Latest Real Estate News

Real estate company M3M India, that is developing many housing and commercial projects in Delhi-NCR, has appointed Stuart McConnachie as Chief Construction Controller.

McConnachie has a wide range of experience in construction management, project oversight, quality control, and safety regulations, making them well-equipped to enhance the company’s construction operations.

Read more at:

https://www.hindustantimes.com/real-estate/m3m-india-appoints-stuart-mcconnachie-as-chief-construction-controller-101721994424555.html

Apco Infratech Private Limited, a company involved in the construction of infrastructure projects across the country, has purchased a sea-view triplex apartment worth ₹155 crore in Bandra’s Pali Hill area of Mumbai, according to property registration documents accessed by Zapkey.com

The triplex spread across 9,527 sq ft of carpet area is located on the 9th, 10th and 11th floors of a project named The Legend being built by Black Rock, a subsidiary of the Ashar Group. The company had announced in 2023 that it was undertaking the construction of a luxury building on the plot that once housed Dilip Kumar’s bungalow.

Read more at:

https://www.hindustantimes.com/real-estate/dilip-kumar-s-bungalow-redevelopment-apco-infratech-pvt-ltd-buys-rs-155-crore-sea-view-apartment-in-mumbais-pali-hill-101721891339139.html

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced that a total of 5,260 real estate agents will appear for the fifth competency examination to be conducted by the Authority on July 29 across 24 centres in Maharashtra.

Of the 5,260 candidates, 3,081 are from the Mumbai Metropolitan Region (MMR), 1,533 from Pune, 518 from Nagpur, the MahaRERA said in a statement.

Read more at:

https://www.hindustantimes.com/real-estate/maharera-to-hold-fifth-exam-for-5-260-real-estate-agents-in-maharashtra-to-protect-home-buyers-interests-101721802816576.html

NEW DELHI: The Union Budget 2024 has introduced changes to the taxation of long-term capital gains (LTCG) arising from the sale of property. The indexation benefit, which allowed property owners to adjust their purchase price for inflation, has been removed. Instead, a new LTCG tax rate of 12.5% will be applied to the capital gains on the sale of property, without considering the indexation benefit.

Here is an example from an Economic Time report. To illustrate the impact of this change, consider the following example: Mr A purchased a property for Rs 25 lakh in the financial year 2002-2003 and sells it for Rs 1 crore in the financial year 2023-2024. Under the previous rules, the purchase price of Rs 25 lakh would have been adjusted using the Cost Inflation Index (CII) numbers provided by the Income Tax Department. However, with the new rule in effect, the capital gains will be calculated by directly subtracting the purchase price from the sale price, without any inflation adjustment.

Read more at:

https://timesofindia.indiatimes.com/business/india-business/big-real-estate-shake-up-union-budget-removed-indexation-benefit-but-cuts-ltcg-tax/articleshow/111956374.cms

Conversations with cab or auto drivers can bring forth unexpected moments of wholesomeness and heartwarming tales. That is what this RJ experienced when she took an auto in Mumbai. She met a real estate agent, fondly called Anna, who drives an auto rikshaw as a hobby.

RJ Alokita took to Instagram to share a video of her conversation with Anna. She also shared a detailed caption to add context to the clip. “Meet Chembur ke ‘Anna’ who rides a rickshaw as his HOBBY!” she wrote.

Read more at:

https://www.hindustantimes.com/trending/mumbai-real-estate-agent-drives-auto-rickshaw-as-hobby-shares-these-life-hacks-watch-101721699158674.html

Budget 2024 will be presented by Finance Minister Nirmala Sitharaman today and the real estate sector hopes that the government will focus on affordable and middle income housing in the Budget. It has sought for an expansion of the definition of affordable housing, tax sops for homebuyers to enhance affordability as well as incentives for developers to encourage them to construct affordable housing.

The need of the hour is to provide more tax sops for both homebuyers as well as developers wanting to undertake affordable and middle income housing projects. The government should raise the deduction limit for interest payment on home loans from the existing ₹2 lakh a year to ₹5 lakh, which will add momentum to housing demand, said real estate experts.

Read more at:

https://www.hindustantimes.com/real-estate/budget-2024-5-things-the-real-estate-sector-looks-forward-to-from-the-finance-minister-101721708780242.html

The Economic Survey released on July 22 emphasized on the real estate sector’s recovery after the pandemic, driven by factors like urbanization, government schemes such as the Pradhan Mantri Awas Yojana (PMAY) and other affordable housing initiatives. The first quarter of 2024, witnessed record-breaking sales of 1.2 lakh units, clocking a robust 41% YoY growth, it noted.

It said that the outlook for the real estate sector is encouraging. It projected a positive outlook for the real estate sector with housing demand set to rise on rapid urbanisation, but noted that legacy stalled projects were a “challenge”.

Read more at:

https://www.hindustantimes.com/real-estate/housing-sector-on-a-growth-trajectory-demand-expected-to-be-driven-by-affordability-and-increased-access-to-credit-101721636159524.html

The Maharashtra government has reduced the penalty for under payment of stamp duty by half – from two percent to one percent- with the aim of earning a revenue of ₹200 crore. The government has also increased the period within which buyers can claim reimbursement of stamp duty paid on cancelled deeds for flats.

There have been instances where homebuyers have paid lesser stamp duty and are charged a hefty penalty for doing so. To ensure that the government recovers its dues, finance minister Ajit Pawar had announced a scheme in the Maharashtra Interim Budget 2024-25 for homebuyers who have paid less stamp duty on the registered documents. Under the scheme, the penalty levied on the difference in stamp duty amount from the date of execution of the document will be reduced from two percent to one percent per month.

