's principal accountant general (AG) has urged the Noida Authority to ensure that allocated land plots are free of disputes, citing the additional Rs 295 crore pay-out for the land where the DLF Mall of India stands. The AG stressed the importance of proper land acquisition and transparency in preventing construction delays and protecting financial interests. In response, Noida Authority officials stated that the land records department would provide a report on the factual situation, emphasizing the need for efficient land management and dispute resolution to foster a stable development environment.
Kiran Patel, a conman who recently made headlines for posing as a top official in the Prime Minister's Office (PMO) and being arrested in Jammu and Kashmir, has now been slapped with a fresh FIR for allegedly duping a builder of Rs 80 lakh in Ahmedabad by posing as an official from the PMO. This is the seventh FIR registered against Patel in the state, and he is currently in police custody. The FIR accuses him of cheating, breach of trust, and personating a public servant.
Private equity investment in Indian real estate plunged 95% to $45 million in Q1 2023, down from $1 billion in the same period last year, reveals a Savills India report. The decline is attributed to global recession fears, capital cost increases, and valuation mismatches between sellers and investors. Despite the downturn, demand remains strong for core office, core retail, warehousing, data centres, and life sciences investments, signalling potential for future growth and strategic investments in the market.
Mumbai residents seek lower premiums for collector land redevelopment as over 8 lakh families face weak building structures. They are urging the Maharashtra government to reduce the current 15-25% premiums to 5%—similar to Nagpur—arguing it would generate up to Rs 10,000 crore in revenue and attract more real estate investments. The high premiums, combined with recent changes in land conversion conditions, have raised concerns among residents. While the government maintains that redevelopment is possible without converting to freehold land, residents continue to demand lower premiums and a reconsideration of the new conditions.
Real estate developer Prestige Estates Projects has signed an agreement to undertake a housing society redevelopment project in Mumbai's Worli locality, with a revenue potential of almost INR 60 billion ($802 million). The Shivshahi society redevelopment project involves 192 tenements spread over 3.3 acres opposite the GlaxoSmithKline Pharmaceuticals property on Dr Annie Besant Road. The project has been stuck for over a decade. Prestige Estates has already repaid a loan worth INR 1.7 billion raised by the earlier developer and will invest another INR 5.78 billion towards construction costs, compensation to society members and premium towards availing fungible floor space index.
The Enforcement Directorate (ED) has frozen 119 bank accounts, two luxury vehicles, and some insurance policies under the anti-money laundering law after conducting raids on the promoters of a Bihar-based real estate company Agrani Homes Pvt. Ltd. The company and its directors have been accused of cheating and illegally diverting investments made by prospective homebuyers. The money laundering case against the company and its promoters stems from at least eight FIRs filed by the Bihar Police. The searches were conducted in various locations, including Patna, Varanasi, Lucknow, and Delhi.
The National Green Tribunal has asked the Haryana pollution board to revisit its closure order against the Malibu Towne residential colony, noting that homebuyers should not suffer due to the inaction of officials. The Haryana State Pollution Control Board had issued the closure notice against the developer of the Sector 47 colony in March for flouting environmental norms. However, the Malibu Towne RWAs' Federation argued that the closure notice was harsh. The NGT ordered HSPCB to clearly specify which parts of the project needed environmental clearance and ascertain third-party rights. HSPCB must submit an action taken report within two months.
The Rajasthan cabinet meeting, chaired by Chief Minister Ashok Gehlot, has approved several proposals that will benefit the state. These include distributing land ownership documents in slum areas, regularizing new slum settlements, and providing water connections to high-rise buildings. The amendment to the Land Allotment Policy of 2015 will facilitate the construction of student hostels, while the approval of the Rajasthan Laws Repeal Bill, 2023, will abolish outdated laws.
The Karnataka HC ruled that lease agreements for tenancy periods of more than 11 months must be registered to be considered for rent enhancement. The decision came about after an appeal filed by Punjab National Bank was allowed, which dismissed the original suit filed against the bank by Srinivasa Enterprises. The unregistered lease agreement was only considered for collateral purposes and not for rent enhancement, as stated in the Registration Act. This ruling has significant implications for landlords and tenants who must comply with the act's provisions to avoid legal disputes in the future.
Maharashtra Real Estate Regulatory Authority (MahaRERA) has fined 12 developers a total of Rs5.8 lakh for publishing advertisements in newspapers without registration numbers. MahaRERA officials will now monitor social media platforms for advertisements without MahaRERA registration numbers, and developers breaching the rule will be penalised. The Real Estate Act requires any project with a land area of more than 500 square meters or eight flats to be registered with MahaRERA, and its registration number must be mentioned in advertisements of the project.
The Indore Development Authority (IDA) has allocated 138 flats in Scheme 155 through a lottery system, with a total of 808 ready-possession flats available in buildings designed for low and middle-income groups. The flats are located in the heart of the city and the complex features three gardens, lifts, and covered parking. The starting prices for the flats range from INR 9.74 lakh to INR 20.09 lakh. The remaining flats will be allocated through the same process in the next six months.
The Department of Registration and Stamps has announced that the total of 1.4 lac properties, including plots, were registered across Gautam Budh Nagar (Delhi) in the financial year 2022-2023, which has generated revenue of Rs. 3,018 crores in stamp duty and registration fees. In the financial year 2021-22, a total of 1.2 lac properties were sold, generating a revenue of Rs 2,377 crores indicating a 27 percent increase in collections. At present there is 5% stamp duty and 1% registration fee in Gautam Budh Nagar and for properties in Yamuna’s control area, the stamp duty is 7% and registration fee is 1%.
Recently, the Executive Director of DBS Bank India announced that the bank plans to introduce home loans for the affordable housing sector. The loans will be targeted towards individuals living in Tier 2 and Tier 3 cities and is likely to be officially available from the last quarter of the current financial year. This decision is in the line with the bank’s larger goal of expanding its retail portfolio. The company also announced a partnership with Indiafilings to provide end-to-end financial services and a proprietary credit card catered to the affluent to be launched in June this year.
Several businesses in Vietnam’s biggest cities such as, Ho Chi Minh City and Hanoi, have packed up and relocated during to soaring rents. Many believe the situation is partly due to a surge in inflation and economic pressure. Despite the current vacancy, real estate investors expect the lease price to rise, driven by the anticipated increase in demand as more foreign businesses migrate to Vietnam.
Sunac China Holdings Ltd, a real estate developer based in China, saw more than a 50% decrease in its market value upon the resumption of trade after being suspended for over a year. The decline occurred following the release of the company’s financial results and its agreement on a debt restructuring plan. The drop in share prices occurred one day after the company had announced to the Hong Kong stock exchange that it would resume trading and implement the debt restructuring plan.
Secunderabad Cantonment property owners are likely to face increased property tax rates due to the ongoing triennial revision. Revised rates are expected to be 27.6% for residential properties and 30.3% for commercial establishments, up from the current 24.6% and 27.6% respectively. Officials anticipate generating revenue of Rs 30 to 32 crore through the revised tax rates, which will contribute to infrastructure development and public services. The Secunderabad Cantonment Board (SCB) plans to issue a public notice inviting property owners to submit their objections to the proposed tax rate increase.
The Nashik Municipal Corporation (NMC) has experienced a boost in property tax collection within the first 12 days of April, thanks to its revised tax rebate initiative. Over 50,000 residents have already paid Rs 10 crore in property taxes, with officials expecting collections to reach Rs 45 crore by April 30. The civic body offers an 8% rebate for payments in April, 6% in May, and 3% in June. Additionally, a 5% rebate is provided to residents who install eco-friendly facilities such as EV charging stations or rainwater harvesting systems on their property.
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has issued a notice to M3M India for allegedly promoting and marketing units in a Noida project without registering it with the authority, violating the RERA Act. The authorities have warned the promoter of facing imprisonment if advertisements for unregistered project is not discontinued immediately. M3M India has responded by stating that the campaign is an extension of their corporate campaign to bring awareness about their presence in the city and that they are committed to operating on the principles of corporate governance and ethics.
The Delhi High Court has asked the Indian Government to respond to a plea seeking the linking of citizens' immovable and movable property documents with their Aadhaar numbers to reduce corruption, black money generation, and 'benami' transactions. The petitioner argues that linking property with Aadhaar will increase annual growth, clean out the electoral process, and prevent illegal activities like terrorism, naxalism, and gambling. If implemented properly, it could have a positive impact on the Indian economy and social and political issues.
Karnataka’s High Court has ruled that in property ownership disputes, the title of a party must be adjudicated based on title documents rather than revenue records. The ruling came after Thammaiah, who had purchased farmland in Tumakuru district in 1972, lost his case in the trial court and appeal proceedings against Puttaiah who had later purchased the same land. The judge presiding over the appeal pointed out that the lower courts had given too much importance to revenue entries and failed to consider the title documents that confirmed Thammaiah's ownership of the property. The ruling emphasizes the importance of proper documentation in property ownership disputes.
The government plans to establish a committee focused on creating a standardized builder-buyer agreement to streamline the homebuying process and protect consumers from potential malpractices. Comprising judges, consumer commission members, consumer bodies, lawyers, and Ministry of Consumer Affairs representatives, the committee will develop a comprehensive agreement in collaboration with stakeholders, including homebuyers, developers, financial institutions, and regulatory bodies. The initiative aims to enhance transparency, improve legal protection, and simplify processes in the real estate sector, while addressing key challenges such as delayed possessions, unfair agreements, and misleading advertisements.
The Gautam Buddh Nagar district administration has sealed the Noida office of real estate giant Supertech Group due to unpaid dues linked to the Supertech Township entity. The company claims the action is illegal, as the sealed office belongs to Supertech Limited. Supertech Group contends that, under the Corporate Insolvency Process initiated by the National Company Law Tribunal (NCLT), a moratorium clause prevents coercive recovery of dues. The company's Interim Resolution Personnel has requested the office's de-sealing and is considering taking the matter to the NCLT or Supreme Court.
The Madhya Pradesh Industrial Development Corporation (MPIDC) in Indore has announced the construction of a new IT Park on the Crystal IT Park campus. The new IT Park will span approximately 1.10 lakh square meters and will be available for tech firms to lease or rent. It will have a saleable area of approximately 65,000 square meters and the anticipated construction cost is around Rs 393 crore. It will also include additional amenities such as gyms, meditation rooms, and other facilities for the benefit of the employees.
The revenue department of Ahmedabad Municipal Corporation (AMC) has introduced a scheme to encourage people to pay their property tax in advance. This scheme offers a 12% tax interest rebate for those who pay their property tax between April 18 and May 17, and an additional 1% rebate if the payment is made online. Those who have paid their taxes in advance in the last three years will benefit from an additional 2% rebate. Additionally, those who have paid their advance taxes through online methods for three years will receive a 1% additional rebate.
The Ludhiana municipal corporation is set to install unique identity number (UID) plates with QR codes on properties across the city, following a two-year delay. The UID tags will allow officials to quickly verify property details, ownership, and tax payment status by scanning the QR codes. The project, funded under the Smart City Mission, aims to improve administrative efficiency, transparency, and accountability in property transactions, ultimately benefiting property owners, potential buyers, tenants, and municipal authorities.
The Delhi Development Authority (DDA) is set to issue conditional notices to landowners in four additional sectors, which have now met the eligibility criteria for forming consortiums under the land pooling policy (LPP). These sectors include 7A, 7B, and 7C in Zone P-II and Sector 11 in Zone N. The move aims to promote planned urban growth and infrastructure development, as consortiums of landowners will take the lead in planning and engaging developers for residential and commercial properties. The DDA will primarily sanction layout plans and provide support throughout the process.
State-run banks in India plan to launch an e-auction app to dispose of around 500,000 properties over the next five years. The app will serve as a repository for information, data, and documents, streamlining the auction process for bidders and financial institutions. The initiative aims to increase transparency and improve efficiency in property auctions across the country. This comprehensive platform will help state-run banks manage their property auctions more effectively, promoting collaboration and supporting the growth of the Indian banking sector.
Last week, the Ministry of Finance reported a decline in revenue from government land sales in China slowed for the month of March, thanks to various stimulus policies that boosted the confidence of developers. However, data from the same ministry showed that in the first quarter of this year, income from land sales, which is the primary means for local governments to raise funds, decreased by 27% compared to the same period in the previous year.
The financial stability of a major real estate company in Vietnam, No Va Land, has been questioned by PricewaterhouseCoopers (PwC) due to difficulties in the real estate market in Vietnam. No Va Land is facing significant bond payments this year, and the market has been struggling due to a surplus of high-end property, high debt, stricter rules on bond issuance and refinancing, and the arrest of high-profile business executives.
Earlier this month, Democratic Mayor Karen Bass of LA, made an announcement regarding the city’s severe homelessness crisis. She pledged to allocate a historic sum of $1.3 billion in the next budget to provide shelter and treatment programs for the unhoused individuals. This budget could potentially be utilized to purchase hotels or motels to convert into housing, and to identify other city-owned properties that could be used for sheltering the homeless.
Certus Capital, an institutional real estate investment and consultancy firm, has invested Rs 80 crore in a luxury residential project called Aakasa, located in Mumbai's Worli locality. The project is being constructed by Techno Group, Fortune Realty, and Gala and is situated near the upcoming Ritz Carlton Hotel. The project has a revenue potential of about Rs 350 crore based on the current property pricing in the area and has obtained all necessary approvals. The investment from Certus Capital will be used to finance the project's construction. This deal marks the company's second investment in the micro market of Mumbai during the last six months.
IDBI Bank, PNB Housing Finance, and Sicom are planning to sell almost their entire distressed loan books, replicating the sale processes undertaken by Yes Bank and Bandhan Bank last year to clean up their books. IDBI Bank is reportedly in talks with special situation funds to acquire as much as ?25,000 crore of non-performing loan book. PNB Housing Finance has invited offers to sell about ?3,000 crore loan book, while Sicom has invited offers to sell 48 accounts with dues of ?9,724.5 crore.
New York City's real estate market has seen a surge in demand for rental properties, leading to a record-high median monthly rate of $4,175 in March 2023. Despite an increase in available units, the market is still struggling to keep up with demand. The average lease was signed with a 0.7% discount from the listing price, down from a 5% discount in February. The borough's vacancy rate rose to 2.54% last month from 1.89% a year earlier. Real estate agents expect rents to remain high.
The Indore Development Authority (IDA) board of directors has formed a committee to review the pending lease renewals of approximately 10,000 plots in Scheme-78 Aranya. The IDA also discussed the proposed master plan of Indore, approving several construction projects, including the development of a sports complex and a swimming pool. They have also resolved to develop four new development schemes in the current financial year.
Thousands of property owners in Bengaluru, India are still waiting for the city's civic body to withdraw notices issued to them regarding alleged tax arrears. The property owners claim they had been assessing and paying their taxes online according to the old zonal classification rates since 2016-17 when zones were reclassified. The delay in resolving the issue has left property owners feeling helpless and frustrated.
The Public Health Engineering Department (PHED) minister in Rajasthan, India has released a policy for providing water connections to multi-storey buildings in urban areas. The policy will be applicable across all urban areas and provide relief to over 25 lakh families. Domestic drinking water demand will be calculated based on the carpet area of the building, and the cost of infrastructure to be set up by PHED will be a one-time fee. The remaining 75% of the one-time fee will be payable along with the water consumption bill in 60 equal instalments with 9% simple interest per year.
The Department of Town and Country Planning (DTCP) in Haryana has issued show cause notices to 13 architects for granting occupation certificates (OCs) to 20 buildings, violating the Haryana Building Code of 2017. The architects have three days to provide satisfactory explanations, or they may face blacklisting and legal action. The self-certification scheme, introduced last year to expedite the OC process, has raised concerns about oversight and potential exploitation by unscrupulous builders. The DTCP is considering stricter oversight measures and ongoing education to ensure safe and compliant construction practices across the region.
The National Financial Reporting Authority (NFRA) has imposed a one-year ban and fines on four auditors for alleged misconduct during the 2017-18 audit of Dewan Housing Finance Corp Ltd (DHFL) branches. The auditors, partners of K Varghese & Co, have been fined Rs 1 lakh each and prohibited from undertaking any audit for financial statements or internal audit of companies during the ban period. NFRA's investigation found violations of the Companies Act, 2013, and the Chartered Accountants Act, 1949, as well as non-compliance with applicable Standards on Auditing (SAs).
Gurugram's Department of Town and Country Planning (DTCP) and the police demolished a warehouse, a concrete plant, and a transport office in an unauthorized colony earlier this week. The structures, spread over five acres, were built without necessary permissions and violated building norms. Authorities urged residents not to invest in such illegal colonies and to consult the District Town Planner's office before buying land or plots. The demolition serves as a reminder of the importance of adhering to building regulations and investing in legal properties to ensure residents' safety and well-planned urban development.
The Enforcement Directorate (ED) filed a chargesheet against builder Shailesh Sawla and his companies, Kunal Construction and Sawla Construction, for selling flats meant for slum dwellers to influential individuals. The case, one of the oldest pending money laundering cases since the Prevention of Money Laundering Act (PMLA) came into force in 2005, involved collusion with BMC and SRA officials to construct larger flats for wealthy buyers. Authorities have pledged to strengthen oversight and improve transparency in the slum rehabilitation process in response to the chargesheet.
Realty developer M3M India announced its highest-ever sales of ?213,000 crore in FY23, doubling its revenue from the previous year. The company expects to reach ?720,000 crore in sales in FY24, driven by rising demand for residential properties. M3M plans to launch 8-10 mid-luxury residential and commercial projects in Gurugram, Noida, and Panipat, offering 14-15 million square feet of saleable space. The developer's expansion plans include strategic partnerships, a focus on sustainability, and entry into new markets such as Noida and Panipat.
A court in Cuttack, Odisha has granted permission to the state government to confiscate properties worth Rs 6.5 crore owned by the Rose Valley chit fund company under the Odisha Protection of Interests of Depositors (in Financial Establishments) Act (OPID), 2011. With this latest attachment, the government has confiscated assets worth Rs 101 crore of the chit fund company in the state. The Rose Valley Group is accused of cheating investors of about Rs 17,000 crore in the country, with nearly Rs 450 crore in Odisha alone.
An arrest warrant for the promoters of Samiah Builders was issued earlier this week, after being accused of registering and selling the same plot of land to multiple individuals. The director Sagir Khan has been taken into custody, while the owner Zameel Ahmed Khan is said to be absconding. The company is said to have used intimidation tactics to silence victims who demanded possession of the plot. The police have issued a stern warning against such fraudulent builders and announced a reward for the team that can nab them.
Earlier this week, residents of Adani Oyster Grande in Sector 102, Gurugram took to the streets to protest the builder’s apathy towards maintenance of their residential complex. They allege that despite collecting a hefty fee from them, the builder is no maintaining common areas such as roads and parks properly. Even the sewage treatment plant is not working correctly. They are demanding that the builder hand over the maintenance corpus to the RWA. An official spokesperson of the builder has denied all allegations, claiming that the residents and RWA have not even lodged an official complaint about the same.
Kolte-Patil Developers Ltd, has claimed that a higher demand led to a 28% increase in sales bookings to Rs 2,232 crore during the previous fiscal year. According to it regulatory filing, they had sales bookings of Rs 1,739 Cr during the last 12-month period. The company's sales volumes increased by 21% while its average price realisation per square foot increased by 6% during the fiscal year 2022–2023.
The former MD and CEO of Godrej Properties Mohit Malhotra has founded a real estate development and investment firm named NeoLiv. The Securities and Exchange Board of India has approved Neoliv under AIF Category (II). The company is optimistic that it will raise 1000 Cr before the end of the year based on strong initial investor interest. According to a press release, the company is said to be in advanced phases of commercial closures with several landowners in MMR and Delhi NCR to jointly develop residential projects.
The Tamil Nadu Urban Habitat Development Board has opened a new residential complex in Irungalur near Manachanallur in Trichy. The complex has 240 housing units built at 21.1 crores, designed for the low-income group (LIG) and economically weaker section (EWS). The district collector M Pradeep Kumar planted native tree saplings in the housing complex. Phase II of the residential complex was proposed as an expansion project, after the phase I residential complex with 540 dwelling units in the same area was entirely occupied.
The Oberoi Group announced the opening of Trident Residences in New Delhi on Wednesday. The 19 custom apartments will be completed by 2024 and are available for purchase this summer. The flats which will be built by BI Design will consist of four penthouses, eight units with three bedrooms and seven with four bedrooms. Sizes will range from 3,600 square feet to 9,300 square feet, and they would cost between 18 and 44 crores.
According to data recently published by the company, Godrej Properties has reported Rs 14.051 crores in bookings for the March quarter which brings its FY23 total to 12.232 crores, up by 56% and more than a fifth ahead of the annual guidance. Sales volumes increased by 19% sequentially to 5.25 million sq. ft. for the quarter from 4.12 million sq. ft. Sales volumes increased 40% over the course of the year from 10.84 million sq. ft. to 15.21 million sq. ft.
Last week, the Haryana Urban Local Bodies (ULB) department launched a property verification portal to help individuals verify and authenticate their property deals. The department took this step after receiving several complaints from residents about difficulties in correcting their property IDs and experiencing unreasonable behaviour from the authorities. The ULB minister Kamal Gupta inaugurated the portal from his office. The portal will provide residents with easy access to their property information and allow them to apply for any necessary corrections.
Earlier this month, a group of real estate representatives from NAREDCO-UP met with the district magistrate of Gautam Buddh Nagar to request relief from the authorities regarding their outstanding payments. The NAREDCO-Up cited various issues such as compensation owed to farmers, obstacles and legal disputes related to land ownership that contributed to the outstanding payments. However, sources say the District Magistrate declined their request for mediation, instructing the builders to take their concerns to the appropriate authorities instead.
Last week, the Municipal Corporation of Delhi began a process to locate buildings in the city that are considered unsafe. The purpose is to either demolish or repair these structures before the monsoon season to avoid any accidents. The civic authority has instructed its field staff to begin their annual survey of buildings and houses in their respective areas. The survey is expected to be completed by June 30.
The Thiruvananthapuram civic body has registered nearly a 100 percent rise in fee collection in 2022–2023, thereby successfully stopping the decline in permit fee returns for two consecutive fiscal years. According to the most recent numbers in the budget sheet for 2023–24, the permit fee collection in 2022–23 totalled Rs 14 crore, an increase of 101 percent from 2021–22. The low profits in 2020-2021 and 2021-22 were mostly due to the pandemic, which brought the city's building sector to a halt.
The Madras High Court has ordered the Trichy district collector to appoint verification officers to check the legitimacy of houses provided under the Pradhan Mantri Awas Yojana (Gramin) scheme in Trichy district. The court also directed the Trichy superintendent of police to take legal action against officials of Lalgudi panchayat union who misappropriated funds for the allotment of houses under the scheme. The decision was taken after a public interest litigation alleged malpractices in the allotment of houses to PMAY-G beneficiaries.
Sunac China, a property developer facing challenges, submitted application to the Hong Kong stock exchange to resume trading of its shares starting April 13. The company also announced that it is currently working on implementing a restructuring plan. Trading of Sunac’s shares had been suspended last year due to the delay in releasing its financial results. Last month, the company finally published its overdue interim results for 2022, which revealed a core loss of 11.06 billion yuan.
Rajasthan's real estate market is witnessing a resurgence, with stamp duty and registration collections increasing by 26% and generating a record revenue of Rs 8,189 crore. The growth, driven by both residential and commercial segments, has created a positive impact on various sectors and boosted job opportunities. Experts predict the upward trend will continue for several years, benefiting the state's overall development. To sustain this growth, it is suggested that the government reduce stamp duty rates and implement policies to attract the IT industry.
The Municipal Corporation of Gurugram (MCG) has formed 16 teams to investigate tax evasion by properties that have changed their use from commercial to residential, industrial, or institutional. The teams will verify if property categories were changed correctly and submit a report by April 30. The MCG will also inspect public parking sites charging fees from residents, and officials will randomly check 5% of properties to verify the cases. The investigation is vital to prevent revenue loss for the MCG, and the MCG aims to maintain a steady source of revenue.
Ghaziabad residents of Saviour Park Society are protesting against the builder for allegedly selling convenience shops to outsiders and creating multiple entry and exit gates, raising security concerns. Despite lodging complaints with the Ghaziabad Development Authority (GDA), no action has been taken. Residents claim the builder has ignored their concerns and even threatened them with false cases. They are seeking assistance from local authorities and considering reaching out to higher authorities to ensure a safe and secure living environment.
The Burhanpur district administration is scrutinizing thousands of patta applications (government land on lease) and previously allotted pattas to locals as part of an ongoing encroachment crackdown. Approximately 7,500 to 8,000 pattas have been granted so far, and 4,000 applications are pending approval. The administration is conducting on-site verifications to ensure only eligible applicants receive pattas and to reclaim any additional encroached land. This initiative aims to protect the rights and interests of eligible applicants, as well as preserve the ecological balance in the region.
The Chandigarh Housing Board (CHB) has yet to register the delayed Sector 53 housing scheme and itself as the promoter with the Real Estate Regulatory Authority (RERA), causing further postponement in the project's launch. The CHB board of directors had approved the scheme in February, but RERA registration remains pending. The Sector 53 housing scheme has faced numerous delays over the years, including a lack of demand due to high costs. Under the revised plan, the CHB aims to offer 340 flats in three categories. Registering with RERA is crucial to ensure compliance and protect home buyers' interests.
The Indian Ministry of Housing and Urban Affairs has blacklisted Supreme Infrastructure India Ltd and Ramacivil Construction Pvt Ltd for their sub-standard work on the NBCC Green View project in Gurgaon, which was declared unsafe by the Indian Institute of Technology, Delhi. The firms are banned from receiving any work from the ministry for two years and from working with any associated entity or Central Public Sector Enterprise.
The state housing department in India has relaxed planning permission norms for residential, commercial, and institutional buildings outside Chennai Metropolitan Area. Builders and realtors who wish to build in the area can now apply for permission online through Licenced Building Surveyors, who are authorised engineers. Once the application has been submitted, officials from the Directorate of Town and Country Planning (DTCP) will inspect the site and examine the documents that have been submitted.
Real estate tycoon Gopal Ansal has been ordered to stand trial for allegedly cheating and defrauding a private company and its promoters in the name of investment in a building at Connaught Place in Delhi in 1991. He faces charges of cheating, forgery and criminal conspiracy, while Sushil Ansal, a director of Ansal Properties, has been discharged. The complainant, Sachdeva & Sons Industries, had invested in Statesman House through an employee who was known to Gopal Ansal, but later discovered that receipts were issued only in the name of the employee and that the money was diverted to book a flat for him.
The Maharashtra state government has approved the payment of rent arrears to 672 residents of Patra Chawl from January 2018 to February 2022. The decision was made after a meeting between the residents' association and MHADA officials, where residents agreed to accept rent from the time the developer had been removed by MHADA and submitted a copy of the resolution to MHADA. The rent will be paid by MHADA, incurring a cost of around Rs 85 crore for the arrears from January 2018 to February 2022, and will be a major relief to residents who have been out of their homes for more than a decade.
The Yamuna Expressway Industrial Development Authority (YEIDA) plans to file a police complaint against all parties involved in a 73-acre plot transaction in Noida for not informing YEIDA and failing to pay transfer of memorandum (TM) charges. YEIDA officials estimate a loss of Rs. 200 crore over two transactions. The case highlights the importance of transparency in property transactions and adherence to legal procedures, prompting calls for more efficient land management systems and increased collaboration between government and regulatory authorities.
Police evicted 17 families from Rameshwar Apartment in Sola, Ahmedabad, amid a disagreement over the redevelopment of the High-Income Group (HIG) society. The large-scale project includes residential and commercial properties, but some residents claim they were initially told it would be exclusively residential. The eviction highlights the challenges of urban development projects, the importance of transparent communication, and the potential impact of evictions on the affected families.
Greater Chennai corporation (GCC) has strategized to collect tax from 2.79 lakh under assessed properties (owners of individual houses, educational institutions and commercial properties, hospitals) by re-assessing them. These properties have been identified with the help of GIS technology based on changes in their area, measurements and remodelling structure. The re-assessment is expected to boost the property tax revenue by 300 crores annually.
Following the recent doubling of jantri prices beginning from April 15, the Gujarat government is reportedly planning another rise in jantri charges in outlying regions of cities later this year. In order to align jantri rates with land rates, the government is harmonizing jantri prices with the market price of land in various places. A survey of chosen value zones, particularly recently growing outlying areas of cities, will be done.
The use of digital platforms for property tax payments has resulted in a 24% increase in returns filed in Ludhiana. In the financial year 2021-2022, the city's municipal corporation received 77,555 online returns out of a total of 2.7 lakh property tax returns. This number increased to 1.02 lakh online returns and 3.55 lakh total returns in 2022-2023, resulting in a collection of Rs 31.41 crore. While officials are pleased with the progress, they acknowledge that there is still more scope for digital payments and are continuing their efforts to encourage taxpayers to pay digitally.
Punjab Local Bodies Minister Dr. Inderbir Singh Nijjar handed over allotment letters to 487 successful applicants of the Atal Apartment Scheme in Ludhiana, which includes the construction of 336 HIG and 240 MIG flats. The flats will be built on an 8.80-acre land with facilities such as a swimming pool, gymnasium, green parks, clubhouse, CCTVs, 24-hour water supply, and more. The construction will be completed in three years, with possession given to allottees within three months. The state government is committed to providing affordable housing and boosting infrastructure across the city.
Bengaluru based real estate firm Puravankara reported a 29% increase in sales bookings to a record Rs 3,107 crore in the last fiscal year, attributed to higher volumes and better price realisation amid strong housing demand. The housing segment contributed 100% to the total sales booking, with sales realisation rising 14% to Rs 7,768 per square feet. In the last fiscal year, the housing segment contributed 100% to the total sales booking, compared to the previous year, where residential properties made up around 98-99% of sales with the remainder from commercial asset sales.
The Delhi Development Authority (DDA) is considering dynamic pricing to enhance sales of unsold and upcoming flats, primarily targeting Economically Weaker Section (EWS) and Low Income Group (LIG) housing. The strategy involves reducing EWS flat prices in distant sub-cities while slightly raising prices for premium flats in prominent locations. With over 16,000 unsold flats and an additional 23,000 EWS and LIG flats set to launch under the 2023 housing scheme, the DDA aims to balance overall revenues and make housing more accessible for lower-income buyers.
The restructuring proposal of Adler Group SA, aimed at averting the imminent collapse of the German real estate company, was sanctioned by the High Court in London last week, despite resistance from certain bondholders. Judge Thomas Leech granted authorization for the plan after a hearing last week, during which legal representatives for Adler’s English subsidiary stated that the group would likely face insolvency proceedings by the end of April unless the proposal was approved.
If sourced are to be believed, Country Garden Holdings, a major real estate developer in China, has secured a loan of HK$900 million ($114.65 million) from a private lender to refinance a bank loan. The loan, extended by Flow Capital (HK) Ltd, an investment firm based in Hong Kong, will primarily be used to repay a Hong Kong loan owed by Country Garden’s subsidiary, amounting to around HK$700 million.
Himachal Pradesh's Chief Minister announced the launch of 'Mukhyamantri Vidhwa Evam Ekal Nari Awas Yojana,' a housing scheme for eligible widows and single women. The initiative will provide Rs 1.5 lakh in financial assistance to around 7,000 women with an annual income below Rs 2 lakh. The scheme aims to empower these women by offering support for constructing homes with essential amenities. As part of the government's focus on the welfare of underprivileged communities, this initiative aligns with their commitment to promote inclusive growth and enhance living standards for marginalized populations in the state.
Indiabulls Housing Finance has teamed up with Oaktree Capital to acquire a $5 billion chunk of loans given by the non-banking finance company to bankroll several developers. The acquisition will take place through a jointly formed special purpose vehicle, with Oaktree Capital investing 73,000 crore and Indiabulls Housing Finance investing 2,000 crore. The joint entity will acquire these loans extended to developers by Indiabulls Housing Finance, thereby providing an immediate exit and liquidity to the NBFC.
House prices in the European Union have declined for the first time since 2015 due to rising borrowing costs, causing a slowdown in the residential property market. According to Eurostat, house prices dropped by 1.5% in the final quarter of 2022, with the largest declines occurring in Denmark and Germany. The decline is expected to continue as interest rates rise, leading to a drop in demand for mortgages and downward pressure on property prices. Analysts are predicting a further deterioration in the coming quarters.
The Noida Authority has been asked by the Allahabad High Court to explain why it took legal action against the developer for failing to finish Sports City on schedule while it was still waiting for all of the land required to complete the project. The court also requested information from the Authority CEO regarding the efforts the Authority was taking to make the remaining land accessible for the project. The court was deliberating a plea submitted by ATS Homes, the principal developer chosen to build the Sports City and an international-calibre cricket facility in Sector 52. The project is meant to be built on 125 acres, but the developer has only received roughly 25 acres so far.
A builder and landowner in Thane, Maharashtra, are facing charges for allegedly fabricating permits to construct a residential building. The accused reportedly began forging permits from the Thane Municipal Corporation in 2017, which were used to register flats within the building. Authorities are now implementing stricter measures to prevent similar fraud cases, including enhanced scrutiny of permit applications and increased collaboration between departments. The Maharashtra government is also considering new legislation to curb fraudulent activities in the real estate sector.
MHADA has issued Occupation Certificates for the free-sale component buildings in Mumbai's controversial Patra Chawl redevelopment project, following the Bombay High Court's directive. The decision provides relief to homebuyers who have faced delays and uncertainties since the project's initiation in 2008. With Kalpataru and Ekta Group's projects receiving OCs, homebuyers can now expect handovers soon. The long-delayed project highlights the need for stronger regulations and oversight in urban redevelopment to ensure timely completion and protect home buyers' interests.
The Shipra group has filed a complaint against Indiabulls and M3M, accusing them of attempting to usurp its properties, including Shipra Mall. The Ghaziabad police have registered an FIR against 18 executives from both companies and initiated an investigation. Shipra alleges that Indiabulls fraudulently inflated a loan amount and demanded repayment using forged documents. Both Indiabulls and M3M deny the allegations, dismissing them as false and malicious. The case highlights the importance of transparency and integrity in corporate dealings, especially in the real estate sector.
Larsen & Toubro (L&T) is close to finishing India's first 3D-printed public building, a 1,100-square-foot post office in Bengaluru, at a cost of INR 23 lakh. The ground-breaking project reduces construction time by 30-40%, while maintaining costs similar to traditional methods. This innovative technology brings numerous benefits, including design freedom, customization, stronger structures, and energy efficiency. L&T's pioneering efforts in 3D-printed construction could revolutionize the industry and pave the way for sustainable, efficient large-scale projects, such as affordable housing, to accommodate India's growing urban population.
The Supreme Court has set aside an order granting bail to jailed ex-Unitech promoters Sanjay Chandra and Ajay Chandra related to alleged swindling of funds of home buyers. The court directed the brothers to approach it for bail or other reliefs. They are currently lodged in two separate jails in Mumbai. The court had earlier directed them to surrender to Tihar Jail authorities on or before March 22, 2021. Both promoters are said to have served more than five years in custody for the alleged offences.
