Fund inflow in real estate from foreign investors dips 30 pc last yr: Vestian data
The inflow of funds in Indian real estate from foreign investors fell 30 per cent to $2.73 billion last year, but the influx jumped more than two times from domestic players to $1.51 billion, according to real estate consultant Vestian….
WeWork India sees robust growth its operations
Unlike its global parent, WeWork India is seeing robust growth and expects to end the current fiscal year with 93,000 seats and 8 million square feet of operational space from 90,000 seats and 7 msf space at the end of…
Kolte-Patil Developers aims for ₹2,800 crore sales, eyes Mumbai expansion, says CEO
Pune-based Kolte-Patil Developers ended the first nine months of FY24 with sales of over ₹2,000 crore and is confident of meeting its stated target of ₹2,800 crore for the entire year and growing at 25 per cent in the next…
Affordable housing company SMFG Grihashakti secures Rs 300 cr from NHB
Affordable housing finance company SMFG Grihashakti has secured Rs 300 crore funding from National Housing Bank (NHB). This is the company’s maiden long-term loan from NHB and opens up an additional avenue for long-term, low-cost funding, it said, adding that…
Housing loans surge 37% in H1FY24 at ₹5.4 lakh crore
Bank credit in the form of housing loans saw a good growth of 37 per cent on year at ₹5.4 lakh crore in the first half of FY24, an indicator of the brisk demand for residences. In FY23, incremental bank…
Zero stamp duty, registration charges for home buyers at Mumbai expo
Developers participating at a real estate expo in Mumbai will be offering houses to home buyers with zero registrations charges and stamp duty. Organised by CREDAI-MCHI, the apex body of the real estate industry of the Mumbai Metropolitan Region, this…
Co-living startup Union Living to invest ₹10 crore; to add 1,000 beds in Mumbai
Co-living startup Union Living has earmarked ₹10 crore for a strategic expansion initiative which will see addition of 1,000 beds in Mumbai within the current year. At present, the startup operates 1,050 operational beds spread across nine properties in Mumbai,…
Demand for luxury homes surges in Mumbai’s Pali Hill
The Mumbai real estate market, known for its opulent properties, saw the launch of nearly 150 property units daily, on average, in the first half of 2023, against the average launch rate of 100 units in the pre-Covid era, according…
Private capital leading growth factor for commercial real estate in APAC
Private capital is expected to remain a driving force in the Asia-Pacific commercial real estate market, according to global property advisory Knight Frank in itsNew Horizon Outlook 2024 Part 1: Asia-Pacific Tomorrow report. Private capital including High Net Worth Individuals…
Industrial & logistics space demand hit record in 2023 at 38.8 million sq ft in 8 cities: CBRE
Demand for industrial and logistics spaces hit an all-time high across eight major cities last year with leasing activity rising annually by eight per cent, according to CBRE. In its latest report, real estate consultant CBRE said that the leasing…
Tantia Constructions bags ₹7 crore contract from Tripura Govt
Tantia Constructions has received a ₹7 crore work order from the Government of Tripura, Office of the Executive Engineer, PWD (R&B), Kailashahar Division, Kailashahar, Unakoli The contract pertains to the construction of seven residential quarters for Judicial Officers at various…
Amendment allows demarcation of non-processing area in IT/ITES SEZ
UPDATED STORY. Added one comment just above the sub-head Processing vs non-processing. Please include in final copy The Centre has amended the Special Economic Zone (SEZ) Rules to allow demarcation of a portion of the built-up area in an IT/ITES…
Demand for office space seen at 55-57 mn sq ft in 2023
The current calendar year is expected to close with office demand or absorption of 55-57 million square feet, much lower than the 70 million square feet seen last year, but higher than initially anticipated because of the subdued sentiment in…
Developers, REITs cheer amendments in SEZ rules, expect occupancies to rise
The government’s decision to amend the SEZ rules and allow floor-wise denotification has brought in much needed relief to commercial space and office owners, who expect occupancy levels to rise. In an office memorandum late on Wednesday, the government notified…
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Net absorption and new completions of commercial office space in top 7 cities remain flat: report
During the first half of FY 2024, the commercial office space experienced sluggish growth with a 5 per cent increase in new office supply across the top 7 cities compared to H1 FY23, states a report by Anarock. Additionally, the…
Uptick in office occupancy, rent to come with a lag despite SEZ denotification
The much-awaited amendments in the SEZ regulations, while a positive development for the commercial real estate sector, are unlikely to have any immediate impact on SEZ occupancies and on office rents, which are likely to take some time to go…
Puravankara launches plotted development project in Chennai, stock surges
Puravankara Ltd has launched a ‘wellness’ themed plotted development project named Purva Soukhyam in Guduvancheri, Chennai. The project comprises over 2,200 plots ranging from 600 sq. ft. to 5,000 sq. ft. Abhishek Kapoor, Group CEO of Puravankara, said, “Purva Soukhyam is designed…