Read more at:

https://www.hindustantimes.com/cities/lucknow-news/cabinet-nod-to-lift-and-escalator-rules-registration-annual-maintenance-auto-rescue-device-a-must-now-101721245207162.html

Uttar Pradesh’s urban development and energy minister A.K. Sharma on Wednesday announced that the Cabinet had approved the Lift and Escalator Rules-2024 on Tuesday, with a focus on the safety of citizens during accidents in lifts and escalators in multistorey buildings and establishments in urban areas.

Previously, the U.P. Lift and Escalator Act-2024, which addresses the manufacturing, construction, quality, inherent safety features, installation, operation, and maintenance of lifts and escalators, was passed by the Legislature on February 26, 2024.

Read more at:

https://www.hindustantimes.com/cities/lucknow-news/cabinet-nod-to-lift-and-escalator-rules-registration-annual-maintenance-auto-rescue-device-a-must-now-101721245207162.html

The Yamuna Expressway Industrial Development Authority (Yeida) on Wednesday said it has fixed a target to raise ₹7,635 crore this financial year (2024-25) by selling land parcels in different categories, including group housing, commercial, industrial and institutional, said authority officials on Wednesday.

The authority needs funds to urbanise the area along Yamuna Expressway, near the greenfield Noida international airport so as to cater to the demands of investors, who want to buy land near the airport, set up businesses and boost the economy in the region, said officials.

Read more at:

https://www.hindustantimes.com/cities/noida-news/yeida-to-raise-7-635-crore-funds-this-fiscal-by-selling-land-parcels-101721237584911.html

City Industrial Development Corporation (CIDCO), the special planning authority of several areas in Navi Mumbai of the Mumbai Metropolitan Region (MMR), has announced the sale of 48 plots for residential, industrial and hotel use along with 218 shops.

CIDCO has put up for sale 48 plots in various nodes of Navi Mumbai for residential, bungalow, residential-cum-commercial, commercial, service industry, and star hotel use. The registration for participating in the e-auction started on July 6, CIDCO said.

Read more at:

https://www.hindustantimes.com/real-estate/cidco-auction-here-are-5-things-to-know-about-the-48-plots-and-218-shops-on-offer-in-navi-mumbai-101721126926476.html

Twinkle Khanna and her sister Rinke Khanna have rented two apartments in Mumbai at a starting monthly rent of ₹1.85 lakh for five years, documents accessed by Zapkey showed.

The property is located on the fourth and fifth floors of an apartment complex in Khar (West) in Mumbai, the documents showed.

Read more at:

https://www.hindustantimes.com/real-estate/twinkle-khanna-rents-two-apartments-for-rs-1-85-lakh-per-month-in-mumbai-101721124294511.html

While the average completion time for large real estate projects across the country was down by 20% to 4.9 years in H12024 from 6.1 years in 2019, it was the southern cities that were markedly ahead of their northern, western, and eastern counterparts.

For all large projects launched and completed between 2014 and H1 2024, the average completion time was lowest in Chennai with 3.6 years, while Hyderabad and Bengaluru clocked in at 4.2 and 4.8 years respectively, an analysis by Anarock has said.

Read more at:

https://www.hindustantimes.com/real-estate/average-time-taken-to-complete-real-estate-projects-lowest-in-chennai-hyderabad-and-bengaluru-101721020136268.html

Bengaluru has held on to its status as the top choice for non-resident Indians looking to invest in India’s residential real estate market, especially those eyeing budget and mid-segment housing, data sourced from multiple consultancy firms by HT Digital showed.

The city’s pleasant weather to property value appreciation, cosmopolitan culture, high rental yields and a thriving commercial landscape are the major pull factors for this set of homebuyers.

Read more at:

https://www.hindustantimes.com/real-estate/bengaluru-top-choice-for-non-resident-indians-eyeing-budget-and-mid-segment-homes-101720966465347.html

India’s most valuable real estate firms have a cumulative value of ₹14.2 lakh crore and DLF has emerged as the top real estate company with a valuation of more than ₹2 lakh crore, according to the 2024 GROHE-Hurun India Real Estate 100.

Following DLF, Macrotech Developers holds the second position with a valuation of ₹1.4 lakh crore, and Indian Hotels Company ranks third with ₹79,150 crore, the seventh edition of Grohe-Hurun India Real Estate 100 List showed.

Read more at:

https://www.hindustantimes.com/real-estate/bengalurus-housing-sales-register-4-growth-in-h1-2024-homes-priced-at-rs-1-crore-and-above-witness-76-annual-growth-101720454468651.html

Bengaluru’s housing sales recovered ground in the April-June quarter to register a net positive growth of 4% during the first half of the year, according to a report by property consultancy Knight Frank India. Almost half of the overall sales during the half yearly period were in luxury housing segment.

Bengaluru’s housing sales recovered ground in the April-June quarter to register a net positive growth of 4% during the first half of the year, according to a report by property consultancy Knight Frank India. Almost half of the overall sales during the half yearly period were in luxury housing segment.

Read more at:

https://www.hindustantimes.com/real-estate/bengalurus-housing-sales-register-4-growth-in-h1-2024-homes-priced-at-rs-1-crore-and-above-witness-76-annual-growth-101720454468651.html

Vietnam is the most affordable country in the world for immigrants marking the fourth consecutive year when the country has got the top spot out of 53 destinations, as per a 2024 InterNations study. The ranking was based on quality of life, digital life, housing and language, career prospects, salary and job security. In the survey, more than 12,000 expats across 174 territories worldwide participated. The survey asked respondents to rank their personal satisfaction levels in three areas: cost of living, satisfaction with financial situation, and whether disposable household income was enough to lead a comfortable life.