The Tamil Nadu Urban Habitat Development Board (TNUHDB) plans to construct affordable high-rise housing towers for economically weaker sections and low-income groups near the upcoming Integrated Bus Terminus in Panjapur, Trichy. The board has requested 15 acres of land for the project and has completed a comprehensive design plan for basic amenities. The housing project will be the third high-rise project for TNUHDB in Trichy. Two other high-rise projects in Srirangam and Jailpettai are almost complete. The project is under consideration by the district administration.
The Department of Town and Country Planning (DTCP) in Gurgaon has started a drone survey in sectors 1 to 80 to identify infrastructure deficiencies and unauthorised constructions in licensed colonies. The survey will also keep a check on any violation of norms and record stilt plus four floor buildings in these sectors. The data collected through this survey will be used to prepare an action plan and to identify issues related to infrastructure upgrade and encroachment on public spaces and government land.
The Enforcement Directorate (ED) has attached assets worth over Rs 40 crore belonging to real estate group Supertech and its directors under the Prevention of Money Laundering Act (PMLA). The ED alleges that the company and its directors engaged in criminal conspiracy to cheat people by collecting funds from prospective buyers as an advance against booked flats in their real estate projects but failed to deliver possession of the flats on time, thus defrauding the public.
The Department of Town and Country Planning (DTCP) has issued show-cause notices to the structural engineer, architects, and others involved in the Chintels Paradiso residential society's construction in Gurugram after a fatal building collapse last year. The five individuals had certified the building's safety, but the incident has raised questions about their certifications. The DTCP has requested responses within 15 days to avoid potential blacklisting and license revocation. The incident has prompted authorities to consider stricter regulations and increased awareness of safety standards among residents.
The Reserve Bank of India (RBI) has introduced a new set of rules to prevent "greenwashing," where companies market products as environmentally friendly, even if they do not meet the criteria for such activities. According to the new rules, lenders must have a board-approved policy for evaluating, selecting, and monitoring sustainable projects, and the proceeds from these green deposits must be used to encourage energy efficiency, reduce carbon emissions, promote climate resilience, and improve natural ecosystems and biodiversity. Additionally, these funds will be subject to independent third-party verification on an annual basis.
The first Real Estate Investment Trusts and Infrastructure Investment Trusts index in the nation, the Nifty REITs and InvITs Index were introduced last week by NSE Indices Ltd, a division of the National Stock Exchange (NSE). The index intends to monitor the performance of publicly listed and traded REITs and InvITs on the NSE according to a statement from the exchange.
The LIFE Mission’s housing project on the Greater Cochin Development Authority’s (GCDA) terrain, launched four years earlier in 2018, to rehabilitate P&T Colony residents has reached its final stage. Although the court mandated date of April 26 to shift residents is likely to be missed, officials are positive residents will receive possession before the May 31. According to sources, the inauguration of the building was to have been part of the chief minister’s 100-day programme.
The Ludhiana Municipal Corporation (MC) now requires property photos on tax receipts to improve assessment accuracy. While the MC believes this will help prevent wrong assessments, such as paying residential tax for commercial properties, residents have raised concerns about the increased hassle and potential errors. The new system aims to improve efficiency and resolve disputes between taxpayers and the MC, but its long-term success remains to be seen.
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has identified forty-one developers who failed to attend a review meeting and will now face penalties, including the freezing of their bank accounts and a ban on new project registration. These penalties are designed to encourage compliance with the RERA Act and ensure the interests of all stakeholders, including promoters and buyers, are protected. UP RERA is committed to making the real estate sector in Uttar Pradesh transparent, accountable, and fair
The Bombay High Court has dismissed a petition by a federation of housing societies in Kharghar Node challenging an "illegal retrospective property tax'' demand from 2016 to 2021-22 by the Panvel Municipal Corporation (PMC). The court stated that the federation could appeal the tax demand under the Maharashtra Municipal Corporation Act. The court noted that entertaining the plea would open floodgates of litigation before the court and that the PMC cannot be placed in a cloud of uncertainty when it comes to levy and recovery of civic taxes.
Jaypee Infratech's creditors, including Jaiprakash Associates, the Income Tax department, and YEIDA, have filed an appeal against the award of the company to Suraksha Group by the NCLT. The appeal could delay the start of construction. The Income Tax department has claimed that only Rs 10 lakh have been provided towards its dues despite its claims, while Jaiprakash Associates has argued that the resolution plan proposed by Suraksha Group is not in conformity with certain provisions of the Insolvency & Bankruptcy Code.
The state government has introduced stricter regulations to streamline property registration and increase revenue through property taxes. Property owners must now provide payment receipts for vacant land tax or property tax to register their assets, and the submission of VLT payment receipts for all open plot registrations is mandatory. The new regulations aim to prevent losses due to delinquent or non-payment of taxes and provide better services and infrastructure for the public.
The Kolkata Municipal Corporation (KMC) has announced that it will revoke the trade licence of real estate promoters who dupe flat owners. Previously, the KMC only penalized architects or licensed building surveyors if they failed to provide facilities to flat owners. The KMC will keep a watchful eye on real estate promoters who have fled after constructing an apartment building without applying for a completion certificate. The decision is a step in the right direction to ensure that flat owners receive the necessary amenities and services promised to them and to hold real estate promoters accountable for their actions.
A recent ruling by the Appellate Authority for Advance Rulings (AAAR) has held that charges for several services collected by the developer, Puranik Builders, are "inextricably linked" to the primary service of construction and will be subject to GST at the lower rate of 12%. The ruling could result in reduced costs for buyers of under-construction properties. While the ruling does not set a judicial precedent, it will have a persuasive effect in similar cases.
The state urban development and housing department in Jharkhand is discussing a scheme for the one-time regularisation of “illegal” buildings located in municipal corporation areas. The department had announced a draft of the scheme in November of the previous year, called the ‘Scheme for regularisation of unauthorised residential construction-2022’. The aim of this scheme is to regularise both residential and non-residential buildings that have been built without proper approvals or in deviation of approved building plans, against a one-time payment.
The civic officials of Ludhiana are currently celebrating their record-breaking property tax collection for the year, but they have overlooked the issue of recovering pending rent from tenants of their properties. To tackle this issue, officials are planning to seal the properties of people who fail to clear their dues and have asked concerned officials to submit records so that notices can be distributed. The pending dues to be recovered from tenants’ totals to Rs 12 crore.
VTP Realty has purchased a 6.7-acre land parcel in Pune's Thergaon neighbourhood for more than Rs 260 crore through its subsidiary Rising Wellworth Enterprises LLP. The deal is an expansion of a previous development agreement that the two parties signed. The business and the landowner had agreed to a development agreement for the aforementioned piece of property in August, 2017. The landowner agreed to keep a specific piece of commercial property in exchange for the company developing a real estate project on this piece of land as specified in the agreement.
The Delhi High Court has ordered the formation of a joint task force between Delhi and Uttar Pradesh police to address illegal sand mining along the Yamuna River. The court emphasized the environmental impact and urgency of the issue and directed the task force to regularly monitor river banks and ensure proper pickets are posted. The formation of the task force aims to protect fragile ecosystems and enforce stronger regulations to safeguard India's rivers from the consequences of illegal sand mining.
The Forum for People’s Collective Efforts (FPCE), a nationwide organization representing homebuyers, has requested compensation from the Maharashtra Real Estate Regulatory Authority (MahaRERA) for homebuyers, while expressing concerns about real estate developers’ failure to comply with the statutory requirement of providing project updates every quarter. The FPCE has also urged MahaRERA to impose penalties on promoters of these projects for their non-compliance, citing Section 61 of the Real Estate (Regulation & Development) Act, 2016.
Last week, Blackstone Inc announced that it has successfully raised $30.4 billion for its latest global real estate fund, named Blackstone Real Estate Partners X. This fund is 48% larger than the previous real estate fund closed by the asset management giant in 2019, signalling Blackstone’s increased commitment to the industry. Blackstone has been strategically focusing its portfolio on areas such as logistics, rental housing, hospitality, lab office, and data centres, while shifting away from traditional office and malls. This shift is in response to changing market dynamics, including the post-pandemic rise of flexible work arrangements and the increasing popularity of e-commerce.
The Nagpur Municipal Corporation's town planning department approved a building plan for a structure on a site that allegedly cut down a large number of trees without permission from the Tree Officer, as required by section 19 of the Maharashtra (Urban Areas) Protection and Preservation of Trees Act, 1975. The landowner has submitted a revised building plan and was directed to obtain permission from the Tree Officer before it could be sanctioned. However, despite a complaint and notice from a former member of NMC's Tree Authority, the NMC garden department is yet to visit the site and initiate action.
The National Company Law Appellate Tribunal (NCLAT) has overturned an earlier decision by the National Company Law Tribunal (NCLT) to reject a plea for insolvency proceedings against Ansal Housing, calling it a "fit case" for admission. The NCLAT directed Ansal Housing to pay Rs 12.72 lakh to Clicbrics Technologies within 30 days of the order's release, and in case the creditor refuses the sum, the Section 9 petition will be deemed to be dismissed.
As the new jantri rates take effect, the Gujarat government has promised benefits for the real estate sector, including a decrease in the chargeable FSI and premium for converting agricultural property to non-agricultural land. The concessions prevent price increases for affordable housing units, but they result in significant price increases for homes in other categories, including R1, R2 TOZ, and tall buildings. The state government made it clear that construction plans filed prior to the implementation of the new jantri regime will be subject to both the previous jantri and chargeable FSI regulations.
The Bombay High Court has ruled that tenants cannot dictate the nature of redevelopment to the owner and have limited rights in this regard. The decision was made in a case involving a Khar building where an "obstinate tenant" had been holding up redevelopment. The court directed the BMC to issue a commencement certificate for redevelopment and stated that tenants only have the right to be provided with an alternative accommodation of an equivalent area occupied by them before the building was demolished. The ruling is expected to pave the way for future redevelopment projects.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued notices to around 16,000 real estate developers in the state for failing to provide satisfactory updates on their projects as required by law. These developers had already been given 30 days to update their information and fix any deficiencies, but around 16,000 of them failed to respond or submitted unsatisfactory responses. MahaRERA has stated that it will take action against those who do not respond to the notices within 15 days, as required by law.
The Gurugram Metropolitan Development Authority (GMDA) plans to impose a 1% transfer duty on immovable properties along the 14km Southern Peripheral Road for the next three years to fund the SPR redevelopment project. Property owners and buyers would have to pay 1% of the purchase amount of a property to GMDA at the time of registration. The duty is expected to earn GMDA INR 375 crore over the next three years. GMDA may also use earnings from developing wayside amenities and ask for funds from the state finance department if needed.
CIDCO has introduced an amnesty scheme until April 30 for defaulters in its mass housing scheme, offering discounts on delayed payment charges. Applicants who have not paid all instalments have been given a last chance to clear their dues, with the amnesty scheme only applying to those who pay outstanding instalments in the allotted time.
The Ahmedabad Municipal Corporation has continued with the existing slum redevelopment policy, despite heavy criticism and several appeals for change. In 2016, the Comptroller Auditor General (CAG) published a report stating the policy was flawed and skewed towards private bidders. The CAG found that land premiums were fixed without consideration of the formula agreed upon by the government, and builders paid rates much higher than existing jantri rates. However, the policy continues to remain unchanged, thereby causing crores of financial loss.
According to a report first published by Reuters, the Softbank-backed Indian hotel aggregator Oyo has submitted a private "pre-filing" document for what is anticipated to be a scaled-down Initial Public Offering (IPO). The company had submitted paperwork to go public in 2021 with an initial public offering (IPO) size target of 84.3 billion Indian rupees ($1.02 billion) but postponed the share sale at that time.
According to sources, business conglomerate Shapoorji Pallonji Group is looking to dispose of key real estate and infrastructure assets as part of a larger debt-restructuring plan. The company will sell portions of its stake in properties where the development area exceeds 100 million square feet. Their goal with the sale of its real estate and infrastructure assets is to raise another $2.5 billion. The revenues from the asset sale would be used for other reasons in addition to paying off the company's debt of Rs 21,000 crore.
The bankruptcy court of India has authorised Mumbai based developer KGK Realty to purchase Anudan Properties (India). The resolution plan for KGK Properties received 76.35% of the vote from the Committee of Creditors (COC). Several developers had also submitted resurrection ideas for the company including Aanya Real Estate, a group of Ashdan Properties, and NNP Buildcon. The development is a sign of an increasing trend of various established developers looking for real estate deals through the bankruptcy process and having strong financials.
The Greater Hyderabad Municipal Corporation (GHMC) missed its property tax target for the third consecutive fiscal year, this time by 16%. The civic body earned 1,681.72 crores until March 31, falling short of the 2,000-crore target. It did, however, earn 67.72 crores on the last day of the fiscal year 2022-23. Overall property tax collection was 10% higher than the previous year. The municipal government has assessed 13.53 lakh properties in the city, 7% more than in 2021-22.
The Real Estate Regulatory Authority (RERA) in Bihar has taken possession of 27 katha of land belonging to Agrani Homes in Patna. Agrani Homes failed to honour its obligations to property buyers and breached RERA regulations, leading to the confiscation. The RERA authorities placed a sign on the property last week to intimate the public of the same. The action has allegedly been taken based on three execution cases filed by property buyers who were affected, as per Section 40 (2) of RERA Act and Rule 26 of Bihar RERA Rules.
The real estate and construction firm Renaissance Indus Infra has been accepted into the corporate insolvency resolution process (CIRP) as a result of a request made by Catalyst Trusteeship, one of its financial creditors. Following the company's failure to repay a debt of approximately Rs 444 crore, the lender filed a petition with the bankruptcy court.
The dilution of Coastal Regulation Zone (CRZ) in 2019 has allowed for more construction near Mumbai's coast, benefiting prominent personalities like Sachin Tendulkar, Jaya Bachchan, and Cyril Shroff. The Maharashtra Coastal Zone Management Authority has approved proposals to add extra floors to existing bungalows and expand luxury residential buildings. However, environmental activists have raised concerns about increasing the load on the coastline and not submitting to the spirit and purpose of the CRZ notification.
The Haryana cabinet has approved a one-time settlement scheme, 'Vivadon Ka Samadhan,' to assist colonizers who have defaulted on arrears of license and renewal fees. The scheme will be valid for six months and requires colonizers to deposit 100% of the outstanding principal amount against renewal fees and interest charges. Additionally, the cabinet has approved policies for phasing in licensed colonies and seeking 2/3rd consent from allottees for revisions of layout and building plans, as well as an amendment to the Policy for Planned Development of Low Density Eco-Friendly Colonies.
The Delhi Development Authority (DDA) has announced a new deadline of December this year for the completion of flats developed under its first in situ slum redevelopment project at Kathputli Colony. Officials have stated that the construction work in some towers is either completed or on the verge of completion. Once construction approvals are in place, a computerised draw of lots will be conducted after which the DDA will send a demand letter to the allottees asking them to submit Rs 1.25 lakh as a symbolic amount.
Earlier this month, Oscar-winning actor Brad Pitt sold his Hollywood Hills estate for $39 million days before a mansion tax was implemented. The actor completed the transaction ahead of the April 1 introduction of a 5.5 percent tax on all Los Angeles real estate sales over $10 million, saving him nearly $2.1 million in taxes. The house was built in 1915 and is located near the border of Hollywood Hills and Los Feliz. Pitt sold the property in an off-market transaction.
The Bombay High Court has ruled that the Indian state of Maharashtra cannot charge a premium on the entire freehold land of a property owner in order to lift development restrictions but can only do so on surplus vacant land under the repealed Urban Land (Ceiling and Regulation) Act. The court's decision came after a landowner filed a petition after the state sought a premium on almost one acre, he was permitted to hold under ULCA.
The Orissa High Court has issued notices to the Odisha Real Estate Regulatory Authority (ORERA) over a petition challenging a ten-fold hike in real estate project registration fees, calling it "exorbitant, unreasonable, and arbitrary." The Confederation of Real Estate Developers Associations of India - Odisha and a builder filed the petition seeking the quashing of the notification, which increased the fee from INR 10 per square metre to INR 100/sqm. The bench has posted the matter to July 20 for further consideration along with replies from ORERA.
Himachal Pradesh has amended the Himachal Pradesh Ceiling on Land Holdings Act of 1972 to promote gender equality in landholding, allowing adult daughters to have a separate independent unit of up to 150 bighas of land. The amendment aims to ensure that families with daughters have equal rights in land ownership, removing the unconstitutional clause that promotes gender inequality. This decision will have a long-lasting impact on the socio-economic development of women in the state and will pave the way for a more equitable and just society.
The Kolhapur Municipal Corporation (KMC) has given a six-month extension to the deadline for submitting proposals to regularize unapproved constructions on gunthewari plots. This extension is the last chance for the owners to legalize their properties, or risk losing them. The KMC charges three times the property tax rates for these constructions, and once they are regularized, the property tax will be charged as per the normal rates. This policy aims to bring unapproved constructions under regulation and improve urban planning and management in Maharashtra.
The Municipal Corporation of Gurugram (MCG) has directed the developer of DLF 1 to 5, a licensed colony, to use only recycled water for construction activities to reduce the disruption of drinking water supply to residents. The directive comes after complaints from residents that potable water is being used for construction activities at more than 250 sites in DLF colonies and other areas in the MCG limits, with underground water being extracted illegally. The MCG has set up 41 sewage treatment plants in the city, and recycled water can be taken from these locations or from plants set up by GMDA for construction uses.
The Brihanmumbai Municipal Corporation (BMC) has been ordered by the Supreme Court to rework the capital value of all properties in Mumbai and refund citizens who paid property tax from 2010 to 2012 according to the Capital Valuation System (CVS). This decision comes after the Supreme Court rejected the BMC's review petition challenging the Bombay High Court's 2019 ruling that certain rules framed by the BMC for retrospective tax assessment be set aside.
The Pune Municipal Corporation (PMC) has employed artificial intelligence (AI) tools to incorporate over 11,000 previously non-tax paying properties into its tax system, resulting in an estimated Rs 31 crore increase in revenue. By analysing property tax data, Geographical Information System mapping data, and satellite imaging, the AI-driven approach enabled accurate identification and classification of commercial and residential properties. This innovative use of technology highlights the potential of AI in streamlining administrative processes and may prompt other civic administrations to adopt similar methods for optimizing revenue generation and resource allocation.
Last week, Margao residents staged a protes, demanding a fairer taxation system in response to the proposed increase in house tax and garbage collection fees. A delegation of 10 individuals met with local municipality chairperson Damodar Shirodkar, urging him to postpone the tax hike until all unassessed properties are included in the tax net. The group argued that the current system unfairly targets legally assessed properties, while thousands of unassessed properties remain untaxed. They emphasized that addressing this issue would generate substantial revenue for the municipality and eliminate the need for tax increases.
The Haryana government has raised circle rates by up to 30% in Gurugram's prime real estate areas, including those near the Southern Peripheral Road, Golf Course Road, and Dwarka Expressway. While the increase is not expected to impact premium property prices, it may lead to higher registry costs for homebuyers. Property dealers have voiced concerns about the revision, especially given the real estate market's struggles during the pandemic. The revised rates may also affect loans extended by banks for property purchases, potentially creating further challenges for homebuyers seeking financial assistance.
The Saharsa district administration has taken steps to modernize its operations by digitizing its collectorate and subdivisions through e-offices. As part of this effort, they have recently introduced a new mobile application that allows for land measurement, which can be used for various purposes such as buying, selling, or identifying encroached land. This initiative aims to address the issue of land disputes, which often result in conflicts and violence.
Last week, Britain’s Home REIT stated that it is actively considering the possibility of selling some of its properties in the near future, as the housing provider deals with various challenges, including tenants defaulting on rent payments. Home REIT has recently been in the spotlight due to an unsolicited takeover approach from Bluestar Group Ltd in February, as well as concerns raised by Viceroy Research in a short-selling report about the ability of the company’s tenants to fulfil their rent obligations.
The Dharampal Satyapal Group, which owns popular brands like Rajnigandha, Pulse, and Catch, and has hotels in Jaipur, Guwahati, Nainital, and Jim Corbett, along with the Salarpuria Group, a real estate company based in Kolkata, have submitted proposals for resolving the financial situation of Viceroy Bangalore Hotels Private Limited, which is the owner of the luxury five-star Renaissance Bengaluru Racecourse Hotel managed by Marriott.
Nexus Select Trust REIT, India's first real estate investment trust (REIT) with retail properties and sponsored by global private equity leader Blackstone Group is scheduled to launch its initial public offering to raise over 4,000 crores in the first week of May. After the two earlier trusts that contained office buildings, this will be Blackstone's third REIT in the nation. India's first REIT, Embassy REIT which was backed by an institutional investor debuted on the public market in 2019 while Mindspace REIT went public in 2021.
The officials of Ludhiana municipal corporation have issued a warning to the public about fraudulent activities related to the Basic Services for Urban Poor (BSUP) scheme, following numerous complaints of fake allotment of flats. The officials clarified that no staff members of the municipal corporation visit homes to offer flats to residents, as these flats were constructed specifically for the rehabilitation of slum dwellers. They urged residents to be cautious and not to engage with any illegal deals, and to report any such activities to the authorities.
The Indore Development Authority (IDA) has initiated a campaign to aid in the transition of approximately 10,000 properties from leasehold to freehold. This effort is expected to generate revenue of at least Rs 250 crore. During a five-day event held from March 20-24 this year, 169 properties were successfully converted, resulting in a revenue of Rs 3.68 crore for the IDA while also assisting property owners.
According to several realtors and property data companies, demand for properties from Chinese nationals has seen a recent upsurge in countries such as Singapore, Australia, and Thailand. Many of the current property buyers are investors who need moving their money overseas. Experts are attributing the outflow of capital to the current vulnerability of the real estate market, the Chinese government’s taxation regulations, as well as its negative attitude towards wealth accumulation.
The Noida Authority has hired an agency to keep a check on the Sports City project, which is located in various sectors, and to ensure that the facilities are in place. The agency will assist in identifying gaps and remedies for completing the sports facilities. As per the original plan, 70% of the land was to be used for sports facilities, and the remaining area was to be used for residential and commercial purposes. However, the developers sold residential properties without completing the sports facilities.
Nine people, including the Chairman, Managing Director, and four directors of Omaxe Ltd, have been booked for cheating on the complaint of Deepak Bhati, who had booked a shop at the Omaxe Connaught Place Mall in Greater Noida in 2017 but has not received its possession even after six years. Bhati had paid over Rs 26 lakh to the developer and was assured of possession within two years. However, upon filling an RTI query, he found out that the Greater Noida Authority had not approved nearly 170 of the proposed 1,000 shops, including the one he had booked. Bhati then approached the district court, which ordered the FIR against the accused.
Macrotech Developers, one of India's leading real estate firms, has reported a record sales booking of Rs 12,064 crore in the last fiscal year, which represents a 34% rise from the previous year. Despite a surge in interest rates on home loans, the company has delivered a strong pre-sales momentum. The collections of money from customers for the year stood at Rs 10,606 crore, up 23% YoY. The company has surpassed its full-year guidance and added twelve projects in FY23, with a sales potential of around 14 million square feet of about Rs 19,800 crore.
The Maharashtra State Human Rights Commission (MSHRC) has criticized the City and Industrial Development Corporation (CIDCO) for its "total non-action" against a private builder who has been cutting into Parsik Hill in Navi Mumbai. Environmentalists claim that this slope cutting is endangering the lives and properties on top of the hill. CIDCO had earlier entered into a Leave & License Agreement with the builder only for plantation and maintenance of part of the hill. However, the builder made a pathway and erected advertisement hoardings, for which CIDCO served notice on the builder.
The Nagpur District Consumer Disputes Redressal Commission directed Sunil Fating, the builder of Infra Estate Builders and Land Developers, to refund Rs 15.6 lakh to two senior citizens, Ashok Ingole and Seem Thakre, who had purchased plots from him in November 2014. The plots were supposed to be registered in their names by January 2016, but the builder cancelled the deal due to a dispute with the original landowner. The commission also slapped a fine of Rs 50,000 on Fating for physical and mental harassment and directed him to pay 720,000 towards litigation charges to the complainants.
Delhi-RERA and NAREDCO have partnered to create the National Institute of Real Estate Development (NIRED) to promote capacity building in the real estate, construction, and infrastructure sectors. NIRED will provide training courses for various stakeholders in the industry and promote awareness of the Real Estate Regulation and Development Act 2016. By focusing on skill development, emerging trends, and technologies, NIRED aims to bridge the skill gap, enhance transparency, and contribute to the overall growth and modernization of India's real estate market.
Sinhasa IT Park, under the Madhya Pradesh State Electronics Development Corporation, aims to attract tech companies by offering 30-year leases on office spaces. The 112-acre technology and business hub feature industrial plots and a four-story building. With plots already allocated to 30 small and medium-sized IT firms, the park plans to initiate online bidding for seven remaining plots in May. In addition to offering long-term leases, the park is developing a plug-and-play facility for ready-to-move-in spaces and exploring improvements in connectivity, infrastructure, educational partnerships, and financial incentives to entice more tech companies to the region.
UP RERA has hired a consultant to resolve the deadlock between real estate firms and Noida and Greater Noida development authorities over nearly Rs 39,000 crore in legacy land dues. The impasse has halted registries in residential societies throughout Noida, leaving residents with incomplete amenities. The consultant is expected to submit a report within a month, proposing a potential roadmap to address the issue. Meanwhile, a meeting between UP RERA, the development authorities, and developers is scheduled to discuss the matter further, with the aim of benefiting residents, developers, and local authorities.
Investors in Gujarat raced to register their homes before the deadline as the 100% hike in jantri rates will take effect on April 15. The government's revenue from stamp duty and registration fees in the January to March quarter significantly increased because of the rush. Revenue increased by 57% to Rs 4,876 crore in 2022 compared to the same period in 2022. The number of properties registered increased by 18% from 4,36,665 in January-March 2022 to 5,15,116 this year.
The Navi Mumbai Municipal Corporation (NMMC) has set a record by collecting the most revenue ever in a single fiscal year 2022-23 through property tax which is a major source of revenue for the civic body. The civic body has surpassed all the previous year property tax collections and is Rs107.17 crore ahead of the previous fiscal. The total collection of property tax in 2022-23 was Rs 633.17 crore, up from 526 crore in 2021-2022. The revised year-end target was Rs 575 crore. However, NMMC earned Rs 58.17 crore more than the target.
Jumping in on technology bandwagon, the Hubballi-Dharwad Municipal corporation has announced the launch of a mobile application that will allow citizens to pay their property taxes directly via their cell phones. The new web and mobile-based technology will be operational beginning with the ensuing fiscal year. Previously HDMC generated tax challans using 20-year-old XP-based technology which has now been replaced by a new technology. Previously HDMC generated tax challans using 20-year-old XP-based technology which has now been replaced by a new technology.
The Thane Additional District Consumer Dispute Redressal Commission has ruled in favour of a Navi Mumbai resident who filed a complaint against Prathamesh Construction for the delay in the possession of a flat. The commission has directed the builder to refund Rs 48 lakh to the home buyer along with an interest rate of 12% on the sum, including stamp duty and registration charges. The commission has also ordered the builder to pay compensation of Rs 2 lakh for deficiency in service and unfair trade practices.
The Greater Visakhapatnam Municipal Corporation (GVMC) has achieved a record high in tax collections for the financial year 2022-23, surpassing its own target of 375 crore. The GVMC, which is responsible for collecting property taxes in the city, collected a total of 421.5 crore, including vacant land tax receipts. This is a significant improvement compared to the previous fiscal years when the tax collection was impacted by the Covid-19 pandemic.
The Pune Municipal Corporation (PMC) has extended the deadline for property owners to pay their taxes at discounted rates. The previously deadline was May 31, which has now been extended to June 30. Further, tax defaulters have been given an extension until April 30 to clear their dues. The state government has announced a 40% tax discount for self-occupied properties, but the civic administration has yet to receive a detailed notification about it, which could delay the distribution of tax bills. Therefore, additional time has been given to pay the tax at discounted rates.
The registrar’s office in Indore has reported a high number of daily property registrations, with close to 1000 properties being registered every day. The month of March has seen a significant increase in demand for residential apartments, plots, and commercial property, resulting in an estimated income of around Rs 350 crore from the sale deeds of properties. This increase in demand has been further compounded by a rise in the collector’s guideline rates.
Representatives of several Resident Welfare Associations (RWAs) in Gurugram strongly opposed the construction of stilt plus four floors, stating that it will only put additional burden on the already crippled infrastructure of the city. The RWAs demanded a complete ban on stilt plus four floors and highlighted the problem of increased floor area ratio (FAR). They claimed that the policy of stilt plus four floors is a breach of residents' trust, and the low-height houses are deprived of free flow of air and sunlight. The government had kept the fresh building plan of stilt plus four floors in residential plots in abeyance in February.
Amancio Ortega, the founder of Zara and a billionaire from Spain, has purchased a high-end apartment building in Dublin, Ireland, containing 120 units for rental purposes. The transaction, which amounts to roughly 100 million euros ($108 million), was announced last week by Ortega’s private company, Pontegadea. This acquisition marks the first time that Ortega’s firm has purchased a residential property outside of the United States, and it is part of the company’s plan to invest in various real estate assets.
The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has reported that it received over 48,500 complaints in the last five years, with nearly 60 percent of them coming from Gautam Buddh Nagar and 17 percent from Lucknow. The regulator was able to resolve 88.61 percent of the complaints received, totalling 42,980. Gautam Buddh Nagar, which includes Noida and Greater Noida, had the most complaints at 28,859, followed by Lucknow with 8,654, and Ghaziabad with 6,500 complaints.
According to sources from the district administration, the cost of purchasing land set to increase by 5% to 45% in the state capital of Madhya Pradesh. According to the revised collector guidelines rates applicable from this fiscal year, the registry of land will go up by 5% to 20% in 732 locations in Bhopal. However, the registry rate at one location on Kerwa dam road, where a posh colony is coming up, has been raised by 45%.
Individuals purchasing properties from the Lucknow Development Authority can now apply for registration via a single window system. As of Thursday, the LDA opened two counters (seven and nine) on the ground floor of their headquarters where applicants can submit their documents between 10:00am and 2:00pm.
Authum Investments and Infrastructure has completed the Rs 3,351 crore acquisition of debt-ridden Reliance Home Finance Ltd (RHFL), marking the largest non-banking finance company (NBFC) resolution outside bankruptcy courts. Despite delays due to regulatory objections, lenders' recoveries increased, with secured creditors recovering about 29% of their dues. The successful resolution exemplifies the potential for out-of-court settlements to address distressed NBFCs, offering a more efficient and effective approach for the Indian financial sector.
The Chandigarh Municipal Corporation collected more than Rs 69.50 crore in property taxes in the recent fiscal year which concluded on March 31. As payments were being taken through E-Sampark centres at night the amount is certain to rise. Both business and residential properties in the city contributed to the collection of the property tax. A portion of the money was also given by individuals in the form of property title changes and book entries.
A Panchkula court has fined the Haryana Shehri Vikas Pradhikaran (HSVP) for withholding allotment of a plot and has directed the body to pay the allottee a fine of Rs 25,000 as compensation for causing mental harassment. The allottee has alleged that she had been allotted a residential plot in Sector-57, Gurugram, but had later discovered that it was under litigation and not available for possession. In spite for making the full payment, she has been waiting for fourteen years for her allotment. The HSVP tried to refund her money and offer her an inferior plot, but she refused to take either alternative.
The Andhra Pradesh Capital Region Development Authority (CRDA) has announced that it will be distributing housing plots to over 48,000 economically weaker individuals from the Krishna and Guntur districts. These plots, which span over six villages and 1,135 acres, will be allocated to those who do not currently own a home in the areas of Mandadam, Inavolu, Krishnayapalem, Navuluru, Kuragallu and Nidamanuru. This initiative is part of the government's broader mission to address poverty and provide adequate housing for those in need.
Gurugram's DLF colonies are experiencing a surge in unauthorized commercial operations, negatively impacting infrastructure, and residents' quality of life. The developer has submitted a list of 742 illegal establishments in DLF 1 to 4 to the Department of Town and Country Planning, urging action against property owners. The department has formed a team to conduct surveys and issue notices to violators. Collaboration between local government, enforcement agencies, and stakeholders is necessary to develop comprehensive solutions, such as stricter monitoring, improved infrastructure, and rezoning plans, to address the issue.
Many shopping and commercial complexes in Prayagraj have neglected electrical safety audits and No Objection Certificates (NOCs). The recent fire at the Nehru complex highlighted this oversight, prompting fire department officials to call for urgent safety audits, upgraded fire safety systems, and wiring replacements. A recent survey found that over 60% of shops lack adequate fire-fighting arrangements or knowledge of precautions. Authorities must enforce safety regulations and raise awareness to prevent future incidents and ensure public safety.
In a significant ruling, the Rajasthan Real Estate Regulatory Authority (RERA) has issued an order stating that a builder cannot make any alterations to the draft agreement for selling flats as prescribed under RERA Rules. Additionally, the allottee, or buyer, is not required to wait for the resale of a cancelled flat booking to receive a refund from the promoter. The decision was made after a complaint was filed by a buyer against a builder for withholding a booking deposit because the cancelled unit had not yet been sold to another buyer.
The Municipal Commissioner of Nashik has instructed all six divisional offices of the Nashik Municipal Corporation (NMC) to check if the properties owned by the civic body are included in the 7/12 extract papers. If any civic property is not included in the land records, it is to be included immediately. This move was made in response to a question raised by BJP MLA from Nashik East Rahul Dikhle during the recent budget session of the assembly. The MLA claimed that many of the civic body’s properties in newly developed areas like Makmalabad, Adgaon, Mhasul etc., have not been included in the land records.
The gunthewari regularization scheme in Pune, aimed at legalizing illegal homes on small plots, has struggled to attract property owners due to high charges and complex processes. In the last financial year, the Pune Municipal Corporation received only 600 applications and approved a mere 10. With approximately 50,000 potential beneficiaries, efforts to streamline the process and address the concerns of property owners are essential for the success of the scheme.
Last week, Blackstone Inc announced that it had once again prevented investors from withdrawing money from its real estate income trust, which is worth $70 billion. This action was taken in March due to a high number of redemption requests, which the private equity firm had been experiencing. Blackstone has been using its authority to block investor withdrawals from BREIT since November, as the number of requests surpassed 5% of the fund’s net asset value.
Earlier last week, the Enforcement Directorate (ED) reported that it had seized two properties in Goa belonging to Rakesh Wadhawan and Sarang Wadhawan, who are HDIL promoters. The properties are valued at over Rs 31 crore and have been linked to an investigation into money laundering that is connected to alleged irregularities in the redevelopment of Patra ‘chawl’ in Mumbai.
The Noida Authority has recently published data on its website that reveals the extent of the city’s problem with the flat registry stalemate. This problem arises because homebuyers are unable to obtain deeds for their properties due to a disagreement between builders and the government regarding outstanding dues. The data shows that out of the 1.3 lakh flats that were approved in 115 projects in the city until 2016-17, only 56,790 (around 40%) have been registered. Moreover, of these 115 projects, 77% have defaulters who owe money to the government.
