Budget 2024: 2 tax clarifications you should know about
Let out house not business income The taxman has observed that some taxpayers are reporting their rental income generated by letting out of house property under the head ‘Profits and gains of business or profession’, while the ideal classification would…
Budget 2024: Pradhan Mantri Awas Yojana Urban 2.0 unveiled
Finance Minister Nirmala Sitharaman on Tuesday announced the second phase of the Pradhan Mantri Awas Yojana (PMAY) Urban – a housing-for-all scheme – covering one crore middle and lower–middle class segments in cities. The scheme, PMAY Urban 2.0, has a…
Tamil Nadu launches instant online approval for building permits
The Tamil Nadu government on Monday introduced a new scheme offering instant online approval for building permits for houses built on plots up to 2,500 sq ft, with a maximum construction area of 3,500 sq ft. Applications can be submitted…
CapitaLand India Trust buys office building in Navi Mumbai for ₹676 crore
CapitaLand India Trust (CLINT) has acquired a 8.2-lakh-sq-ft multi-tenanted IT non-SEZ office building at a business park in Navi Mumbai for ₹676 crore. Building Q2 in Aurum Q Parc Business Park was completed in 2021 and has tenants such as…
Hanto Workspaces enters Pune and Hyderabad markets with major expansion
Hanto Workspaces, a leading provider of managed commercial real estate solutions, has announced the launch of 200,000 square feet of workspace in Pune and Hyderabad. This significant move marks the company’s entry into these new markets, driven by organic demand…
ASK Property Fund invests ₹190 crore in Kalpataru’s Mumbai project
ASK Property Fund, the real estate private equity arm of Blackstone-backed ASK Asset & Wealth Management Group, has invested ₹190 crore in a project being developed by Kalpataru in Mumbai. This is the fund’s second investment in the builder. The…
$3 billion of PE investments flow into real estate in H1 2024
Private equity investments of $3 billion have been made in Indian real estate in the first half of 2024, an increase of 15 per cent on year from $2.6 billion year ago, a report by Knight Frank India said. Warehousing sector…
Altern Capital launches ₹250 crore real estate fund JIREF I
Altern Capital has launched its maiden SEBI-approved Category II Alternative Investment Fund (AIF), JIRAAF AU INDIA REAL ESTATE FUND — I (JIREF I). The target size of this fund is ₹250 crore initially, with an additional greenshoe option of ₹100 crore….
Gigamon expands operations in Chennai with new office
Gigamon, the US-based leader in deep observability, has opened a 76,767 sq ft office in the new Olympia Cyber Space building in Chennai. The new facility will become the second largest Gigamon office outside the company’s Santa Clara headquarters. The…
CBRE-CII Report: Realty boom in south with leasing increasing in Chennai, Bengaluru, Kochi, Hyderabad
The real estate market in the South is geared for substantial growth, driven by increasing leasing activities in Chennai, Bengaluru, Kochi, and Hyderabad. Ram Chandnani, Managing Director, Advisory & Transactions Services, CBRE India, said he attributed this growth to advancements…
MahaRERA fines over 600 housing projects in Mumbai, Pune & Nagpur for not displaying registration numbers
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken suo motu action against 628 housing projects across the state for not displaying registration number as well as QR code in the advertising materials. Collectively, these projects have been penalised ₹88.90…
Signature Global Q1 sales bookings jump 3.5 times on strong demand
Realty firm Signature Global on Sunday reported a 3.5 times jump in sales bookings to ₹3,120 crore for the April-June quarter on high demand for its housing projects. The company’s sales bookings stood at ₹820 crore in the year-ago period….
Cement volume growth expected to remain muted at 3% in Q1: ICRA
Rating agency ICRA expects cement volume growth in the June quarter to remain muted at 2-3 per cent year-on-year due to a slowdown in construction activities because of the General Elections. However, it is expected to bounce back and rise…
AP govt to supply sand free of cost, to unveil new policy next week
In a significant policy move, the Andhra Pradesh government will implement free supply of sand within a week. A decision in this regard was taken by Chief Minister N Chandrababu Naidu and the new sand policy is likely to come into effect…
Raymond board approves real estate business demerger
Raymond has demerged its real estate business into its wholly owned subsidiary under Raymond Realty. Upon completion of this demerger, Raymond and Raymond Realty will operate as separate listed entities within the Raymond Group, post all statutory approvals. Each Raymond…
Bengaluru residential market sees 57% increase in average prices: ANAROCK
Bengaluru residential prices rose by 57 per cent in the last five years, owing to soaring construction costs coupled with rising investor and buyer demand, according to a report released by property consultant ANAROCK. In the first half of the…
Real estate trends: Pan-India home prices increase, office rentals up
Home prices have become more costlier in the first half of 2024, with a nearly 6 per cent rise pan-India, while office rentals have also moved up 1-5 per cent across the top eight cities, according to Knight Frank India….
Mahindra Lifespaces closes deals worth ₹2,050 cr in Mumbai, Bengaluru
Mahindra Lifespace Developers, the real estate and infrastructure development arm of the Mahindra Group, has announced the closure of two deals in Mumbai and Bengaluru worth Rs 2050 crore in gross development value (GDV). It has bagged a third redevelopment…
Puravankara expands with 7.26-acre acquisition in Hebbagodi, Bengaluru
Puravankara Limited, a realty major headquartered in Bengaluru has announced the acquisition of a 7.26-acre land parcel in Hebbagodi, Bengaluru. The project is expected to have a saleable area of around 750,000 sq ft, with a potential Gross Development Value…
Godrej Properties sells home over 2000 homes worth ₹3,150 crore in Bengaluru
Real estate major Godrej Properties said it has sold 2,000 homes worth over ₹3,150 crore at the launch of its Godrej Woodscapes, in Bengaluru. The company announced that it has achieved over 500% QoQ growth in sales in Bengaluru surpassing…
Godrej Properties to develop luxury apartments in North Bengaluru’s Thanisandra
Godrej Properties Limited, a real estate developer, has acquired seven acres of land in Thanisandra, North Bengaluru. The land acquired outright will accommodate the construction of a luxury residential project featuring high-end apartments in various configurations. The project is estimated…
Mumbai June property registrations up 12% YoY but down 3.6% MoM
Property registrations in Mumbai in June rose over 12 per cent on year but fell 3.6 per cent sequentially with around 11570 units being registered in the financial capital, the biggest property market in India. The state government earned more…
RMZ Corp to sell One Paramount in Chennai to Keppel for ₹2,100 crore
Real estate developer RMZ Corp has signed an agreement to sell one of its prime office complexes, One Paramount 1 tech park in Chennai to Singapore’s asset manager Keppel for around ₹2,100 crore, three sources said. The cap rate on…
Fall in home sales and office leasing in Q2 not indicative of slowdown, say property consultants
Two sets of data that came out last week on the real estate sector showed some indications of a slowdown in demand, both in homes sales and office leasing though property analysts put it down to a temporary blip rather…
Mitsui O.S.K Lines’ Daibiru Corporation enters India’s real estate sector, invests $123.5 mn in Delhi’s Atrium project
Japanese shipping major Mitsui O.S.K. Lines, Ltd’s group company, Daibiru Corporation, has forayed into India’s real estate business with an investment of $123.5 million to join the Atrium Place Project, an office building development project near Delhi. This will be…
Tamil Nadu’s SIPCOT aims to provide sustainable housing for industrial workers
State Industries Promotion Corporation of Tamil Nadu (SIPCOT) has formed a Special Purpose Vehicle – Tamil Nadu Industrial Housing Private Limited (TNIHPL) – and jointly with Tamil Nadu Infrastructure Fund Management Corporation (TNIFMC) aims to provide affordable and sustainable housing…
Smartworks raises ₹168 crore from Keppel, Plutus Capital and others
Managed workspace platform Smartworks has raised ₹168 crore this year from investors, including Keppel, Ananta Capital Ventures Fund I, Plutus Capital, family trusts, and certain high networth individuals in private funding rounds. The promoters continue to hold majority shareholding in…
Godrej Capital to enter affordable home loan segment this year
Godrej Capital, the lending arm of the Godrej Industries group, is planning to enter the affordable housing loan segment even as the total assets under its management are seen growing 59-68 per cent to ₹17,000-18000 crore in the current fiscal….