This information remained largely unchanged from last year expect the entry of Brazil in the list at 9th place, replacing Malaysia, which dropped from 5th in 2023 to 11th this year.

Read more at:

https://www.hindustantimes.com/business/vietnam-is-worlds-most-affordable-country-for-immigrants-in-2024-india-is-in-top-10-101720501865565.html

Samsung Research And Development Institute has renewed its lease for 4.02 lakh square feet space in Bengaluru’s Bagmane Goldstone tower, documents accessed by real estate data analytics platform Propstack showed.

According to the documents, the South Korean tech giant first took up the said space in Bagmane World Technology Centre, located in Mahadevapura of Bengaluru East, in 2019. The lease period extended till April 5, 2024, for 4 lakh square feet of space spread across several floors, alongside 562 car parking slots. The terms of the agreement included a rental fee of ₹80 per square feet a month, with escalation of 5% every year.

Read more at:

https://www.hindustantimes.com/real-estate/samsung-renews-lease-for-4-lakh-sq-ft-office-space-in-bengaluru-at-an-annual-rent-of-over-rs-50-crore-101720438928781.html

The Greater Mohali Area Development Authority (GMADA) has asked Mohali Walk mall in Sector 62 to demolish construction done on the 10th floor, terming it “more than permissible construction”.

The GMADA estate officer (EO) has issued the demolition notice to PP Buildwell Pvt Ltd, a Delhi-based firm, restraining it from using or occupying the floor in question before demolition.

Read more at:

https://www.hindustantimes.com/cities/chandigarh-news/gmada-asks-mohali-mall-owner-to-demolish-illegal-10th-floor-101720293340358.html

नई दिल्‍ली. दिल्‍ली को गुरुग्राम से जोड़ने के लिए बने देश के पहले अर्बन एक्‍सप्रेसवे के पास जल्‍द ही लग्‍जरी मकानों की रिहाइश होगी. सिंगापुर के बिल्‍डर ने यहां मकान बनाने के लिए जमीन खरीदी है. यह बिल्‍डर कोई नया नहीं है, बल्कि नोएडा में भी इनके प्रोजेक्‍ट लांच हो चुके हैं. अब गुरुग्राम में 7.81 एकड़ जमीन खरीदी है. हालांकि, यहां बनने वाले लग्‍जरी मकान आम आदमी की पहुंच से बाहर ही होंगे. जब जमीन इतनी महंगी है तो इस पर बनने वाला मकान कितना महंगा बिकेगा, इसका अंदाजा आप खुद लगा सकते हैं.

सिंगापुर के बिल्‍डर एक्‍सपर्सन होल्डिंग्‍स प्राइवेट लिमिटेड की भारतीय इकाई ने आवासीय प्रॉपर्टी बनाने के लिए जमीन का अधिग्रहण किया है. 7.81 एकड़ की यह जमीन 400 करोड़ रुपये में बेची गई है. यह जमीन द्वारका एक्‍सप्रेसवे के पास ही है और यहां से दिल्‍ली व गुरुग्राम जाना आसान हो जाएगा. बिल्‍डर ने यहां 30 लाख वर्गफुट में आवासीय प्रॉपर्टी विकसित करने का प्‍लान बनाया है.

Read more at:

https://hindi.news18.com/news/business/property-singapore-developer-buy-8-acre-land-near-dwarka-expressway-in-rs-400-crore-8464972.html

नई दिल्ली. भारत में प्रॉपर्टी की कीमतें तेजी से बढ़ रही है. इसके चलते रियल एस्टेट मार्केट में बूम जारी है. खास बात है कि देश के साथ-साथ विदेशों से रियल एस्टेट में जबरदस्त फंड फ्लो आ रहा है. विदेशी निवेशकों ने इस साल जनवरी-जून के दौरान भारतीय रियल एस्टेट में 3.1 अरब डॉलर का निवेश किया, जो कुल संस्थागत निवेश का 65 प्रतिशत है. रियल एस्टेट सलाहकार जेएलएल इंडिया ने शुक्रवार को जारी आंकड़ों में बताया कि इस क्षेत्र में कुल संस्थागत निवेश जनवरी-जून 2024 में 62 प्रतिशत बढ़कर 4.76 अरब अमेरिकी डॉलर हो गया. यह आंकड़ा पिछले साल की समान अवधि में 2.93 अरब डॉलर था.

इसके ठीक विपरीत, एक अन्य संपत्ति सलाहकार कोलियर्स इंडिया ने इस सप्ताह की शुरुआत में बताया था कि 2024 की पहली छमाही के दौरान रियल एस्टेट क्षेत्र में कुल संस्थागत निवेश 6 प्रतिशत घटा है और यह 3.52 अरब अमेरिकी डॉलर रहा. कोलियर्स के मुताबिक एक साल पहले की समान अवधि में यह निवेश 3.76 अरब अमेरिकी डॉलर था.

Read more at:

https://www.hindustantimes.com/real-estate/samsung-renews-lease-for-4-lakh-sq-ft-office-space-in-bengaluru-at-an-annual-rent-of-over-rs-50-crore-101720438928781.html

Priyanjali Mariwala, who leads the ASCENT Foundation, a not-for-profit organization of Harsh Mariwala, chairman of Marico, has bought an apartment for ₹65.25 crore in Sunteck Signature Island, Bandra Kurla Complex, in Mumbai, documents accessed by Zapkey showed.

The seller is Starlight Systems (I) Pvt Ltd. The carpet area of the housing unit is 8292 sq ft and comes with four car parking spaces, the documents showed.