According to block deal data available on the National Stock Exchange (NSE), private equity firm WSI WSOI V Mauritius Investors, which is an affiliate company of Walton Street Capital, divested its entire 14.27% stake in Shriram Properties for Rs 134 crore. through an open market transaction. WSI WSQI V Mauritius Investors held over 2.42 crore shares, equivalent to a 14.2% stake in Shriram Properties at an average price of INR 55.05 apiece.
The Maharashtra government is set to purchase the iconic Air India building at Nariman Point for INR 1,600 crore. The state government has expressed interest in acquiring the property in the past, and it has been reported that the AI Assets Holding Ltd., which owns the building, has given an in-principle agreement to the sale. However, the government has clarified that they will only proceed with the deal if they receive vacant possession of the building, as several state offices are housed in private spaces across south Mumbai, costing the government a significant sum of money every month.
The Lucknow Development Authority (LDA) will require private developers to specify project lifespans for structures with four or more floors in their building plans. This move aims to improve structural safety and protect property buyers following a building collapse incident earlier this year. The LDA will also form a panel of experts to regularly certify the structural safety of buildings nearing the end of their declared lifespans. The new policy will promote transparency and help ensure safer living and working conditions in Lucknow's real estate sector.
The Urban Development Department has requested details from the Delhi Urban Shelter Improvement Board (DUSIB) on 82 new slum clusters identified for rehabilitation, but DUSIB has yet to locate the related file. The list was briefly published on DUSIB's website before being removed, raising concerns about transparency and accountability. The inquiry highlights the need for better communication and coordination between government agencies to ensure proper rehabilitation and support for vulnerable communities living in slum clusters.
The decision by the state government to grant interest waiver on property tax dues in urban areas has resulted in significant revenue for civic bodies during the last few days of the fiscal year. Urban local bodies collected nearly 40% additional revenue during the current fiscal year compared to last year's tax collections. The tax revenues saw a sudden jump in the last fortnight of March after the state government waived penal interest on accumulated tax dues since 2020-21.
The Noida Authority has issued a show-cause notice to Three-C Green Developers for violating lease terms and not completing the project 12 years after land allotment. According to the lease terms, the developer had to complete the project within seven years. The notice stated that 15% of sports facilities were to be developed within three years of the date of allotment, while all the sports facilities were to be provided within five years. However, the developer failed on each timeline.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has initiated the use of QR codes on developers' registration certificates, enabling homebuyers to quickly access vital project information. By scanning the QR code, potential buyers can review construction progress, financial status, and any lodged complaints. The move aims to improve transparency, streamline taxation processes, and bolster consumer trust in Maharashtra's real estate industry. Industry leaders have praised the initiative, urging promoters to adopt QR codes in promotional materials and encouraging MahaRERA to address stalled projects proactively.
The Enforcement Directorate (ED) has attached 403 immovable properties worth Rs 83 crore belonging to Kalptaru Buildtech Corporation Limited, its group entities, and directors. These properties are located in cities such as Lucknow, Agra, Mathura, and Aligarh. The move comes after a case was registered against the firm in March 2022 under the Prevention of Money Laundering Act, 2002 (PMLA).
The Greater Chennai Corporation (GCC) has proposed a 20% discount on property taxes for big-ticket defaulters who owe the civic body more than 346 crore. This move, however, comes with certain conditions. Defaulters are only eligible for the discount if they pay their dues in one go and within three months of the council adopting the resolution. The scheme targets those who have accumulated dues for more than five years and has been sent to the state government for approval.
TVS Emerald, a real estate development company based in India, has signed a term sheet with HDFC Capital Affordable Real Estate Fund – 3 to create a platform for plotted development projects across Chennai and Bengaluru. The platform, which is worth Rs 1,000 crore, will focus on meeting the growing demand for high-quality plotted developments at affordable prices.
The Brihanmumbai Municipal Corporation (BMC) has surpassed its revised target for property tax collection for the financial year 2022-23. As of Friday evening, the civic body had collected Rs 5,350 crore, which is higher than the revised target of Rs 4,800 crore. However, it falls short of the original target of Rs 6,000 crore. Last year, the BMC had collected a total of Rs 5,792 crore in property taxes.
The Greater Noida Authority is cracking down on real estate developers who have defaulted on their land cost payments, with a plan to issue recovery certificates, stop-work notices, and cancel plot allotments to recover dues. Officials say the crackdown is likely to begin within a week. A total of 107 realtors owe Rs 5,650 crore in unpaid land costs. So far, 10 developers have applied to clear dues under the GNIDA’s rescheduling policy, and five others have cleared their dues.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has recently taken action by issuing show-cause notices to 261 real estate projects across the state. The projects in question have less than 40% of their work completed but have promised possession of their flats by December 2023. The notices were issued solely on the basis of information submitted to MahaRERA by the developers themselves. The projects are spread across different regions in Maharashtra, including 26 in Mumbai city, 94 in Mumbai suburbs, 43 in Thane, 15 in Raigad, six in Palghar, and 67 in Pune.
According to sources, Shimao Group, a property developer in China, is looking to sell its hotel located near the Hong Kong international airport. This decision could aid the company in repaying its debts. Based on market valuations, the transaction is anticipated to bring in a minimum of HK$6.5 billion ($828 million). Last year, like many other Chinese property developers, Shanghai-based Shimao defaulted, and is presently undergoing the process of restructuring its offshore debt worth $11.8 billion.
The Adani Group is reportedly negotiating with lenders to extend repayment terms on $4 billion loans taken to acquire ACC and Ambuja Cements assets from Switzerland's Holcim group. The group seeks to extend its $3 billion bridge loan from 18 months to five years or more and convert a $1 billion mezzanine loan into senior secured debt with a five-year repayment schedule. Lenders have agreed in principle to extend the loan tenure, but discussions on loan pricing are ongoing. The final outcome of these negotiations remains uncertain.
Rajasthan's real estate market is experiencing a surge in housing plot sales, driven by factors such as homeownership desires and a more favourable stamp duty structure compared to flats. In Jaipur, land prices have risen by an estimated 70% in some areas over the past two years. The stamp duty, fees, and taxes on flats amount to about 23% of the cost, while for a plot, it is only about 3%. Experts caution that unchecked plotting could lead to chaotic urban growth and call for balanced market policies to ensure sustainable development.
The Enforcement Directorate (ED) has attached assets worth Rs 150 crore belonging to the Rose Valley Group as part of an ongoing money laundering investigation. A provisional order led to the freezing of 139 immovable properties, including land, flats, and commercial spaces across Tripura, West Bengal, and Andaman and Nicobar Islands. The probe has revealed that the group collected funds by selling fraudulent schemes through a network of agents. The ED's investigation began in 2014, and the latest asset seizure marks a significant step towards recovering defrauded funds and ensuring justice for affected investors.
Last week, the Enforcement Directorate (ED) announced that it has taken control of 15 pieces of land in Gurugram, Haryana, valued at Rs 245 crore, as part of an investigation into money laundering allegations against real estate firm Unitech and its promoters. According to a statement from the agency, the land parcels are owned by Trikar Group, which is a benami group of Unitech. The ED had previously frozen these assets under sections of the Prevention of Money Laundering Act (PMLA), and now the agency has taken physical possession of the properties.
The Flatiron Building, an iconic triangular-shaped skyscraper in New York, was sold at an auction for $190 million after a court order. The 22-story building was constructed in 1902 and is famous for its resemblance to a clothes iron. The winning bid was almost four times the initial price of $50 million, thanks to intense competition among bidders. However, the bidder Jacob Garlick has missed the deadline to pay the 10 percent down payments which has resulted in the building going to the second highest bidder Gural for $189.5 million.
In a recent Mohalla Committee meeting, residents of Aundh, Baner, Balewadi, and Pashan in Pune demanded that their civic body address various issues such as water scarcity in the area, the need to remove unnecessary overhead cables, clean up nullahs and stormwater drains before the monsoons, and other matters. They have requested the Pune Municipal Corporation (PMC) not permit the construction of new buildings until these issues are addressed.
The JP Taparia family, founders of the pharmaceutical company Famy Care, has reportedly purchased India's most expensive triplex apartment in Malabar Hill, south Mumbai, for over Rs 369 crore. The apartment is situated on the 26th, 27th, and 28th floors of the Lodha Malabar, a super-luxury residential tower on Walkeshwar Road. The transaction sets a new record for the most expensive apartment deal in India, surpassing the recent sale of a penthouse in the same tower to Bajaj Auto chairman Niraj Bajaj for over Rs 252.50 crore.
The Noida Authority has announced that it will issue recovery certificates to builders who are not participating in its schemes to clear outstanding dues. The Authority has launched several schemes to help builders clear their dues, including a one-time settlement scheme and a scheme that allows them to surrender their land in lieu of the dues. However, some builders have not shown interest in these schemes, prompting the Authority to take more stringent measures.
Residents in Dehradun are protesting the slow progress of the investigation into the four-year-old Orchid Park case. protesters gathered outside the Real Estate Regulatory Authority (RERA) office in Dehradun to demand action. The residents are demanding that they receive the apartments promised to them in the builder-buyer agreement. The protesters also criticized RERA for not taking more action in the matter and urged the body to take more aggressive actions to resolve the issue.
The revenue officials are set to auction 13 properties belonging to Holy Faith Builders and Developers Pvt Ltd, owned by MD Sani Francis, at the Ernakulam collectorate conference hall on May 12. This is the third time that the properties are being put up for auction after the government had attached them following a Supreme Court Order. Francis failed to remit Rs 42 crore he owed to the apartment owners in Holy Faith H2O, one of the four apartment complexes that were demolished in Maradu for violating CRZ rules.
Global investment firm Avenue Capital-backed Asset Reconstruction Company of India (Arcil) has reportedly emerged as the highest bidder for L&T Finance's real estate portfolio of Xrbia group, a Pune-based real estate developer. According to two sources familiar with the matter, Arcil has offered INR 700 crore in a combination of cash and security receipts for a portfolio worth INR 880 crore, which translates into a recovery rate of 80% for the finance company. The company was also in talks with Aditya Birla ARC and Phoenix ARC to sell the same portfolio.
American investment manager, Nuveen, has invested $30 million in Aviom India Housing Finance, acquiring a 30% stake in the mortgage lender through a combination of primary and secondary market deals. The primary investment size is $20 million, with the remaining amount being through secondary deals, according to sources familiar with the matter. The equity infusion will help Aviom extend financial assistance to over 60,000 families additionally in FY24 by disbursing around Rs 1200 crore.
The Kochi Metro's second phase, which runs from JLN Stadium to Kakkanad, has been delayed due to land acquisition issues and delays in the commencement of work. As a result, the project cost has escalated, and the revised estimate has been set at Rs 1,957.05 crore. The state cabinet has granted approval for the revised estimate, which is expected to speed up the work on the Metro line's second phase.
The Bombay High Court recently heard a petition regarding the redevelopment of Ratilal Mansion at Parekh Street in Girgaum, Mumbai, which had been stalled for a decade. The project was originally being carried out by Orbit Corporation, which went into liquidation, leading to the incomplete structure on the site today. The 44 residents of Ratilal Mansion have not been able to live in their homes since 2009 and have not received transit rent since 2013.
Mayor Anup Gupta has expressed his support for registering properties by shares. During a meeting with UT Adviser Dharam Pal, Gupta discussed concerns related to the buying and selling of shares in properties and obtaining permission for temporary roofs in the central courtyards. The CHCC is scheduled to convene next week to deliberate on the Supreme Court’s ruling against apartmentalisation and determine the next steps for implementing the order in its entirety.
Last week, the Enforcement Directorate took temporary possession of 24 properties belonging to Nowhera Shaik and Heera Group of companies, which were valued at Rs 33 crore. This was done under the Prevention of Money Laundering Act, in relation to the Heera gold scam. The investigation found that Nowhera Shaik and her companies had used some of the money obtained through illegal means to buy several properties in her name and that of her companies.
BHIVE Workspace, in partnership with the Garuda Group, has launched a 5,000-seat co-working centre in Bengaluru to cater to the growing demand for flexible office spaces. Spanning 2 lakh square feet, the Garuda BHIVE Workspace has already leased spaces to various startups. The new centre expands BHIVE's total co-working portfolio to 14 lakh square feet and 40,000 seats across Bengaluru.
According to senior officials, Delhi Development Authority (DDA) is set to launch its 2023 housing scheme in May, which will feature approximately 23,000 new economically weaker section (EWS) and lower income group (LIG) flats. These flats will primarily be in the Narela Subcity. The officials expect the scheme to be launched after the agenda is approved in the April meeting. The price of these flats will be determined before applications are invited, and the allotment process will be carried out through a computerized draw of lots.
The Bombay High Court recently dismissed a plea by a hotelier seeking orders to restrain the civic body from demolishing his illegal structures and enable him to make an application for regularization. The High Court bench of Justices Girish Kulkarni and R N Laddha rejected the plea, stating that the provision for regularization cannot be a utilized as a weapon in every case of unauthorized construction. The court also directed the municipal body not to take any coercive action against the petitioner until he removes the unauthorized commercial structure himself in four weeks.
The Bhopal Municipal Corporation (BMC) is on a mission to collect property and water taxes from the residents of the state capital. Having targeted large defaulters for weeks, the civic body officials are now going door-to-door to collect every penny due. The BMC has issued a 21-day notice, after which it has threatened to recover pay property tax or water tax by selling the property under section 173 of the MP Municipal Corporation Act, 1956.
In an effort to improve the living conditions of poor families in Jammu and Kashmir, the Lieutenant Governor of the Union Territory, Manoj Sinha, announced that the administration will soon provide land and homes to landless families. Currently, there is no law in J-K that provides land to the poor, leaving many families struggling to find adequate housing. However, under the new provision, houses will be built for these families under the PM Awas Yojana.
In a recent judgment, the Karnataka High Court has ruled that a bank acting as a mortgagee has the right to claim compensation as a "person interested" under Section 64 of the Land Acquisition Act, 2013, if the mortgaged property is acquired. Justice Krishna S Dixit allowed the petition filed by DBS Bank and directed the special land acquisition officer to refer the bank's claim to the district court with all necessary papers.
The Haryana Real Estate Regulatory Authority (H-RERA) has been facing criticism from homebuyers over the slow pace of resolving their complaints. According to data shared by H-RERA, only 53% of the complaints submitted by homebuyers in the last five years have been resolved, while the rest are at various stages of review. This has led to a backlog of complaints and many homebuyers are now seeking justice through other authorities.
Axis Bank and Shriram Housing Finance Limited (SHFL) have entered into a partnership under the co-lending model through the Yubi Co. lend platform. The private sector lender and the housing finance company will offer secured MSME (Micro, Small and Medium Enterprises) loans and home loans to the middle and low-income segment borrowers residing in rural and semi-urban regions. According to a joint statement, the partnership will utilise Axis Bank's financial expertise and SHFL's loan processing technology to evaluate the credit profile of borrowers and provide loans at competitive interest rates.
The Runwal Group, a real estate company, has announced its entry into the commercial real estate sector with a plan to develop over 10.5 million square feet of office spaces in Mumbai and Pune. The company has already started work on its Kanjurmarg project Runwal Commerz and Runwal Edge in Dombivli, with nearly 1 million sq ft in development. The projects will be developed in phases and will include premium residential projects, large open green spaces, and retail components.
Sunac China, a property developer facing difficulties, announced last week that it has come to an agreement with a group of creditors outside of China to restructure its debt worth $9 billion. Sunac is among the major property developers in China that struggled last year due to a debt crisis in the sector. Last week, China Evergrande Group, a property developer with the highest debt in the world, declared its intention to restructure its offshore debt worth $22.7 billion. This move has the potential to set an example for other struggling companies in the same industry and influence investors’ perception of China’s troubled real estate market.
Embassy Office Parks REIT has agreed to purchase the Embassy Business Hub in Bengaluru for a total enterprise value of Rs 3,348 million ($41 million). The acquisition will give Embassy REIT exclusive ownership rights to approximately 1.4 million sq. ft of leasable area on full completion. The company plans to primarily fund the acquisition through debt at 8.1% interest per annum. The acquisition is expected to be completed on or before April 30, 2023, subject to completion of customary conditions precedent.
The Delhi Development Authority has issued a warning, alerting the public about fraudulent individuals who are using a fake URL related to their housing scheme to deceive people. The DDA has stated that it is taking this matter seriously and has filed complaints with the Economic Offences Wing and Cyber Crime cell of the Delhi Police. The DDA become aware that certain fraudulent individuals are using a fake URL (https://DDAflat.org.in/index.php) under the name of DDA’s Housing Scheme to deceive people into booking flats.
The combination of an 18% GST and an increase in the Jantri rates has deterred potential buyers from participating in the recent plot auctions organized by the Ahmedabad Municipal Corporation (AMC). The auctions featured seven plots in prime locations within the city, with a base price of Rs 499.72 crore and a 99-year lease. The plots were situated in Bodakdev, Thaltej, Vastral, and Nikol. However, none of the developers showed any interest in purchasing these plots.
The Greater Noida Authority plans to upload details of 197 group housing projects on its official website to enhance transparency and protect investor interests. This move follows the Noida Authority's recent update of 115 projects. The information provided will help homebuyers make informed decisions while holding developers accountable for project completion and financial obligations. Currently, builders owe over Rs 14,500 crore to the Greater Noida Authority, and around 1 lakh homebuyers are facing difficulties registering their flats.
According to sources, the state government of Maharashtra is a considering implementing a system of registering properties using maps instead of relying solely on geographical descriptions. Last Friday, a GR was issued related to this matter and the committee is expected to provide its recommendations within a month. Currently, a comprehensive geographical description is necessary for the title document. Officials have stated that if registration with maps is implemented, the property title would become more precise. Several states have already begun utilizing maps for property registration.
The Supreme Court of India dismissed an appeal filed by the Enforcement Directorate (ED), affirming that the duration for granting default bail in a criminal case would include the remand period. The Supreme Court had earlier stayed the Bombay High Court order granting bail to the Wadhawan brothers in September 2020, and had issued a notice to the accused on the ED's plea against the High Court order. On February 23, 2021, the top court referred the legal question to a larger bench, which has now been answered in favour of including the remand period while calculating the duration for granting default bail in a criminal case.
In response to a fake call centre racket in New Town, Kolkata, Bidhannagar Police have requested updated tenant lists from local Residential Welfare Associations (RWAs). Authorities plan to conduct surprise visits to verify tenant information, ensuring occupant safety and addressing system vulnerabilities. The recent bust, which exposed fraudulent operators running schemes from residential properties and recovered nearly Rs 4 crore in illegal funds, has prompted the need for an updated tenant database. Local residents have welcomed the initiative for improved community security.
The Odisha state government is preparing to introduce a new bill in the assembly to establish an association of homebuyers in real estate projects. Under the proposed Odisha Apartment Ownership Bill 2023, the association can be formed if seven persons or 50% of allottees, whichever is lower, are allotted flats in apartments. The bill seeks to replace the Orissa Apartment Ownership Act of 1982.
The Thiruvananthapuram city corporation has recently made a record-breaking collection of property tax due to an updated database and the promotion of online payment options. The corporation grossed Rs 115 crore in property tax in 2022-23, which exceeded the target they set for themselves, and showed an increase in collection by 167% in the last five years. This increase was primarily due to the aggressive promotion of online payment of tax and an updated database of tax dues.
Navi Mumbai's property market heats up as a CIDCO plot in Nerul sells for a record Rs 6.72 lakh per square meter, sparking concerns over housing affordability. Activists and builders criticize the sale, claiming it will drive property prices to unattainable levels for average homebuyers. The escalating prices also threaten to strain existing infrastructure, such as roads, water, and power supply, leading to congestion. Experts urge CIDCO to transfer open plots to the Navi Mumbai Municipal Corporation for the creation of open spaces and social infrastructure to alleviate potential long-term sustainability issues.
The Haryana Real Estate Regulatory Authority (H-RERA) has refused to grant an extension of registration to the Shree Vardhman Victoria group housing project being developed by Shree Vardhman Infra Heights Pvt Ltd. This decision was made due to the non-compliance of RERA Act by the promoter. The authority had given 24 opportunities to the developer to comply with the mandatory requirements to renew or extend the registration of the project, but the promoter failed to comply with them.
The Greater Chennai Corporation has reported a significant increase in its tax collection for the financial year 2022-23. The corporation has collected INR 1,408.9 crore, almost double its previous year's collection of INR 471.6 crore, which was impacted by the Covid-19 pandemic. The civic body aims to collect INR 1,500 crore before the financial year ends in a week. Out of the 13.33 lakh assesses, 8.85 lakh have paid property tax so far, with around 8,000 people paying daily in the last week.
The interest rates on home loans have increased by 250 basis points over the last 10 months, resulting in the extension of repayment tenures beyond retirement for many borrowers. While floating rates mean that borrowers must pay the rates prevailing in the market, refinancing loans provides borrowers with an opportunity to save up to 100bps on their loans. Currently, the repo rate is at 6.5% and some banks are offering home loans at 8.5% to new customers.
The Indian government is looking to accelerate its 'housing for all' initiative for rural India, aiming to meet the target three months ahead of schedule by December 2023. A senior official from the rural development ministry stated that the government is in discussions with states to speed up construction processes and complete housing projects quickly. If successful, this will be a significant achievement for the Modi government in advance of the 2024 general election.
The Bombay High Court has directed the Vasai Virar Municipal Corporation to grant occupancy certificates to 27 buildings constructed more than two years ago. The move is expected to provide relief to over 1,000 flat buyers in the massive HDIL layout project. The court directed the corporation to issue the certificate within four weeks after verifying compliances.
Deputy Chief Minister of Maharashtra, Devendra Fadnavis, recently announced that the state government plans to introduce a new policy to expedite Slum Rehabilitation Authority (SRA) projects. According to Fadnavis, builders will be invited through a tender process for the construction of buildings while the government will handle preliminary work, such as clearing plots and determining eligibility of slum dwellers.
The Allahabad high court will oversee the progress of civic work at a township developed by the Noida Authority after residents alleged that the area lacked basic facilities for more than two decades. The RWA of Express View Apartments (Super MIG) in Sector 93 filed a petition last year, alleging "inaction" on the part of the Authority despite several letters and reminders. The Authority had developed the township in 2002, and it is currently home to around 5,000 people living in 1,008 flats.
The average 30-year US mortgage rate dropped to 6.42%, marking the second consecutive week of decline, according to Freddie Mac. As the spring homebuying season begins, this decrease, coupled with stabilizing home prices, offers potential for a housing market rebound. The national median home price also experienced its first annual decline in 13 years, down 0.2% to $363,000. Despite market uncertainty and the Fed's rate hikes, economists remain optimistic that the recovering housing market will bring more favourable conditions for prospective homebuyers in the coming weeks.
Creditors and analysts are not convinced by China Evergrande Group’s proposal to restructure its offshore debts, which is seen as a test of investor confidence in the financially-strained real estate industry. The restructuring plan, which involves a lengthy repayment period and insufficient incentives, has failed to impress. Evergrande is currently the most heavily indebted developer globally, with approximately $300 billion in liabilities.
The Yamuna Expressway Industrial Development Authority (YEIDA) is exploring the option of a one-time settlement scheme to recover over Rs 4,450 crore in dues from 14 builders, which could pave the way for at least 10,000 registries. The dues include Rs 2,753 crore in land premium, Rs 1,408 crore in additional compensation for farmers, and Rs 296 crore in lease rent. If the scheme is implemented, it could facilitate the completion of projects, issuance of occupancy and completion certificates, and execution of registries, which has been a cause for concern for thousands of homebuyers across the National Capital Region.
On the occasion of Bihar Diwas, several programmes were organized in Saran, Bihar. The District Magistrate Rajesh Meena distributed land papers to 194 landless persons of Sadar, Marhoura, and Sonepur subdivisions and greeted people with good wishes on this historic day. The distribution of land papers to landless individuals is an important step towards addressing the issue of landlessness in the state. The initiative will also help in reducing poverty and providing employment opportunities to the beneficiaries.
According to the 2023 Demographia International Housing Affordability report, Sydney’s housing market has once again been ranked as the second least affordable in the world, marking the second consecutive year in which this has occurred. The report notes that house prices in Sydney have risen at a rate six times faster than inflation, indicating that the pandemic’s demand shock has continued to affect house affordability in 2022.
The town of Kilifi in Kenya is set to have the largest affordable housing complex in the world, thanks to 14Trees, the developer that recently completed the printing of the first ten houses in the Mvule Gardens 3D-printed housing project. This new technology has enabled the construction of sustainable and affordable homes, with the added benefit of no wasted materials in building the walls.
The Enforcement Directorate (ED) in India has attached a commercial complex worth over Rs 252 crore (around $33 million) located in Delhi’s Shalimar Bagh area in connection with a money laundering investigation linked to an alleged bank fraud case against the Ambience Group. The immovable property, called Ambience Tower, belongs to a company called Ambience Towers Pvt Ltd, which is a firm of the Ambience Group promoted by Raj Singh Gehlot. The ED has issued a provisional order under the Prevention of Money Laundering Act (PMLA) to attach the commercial building.
An expert committee has requested reports from the chief town planners of various areas in Haryana regarding the approval of building plans for stilt-plus-four-floor buildings in residential areas. The committee was established on March 16 to examine the complaints and concerns raised by various residents and RWAs on the matter, and to assess the pros and cons of such approvals granted in the past and its implications.
The Indian government has amended the Finance Bill 2023 to reduce the tax burden on Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InVITs), treating distributions as a return of capital rather than taxable income. The move, welcomed by industry experts, aims to create a more attractive, stable, and tax-efficient framework for these investment vehicles. The amendments are expected to encourage further investments in REITs and InVITs and fuel growth in the real estate and infrastructure sectors.
The Andhra Pradesh Assembly has passed a bill amending the Revenue Act, settling decades-long dotted land disputes in the state. The move benefits thousands of farmers, as it grants titles to those who have possessed the lands for over 12 years. The new guidelines also promote urban development and generate additional government revenue by allowing municipal bodies to levy property taxes and the registration department to collect stamp duty. The resolution of these disputes will streamline land transactions, as the estimated 100,000 pending applications related to dotted land issues are addressed.
Members of the State Housing Federation, with assistance from the Cooperation Department, have introduced a mobile phone application to assist housing societies in understanding the process of performing conveyance deed or deemed conveyance. According to state officials, out of the 1.15 lakh registered cooperative housing societies in Maharashtra, more than 60,000 still need to perform conveyance deed or deemed conveyance. The ‘Housing Co-op Master’ app is available for free download from the Google Play Store.
The National Green Tribunal (NGT) has expressed its concerns about the inaction and evasive responses of officials in Gurgaon regarding the alleged use of diesel generators (DG sets) and the dumping of waste in the city. The order was made after hearing a petition filed by a Gurgaon resident, Raman Sharma, who alleged that 10 DG sets were being run from a green belt in Malibu Town, Sector 47, and that construction and demolition waste was regularly dumped in the residential colony.
The Greater Visakhapatnam Municipal Corporation (GVMC) has been identifying unsafe buildings every year and serving notices to owners to renovate if the building is structurally sound. However, many owners turn a deaf ear to the notices due to lack of financial means or emotional attachment to the buildings. The recent building collapse in Ramajogipeta that killed three people has prompted the GVMC to take action by serving notices to owners of old buildings.
Residents of Uruli-Phursungi, a group of villages merged with the Pune Municipal Corporation (PMC) five years ago, are demanding a reduction in property tax as they are not receiving enough water. According to the residents, the PMC charges nearly five times more than the gram panchayat, and they believe that their tax should be reduced to be on par with the gram panchayat rates. They argue that the civic administration is not providing enough water to the villages and citizens are still dependent on tankers.
The Noida Authority, which is responsible for the development and management of Noida, a city in India, has recently formed a five-member environmental panel to monitor sewage treatment plants (STPs) installed in group housing societies. The panel will ensure that the STPs are functioning properly and not causing any harm to the environment. The Authority has hired a Delhi-based company to inspect the STPs and provide expert guidance to the panel.
A recent study conducted by the Finnish Homeowners Association has revealed that the cost of housing in Finland is increasing at an unprecedented rate. The of Northern Ostrobothnia’s Kalajoki experienced the greatest increase, with costs soaring by nearly €3,700 ($4,400) in just one year. The increase in housing costs and the significant differences between municipalities are primarily due to the price of electricity, which has risen by an average of 46% from a year ago, as well as waste disposal charges, which have increased by an average of 6.7%, property taxes by 6.3%, and water charges by 4.1%
A team of marine biologists and architects have designed custom terracotta tiles through 3D clay printing to help restore coral reefs in Abu Dhabi. These tiles were produced by climate technology company Archireef in Abu Dhabi’s KEZAD economic zone and were commissioned by ADQ and the Environment Agency – Abu Dhabi. Unlike other artificial reefs, these clay-based structures are eco-friendly and closely resemble the natural pattern of corals. Additionally, they prevent the accumulation of sediment, which poses a significant danger to coral.
HDFC Ltd, India’s largest mortgage lender, may seek intervention from the Supreme Court to challenge the decision made by the National Company Appellate Tribunal (NCLAT) allowing the sale of the IL&FS headquarters in Mumbai to Canadian investor Brookfield. The sale was approved despite HDFC's objection, and the matter is pending before the court. The sale includes 12,651.95 square meters of land at Plot No. C-22, in the G Block of Bandra Kurla Complex together with the IL&FS Financial Centre.
Last week, the Ludhiana Municipal Corporation (MC) conducted a demolition drive which resulted in the razing of five illegal buildings in the city. The action was taken against two residential and one commercial building in Kunj Vihar, one industrial construction in Noor Villa, and one commercial construction on Malhi road. The MC has been conducting drives against illegal constructions, and in this case, the owners were given warnings to get their building plans approved, but they failed to comply.
The Kolkata Municipal Corporation (KMC) has set a target to bring all unassessed properties in the city under its revenue assessment system within a year. Officials believe that if all unassessed properties are assessed within a year, the revenue will increase by 100%. Assessing unassessed properties will not only help the KMC generate more revenue but also enable owners of houses or flats to get their properties mutated, ensuring delivery of essential civic services.
All stakeholders of the Rajesh Lifespaces Group have approved of the take over their hotels in Mumbai by the Rare Asset Reconstruction Co. and Naman Group consortium. Earlier this month, lenders submitted the plan for approval to the National Company Law Tribunal (NCLT). The Rare-Naman Group partnership was the favoured bidder for lenders after making an upfront cash offer of Rs.461 crore and a further Rs.31 crore in equity.
Last week, the shares of Sobha Ltd dropped by more than four percent after the firm confirmed they had been subjected to income tax raids at their head office and in other site locations. In a statement released to the press, the company confirmed that their registered office and other locations of Sobha Ltd were currently the subject of a search by the Income Tax Department. Additionally, the company stated in its disclosure to the exchanges that as a responsible business, all affected employees and personnel are fully cooperating with officials.
The Maharashtra state government is considering a proposal to exempt housing societies in metros from non-agriculture tax (NA). The tax is applicable to societies that do not come under gaothan areas in the municipal corporation or council areas. Currently there is a stay on the collection of NA tax from housing societies by the State Government. Revenue minister Radhakrishna Vikhe Patil has said that the request made is being examined, and a final decision will be made towards the end of the budget session.
The housing problem in the 27-nation EU has worsened due to a recent increase in inflation, particularly in food and energy prices, as well as the ongoing economic and labour effects of the COVID-19 pandemic. According to the bloc, more than 82 million households in the EU are struggling to pay their rent, with 17% of people living in overcrowded accommodations and just over 10% spending more than 40% of their income on rent. In Portugal, this issue is further compounded by the growth of tourism and the influx of foreign investors who have been driving up real estate prices.
The Greater Noida Industrial Development Authority (GNIDA) has announced a plan to allocate ten builder plots across eight sectors of the city. These plots vary in size, ranging from 12,500 square metres to over 404,172 square metres, and are located in Sector 1, 10, 12, Mu, Eta 1, Pi, Pi 1, and Pi 2. The reserve price for these ten builder plots ranges between Rs 35,000 per square metre and Rs 46,200 per square metre. The e-auction's date and time are yet to be announced. However, interested applicants must register on the portal by April 3 and deposit a non-refundable and non-adjustable processing fee to participate in the e-auction.
The government of Maharashtra has recently revised its guidelines for the permitted carpet area of apartments to be built and sold under the High-Income Group (HIG) and Middle-Income Group (MIG) categories through a lottery mechanism of the Maharashtra Housing & Area Development Authority (MHADA). This decision was taken by the government in order to make the housing schemes more affordable for the middle-class and to provide more opportunities for housing.
The Public Works Department (PWD) has recently issued eviction notices to the residents of the Barapullah slum near Jawaharlal Nehru Stadium in Delhi, India, as part of an encroachment clearance drive. The 500 slum dwellers, who are mainly daily wage earners and migrants from West Bengal, Rajasthan, and Bihar, have been asked to vacate the area before March 20. Many residents are distressed and worried about their future as they have nowhere to go. Children in the slum are also anxious about their education and uncertain if they will be able to get admission to other schools.
The district administration in Gurugram has announced that it will begin the second phase of structural audits on residential societies from April 1. The decision was made after a meeting held between Residents' Welfare Associations (RWAs), developers and auditing agencies, chaired by the deputy commissioner, to address the issues raised in the first phase. The administration also directed the audit firms to identify structures that don’t pose any safety threats but have scope for improvement or repair.
ALT Realtech, a Bengaluru-based fintech start-up, has made history by launching the world's first digital real estate exchange called ALT DRX. The platform is designed to allow investors to buy one square foot of real estate at a time, thus increasing accessibility to the market. The start-up's strategy is India-centric, and it has already raised $1.6 million in equity and $2 million in callable mezzanine debt for co-investing in real estate assets during its seed round.
In a recent development, the Bombay High Court has directed MHADA to issue an occupancy certificate (OC) to a builder for the free-for-sale Ekta Tripolis towers within two weeks. This decision has come as a relief to flat buyers in the free-for-sale component of Goregaon's Patra Chawl redevelopment project. The project involves the redevelopment of 672 tenements on MHADA land by Guru Ashish Construction, a subsidiary of HDIL which was first made in 2008. However, the project has been marred by several delays, litigations and alleged money laundering case connected to the redevelopment.
Secunderabad Cantonment Board (SCB) officials are working to collect property taxes from at least 30,000 residential and commercial properties in the area, with the deadline for payment just 10 days away. The SCB tax wing has been working hard to recover tax and has issued demand notices to defaulters to replenish the board's coffers and overcome a funding shortage. To ensure that property owners pay their taxes, special teams were dispatched in January to serve demand notices. Property owners have until March 31 to pay their taxes.
The Forum for People's Collective Efforts (FPCE), a pan-India homebuyers' body, has raised concerns about the formation and structure of the West Bengal housing department's committee for implementing the Real Estate (Regulation & Development) Act, 2016, and the West Bengal Real Estate (Regulation & Development) Rules, 2021. FPCE has raised concerns about the committee's structure, pointing out that there is no representation for homebuyers and that real estate developers are disproportionately represented.