Market for business parks in Kolkata picked up in last couple of years: Harshavardhan Neotia
The market for business parks in Kolkata has picked up in the last couple of years and real estate major Ambuja Neotia Group has received a good response to its upcoming project in the city. The group, led by Harshavardhan…
Mumbai, Bengaluru drive office leasing in H1; Chennai, Pune, Delhi see dips
The first half of 2024 saw office leasing of 29.4 million square feet, driven by demand mainly in Mumbai and Bengaluru, buoying hopes that the year could end with absorption crossing 50 million square feet for the third year in…
Sattva group, Bain Capital to float platform to build co-living assets
Bengaluru-based Sattva group is on the verge of signing an agreement with Bain Capital to set up a platform that would develop built-to-suit assets that will be managed by Colive, a coliving provider in which it has a majority stake,…
Century Textiles’ Birla Estates expands its presence in Pune
Birla Estates Pvt. Ltd., a wholly-owned subsidiary of Century Textiles and Industries, and the real estate venture of the Aditya Birla Group, has announced expanding its presence in Pune with a land acquisition in Manjri, Pune. The land parcel is…
Stakeholders red flag skyrocketing cost of office space in GIFT IFSC
Ahmedabad Stakeholders have red-flagged the rapidly rising prices of office spaces in GIFT City in Gujarat. The demand-supply mismatch — especially in GIFT IFSC — has seen rentals of office spaces skyrocket by 100 percent in the last three years. …
Landeed raises funds from Paradigm Shift VC
Landeed, a property title search engine platform, has raised funds from Paradigm Shift VC. The Hyderabad-based startup raised $8.3 million in a funding round led by Y Combinator, Draper Associates and Bayhouse Capital in in January 2023. “The new capital…
Mahindra Lifespace targets ₹8-10,000 crore sales of housing, industrial spaces by FY28
Realty firm Mahindra Lifespace Developers Ltd is targeting a sharp increase in its annual sales of housing properties and industrial space to ₹8,000-10,000 crore by 2027-28 fiscal on rising demand. Mumbai-based company sold residential properties and industrial space worth ₹2,698…
Indian fashion retail sector dominates leasing activity in Q1 2024
The fashion and apparel sector dominated retail store leasing in the first quarter of 2024 contributing 40 per cent to the total leasing volume of 1.1 million square feet across top seven cities by the retail sector, JLL India said…
NCLT orders insolvency proceedings against Supertech Realtors over ₹168 crore default
The National Company Law Tribunal (NCLT) has ordered initiating an insolvency proceeding against Supertech Realtors, which is developing a residential apartment, office, retail and luxury hotel at its Supernova project. A two-member Delhi bench of NCLT admitted the insolvency plea…
Leading listed realtors see a boom in pre-sales in FY24
Thirteen leading listed real estate players have sold an area of over 100 million square feet in FY24 worth over ₹1.1-lakh crore, up around 40 per cent on year and this is set to go to well over 150 msf…
WeWork India launches flex workspace facility in Chennai
WeWork India, a provider of flexible workspace, expanded its footprint in the country by launching its facility – Olympia Cyberspace – in Chennai. Spanning 130,000+ sq. ft. of space and 2,000 seats across two floors, Olympia Cyberspace in Guindy is the…
Tribeca Developers plans more Trump luxury home launches across India
Tribeca Developers, an exclusive licensee of Trump Organisation-branded luxury properties in India, plans more launches across the country. “Gurgaon will get a second Trump tower, Mumbai will get a second Trump project,” Tribeca founder Kalpesh Mehta told businessline. “We’re looking…
DRA Homes plans upscale apartment project on OMR
DRA Homes, a real estate developer in Chennai, has planned to develop 400 upscale sea-view apartments on OMR, Chennai. The announcement comes post the company’s buying 3.43-acre of prime land in Navalur. Spread over 7 lakh square feet, DRA Homes…
ARCs to see 500-700 bps improvement in cumulative recovery rate for stressed residential real estate projects: CRISIL Ratings
Asset reconstruction companies (ARCs) are set to see a 500-700 basis points (bps) increase in the cumulative recovery rate for stressed residential real estate projects to 16-18 per cent as on March 31, 2025, from 11 per cent as on…
Raymond eyes ₹25,000 cr revenue from real estate business
Gautam Hari Singhania-led Raymond has the potential to generate a revenue of ₹25,000 crore through development of its land bank in Thane. The Group has about 100 acres of land in Thane with 11.4 million sq ft RERA approved carpet…
Birla Estates to develop housing project in Gurugram with revenue of ₹5,000 cr
Birla Estates, the realty arm of Aditya Birla Group’s Century Textiles and Industries, will develop a 13.27-acre land parcel in Gurugram into a luxury housing project with a revenue potential of ₹5,000 crore. It has signed a joint venture agreement…
Nearly 90 retail properties covering 450 lakh sq ft space to come up by 2028: Report
Nearly 90 retail real estate properties, comprising around 450 lakh square feet of space, are expected to come up by 2028, across seven major cities as builders expect a rise in demand for quality assets from retailers, according to JLL…
Puravankara acquires 12.75-acre land parcel in Thane for high-end residential project
Bengaluru-based Puravankara has acquired a 12.75-acre land parcel in Thane that would have an estimated carpet area of 18.20 lakh square feet and a potential gross development value of ₹4,000 crore. The company intends to build a high-end, mixed-use residential…
Mumbai property registrations in May up 20% y-o-y
Around 11,800 properties were registered in Mumbai in May, rising by a fifth on year and 1 per cent up sequentially, while stamp duty revenue rose by over a fifth to more than ₹1,000 crore, data from the Maharashtra government’s…
Aadhar Housing Finance consolidated net up 38% in FY24 at ₹750 crore
Aadhar Housing Finance Limited (AHFL) on Wednesday reported a 38 percent increase in consolidated net profit for the fiscal year ended March 31, 2024, at ₹ 750 crore (₹545 crore). The consolidated total income of the company for the fiscal…
New supply of homes, costing ₹60 lakh each, dips 38% across top 8 cities in Jan-Mar: PropEquity
New supply of affordable homes priced up to ₹60 lakh each, declined 38 per cent, across eight major cities to 33,420 units, during January-March this year, with builders focusing on developing luxury flats, according to PropEquity. Real estate data analytic…
Pune’s residential sales up 56% in Q1 2024