Read more at:

https://www.hindustantimes.com/real-estate/priyanjali-mariwala-buys-apartment-in-bandra-kurla-complex-in-mumbai-for-more-than-65-crore-101720182950220.html

Office leasing touched 32.8 mn sq ft during January to June period, recording an increase of 14% year-on-year across nine cities, a report by CBRE South Asia Pvt. Ltd said on July 4.

Bengaluru led office space absorption, accounting for about one-fourth of the total leasing during January to June 2024 period, followed by Delhi-NCR at 16%, Chennai at 14%, Pune and Hyderabad each contributing 13%. 

Read more at:

https://www.hindustantimes.com/real-estate/office-leasing-across-top-9-cities-touches-32-8-mn-sq-ft-in-jan-june-bengaluru-leads-office-leasing-at-8-5-mn-sq-ft-101720087510983.html

Olive, the co-living and hospitality arm of Embassy Group, is looking to raise $20 million and bring on board a strategic investor with a minority equity stake in the brand, company co-founder and chief executive Kahraman Yigit told HT Digital. 

“It is not solely for capital, we are looking to bring on board a strategic partner who will enable us to enhance our offerings and abilities,” Yigit said, adding that following the fundraise, the brand is also looking to further its tech infrastructure to build a larger overarching system.

Read more at:

https://www.hindustantimes.com/real-estate/embassy-groups-hospitality-arm-olive-planning-to-raise-20-million-onboard-strategic-investor-101719978962190.html

Bengaluru-based real estate developer Puravankara Ltd has acquired a 7.26-acre land parcel in the Hebbagodi suburb of Bengaluru to develop a luxury residential project worth over ₹900 crore, the realty player said in a statement on July 2.

The high-end housing project will include a saleable area of around 7.5 lakh square feet, with a potential gross development value of over ₹900 crore, the company said in a statement.

Read more at:

https://www.hindustantimes.com/real-estate/puravankara-acquires-7-acre-land-parcel-in-bengaluru-to-develop-housing-project-worth-rs-900-crore-101719924937373.html

In response to rising demand from corporate occupiers, flexible workspace provider Incuspaze has leased 5.8 lakh square feet of office space in Gurugram, the company said in a statement on July 1. This includes 2.20 lakh sq ft space in M3M Urbana Premium on Golf Course Extension Road, and 3.5 lakh sq ft in Udyog Vihar.

“Incuspaze expansion marks a significant step in our growth strategy, allowing us to better serve our clients with managed office solutions. The Golf Course Extension Road and Udyog Vihar locations are pivotal for businesses looking for connectivity and convenience,” said Sanjay Choudhary, founder and CEO, Incuspaze.

Read more at:

https://www.hindustantimes.com/real-estate/flexible-space-provider-incuspaze-leases-5-8-lakh-square-feet-space-in-gurugram-101719819112194.html

Property prices of premium projects in New Gurugram were up by 53% followed by Noida’s Sector 150 at 43%. North Goa also witnessed a 28% increase in property prices of villas, a report by Savills India has said.

The under-construction projects in the top three cities have witnessed price appreciation of up to 30% over the year compared to ready properties as new launches offered newer amenities and configurations. The continued price movement indicates strong demand in the premium housing market, the report showed.

Read more at:

https://www.hindustantimes.com/real-estate/new-gurugram-witnesses-53-increase-in-luxury-property-prices-rates-in-noidas-sector-150-up-by-43-yoy-101719811545979.html

Property registrations in the Mumbai real estate market grew by more than 11% to 11,443 in June 2024 from 10,319 a year earlier, according to the data shared by the Inspector General of Registration and Controller of Stamps of Maharashtra. In May 2024, a total of 12,000 property registrations were reported in the Mumbai real estate market.

Stamp duty collections from property registrations in Mumbai real estate market went up by over 15% to 986 crore in May 2024 from ₹859 crore last year in June 2023, according to the Maharashtra government data. In May 2024, the stamp duty collections stood at ₹1,034 crore.

Read more at:

https://www.hindustantimes.com/real-estate/mumbai-property-registrations-rise-11-y-o-y-in-june-2024-stamp-duty-collections-up-by-15-101719650438479.html

The Yamuna Expressway Industrial Development Authority (Yeida) on Thursday signed a concessionaire agreement with filmmaker Boney Kapoor’s company and Bayview Projects LLP, along with consortium partners for the development of the International Film City in Sector 21, near the upcoming Noida international airport, said officials.

“We will provide all infrastructure support to the project, including roads, water supply, electricity, public transport, safe environment and other services so that this region can become the most sought after destination for all kinds of film makers, including big screen projects, OTT platform releases or International projects. We hope that this film city project will open new avenues to not only artistes of Uttar Pradesh but the entire country. This project will fulfil the aspirations of the youth in the region,” said Arun Vir Singh, chief executive officer, Yeida, which allotted the land for the state’s second film city after the one established in Noida’s Sector 16A.

Read more at:

https://www.hindustantimes.com/cities/noida-news/boney-kapoor-inks-pact-for-film-city-with-yamuna-authority-work-to-start-in-6-months-101719513568135.html

The Maharashtra Real Estate Regulatory Authority (MahaRERA) on June 27 said that starting July 1, real estate developers will not be able to deposit the amounts received from homebuyers in different bank accounts. 

The MahaRERA said developers have been instructed to open three separate bank accounts for every project in a single bank. The first bank account will be for the amounts received from homebuyers. 

The second bank account will have to be maintained for keeping aside 70% of the funds allocated (escrow) for the project and third account for maintaining the balance 30% of the funds received, it said.