The Government of the Andhra Pradesh has taken a significant decision that would allow government employees to purchase house sites in urban development authorities anywhere across the state. This decision has been made following several rounds of discussions with employees in the last two months. The state government has removed the "local" clause that earlier limited employees to purchase house sites only in their district.
The Supreme Court of India has given Amrapali homebuyers hope that they will not have to sacrifice the facilities and common areas that were promised to them at the time of booking their flats. Earlier this week, the court indicated that common areas approved earlier should not be disturbed and asked the National Buildings Construction Corporation (NBCC) to give a proposal on unused floor area ratio (FAR).
Earlier this week, the enforcement directorate conducted searches on three premises in Chhatrapati Sambhajinagar, two in Pune and one in Akola, as part of a money laundering case registered against a group of builders who were awarded a tender worth Rs4,600 crore for constructing houses under the Prime Minister Awas Yojana (PMAY). The case is based on an FIR filed at Chhatrapati Sambhajinagar city police station on February 23.
Strategic buyers and investors are aggressively looking for real estate companies with sizable land parcels currently under bankruptcy administration for loan defaults, particularly in cities, as the demand for residential and commercial properties increases. Despite the difficulty of insolvency, investors are still showing a lot of interest in these businesses and their projects since they have tangible assets like incomplete buildings and land parcels, along with a certain percentage of sales. Some of the notable take over recently have been Adani Good Homes taking over Radius Estate, Max Estates taking over the Delhi One project and Labdhi Lifestyle taking over a defunct Rajesh Lifespaces’ project in Mumbai.
According to an interview captured by Reuters with top company executives at DLF, the company intends to concentrate on developing luxury and premium projects only to cater to the growing demand in the market segment. They comment about the challenges the company would face in turning a profit if they were to pursue affordable housing projects. DLF’s Gurugram project allegedly sold out in less than 72 hours of its launch, generated more than eighty billion rupees in sales.
At a review meeting on incomplete projects in the state, UP-RERA officials revealed that many projects have not received occupancy or completion certificates and that the developers have not sought extensions of their deadlines. As a result, UP-RERA issued summons to 18 developers who failed to attend hearings. The regulatory authority warned that it would freeze their bank accounts and blacklist them if they continued to be non-compliant.
Avarsekar Realty Pvt Ltd was recently prohibited by the Bombay High Court from selling any of its unsold apartments as of date in a luxurious 42-story high-rise project at Mahim and its other projects until further orders. An attorney and his wife who had reserved a unit in Mahim's Shrishti Sea View in January 2012 petitioned the court for a civil contempt order, which the court granted and postponed to March 27.
The Delhi Development Authority (DDA) has finally found two parcels of land in north Delhi that are eligible for development by a consortium under the land pooling policy. According to a DDA official, landowners in Zone P-II, Sector 8B have expressed interest in pooling their land and have met the policy's eligibility conditions. The land developer can now prepare a layout plan for a group housing society or plotted real estate, depending on feasibility.
MahaRERA has issued show-cause notices to 14 projects after taking note of advertisements published by these developers without a registration number. The regulator has asked all these projects to present their case within 7 days from the date of notice, and the errors are expected to be rectified within the prescribed period. The advertisers without registration numbers include 5 developers from areas near Mumbai, 3 each from Pune, Nagpur area, 2 from Nashik, and 1 from Aurangabad.
According to an application submitted with the bankruptcy court by the resolution professional, Singapore based real estate fund Experion Developers has offered a deal to take over the Blackstone-backed Dignity Builcon in a deal that would entail a fifty percent recovery for lenders initially led by Standard Chartered Bank. Experion Developers made an offer of Rs. 450 crores for the Gurgaon-based Dignity Buildcon, which specializes in real estate development.
Brookfield, a global asset management company, has extended its share purchase agreement to buy the IL&FS headquarters in Mumbai until June 2023, after the initial deadline of December 2022 lapsed. The extension was granted due to delays in closing the deal caused by litigation. The deal is worth ?1,080 crore and involves the acquisition of the 12,651.95 square meter land at plot No C-22 in the Bandra Kurla Complex, Mumbai, together with the IL&FS Financial Centre.
The Delhi High Court has rejected a request by several homebuyers to direct banks and financial institutions to stop charging equated monthly instalments (EMIs) until property developers have delivered the possession of their flats. The petitioners who took home loans based on subvention schemes claimed the banks had not followed RBI guidelines and demanded repayment from them. The court has said that the cases are contractual in nature and that some of the agreements provide for arbitration between the parties. The court further noted that the violation of RBI Circulars is a complex and disputed question of facts that can be resolved through alternative forums.
The Bombay High Court has directed the Brihanmumbai Municipal Corporation (BMC) to frame guidelines for the use of cranes in high-rise constructions. The decision comes in light of a petition filled by the Lokhandwala Residency Tower Co-operative Housing Society. The petition was triggered by the death of two individuals resulting from construction work carried out by a developer of Four Seasons Private Residences Phase I and II on the plot adjacent to the Lokhandwala Residency Tower Co-operative Housing Society in Worli.
This year the Pune Municipal Corporation (PMC) will be delayed in sending out property tax notices as the civic body has to reprint over 4.5 lac property tax bills. The bills are usually sent out around the first week of April. This has been brought about due to the state’s decision to offer a forty percent tax reduction for self-occupied properties. The local postal services will be used to distribute over 10 lac bills and is set to cost the civic body over Rs 50 lacs. Previously, the civic body had used private agencies which led to several problems.
The cost of the Versova Bandra Sealink, a major project of the Maharashtra government, has increased by 60% from Rs 6,993 crore in 2019 to Rs 11,333 crore. However, there has been very little progress on the project due to legal disputes. Certain parties have challenged the environmental clearance granted to the project, and the matter has reached the Supreme Court. The 17.7 km long project was expected to be completed by 2023, but the Maharashtra State Road Development Corporation (MSRDC) has now revised the deadline to December 2026.
India’s first unicorn proptech company, NoBroker has set up an office in the Business Bay district of Dubai, UAE. The company hopes to cater to international markets such as UAE, Australia, Singapore and USA and tap into the illustrious NRI market in India. Earlier this year, the company raised $5 million from Google to expand its services business under the name of NoBrokerhood. NoBroker is a prop-tech platform that uses machine learning algorithms and artificial intelligence to match property owners with potential buyers or renters without any brokerage fees or commissions
Bonito Designs, backed by Lodha Ventures has brought on renowned interior designer Gauri Khan and famous Bollywood designer Manish Malhotra to offer home styling to customers. According to reports by the Economic Times, the company aims to garner a revenue of Rs 280 crores for this fiscal year and surpass over Rs 1,000crores in revenue in the coming two years.
The shipyard owned by CK Hutchison has requested the Hong Kong Town Planning Board to change the zoning of the land where HUD is situated in Tsing Yi. The proposal includes 19.9 hectares of land, which comprises both the HUD and the adjoining vacant Government land. The redevelopment plan aims to construct 10,370 private residential units and 4,700 public housing units to address Hong Kong’s housing needs.
The citizens of Lucerne in Switzerland have voted in favor of limiting short-term rentals, such as those offered on Airbnb, to a maximum of 90 days per year. The measure was supported by just over 64% of voters in the central Swiss city. The initiative was aimed at curbing large-scale temporary rentals by commercial providers and making more housing available for Lucerne’s residents who are currently facing a severe housing shortage. The local government had proposed a weaker alternative that would have restricted the percentage of short-term rentals in non-tourist neighborhoods, but it did not receive enough support.
The Housing and Development Board of Singapore has released sample rooms of their new pilot public rental housing model for singles. Each room is slightly less than 100 sq ft in size and will come with basic furnishings such as a bed frame, wardrobe, table, chair, and a mini fridge. The bathroom and kitchen facilities will be shared by residents of the flat. The apartment buildings will have common laundry and activity rooms available. Residents will be required to pay a fixed monthly fee, which will be calculated based on their income and other factors.
Piramal Capital & Housing Finance will sell its inherited portfolio of bad loans totalling 5,546 crores from Dewan Housing Finance (DHFL) to JM Financial Asset Reconstruction Company following the failure of a Swiss challenge auction to elicit any counter offers. JM Financial ARC has made an offer to buy the portfolio for 2,550 crore which works out to a 46% recovery rate.
Gurugram based real estate company Ganga Realty is gearing up to spend Rs. 750 crores to build its first affordable housing 'Tathastu' in Gurgaon Sector 5, Sohna-Gurugram. The project spans across 22acres and will comprise of 14 buildings with about 2,972 affordable apartments in total. The project is offering 3 BHK apartments with a carpet range of 646 square feet to 1,000 square feet, starting at Rs 25 lacs. The builder aims to finish construction by the first quarter of 2027.
The Maharashtra State Human Rights Commission (HRC) has taken action against CIDCO Managing Director for his “total non-action” against a private builder in the Parsik Hill slope cutting case. The HRC has directed the CIDCO MD to file his own affidavit explaining his stand before the next hearing in the case. The HRC will take up the case next on March 27. The environment department and Navi Mumbai Municipal Corporation (NMMC) have also been directed to submit their fresh affidavits.
The Bombay High Court has stayed the development of Bhagwati Greens Phase 2 in Kharghar, Navi Mumbai, until March 29. The court's decision was made in response to an order by the Maharashtra Real Estate Regulatory Authority (MahaRERA) that rendered the grievances of more than 100 flat buyers in the housing project as superfluous. The association of flat buyers had filed a complaint with MahaRERA, alleging that the builder, Bhagwati Developers, had proposed a fourth tower in a "multi-play area." The association challenged the MahaRERA order in the HC, prompting the court to stay further development of the project.
The West Bengal state government's urban development and municipal affairs department has released a draft notification proposing changes to sections of the West Bengal Municipal (Building) Rules, 2007. The amendments include provisions such as reserving 10% of parking spaces for charging infrastructure in buildings with more than 30 flats or apartments, regularizing minor deviations from sanctioned building plans, allowing additional ground coverage for car parking and building services, and introducing building rules for MSME units in industrial parks.
Cash-stressed Kaisa Group, a property developer based in China, has finally released its overdue financial results for the fiscal year 2021 and H1 of 2022, revealing considerable losses and a notable decline in revenue. Along with other Chinese developers, Kaisa has failed to meet its offshore debt obligations due to financial difficulties and sluggish sales, prompting some to urgently seek restructuring deals with their lenders. International investors have been frustrated by the lack of progress in several long-term restructurings, and they have threatened legal action due to the resulting delays. The company is said to be holding meetings with investors in Hong Kong this week to provide updates on its progress.
Dubai Chamber of Commerce has announced the creation of six business groups that are specifically focused on the real estate sector. These groups are aimed at companies that operate in areas such as real estate development, real estate appraisal, real estate leasing, facility management, interior decoration, and engineering consultancy services. The goal is to help companies in the real estate industry to take advantage of new opportunities, overcome industry-wide challenges, and address policy issues that impact this thriving market.
Last week, the Supreme Court of India granted Ambience Group promoter Raj Singh Gehlot an extension of four weeks of protection from arrest in connection with a money laundering case related to an alleged bank loan fraud of Rs 800 crore. The Enforcement Directorate opposed the grant of relief, arguing that the person who siphoned off hundreds of crores of rupees should not be granted bail allegedly on false medical grounds. The court ordered the trial court to decide on the bail application, if filed, during this period.
The Department of Town and Country Planning (DTCP) in Gurgaon has formed three teams to inspect properties for which architects issued occupation certificates under the state's self-certification scheme. The teams will be composed of assistant town planners and seven junior engineers who will verify if the OCs are sound and submit a report for at least 10% of all OCs granted within three days. The move aims to ensure that the scheme is not being misused and that buildings have been constructed according to regulations.
In January 20202, the Karnataka Cabinet made the decision to defend more than 78,000 residents from false property tax demands brought on by inaccurate zonal classification by the BBMP. However, the government's decree is yet to be implemented, making residents restless and impatient. The BBMP's flaws have led to ongoing administrative delays, and citizens continue to receive penalty notifications. Citizens have now requested that the BBMP's Special Revenue Commissioner expedite the issuance of the GO and also send a copy of the recommendation that the BBMP had made to the government regarding the issue.
In a recent budget speech, Deputy Chief Minister Devendra Fadnavis announced that the state would use rover machines to speed up the measurement and clear land survey applications within the next ninety days. The use of rover machines began last year to cope with the application pile up during the Covid pandemic. Currently, the state has around 1,500 rovers, and the budget has allocated funds for procuring an additional 1,500 rovers for all 3,000 land surveyors in the state.
The Police of Sikhar, Rajasthan have been investigating thirteen individuals in an alleged fraud of nearly Rs 1200 crores. The fraud came to light in February this year when Dilip Singh and twenty-one others lodged a case of cheating at Udyog Nagar police station in Sikar. Since then, over seventy give FIRs have been lodged against the thirteen accused. According to the reports filed, individuals claim they were tricked into investing in the ‘Nexa Evergreen’ real estate firm. The Sikhar Police has arrested four main accused.
Earlier this week, the inhabitants of BPTP Spacio in Sector 37D, Gurugram, Haryana lodged a complaint with the police against the developer claiming the latter has not taken adequate measures to ensure the proper functioning of lifts in the high-rise building. The residents have expressed concern about the unsafe elevators and requested a definite solution to the issue. They reported that the automatic rescue devices in the lifts fail frequently, and that the lifts experience severe jolts during power surges or outages.
Max Estates, a subsidiary of Max Ventures and Industries Ltd (MaxVIL), has received approval from the National Company Law Tribunal (NCLT) to acquire a stalled mixed-use project called Delhi One in Noida through the insolvency process. The project was launched by Boulevard Projects Pvt Ltd, a Special Purpose Vehicle (SPV) owned by the promoters of realty firm 3C group, around a decade ago. It consists of one commercial tower, one hotel tower, retail spaces and three residential towers, with a total development potential of 30 lakh square feet. Nearly 300 stuck customers are expected to benefit from the acquisition.
The Chandigarh Housing Board (CHB) recently had their proposal to build luxurious flats at IT Park in Chandigarh, rejected by the Haryana government. This decision comes after the National Board for Wildlife (NBW) also denied CHB's proposal on various grounds last October. In addition, CHB had reached out to the Punjab government and PGI about the residential towers but had yet to receive any communication from them.
The Odisha state cabinet has given its approval to the Odisha Apartment (Ownership & Management) Bill, 2023, to make the laws governing housing projects comply with the Real Estate (Regulation and Development) Act, 2016. The bill is expected to be tabled in the current session, after the Orissa high court expressed hope that the state government would be ready with a RERA-compliant bill during the ongoing session scheduled till April 6.
PNB Housing Finance, a subsidiary of Punjab National Bank, has been given the green light by the Securities and Exchange Board of India (SEBI) to raise up to Rs 2,500 crore through a rights issue of shares. This announcement follows the filing of draft papers with SEBI in December 2022, and the subsequent issuance of "observations" on March 6, which is required for any company to launch an issue.
The Delhi High Court has ordered slum dwellers on the Yamuna floodplains to vacate their homes within three days. If they fail to do so, they will have to pay Rs 50,000 each to the Delhi Urban Shelter Improvement Board (DUSIB) and the Delhi Development Authority (DDA) will proceed with the demolition. The court has taken this decision after being informed that a committee headed by the lieutenant governor has issued directions to clean the Yamuna River due to its pollution levels, which were brought to the attention of the National Green Tribunal (NGT) on January 9.
The deputy ruler of Sharjah, Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, who is also the humanitarian envoy of The Big Heart Foundation (TBHF), opened the ‘Home for a Home’ project in Kenya’s Kalobeyei Settlement during an official field visit organized by TBHF to the African country. The project, which is a collaboration between Arada Developments, TBHF, and the United Nations High Commissioner for Refugees (UNHCR), aims to offer secure housing, sanitation, and clean water supply to more than 55,000 people in the settlement and neighbouring host community, adjacent to one of Kenya’s Kakuma camps.
Godrej Properties Ltd and Orris India Private Limited (OIPL) are embroiled in a dispute over their Gurgaon-based Air residential project. OIPL has accused Godrej Properties of diverting funds from the project to other companies, a claim the latter denies. Orris Infrastructure and Godrej Properties entered into an agreement in 2017 for project development where the profit ratio was decided at 62.5% and 37.5%, respectively. The court has appointed an investigation officer to probe the allegations and submit the report for further action.
The first REIT-level Green Bond issuance in India has been announced by Mindspace Business Parks REIT, which is the owner and developer of a high-quality Grade A office properties. With a tenor of three years and thirty days and a fixed quarterly yield of 8.02% per annum payable quarterly, Mindspace REIT raised INR 5.5 billion through this issue. The money raised from this fund-raise will be used to refinance loans that one of the Asset SPVs took out to finance the permitted green projects.
HDFC Capital acquired Rs 1,450 crore in the portfolio of projects and land parcels owned by real estate developer Kalpataru in one of the biggest investment deals in the residential sector. The money would be used by Kalpataru to build apartments for residents in new mid-income developments as well as to help them finish current ones in Pune and the Mumbai Metropolitan Area.
The Ahmedabad Urban Development Authority (AUDA) has decided to increase the development charges by 20 times more than the existing rates. This decision has been taken to increase the revenue and promote the development of the city. The new rates will likely be less than Rs 100 per square meter. Experts believe that this increase in development charges, coupled with the increased jantri rates, will result in a hefty rise in property prices in AUDA areas around Ahmedabad city in the coming months.
The DTCP’s enforcement team has destroyed five unauthorized colonies on 12 acres of valuable agricultural land in Gurugram. The team dismantled illegal constructions, roads, and boundary walls during the demolition operation. In addition, the officials cautioned residents not to invest in such settlements without first verifying their status with the department. The complaint lodged with the DTCP stated that the land is located within the urban area boundary of Gurgaon.
More than 11,200 tillers in Punjab who have been occupying over 4,000 acres of land for generations but had no title rights will now have ownership of the land after paying due compensation as President Droupadi Murmu gave her assent to a legislation in this effect. The legislation is known as the Punjab Bhondedar, Butemar, Dohlidar, Insar Miadi, Mukarraridar, Mundhimar, Panahi Qadeem, Saunjidar, or Taraddadkar (Vesting of Proprietary Rights) Bill, 2020. This bill was passed by the Punjab Assembly in 2020 when the Congress government led by Amarinder Singh was in power.
Panvel civic body's property tax department has initiated a crackdown against defaulters in its jurisdiction who have failed to pay their property tax levied by the civic body. The civic body's officials claim that the sealing drive has been successful, with 115 out of 118 defaulters clearing their outstanding property tax bill, amounting to a total of Rs. 2.12 crore. Three commercial property owners have paid in instalments by giving post-dated cheques.
The Securities and Exchange Board of India (SEBI) has announced that it will auction 66 properties belonging to the Saradha Group on April 11, 2023. The reserve price for these properties is set at Rs 32 crore, and the auction will be conducted between 11 am and 1 pm. The properties up for auction include land parcels located in West Bengal. SEBI has appointed Quikr Realty to assist in the sale of these properties, while C1 India will be the e-auction provider.
Haryana Shahari Vikas Pradhikaran (HSVP) has initiated proceedings to cancel the allotment, building plan approval, and registry of a prime residential plot in Sector 23A worth Rs 4.4 crore, which was bought by an individual by paying just Rs 600 last year. The plot of 500 square yards was sold through e-auction in 2021-22. The allottee made six transactions of Rs 100 each, while the HSVP’s plot and property management (PPM) system recorded that it received payment of Rs 4.4 crore. The irregularity came to light during an ongoing audit of HSVP’s bank accounts and the PPM system.
Last week, the Bombay High Court threatened to file a contempt case against Captain Tamil Selvan, a BJP MLA from Sion Koliwada for interfering with an SRA official's attempt at an eviction drive. The HC instructed the police to detain him if he disrupts law and order. A petition for contempt of court filed by SD Corp which is working on a redevelopment project in Antop Hill was being heard in court. 820 of the 850 slums that SRA classified as eligible huts were handed possession of alternative housing.
Residents of two hundred and forty flats in Dombivali, a town in Maharashtra's Thane district, have been evacuated from five buildings due to cracks that have developed in the structures. According to local MP Shrikant Shinde, the developer will provide the residents with rent during their stay in alternate accommodation. Shinde met with Kalyan Dombivali Municipal Corporation chief Bhausaheb Dangde and others to discuss the issue.
L&T Finance is looking for buyers for a distressed real estate portfolio that includes loans granted to the Pune-based Xrbia Group according to reports published in ET Realty. The corporation has requested proposals for a loan book totalling Rs 880 crores that were issued to five Xrbia Group companies according to the sources. L&T has not established a reserve price for the portfolio but is still accepting expressions of interest (EoI) from asset reconstruction companies.
Earlier this week, Irish Life, an insurance company, announced that due to a rise in customer withdrawals, they have implemented a six-month advance notice requirement for withdrawal requests from their 500-million-euro property fund called the Irish Property Fund. However, this new rule does not apply to their larger Exempt Property fund. The Irish office market, which has seen significant growth in recent years due to substantial investment from multinational tech companies, is currently facing challenges as a result of the increased adoption of remote work.
The Maharashtra Virtual Incubation Centre (MVIC) is being established by the Maharashtra government in collaboration with 91Springboard Business Hub Pvt. Ltd., a leading co-working space provider that offers amenities like office infrastructure, administrative support, mentoring, access to networks, and community. Startups in Maharashtra would be given preferred access to MVIC's incubation-related goods and services, such as legal, finance, intellectual property, cloud, and mentoring.
According to the New York Times, WeWork Inc is in conversation with investors to change the terms of its debt of over $3 billion and obtain additional funds. As a result of this news, the company’s stock increased by approximately 5% in after-hours trading.
The Marjan Group, a prominent business conglomerate in the UAE and a major player in the real estate industry, has shown great interest in the eco-friendly and sustainable construction methods utilizing Canadian Wood. The CEO of Marjan Group, Abdulla Al Abdouli visited the MAK BTR sustainable Canadian Wood Project in Hyderabad to learn about this innovative initiative by MAK Projects. He was accompanied by Harshendra Goyal, Regional Sales Director, and Georgios Karaiskos, the Business Development Manager.
According to news reports, Mumbai based Hiranandani Group, has requested the Yamuna Express Industrial Development Authority (YEIDA) to identify and assign 100 acres of land near the Jewar Airport to the company for the purpose of constructing a semiconductor park. This request is currently under review by authorities. The company is keen to create an ATMP (assembly, testing, marking, and packaging) facility in the YEIDA region. However, they will pursue the final assignment of land only after receiving all the requisite clearances from Indian Semiconductor Mission (ISM).
Asian Hotels (West), which operates Hotel Hyatt Regency near Mumbai Airport and JW Marriott Hotel at Aerocity in New Delhi, has been admitted for corporate insolvency. Seven entities, including K Raheja Group, Devrrat Developers, Panchsil Corporate Park, GVPR Engineers, Jindal Power, and two consortiums, have expressed interest in acquiring the hotels. UV Asset Reconstruction Company (ARC) extended the deadline for submitting the resolution from March 10 to April 7. It holds 98.8% of the debt.
Last week, the Securities and Exchange Board of India (SEBI) lifted the securities market ban that had been imposed on eight former promoter entities of Dewan Housing Finance Ltd (DHFL). The ban had been imposed in relation to a case concerning alleged fraudulent financial transactions. The regulator also announced that its investigation into the matter had been completed and quasi-judicial proceedings had been initiated against four other former promoters of DHFL: Kapil Wadhawan, Dheeraj Wadhawan, Rakesh Kumar Wadhawan and Sarang Wadhawan (now known as Piramal Finance).
Earlier this week, The Mumbai Police announced that it would begin collecting details of properties rented out by people in the city. The aim of this activity it to create and maintain a record of all tenants who occupy rented properties. The move comes in the wake of rising concerns over the safety of women and children in rented properties. The injunction went into force last week for a period of 60 days, and anyone who violates it will be liable to be charged under the appropriate Indian Penal Code (IPC) provision.
The Delhi Development Authority (DDA) has filed a complaint with the Central Bureau of Investigation (CBI) regarding alleged lapses in the construction of Signature View Apartments in South Delhi. According to the complaint, the builder,M/s Antriksh India Group, had promised to construct 2,352 flats but only 1,712 have been built. Moreover, the builder had promised to construct three towers, but only two have been built and the third one is yet to be constructed.
Around 750 houses and shops located around the Velachery Lake in Chennai are facing eviction due to an ongoing clean-up drive in the area. The drive, initiated by the Chennai Corporation and the Water Resources Department, aims to remove illegal encroachments around the lake and restore its original capacity. The eviction drive is being carried out in phases, with the first phase covering areas around the lake's southern side. The eviction drive has faced criticism from some quarters, who argue that it is being carried out without providing adequate compensation or rehabilitation to the affected people.
The Mohali Greater Development Authority (GMADA) has raised Rs 1,935.88 crore through the e-auction of commercial and residential properties in the city. The auction included properties such as booths, SCOs (Shop-cum-Office), hotel sites, nursing homes, schools, and residential plots. The e-auction was conducted through a centralized online platform, which ensured transparency and fairness in the bidding process. The successful bidders will have to make the full payment within 30 days from the date of auction.
Jaiprakash Associates has approached the insolvency appellate tribunal NCLAT against the NCLT order concerning the distribution of Rs 740 crores in the Jaypee Infratech matter. The amount in question was deposited by Jaiprakash Associates Ltd (JAL), the erstwhile promoter of Jaypee Infratech Ltd (JIL), which is undergoing insolvency proceedings since August 2017. According to sources, JAL has challenged the NCLT order over the distribution of the money. The matter is scheduled to be herd before a two-member bench of the NCLAT today.
Deputy Chief Minister of Maharashtra, Devendra Fadnavis, has decided to scrap the two-fold rent hike for close to 24,000 families living in rental homes owned by the Maharashtra Housing and Area Development Authority (MHADA) in south and central Mumbai. This decision has come as a significant relief to many economically backward families who were finding it difficult to pay the increased rent. Fadnavis has also announced an amnesty scheme for those families who have not paid rent and have been sent notices to pay rent along with a penalty and interest over the due amount.
In the latest development of the MahaRERA scam involving sixty five developers in Kalyan-Dombivli, the Enforcement Directorate (ED) has found that the two architects responsible for certifying the plan layouts for most of the illegally constructed buildings have provided false details about their firms. The ED team was unable to locate the offices of both architects during their visit to Dombivli last month and the mobile numbers provided belonged to other individuals. The ED is now seeking the assistance of bodies such as the Indian Institute of Architects (IIA) and the Council of Architects (COA).
Chennai Metro Rail Limited (CMRL) has decided to scrap six metro stations from its phase-2 project, which is expected to save nearly 1,200 crore. The plan was to construct six stations underground at Doveton Junction, Foreshore Estate, Natesan Park, Meenakshi College and Thapal Petti, and one elevated station at St Joseph's College. The decision to scrap these stations was taken on account of the fact that they were located less than 750m from the next stop.
The Andhra Pradesh government has decided to auction open land in the Capital Region Development Authority (CRDA) limits in order to expedite works in the Amaravati region. The state government plans to sell about fourteen acres of land in the first phase and may auction more land in the next phase depending on the response to the auction of land in the first phase. The land will be auctioned through an e-auction portal.
The Indian Finance Ministry has revised the definition of "beneficial owner" under its anti-money laundering law, requiring reporting entities like banks and crypto platforms to collect more detailed information about their clients. According to the amendments to the Prevention of Money Laundering Rules, any individual or group holding at least 10% ownership in a client of a reporting entity will be considered a beneficial owner, down from the previous threshold of 25%.
The appointment of two consultants by the City and Industrial Development Corporation of Maharashtra (CIDCO) at a cost of Rs 699 crore has been called into question by Ambadas Danve, a Shiv Sena leader in the legislative council. CIDCO had awarded the contract to Heliosmedium Bazaar Pvt Ltd and Thoughtrains Designs Pvt Ltd to provide marketing, branding, sales, and post-sales services for 67,000 residential and commercial units developed under the Pradhan Mantri Awas Yojna (PMAY) project. However, activists have criticized the move as wasteful, arguing that CIDCO flats are always in high demand among the masses.
Two year after the successful launch of its Category II AIF, Welspun One has continued to innovate by introducing its investor portal, setting a new standard for investor reporting and transparency in the Indian private equity industry. The investor portal will allow investors to view, manage and track their investments online. The portal contains a document repository and investments and portfolio dashboard. Through the portal, an investor can also view detailed information such as leasing and construction status, images and drone videos of the site to track actual site progress.
Embassy Office Parks REIT has committed more than Rs 300 crores to its ESG program for its pan-India portfolio spanning 43.6 million square feet. At the 'ESG Occupier Connect' forum, Embassy REIT commissioned the first phase of its 20 MW solar rooftop project, which is one of the largest solar rooftop projects in Asia. This project aims to produce 30 million units of solar power, which will offset about 25,000 tonnes of CO2 emissions.
Singapore's newest town, Tengah, is taking shape four years after the first flats were offered in 2018. More than half of the 30,000 public housing units in the 700-hectare 'forest town' have been launched, with 18,555 Build-To-Order (BTO) flats across 18 projects available as of the February sales exercise. When completed, Tengah will offer 42,000 new homes, including 30,000 HDB flats and 12,000 private housing units. It is the 24th Housing Board town and the first to be developed since Punggol two decades ago.
Various citizens' groups in Pune have appealed to the state government and the Pune Municipal Corporation (PMC) to reintroduce a property tax discount scheme for self-occupied homes in civic areas. The special discount, which was initially introduced in 1970, offered a 40 percent reduction in property tax for self-occupied properties. However, since the discount was never notified as an act by any state government, it was declared illegal by auditors of the Union government and was scrapped in 2019.
The Chandigarh Housing Board (CHB) is introducing an 'Assured Allotment Scheme' (AAS) as part of its Sector 53 housing scheme. Under the AAS, 30 of the total 340 flats on offer will be reserved and allotted through a bidding process. The AAS has been designed for people who want assured allotment and are willing to pay a higher price than the prescribed amount in the scheme. The top 10 bidders in the 3BHK category and the top 20 bidders in the 2BHK category will be assured of allotment.
In a quadripartite deal between the developers and the project's financiers, Mirae Asset and JM Financial, a stressed Rajesh LifeSpaces project close to Mumbai's business centre Bandra-Kurla Complex (BKC) has been acquired by real estate developer Labdhi Lifestyle. The execution of the mixed-use project which is being headed by a luxury residential development will now fall under the purview of the new developer. In addition to repaying the debt obtained from both lenders, Labdhi Lifestyle will invest more than Rs.200 crore in the project's development.
Residents of Lower Parel's 46-story Indiabulls Sky are criticising the increasing encroachments in their neighbourhood. They claim that squatters have almost completely surrounded the high-rise. Residents claim that despite multiple complaints to the BMC they have not received a meaningful response. According to the locals, the encroachers engage in a variety of activities including cooking food, washing clothing, and drying them on the street railings.
According to sources, the CBI has detained Harchand Singh Gill, director of a Pearls Group subsidiary who was deported from Fiji in relation to a Rs 60,000 crore ponzi scheme that was allegedly carried out by the parent company. Gill had an open-dated Non-Bailable Warrant of Arrest against him issued by a special court and was evading justice in the case. The CBI is said to have used Interpol to get a "Red Notice" declared on him.
Rightmove, a UK real estate website, reported that there has been a decrease in the number of people searching for properties on their platform, providing further indication of a slowdown in the housing market. Despite this, the company’s annual profit met expectations. As a result of this news, shares in Rightmove fell by up to 3.7% to a seven-week low of 540 pence during morning trading, making it the top percentage loser on the blue-chip FTSE 100 index.
Blackstone Inc has failed to make payments on a bond worth 531 million euros ($562.5 million) that was secured by a collection of offices and stores owned by Sponda Oy, a Finnish company. This was due to the increasing interest rates that have negatively impacted the value of European properties. Although the private equity firm requested an extension to repay the debt, the bondholders rejected this proposal, according to an insider familiar with the situation.
The takeover of Jaypee Infratech Ltd. (JIL) by Suraksha Realty and Lakshdeep Investments and Finance was approved by the National Company Law Tribunal (NCLT) providing relief for 20,000 homebuyers who purchased the houses by Jaypee in Noida and Greater Noida. The development has occurred six years after Jaypee Infratech began the insolvency process. The Interim Resolution Professional has been ordered by the two-member NCLT bench to establish an implementation monitoring committee within seven days.
As part of the approved resolution plan ordered by NCLT, Suraksha Realty and Lakshdeep Investments and Finance Limited have been given a time frame of two years to complete all stalled Jaypee Infratech projects in the country. The groups will invest approximately Rs 4,300 crore of the entire sum to finish the projects deliver the apartments to homeowners and provide refunds. Of the projects in question, fifteen are in Noida, eight are adjacent to Yamuna Expressway and one is in Agra.
PropsAMC, the asset management services and data intelligence division of Square Yards claims to have raised over Rs 100 crores for its first Grade A commercial project in Hyderabad. The project is Square Yards' first foray into the fractional product sector, and it received an average financial contribution of INR 40 lakhs from a group of more than 250 investors amounting to more than 100,000 square feet. Investors in the Hyderabad commercial property have been told they will receive 8% gross returns on their capital with an expected XIRR of 14-15%, post fees and before taxes.
BPEA EQT formerly known as Baring PE Asia is in advanced discussion to take stake in Shriram Housing Finance Ltd. (SHFL) a mortgage subsidiary of Shriram Finance. The group is yet to decide the stake amount and sources close to the parties believe the deal should be completed in the first quarter of the upcoming fiscal year. Shriram Housing Finance has 7,200 crores of rupees in assets under management (AUM) as of December 2022. About 85% of the housing finance subsidiary is owned by Shriram Finance, and the remaining is owned by Valiant Mauritius (P) Ltd.
Last week, Home REIT Plc, a UK-based housing provider, announced that two of its tenants, Gen Liv UK CIC and Lotus Sanctuary CIC, have decided to go into creditors’ voluntary liquidation. This news adds to the company’s concerns as it is already dealing with a short-seller attack and is also reviewing a potential sale. Home REIT stated that it is in discussions with new tenants to lease the two portfolios previously occupied by Gen Liv UK CIC and Lotus Sanctuary CIC, both of which provided housing for the homeless.
Representatives of the shopping centre Docks Bruxsel recently announced that it has been awarded the “CO2 neutral – gold company” certificate from CO2logic/South Pole, making it the first major shopping centre in Europe to receive this certification. Docks Bruxsel is a shopping centre located in the Schaerbeek neighbourhood of Brussels, Belgium. The shopping centre opened in 2016 and is known for its modern and innovative design. Other notable accolades include a BREEAM 'Excellent' rating in the construction sector.
The Indore Development Authority (IDA) has identified a total of 1,820 flats in its different apartments complexes that it intends at the market rate prevalent in 2020. These apartments were ready in 2020 before the Covid-19 outbreak, but no tend was invited to sell them because they have been lying vacant. The authority has thus issued a tender inviting bid for these flats along with newly constructed apartments in Amaltas Highrise Building located in its Scheme 136.