Pune’s real estate market witnessed a growth in transactions and overall sales value in the first quarter of 2024. According to Square Yards Data Intelligence, property registrations recorded by the Inspector General of Registration (IGR), Maharashtra, surged by 49 per…
New home launches continue to lag sales, prices remain buoyant
New housing supply continued to lag demand in April as real estate developers slowed down the launch momentum resulting in a 10 per cent fall in new launches (in terms of area) in the month in the top seven cities…
Asset Homes retains Crisil DA2+ rating
Asset Homes, the Kochi-based real estate developer, has retained the Crisio DA2+ rating for the fourth year in a row, while also winning four national awards at the Construction Industry Development Council (CIDC) Vishwakarma Awards 2024. Binaifer Jehani, Business Head,…
Kolkata’s first-ever business park receives encouraging response
Kolkata’s first-ever integrated business park has received encouraging responses so far, with over 35 per cent booking of total saleable area in the last few months. Intellia Business Park, a joint venture among three real estate companies — Srijan Realty,…
Shriram Properties signed JDA for 4 acre development in Bengaluru
Shriram Properties Limited entered a Joint Development Agreement (JDA) for a 4-acre land parcel in Yelahanka, Bengaluru. The project will include 270 apartments with a total saleable area of approximately 3.8 lakh square feet and an expected revenue potential of…
Signature Global buys 14.65-acre land in Dwarka Expressway, Gurugram
Realty firm Signature Global has bought 14.65 acres of land in Gurugram to develop a housing project as part of its expansion plan. In a statement, the company said it has acquired 14.65 acres of land in Sector 37D near…
Godrej Properties acquires 10 land parcels in FY24 to build ₹21k crore worth projects
In a bid to expand the business, Godrej Properties acquired 10 land parcels, of which eight were outright, last financial year, to build housing projects worth over ₹21,000 crore and has set a target for this fiscal, to buy more…
DLF rental arm DCCDL’s office rental income rises 7% in FY24
DLF’s joint venture firm DCCDL‘s rental income from office buildings increased 7 per cent annually to ₹3,460 crore in the last fiscal, driven by rent appreciation and expansion of the asset portfolio. DLF Cyber City Developers Ltd (DCCDL) is a…
Indian REITs expanding rapidly as office demand surges
All metrics of office demand in India are showing positive momentum and responding to this, real estate investment trusts are rapidly scaling up their portfolios through acquisitions. When Embassy Office Parks REIT was launched in 2019, it had a little…
Brookfield India Real Estate Trust acquires 50% stake in Grade A assets from Bharti Enterprises
Brookfield India Real Estate Trust (BIRET) has signed binding agreements to acquire a 50 per cent stake in four Grade A assets from Bharti Enterprises, the company said in a statement. The acquisition includes marquee commercial properties totalling 3.3 million…
Brookfield REIT Q4 Results: NOI jumps 89%; buys 50% stake in assets from Bharti group
Brookfield India Real Estate Trust reported an 89 per cent increase in net operating income in the fourth quarter of FY24 on the back of robust leasing and rent escalations. The REIT also announced signing of binding agreements to buy…
DLF eyes improved cash flows, higher margins, with focus on super-luxury projects
Real estate major, DLF, which has guided for nearly 20 per cent year-on-year (y-o-y) increase in sales bookings to ₹17,000 crore for FY25, will focus on super-luxury projects with one out of every five homes sold being in that category….
India’s Shapoorji Group seeks more time to clear bondholder payments
Indian realty firm, Shapoorji Pallonji Group has sought more time, to meet some payment obligations from bondholders of group company Goswami Infratech, according to a letter seen by Reuters on Monday. Also read:Shapoorji Pallonji Group’s Afcons Infrastructure files papers for…
DLF net profit up 60 per cent in Q4 FY24
Realty major, DLF Ltd reported an over 60 per cent rise in consolidated net profit to ₹920 crore for the quarter ending March 31, 2024. The company’s net profit in the year-ago-period was ₹570 per cent. Revenue for the quarter…
Despite challenges, redevelopment projects in Mumbai are a honeypot for builders
Last week, Raymond Ltd honcho Gautam Singhania pointed out that Mumbai was built 60-80 years ago, and a large part of the city was slum, adding that redevelopment projects presented a $2-trillion opportunity. This is an opportunity that developers are…
449 infra projects hit by cost overrun of ₹5.01 lakh cr in March: MoSPI
As many as 449 infrastructure projects, each entailing an investment of ₹150 crore or above, were hit by cost overrun of more than ₹5.01 lakh crore in March 2024, an official report stated. According to Ministry of Statistics and Programme…
More ghost malls in the making as consumers shun poorly managed shopping centres
The number of ghost shopping malls with vacancy of over 40 per cent rose to 64 in 2023 from 57 in 2022, while the number of malls in tier-1 cities shrank 3 per cent due to a few of them…
Nexus Select expects to post 9% growth in net operating income in FY25
Blackstone-sponsored Nexus Select Trust is poised to report 9 per cent growth in its net operating income (NOI) and 9-10 per cent higher distribution in FY25 as it exceeded its targets for FY24 on several parameters. The mall-focused real estate…
Blackstone-backed Nexus Select shopping for more malls
Blackstone-sponsored Nexus Select Trust is planning to acquire more malls in major and strategic locations across the country, as part of its overall plan to ramp up its presence not only geographically but, also in terms of area, at an…
ESR looks to grow its India portfolio, defers partial exit plans
Asia Pacific-focused real asset manager ESR Group, which was previously looking for a partial exit and dilution of its logistics holdings in India, now plans to grow its portfolio and then look for an exit either through an infrastructure investment…
DLF Privana West sold out in 3 days at over ₹5500 crore
DLF Ltd, the country’s largest real estate company, on Thursday said, ‘DLF Privana West,’ — its latest luxury residency project — has achieved a sell out valued at ₹5590 crore “within 3 days”. Located in Gurgaon, the high rise and adjoining…
Lenders and infra players push for linking project status to loan financing norms
Lenders and infrastructure sector players plan to seek relaxation in provisioning norms, and lengthening of moratorium on repayments, among others, in response to RBI’s draft guidelines on prudential framework pertaining to project loan financing. “The provisioning requirement is very high….