Read more at:

https://www.hindustantimes.com/real-estate/maharera-directs-real-estate-developers-to-maintain-three-bank-accounts-for-every-project-to-safeguard-buyers-interests-101719469233374.html

The bull run in residential sales across the top 7 cities tamed down marginally in the second quarter of 2024, on account of increasing property prices and a high base record of the previous quarter (Q1 2024). Housing sales witnessed a quarterly drop of 8% and stood at approximately 1.20 lakh units in Q2 2024, against approximately 1.30 lakh units sold in Q1 2024. However, on a yearly basis, there has been a 5% rise in residential sales, a report by Anarock Research showed.

In April-June 2024, housing sales across seven major cities were estimated at 1.20 lakh units, up 5% from 1.15 lakh units in the year-ago period, the report said.

Read more at:

https://www.hindustantimes.com/real-estate/housing-sales-down-by-8-in-q2-2024-compared-to-the-previous-quarter-across-top-7-cities-due-to-rise-in-property-prices-101719473699829.html

(Bloomberg) — A $15

An engineer from Delhi NCR has gone viral for his video showing under-construction apartments in Noida being sold for ₹15 crore. Kashish Chhibber, who goes by “Witty Engineer” on Instagram, struck a chord with millions of viewers when he said that no amount of job switching, trading or investing is likely to help him buy his own house, given the shocking real estate prices.

Chhibber took his Instagram followers to Noida Sector 124, where he went to check out an apartment at the upcoming ATS Knightsbridge development. He was told that a 4BHK in the luxury housing development would cost ₹15 crore – well above the average price of Noida apartments.

Read more at:

https://www.hindustantimes.com/trending/techies-video-on-rs-15-crore-noida-apartment-strikes-a-chord-with-millions-who-is-buying-them-101719368754891.html

(Bloomberg) — A $15 million penthouse was snapped up hours after it went on sale. More than 200 homes priced from nearly $5 million were taken in less than a day. Apartments worth $3.8 million were five times oversubscribed. 

Shanghai’s luxury real estate market is a bright spot in China’s bleak property sector. It’s the only one among the country’s mega cities that’s still attracting people to put down money in an asset class that has otherwise been abandoned. 

Read more at:

https://www.hindustantimes.com/real-estate/chinas-rich-spend-millions-on-shanghai-property-luxury-apartments-worth-3-8-million-five-times-oversubscribed-101719290740995.html

MUMBAI: In a significant relief for a homebuyer, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed a leading property developer to refund ₹66 lakh, accepted from the buyer, along with interest for failing to complete the project by the stipulated date listed on the RERA website.

Three complaints were filed against the developer, Nirmal Lifestyle, by buyers seeking a refund of the money they had paid due to the company’s failure to hand over possession of the flats on time. Each of the three complainants had paid more than 50% of the total consideration amount but had not received possession of the ready flats they had booked. However, the authority dismissed two of these complaints due to a lack of documentary evidence and issues of maintainability.

Read more at:

https://www.hindustantimes.com/cities/mumbai-news/builder-ordered-to-refund-66-lakh-to-flat-buyer-with-interest-101719256840155.html

Following Awfis Space Solutions’ Initial Public Offering (IPO) recently, at least three major co-working and managed workspace providers, including Embassy Group-backed WeWork India and Gurugram-headquartered Smartworks, are preparing to make a market debut in 2025, industry sources in the know told HT Digital.

“WeWork India is in early or exploratory stages, their investors are looking at it,” a second source added.

Additionally, a top executive of a Bengaluru-headquartered co-working firm confirmed to HT Digital on condition of anonymity that the company is planning to go public within the next 12 months. The individual also stated the likelihood of a significant fundraise prior to the exercise.

Read more at:

https://www.hindustantimes.com/real-estate/after-awfis-three-major-co-working-firms-mull-initial-public-offering-in-2025-sources-101719207311821.html

Almost a year after the Maharashtra Real Estate Regulatory Authority (MahaRERA) asked real estate developers to set up grievance cells to address after-sales complaints of their homebuyers, only 195 projects across the state have established the facility.

The MahaRERA has also appealed to more developers to come forward and develop redressal cells to ensure that the number of complaints are brought down and homebuyers’ grievances are addressed at an early stage.

Read more at:

https://www.hindustantimes.com/real-estate/maharera-update-developers-of-195-projects-set-up-grievance-redressal-cells-to-handle-homebuyers-complaints-101719208276338.html

In the past decade, at least half a dozen real estate developers from Mumbai and Bengaluru have expanded their presence in the two cities. Several firms such as Bengaluru-based Prestige Group, Puravankara and Delhi-based DLF have either entered or announced their foray into the Mumbai real estate market. Similarly, Mumbai-based realtors such as Lodha and Godrej have stepped foot in Bengaluru.

But why do developers want a share of the Mumbai and Bengaluru real estate markets? This is primarily to expand and consolidate their presence across cities, said real estate experts.

Read more at:

https://www.hindustantimes.com/real-estate/indiabulls-real-estate-limited-announces-change-of-name-to-equinox-india-developments-limited-101718956480755.html

Listed real estate developer Indiabulls Real Estate Limited has changed its name to Equinox India Developments Limited with effect from June 20, the company said in a regulatory filing.

“We wish to inform that pursuant to the shareholders the name of the company stands changed from ‘Indiabulls Real Estate Limited’ to ‘Equinox India Developments Limited’ with effect from today i.e. June 20, 2024,” the company said in a regulatory filing with Stock Exchanges.