The Indian government is aiming to develop comprehensive infrastructure for close to 100 industrial clusters in collaboration with state governments, in line with the Gati Shakti Masterplan (NMP) principles. The NMP features a GIS platform that integrates geospatial data related to infrastructure in India and the planning portals of various ministries and departments. The digital component of the NMP will enable the government to identify infrastructure deficiencies within a 150 km to 200 km radius of a cluster and address them in conjunction with the respective state governments.
The Telangana High Court has recently taken up an appeal filed by the Hyderabad Metropolitan Development Authority (HMDA) against Ramky Integrated Township Limited. The dispute between the two organizations arose when a single judge ordered the Maheshwaram sub-registrar in Rangareddy district to allow registration of villas and apartments at Ramky's Discovery City. The high court bench of Chief Justice Ujjal Bhuyan and Justice N Tukaramji heard the appeal and stayed the single judge's order.
Piramal Capital and Housing Finance's application for insolvency proceedings against Mumbai-based real estate firm Prithvi Residency has been admitted by a bankruptcy court. The realtor had failed to pay over INR 850 crore in dues to the mortgage lender DHFL, which was later acquired by Piramal through an insolvency auction. The dues amount includes the principal amount and accrued interest.
Former Railway Minister Lalu Prasad was questioned by the Central Bureau of Investigation (CBI) last week for nearly two hours in connection with the land-for-jobs scam case. The CBI is investigating allegations that people were given employment in the railways in exchange for land parcels gifted or sold at cheap rates to the Yadav family and its associates. Prasad’s examination comes a day after his wife and former Bihar chief minister, Rabri Devi, was quizzed by the agency for nearly five hours at her Patna residence.
Over the weekend, Prime Minister of India, Narendra Modi inaugurated over ten projects by Hubballi-Dharwad Smart City Limited (HDSCL) at the Indian Institute of Technology (IIT) campus in Dharwad. The HDSCL has completed fifty-three projects out of the sixty-two it has carried out in Hubballi. Nine projects are still under construction. The inauguration of sixteen new projects by Prime Minister Modi marked the completion of works worth Rs 520 crore under the Smart City project.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is facing criticism from citizen groups due to its slow handling of complaints. With over 6,000 complaints pending, citizens are demanding faster disposal of cases and the appointment of more adjudicating members to hear the pending cases at the earliest. As per the RERA Act, a solution must be found within 60 days of filing a complaint. However, presently it takes 18-24 months to receive an order. After the order, execution takes nearly one-and-a-half years, thus defeating the purpose of RERA.
The new set of CRZ rules introduced in January 2019 has caused much confusion and concerns in the state of Kerela. To address the problems arising from it, the government set up Kerela Coastal Zone Management Authority to create a coastal zone management plan (CZMP) with detailed maps outlining which areas fell under which CRZ category and the associated restrictions. However, its been three years and counting and the public is yet to have access to these maps. Further, the Kerela Coastal Zone Management Authority disbanded in October 2022 and has not yet reconstituted.
As part of a recent independent investigation, the Maharashtra Real Estate Regulatory Authority (MahaRERA) discovered over 1,700 cases where the same designated bank account details can be linked to multiple projects, a clear violation of the RERA Act 2016. The regulator has issued notices to forty-five projects and plans to send more in the coming days. The notices seek details of the total units in each project, units sold, receipts, and withdrawals from the bank account. The notice also seeks a formal explanation for why the same bank account details have been used for multiple projects.
The state of Uttarakhand in India has taken steps to promote the use of electric vehicles (EVs) by approving a proposal to amend the Building Construction and Development By-Laws/Regulations, 2011. Under the new regulations, all non-residential buildings with an area greater than 1,500 square meters, including group housing, hotels, multiplexes, and lodges, except for single residential buildings, must install EV charging infrastructure. The ratio of charging facilities for two-wheelers and four-wheelers will be 60:40.
The Kolhapur Municipal Corporation (KMC) in India recently launched a new initiative to clear pending building proposals. On the first day of the initiative, the KMC earned a whopping Rs 1.5 crore from the registration fees alone. The KMC had set up 27 counters to facilitate the submission of proposals and the payment of fees as well as online setups to help those who could not attend the camp physcially. The initiative is part of the civic body's effort to improve the ease of doing business and attract investment to the city.
The Siddha Group has begun delivering flats at "Siddha Seabrook," its first high-end building in Mumbai. This 57-floor premium tower, touted as being the tallest residential tower in the area, is situated in Kandivali(W), Mumbai. The project comprises of 2 and 3 BHK apartments ranging between 496 to 1258 square feet. The complex offers homeowners with a wide range of lifestyle amenities as well as breath-taking views of Mumbai's cityscape set against Sanjay Gandhi National Park.
The Indian Supreme Court's decision to allow Authum Investments and Infrastructure to implement its INR 2,887-crore ($385m) resolution plan for the takeover of Anil Ambani's Reliance Home Finance has brought relief to those associated with the company. The court's ruling is expected to benefit small investors, who have up to INR 5 lakh ($6,700) exposure, as they will receive 100% of their principal amount. In contrast, debenture holders with exposure exceeding INR 5 lakh will receive 23.24% of their principal amount.
The Department of Town and Country Planning (DTCP) has reversed a decision it made to revoke the project licence for an affordable housing development in Sector 106 by MRG Skyline. The license was revoked due to a lack of clarity about ownership and inconsistencies in the conversion of KN Infracon's group housing licence into an affordable housing scheme. The developer was also accused of selling its licenced property to another developer as agricultural land. KN Infracon Pvt Ltd has now cleared all dues, upon which the license was reinstated.
According to mortgage lender Nationwide, there has been a significant decline in British house prices last month, which is the largest in over a decade. This drop in prices indicates a slowing down of the housing market, possibly due to high inflation and increasing borrowing costs. The year-on-year decrease of 1.1% is the biggest drop since November 2012 and the first annual decrease since June 2020, which was during the early stages of the coronavirus pandemic when prices had only slightly decreased by 0.1%.
The Rajasthan Housing Board is planning to launch residential projects in smaller towns such as Bhindar, Salumbar, and Nimbahera in the coming year. The upcoming projects will be implemented in 17 cities across 14 districts of the state. Additionally, a shopping complex with 132 showrooms will be built at Pratap Nagar in Jaipur. While the 4,500 residential units have been evenly distributed across different categories, from Economically Weaker Section (EWS) to High-Income Group (HIG), the board is also set to build upmarket dwellings such as independent villas and complexes with 3BHK and 4BHK flats in Jaipur.
The Goa government has recently introduced the Goa Town and Country Planning (Amendment) Act, 2023, which grants the chief town planner (planning) authority to modify or change zones and attributes in a regional plan. The new legislation allows the chief town planner to correct any unintentional errors in a notified regional plan. The government can direct the chief town planner to carry out such alterations or modifications if they believe it is necessary to rectify any inadvertent errors or inconsistencies in the zoning proposals.
After a hiatus of 13 years, the Kolkata Metropolitan Development Authority (KMDA) has announced that it will allot 11 individual residential plots in the Kasba and Rajdanga areas of the city. These plots will range from two to four cottahs in size and will be given on a freehold basis through e-auction, as per the government's latest policy. The decision to allot these plots comes as KMDA hopes to capitalize on the burgeoning realty growth in areas off the Eastern Metropolitan (EM) Bypass.
The Indore district administration has taken action against three private colonies - Kalindi Gold, Phoenix Township, and Satellite Hills - where developers have been accused of cheating plot owners through various means. The district administration has served a final notice to the developers, including Ritesh alias Champu Ajmera, Chirag Shah, Mohan Chug, Kailash Garg, and Happy Dhawan, demanding that they settle their accounts with the plot owners. According to sources, only a handful of buyers have obtained possession and other rights related to the property they had paid for after the developers were granted bail by the Supreme Court in November 2021.
The Maharashtra Airport Development Company (MADC) recently made headlines by leasing out two plots of land in the Mihan project for the construction of high-end flats. The plots, each measuring 4 acres, were leased out to two city-based builders through an e-tender process, which brought in a total of Rs 43 crore for MADC. Mihan, which stands for Multi-modal International Hub Airport at Nagpur, is a special economic zone (SEZ) developed by the Maharashtra government. Located near the Nagpur airport, it has been developed to promote trade, commerce, and industrial activities.
According to a BSE statement by Sobha Realty, Ravi PNC Menon, the company’s full-time director, has resigned from his role, effective from March 31, 2023, due to some commitments and personal reasons. He will continue to serve as a non-executive non-independent director of the firm starting on April 1, 2023. He will continue to serve as the company's chairman (non-executive) subject to the board's permission. Under his leadership, Sobha Limited won several awards and recognition for its projects and contributions to the real estate industry.
The Delhi Development Authority (DDA) recently approved the draft Master Plan 2041 for the development of India's national capital. The plan aims to facilitate the development of Delhi by assessing the present condition and guiding how to achieve the desired development. The Master Plan 2041 has been divided into two volumes and ten chapters, encapsulating the vision to foster a sustainable, liveable, and vibrant Delhi.
The Bombay High Court recently made a ruling regarding stamp duty payments for members of housing societies undergoing redevelopment. The court determined that members do not need to pay stamp duty on their allotted permanent accommodation as part of the project. This ruling brings an end to a long-standing legal dispute that began in 2006 and is a significant relief to the real estate sector.
The Central Bureau of Investigation (CBI) has closed its case against Pune Buildtech Private Limited (PBPL) and its directors regarding an alleged bank fraud of Rs 30 crore in Punjab National Bank. After nearly seven months of investigation, the final report was submitted to a special CBI court. According to the central investigation agency, there was "no malafide purpose of the borrower to cheat/defraud the bank or to cause unlawful loss to the bank and so no criminal case was established against the accused.”
An Indore-based builder has been arrested under the National Security Act (NSA) for allegedly cheating homebuyers and failing to deliver the flats as promised. The builder, identified as Rajesh Mehar, was arrested on the orders of the district collector after several complaints were filed against him by homebuyers. The NSA (National Security Act) is a law under the Indian Penal Code that allows the government to detain an individual without trial for up to 12 months if it believes that the individual's actions pose a threat to the national security of the country or to public order.
The Chief Minister of Uttar Pradesh, Yogi Adityanath, recently met with a group of Noida homebuyers who had been facing various issues related to their properties such as delayed possession, lack of basic amenities, and discrepancies in the construction of their properties. During the meeting, the Chief Minister took note of the issues raised by the homebuyers and promised to take swift action to resolve them. He directed the concerned authorities to conduct a thorough investigation into the matter and take strict action against those responsible for the delays and discrepancies.
The residents of Mayfield Garden, a residential colony in Gurugram Haryana, have threatened to boycott the upcoming civic body elections unless the colony is handed over to the MCG. The residents have stated that they are fed up with the poor condition of the colony's roads, parks, and other facilities, which they blame on the current private maintenance agency that oversees these areas. The private agency enlisted by the builder has refused to hand over the contract to MCG, citing lack of clarity regarding the ownership of the colony's assets.
The Department of Town and Country Planning (DTCP) of Haryana has announced that no occupancy certificates (OCs) will be issued to four-floor residential buildings without prior approval of the building plan. Several developers have been constructing four-floor buildings without obtaining the necessary approvals from the authorities. This has resulted in a proliferation of unauthorised structures that are not safe or compliant with building regulations. The new rule is intended to discourage such practices and ensure that all buildings in the state are constructed according to the approved plans.
Blackstone Inc has prevented investors from withdrawing their investments from its real estate income trust (BREIT) worth $71 billion, due to the high number of redemption requests that the private equity firm has received. In February, BREIT fulfilled only $1.4 billion in redemption requests, which accounts for just 35% of the total withdrawal requests of approximately $3.9 billion for that month. BREIT informed investors of this in a letter.
According to the Department of Municipalities and Transport (DMT), Abu Dhabi’s real estate market had a total of 19,033 transactions in 2022, which amounted to AED77.6 billion. The DMT reported that AED23.5 billion came from 9,010 sales transactions, while AED54.1 billion came from 10,023 mortgage transactions. Overall, the real estate market in Abu Dhabi performed strongly and experienced significant growth in 2022 compared to 2021.
Embassy Property Developments, also known as Embassy Group, has recently announced that it has sold a portion of its shareholding in Embassy Office Parks REIT to Bain Capital. This strategic sale is aimed at strengthening Embassy Group's balance sheet by reducing overall debt by approximately 30% before June 30, 2023. According to a media release by the company, this sale will help Embassy Group achieve its goal of reducing debt and provide it with a stronger financial foundation.
At a recent real estate conference organised by NAREDCO, Irfan A Kazi, Chief Investment Officer of SWAMIH Investment Fund, SBICAP Ventures Ltd, stated that approximately Rs 10,000 crore has been sanctioned for the fund so far, while Rs 5,000 crore remains unallocated. The SWAMIH fund has facilitated the completion of 20,577 housing units across 26 projects, with total funding amounting to Rs 2,200 crore. Their objective now is to complete 80,000 homes over the next three years.
The state of Maharashtra in India has come up with a new plan to use buildable salt pan lands for rehabilitation and redevelopment purposes. The plan aims to provide affordable housing to the poor and middle-class sections of society, who are currently struggling with a lack of housing options. The Maharashtra government has identified 101 salt pan lands across Mumbai, Thane, and Raigad districts, covering a total area of 5,189 hectares, which can be developed for housing purposes.
The Ghaziabad Development Authority (GDA) in India has taken a stern step to curb illegal construction activities by threatening to slap the stringent Gangsters Act against those who indulge in such activities. The GDA has asked the police department to identify the illegal construction activities and act against them in necessary fashion. The move comes after the GDA observed a rise in illegal construction activities in the city, leading to an increase in encroachment and unauthorized occupation of land.
The Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) is under investigation after allegedly transferring Rs 100 crore from a secret account to a group of builders based in Punjab. The account was initially created to hold unclaimed money from allottees, but it was then reportedly used to fund a private trust. The builders in question were allegedly involved in a land scam in Manesar, Haryana, and the funds were believed to have been transferred to them as part of a deal.
More than twenty tenants of a building in Bengaluru were forced to vacate their homes after Canara Bank acted against the owner of the building, they reside in. The bank has taken possession of the property due to the owner's failure to repay the loan taken against it. According to representative of Canara Bank, the owner Mr SM Shivanna, businessman from Tumakuru, availed a loan of Rs 6 crores from the bank in 2016 by giving the building as collateral for the same.
The beneficiaries of the Pradhan Mantri Awas Yojana (PMAY) scheme in Chandigarh will now have to pay monthly maintenance charges for their homes. The scheme, launched by the government to provide affordable housing to low-income families, has been a success in Chandigarh, but many of these families are now struggling to pay the maintenance charges, which range from Rs 1000 to Rs 2000 per month. The decision to charge maintenance fees was taken by the Chandigarh Housing Board (CHB), which is responsible for the implementation of the PMAY scheme in the city. The board has stated that the fees are necessary to cover the costs of maintaining the housing complexes, which include cleaning, security, and repair work.
Columbia Pacific Communities (CPC) and Embassy Group have launched Serene Amara, a senior living community in India. The project, located in the integrated township Embassy Springs, will consist of 239 residences on 17 floors with features and amenities designed for comfortable and healthy living. Units are available in 1, 2, and 3-BHK configurations and are priced between Rs 60 lakhs and Rs 1.48 crore, exclusive of statutory charges. The project will be built by Embassy Group and designed by Venkataramanan Associates. Columbia Pacific will manage the project.
Singapore, which has long been a popular destination for expatriates, is experiencing a surge in rental prices due to a shortage of housing supply and an influx of foreign talent. This has caused concerns about the city-state's competitiveness as a financial hub and its ability to attract and retain top talent. Experts warn that the high cost of living could lead to a brain drain as some expats may choose to move to other, more affordable locations. Rent per square foot in some central areas has overtaken Hong Kong for the first time, data shows. Analysts warn prices could rise up to 20 per cent again this year as real estate agents report bidding frenzies for desirable properties.
The Yamuna Expressway Industrial Development Authority (YEIDA) has invalidated the allotment of two plots in Supertech’s Up Country township in Sector 17A of Greater Noida due to non-payment of Rs 86 crore in lease rent and additional compensation to farmers. This decision came after homebuyers lodged complaints that, despite collecting lease rent and additional compensation from them, the realty firm had failed to complete the registration of their homes. Supertech challenged the decision, claiming it was illegal due to the insolvency proceedings initiated against them in March 2022 after defaulting on Rs 431 crore in payments to a consortium of banks.
After a period of seven years, the government of Haryana has finally decided to launch an investigation into the alleged fraudulent activities related to the distribution of plots under the oustees quota. This concerns a possible scam involving the allocation and non-allocation of residential plots of various sizes in Sectors 2 and 6 of Mansa Devi Complex (MDC) in Panchkula. The allotment scheme was launched in 2004. The issue of irregularities was first brought to light by Haryana assembly speaker Gian Chand Gupta during his first term as Panchkula MLA.
The Bombay High Court has ordered two developers to pay transit arrears of Rs 11 crore to an SRA project in a suburb. The order came after a petition was filed by Shree Sai Pawan SRA CHS Ltd alleging that the appointed developers had not paid transit rent to them since 2019. Over 300 people are eligible to receive flats from the project, however more than 230 individuals have been left to take care of themselves without any transit rent. The court noted that the two co-developers are engaged in an ongoing arbitration and no work has been carried out at the site.
The Delhi High Court has overturned a provisional attachment of Piramal Realty's properties worth INR 410 crore by the Enforcement Directorate (ED). The court stated that the provisional attachment could not continue because Piramal Realty was not an accused and was only a lender to M/s Omkar Realtors and Developers (ORDPL), a company under investigation for money laundering. The agency is investigating an alleged INR 22,000 crore SRA scandal by Omkar Realtors & Developers' promoters, Kamal Gupta and Babulal Verma.
The Urban Development Department (UDD) of Maharashtra issued a government resolution (GR) last week stating that local planning authorities, including corporations, councils, nagar panchayats, and metropolitan planning authorities, must display the commencement certificate (CC) and occupancy certificate (OC) granted for new and upcoming real estate projects on their websites. The authorities must also inform the Maharashtra Real Estate Regulatory Authority (MahaRERA) regarding the sanctions and eventually integrate their websites with the MahaRERA website, all before March 31.
Sunteck Realty, a Mumbai-based real estate developer, has signed a 29-year lease agreement with edtech startup upGrad for the entire commercial tower by the name Sunteck BKC51, located in Mumbai's Bandra-Kurla Complex (BKC). The deal, which has a cumulative rental pay out of Rs 2,000 crore, will set up a student accommodation facility and an offline experience centre for upGrad. This marks the largest student housing deal ever concluded in India.
Pragati Group has raised $200 million in a funding round led by Singapore-based sovereign wealth fund GIC. The funds will be used to expand Pragati's warehousing portfolio across key markets in India, including Delhi-NCR, Mumbai, Pune, Chennai, and Bangalore. Pragati One & Pragati Farukhnagar Logistics Parks were purchased as part of the deal enabling the successful exit of the former financial partner Morgan Stanley. This fund also received an equity investment in Pragati as part of the agreement.
The Migsun Group has purchased a 36,583 square meter block of land from Yogi Raj Promoters Pvt Ltd to build a high-street commercial project in Rohini, New Delhi. With a total build-up area of 6.3 acres the Group will create a 9-acre high-street commercial project at the location. The acquisition and development of the commercial project would add to the overall investment cost which will be Rs 706 crore. To fulfil future demands the corporation disclosed that it might buy an additional Floor Area Ratio (FAR). Migsun Group hopes to complete the high-street commercial project within three years.
Istanbul has launched a comprehensive program to conduct safety checks on buildings throughout the city. The program involves a team of structural engineers and building inspectors who will assess the structural integrity of buildings and determine whether they are safe for occupancy. The checks will focus on buildings in high-risk areas, including those with poor construction quality, inadequate seismic protection, or those built on unstable ground.
Construction work on a large urban development project consisting of 7,490 properties in Eastern Spain could commence as early as April. The project will be located on the biggest available piece of urban land in Alicante Province, specifically at La Hoya in Torrevieja, which covers an area of almost two million square meters. Once the public consultation process is completed, the developers, namely Elche Corpe, Eurovillas, and TM Group from Torrevieja, will be granted a license to begin work. Despite receiving approval from the Valencian government in 2009, the project did not move forward due to the recession, various legal challenges, and an environmental impact study involving the adjacent natural park.
According to recent reports, Noida Authority officials have confirmed that work to clear debris from the Supertech Twin Towers demolition site is likely to resume soon. Edifice Engineering, the company commissioned to undertake the work, has been given a revised deadline of 15th March 2023 to complete the pending work. The removal of debris on the site of the Supertech Twin Towers has been fraught with delays. Due to the construction prohibition implemented in the latter half of the year, the High Court's deadline of three months to remove the rubble was not met. Subsequently, work was once again stopped in January this year because of concerns about noise pollution.
Investors caught up in the fraudulent schemes of PACL Group have been requested by the Securities and Exchange Board of India (SEBI) to present original investment documents to seek repayment. The investors have been given until 20th March 2023 to submit the documents with authorities. The committee has requested for authentic PACL registration certificates from qualified investors with claims between Rs 15,001 and Rs 17,000 whose applications have been satisfactorily vetted.
A First Information Report (FIR) has been registered against Gauri Khan, and two real estate developers – Mahesh and Anil Tulsiani of Tulsiani Group in Mumbai city. The complainant, a resident of Mumbai, claims to have purchased a flat in Lucknow in 2015 from the group for a sum of Rs 86 lacs but is yet to receive possession. Gauri Khan is the brand ambassador for Tulsiani Group. All three have been charged under section 409 (the criminal breach of trust) of the Indian Penal Code.
According to officials, the Central Bureau of Investigation (CBI) conducted searches against directors and guarantors of Gardenia India Limited, a real estate firm, for allegedly committing bank fraud worth Rs 109 crore. The agency has recovered cash, jewellery, and documents of assets and property worth more than Rs 50 crore from six locations, including Delhi, Noida, Ghaziabad, and Gurugram. Among the accused is builder Sanjeev Kumar, who allegedly jumped from his apartment in Sector 72 Gurugram and suffered an injury in his leg when the CBI team went to arrest him.
Kolte-Patil Developers Ltd. has recently unveiled two redevelopment projects in Mumbai, expanding its selection of residential properties there. K52 in Khar and Alora in Kalina, are the two new launches and are said to have an income potential of INR 110 crore and INR 300 crore respectively. K52 in Khar will comprises of 12 stories and offer 2 BHK apartments with a carpet area of approximately 844 square feet. Alora will comprise of five 11 story towers offering 2 and 3 BHK apartments.
Earlier this month, the State Government of Gujarat approved eleven town planning (TP) proposals out of which nine are located in Ahmedabad. The cabinet also approved one TP programme each for the cities of Surat and Bhavnagar. 23,700 EWS housing units will be built as part of the proposals approved for Ahmedabad. 20.73 hectares have been set aside for additional public amenities, while 25.05 hectares have been set aside for gardens and parks. 3,300 EWS housing units would be built in Bhavnagar and 567 EWS housing units will be built in the Pandesara neighbourhood of Surat.
The Slum Rehabilitation Authority (SRA) and State Environment Impact Assessment Authority (SEIAA) were instructed by the National Green Tribunal (NGT) to explain if a joint committee had investigated alleged environmental infractions in a Worli SRA project. Skylark Buildcon and Oberoi Realty had been prohibited from selling apartments under the project's free sale component by an order issued by the NGT last year until it had supplied 500 parking spaces for the slum rehabilitation structures.
The joint office development platform between Ivanhoe Cambridge, the real estate division of Bengaluru-based Embassy Group, and CDPQ, Canada's second-largest pension fund, has been shelved. Ivanhoe and Embassy introduced the office platform in March 2021 with a $500 million investment potential. The platform was to invest in business parks in Bengaluru, Chennai and Hyderabad. The platform's foundational asset was the first phase of Bengaluru's 60-acre Embassy East Business Park, located on Whitfield Main Road.
NoBroker, the Indian real estate platform, has received a $5 million investment from Google as an extension of its Series E funding round, bringing the total raised in the round to $215 million at a valuation of $1.01 billion. The Google investment was made as part of the $10bn India Digitization Fund announced by the company in 2020, and follows earlier backing by General Atlantic, Tiger Global, and Moore Strategic Ventures.
According to statistics published by Bank of Mauritius, foreign direct investment in high-end properties in Mauritius, totalled $1.368bn between 2014 and mid-2022, or approximately 40% of all inflow. The number has been steadily increasing since then. Government initiatives such as scrapping of the inheritance tax and the successful launch of Integrated Resort Scheme (IRS) has attracted investors from across the world. The scheme allows foreign buyers to purchase luxury villas or apartments in designated areas, typically located near the coast, and receive Mauritian residency status.
The Karnataka Real Estate Regulatory Authority (KRERA) has dismissed a complaint filed by Godrej Properties against a homebuyer who refused to pay the balance amount until the developer furnished land litigation documents for the Godrej Aqua project that is still pending in the Devanahalli civil court. The KRERA found that the civil litigations of the project area were pending since January 24, 2019, and the sale agreement was signed in July of the same year. The authority concluded that homebuyers cannot be held liable for not completing the payments, and that developers must disclose the discrepancies on the official website so that prospective investors can be alerted.
The Bombay High Court has expressed its disapproval of the Mumbai Metropolitan Region Development Authority (MMRDA) for giving only a two-day notice to a petitioner's family to vacate their tenement, which they had been allotted in 2017. The petitioner was told to vacate the alternative residence provided to him as part of a redevelopment project by MMRDA without any warning. The court's directed MMRDA to remove the lock they had placed on the room and to prohibit them from taking any coercive action until the next hearing on 16th March 2023.
The Uttar Pradesh government has instructed the Gautam Budh Nagar administration to digitise all land records dating back to 2002. There are currently over 13,10,000 land records for this area alone. According to officials, the measure is intended to ensure efficiency and openness because it takes a long time to go through old documents. The district administration was given until Tuesday this week to meet with the sub-registrars and develop a strategy for the same. Additionally, the government has authorised the use of 51 computers, 17 scanners, and other tools for this job. CCTV cameras will be used to monitor the digitization process.
A non-bailable warrant (NBW) has been issued against Surpreet Singh Suri, the promoter of Three C Shelters Private Limited, by a Delhi court, after he failed to appear in court for a hearing related to the delayed Greenopolis housing project in Gurugram. The project was launched in 2011 and was supposed to be delivered to buyers in 2015, but not a single unit has been delivered to date. The case is being heard in the Economic Offences Wing (EOW) of Delhi Police, and the next hearing is scheduled for August 29, 2023.
BuzzWorks, a managed office brand owned by real estate conglomerate Brigade Group has announced its plans for expansion. The company currently offers over 2,400 seats across the country which is at 99 percent occupancy. Riding the wave of increased demand for flexible office spaces post pandemic, the company intends to double its inventory along with increasing in presence in cities such as Bengaluru, Chennai, Kochi and GIFT City in FY 2024.
Earlier this week Karnataka Chief Minister Basavaraj Bommai used excerpts from the Justice Kempanna Report that talks about the Arkavathi scam to hit out at the Congress party. The report was set up in 2014 to investigate the denotifications of land in the Arkavathi layout. The report concluded that the Arkavathy layout scheme turned into a scam because large amounts of land had been excluded from acquisition in violation of orders from the High Court and the Supreme Court.
The Department of Town and Country Planning (DTCP) has suspended the licenses of three affordable housing projects in Gurugram, after the developer, Ocean Seven Buildtech, failed to comply with their terms and conditions. The licenses were granted to Ocean Seven Buildtech in 2016, 2018, and 2019 to develop Expressway Towers in Sector 109, Golf Heights in Sector 69, and The Venetian in Sector 70, respectively. However, the developer has failed to deliver the projects to date, triggering protests from the allottees.
A report published by Cushman and Wakefield states that Qatar's residential real estate market experienced unprecedented market dynamics in 2022 due to the requirement for housing units to accommodate visitors during the FIFA world cup held in November and December that year. Apartments across the country experienced a significant increase of 15 to 30 percent in annual rental contracts, which have not declined post-World Cup. According to the report, nearly 35,000 residential units were built-in for the football tournament, and many of these units are held on government 'Eskan' leases of up to five years with rolling break options.
Navi Mumbai based builder Nalin Shah, was recently acquitted by the Vashi Magistrate Court in cheating case registered against him at Vashi Police Station. The Economic Offences Wing (EOW) had arrested Mr Shah in July 2018 based on complaint filed by a local resident for not handing over possession of two shops. However, as per MahaRERA records, the possession of the properties are due only on 30th December 2023, and so the case was dismissed by the Court for lack of proof.
According to a report published by Knight Frank India, property registrations in Mumbai fell to 9,286 units from 10,379 units for the same period last year indicating a drop of eleven percent YoY. These registrations are said to have generated over Rs 1,000 crore in revenues for the state. Of the properties registered, more than eight percent were residential properties. Experts are citing raising home loan rates are the chief reason for the drop in registrations.
Prestige Group is planning to collaborate with Kotak Realty Fund to create a joint platform for investing in residential projects. The platform will have a total fund of $500 million (equivalent to Rs 4,100 crore). Kotak Realty Fund will provide the investment, while Prestige Estate Projects will oversee developing the projects. This joint platform is expected to be the largest in the residential sector in recent years.
The National Building Construction Corporation (NBCC) has finished constructing 7,100 houses out of 38,159 houses in the Amrapali projects located in Noida and Greater Noida, which were delayed for several years. To complete the remaining houses, it is estimated that over Rs 5,000 crore will be required, and the NBCC will have to explore options such as selling the unused Floor Area Ratio (FAR) in the current projects to obtain the necessary funds.
Earlier this week, the board of the Indore Development Authority (IDA) approved two ambitious projects, namely the Town Planning Scheme 9 and the Town Planning Scheme 10. In addition, they changed the land use of a large plot to make way for the construction of a convention centre with a seating capacity of 10,000 on the Super Corridor. The meeting was chaired by Jaypal Singh Chawda and attended by important officials like Indore collector Ilayaraja T, Indore Municipal Corporation commissioner Pratibha Pal, and the authority’s CEO RP Ahirwar.
Haryana Chief Minister Manohar Lal Khattar has put forth several important proposals in the budget estimates, including the allocation of 100,000 homes to families identified as below the poverty line through the Parivar Pehchaan Patra (PPP) program, the continuation of the amnesty scheme for builders, and the introduction of a land pooling system through the Haryana Shehri Vikas Pradhikaran (HSVP) and Haryana State Industrial and Infrastructure Development Corporation (HSIIDC). To this end, the budget has allocated Rs. 5,893 crores for the housing projects.
Luce, a recently launched residential project on Dubai's Palm Jumeirah, is an initiative by the real estate division of UAE based investment firm Yas Holding. It is expected to be a landmark structure which will include a variety of luxurious apartments, including unique 2-, 3-, and 4-bedroom flats with sea views, a duplex and a penthouse. A swimming pool, a kids' play area, a fitness centre with the newest sports equipment and a gathering area with access to the beach are just a few of the luxurious modern amenities available.
Earlier this week, a special PMLA court in Mumbai granted bail to Mehul Thakur, the director of Viva Group in a money laundering case, on medical grounds. Mr Thakur has been suffering from ill health for over a year. He was first granted temporary bail in March 2022 by Bombay High Court for six months which was then extended until January this year. Post this, Mr Thakur withdrew his plea from the Bombay High Court and sought bail on medical grounds from the special court. Mr Thakur has been accused of laundering money from Housing Development Infrastructure (HDIL) to Viva Group through a several shell companies.
Rakesh Wadhawan and Sarang Wadhawan, the promoters of the real estate company HDIL have been named in a First Information Report (FIR) filled by the Mumbai Police's Economic Offences Wing (EOW) for an alleged Rs 88.47 crore scam. According to police officials, the Wadhawans have been accused of defrauding a corporation Maxstar Pvt Ltd by selling office apartments without their consent.
In a settlement deal consented to, all parties involved have agreed to withdraw a bankruptcy case filed against Peninsula Land. Although the settlement terms have not yet been made public, it is said that Peninsula Land must first reach a number of financial benchmarks for the insolvency petition to be fully withdrawn.
The Madras High court has ordered for the demolition of a compound wall constructed by Olympia Infra Tech Pvt Limited for its residential project Opaline. The order was passed after the court found that the structure had encroached upon a public road in Navalur, Chennai.
The National Real Estate Development Council (NAREDCO) recently announced that "Fund City" would be unveiled in conjunction with the next NAREDCO Finance Conference. NAREDCO Fund City will comprise of banks, specialist funds, fund houses, and other financial organisations who will work together with promoters to fulfil the financial needs of the Indian real estate market. Several banks and fund houses have pledged their support to NAREDCO Fund City, and more are anticipated to follow.
Making its foray into the Dubai real estate market, Sobha Realty has struck a deal with DMCC, Dubai’s flagship free zone and commodities trade and enterprise body to develop a residential tower at Jumeirah Lake Towers (JLT), Dubai. Verde by Sobha Realty will be 59-story luxury tower with seven podiums situated in Cluster H, JLT. It will offer a variety of one- to three-bedroom apartments with prices starting at AED2 million ($544,416). The project is scheduled to be completed in Q4 2026.
Portugal has announced a significant package of measures aimed at addressing the country's housing crisis. The housing crisis has resulted in skyrocketing rents and house prices, particularly in Lisbon, where rents increased by 37% in 2022. Many housing groups have attributed the problem to low salaries, a red-hot property market, policies encouraging wealthy foreigners to invest, and a tourism-dependent economy. Thew new measures undertaken by the government include the termination of the controversial "Golden Visa" scheme and a ban on issuing new licenses for short-term holiday rentals such as Airbnb.
Earlier this week, the China Securities Regulatory Commission (CSRC) announced that China has initiated a test program to increase private investment in the real estate industry. The initial fundraising round of the scheme is expected to involve at least 30 million yuan ($4.37 million). The investors involved in the program, primarily institutional investors, are required to contribute a minimum of 10 million yuan each to participate. This program is intended to offer greater opportunities for funds to take part in the development of new homes and real estate asset mergers and acquisitions.
The Income Tax Appellate Tribunal (ITAT) in Delhi has ruled that if a sale deed doesn’t specify the percentage of a husband and wife’s ownership in a house property, then both spouses will be considered equal owners. The ruling was made in the case of Shivani Madan, which has resulted in her requiring to pay Rs 9.8 lakh in taxes for the 2014-15 financial year. Although it is common practice to include a wife’s name in the sale deed of a property, the court felt in her case, being a salaried individual, she was liable to pay for her share of the property.
The cluster development policy, which aims to promote the redevelopment of old wadas and smaller properties in the Peth areas of Pune, has been stuck at the state level for around six years, despite being cleared by the Pune civic body. While the state government has approved the development plan for civic areas, the policy has not been given the green light. This has led to concerns among residents and officials in the area, who believe that the redevelopment of these properties is necessary for the safety and development of the Peth areas.