13 Indian Cities got 16% YoY increase in Rents – Magicbricks Report
Magicbricks has released its rental update for January-March 2024, indicating a surge in rents across 13 major Indian cities. The report highlights a 16 per cent year-on-year increase in rents, with Greater Noida, Gurugram, and Bengaluru leading the way with…
Microsoft boost to data centre base in Hyderabad
Hyderabad, which is emerging as a key data centre hub, gets a shot in the arm with Microsoft expanding the scope of its data centre plans. The company reportedly acquired 48 acres for about ₹270 crore to build a data…
Godrej Properties Q4 net profit up 14%
Godrej Properties reported a 14 per cent increase in its net profit in the fourth quarter of FY24. The company’s revenue from operations fell 13.4 per cent. The real estate developer reported a net profit of ₹471 crore on revenue…
Birla Estates’ new project Silas clocks over ₹2,500 crore sales
Birla Estates, a wholly-owned subsidiary of Century Textiles and Industries and the real estate venture of the Aditya Birla Group, has recorded sales of ₹2,500 crore at the launch of its signature tower Silas at Birla Niyaara at Worli in…
Raymond Q4 PAT up 18% YoY, revenue rises 21%
Raymond Ltd reported net profit of ₹229.2 crore in Q4, up 18 per cent on year and revenue that rose over a fifth to ₹2,608.5 crore, on the back of good growth seen in the branded apparel, garments and real…
Home loan outstanding up by ₹10 lakh cr in last 2 yrs; reaches ₹27 lakh cr in March: RBI data
Credit outstanding to the housing sector rose by nearly ₹10 lakh crore in the last two fiscals to reach a record ₹27.23 lakh crore in March this year, according to RBI’s data on ‘Sectoral Deployment of Bank Credit’. Experts from…
CapitaLand Investment Trust to buy 2.5 msf area in Hyderabad’s Hitec City
Singapore-listed CapitaLand Investment Trust (CLINT) has entered into a forward purchase agreement to acquire Phoenix Group’s IT buildings in Hitec City as part of which it will provide refinancing to the tune of ₹250 crore to the Hyderabad-based builder. Also…
Aptus Value Housing posts 21% rise in Q4 consolidated PAT
Aptus Value Housing Finance Ltd has reported a 21 per cent increase in consolidated profit after tax at ₹164 crore for the quarter ended March 31, 2024, compared with ₹135 crore in the year-ago quarter. Also read:Aadhar Housing Finance IPO: Price…
Raymond Q4 PAT up 18% YoY, revenue rises 21%
Raymond Ltd reported net profit of ₹229.2 crore in Q4, up 18 per cent on year and revenue that rose over a fifth to ₹2,608.5 crore, on the back of good growth seen in the branded apparel, garments and real…
Fractional platform hBits to register as ‘small, medium REIT’
Fractional ownership platform hBits plans to register with the Securities and Exchange Board of India as a ‘small and medium real estate investment trust’ (SM REIT) in the next three weeks. The SM REIT regulations were notified by SEBI in…
Mindspace REIT sees record leasing in Q4
Mindspace Business Parks REIT reported a 9.3 per cent rise in net operating income (NOI) in the fourth quarter of FY24 and a 11 per cent rise in revenue, with a record gross leasing of 2 million square feet (msf)…
Mahindra Lifespace FY24 profit falls marginally to ₹98 cr
Mahindra Lifespace Developers Ltd has reported a marginal decline in consolidated net profit to Rs 97.89 crore during the last fiscal year on lower income. Its net profit stood at ₹101.43 crore in the preceding year. According to a regulatory…
Indiabulls Real Estate loss widens to ₹1,038 cr in FY24
Indiabulls Real Estate Ltd (IBREL) has posted widening of consolidated net loss at ₹1,038.65 crore for the last fiscal year. Its net loss stood at ₹608.38 crore in 2022-23. Total income also fell to ₹468.75 crore during 2023-24 from ₹648.47…
Single-owned office assets attract premium rents versus strata-owned
Traditionally India’s office space is dominated by office buildings that are strata-owned, leading to poorly managed office spaces, but that is changing as developers with deep pockets or backed by institutional money are constructing offices that have single ownership. monetisation…
Home interior solutions brand DesignCafe aims to expand presence to 20 cities
Home interior solutions brand, DesignCafe has turned EBITDA profitable in March on the back of focus on improving gross margins and bringing in operational efficiencies. The brand, which has 15 experience centres across 10 cities currently, will next focus on…
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Embassy REIT guides for lower leasing in FY25
Embassy Office Parks REIT has guided for 5.4 msf of gross leasing in FY25, despite exceeding its FY24 target by 35 per cent, indicating a flat growth in office leasing. It has however guided for a higher net operating income…
Eldeco and HDFC Capital announces ₹350-cr funding in joint platform
Real estate company, Eldeco Infrastructure and Properties Ltd and one of the largest real estate fund managers in India, HDFC Capital Advisors Limited on Wednesday announced a third round of funding to the tune of ₹350 crore towards their joint platform…
64% HNI investors prefer fractional ownership investment model in CRE: Neo-realty survey
The 2024 edition of the Neo-Realty survey by WiseX, a Neo-realty investments platform, stated that 60 per cent of overall investors (out of 6578 respondents) and 64 per cent of High Networth Individuals (2174 HNI respondents) prefer the fractional ownership…
Proptechs are mushrooming riding the dizzy real estate wave
The demand momentum in the real estate market, especially the residential segment, has spurred the growth of real estate startups, called proptechs, some of which have attained unicorn status while there are several others on the way. There are already…
IndoSpace starts work on $700-800 million InvIT, to list next year
Everstone-backed IndoSpace, which develops and manages industrial and logistics parks in India, has started work on floating an infrastructure investment trust (InvIT) and raise around $700-800 million, sources said. This will be the largest InvIT in India. Talks are on…
MahaRERA flags 212 projects for lack of construction updates, raising concerns
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has flagged 212 projects in the state, launched during January to April 2023, that have not updated the regulator about their construction status, raising doubts about their progress and concern that they may…
Oberoi Realty sales bookings decline 53% in FY24 on high base
Oberoi Realty’s sales bookings have declined 53 per cent to ₹4,007 crore in the last financial year on higher base. The sales bookings of Mumbai-based company stood at ₹8,572 crore in the 2022-23 financial year and ₹3,889 crore in 2021-22….
Land deals on upswing; 721 acres closed in Jan-March, nearly 3,000 acres in FY24: Anarock
Builders and other entities have closed at least 29 land deals involving 721 acres during January-March this year to expand their businesses amid a surge in demand especially for housing, according to Anarock. During the 2023-24 fiscal, property consultant Anarock…
Average room rates to continue to be elevated in FY25 by 7-8 per cent
The Indian hospitality sector is optimistic about the future, with experts predicting a further increase in average room rates (ARRs) for FY25. This comes after a strong showing in FY24, which saw a significant rise in ARRs compared to the…
Realty developer TARC reports 200 per cent growth in pre-sales
Real estate company, TARC Ltd, saw a 200 per cent y-o-y growth in pre-sales to ₹1,612 crore for FY24, while annual collection to date stood at ₹415 crore. For the quarter ending March 31, 2024, sales was ₹1,281 crore, up…
Brigade Enterprises achieves record presales of ₹6,013 crore in FY24
Real estate major Brigade Enterprises Limited has reported the highest presales in a fiscal year, with ₹6,013 crore in FY24 and ₹2,243 crore in Q4. The real estate sales volume reached 7.55 million sft. in FY24, with the average realisation…
Offshoring companies lead office leasing in India, Knight Frank report says
Offshoring companies, led by Global Capability Centres (GCCs), have leased over 46 per cent of the office space in India with an overall leasing volume of 27.3 million square feet in 2023, and a growth of 26 per cent on…
Quess Corp chairman buys property in Bengaluru for ₹67.5 crore
In one of the most expensive real estate deals in Bengaluru, Ajit Isaac, Chairman and managing director of Quess Corp, has bought a 10,000 square feet plot in the famed Koramangala 3rd block, for ₹67.5 crore, sources said. The effective…
Two flats in Lodha Malabar sold for ₹270 crore
The demand for luxury residences continues unabated in Mumbai, the biggest property market in the country in terms of value. Anil Gupta, chairman and managing director of Wellknown Polyesters, has purchased two apartments in Lodha group’s luxury project, Lodha Malabar…
Accor is aiming for the second spot in the Indian hospitality market: APAC, CEO, Duncan O’Rourke
French hospitality leader Accor is setting ambitious goals for India. Currently holding the number three spot by room count, Accor aims to become the second-largest international hotel operator in India within the next four years, according to Duncan O’Rourke, Middle…
K Raheja Corp buys Sobo Central for ₹476 cr under debt resolution scheme
K Raheja Corp Real Estate has acquired the land and buildings of Crossroad Condominium in Mumbai’s Haji Ali area, previously home to Sobo Central Mall owned by a Kishore Biyani company, for ₹476 crore as part of a debt resolution…
Greenbase Industrial plans fresh investment of ₹800 cr at Oragadam near Chennai
Greenbase Industrial & Logistics Parks, a joint venture between Niranjan Hiranandani-led Hiranandani Group and US-based private equity major Blackstone Group, has chalked out a fresh investment of about ₹800 crore at Oragadam near Chennai to create space for manufacturing companies….