Read more at:

https://www.hindustantimes.com/real-estate/indiabulls-real-estate-limited-announces-change-of-name-to-equinox-india-developments-limited-101718956480755.html

Redevelopment of old housing society buildings in the Mumbai real estate market has picked up steam over the last few years, especially after the Maharashtra government granted waivers to developers post the Covid-19 pandemic to give a boost to the sector.

In Mumbai, of the monthly average of 10,000 property registrations, around 10% to 20% property registrations are that of redevelopment projects, according to data shared by Knight Frank India, a real estate consultancy firm.

Read more at:

https://www.hindustantimes.com/real-estate/mumbai-real-estate-10-things-homeowners-of-societies-looking-to-get-their-buildings-redeveloped-should-keep-in-mind-101718899777092.html

MUMBAI: The Bombay high court recently upheld an order disqualifying a Kandivali resident from the managing committee of his housing society because he had more than two children. The court held that the “small family” rule, introduced in the Maharashtra Co-operative Societies (MCS) Act, 1960, by a 2019 amendment, was applicable in the case.

The “small family” rule disqualifies a person with more than two children from joining a co-operative housing society’s managing committee.

A single-judge bench of Justice Avinash Gharote dismissed a petition filed by Pawankumar Singh, a member of Charkop Kandivali Ekta Nagar Co-operative Housing Society. Singh had moved the high court after the Divisional Joint Registrar, Co-operative Societies, on May 2 rejected his appeal challenging a May 2023 order passed by the deputy registrar disqualifying him as a member of his society’s managing committee.

Read more at:

https://www.hindustantimes.com/cities/mumbai-news/more-than-two-children-can-t-join-housing-society-committee-says-hc-101718910578047.html

It may not be the customary gift but real estate as wedding presents is not a new trend in India, especially amongst the rich and affluent. In the latest example, actor-turned-politician Kangana Ranaut, the newly elected MP from Himachal Pradesh’s Mandi, has gifted a brand-new residential property in Chandigarh to cousin Varun Ranuat and his partner Anjali, as their wedding present.

Section 122 of the Transfer of Property Act of 1882 states that immovable property may be transferred via a gift deed. It enables the transfer of ownership without any monetary exchange.

Read more at:

https://www.hindustantimes.com/real-estate/kangana-ranaut-gifts-house-in-chandigarh-to-newly-married-cousin-varun-ranaut-but-so-can-you-101718865129664.html

Young professionals find it attractive to invest in gated villas in Goa because the segment offers attractive rental yields and capital appreciation. While the return on rentals is anything between 5-8% approximately, Grade A locations such as Anjum, Arpora, Baga, Calangute, Candolim have witnessed a 22% capital appreciation in villa prices in the FY 2024-2023. 

The data shared by Savills India Research showed that the prices of some of the new villa properties in Goa compare with apartments in South Mumbai and South Delhi that are priced between ₹7-10 crore.

Read more at:

https://www.hindustantimes.com/real-estate/goa-real-estate-market-young-professionals-are-now-investing-in-villa-properties-due-to-attractive-rental-yields-101718862912459.html

It’s a price tag that you’ll probably have to take a second look at: the founder of eyewear maker Oakley just sold his Malibu home for a whopping $210 million.

The sum tops the mere $200 million that Jay-Z and Beyonce lavished last year on their own Malibu compound.

Eyewear impresario James Jannard, who founded Oakley in 1975, made a tidy profit on the house, having bought it in 2012 for just $75 million, reported the Los Angeles Times, which said it had seen real estate records of the sale.

The identity of the buyer was not clear, the outlet said, with paperwork showing it had been purchased by a Delaware-based limited liability company.

Read more at:

https://www.hindustantimes.com/real-estate/malibu-mansion-nets-210m-as-californias-priciest-home-101718772782842.html

After builders ATS Realty and Supertech Township Project Limited repeatedly defaulted on payment of land cost dues to the Yamuna Expressway Industrial Development Authority (Yeida), it is planning to partially cancel the land allotments of the two realty firms, officials in the know of the matter said.

Yeida in 2013 allotted 100 acre land parcels each in Sector 22D to the realty firms, which were supposed to develop their respective projects there. While ATS has built and delivered the Allure township project, comprising 1,800 residential units, it needs to pay ₹668 crore in dues to Yeida. Likewise, Supertech has failed to pay ₹677 crore to the authority, said officials.

Read more at:

https://www.hindustantimes.com/cities/noida-news/ats-supertech-may-lose-group-housing-land-near-noida-airport-101718736863640.html

After the Gujarat government relaxed its more than 60-year-old liquor prohibition law and issued guidelines permitting liquor consumption in hotels, restaurants and clubs offering ‘wine and dine services’ in GIFT City, housing and land prices in the area have gone up by 10% to 20%. This has also led to several non-resident Indians investing in housing projects in the fintech hub.

The Gujarat government in December 2023 announced that it is allowing people working in GIFT City along with their official guests to consume alcohol in licensed hotels, restaurants and clubs in the fintech hub. The government allowed serving of liquor in designated areas only to liquor access permit or temporary permit holders.

Read more at:

https://www.hindustantimes.com/real-estate/heres-why-the-real-estate-market-in-gujarat-s-gift-city-is-high-on-the-liquor-consumption-policy-101718687139032.html

High-rise residents have opposed paid parking facilities provisioned by the Noida authority through contractors outside their housing societies and appealed to the administration to suspend such contracts on the grounds that they are the prime cause for jams and congestion in residential areas.

In a meeting with the Noida authority cheif executive officer M Lokesh, a delegation led by Bharatiya Janata Party (BJP) mandal president Pankaj Jha submitted a written complaint and demanded the cancellation of parking contracts in residential sectors.