Last week, the administration of Jammu and Kashmir announced that property tax will be imposed on municipal areas in the Union Territory beginning April 1. The notification stated that residential properties will be taxed at five percent of taxable annual value (TAV), while commercial properties will be taxed at six percent. Any person liable to property tax must furnish particulars of their property and tax due to the officer authorized to receive them by May 30 of the financial year. Failure to pay the tax will result in a penalty of Rs 100 or one percent, and the maximum penalty will not exceed Rs 1,000.
The Unitech group, a beleaguered real estate company, has been in the news lately for the 6,000 homebuyers who are waiting for their flats and villas. The Supreme Court has directed the Noida Authority to approve revised layouts of 10 projects of the company in the city without insisting on upfront payment of nearly Rs 10,000 crore in dues. The revised layouts focus on utilizing unused land parcels, which would provide much-needed capital to the new Unitech board to complete the projects in sectors 96, 97, 98, 113 and 117, giving hope to the homebuyers.
The Department of Town and Country Planning has released a public notice regarding maintenance charges in affordable housing societies. The notice details all the maintenance and upkeep activities to be undertaken by the developers and seeks suggestions and objections on the issue from the public. This move comes in response to complaints from homebuyers of affordable housing projects who have reported that developers are charging upkeep fees in violation of the Affordable Housing Policy 2013.
Residential property prices in 50 cities in India showed a significant increase of 7.1% year-on-year in the quarter ended on December 31, 2022, compared to 4.5% a year ago, according to the National Housing Bank (NHB) Residex, which publishes three housing price indices. The "HPI at assessment prices" index tracks residential property prices movement in 50 cities quarterly, with the base year being FY 2017-18, and it is based on property valuation prices collected from primary lending institutions.
The Kolkata Metropolitan Development Authority (KMDA) has initiated a campaign to reclaim its plots that have been encroached upon in Kasba and Patuli near the EM Bypass. The authorities have launched a demolition drive to bring down the illegal constructions on the plots and fence off the land. The KMDA plans to auction off the parcels of land after the removal of the unauthorized structures, generating substantial revenues for the state coffers.
Despite the COVID-19 pandemic and rising construction costs, the premium residential real estate market in Bengaluru is experiencing strong growth, according to a report by Savills India. The average capital and rental values of premium housing properties have grown at an average of 4 percent YoY. Central Bengaluru has the highest average capital values at around Rs 19,000 and Rs 15,500 for completed and under-construction projects, respectively. South Bengaluru had the highest YoY increase in premium housing prices at around 8 percent in 2022.
Saudi Arabia has revealed plans for a proposed cube-shaped building called “The Mukaab” in Riyadh, the capital city, that can hold 20 Empire State Buildings. The structure will be 400 meters high and 400 meters long on each side covering 19 square kilometres. The completed structure will have over 100,000 residential apartments, 9,000 hotel rooms, 1.4 million square meters of office space, and an additional 980,000 square meters of retail space. It will also feature community facilities, hospitality hubs, and tourist attractions. The project is backed by the Public Investment Fund.
According to an analysis conducted by UK company Buildworld, Canberra has been designated as the world’s capital city with the largest average home size, which stands at an impressive 256.3 square metres. This is a considerable 560% larger than the average home size in Moscow, which ranked last with an average size of just 45.5 square metres, and 36% larger than Cairo, which ranked second with an average size of 188 square metres.
Mahindra Lifespace Developers, a real estate company, announced in a filing to the Bombay Stock Exchange that its Managing Director (MD) and Chief Executive Officer (CEO), Arvind Subramanian, has resigned. The Board of Directors also approved the appointment of Amit Kumar Sinha as an additional director, effective February 23, 2023. Sinha will also serve as the Managing Director (Designate) of the company until May 22, 2023. Starting on May 23, 2023, he will take on the role of full-time MD & CEO for a period of five years until May 22, 2028.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has recently reduced the registration fees for individual real estate agents to INR 10,000 from INR 1 lakh. This move came after real estate agents and their associations in Maharashtra raised concerns over the high registration fees. The registration fee charged by MahaRERA is valid for five years. This decision has come as a relief to almost 40,000 real estate agents who are registered with MahaRERA.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued an order requiring real estate agents with an annual turnover of over Rs 20 lakh to disclose information about their principal officer and designated director. This is in line with the Prevention of Money Laundering Act, 2002 (PMLA) and Prevention of Money Laundering (Maintenance of Records) Rules, 2005 (PMLR). According to a MahaRERA official, agents are required to provide information about their transactions, including the fees they charge as well.
Residents of Malibu Towne in Gurgaon, India, have taken to the streets to protest a blanket ban on the registration of properties in the township. The ban was imposed in December 2022 by the Haryana State Pollution Control Board (HSPCB), following a complaint by an RTI activist and resident of the colony, Raman Sharma. The HSPCB issued a closure notice to the developer, alleging that environmental norms were violated during the construction of the township.
Earlier this month, in a huge victory for over 1,000 homeowners, the Supreme Court ordered Bengaluru-based developer Mantri Castles Pt Ltd to deliver the apartments of the Mantri Serenity project, which has been delayed for five years, by 13 March 2023. The Mantri Serenity project's apartments were seized by the Enforcement Directorate (ED) following complaints that the developer had allegedly misappropriated funds. According to the SC order, the flat buyers who have paid 100 percent of their outstanding dues in accordance with the buyer’s agreements will be eligible to receive possession of their flats before the next date of listing.
Real estate developer M3M has secured a debt facility of Rs 1,500 crore (approximately $200 million) from alternative investment firm PAG Credit & Markets to fund portfolio growth. The funds will be provided in four tranches and paid back within 18 months. M3M plans to use the funds for expansion, including new acquisitions. M3M aims to build a portfolio of 10 million square feet in one year with a top line of $2 billion. The company is expected to close FY23 with sales of Rs 10,000 crore.
ASK Finance, the non-banking financial company (NBFC) division of the ASK Group, has announced the closure of a debt transaction of INR 40 crore with Sowparnika Projects & Infrastructure, a prominent affordable housing builder based in Bangalore. The investment has been made in Sowparnika Ashiyana, a mid-income affordable housing project located near Whitefield, Bangalore, that boasts over 750 homes. Sources indicate that the capital raised will be utilized for the project's construction and to enable Edelweiss to exit its investment.
According to a regulatory document filed with the U.S. Securities and Exchange Commission last week, a subsidiary of Brookfield Corp, the asset manager, is unable to repay loans associated with two buildings in Los Angeles, California. The Brookfield DTLA Fund Office Trust Investor owns two properties, which are the 777 Tower and Gas Company Tower, and both buildings have outstanding debts of approximately $290 million and $465 million, respectively.
The average home rental cost in Singapore has now surpassed that of Hong Kong, which has long been known for its notoriously expensive real estate market. Singapore's political stability, successful management of the pandemic, and influx of multinational companies have all contributed to the increase in rental costs. However, analysts do not expect rental prices to skyrocket again in 2023. On the other hand, they predict that Hong Kong's rental market may rebound this year, given the lifting of its anti-pandemic measures.
According to official data released earlier this month, home prices in China increased in January for the first time in a year. This rise in prices was attributed to the end of the zero-COVID policy, property policies that were favourable, and market expectations of additional stimulus measures, all of which increased demand. Based on data from the National Bureau of Statistics (NBS), new home prices rose by 0.1% on a month-on-month basis in January, compared to a 0.2% decline in December.
The Noida Authority has released a new structural audit policy that appears to be a fitting response to the alarming number of buildings with substandard structural integrity in the city. The policy will make it mandatory for developers of multi-storey buildings to obtain a structural audit report from an empanelled institute to obtain an occupancy certificate. The policy also requires existing buildings to undergo structural audits if defects are reported by at least 25% of homebuyers within five years of obtaining an occupancy certificate. Noida Authority has asked 17 technical institutions such as IIT-Kanpur, MNIT Prayagraj, BITS Pilani, NIT Jaipur, and CBRI-Roorkee to become empanelled members of the audit team.
The Maharashtra Real Estate Regulation Authority announced this week that 313 significant projects throughout the state have received show-cause notices as a result of a report from an external auditor that identified a number of issues. The watchdog hired a reputable audit firm as part of its duty to examine projects at a micro level and the letters have been given to projects that the firm red-flagged, according to an official statement.
REITs and InvITs in India have approached the government to reconsider the proposal in the Union Budget for 2023-24 to tax income distribution through the mode of repayment of debt. While REITs have emphasized their attractiveness and steady rise in acceptance by retail investors, tax experts believe that the government is attempting to bring parity in taxation of incomes for investors of REIT and InvIT by widening the tax bracket. As India has witnessed robust investor interest in REITs from a diversified investor base, the proposed tax change could have an impact on the growth of the market.
The National Capital Region (NCR) in India has long been a popular destination for developers seeking to acquire land. In 2022, 23 transactions totalling nearly 745 acres of land were transacted, valued at INR 7,000 crores (USD 875 million) in the area. Gurgaon recorded the most transactions, with 12 deals, followed by Noida with six major land deals. Residential development was the primary use, with 15 out of 23 transactions, totalling nearly 665 acres, acquired for proposed residential developments.
Oberoi Realty's consolidated net profit increased by 50.27% during the quarter that concluded on December 31, 2022. Its profit after tax (PAT) was Rs 702.57 crore in the third quarter of FY23 as opposed to Rs 467.53 crore in the equivalent quarter of the previous fiscal. Its profit after tax (PAT) was Rs 702.57 crore in the third quarter of FY23 as opposed to Rs 467.53 crore in the equivalent quarter of the previous fiscal, the business stated in a BSE filing.
After 13 rounds of intensive bidding, the three-winning bidders of the now-defunct Rajesh LifeSpaces hotel property in Mumbai bidders are the hospitality and restaurant conglomerate Sankalp Recreation from Ahmedabad, Shri Ram Multicom from Kolkata and Rare Asset Reconstruction Co. The valuer chosen by the banks will now assess the three bidders' varied strategies. Lenders will put the best plan up for voting based on the net present value in accordance with the valuer's report.
Max Estates, a real estate development company, has entered into a joint development agreement (JDA) with Namo Realtech Private Ltd to develop a group housing project on Dwarka Expressway in Gurgaon, India. Max Estates will develop approximately 2.5 million square feet on an 11.8-acre land parcel in sector 36A Gurgaon. The company expects revenue of ?3,200 crore from the project. This will be Max Estates' first residential project in Gurgaon, while its first residential project in Noida is expected to be launched in the first half of 2023.
Godrej Fund Management, a private equity firm in the real estate sector that operates under the Godrej Group, has reportedly put up two of its main investee assets for sale. These marquee assets include a total of 200,000 sq ft of office space spread across three floors in the Godrej BKC commercial project, and the G: Corp Tech Park, an information technology park project located in Thane's Ghodbunder Road area. The combined estimated value of these assets is believed to be around Rs 1,500 crore based on the current office property rates in the areas.
As a result of significant gains following years of rising housing prices, homeowners are increasingly drawing on their equity. According to TransUnion data, homeowners took out 333,537 home equity loans in the third quarter of last year. The credit bureau reported that this is the highest number of home equity loans on record dating back to 2010 and represents a 47% rise from the same quarter in 2021. Banks also extended 405,646 home equity lines of credit, or HELOCs, to borrowers in the third quarter, up 41% from a year earlier.
According to IBC Focus, a construction market research specialist, the construction industry experienced a 20% yearly growth in 2022, totalling 29,719 projects in the country Romania. The private residential segment accounted for 31.2% of all projects and marked a 17.3% increase from the previous year. The industrial segment followed closely behind, with a 15.33% share and 5,960 projects, compared to 5,347 in 2021. The hotel and recreation segment came in third place, with 4,615 projects, or an 11.87% share. Investments in infrastructure, which showed the fastest annual growth, came in at sixth place with 3,093 projects in 2022.
The state of Maharashtra in India is reviewing a draft bill called the Maharashtra Transfer of Title in Real Estate Project Bill, which is expected to replace the existing Maharashtra Ownership of Flats Act (MOFA), 1963. The new bill is aimed at dealing with conveyance deeds of housing societies not covered under the Real Estate (Regulation and Development) Act (RERA). The proposed bill emphasizes the execution of conveyance deeds by developers within three months, and it includes a mandatory occupancy certificate (OC) for carrying out conveyance deeds.
The West Bengal government has announced an extension of the existing 2 percent rebate on stamp duty and 10 percent rebate on circle rates of land/property for another six months, until September 30, 2023. The extension of the rebates is intended to benefit homebuyers and stimulate growth in the real estate sector. The reduction of stamp duty and circle rate had resulted in a record number of registrations, particularly by small flat holders, reaching 34,44,070 between July 2021 and December 2022.
The district of Gautam Budh Nagar emerged as the top destination for investors during the Uttar Pradesh Global Investors Summit 2023, attracting approximately one-third of all the proposed investments by value. Companies such as Ikea, the Lulu Group, and Adani Group were among the major players that committed to investing INR 10.3 lakh crore in various projects across the state. More than 60% of the investment proposals are for manufacturing projects, while the remaining ones are for real estate, retail, institutional, logistics, banking, and horticulture, among others.
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The Delhi Development Authority (DDA) has announced that people owning a flat or plot of land measuring less than 67 square metres in Delhi are now eligible to apply for newly constructed flats offered by the urban body. This move comes after the Union Ministry of Housing and Urban Affairs approved modifications and relaxations proposed by the DDA in the Housing Regulations of 1968, which were issued under section 57 of the DDA Act of 1957.
Earlier this week, the Indian Competition Commission gave its approval for Nexus Select Trust to acquire 100% of the shares of fifteen entities and indirectly acquire 100% of the shares of two entities through the manager of the acquirer REIT, Select Infrastructure Pt Ltd and Nexus South Mall Management Put Ltd. ICC also approved the purchaser REIT's (acting through its manager) direct acquisition of 50% of the equity shares of ITIPL from its current owners. The Nexus Select Trust REIT is India’s fourth REIT. Its primary sponsor is Wynford Investments Limited, an affiliate of Blackstone Inc.
According to a BSE filling, Prestige Estates Projects’ overall net profit for the quarter ended December 31, 2022, increased by 75%. Its profit after tax (PAT) increased from Rs 92.40 crore in the third fiscal quarter of the prior fiscal year to Rs 161.70 crore in the third fiscal quarter of this year. The company's consolidated total revenue increased by 74.22 percent to Rs 2,347.50 crore in Q3 FY23. The company's combined total revenue for Q3 FY23 was Rs 2,347.50 crore, up by 74.22 percent from Rs 1,347.40 crore in the same quarter of FY22.
MYRE Capital intends to raise Rs 20 crore through a structured debt opportunity that provides qualified investors with senior secured debt that is secured with a loan against property (LAP) via offline distribution channels. The required minimum investment for this offer is Rs 15 lakh with an IRR of 11%. The investment is a four-year structured instrument with monthly interest payments and annual principal repayments of 25%. A SEBI registered debenture trustee will oversee this transaction in its entirety, the company stated.
An unauthorised border crossing south of Montreal has recently seen an increase in asylum seekers coming from the US into Canada's second-most populous province. While Canada's open immigration policy exacerbates a housing scarcity, Prime Minister Justin Trudeau is under pressure to tighten border controls. Public services cannot accommodate all the influx as parts of the country already suffers problems with housing, enrolment in schools and shortage of hospital staff. Even though the government has promised to double the rate of housing development, there is a huge gap between demand and availability.
India's Hiranandani Group-owned Yotta Data Services has announced its partnership with Bangladesh's Shamsul Alamin Group (SAG) to aid in the growth and expansion of its business in the country. Yotta has committed to an investment of over Tk2000 crore to develop its Hyperscale Data Centre Park in Dhaka in the next 4-6 years. The park will feature two hyperscale data centre buildings with 4800 racks and 28.8MW IT power capacity. The first data centre building is slated to go live in Q3 of FY2024.
Co-living is gaining popularity as a cost-effective housing solution for young, single professionals, particularly millennials and Gen Z, who are facing challenges in finding suitable housing options. Traditional landlords often prefer to rent to families, and hostels and PGs (paying guest accommodations) come with a long list of terms and conditions that make them unattractive options. This is where co-living comes in as a reasonable and convenient alternative.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued an order officially permitting developers to proceed and deregister a real estate project subject to conditions laid down by the authorities. The MahaRERA has cited several grounds for developers to deregister a real estate project, including a lack of cash, economically unviable projects, lawsuits filed, disputes/family issues, and changes in planning government/planning authority announcements. If there are homebuyers, deregistration will only be taken into consideration if the developer has resolved all their rights and claims.
The Chandigarh Housing Board (CHB) has begun acting against allottees who have broken the terms and conditions of allocation in the Rehabilitation Programme, Small Flat Scheme, and Affordable Rental Housing Scheme. Through two rigorous surveys conducted CHB found that of the 18,138 apartments allotted only 15,995 were occupied by the original allottees. The rest were either locked or not occupied by the original allottees. The CHB had advised all allottees to surrender their apartments if they decide they no longer wish to live in them, but they may not sell, sublet, transfer, or transfer them to other people.
The redevelopment of 11 chawls in nine defunct National Textiles Corporation (NTC) mills is set to create 18 lakh sq ft of new construction in central Mumbai. Of this, approximately 6 lakh sq ft will be used to rehouse free of cost the 2,062 tenants currently residing in NTC chawls. The remaining 12 lakh sq ft will be given to the successful bidder of the chawls' redevelopment, with the free sale portion expected to be worth more than Rs 5,000 crore.
Last week, the Securities Exchange Board of India (SEBI) announced that it will sell 22 properties owned by MPS Group, Tower Infotech, and four other entities at auction on March 3 for a reserve price of Rs 91 crore to recover investors' money. The regulator has placed the properties of Vibgyor Group, Prayag Group, Multipurpose BIOS India Group, and Waris Finance International Group on block in addition to MPS Group and Tower Infotech. These businesses have obtained money from investors without adhering to legal requirements.
The National Green Tribunal (NGT) appointed committee has issued a show-cause notice to Jaypee Infratech and the insolvency resolution professional (IP) handling the company's insolvency case, asking why an environmental compensation of Rs 5.47 lakh should not be imposed for violating green norms in the Kensington Park-1 project. The move comes in response to a complaint from a resident over violations of green norms, including sewer overflow from manholes, across several blocks of Kensington Park-1 in Sector 133.
According to a BSE filing from the firm, Embassy Office Parks REIT (Embassy REIT) has secured a term loan from Bajaj Housing Finance, a division of Bajaj Finance for Rs 1,000 crore. The corporation will largely use the money raised from this debt raising to pay down existing construction debt as well as for basic business needs. The long tenor loan aids in extending Embassy REIT's debt maturity profile, and the refinance resulted in interest savings of 60 basis points, according to Embassy REIT.
Keystone Realtors declare a consolidated net profit of Rs 5.82 crore during Q3 FY23. Its profit after tax (PAT) was Rs 88.42 crore in the corresponding quarter of the prior fiscal year, the business stated in a BSE filing. The company's consolidated total income in Q3 FY23 was Rs 135.55 crore comparatively to Rs 878.09 crore it reported in the same quarter last year. The company completed its initial public offering (IPO) of 1,17,37,521 equity shares with a face value of Rs. 10 each during the quarter that ended December 31, 2022.
In an announcement made by Godrej Properties, the company disclosed its intentions to acquire land parcels through outright purchases and collaborative ventures with landowners, aiming to double its initial projection of Rs 15,000 crores for FY 2022-23. The company has so far added 15 new projects to its portfolio this fiscal year with a total estimated saleable area of 23.42 million square feet and an anticipated total booking value of Rs 27,500 crore.
Hong Kong's government is facing criticism over its $3.4 billion temporary housing plan aimed at easing the city's chronic housing shortage. Hong Kong's Chief Executive, John Lee, pledged to construct 30,000 units of 'Light Public Housing' within five years, with the hope of reducing the waiting time for public housing from six years to four and a half years. However, critics have slammed the scheme as a 'band-aid solution' and have questioned its high cost. The scheme has also been criticized for its proposed location. Some of the planned sites are in faraway urban areas, making the homes inaccessible to many people.
Real estate firm Ivanhoé Cambridge and property management company Mapletree have formed a strategic partnership to develop, own and operate technology-focused workplaces in India. The joint investment platform has a capacity of over CAD 2.5bn ($1.97bn) and the partners have already identified properties and projects to meet this target. The investment strategy will focus on development of Grade A office assets in key economic hubs.
According to CBRE India, Mumbai has been ranked as the seventh most preferred destination for cross-border investment in the real estate sector in the Asia Pacific region. The consultant's '2023 Asia Pacific Investor Intentions Survey' revealed that Mumbai ranks ahead of Shanghai, Hanoi, and Seoul on the list. This is the first time in the last two years that any Indian city has been included in the list. The survey found that Tokyo topped the chart for the fourth consecutive year as the target market for cross-border investment, followed by Singapore.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is taking a proactive approach in reviving lapsed housing projects in the state. The authority has reached out to six developers' organizations seeking suggestions and assistance in bringing 624 lapsed projects back to life. These include 309 from Mumbai, 220 from Pune, 20 from Nagpur, 29 from Aurangabad and 41 from Nagpur. The six developers' organizations are the National Real Estate Development Council (NAREDCO), CREDAI-MCHI, CREDAI Maharashtra, the Builders Association of India, the Marathi Bandhkaam Vyavasik Association, and the BrihanMumbai Developers' Association.
The National Green Tribunal (NGT) has imposed a fine of more than 113 crore rupees on Uppal Chadha Hi Tech Developers Pvt. Ltd. for violating environmental norms in its Hi-Tech Township across 14 villages in Ghaziabad and Gautam Buddha Nagar districts of Uttar Pradesh. The environmental compensation was calculated at 0.75% of the total project cost, and the NGT ordered the PP deposit the money with the Uttar Pradesh Pollution Control Board (UPPCB) within three months. The NGT expressed disappointment with the ED's lack of action in the matter and criticized the Central Pollution Control Board (CPCB) for being "very lenient" towards violators.
Vanke Co Ltd, a major property company in China, intends to raise as much as CNY 15 billion ($2.2 billion) by offering a private placement of it’s shares. This capital increase is aimed at financing 11 real estate projects and increasing its capital reserves. The company stated in a filing to the Shenzhen Stock Exchange that it aims to sell up to 1.1 billion A-shares, which is equivalent to 9.46% of its total share capital, to up to 35 potential investors.
The National Company Law Tribunal (NCLT) has granted a significant relief to the Maharashtra Housing and Area Development Board (MHADA) in the Patra Chawl redevelopment case. The NCLT allowed MHADA's plea to exclude its entire 47-acre property known as 'Siddharth Nagar' from the liquidation estate of Guruashish Construction. Under a Joint Development Agreement (JDA), Guruashish was supposed to construct permanent rehabilitation homes for 672 tenement holders and in lieu could build and sell free-sale component at its own risk. MHADA terminated the JDA in January 2018 due to the builder's default in completing construction within its stipulated timeline.
The Haryana state government has suspended the Deen Dayal Jan Awas Yojna (DDJAY) scheme, which aimed to provide affordable plotted housing to low- and middle-income families in Gurgaon and Faridabad, due to high land costs and lack of benefit for the target demographic. Prime Minister Narendra Modi launched the DDJAY scheme in Haryana in November 2016 to address the problem of unauthorised colonies while offering affordable housing options to low- and middle-income families.
The Mormugao Municipal Council (MMC) has made the decision to take enforcement action against dangerous structures under its purview. Thirty-two residential structures have been listed by municipal officials as being unfit for habitation. Majority of these structures are in Vasco town, with the remainder spread among the Baina, Mundvel, Maimollem, Vaddem, and Headland-Sada regions.
Axis Commercial Real Estate Fund has announced its first close after raising nearly INR400 crore through a strategic partnership between Axis Asset Management and global real estate firm Tishman Speyer, according to anonymous sources. The fund is a category II alternate investment fund (AIF) that will develop greenfield commercial projects across eight key markets in India, including Chennai, Ahmedabad, Kolkata, Hyderabad, Pune, Mumbai, the National Capital Region, and Bengaluru, with a focus on sustainability, safety, and serviceability
It has been reported that multiple beneficiaries of the Bruhat Bengaluru Mahanagara Palike's (BBMP) standalone home scheme are falling victim to fraud committed by local middlemen, who are taking advantage of the scheme to extort money from unsuspecting applicants. The scheme is designed to provide financial aid of Rs 5 lakh to economically weaker sections of society, with an annual income of less than Rs 3 lakh, to build their own homes.
The Mysore Urban Development Authority (MUDA) is proposing to develop residential areas on approximately 1,000 acres of land through a joint agreement with farmers and landowners. After encountering some obstacles with their original plan to develop sites at Ballahalli, MUDA has now selected 250 acres in Daaripura village in Jayapura hobli and 750 acres in Bommenahalli village in Yelwal hobli. Many farmers have agreed to participate in the development project with MUDA under a 50:50 ratio.
The Haryana Real Estate Regulatory Authority in Gurugram has issued an arrest warrant for the directors of Shree Vardhman Infrahome Private Limited for failing to transfer ownership of a unit to the assigned individual. The warrant was issued on February 7 by the adjudicating officer’s court following a complaint from the allottee. The court had previously issued a show-cause notice to the directors in connection to the matter but received no response despite proper service.
The City of Helsinki, Finland has initiated a bidding process to sell the historic Old Customs House in Katajanokka for redevelopment purposes. The tender competition was initiated after the Urban Environment Committee gave its approval for the same. The deadline for submitting the tenders is April 28, 2023. Potential bidders are required to present a versatile plan for the building with functions such as business spaces, offices, workspaces, restaurants, meeting rooms, or art and cultural facilities.
Brigade Enterprises' consolidated net profit decreased by 8 percent during the quarter ending on December 31, 2022. Its profit after tax (PAT) was Rs 42.68 crore in the third quarter of FY23 as opposed to Rs 46.41 crore in the same period of the previous fiscal, the business stated in a BSE filing. The company's consolidated total income for the second quarter of FY23 was Rs 858.63 crore, down 7.99% from Rs 933.19 crore it earned in the same quarter of FY22.
The Maharashtra Real Estate Appellate Tribunal (MREAT) has overturned a MahaRERA ruling from 2020 and ordered the promoter of Runwal Greens to pay interest on a homebuyer’s down payment for two years from 2016 to 2018 as well as pay a fine of Rs 20,000 for the delay in taking possession of the property. The homebuyer had booked an apartment in the project in 2012 by paying a sum of Rs 28lacs as downpayment. The promoter had promised possession by December 2015 but eventually gave it only in July 2018.
Apeejay Surrendra Park Hotels Ltd (ASPHL) is a hotel company that operates under two brands: The Park and Zone by The Park. The company is set to revive its fundraising activities with a decision to go public with an initial public offering (IPO) of Rs 1500 crore by September of this year. Axis Bank, JM Financial, and ICICI Securities are the lead managers for the IPO. ASPHL is expected to be valued at Rs 5000 crore, and about 30% of the company's stake will be offered in the IPO, which will be a mix of primary and secondary sale of equity.
A decree from the Maharashtra Urban Development Department has now placed 19.7 hectares of prime railway land located in Dharavi slums under the jurisdiction of the Slum Rehabilitation Authority. The state government is said to have paid Rs 800 crore to the Indian Railways in 2019 to purchase a total of 47.5 acres of land, which includes the 19.7 hectares to be included in the rehabilitation of Dharavi. Due to the 19.7 hectares of property owned by the railways and not under the control of the state government, efforts to rehabilitate Dharavi had previously failed. Adani Realty placed the highest bid at Rs 5, 069 crore, winning the much-coveted Dharavi redevelopment project.
The Bombay High Court has ruled in favour of the state government on a petition filed by Godrej & Boyce challenging the acquisition proceedings initiated by the Maharashtra government and the National High Speed Rail Corporation Limited (NHSRCL) in Mumbai's Vikhroli area for the project. The court stated that the project was of unique importance and that the collective interest of the public would take precedence over private interests, such as those claimed by Godrej & Boyce. The court noted that the provisions of the Fair Compensation Act empower the government to carry out the acquisition proceedings to their conclusion.
The Godrej Air residential project in Sector 85, Gurgaon, has become a source of trouble for around 500 homebuyers and investors as the landowner, Orris Infrastructure, has taken legal action against the developer, Godrej Properties. Orris has filed a complaint with the economic offence wing (EOW) of the Gurgaon police, alleging that Godrej Properties has engaged in cheating, criminal breach of trust, and criminal conspiracy. In December 2022, the court of an additional district judge ordered the freezing of 16 bank accounts of the project after Orris filed a petition alleging that Godrej Properties was siphoning funds.
According to state cooperation department officials in Maharashtra, a housing society does not need to possess an Occupancy Certificate (OC) to apply for and receive deemed conveyance. The officials cited a government resolution (GR) from 2018 that allows for both online and offline applications for deemed conveyance for societies without OC, but with a catch. The society must submit a self-declaration form that affirms that it will pay the necessary dues and obtain the OC from the local authority at a later date.
The Nashik Municipal Corporation (NMC) has discovered 1.3 lakh residential and commercial properties that have been built without obtaining proper approvals from the organization. The NMC is now issuing notices to the owners of these properties to hear their side of the story. If their explanations are not satisfactory, the NMC will impose additional property tax, which will result in an estimated additional revenue of Rs25 crore from these unauthorized constructions.
CRC Group, a real estate developer located in Noida, disclosed that it would invest Rs 810 crore to build a commercial property in the area. The project, which has the potential to create 9,000 jobs, has already been authorized by the Uttar Pradesh government under the Invest UP programme. The company intends to build over 12 lakh square feet of office space, 3 lakh square feet of retail space, and one lakh square feet (102 units) of service apartments as part of the project.
The Bombay High Court has overturned a decision to cancel 517 slum development projects that were left unfinished since 2014. The court, consisting of Justices G S Patel and S G Dige, determined that the notice for cancellation was “not in accordance with the law and lacked a legal basis.” The court referred to the Maharashtra Slum Areas (Improvement, Clearance and Redevelopment) Act of 1971 and stated that the provisions clearly require that every defaulting developer must be given notice and a chance to be heard.
The Maharashtra Housing and Area Development Authority (MHADA) has announced plans to construct 231 earthquake-resistant independent houses for the victims of the disaster, which claimed the lives of over 80 people. These 2-bedroom homes, measuring approximately 600 square feet, are being built in the Taliye village in Raigad district and are being constructed to provide a safe and secure living environment for the affected individuals. The cost of the project is estimated to be Rs 77 crore, with each house costing Rs 20 lakh, and will be fully funded by MHADA. The government agency is working to ensure that possession of 66 houses is given by April 2023, with the remaining houses being given in phases.
Last week, the Supreme Court ruled that a builder of a housing complex remains responsible for obtaining a completion certificate for the structure, regardless of whether the flat owners have taken possession of their homes before the issuance of such a certificate. This ruling came as a relief for 36 flat buyers in a Kolkata housing complex who have been litigating against RNR Enterprise, the builder, since 2006.
Taurus Investment Holdings, a Boston-based private equity and development fund, is seeking to develop retail-led, mixed-use properties in India. The firm is targeting tier 1 and high-growth tier 2 cities in the South and West regions of India due to high demand in these markets. The first project, Taurus Downtown, will be located in Trivandrum, with Taurus investing INR 1,000 crore in the 1.3 million square feet development. In addition to Trivandrum, Taurus also plans to focus on secondary cities such as Visakhapatnam, Coimbatore, Bhubaneshwar, and Trichy.
JMS Infra Realty Private Limited's bank guarantees have been forfeited by the Haryana Real Estate Regulatory Authority (H-RERA), Gurugram, since the promoter was late in submitting its project's zoning plan and authorised service plans and estimates. JMS Infra Realty Pvt. Ltd had applied for RERA registration certificate for the creation of a plotted community called "The Nation" under the Deen Dayal Jan Awas Yojana (DDJAY) scheme in Sector 95.
The redevelopment of three GPRA colonies in India, Sarojini Nagar, Kasturba Nagar, and Sriniwaspuri, have been delayed due to a lack of permission from the city government for tree transplantation and the presence of encroachments. In a letter to the Lok Sabha, the Union Minister has outlined the current status of each project and the challenges they are facing, providing a clearer understanding of the situation. While the progress of the projects has been slow, the government claims to remain committed to ensuring that the redevelopment of these colonies takes place smoothly and successfully.
The Supreme Court recently rejected a special leave petition (SLP) filed by Avarsekar and Sons, a builder, against a ruling from the Bombay High Court. The ruling, made in December of 2022, allowed residents of a prime Prabhadevi building to form a cooperative housing society (CHS), instead of a condominium. The decision came after a petition was filed by Rusabh Shah, the chief promoter of the New Pushpanjali Co-operative Housing Society (proposed) in Prabhadevi, against the builder in 2018.
Earlier last week, an official representing the Uttar Pradesh Government announced that the Yamuna Expressway Industrial Development Authority (YEIDA) will now include 55 villages from the Khurja and Secunderabad tehsil divisions in the Bulandshahr district. The YEIDA now has 1,242 villages that have been notified in total. The Dedicated Freight Corridor (DFC), New Noida and the railway between Delhi and Howrah have all been included to the authority's domain.
The National Green Tribunal (NGT) has recently imposed an environmental compensation of INR 113.25 crore (approximately USD 15.2 million) on the developer of Wave City, a residential project located along National Highway 9 in Ghaziabad, Uttar Pradesh, India. The developer has been given three months to deposit the fine with the Uttar Pradesh Pollution Control Board (UPPCB). A three-member bench of NGT, led by Chairperson Adarsh Kumar Goel, passed the order after a report was submitted by a joint team of UPPCB, Central Ground Water Board, and the forest department officials.
According to the updated deadline established by the Centre, the Maharashtra State Government is set to construct 3.75 lakh homes throughout Maharashtra under the Pradhan Mantri Awas Yojana-Urban (PMAY-U) by December 2024. These 3.75 lakh units are a component of the state's 15.82 lakh sanctioned units from 2015, of which 6.93 lakh, or 44%, have been finished.
BCD Group has recently made a foray into the Chennai market with its maiden turnkey residential project. The company's entry into the Chennai market is part of its plan to diversify its exposure to turnkey projects across the country, by offering comprehensive services from design consultation to handover. The project is a semi-luxury apartment development called Ayana 95, and will comprise 2, 3, and 4 BHK-style units, spread across 2.5 acres. Construction is set to begin in the first quarter of 2023, with an expected completion date of the first quarter of 2025.
The trend of sustainability in real estate is rapidly growing in India. In the past five years, the market has witnessed a 37% rise in the supply of certified buildings. The cost difference between conventional and green buildings has decreased, making it easier for developers to maintain profitability while incorporating green building practices. Also, homebuyers today are becoming increasingly aware of the importance of sustainability, which in turn is driving the shift towards a more sustainable real estate market in India.
The Government of India has blocked 232 apps run by foreign entities, including those from China, due to their involvement in activities such as betting, gambling, and providing unauthorized loans. According to sources, LazyPay, IndiaBulls Home Loans, and Kissht have been included in the list of websites that have been blocked by the Ministry of Electronics and IT. The Ministry issued the blocking orders on Saturday in response to an emergency request from a nodal officer of the home ministry.