NCLAT rejects insolvency plea against Parsvnath Landmark Developers
The National Company Law Appellate Tribunal (NCLAT) has dismissed the plea filed by four unit buyers of Parsvnath Landmark Developers to initiate insolvency proceedings against the subsidiary of Parsvnath Developer. The appellate tribunal upheld the orders of the principal bench…
Headroom for home prices to rise in the near term, says Godrej Properties CEO
There is headroom for home prices to rise in the near term, but forecasting for a longer term would be difficult, said Gaurav Pandey, Chief Executive Officer and Managing Director, Godrej Properties. “There is a clear opportunity available, there is…
Mumbai Real Estate: Raymond Realty has projects worth ₹30,000-crore revenue potential
Gautam Singhania-owned Raymond Realty is currently working on residential projects with gross revenue potential of ₹30,000 crore, bulk of which is coming up on 40 per cent of the 120 acres that it owns in Thane, which is part of…
NCR contributes nearly half of Godrej Properties’ sales in FY24
Nearly half of Godrej Properties sales in FY24 have come from the National Capital Region and the Mumbai Metropolitan Region contributed 29 per cent of the total bookings of ₹22,500 crore, which was 61 per cent higher than its stated…
Blackstone evaluating potential hotel buys in ₹300-400 cr range
Blackstone Inc is looking at investing in the hospitality sector in India and according to sources, is already evaluating two hotels in southern India as potential buys in the range of ₹300-400 crore. These are standalone hotels with decent occupancy…
Embassy REIT to raise ₹2,500 cr, to buy 5 msf tech park in Chennai
Embassy Office Parks REIT plans to raise ₹2,500 crore via equity through an institutional placement. This money will partly fund its acquisition of an office park in Chennai for ₹1,269 crore. The REIT has agreed to buy 5 million square…
Macrotech Developers trims debt by 55% to ₹3,010 crore in March quarter
Realty firm Macrotech Developers Ltd has reduced its net debt by 55 per cent in the fourth quarter of the last fiscal to ₹3,010 crore with the help of internal accruals and equity fundraising. Its net debt stood at ₹6,750…
Embassy Group invests ₹1,160 crore in Indiabulls Real Estate
Embassy Group, the largest shareholder in Indiabulls Real Estate, has invested ₹1,160 crore through a preferential allotment of shares and warrants. Of this, 25 per cent is upfront, and the balance will be invested over 18 months. The floor price…
Indiabulls Real Estate to raise ₹3,911 crore from Blackstone Group, Embassy Group & others
Indiabulls Real Estate said its board has approved raising ₹3,911 crore through the issuance of shares and warrants to investors, including the Blackstone Group and Embassy Group. Also read: NCLT withholds merger of Embassy group companies with Indiabulls Real Estate…
Office space absorption in Hyderabad up by 46 per cent in Q4: Report
In a significant rebound, office space leasing in Hyderabad has gone up by 46 per cent in the fourth quarter ended March 31, 2024, at 2 million sq ft as against 1.4 million sq ft in the same quarter last…
Home sales rise 9% year-on-year in Q1 2024, office leasing up 43%: report
The first quarter of 2024 saw a 9 per cent rise in home sales at 86,345 units across top eight cities in India, while office leasing rose 43 per cent to 16.2 million square feet, according to Knight Frank India’s…
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Sunteck Realty leases building in BKC to Bennet Coleman for 29 years
Sunteck Realty Ltd has leased out a commercial building in Mumbai’s business district, Bandra Kurla Complex, to Bennet, Coleman & Co for 29 years to generate rent revenue of over ₹2000 crore. The Mumbai-based real estate developer’s premium commercial building…
443 infra projects hit by cost overrun of ₹4.92 lakh crore in Feb
As many as 443 infrastructure projects, each entailing an investment of ₹150 crore or above, were hit by a cost overrun of more than ₹4.92 lakh crore in February 2024, an official report stated. According to the Ministry of Statistics…
Prestige Estates secures ₹2,001 crore investment deal with ADIA, Kotak AIF
Prestige Estates Projects has entered into a deal with Abu Dhabi Investment Authority and Kotak AIF to invest ₹2,001 crore in residential projects with a gross revenue potential of ₹18,000 crore across four major cities in the country. The Bengaluru-based…
Mumbai property registrations up 6.8% in March
Properties registered in Mumbai rose over 6.8 per cent on year to a little over 14,000 units in March on sustained demand for homes, according to data by the Government of Maharashtra. The properties registered were up 16.6 per cent…
Housing sales in Gurugram down 12% during Jan-March: Report
Housing sales in Gurugram fell 12 per cent y-o-y in January-March, while the demand for residential properties increased in Noida by 19 per cent, according to Anarock. Real estate consultant Anarock’s data showed that housing sales in Gurugram’s primary market…
Unsold homes in nine cities down 7 per cent in last three months; 12 per cent fall in NCR: Report
Unsold housing inventories fell 7 per cent in the last three months across nine major cities to around 4.81 lakh units on higher sales than new supply, according to PropEquity. Also read:Mumbai Region’s housing boom defies rising property prices: ANAROCK…
Real estate developer Concorde acquires 4.5 acres land in Bengaluru for ₹100 crore
Concorde, one of Bengaluru’s real estate developers, announced a strategic investment of ₹ 100 crore in 4.5 acres of land in Thanisandra, a micro market of North Bengaluru. The company plans to develop a residential project on this land parcel…
BFSI dominate GCC oriented transactions in Chennai 2023: Knight Frank India
The burgeoning trend of Global Capacity Centres (GCC) focused transactions in Chennai’s commercial real estate market has taken centre stage. Chennai has recorded a remarkable surge in GCC-oriented office transactions during 2023, totalling 6.02 million sq ft across 71 deals,…
GIC, Blackstone property deal breaks down over pricing
Talks between Singapore’s sovereign wealth fund GIC and global asset manager Blackstone Inc for a property sale broke down over valuation issues as GIC was not prepared to meet the price that Blackstone had on the table. Sources said that…
Mumbai Region’s housing boom defies rising property prices: ANAROCK
A new research by ANAROCK property consultants has shown that the residential real estate market in the Mumbai Metropolitan Region (MMR) has witnessed a surge in home buying activity in recent times. This trend is seen despite the relentless rise…
Office space absorption surges across 4 top cities in Q1, Chennai reports decline
Chennai market has reported a decline in office space absorption during the first quarter of 2024, while other major cities have reported strong growth during the period. The calendar year has started on a strong note with the overall office…
DRA Homes forays into commercial development
DRA Homes, a real estate developer in Chennai, has announced its foray into commercial development. It has emerged as the highest bidder and signed a 99-year lease agreement with the Rail Land Development Authority for a prime 1.06 acre plot…
India’s flex workspace market set to grow to $9 billion by 2028: report
India’s commercial real estate market is expected to see strong adoption of flex workspaces in the coming years as the flex workspace segment is projected to grow up to about 126 million square feet by 2028 and address a market…
Land Deals in India: 3000 Acres Set for FY24
Land deals in India are set to touch 3,000 acres in FY24, up 59 per cent from last year, as real estate developers look to keep the launch momentum going. Land deals for 2,258 acres was done in the first…