Read more at:

https://www.hindustantimes.com/cities/noida-news/noida-residents-oppose-paid-parking-outsides-high-rises-say-they-trigger-jams-101718648135785.html

The National Company Law Tribunal (NCLT) has initiated corporate insolvency resolution process (CIRP) against Supertech Group’s subsidiary Supertech Realtors Private Limited, which is developing a commercial tower at the Supernova project in Noida, Sector 94, after it failed to pay a debt of ₹150 crore to the Bank of Maharashtra, in pursuance to an order issued by the NCLT on June 12.

Supertech Group’s ambitious Supernova project has a total of four towers — Nova East, Nova West, Astralis, which are delivered, and Spira, which is an under construction tower. The mixed use skyscrapers have 80 floors and is touted to be the tallest buildings in Delhi-NCR at a height of 300 metres.

Read more at:

https://www.hindustantimes.com/cities/noida-news/insolvency-process-begins-against-supertech-goup-s-supernova-project-101718388829274.html

India’s Grade A warehousing sector is likely to grow significantly and is set to cross 300 million square feet (msf) by 2025, according to a report by the Confederation of Real Estate Developers Association of India (CREDAI) and CRE Matrix.

The report highlights that rapid industrial growth can be attributed as one of the driving forces behind the robust growth of the warehousing sector. The overall Grade A warehousing stock in the country stands at 216.2 msf.

In the first quarter of calendar year 2024, India recorded a 5 percent rise in rentals, reflecting how India’s warehousing demand continues to surpass supply, with the absorption-to-supply ratio standing at 1.4 in the quarter.

The CREDAI-CRE Matrix report stated that the contribution from Pune and the National Capital Region (NCR) to the pan-India Grade A and A+ warehousing demand was 45 percent, while the Mumbai Metropolitan Region (MMR) and NCR jointly had a demand touching 53 percent in the warehousing segment

https://www.moneycontrol.com/news/business/real-estate/indias-grade-a-warehousing-stock-to-cross-300-msf-by-2025-credai-cre-matrix-report-12748246.html

Following Telugu Desam Party chief N Chandrababu Naidu’s return to power as Andhra Pradesh Chief Minister, real estate stakeholders are showing renewed interest in the state’s property market.

“Amaravati will be the capital of our state. We will aim to develop the entire state, not just a few places,” Naidu stated on the eve of his swearing-in ceremony. He further added that Visakhapatnam will be developed as the economic capital and an advanced special city

https://www.hindustantimes.com/real-estate/naidu-comeback-5-things-property-buyers-should-know-about-andhra-pradesh-real-estate-regulatory-authority-aprera-101718331313431.html

Mumbai’s changing skyline seems to suggest that the city is fast becoming like New York. Thanks to redevelopment, there’s a new skyscraper that comes up in the city every now and then. There’s also a surge in several listed developers taking up redevelopment of old buildings despite there being a massive increase in housing supply that came up after Covid-19.

According to real estate experts, this has not only resulted in capital values of apartments going up by 40-50% post redevelopment of old buildings but rents too have hit the roof since the last three years

https://www.hindustantimes.com/real-estate/does-redevelopment-of-old-buildings-impact-housing-prices-and-rentals-in-mumbai-101718215378348.html

An X user’s post claiming to pay ₹64,000 as rent in Noida has sparked disbelief on the social media platform. The user – who goes only by his first name Raj on the platform – shared a photograph of the “dreamy” view his hefty rent allows him to enjoy. His photograph shows the view of another building, set close to his balcony.

The satellite town of Noida, set on the outskirts of Delhi, has several residential complexes and apartment buildings. The rent in Noida is typically lower than the rent in Delhi, even for the more upscale residential societies, although this of course depends on several factors like the size of an apartment, its location, proximity to the metro etc.

Even so, X user Raj’s claim of paying ₹64,000 as rent in Noida sparked disbelief. Several X users said that the rent in Noida is usually much lower, with tenants paying between ₹30,000 to ₹35,000 a month for 3BHKs. Add to that the fact that his balcony did not even overlook a pool or a garden and many commenters even went so far as to call him a liar.

https://www.hindustantimes.com/trending/noida-man-s-post-on-paying-rs-64-000-rent-sparks-disbelief-more-than-bangalore-101718174457682.html

Mumbai-based Suraksha Group, that took over the embattled real estate firm Jaypee Infratech last week by constituting a three-member board, has infused ₹125 crore equity fund in JIL, as part of its resolution plan to complete 20,000 incomplete flats providing relief to homebuyers whose investments are stuck across various projects being developed in Delhi-NCR.

“With this project we will be delivering over 25 lakh sq ft of premium real estate in the next five years,” said Ayushi Ashar, director, Ashar Group.

Suraksha Group had informed earlier that May 24, 2024, the date of the NCLAT order, should be treated as the ‘Approval Date’ as defined in the approved resolution plan.

In a regulatory filing on June 5 by Jaypee Infratech, Suraksha Group informed the IMC (Implementation and Monitoring Committee) that May 24, 2024, i.e., the date of the NCLAT order should be treated as the ‘Approval Date’ as defined in the approved resolution plan.

https://www.hindustantimes.com/real-estate/suraksha-group-infuses-rs-125-crore-in-jaypee-infratech-to-start-construction-work-in-delayed-projects-101718177493881.html

Mumbai Metropolitan Region-based Ashar Group has announced the launch of its housing project named Ashar Merac in Shree Nagar area of Thane real estate market. The project spread across 11 acres will have three towers with 2,000 units and a revenue potential of ₹2,000 crore, the company said in a statement.