Homebuyers of Expressway Towers in Sector 109 in Gurugram held a meeting with a senior town planner and called for action against the developer for the prolonged delay in completing the housing project. The project, which was meant to be an affordable housing initiative by Ocean Seven Buildtech Pvt Limited (OSB), was launched in 2017 with a promise of handing over possession to buyers by 2021. However, due to the COVID-19 pandemic, the deadline was pushed to 2023
In 2001, a developer and tech company SRA Systems obtained a sanction plan for the construction of residential apartments along with an IT in the common area but failed to procure necessary permissions which led to the developer constructing another residential building in place of it. The Madras High Court recently ordered the developer to rectify the sale deed with the correct undivided share of interest (UDS) within three months and asked the CMDA to hand over the vacant non-Floor Space Index (FSI) building to the resident welfare association. The court noted that the conveyance of an undivided share in the land, along with a non-FSI block to a private company by the developer was highly irregular and against the sanctioned planning permission.
Savvy Group, an Ahmedabad-based real estate developer, is expanding into the Mumbai property market and plans to invest more than INR 2,000 crore ($274 million) over the next few years. To start, Savvy Group will invest around INR 750 crore to develop two projects it has recently acquired: a mixed-use project and a residential redevelopment project in the city's western suburb of Andheri and the central suburb of Ghatkopar, respectively.
Although cost of construction remains high, the Kerala government's most recent financial allocations which include support programmes for affordable housing comes as a huge relief for the poor. The State Budget has set up Rs. 1,436 crores for Life Mission programmes which will enable the completion of 71,861 homes and 30 housing complexes in the upcoming fiscal year. Some of the programs that have received aid are the Grihasree programme of the Kerala State Housing Board and Aswas Rental Housing Scheme.
The Gurugram branch of the Haryana Real Estate Regulatory Authority (H-Rera) has resolved over 25,500 complaints from allottees since it was established in 2018.The Haryana Real Estate Regulatory Authority’s Gurugram branch has passed more than 7,000 judgments and overseen the transfer of 2.5 lakh units during this time. The authority has received a total of 25,509 complaints to date, out of which 12,640 cases were taken to court and the rest were resolved between the parties with the regulator’s intervention.
In a drastic step to caution property tax defaulters, the Nagpur Municipal Corporation (NMC) has attached 794 properties, all of which are open plots. The total amount owed to the body is said to be approximately Rs 55 crore. The plot owners have been warned that if they do not pay the NMC tax within the next 21 days, all open plots will be put up for auction.
The Economic Survey of India has reported that the country's housing market has witnessed a recovery in the current fiscal year due to the release of pent-up demand, despite rising interest rates on home loans and appreciation in property prices. According to the survey, which was tabled in Parliament, housing sales have increased and the demand for housing loans has picked up, leading to a decline in unsold housing inventories and an increase in housing prices.
At a recent auction held by the Greater Noida Authority, the civic body responsible for development in the region, real estate developers were able to purchase three plots of land for a total sum of around Rs 300 crore. The authority had invited bids for eleven land parcels, and nine developers expressed interest in three of those properties in December. The bid opened at Rs 200 crore.
In accordance with the poll promise of providing financial assistance for poor landowners in the state, the chief minister of Telangana K Chandrashekar Rao finalised the state’s budget allocation for the financial year 2023-24. In its annual budget, the state government has committed Rs 7,890 crore to implement the scheme. The state will provide a sum of three lacs as financial aid in the form of a grant to land owners need not repay in any way. The first phase of the scheme is expected to cover up to two thousand beneficiaries from all one hundred and nineteen legislative constituencies.
Max Ventures & Industries Limited (MaxVIL) recently completed the acquisition of the remaining 2.39% equity share capital of Acreage Builders Private Limited (ABPL) for an enterprise value of INR 322.50 crores, making ABPL a step-down wholly owned subsidiary of the company. New York Life Insurance joined as an equity investor, committing INR 290 crores in ABPL. As a result, MEL and New York Life will be 51:49 shareholders, respectively, in ABPL, which holds a license to develop a commercial project covering 7.15 acres. The project has a revenue potential of INR 160-200 million per year and is located at Golf Course Extension Road in Gurugram.
The recent budget proposal by the Indian government to limit the tax deduction on long-term capital gains (LTCG) investment in residential property under sections 54 and 54F of the Income Tax Act 1961 to Rs 10 crore is expected to have a significant impact on the demand for super-luxury real estate in the country. The cap on the offset of capital gains from the sale of a residential unit or another long-term asset, except for a residential unit, is anticipated to affect high-value transactions by high-net-worth individuals (HNIs).
The Bombay High Court has raised an important question to the Maharashtra government regarding the ability of the state's housing regulator, the Maharashtra Real Estate Regulatory Authority (MahaRERA), to identify, classify, and rate private developers. The purpose of this is to provide societies and other relevant parties with the information they need to make informed decisions when choosing a builder.
In 2012, Delhi-based Wave Mega City promoter promised possession of 2,300 flats in Noida within four years of booking, in turn collecting more than INR 1,400 crore ($171 million) from prospective buyers. However, a decade later the promoter tried to absolve itself of all responsibilities by filing for insolvency under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The National Company Law Tribunal (NCLT) dismissed the builder's move on the grounds of malicious intent, but the case has set a dangerous precedent. Other smaller builders are now planning to use the same route to rid themselves of their responsibilities, which has made Insolvency Law Committee consider revising the section.
The Greater Cochin Development Authority (GCDA) has partnered with South Indian Bank's software division to create a new software that will allow GCDA to manage the allocation and rental of its shops more easily, as well as create a database of its rent management activities. Renters will receive notifications and reminders for rent payments via SMS. Officials will be able to closely monitor the system and act if any renters fall behind on their payments. According to a recent submission to the Kerala legislative assembly, the amount of rent arrears owed to GCDA is nearly 7 crores.
The Mahindra Group's real estate and infrastructure development company, Mahindra Lifespace Developers has stated that its net consolidated profit increased by 37.17% in the quarter ending December 31, 2022. Its profit after tax (PAT) increased to Rs 34.10 crore in Q3FY23 from Rs 24.86 crore the prior year's similar quarter. The company's net consolidated income for Q3FY23 was Rs 198.14 crore, up by 494.66% from Rs 33.32 crore it reported in the same quarter last year. The company generated revenues of Rs 1,452 crore with a saleable area of over 1.73 million square feet in the residential business during the first nine months of FY23.
The Economic Offences Wing (EOW) and the Powai police have closed an alleged cheating case against builder Pashmina Realty and its directors. The complaint was filed by Ekta Housing, Pashmina's partner in a joint venture project called Lake River in Powai. Ashok Mohanani, the chairman of Ekta Housing, accused Pashmina and its directors of inducing him to redevelop the property by presenting a false picture and then cheating and defrauding him by extracting huge sums of money and misappropriating funds. As a result, Ekta Housing suffered a loss of Rs 165 crore.
The National Green Tribunal (NGT) has taken serious action regarding the deforestation and hill-cutting for a real estate project in Una, Himachal Pradesh. The NGT has ordered the local administration to investigate and has asked the officials, including the deputy commissioner, divisional forest officer, and others, to submit their replies within a month. This action was taken after a complaint was filed by Una resident Bhavak Parasher in November of last year.
The Maharashtra Real Estate Appellate Tribunal has overturned a decision made by the Maharashtra Real Estate Regulatory Authority (MahaRERA) regarding the registration of property portals as real estate agents. The tribunal has instructed the authority to reconsider the matter. In 2019, the real estate authority had ordered the web portals to register as real estate agents. However, the web portals contested this ruling, claiming that they simply provide information to the public through advertisements and do not participate in any sales.
Over the weekend, the Gujrat State Revenue Department made an announcement regarding the revision of ‘Jantri’ rates in the state. After a twelve-year hiatus, the Gujarat government has finally raised the 'Jantri' or annual statement of rates (ASR) for immovable properties. This was done to correct the current pricing and give homeowners their fair market worth. ASR rates are used as a benchmark for determining the value of a property for tax and other purposes.
Godrej Properties (GPL) recorded an increase in its net consolidated profit of 44.54 percent for the quarter that concluded on December 31, 2022. In a BSE filing, the company stated that its profit after tax (PAT) increased to Rs 56.40 crore in Q3 FY23 from Rs 39.02 crore the prior year's corresponding quarter. Its booking value increased by 111% to Rs 3,252 crore and its 9M FY23 bookings increased by 77% year over year to Rs 8,181 crore. Under the Employee Stock Grant Scheme (ESGS), the company granted 30,869 additional shares of stock to qualified workers during the nine months that ended on December 31, 2022.
A car and bike rally protest were conducted this Sunday at Char Murti Chowk by disgruntled allottees who claim to be waiting for as many as 13 years for possession of their flat. More than one lac homebuyers from over 25 housing projects are affected. Homebuyers in Greater Noida now intend to send a large number of postcards to the President after protesting ceaselessly for 10 Sundays over the delay in receiving possession of and registration of their flats.
Kotak Realty Fund has recently made a major investment in hospitality company Bharat Hotels. This marks the fund's first investment in the hospitality sector in over 14 years. The investment, which totals over INR 1,100 crore, was made through debt with a five-year tenure and will be used to repay existing lenders, including public and private sector banks. This transaction has brought Kotak Realty Fund's total investments in FY23 to a record high of over INR 5,500 crore, surpassing their previous best for any fiscal year.
Real estate major DLF Ltd reported a solid financial performance in Q3 of the fiscal year 2022, with a 36.8% increase in its consolidated net profit, reaching Rs 519.2 crore ($71.6 million), up from Rs 379.4 crore ($51.7 million) in the previous year. New sales bookings for the residential business reached Rs 2,507 crore ($342.7 million) in the quarter, reflecting a YoY growth of 24%. DLF's total income declined from Rs 1,686.92 crore ($230.1 million) in the previous year to Rs 1,559.66 crore ($211.3 million) in the recent quarter. The company is said to be working towards further deleveraging, and its net debt decreased to Rs 2,091 crore ($285 million) at the end of the quarter.
Dubai has seen a surge in the number of branded residential projects in the latter half of 2022, and this trend is expected to continue as demand from international high-net-worth buyers continues to boom. At the end of the year, there were a total of 71 branded residence schemes in Dubai, including well-known luxury brands such as Lamborghini, Armani, Bulgari, and Four Seasons. This is a significant increase of 22% compared to the first half of the year and an additional 42 branded residences are currently under construction.
Earlier this week, the Additional District Consumer Disputed Redressal Commission in Thane ordered SBI General Insurance Ltd to pay the claim amount of Rs 30 lacs within 45 days to a complainant for damages to his flat due to a slab collapse. The insurer has initially denied the claim. However, the commission rejected the insurer’s reasoning, stating that before issuing a policy, it is the responsibility of the insurance company to carefully verify all documents and assess the life of the structure. The commission also ordered the insurer to pay a sum of Rs 50,000 to the complainant for expenses incurred for litigation proceedings.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has set up a counselling centre offering online and offline in-person sessions at their office in BKC, Mumbai to assist homebuyers and developers in understanding the modalities and operations of the authority. Their goal is to help homebuyers in retrieving information about the construction progress of their purchase, filling complaints, and seeking redressal. Their counsellors will help developers clarify their issues regarding the regulatory requirements as mandated by the RERA Act 2016.
Gurugram based Chintels, who is the developer of the apartment building Paradiso, has sent a letter expressing his exasperation to the district administration after a fourth reevaluation of flats in Tower D took place. The evaluations are being done to compensate the residents previously living in Tower D which was declared unable to live in following a structural audit conducted by IIT-Delhi. The developer initially offered Rs 5,500 per sq ft as compensation. However, the residents have rejected this rate and subsequent evaluations by the district administration’s team.
According to its BSE filling, the net consolidated profit of Ajmera Realty and Infra India increased by 9.58% during the three months ending December 31, 2022. Its profit after tax (PAT) increased to Rs 10.64 crore in Q3 FY23 from Rs 9.71 crore in the equivalent period of the previous fiscal. The company's total consolidated income increased by 14.87% to Rs 80.57 crore in Q3 FY23 from Rs 70.14 crore which it reported in the same quarter the previous year. The company claims to have deleveraged their debt by Rs 38 crore during the quarter.
Credent Global Finance is looking to tap into the growth potential of second-tier cities in India through the launch of its new real estate fund, Credent Estate Multiplier Fund. This fund will invest in mid-income residential projects through equity, and will be divided into two AIFs, one focused on second-tier cities and the other on independent housing. The company is looking at cities such as Indore, Chandigarh, Lucknow, and Baroda to make their investments.
The real estate market in Mumbai saw an increase in property registrations in January 2023, with a total of 8,694 units registered, according to Knight Frank India. This is a 7% year-on-year increase, with 84% of these properties being residential and the remaining 16% being non-residential. The data encompasses both primary and secondary market transactions, covering all property types, including residential, commercial, and others. Despite a 7% decrease compared to December 2022, which saw 9,367 units registered, the strong consumer inclination towards purchasing homes has driven the residential property sales in Mumbai.
3D printing technology has the potential to revolutionize the construction of houses and make them more affordable, especially for low-income families. However, two largest players in the field in Unites States of America, Mighty Buildings and Icon, have delivered fewer than 100 houses between them. In 2022, venture capital groups invested nearly $400 million in 30 building construction companies, which is eight times more than the amount raised in the previous five years combined.
Brookfield Asset Management, a Canadian alternatives asset manager, is in negotiations with Singapore's sovereign wealth fund, GIC, to sell half of its stake in a special purpose vehicle that holds its office assets in Powai, Mumbai. The 4.2 million square feet of office and retail space was acquired by Brookfield in 2016 from the Hiranandani group for $1 billion in one of the largest real estate deals at the time. GIC was among the interested parties in the race for the assets, along with other global investors like Blackstone Inc.
The state cooperative department in Maharashtra has recently expressed disappointment over the low number of deemed conveyance applications received from newly registered housing societies in 2022. Despite a targeted effort by the department to promote the process, only 101 applications were received. The department has directed its deputy registrars to reach out to the societies individually, encouraging them to apply for deemed conveyance. The state housing federation has also initiated an awareness drive, which is scheduled to in the Pimple Saudagar area in the coming week.
The Nagpur division of the Bombay High Court has recently raised concerns about the sluggish pace of illegal structure removal in the city. The court directed the three civic bodies - NMC, NIT, and NMRDA - to expedite the process of removal and also called for the police to provide security teams during these operations. The court's directives were made during a hearing for a suo motu public interest lawsuit (PIL No.1/2022), which brought to light that only 227 of the 4,668 unauthorized structures in the city have been demolished since June of the previous year.
After Finance Minister Nirmala Sitharaman announced raising the PM Awas Yojana (PMAY) spending by 66% to Rs 79,000 crore for the upcoming fiscal year, shares of real estate businesses fell by 4% on last week. Sunteck Realty shares plunged 5.67% to close at Rs 345 a share on the NSE and Indiabulls Real Estate shares fell 3.81% to close at Rs 69.50 per share. Other real estate companies including DLF which fell 2.85%, Prestige Estates Projects which fell 2.39%, Sobha which lost 1.94%, Godrej Properties which fell 1.88% and Oberoi Realty which was down by 0.11%.
Pre-sales for the December quarter at Sunteck Realty Ltd. increased by 12% YoY. The pre-sales jumped to Rs 396 crore from Rs 352 crore during the same period last year. Pre-sales increased 33 percent to Rs 1,066 crore during the nine-month period ending in December 2022 compared to Rs 800 crore during the same period last year. Additionally, the company's collection efficiency increased from 81 percent for the same period in the previous fiscal to 86 percent for the nine-month period ending in December 2022.
The Union Budget 2023 has several positive proposals for the real estate and infrastructure sector. The Pradhan Mantri Awas Yojana (PMAY) outlay was enhanced by 66% to over INR 79,000 crore. The Budget proposed changes in the provisions for computing capital gains in the case of joint development of property. It also proposed to establish an Urban Infrastructure Development Fund (UIDF) to create urban infrastructure in Tier 2 and Tier 3 cities. In addition, it focused on promoting green growth initiatives, such as green buildings, green energy, green mobility, and green farming.
Mindspace Business Parks Real Estate Investment Trust (REIT) reported strong financial results for the quarter ending December. The company's net operating income increased by 22% to INR 455 crore ($62 million) compared to INR 373.7 crore ($50 million) in the same period last year. Mindspace REIT also announced a distribution of INR 284.6 crore ($38 million) to unitholders, demonstrating the company's commitment to returning value to its investors.
In 2022, there was an 8% year-on-year increase in demand for industrial and warehousing space, totalling 24.5 million square feet across India's top 5 cities. The average quarterly leasing was strong, reaching 6.1 million square feet, up from 5.7 million square feet in 2021. Third-party logistics companies were the biggest occupiers of warehousing space, making up 44% of total demand in the sector. The growing consumer demand has led to more leasing by 3PLs, e-commerce, and retail companies. Meanwhile, there has been a rise in demand for space from engineering firms as well. Positive market sentiment is expected to continue.
The real estate market in Kolkata Metropolitan Area has shown growth over the past 18 months since the introduction of the stamp duty rebate, with a 61% increase in the number of residential properties registered compared to the previous 18 months. Despite a 17% decrease in the number of registrations in December 2022 compared to the previous year, the overall trend is positive, and the recent extension of the stamp duty incentive is expected to provide further encouragement for potential buyers.
In a statement released on Thursday, the Maharashtra Real Estate Regulatory Authority (MahaRERA) claims to have recovered over Rs 100 crore from developers via follow-ups on compensation orders previously doled out. So far, a total of 594 warrants have been issued for recovery of approximately Rs 414 crore from developers of Mumbai City, Mumbai Suburbs, Pune, and Raigad. Follow-up actions since December 2022 have resulted in developers across MMR, Pune and Raigad to cough up almost Rs 101 crore in relation to 118 defaulting projects.
In a bid to encourage and regulate green construction and technology, the Uttar Pradesh Government is set to create a specific set of guidelines and a framework to recognize energy-efficient buildings. The green building code will require buildings to adhere to specific norms, which will be formulated and approved by the Housing and Urban Planning Department. At present, the Indian Green Building Council provides ratings for green buildings in Uttar Pradesh. The council has already audited, examined, and certified over 130 buildings in the state as green building projects, with the majority being in the cities of Noida, Greater Noida, and Ghaziabad.
Paranjape Construction Company and its partner have been ordered by the Thane District Consumer Disputes Redressal Forum to compensate 45 individuals who purchased apartments in their scheme at Vasai in 1986 with Rs 30,000 each for the failure to execute sale deeds in connection with those purchases over the course of the intervening years. The adversaries did not present a defence or show up for the hearings, stating that the allegations made by the complainants have been proven to be false.
The Bengal government is taking steps to modernize a 68-year-old law, The West Bengal Land Reforms Act 1955, to allow for commercial and industrial use of government land. In an effort to increase revenue for the state, the government is expected to introduce a bill in the state assembly during the budget session that would offer lifelong possession of land parcels to commercial entities, instead of the previous norm of 99-year leases. The proposed bill is expected to unlock government land for the industry, with the exception of khas land (used for personal cultivation) and land under bargadari.
Earlier last week, the Bombay High Court directed the State Environment Impact Assessment Authority (SEIAA) clear out the back log of pending approvals for real estate projects that have been stuck for years due to the deferral of environmental clearance requests by the State authority. The High Court has given the body eight weeks to do the needful, providing much relief to builders and homeowners of these deferred projects. The High Court has directed SEIAA to consider and decide each proposal by applying the provisions of DCPR 2034 or UDCPR and to make a decision on the merits of the proposals.
Macrotech Developers Limited, that sell their real estate projects under the brand name Lodha has announced it hopes to reduce its net debt by over 40% to roughly Rs 5,000 crore by the end of current calendar year. They hope to do so with the aid of extra cash flow from robust home sales experienced in 2022. For the company, the fiscal year of 2022-23 started off with voluminous sales bookings and cash flows which led to a reduction in debt of Rs 753 crore in the December quarter to Rs 8,042 crore.
The Haryana Real Estate Regulatory Authority (H-RERA) has recently issued a ruling that directs ISH Developers to refund the money of a buyer along with interest for failing to deliver a commercial unit according to the terms of the builder-buyer agreement. The buyer had made the purchase in September 2013 and was promised delivery of the unit within four years. In October 2020, the buyer finally approached the real estate regulator, expressing a desire to withdraw from the delayed project.
According to experts, the most recent expansion of the metro network in the western suburbs is likely to improve accessibility, cut travel time in half and improve connectivity in the area. Line 2A runs from Dahisar to DN Nagar and Line 7 runs from Dahisar to Gundavali, Andheri (E). Experts believe that will these new lines now functional, the demand in the nearby micro markets will experience a 2-5% price increase. Some of the biggest builders in Mumbai such as Kanakia Spaces, Lodha Group, Adani Realty and more have ready and under construction projects along close to these metro stations.
K Raheja Corp Homes, the residential development arm of the Realty developer K Raheja Corp, has entered into an agreement to develop a 1-million-square-foot luxury housing project in South Mumbai's Mahalaxmi neighbourhood. The project will be developed on a prime 3-acre land parcel currently owned by Modern India, which has business interests in infrastructure, power generation, and real estate. As part of the agreement, Modern India will receive a consideration for the sale of the land in the form of a percentage of sales revenue. The project will consist of two superstructure towers and will be completed by 2028.
The Bank of Baroda's stressed assets recovery branch has taken partial possession of the Nirmal Mall located in Mumbai's Mulund area on January 24, 2023, due to the mall's failure to repay a loan amount of Rs 161 crore. On December 6, 2019, the bank issued a demand notice to the mall and its Managing Director, Dharmesh Jain, calling for the loan to be repaid within 60 days. The partial possession was carried out under the Sarfaesi (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, 2002.
The Chennai Metropolitan Development Authority (CMDA) in Tamil Nadu is considering a proposal to increase the floor space index (FSI) for properties located along the Chennai Metro Rail and MRTS corridors. For the first time in the state, the FSI is being proposed to be raised to 6.5, which is a significant increase from the previous maximum permissible limit of 4.87. This move is aimed at promoting commercial development along transit lines, improving accessibility and mobility for employment, and creating affordable housing opportunities in transit-oriented development zones.
The Mumbai state government has proposed a change that has sparked controversy and opposition from environmental activists. The government wants to delete the reservation of a 1,375 square meter plot adjacent to Byculla Zoo and convert it into a residential zone. The plot was previously reserved for a garden and zoo in the development plan of 2034, but the government claims that it was not being acquired by the BMC for the expansion of the zoo and that no garden or zoo existed there. The proposal was approved by the BMC in December 2022 and public suggestions and objections are now being invited by the development plan department.
The financial results of Arvind SmartSpaces Limited (ASL) were announced for the quarter and nine months ended December 31, 2022. Bookings increased by 24% YoY in the first nine months of FY23 from Rs. 451 crores to Rs. 558 crores. Revenue from operations increased by 71% YoY from Rs. 96 crores to Rs. 163 crores. It’s EBITDA increased by 6% YoY to Rs. 29 crores from Rs. 27 crores in the previous year. PAT increased by 47% YoY, from Rs. 11 crore to Rs. 16 crores.
Noida based developer, Shivalik Homes has been booked for fraud for allegedly selling the same flat to multiple people. An FIR was lodged against the builder under Section 420 (cheating), 406 (criminal break of trust) and other relevant provisions of the Indian Penal Code (IPC) following an order form the Allahabad High Court. A petition was filed by Ms Poonam who purchased a house in Shivalik Homes in 2019 but shortly after received a notice from PNB Housing stating the house belong to someone else. Ms Poonam claims the local police were incorporative which led her to approach the court.
Recently, over fifty disgruntled homeowners who have purchased homes in Tashee Capital Gateway, gathered at the project site in Sector 111, Gurugram to protest over the delayed possession of their apartments. The project was launched in 2011 and the builder signed contracts with the individuals in 2013 with the promise of delivery in December 2015. In 2019, a few owners complained to H-ERA which imposed a penalty of 10.2% per annum for the delay but the developer disobeyed the ruling. He has now stopped all forms of communication with the owners. A builder’s spokesperson has denied all accusations.
Greater Chennai Corporation has urged locals to pay their property taxes by the end of March to avoid a 2% penalty. More than 7 lakh persons have paid their property taxes since the general revision took effect in 2022 while almost 6 lakhs are yet to pay according to a statement from the civic body which asked the remaining taxpayers to do so. Even though a sizable portion of residents pays their property taxes online, the civic body's tax collectors continue to visit homes to collect roughly 50% of the levy.
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Earlier this week, Mrs Sona Bansal, a director of a Delhi based real estate firm was arrested by the Crime Branch of Delhi Police in Mumbai on charges of allegedly duping investors. A reward of Rs 50,000/- had been put out for those who could aid the police in her arrest. Mrs Bansal and her husband are wanted for several high-profile white collar crimes including the ‘Gurgaon-Manesar Industrial Model Township Land Grab Scheme’. The Enforcement Directorate (ED) has initiated a money laundering investigation after an FIR was lodged in Manesar police station against them.
Blackstone Group is reportedly in talks to sell around half of its stake in India's largest real estate investment trust, Embassy Office Parks, to private equity firm Bain Capital. The deal, which is still in the preliminary stage, could be worth up to $480 million, based on Monday's closing price of the Embassy REIT on the stock exchange in Mumbai. The transaction is expected to be executed through block deals on Indian stock exchanges in the coming weeks, though a timeline and pricing have not been finalized.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to auction off the assets of N K Bhupeshbabu, a Navi Mumbai builder to compensate aggrieved homebuyers. The authority hopes to recover over six crore rupees through this auction, which will be conducted by the Raigad district authorities. The builder owes more than fifteen crore rupees in unpaid dues.
Earlier last week, the Haryana Real Estate Regulatory Authority (RERA) stopped Bank of Baroda from auctioning plot of land in Sector 109, Gurugram containing a commercial project by CHD Developers Limited located as several claims of the allottees for the project remain unresolved. The authorities also demanded a forensic analysis of CHD Developers Limited's financial records because the company has been accused of diverting funds intended for the project. The promoters and allottees were informed of the auction through newspaper advertisements.
“Neelaya” by Naiknavare Developers has received a copious response from prospective home buyers just two months into its launch in October 2022. The company has sold more than 100 units in Neelaya which is a 3.5-acre development with three buildings. Tower A is ready, tower B is nearing possession and C tower is currently under construction. Neelaya's 1 and 2 BHK apartments have sold the fastest out of all the units due to high demand. The housing development provides residents with exclusive parking and a vast array of top-notch amenities.
The City and Industrial Development Corporation (CIDCO) recently announced revisions to its reconstruction policy last week. A building can now be renovated with only 51% of the housing society members' approval as opposed to the previous 100%. This decision has been made to enable the quicker rehabilitation of existing buildings on CIDCO sites in Mumbai. The rest of the policy's terms and conditions will remain the same.
Developers in Mumbai have requested leniency in the payment of development charges for the redevelopment of old buildings on land owned by the Maharashtra Housing and Area Development Authority (MHADA) after the Bombay HC, in its order in October 2022, ruled that developers undertaking redevelopment on state-owned land will not be exempted from paying development charges under the MRTP Act. matter is under consideration in the Supreme Court.
The Haryana Real Estate Regulatory Authority (HRERA) has ordered the promoter of the ILD Grand project in Gurugram to refund Rs 72 lakh to a buyer due to the builder's failure to deliver the housing unit by the August 2017 deadline. The developer confirmed that the project has not yet received an occupancy certificate because the construction work is not yet finished. The project has now been granted financial assistance by the SWAMIH fund and its new deadline is December 2023.
Puravankara Limited has recorded sales totalling Rs. 796 crores in the third quarter which is the company's highest-ever sales for any year since its founding. This represents a 20% increase over the Rs. 666 crores reported in Q3FY22. The company reported sales at Rs. 2,100 crores for the nine months that ended in December 2022, a rise of 33% over the same period the previous year. Along with this impressive growth in sales, the company also experienced an increase in customer collections which rose to Rs. 621 crores in Q3FY23 from Rs. 344 crores in Q3FY22. The net debt remained consistent with the prior quarter.
A new high-street commercial project called SKA Arcadia has just been unveiled at Wave City in Ghaziabad by the NCR-based real estate developer SKA Group. The project will span across 7860 square meters, and have over 2.5 lakh square feet of retail space with establishments such as high-street stores, society stores, food courts, restaurants, and a banquet hall. The company is set to invest Rs 125 crores in the project. It is anticipated to be finished by December 2025. It received RERA approval December 2022.
Bruhat Bengaluru Mahanagar Palike (BBMP), the governing body in Bengaluru responsible for issuing construction approvals for real estate projects has scrapped the Occupancy Certificate issued to Sobha City, a residential project, on account of the later submitting falsified and fabricated documents to obtain the approval. The urban planning department alleges that the no-objection certificate and clearance certificate that the builder claims to have procured from the fire department in 2013, 2016 and 2019 appear to have been fabricated.
Mirae Asset Global Investments has acquired a logistics centre near Mumbai for $15.9m in an effort to expand its portfolio in India. The acquisition came as demand for logistics centres is surging rapidly due to the fast-paced growth in e-commerce and India's rapid economic growth. The company plans to expand its investment in the logistics business in major Indian hubs, including Mumbai, in the future and is also exploring more investment opportunities in logistics and data centres in major cities across India. Mirae Asset Global Investments, a South Korean asset management company, has made a strategic move to expand its portfolio in one of the world's fastest growing economies, by acquiring a logistics centre near Mumbai. The Indian unit of the company, Mirae Asset Global Investments India, recently purchased a 100% stake in the Bhiwandi logistics centre from Indian company K-Square Park for around $15.9 million.
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CIDCO has issued a show-cause notice to Bhumiraj Builders for violating the terms of an agreement regarding the maintenance and plantation of Parsik Hill slope. The developer has been given two weeks to remove the illegal construction or face legal action. The developer on the other hand has denied the use of heavy machinery to dig or excavate the hill slope and has stated that their actions were for soil stabilization and stormwater systems. A joint site survey was conducted by CIDCO, NMMC, MPCB, Forest and Police and a report was submitted to HRC, citing the breaching of conditions in the leave and license agreement between CIDCO and the developer.
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CapitaLand India Trust (CLINT) has agreed to pay Rs 1,226 crore to purchase a 1 million square foot IT park situated in Bengaluru’s outer ring road. In order to purchase the IT park, CLINT has engaged into a forward purchase agreement. The project consists of two buildings with a combined net leasable area of about 1.5 million square feet. To handle the project's design, development and leasing the landowners have appointed CapitaLand Services (India) Pvt Ltd. CLINT will invest in the project's construction using internal resources and debt during the building phase.
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A multi-year Memorandum of Understanding (MoU) was recently signed between Berkshire Hathaway HomeServices Orenda India and the Government of Maharashtra at the ongoing World Economic Forum Annual Meeting in Davos, Switzerland. Berkshire Hathaway HomeServices Orenda India is a division of one of the fastest-growing conglomerates in the world that specialises in urban infrastructure among other things. With this new partnership the company and the State Government will create and manage assets for physical and social infrastructure on a 1,000-acre plot of land in Raigad, adjacent to the planned Navi Mumbai international airport.
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A survey by Knight Frank found that 84% of Indian ultra-high net-worth individuals' investable wealth is allocated between equities, real estate and bonds, with 34% invested in equities and 25% in commercial real estate. The rise in commercial assets as an investment category is a sign of improved confidence in India's growth story. Indian super rich own an average of 5.1 residential properties and 37% of their wealth is allocated to primary and secondary homes, 15% of which is held outside India. Real estate was the top cited opportunity among 46% of survey respondents, whether for its attributes as an inflation hedge or benefits of diversification.
In a recent order released by the Maharashtra Real Estate Regulatory Authority (MahaRERA), builders can now apply for an extension of their lapsed projects without the previously mandated 51 percent consent from home buyers in the project. The developer will have to state down reasons for not being able to get the requisite percentage of consent from the buyers and submit the same along with their application for extension. The builder will have to also submit all the achieved consent documents and explanatory notes detailing the specific reasons for why the delay was caused which led to the lapse of the project. The applications will be reviewed on a case-by-case basis.
The Housing Infrastructure Development Corporation (HIDCO) held an auction last Friday for a 7.4acre plot at BL Saha Road in Kolkata. The bid was to create a residential housing project on the plot via a 99-year lease agreement with authorities. The highest bid came from Mumbai based Godrej Properties Ltd, who offered to pay a sum of Rs 230 crores. If approved by the state cabinet, this will be the company’s fourth residential development in the city. It has previously developed a large project in Sodepur and Alipore. It currently has an on-going multi-phase residential project near Joka.
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According to a study released by Knight Frank, the Indian cities of Mumbai and Bengaluru have recorded the fastest growth in office property rentals in the entire Asia Pacific region this year. With a 11 percent and 7 percent increase in the fourth quarter of 2022, rentals are expected to be buoyant and grow in a similar trajectory even in the 2023. While rental rates increased in Mumbai and Bengaluru, rentals in the National Capital Region remained steady without any significant rise in yields. NCR recorded the highest occupancy cost as almost $79 per square foot, followed by Mumbai at $71 per square foot and Bengaluru at $37 per square foot.
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The government is said to be reviewing a proposal put forth by banks in the country which demands that sale of immoveable property mortgaged to lenders for recovery of bad loans via auction be made exempt from tax deducted at source (TDS). The current laws require sellers to pay 1 percent of the value of properties exceeding Rs 50 lacs towards TDS when sold. It also allows for the loan defaulter to claim benefits of up to 1percent of this sales value. Therefore, the banks recommend that an exception be made with such sales to ensure there is no financial loss for lenders and loan defaulters are made to pay.
The central government has proposed several amendments to the current insolvency law regime in a bid to strengthen and quicken the entire process. The Insolvency and Bankruptcy Code (IBC) came into effect in 2016 and has since then been amended numerous times to accommodate the changing needs. Suggestions with regard to real estate include distinguishing between defaulted real estate projects and solvent projects, allowing transfer of ownership and possession to the allottees with the consent of the CoC and allowing allottees of a completed unit to request for ownership and possession of a completed unit during a CIRP or a project-specific resolution process.
According to recent reports, Mt. K Kapital has raised over Rs 350 crore through the initial close of its residential development fund from anchor investors such as State Bank of India, Famy Care, Rustomjee Group, family offices, and high-net-worth individuals. The fund is a category II alternative investment fund registered with the Securities & Exchange Board of India. The fund aims to invest in 8-10 projects in the Mumbai region, with a focus on redevelopment projects.
Pune based Kolte-Patil Developers Limited recently announced that it achieved its highest-ever quarterly pre-sales figures in Q3 FY23 both in terms of value and volume. They launched 6 new projects in the quarter which made up more than 57 percent of their total sales for the quarter. Life Republic, their flagship project alone sold of 6.62 lac square feet. During the first nine months of FY23, sales of Rs. 1,528 crores, up 23% year over year were generated from both ongoing and recent releases. The 9M FY23 collections increased by 22% to Rs. 1,313 crores.