Indian REITs seek RBI approval for bank borrowing to fuel growth
Indian REITs Association, the newly formed body that has the country’s four listed real estate investment trusts as its members, is waiting and hoping that the Reserve Bank of India will allow them to borrow from banks, to widen their…
Indian REITs seek equity classification for greater investor acceptance
Indian real estate investment trusts seek to be classified as equity and included in the equity indices as they look for more acceptability among the expanding investing class, according to the Indian REITs Association, the newly minted apex body for…
Maharashtra RERA proposes mandatory separate bank accounts for real estate developers
The Maharashtra Real Estate Regulatory Authority has floated a discussion paper that mooted that real estate developers should open three bank accounts in a single bank before they can apply to register a project. The three accounts should be a…
Real estate sector may touch $1.3tn by 2034: CREDAI Report
The real estate sector is estimated to reach a market size of $1.3 trillion by 2034 and $5.17 trillion by 2047, according to a report by realtors body CREDAI. Also read: Global firms are making a beeline for Chennai’s office…
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Bhive Workspace rents space in Adani Inspire in Mumbai’s BKC at ₹1.39 cr per month
Bengaluru-based Bhive Workspace, a co-working operator, has taken on lease for five years, over 62,000 sq ft of space in Adani Inspire located in Mumbai’s Bandra Kurla Complex at a starting monthly rent of ₹1.39 crore. Under the terms of…
IndoSpace launches its first in-city warehousing facility in Mumbai
IndoSpace, one of India’s largest industrial and logistics real estate developer, has launched its first in-city warehousing facility in Mumbai in the central suburb of Chembur. The facility, called INLOGIS Chembur, spans over 1.5 lakh square feet and offers scalability options ranging…
360 ONE-backed Neoliv raises initial ₹300 crore in first real estate fund
360 ONE-backed residential real estate platform Neoliv, founded by former MD and CEO of Godrej Properties Mohit Malhotra has raised ₹300 crore in its first fund, which has a total corpus of ₹1,500 crore. It will be used to buy…
L&T Construction secures ‘significant’ order from AIIMS Madurai
Larsen & Toubro’s Buildings & Factories (B&F) vertical has secured a ‘significant’ order from AIIMS Madurai, Tamil Nadu. This is under the PMSSY division of the Ministry of Health and Family Welfare, Government of India. The company did not give…
Mahindra Lifespaces acquires 9.4 acres of land in Bengaluru for housing project
Realty firm Mahindra Lifespace Developers Ltd on Tuesday said it has acquired 9.4 acres of land in Bengaluru to develop a housing project with an estimated revenue of around ₹1,700 crore. In a regulatory filing, the company, which is part…
Global firms are making a beeline for Chennai’s office space
Chennai has emerged as a favourite office market for global firms as the State Capital of Tamil Nadu has seen half of its overall office leasing grabbed by multinational companies. The share of global firms in the overall office leasing…
Survey for Dharavi redevelopment project to begin March 18
Dharavi Redevelopment Project Pvt Ltd, the joint venture between the government of Maharashtra and the Adani Group, will begin the survey to collect data from lakhs of informal tenement residents of Dharavi on March 18. The data will be used…
Mid and premium segment properties attract 65% of bookings at Fairpro 2024
Confederation of Real Estate Developers’ Associations of India (CREDAI), Chennai Chapter, said its three-day property event Fairpro 2024 that concluded on March 10, attracted more than one-third of prospective home buyers in the mid-segment. Also read: Loan against property: 8…
Adani pulls out all stops to make Dharavi slum rehabilitation smooth
Dharavi Redevelopment Project Pvt Ltd (DRPPL), the joint venture between the government of Maharashtra and the Adani group, is pulling out all stops to incentivise residents and commercial establishments in the slum cluster to ease the resettlement and rehabilitation process…
SEBI notifies regulations for small and medium REITs
Securities and Exchange Board of India has notified the regulations for small and medium real estate investment trusts and specified that investment managers of such REITs should have a minimum net worth of ₹20 crore and the REITs can raise…
As home sales outpace launches, prices stay firm, inventory falls
After running neck and neck through most of 2023, residential sales have outpaced launches in December and January ensuring that home prices stay firm with an upward bias and reducing inventory to 16-17 months to sell. Commentaries and announcements by…
Stans Buildtech Homes secures ₹160 crore from SWAMIH Fund for Mumbai SRA project
Stans Buildtech Homes Pvt Ltd has secured ₹160 crore from SWAMIH Fund, managed by SBICAP Ventures Ltd, for its SRA project. Sky Annex, located in Chembur, Mumbai, was taken over by Stans Buildtech in 2016 and has been under development…
Property Share to raise ₹192 crore from warehouse asset leased to Flipkart
Property Share, a tech platform for commercial real estate investments, has launched its first India warehousing asset on its platform and plans to raise ₹192 crore from it. The asset, a Grade A warehouse in Jaipur on Ajmer Road, is…
Knight Frank’s Liam Bailey: Real estate remains the preferred asset class for ultra-wealthy individuals
The persistent high interest rates and continuing geopolitical tensions have led to a closer affinity between private capital and real estate, and more ultra-high net-worth individuals (UHNWI) prefer to invest in real estate. In 2022, the global interest rate shock…
Macrotech Developers raises ₹3,300 crore via QIP
Macrotech Developers has raised ₹3,300 crore through a qualified institutional placement receiving overwhelming response from both existing and new global and domestic investors. The book was oversubscribed by nearly three times within five hours of issue opening and witnessed traction…
PropTech firm Reloy surpasses ₹1,200 crore in referral sales in CY23
Reloy is a unique, RERA-compliant business model built on revenues from homeowners’ love for real estate builders. Referral sales can only originate from happy homeowners, incentivizing builders to treat their homeowners better. The platform manages close to 1.5 Lakh apartments…
Madras High Court directs Tamil Nadu Govt to follow 2017 MVG until new guidelines are framed
The Madras High Court on Wednesday directed the Tamil Nadu government to follow the market value guidelines (MVG) fixed with effect from June 9, 2017, and upheld the single judge’s order. The division bench of Madras High Court comprising Justice S M Subramaniam and…
ED questions Niranjan Hiranandani in FEMA case
The Enforcement Directorate has questioned real estate billionare Niranjan Hiranandani in a foreign exchange violation case more than a month after searches were carried out its premises in Mumbai and elsewhere in Maharashtra. Dubai-settled Niranjan Hiranandani, promoter of Mumbai-based leading…
Godrej Properties to build township in Bengaluru with revenue potential of ₹5,000 cr
Godrej Properties has entered into definitive agreements to develop a large township project in North Bengaluru under a profit-sharing model. The estimated booking value for the project is ₹5,000 crore. Spread across 62 acres and located in a prime area…
Transindia Real Estate to sell logistics park in Haryana, divest stake in five others