“With this project we will be delivering over 25 lakh sq ft of premium real estate in the next five years,” said Ayushi Ashar, director, Ashar Group.

The company will undertake the project in phases. The first phase will have two towers of 35 floors and 36 floors respectively, the company said.

Mumbai: Oberoi Realty which built Three Sixty West, one of Mumbai’s ultra-luxury developments at Worli, has acquired a 3.2-acre land parcel just 400 meters away diagonally across and where they will build another tower with similar dimension and pricing.

The current residential Three Sixty West has two towers comprising 4 and 5 BHK units in addition to duplex apartments and penthouses. Its USP is that all apartments are west facing and offer a spectacular sea view. Among those who have bought houses here are actor Abhishek Bachchan, Shahid Kapoor and Karan Bhagat, founder and CEO of 360 One, earlier known as IIFL Wealth & Asset Management, who recently bought two units for over ₹170 crore

Read more at:

https://www.hindustantimes.com/cities/mumbai-news/on-mhada-plot-for-ews-housing-twin-to-one-of-city-s-plushest-buildings-coming-up-101718047090567.html

The long overdue handover of Indirapuram township to Ghaziabad municipal corporation may take effect by end-July, officials of the Ghaziabad Development Authority (GDA) said on Monday.

The Indirapuram township was developed by GDA in the 1980s is spread over an area of about 1,200 acres. Its handover to the corporation has been delayed for almost a decade, despite several deliberations by officials.

The corporation maintains that it needs funds to upgrade the civic infrastructure in Indirapuram before it takes over the township.

Earlier in May, the authority had formed a team of 15 officials from GDA and the municipal corporation and they were to assess the pending infrastructure work in the township.

Read more at:

https://www.hindustantimes.com/cities/noida-news/ghaziabad-indirapuram-handover-may-take-shape-by-end-july-says-gda-101718042887919.html

Maharashtra Real Estate Regulatory Authority (MahaRERA) was in the news recently for suspending registrations of over 20,000 real estate agents in Maharashtra after they failed to comply with the mandatory rule of appearing for competency certification examination.

In the last few weeks, MahaRERA has issued around half a dozen regulatory orders to safeguard the interests of homebuyers in Maharashtra. These pertain to parking space allotment, senior citizen homes, delivery date for amenities, quality of construction among others.

https://www.hindustantimes.com/real-estate/5-orders-passed-by-maharera-to-safeguard-homebuyers-interests-in-maharashtra-101717956559785.html

NOIDA: Real estate developers and homebuyers have objected to the Uttar Pradesh real estate regulatory authority’s (RERA) move that disallows giving possession to homebuyers in the completed housing projects without occupancy or completion certificate.

The developers currently offer the possession in housing projects where there is a deemed occupancy certificate (OC) as per the old rules. In 2017, RERA had allowed possession of a housing project having four key no objection certificates (NOCs) including fire, finance, lift and others

https://www.hindustantimes.com/cities/noida-news/noida-developers-buyers-object-to-rera-s-occupancy-certificate-rule-101717960399922.html

The housing sector in India’s top seven cities, including Delhi NCR, Mumbai, Pune, Bengaluru, Chennai, Hyderabad, and Kolkata, has witnessed a surge in unsold inventory as also a 31% decrease in the time it will take to sell the active unsold housing inventory on the back of increase in demand, an analysis by JLL showed.

Bengaluru and Delhi NCR require the least time to liquidate their current active unsold inventory. In Bengaluru it took 13 months to sell unsold inventory as of March 2024, in Chennai it takes 20 months and Delhi NCR 14 months, the analysis showed.

https://www.hindustantimes.com/real-estate/bengaluru-and-delhi-ncr-require-the-least-time-to-liquidate-unsold-housing-inventory-101717648288274.html

Rajesh Labhubhai Lakhani, a director at a real estate firm Woodstock Estate LLP and his family members, have bought a sea-view apartment in a super premium residential tower in Mumbai’s posh Worli area for about ₹97.40 crore, documents accessed by Zapkey showed.

The luxury flat is spread across 14,911 sq ft and is located on the 44th floor of the Three Sixty West project. It comes with an additional area of 884 sq ft and seven car parkings, the documents showed.

New Delhi, June 3 (PTI) The National Company Law Tribunal (NCLT) on June 3 directed to initiate insolvency proceedings against debt-ridden Jaiprakash Associates Ltd, admitting the plea filed by private lender ICICI Bank.

Jaiprakash Associates Ltd (JAL), which is the flagship firm of Jaypee Group, is mainly into construction, cement and hospitality businesses. JAL has sold many cement plants in the last few years to reduce its debt.

A two-member bench at NCLT, Allahabad, comprising Members Praveen Gupta and Ashish Verma pronounced the order on Monday afternoon, said lawyers connected with the matter.

The tribunal has also appointed an interim resolution professional (IRP) and directed the initiation of a Corporate Insolvency Resolution Process (CIRP) against JAL, they said.

The Allahabad bench of the tribunal has also dismissed the merger of Jaiprakash Associates Ltd with Jaypee Infrastructure Development Ltd.

Real estate firm Paras Buildtech has launched a super luxury project in Gurugram and will be investing close to ₹490 crore in the project, the company said in a statement.

Pharma company Divi’s Laboratories was founded by Murali Divi and was incorporated in 1990. It is a producer of active pharmaceutical ingredients and intermediates, headquartered in Hyderabad.

The project to be known as ‘The Manor’ is located in Gwal Pahari in Gurugram. The high-rise residential project spans 4.26 acres and will offer 120 luxury apartments