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MahaRERA (Maharashtra Real Estate Regulatory Authority) is set to appoint investigators to visit real estate projects starting February, to ensure that developers have not declared higher costs than they actually incurred on the project. Post the visit, investigators will have to submit a report which will include details such as stages of construction, target date of completion approved by RERA, target date set by the developer, and the opinion of the investigators as to when they feel the project can be completed. This move comes after MahaRERA identified 300 large real estate projects (worth over Rs 500 crore each), where a significant amount had been spent but very little work was completed.
The Greater Mohali Area Development Authority (GMADA) is gearing up to launch an EWS housing program in February. It will launch a call for applications for a 5,000-unit building, the design for which was approved in July last year. The administration will begin soliciting applications for the apartments as well as floating tenders for construction next month. According to the plan, the apartments will be built on a total of 54 acres spread over GMADA's four townships: Aerocity (13.49 acres), IT City (17.48 acres), Eco City-1 (3.6 acres) and Eco City-2 (20.17 acres).
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The Securities and Exchange Board of India (SEBI) has begun permitting investment managers of investment vehicles such as REITs and InvITs to hold unitholder meetings via video conferencing and other audio-visual methods, provided they follow the regulator-mandated protocol while holding these sessions. Among other criteria, the investment managers of InvITs or managers of REITs should keep the recorded transcripts of the meetings conducted through VC or OAVM in their safekeeping and provide the meeting transcripts as soon as feasible after the meetings are over on their respective websites. The facility of remote e-voting must be made available among other things before the meeting's scheduled date.
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Mumbai-based Mahindra Lifespaces, the realty arm of the Mahindra Group, is set to redevelop two residential societies in the western suburb Santacruz, Mumbai. Both projects will be developed on a land parcel of approximately 1.2 acres. The developers believe the project will have a revenue potential of Rs 500 crores. Both parties will execute definitive documents once due diligence is complete. Prime localities in Mumbai city offer little to no scope for green field developments. The housing society redevelopment market is estimated to currently be worth over Rs 30,000 crores.
Last week, the Securities and Exchange Board of India (SEBI), the market watchdog, delivered a notice to Sahara Group company Sahara Housing Investment Corporation, its CEO Subrata Roy, and other parties requesting that they pay Rs 6.48 crore within 15 days in a matter involving a violation of regulatory standards. Additionally, if they didn't make the payment, the regulator threatened to attach their assets and bank accounts. The entities were given the notice after they neglected to pay the fine that SEBI had assessed against them earlier in the year.
Prayagraj's real estate market is projected to experience significant growth as plans have been made for investments of roughly Rs 4,000 crores over the course of the next five years. Numerous real estate firms will begin development on at least 29 different housing projects in and around Sangam City soon. Vinayak Group is set to invest about Rs 590 crores, Paras Group has confirmed a Rs 300 crore project and Sai Dham Group has promised to invest around Rs 700 crores in seven residential projects. Omaxe Limited is looking to set up a Rs 500 crore project and Goyal Housing is said to be making an investment of Rs 400 crores.
The Isprava Group, known for creating and managing luxury villas across India has recently raised Rs 160 crores through a round of funding led by Symphony International Holdings and others. The company intends to use the money raised for both brands; Isprava and Lohono Stays to increase their footprint across India and other key countries. They intend to develop and broaden their brand presence and explore the use of technology for product development in the near future. Both brands are said to have witnessed an exponential growth in the last couple of years, more than doubling their operations.
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Lenders of the now defunct hotel business in Powai, Mumbai owned by Rajesh Lifespaces, have set a base price of Rs 305 crores for the final auction of the business scheduled for 24th January 2023. Interested bidders will now have to increase their base price by Rs 10 crores if they wish to continue participating. Initial investors include Sankalp Recreation, Rare Asset Reconstruction Co., Bright Star Investments, Rajesh Business & Leisure Hotels, Shri Ram Multicom, Unison Hotels and Rockwood Hotels & Resorts. The project was marked as a non-performing asset on the books of the banks in 2019.
The Maharashtra Housing Area Development Authority (MHADA) and the Brihanmumbai Municipal Corporation (BMC) own 454 buildings in the city that are currently old, dilapidated and in a very dangerous condition. For the redevelopment of these buildings, the state urban development agency has created a new clause 33(24) in the Development Control and Promotion Regulations, 2034. However, since these structures are present within sites are controlled by the BMC and MHADA a standard FSI of 1.33 will apply, thereby making it commercially unviable for private contractors to consider.
In a statement released to the press, Unity Group co-founder Harsh V Bansal claims the company has entered into a joint development agreement with Parsvnath Developers to create 450,000 square feet of retail space in Delhi. The development will draw an investment of approximately Rs 200 crores. The land for mall will be leased from Delhi Metro and is situated close to the Netaji Subhash Place metro station. The deal is a part of the company’s strategy to double its retail portfolio and establish a retail Real Estate Investment Trust (REIT) in the coming year.
Earlier this week, the Central Bureau of Investigation (CBI) logged an FIR against Ashok Saloman, Managing Director of Chintels Group in a case concerning the partial collapse of the Chintels Paradiso apartment complex in Gurugram last year that claimed the lives of two women. The husband of one of the deceased women, who was also severely injured in the accident, filled cases against the developer under IPC sections 304-A and 420. In December 2021, the Gurugram Police arrested Mr Amit Austin, the proprietor of Manish Switchgear and Construction, the company commissioned to conduct the repair work of the building after a magisterial inquiry found that the retrofitting in Flat D603 was the key trigger for the collapse.
Mumbai based real estate conglomerate Shapoorji Pallonji Real Estate and investment firm PAG are gearing up to revive an ultra-luxury residential complex in Mahalaxmi, Mumbai. The project Minerva was launched by Lokhandwala Kataria Constructions in 2010 but eventually stalled on account of not being able to procure the requisite construction approvals for the planned FSI in a timely manner. Shapoorji Pallonji Real Estate will now take over branding, sales, and marketing for the project.
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House of Abhinandan Lodha is planning to invest upwards of Rs 11,000 crores to acquire and develop land parcels across the country in the coming three to four years. The company has so far successfully launched and sold plotted development projects in Goa, Dapoli, Anjarle and Neral. The company intends to roll out as many as 11 new projects in the coming financial year, near Alibaug, Goa, Ayodhya, Lonavala and other undisclosed locations in the Konkan region. According to insiders, of the total investment budget planned for the next four years, almost Rs 3,000 crores has been set aside for land acquisition in Uttar Pradesh of which over Rs 1,000 crores will be invested in Ayodhya alone.
The Bombay HC has decided not to quash the BDD Chawls redevelopment scheme, following a petition filed by two residents, who had cited danger to health, wellbeing and right to life of residents. The HC however noted that the scheme has all necessary permissions and environmental clearance and as a result there was nothing to show any discrepancy. The bench also stated that prior to full-fledged construction, a sample flat has been built and exhibited to the officials involved with the project and no objections had been raised with regarding to the quality of construction or planning.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has given Mumbai based Macrotech Developers and Terraform Realty (Everest Group) permission to form a Joint Venture (JV) to market, advertise and sell their joint venture project Lodha Bellevue in Mahalaxmi, Mumbai. The project is being built by Macrotech Developers on land owned by Terraform Realty Group’s entity Money Magnum Nest. The registration of this project was put on hold following two pleas filled by Urban Infrastructure Venture Capital Fund (UIVCF). The fund claimed the developers procured a RERA registration number for the project without having the requisite approvals such as the IOD and CC certificates.
Earlier this week, the Cabinet approved amendments to the Goa (Regulation of Land Development and Building Construction) Act, 2008 which will make it easier for the state to roll out central housing schemes catering to the Economically Weaker Sections (EWS). The new regulations will allow for relaxation in areas such as minimum plot size, maximum coverage, setbacks, etc. The changes however do not cater to other categories such as low-income group (LIG) and mid-income group (MIG) housing.
In an interview with TOI last week, the state Revenue Minister Radhakrishna Vikhe Patil announced he would be personally looking into the request submitted to scrap non-agricultural (NA) tax payable by several housing societies in Pune and Mumbai that exist on land that falls under the ‘gaothan’ areas as classified by the Collector in accordance with the Maharashtra Land Revenue Code 1960. More than 85,000 societies are said to currently exist on land classified as such.
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According to a report released by Anarock, over 4 lac homes were built in the top eight cities of India in 2022, a 44 percent increase from 2021, where only a little over 2.7 lac homes were built. The top eight cities include Mumbai Metropolitan Region, Pune, Bengaluru, Chennai, Hyderabad, Kolkata and National Capital Region (NCR). The year 2023 promises to be even better with over 5.5 lac units scheduled for delivery. NCR is expected to introduce as many as 1.7 lac ready units into the market, followed with MMR at about 1.4 lac units and Pune city at 94,000 units.
In line with directions issued by the National Green Tribunal (NGT) on 9th December 2022, all illegal structures constructed on protected Aravali Forest land in Gairatpur Bas, Haryana will be cleared this week. The NGT has directed the Haryana and Rajasthan governments to destroy all illegal structures that have been erected on land protected under Sections 4 and 5 of the Punjab Land Protection Act (PLPA), 1900. All requisite notices have been issued and ample warning has been given to those who have constructed these structures.
Earlier this week, the Economic Offences Wing (EOW) of Pune City registered a case of cheating against the directors of Nirman Corporation filled by a real estate agent who claims the former have cheated him of Rs 9 crores over investments made in two of the company's projects. Upon conducting a preliminary inquiry, the EOW lodged an FIR against them under the Indian Penal Code and MOFA. They are currently reviewing, and scrutinizing documents submitted by both parties after which a plan of action will be formulated.
In the newly developed residential and commercial core of Miyapur, Vertex unveiled its project Viraat, an upmarket, smart and sustainable residential neighbourhood. Vertex Viraat will include 1,428 units including 2 and 3 BHK houses in six skyscrapers with 30 stories and internal areas ranging from 1,340 to 2,030 square feet, erected on an 8.75-acre plot. It is touted to be a perfect blend of space, comfort, safety, and convenience offers customers a quiet and sustainable living.
The Enforcement Directorate (ED) recently attempted to execute an arrest warrant for Ragvendra Singh Tomar, the owner of Faith Builders, at his residential property in Bhopal in connection with an alleged money laundering case. The ED had to execute the warrant without the assistance of local police force due to concerns about potential political chaos. The warrant follows the 2010 raid of IAS couple Arvind Joshi and Tinu Joshi for an alleged case of disproportionate assets. This comes as part of a larger crackdown by officials on alleged money laundering and illegal assets.
The government of Gujarat has implemented new procedures to prevent fraud in the sale of properties belonging to Non-Resident Indians (NRIs). The revenue department has issued two circulars this month outlining the new rules. The new legislation follows a slew of cases in Ahmedabad and other cities in Gujarat where buyers bought land belonging to NRIs through individuals armed with the power of attorney, only to find others claiming a stake in the property. The new rules ensure that no sale may take place without the knowledge of the NRI landowner(s).
In a circular released earlier last week, the MahaRERA authority has announced its intention to train real estate agents. From 1 May 2023, the authority will only allow agents with a valid certificate of competence to register as licensed real estate agents on its portal. This decision comes in light of increasing number of grievances related to self-employed real estate agents, who without proper oversight and training are not being held accountable for their actions. Through mandatory training, the authority hopes to streamline the activities of real estate agents while increasing knowledge and awareness of the legal and regulatory frameworks and practices.
The Haryana State Pollution Control Board (HSPCB) has ordered that all construction activity be immediately stopped in the Malibu Towne project in Sector 47, Gurugram due to a lack of environmental approvals. The 2,500 families who presently reside in the society will not be impacted by the closure notice. The order states that the developer will not be permitted to execute any sale deeds for a flat, plot, home, shop, or any other project component. The utility that distributes electricity has been asked not to add any additional connections to the project.
The Hyderabad housing market continues to see strong buying and selling activity in 2022, with residential sales up 28% year-on-year (YoY). A total of 31,046 units were sold in the city for the whole year, the highest number of sales recorded in the city since 2011. The number of new launches in Hyderabad also increased significantly, at a rate 23% over the same period last year. Most of new housing units launched were in West Hyderabad with Tellapur, Kollur, Gandipet and Narsingi among the most popular.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to issue show-cause notices to over 18,000 developers in the state over failure to update details of their registered projects on the MahaRERA website within the stipulated 3-month time frame. Upon receiving the notice, the developers have 1-months’ time to respond or risk facing punitive action. The 18,000 projects in question are a mix of old, newly registered and lapsed projects Mumbai, Pune, Thane and Nagpur.
Earlier last week the National Company Law Appellate Tribunal (NCLAT) rejected Wave’s Group’s appeal against insolvency proceedings initiated, thereby allowing Noida Authority to auction over 1 lac square meters of cancelled land in sectors 25A and 32 that was earlier allotted to the builder. The builder may still apply for restoration of the land and take advantage of the reschedulement policy under Noida Authority to clear pending dues and complete the stalled projects. The aggrieved investors are prepared to file a caveat with the Supreme Court should the developer choose to do so.
According to a report published by Colliers India, institutional investments in alternate asset classes in real estate reached a record high of $0.9 billion, indicating a 92 percent YoY hike for the calendar year 2022. These investments accounted for 18 percent of the total inflow for the year and is said to have jumped 4-fold since 2019. Investors have bet on emerging markets such as data centres, life sciences, holiday homes, hospitals, etc. The largest tractions were witnessed in data centres which accounts for roughly 52 percent of the total investments made in alternate assets.
The Maharashtra state urban development department has decided not to charge Mumbai International Airport Ltd (MIAL) a premium for its development activities in Chhatrapati Shivaji Maharaj International Airport Notified Area. It has also allowed a floor space index of (FSI) of 5 on plots within the area. MIAL is being charged a premium on the extra 1 Floor space index, as the FSI 4 is considered as Global FSI, on which no premium is charged. The development of the CSMIANA is to be integrated with the existing Bombay Metro infrastructure. The notified site area is about 1982 acres.
The builder’s association Confederation of Real Estate Developers’ Associations of India-NCR (CREDAI-NCR) has reached on the Union Environment Minister Bhupender Yadav to express their concern over multiple bans enforced on construction activities in the last few months. The builder’s association has cited that these bans have caused numerous delays to their projects and urged the minister to reconsider what activities should be banned to curb pollution. According to them normal construction work should be allowed to continue for the sake of homebuyers and daily wage labourers.
The City and Industrial Development Corporation (CIDCO), the governing body responsible for most of Navi Mumbai’s planned development, has cancelled the tender process of the contested CRZ plot at Seawoods, Nerul. Several citizens along with the Navi Mumbai Environment Preservation Society (NMEPS) had filled petitions with the National Green Tribunal (NGT) to stop the tender process as the plot of land in question fell within the CRZ limits where construction activity is restricted. The petitioners are pleased with the decision of the NGT to block the sale process and hope to stop CIDCO from commercially exploiting the CRZ plot. The civic body however cites that the tender process was cancelled simply because the bidding offer received for plot was well below market value.
Authorities in the Himalayan town of Joshimath have evacuated nearly 200 people from their homes, after hundreds of buildings in the area developed cracks. According to several press statements, cracks were reported in more than 600 houses in recent weeks. The damage has been attributed thus far to land subsidence. Experts claims Joshimath lies on an ancient landslide deposit of sand and stone, and not on the main rock making it naturally vulnerable to land subsidence. Undercutting by river currents of Alaknanda and Dhauliganga and increased construction on account of hydraulic projects nearby are also being attributed as contributing factors.
The Madurai Corporation is in talks to set up a processing centre in Chennai to tackle the issue of construction and demolition waste and. At present the corporation has four designated dumping sites for waste in the city. However, debris is often found along city roadways and in empty plots. This has led to residents questioning the efficacy of the civic body and demanding that appropriate action be taken swiftly. A tender to create a construction and demolition waste processing centre in Madurai is likely to be issued in the coming two months.
Earlier this week, the National Company Law Tribunal (NCLT), cleared the bid put forth by Adani Good Homes to procure Radius Estates despite several creditors opposing the bid on account of foul play. The opposing creditors claim the company’s resolution professional (RP) colluded with the largest creditor to influence the bankruptcy process resulting in only one bid being received, that of Adani Good Homes. The NCLT has dismissed claims due to a lack of evidence. Adani Good Homes will complete construction of the company’s BKC project in Mumbai city without any additional cost to the homeowners.
A statutory authority for the Indian Railways, The Rail Land Development Authority (RLDA) has opened bids for leasing out a 124,000 square meter land parcel for a period of 99 years, located in Sector 21, Dwarka, Delhi. The pre-bid meeting was held on 10th January 2023 and the last date for e-bid submission has been declared as 6th February 2023. The reserve price for the land in question is approximately Rs 1190 crores. The land is available for mixed used development, i.e., for residential and commercial structures. The land parcel available for lease is a combination of multiple railway plots located near Indira Gandhi International Airport in the southwest region of New Delhi.
HDFC Capital has raised USD 376 million in its third round of funding for its affordable real estate fund H-Care 3. The real estate private equity arm of the HDFC Bank has raised over USD 3 billion through the H-Care schemes since its launch in 2016, making it one of the biggest private finance platforms in the world focused on affordable housing development. The fund intends to use the money raised to meet growing demand for early-stage financing of housing projects in India.
Realty developer, Supreme Universal has acquired the development rights for a parcel of land in Chembur suburb of Mumbai City. Supreme Universal is said to have paid stamp duty of Rs 15.57 crores on the current market value of Rs 311 crore. The company plans to develop a premium gated community on the parcel of land which is estimated to have a development potential of nearly 1 million square feet. The project is expected to generate at least Rs 1800 crore in revenue based on the current trend of property rates in the vicinity.
In line with the larger goal of providing ‘housing for all’ the Andhra Pradesh state government undertook the task of setting up Jagananna colonies across the state. Under the YSR Jagananna housing scheme, the government plans to construct nearly 18000 colonies to provide housing for 30.3 lakh beneficiaries from low-income groups. However, more than 5000 plots allotted have been returned with the request for an alternate. The allottees returning their plots claim that plots allotted to them were either located too close to burial grounds or were too far from their present habitations. The Chief Minister of the state, YS Jagan Mohan Reddy has directed officials to provide alternate sites to the affected beneficiaries.
Trident Realty has witnessed remarkable sales in its freshly launched project Trident Hills in Panchkula. The project which was launched in the middle of November 2022 and has since then already sold residential plots worth 500 crores rupees. The developers were able to reach out to larger audience and simplify the process of booking plots with the help of a tech-enabled platform. Thanks to this superior use of technology, buyers were able to reserve 90% of the whole inventory online from the comfort of their homes in just 20 minutes. The project will be built up over the course of the next 7 to 8 years.
Godrej Properties sold more than 1 million square feet of space during the opening of a new phase Celeste in its Ahmedabad township Godrej Garden City. Since Celeste's inception in October 2022, the company has sold 870 properties with a booking value of roughly Rs 435 crore. Celeste is a 2.3-hectare development that has 8 buildings and provides a variety of housing options and retail establishments. This phase includes a wide range of cutting-edge amenities as part of the integrated offering that caters to the social, health, and leisure needs of all age groups enabling residents to live more fully and comfortably.
Earlier this month, the Noida Authority launched a housing scheme for individuals eligible for Low Income Group (LIG), Mid Income Group (MIG) and High-Income Group (HIG) housing. The flats will be made available in Sectors 52, 62, 71, 99, 118, and 135. Interested individuals can submit their application latest by 31st January 2023. The cost of these residential apartments ranges from Rs 45 lacs to Rs 1.79 crores. In another decision, the Noida Authority vowed to resolve the property parcel assignment issue that has been pending for 12 years. These individuals have been given time until March 2023 to procure the requisite approvals and begin construction.
The affordable housing arm of construction mammoth Shaapoorji Pallonji Real Estate is gearing up to launch a new residential project in Hadapsar, Pune. The project will be built on a 9-acre plot of land over the next four years and will require an investment upwards of Rs 700 crores. The first of seven phases will be launched shortly, comprising 168 duplex apartments and penthouses distributed amongst two towers. Phase one will be developed across 2.8 lac square feet of space.
In exchange for expenses incurred while developing one-cent layouts, the Visakhapatnam Metropolitan Region Development Authority (VMRDA) has requested the state government to give them 500acres of land in the region rather than a 15% stake in the 'Jagananna housing complexes’ as earlier decided. The civic body has already incurred as expense of Rs 150 crores in development and intends to invest a further Rs 50 crore to build infrastructure. Therefore, it believes pooled land parcels would be a more equitable exchange for their services rendered and will help in maintaining their financial health.
Bengaluru based real estate company Sobha Ltd has posted a 36 percent increase in sales bookings at Rs 1,424 crores for the quarter ending December 2022, indicating a robust rebound in demand. According to data published by the company in its regulatory filing, its sales bookings for the same period in the previous fiscal year was Rs 1,047 crores. The company sold 4.17 million square feet in total in the first nine months of current fiscal year, up 16.9% over the same period last year. In comparison to the previous financial year the average price realisation during the April to December period of FY23 increased to Rs 8,952 per square foot, whereas this year the average price realisation increased to Rs 9,650 per square foot, indicating a 21.9 percent rise.
The Yamuna Expressway Industrial Development Authority is set to develop a FinTech hub on 700 acres of land in sector 7 of Noida. FinTech hubs are aimed at providing financial services which have a backbone based on information technology. Whether the project will be a single allottee, multiple allottees or public private partnership model is yet to be decided. The Indian FinTech industry grew nearly 282% between 2013 and 2014 with a net worth of 450 million USD. This market is projected to reach 76219 million USD by 2025. As a result, the country has seen increased investments in the sector, including the development of FinTech hubs.
Earlier this week, the CEO and vice-president of the Maharashtra Housing Area Development Authority (MHADA) announced that six buildings of 40-storeys each will be ready to be occupied by December 2024. These buildings are a part of the massive redevelopment project of BDD Chawal undertaken by the state government along with local governing bodies such as MHADA and SRA as well as private builders. The tenants eligible for homes in these six buildings will be the first to move into their new 500square feet of living space. The entire chawal is said to have over 9,500 tenants eligible for housing.
According to a statement released to the press L&T Realty Developers Ltd, a faction of the construction and infrastructure giant Larsen and Toubro, will sell their stake in the engineering and construction conglomerate Think Tower Developers Pvt. Ltd. The agreement will be executed in the end of the month, subject to completion of closing conditions set forth by both parties. The stake is being sold to Mr Pratik Harsha Kalsariya, who does not belong to the promoter group.
On 6th January 2023, the Chandigarh Housing Board began an e-auction for approximately 49 freehold residential units and 91 leasehold commercial properties. The auction will continue until 24th January 2023. The properties are in multiple locations across the city. About 17 properties are in Kajheri and 59 properties are in Manimajra, 10 in Sector 40A and 3 in Sector 38W. The remaining properties are in and around Sectors 26E, 51A, 49, and 63. The prices of these properties range between Rs 18 lacs to Rs 3 crores.
The City and Industrial Development Corporation (CIDCO) of Navi Mumbai has once again extended its deadline for online applications until 23rd January 2023 for its mass housing scheme launched in August 2022 due to overwhelming response. The computerised lottery draw for the scheme will now take place on 8th February 2023. The state-run planning authority is offering homes in Ulwe, Navi Mumbai under the Pradhan Mantri Awas Yojana (PMAY) scheme for individuals eligible for EWS housing. The current scheme offers almost 8,000 residential homes.
The Hyderabad Metropolitan Development Authority (HDMA) has announced it would be conducting an of auction of 38 open plots, located at the periphery of the city via sessions scheduled for 18th January 2023. The pre-bid meeting was held earlier this month which was attended by over 100 prospective bidders. The plot sizes range from 252 square meters to 800 square meters and have a total revenue potential over almost Rs 1,000 crores. The plots are in areas such as Nallagandla, Isnapur, Ameenpur, Patelguda, Sultanpur, Bachupally and Moosapet to name a few.
With a goal of providing better service to homebuyers, the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) is gearing up to launch new version of their current web portal with enhanced services. The new and improved web portal version 2.0 will use the latest AI / ML technology to reduce time and effort spent in documenting and resolving complaints and speed up the process of acting against defaulters. The hope to enhance ease of service provided to customers and provide swift justice by taking into account the best practises established in other RERAs around the country and other comparable bodies.
Three days after the Centre announced a ban on all non-essential construction and demolition activities in Delhi-NCR on account of rising air pollution levels, the authorities are now said to have lifted all cubs imposed in the city under stage III of the Graded Response Action Plan (GRAP). As of Tuesday, Delhi’s 24-average air quality index (AQI) was around 385, down by 14 points since the week before.
On account of several unanswered recovery warrants issued by the Maharashtra Real Estate Authority (MahaRERA) towards Nirmal Developers, authorities have taken a decision to seller the developer’s land parcel located in Mulund, Mumbai to pay pending dues. The base price for the plot has been set at approximately Rs 31 crores and the auction is likely to be held on 18th January 2023 at the Tahsilar’s Office in Mumbai. This decision comes in lieu of over 80 complaints registered with authorities from buyers in their projects amounting to unrecovered dues of almost Rs 29 crores.
The Chennai Metropolitan Development Authority (CDMA) has set up a seven-member team to prepare guidelines for the reclassification of land use in the city. The new guidelines will be presented in the next authority meeting. The decision to do so has come about due to several protests conducted by civilians and housing societies over reclassifying areas that have been marked as waterbodies in the second master plan. Over fifty files are likely to be placed for reclassification during the authority meeting.
In 2022 the Reserve Bank of India increased the repo rate five times, amounting to a total increase by 2.25 percent. As a result, the average home loan interest rate is said to have gone up from 7 percent to 9.25 percent, thereby impacting home loan borrowers most severely. The easiest way to reduce exposure, in our opinion, is to consider partial repayment of your current loan as most home loans are usually taken on floating interest rates and do not usually invite penalties for partial or early repayments.
The government of Karnataka recently amended the Land Revenue Rules of 1966, effectively reducing the notice period of mutation of registered and unregistered documents. Mutation is the process by which the title of a property is changed in municipal records once the property has transferred to the new owner. However, despite the new reforms the process remains as sluggish as ever, making homeowners anxious as they feel they're under undue risk till the process is completed. The process of mutation is applicable to residential properties, and all types of land including those meant for agricultural or commercial purposes.
India’s largest mortgage provider LIC Housing Finance has increased its 0.35 percent in a bit to keep up with its competitors. This change comes on the heels of other private banks such as HDFC increasing their marginal lending rates. The minimum interest rate for the best-rated borrower will now begin at 8.65 percent. Since May 2022, the Reserve Bank of India has increased the repo rate at which it loans to the system, five times in a row by a total of 2.25 percent resulting in banking and non-banking financial institutions to raise their interest rates.
According to a study published by PropTiger, real estate sales in the past year grew by a staggering 50 percent with a 101 percent increase in the number of new launches across the top eight cities in India. Mumbai and Pune led with a combined share of 56 per cent in overall sales in 2022. Nearly 26 percent of all sales transactions were concentrated in the Rs 45-75 lakh price bracket. Mumbai led new supply in 2022 with a 39 percent share in overall launches, followed by Hyderabad with 19 percent and Pune with 18 percent. Experts see 2023 as a year of smooth sailing for the real estate sector even with the steady increase in interest rates for home loans and hikes in property prices.
The Securities and Exchange Board of India (SEBI) has asked Oravel Stays, the parent company of hospitality chain Oyo Hotels to refile its draft red herring prospectus (DRHP) with revisions. According to the SEBI website, the offer document was returned on 30th December 2022 with advice to re-file with applicable updates and revisions. The company has reported a revenue of Rs 4,900 crores for the financial year 2021-22, indicating an 18 percent YoY growth from the previous year. It is also claims to have reduced its losses by almost half in FY 21-22. The company first filed its DRHP in September 2021.
A Delhi Court has summoned the managing director of Suptertech Limited, Mr Ram Kishor Arora over a case filled by Gaurav Vij claiming the former engaged in a criminal break of trust and forgery. Mr Vij alleges that he had given the company a sum of money, through its representatives, for a short-term investment in September 2012. However, in June 2013 he became aware that the company had used the money to book a flat in his name in one of their Gurgaon housing projects. He claims that despite voicing his concerns on paper, the MD and other directors did not do anything to help him and continued to mislead him.
After the demolition of the Holy Faith H20 building in Kochi in January last year, revenue officials are now gearing up to auction off assets of the builder to compensate customers. The Supreme Court directed officials to go ahead with the auction as the builder has failed to remit money owned to individuals who had purchased property in the now demolished building. This decision comes in lieu of a 13 year long tussle initiated in 2006 by the Maradu Panchayat who issued show cause notices to Holy Faith Builders and three other developers for constructing buildings along the banks of the Vembanad lake, which was in violation of the Coastal Regulation Zone rules of the area.
According to a report published by real estate consultant Knight Frank India, 1,21,850 properties in Mumbai's BMC region were registered in 2022, indicating a 9 percent YoY growth from 1,11,913 units registered in the previous year. Of the properties registered, over 86 per cent are said to be residential properties. Post pandemic, the real estate industry has bounced back in increased vigour with the year 2022 clocking in maximum registrations compared to the preceding ten years. These registrations have been supported by solid demand, consistent income, and positive economic growth despite the absence of any government incentives and the presence of headwinds.
Earlier last week, the Kanpur Development Authority was finally given the go-ahead to demolish an illegal plotted developed spanning 12 acres in Pyondi village, behind Chakeri Airport. The offender Mr Umar Lar had been illegally developing the land by constructing boundary walls, building DPC and CC road, installing sewer lines and power poles. In doing so, he violated the requirements of the 1973 UP Urban Planning and Development Act as well as KDA regulations as the site plan does not allow for such modifications.
The National Firm Law Tribunal (NCLT) Mumbai's bench granted the lender IDFC First Bank's request to put Pune based real estate company Marvel Realtors & Developers into administration after the real estate company defaulted on more than 44 crore rupees worth of debt. The developer took a 48-crore term loan from IDFC First Bank in July 2017 at an annual interest rate of 17.5%. The loan was to be paid off in 48 monthly instalments with the principle to be paid up in 10 instalments.
The defence ministry has released a circular stating it has reduced construction restrictions around naval sites in India, particularly Mumbai City. The authorities have brought the restriction down from 500 meters to 50 meters. This comes as a big relief to many housing societies who’s dilapidated buildings could not be redeveloped due to these restrictions. Several societies were left in a lurch a few years ago when the BMC abruptly halted their redevelopment, after demolition had taken place, because the defence ministry did not issue a no objection certificate. Now only projects within 50 metres of a defence facility will need the local military authority's NOC for construction.
Homebuyers from over 15 residential complexes got together in Noida to protest the delay in registration of their houses. These buyers have purchased flats in popular projects such as Supertech Eco Village Ajnara Homes, Apex Golf Avenue, JM Florence, La Residentia, Casa Greens One and Amaatra Homes. One of the primary reasons for the delay in registration is due to non-payments of dues by builders to the local authorities. The builders and authorities have been unable to settle on a rate of interest to be paid and therefore the authorities have halted issuance of all necessary approvals for the projects to be completed and registrations to take place.
The Uttar Pradesh Real Estate Regulatory Authority has issued a statement claiming that it has disposed of over 9,000 complaints in the year 2022 alone. The regulatory body received a total of 6,900 complaints in the year, with the highest inflow in March at 695 complaints and the lowest in December with 320 complaints. The three-member bench consisting of a secretary and chairman is said to have addressed and disposed of 25 cases a day on an average. Established in 2017, the UP RERA has received approximately 47,000 consumer complaints, which accounts for approximately 38 percent of the total complaints filled across the country.
The board of directors of Bengaluru based realty firm Puravankara has approved the issuance of non-convertible debentures worth Rs 230 crores in two tranches via private placement at an interest rate of 11.75 percent per annum. In another decision it approved an investment in Ghar Realty LLP of which it will now become a designated partner, having contributed approximately 68 percent of the capital of the LLP. Ghar Realty LLP undertakes businesses dealing in land and property transactions and property management of residential, commercial, industrial properties and infrastructural development projects.
As a result of a meeting held last week, the current revenue minister of Maharashtra Radhakrisha Vikhe-Patil has agreed to reduce the Nazul Lands’ freehold charges from 5percent to 2percent of the ready reckoner value. Other significant decisions taken during the meeting include the reduction of penal charges levied, further clarification on premium lease holder charges and further reduction of the existing charges to be paid after renewal of lease. Officials have been directed to prepare detailed policies regarding the same for review.
Dismissing several petitions and the consequent GO challenging the recent hike in property tax in Chennai and Coimbatore, the Madras High Court has directed that the amendments recommended by the councils be implemented and effective from 1st April 2023. The decision to raise property tax rates was initiated by a need for augmented funds. Additionally, a mandate cast by the 15th central finance commission for availing grants and entry level conditions for receiving funds under various schemes offered by the central government.
CapitaLand India Trust (CLINT) has entered into separate definitive agreements, via its wholly owned subsidiary Ecospace IT Park, with CapitaLand Investment (CLI) and Maharashtra Industrial Development Corporation (MIDC) to acquire their respective 78.5 percent and 21.5 percent shareholdings in Ascendas IT Park, located in Pune. The deal is said to have been closed for a reported 13.5 billion rupees and will be completed by February 2023. Ascendas IT Park owns International Tech Park Pune (ITPP-H) in Hinjewadi, Pune.
Earlier this year, the Slum Rehabilitation Authority (SRA) in Mumbai published the names of 150 builders who had defaulted on their rental payments to slum dwellers of slum rehabilitation and redevelopment projects. Along with publishing their names, the authority demanded that all defaulters remit the pending money immediately and submit an affidavit within a month to the authority citing reasons for the delay. However, in the three months that followed this announcement, only a fraction of the payments is cleared. The total outstanding was said to have been approximately Rs 700 crore of which only Rs 20 crore has been cleared so far.
One of India’s largest private lenders HDFC has secured a loan of USD 400 million from International Finance Corporation (IFC) for financing green affordable housing projects. Both companies issued statements a few weeks earlier confirming the same and reiterating their commitment towards the creation of affordable housing projects and green practises. The companies hope this venture will help close the urban housing gap while improving access to climate-smart affordable homes by boosting green housing. They also believe this loan will help in supporting the country’s shift towards a more sustainable growth path while creating jobs and ensuring long-term business development.
In Odisha, of the 32.36 lakh families eligible for housing under the Pradhan Mantri Awaas Yojana-Gramin, more than 14 lakh families still await houses and housing assistance. The rural development ministry had set a target of 26.95 lakh houses under the PMAY-G to Odisha from 2016-17 to 2021- 2022. The PMAY-G, formerly known as the Rajiv Gandhi Awas Yojana, along with the Pradhan Mantri Awaas Yojana-Urban, were implemented as flagship missions of the government of India by the Ministry of Housing and Urban Affairs in an effort to address the urban housing shortage amongst EWS, LIG and MIG categories including slum dwellers.
On account of worsening air pollution conditions, the Centre’s air quality panel ordered for the implementation of stage III restrictions under the Graded Response Action Plan (GRAP) in Delhi-NCR which meant banning all non-essential construction and demolition work. As of 30th December 2022, the average AQI for Delhi stood at 399, considered borderline hazardous. The experts committee at GRAP believes the air quality is likely to further deteriorate in the coming days due to calm winds and stable atmospheric conditions.
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