Transindia Real Estate, the company formed as a result of the demerger of the logistics business of Allcargo Logistics, has signed a firm agreement to sell its logistics park at Jhajjar in Haryana at an enterprise value of approximately ₹636.71…
Marriott International aims at double-digit growth; expansion in tier 2 and 3 cities
Marriott International, which has crossed the ₹9,000 crore turnover and 32 per cent revPAR, expects the next leg of growth to come from tier 2 and 3 markets, said Rajeev Menon, President, Asia Pacific excluding China, Marriott International. Speaking to…
Credai’s Fairpro 2024 expects good traction on the improved home buyer sentiments
Buyer sentiments in the Chennai residential realty market are getting better and there is a demand for houses in the range of ₹60 lakh to ₹1.25 crore as also for buying plots amid some challenges by way of rate hikes…
GST Council may soon clarify tax exemption to RERA
The GST Council is likely to soon clarify that the Real Estate Regulatory Authority (RERA) will not be required to pay Goods and Services Tax (GST), an official said. According to the official, RERA, which functions as a regulator as…
Hiranandanis asked to appear before ED on Monday in FEMA case
Prominent Mumbai-based real estate developer Hiranandani Group’s promoter Niranjan Hiranandani and his son Darshan Hiranandani have been asked to appear before the Enforcement Directorate (ED) office in Mumbai on Monday, days after their premises were searched by the sleuths in…
‘The Executive Centre to add 3 lakh sq ft in India in 2024’
In 2023, leasing demand in India from flex office space operators surged by around a quarter to 87 lakh square feet (lsf). Responding to this demand, the Hong Kong-based flexible workspace provider, The Executive Centre (TEC), plans to open 3…
L&T bags order for residential towers in Thane; stock trades flat
Larsen & Toubro (L&T) has secured an order under its buildings and factories vertical from a real-estate developer to construct multi-storeyed residential towers in Thane, Mumbai. The said contract is worth between ₹1,000 crore to ₹2,000 crore. The project’s scope…
DRA Homes charts ₹2000 cr plan for FY25
DRA Homes has proposed an investment plan of ₹2,000 crore for 2024-25 as the real estate developer has planned to launch new projects in the coming months. It has made an initial investment commitment of ₹500 crore in the Chennai…
Asset Homes ties up with Columbia Pacific Communities for senior living projects
Aimed at serving Kerala’s burgeoning senior citizen population, real estate developer Asset Homes is venturing into the luxury senior living market. In a strategic move to incorporate global expertise into its offerings, the company has partnered with Columbia Pacific Communities,…
Arvind SmartSpaces’ shares surge after completely selling phase 1 inventory of Arvind Orchards
Arvind SmartSpaces (ASL) stock surged 4.74 per cent on the NSE, trading at ₹596.35. The real estate development company has sold out the entire inventory released for sale in the 1st phase of its residential development project, Arvind Orchards in…
Affordable HFCs to grow 30% in FY25, says CareEdge Ratings
Affordable housing finance companies (AHFCs) are set to see a growth of 30 per cent in FY25 building on the growth in the last two years, CareEdge Ratings said in a report on the sector. Housing finance companies that lend…
IFSCA Chairman promises clarity on family office structures for resident HNIs in 2-3 months
GIFT City Regulator IFSCA is currently engaged with the Reserve Bank of India (RBI) for a clear Family Office framework at GIFT City and is hopeful of arriving at desired clarity in next 2-3 months, its Chairperson K Rajaraman has…
Food, beverages and entertainment draw crowds in malls, says Nexus Select CEO
Blackstone-sponsored, mall-focused REIT Nexus Select Trust ended the nine-month to December 2023 with a leased occupancy of 97 per cent and trading occupancy of 96 per cent, and a re-leasing spread of 26 per cent in the third quarter. The…
Delhi HC upholds TDS on external development charges
The Delhi High Court on Tuesday upheld Tax Deducted at Source (TDS) on External Development Charges (EDC) in a real estate project. This means that home buyers will have to bear the burden of TDS. A division Bench of Delhi…
IBBI heralds shift in liquidation process, brings relief to home buyers
Insolvency regulator IBBI has introduced significant changes to the liquidation process, providing relief for specific home buyers and requiring a key role for a stakeholder consultation committee (SCC), made up of creditors of the company under liquidation, in essential operational…
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Colliers close to bagging deal for constructing Infibeam’s AI extension hub in Ahmedabad
Real-estate consultants Colliers is the front-runner in bagging the $10-million contract for constructing Infibeam Avenues’ Artificial Intelligence and Technology Extension Hub at Ahmedabad, official sources said. The Ahmedabad centre is envisioned as an extension of Infibeam Avenues’ proposed AI Hub in…
Brookfield India REIT’s Q3 NOI up 89 per cent y-o-y
Brookfield India Real Estate Trust reported an 89 per cent rise in net operating income in the third quarter of FY24 on the back of income from lease rentals that rose 90 per cent and revenue that was 77 per…
Accommodation platform Amber raises $21 million funding for global expansion
Student accommodation platform, Amber has raised $21 million (₹175 Crores) led by Gaja Capital in its latest funding round. The fresh capital will be used for global expansion and to enhance its offerings for property managers and students, the company…
India needs additional 2 billion square feet of healthcare space: report
India needs an additional 2 billion square feet of healthcare space to cater to its current population base of 1.42 billion people, according to real estate consultancy Knight Frank and their U.S. partner Berkadia. The estimated need for additional beds…
Embassy REIT explores acquisition in Chennai, mulls fund-raising
Embassy REIT, the largest real estate investment trust in Asia, will look at inorganic growth options, as it re-explores acquisition opportunities in Chennai. Further, fund-raising plans are also under discussion now. Also read:Embassy REIT achieves FY24 leasing target in nine…
Record leasing by global capability centres in 2023
Lease transactions by global capability centres in calendar year 2023 has already crossed 88 per cent of that achieved in the whole of last year and is set for record volumes by the end of December as they increase their…
India to attract big inflows in real estate in 2024, says Colliers
A spike in investment activity in the real estate sector in the Asia Pacific region is expected in 2024, with India being one of the major destinations for inflows, according to a report by Colliers. “2024 definitely looks more positive…
HUDCO looks to increase its exposure to infra projects
Housing and Urban Development Corporation (HUDCO) is increasingly seeing itself as the financier of urban infrastructure projects and not restricted to just the housing segment. Over the years the share of infrastructure projects in its loan book has been increasing…
Transfer of land development rights on a Joint Development Agreement for residential projects to attract GST, rules Telangana HC
In a major ruling, Telangana High Court has dismissed a writ petition by a realtor challenging GST levy on ‘transfer of land development rights’ (TDR) on a Joint Development Agreement (JDA) for residential projects. This means notification for imposing tax…
DLF to raise ₹800 crore via bonds, say sources
Real estate developer DLF Ltd is planning to raise around ₹800 crore through the issue of debentures, sources said. The internal process for the fund raising exercise is underway and the company is also close to appointing the lead arranger…
NRI bookings in GIFT City up sharply in last 2 months, say developers
In the last two months, there has been a significant jump in the number of Non-Resident Indians — including those spearheading the motel business in the US — buying real-estate properties in GIFT City in Gujarat, say real-estate developers. “Before…
Sobha reports Q3 PAT of ₹15.08 crore
Bengaluru-based real estate company Sobha Ltd reported a profit of ₹15.08 crore for the quarter ended December 2023, marking a y-o-y decrease of 52.5 per cent compared with ₹31.8 crore for the same quarter last year. Its revenue from operations…
Suraj Estate Developers launches residential project ‘Suraj Lumina’ in Mumbai; stock rises
Suraj Estate Developers Limited has launched a new residential project ‘Suraj Lumina’ at Mahim (West), Mumbai. As per the company’s statement, the project comprises 35 units, including both 2BHK (ranging from 575 sq. ft to 622 sq. ft) and 3BHK…
2023 set to see record housing sales on sustained demand
The residential real estate sector is set to end the year with record sales of over 7 lakh units in terms of volumes and over ₹7-lakh crore in terms of value, as housing demand remains sustained despite price hikes and…
Office space supply reaches historic low, rentals rising in Mumbai: Vestian
In 2023, Mumbai, India’s financial hub, witnessed a significant 23 per cent year-on-year decline in the supply of new office spaces, reaching a historic low of 2.7 million square feet, according to Vestian, an occupier-focused workplace solutions firm. This downturn…
Anarock raises ₹200 crore to boost expansion, innovations
Real estate services company Anarock has raised ₹200 crore led by 360 ONE Asset Management Ltd (earlier known as IIFL Asset Management). Also read: Ahmedabad-based real-estate developer launches AIF to raise ₹300 cr The funds will be utilised to enhance…
Ahmedabad-based real-estate developer launches AIF to raise ₹300 cr
Shivalik Group, an Ahmedabad-based real-estate developer, has launched an Alternate Investment Fund (AIF) to raise ₹300 crore in fast developing regions of Ahmedabad and Gandhinagar districts. “We are perhaps the first real-estate developer in Gujarat to launch an AIF,” said…
Real estate company White Lotus raises ₹150 cr funding
Real estate company White Lotus Group has raised an investment of ₹150 crore in a funding round led by the Dubai-based Luxe Port Group of Companies. The capital raised in this funding round will be used primarily to fuel the…
Signature Global partners with landlords to build housing projects worth over ₹5,000 cr in Gurugram
Realty firm Signature Global has tied up with landlords to jointly develop housing projects in Gurugram with a total revenue potential of over ₹5,000 crore. The company has signed three separate joint development agreements (JDAs) with landlords to develop housing…
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India is poised to witness a 30-35 m sq ft expansion in mall space: Crisil
India is expected to witness a 30-35 million square feet (msf) expansion in mall space over the next 3–4 years, constituting a third of the existing stock, as per Crisil Ratings. This growth is fuelled by a robust rebound in…
VIKSIT BUDGET FOR VIKSIT BHARAT – Ramesh Nair, CEO, Mindspace Business Parks REIT
‘Ecosystem led-growth’— the phrase aptly captures the Union Budget 2024. The Government presented a comprehensive vision of how India can unleash a holistic approach to achieve a ‘Viksit Bharat’ 2047. Also read:India uniquely positioned to enable AI adoption: Microsoft’s Ahmed…
Embassy REIT achieves FY24 leasing target in nine9 months
Embassy Office Parks REIT has already met its full-year’s leasing target of 6.5 million square feet in just ninemonths as it transacted a record 3.5 msf in the December quarter. Also read:Blackstone offloads entire stake in Embassy REIT for ₹7,100…
Mumbai property registrations a tad under 10,000 in November
Property registrations in Mumbai in November was just short of the 10,000-mark, but still 7.6 per cent higher from year ago. The city registered 9643 units in the reporting month, and garnered revenue of ₹707 crore, which was 3.4 per…
Tier-II cities emerge as attractive market for flex office operators
Flexible workspace operators are recognizing the potential of Tier 2 cities, with around 26 major flex office operators recording presence across 10 Tier II cities in 2023, showcasing a rapidly expanding demand by start-ups and established firms, according to real…
Affordable housing, middle class homes, infra spend to boost real estate sector
The announcement made by the Finance Minister in the interim finance budget to launch a housing scheme for middle class people living in rented homes or in unorganised tenements as well as thrust on infrastructure and railway projects is expected…
Mumbai property registrations rise 21% y-o-y in January
Mumbai saw 10,927 units registered in January, up over a fifth from year ago and the highest registrations for the month in 12 years. Around 80 per cent of the registrations were residential units. The State government earned revenue of…
Prestige Group completes ₹1,000-cr residential project in Hyderabad
Prestige Group has announced that it handed over the ₹1,000-crore high-rise luxury residential project–The Prestige Tranquil—in Hyderabad. The 7.85-acre project at Kokapet comprises of four towers with 859 units. “The price of the units ranges from ₹1.80 crore to ₹2.30…
Homes sales and launches up, despite price rise, interest rate hike: FinMin report
Post the pandemic, housing prices in India are witnessing a recovery and there has been a 4.3 per cent rise in real estate prices for H1FY24 (April–September). An uptrend has also been noticed in housing sales and launches, price rise…
Chennai residential market is likely to reach pre-Covid sales level in 2024
The Chennai residential market has seen a growth of 5 per cent in home sales at 14,920 units in 2023. However, the market has yet to surpass its pre-Covid volumes. 2023 saw a good recovery in home sales and with…
Mindspace REIT’s Q3 net operating income up 10.4% YoY
Mindspace Business Parks REIT reported a 10.4 per cent rise in its net operating income for the December quarter at ₹473 crore, while revenue rose 13.5 per cent to ₹596 crore, backed by gross leasing of 4.5 lakh square feet…
India’s flex space stock to reach 80 m sq ft by 2026: Report
India’s flex space stock is projected to touch 80 million sq ft by 2026, forming 9–10 per cent of the total Grade A office stock of the country, according to Colliers’ report. Currently, flex space stock across the top six…
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Global and domestic companies jostle for warehousing space in India
The warehousing and logistics sector in India is experiencing an explosion in demand and supply. Some of the biggest global names in the sector and private equity giants are battling it out as they seek to gain and consolidate their…
Over 230 home developers filed for bankruptcy in China last year: Report
Amid the economic crisis in China, an estimated 233 home developers filed for bankruptcy last year, Taiwan News reported quoting the China Real Estate Association. Also read: Fund inflow in real estate from foreign investors dips 30 pc last yr:…
Everest Food promoter family buys three flats in Oberoi Realty’s Three Sixty West
Several members of the Vadilal Shah family, belonging to the promoter group of Everest Food Products, have purchased apartments in the Oberoi Realty’s plush project Three Sixty West in Worli for a combined value of ₹217 crore. The buyers are…