Rich-young Indians prep-up premium, luxury and ultra-luxury home sales
India’s rich and ultra-rich are lapping up properties priced upwards of ₹4 crore and the demand is being driven by young professionals like lawyers, doctors, start-up founders (including unicorns) and promoter families of recently-listed companies. Celebrity buyers are also a…
Rising demand for villas in Tier II cities fuels real estate boom
Demand for housing in Tier II cities, especially villas, is soaring due to surging property prices in the top seven cities, increased economic activity, and robust amenities such as schools and hospitals in Tier 2 cities, according to industry stakeholders. …
Developers put REITs on hold on uncertain market conditions
Several developers with commercial assets in their portfolio, who were planning to float real estate investment trusts and list their units, have put them on hold as they feel that the current market conditions are not conducive for a REIT…
Pune witnesses 10 per cent YoY surge in annual property registrations, reaching 152,323 units in 2023: Knight Frank India
The total amount collected in stamp duty for 2023 was ₹ 5,352 crores, exhibiting a 10.5 per cent year-on-year (YoY) increase. In December 2023, 14,725 property sales were registered contributing ₹ 560 crores to the State government’s revenue. While registrations…
Dutch pension manager APG struggles to exit Virtuous Retail
Dutch pension fund APG is finding it difficult to find a buyer for its stake in Virtuous Retail South Asia, a joint venture with the Xander Group, which owns several malls in India, according to sources. Sources indicated that APG…
Investments from America in Indian real estate fall 39 per centpc to $USD 1.35 bn last year: JLL
Investments from American institutions in Indian real estate market declined 39 per cent last year to $ 1.35 billion amid global uncertainties, according to JLL India. During 2022, US-based institutional investors had pumped $ 2.2 billion in the Indian real…
Dharavi residents to get 350 sq ft flats with independents kitchens
Residents of Asia’s largest slum, Dharavi in Mumbai, will get apartments with independent kitchens and toilets measuring a minimum 350 square feet, the highest carpet area and 17 per cent more than what other slum redevelopment projects in the city…
India poised to become global leader in Construction Equipment Manufacturing by 2028: Gadkari
Nitin Gadkari, Minister for Road Transport and Highways urged India’s construction sector to invest in research and to cut India’s net carbon emissions to zero by switching to Hydrogen fuel instead of fossil fuel. These decisions could make India’s construction…
Blackstone-backed Nexus Select Trust circles R City Mall in Mumbai
Blackstone-sponsored Nexus Select Trust is understood to be keen to add R City Mall in Mumbai to its REIT portfolio, three sources said. Talks have been on for some time between the REIT and mall owner Runwal Developers, and sources…
As it turns net debt positive, DLF to focus on high margin projects
Backed by strong demand from a new generation of double-income, younger crop of buyers besides NRIs, real estate major DLF Ltd will look at high margin projects. The company is also “on course” to “surpass” its bookings guidance of ₹13,000…
PE investments in real estate sector drops 26% to $2.65 billion in 9 months of FY24: Report
Private equity (PE) investments in the real estate sector dropped by almost 26 per cent YoY to $2.65 billion in 9M (nine months of) FY24, owing to subdued momentum, as both foreign and domestic investors reported lower activity, according to…
Housing demand to hit 93 million units by 2036 driven by tier 2,3 cities
Housing demand in India is projected to reach 93 million houses by 2036, owing to the increase in demand in housing due to growth in key parameters including population in both urban and rural areas, healthy macro-economic indicators and favourable…
Mumbai Trans Harbour link will open huge land for real estate development, says Hiranandani
The Mumbai Trans Harbour link will open huge parcels of land for real estate development, practically doubling the land of Mumbai, says Niranjan Hiranandani, Founder and Managing Director of Hiranandani Constructions. The link, which is a road, 16.5 km of…
Domestic investors bullish on realty sector; investments grow 120% to $1.5 billion in 2023: Report
While institutional investments in the real estate sector declined by 12 per cent annually to $4.3 billion in 2023, investments in the sector from domestic investors more than doubled to $1.5 billion in 2023, according to the Vestian report. In…
Nexus Select Trust to buy 3 malls in Hyderabad from L&T for $300-350 million
Nexus Select Trust, the retail-focused real estate investment trust sponsored by global private equity giant Blackstone, has signed a preliminary agreement to acquire three malls from Larsen & Toubro in Hyderabad for around $300-350 million, sources said. The malls under…
India needs to build a huge stock of ‘rental houses’: Hiranandani
Niranjan Hiranandani, Founder and MD of Hiranandani Constructions, which builds residential and industrial townships and commercial office spaces, is calling for building a huge stock of “rental houses”, so that people in the lower strata of society can live at…
Cushman & Wakefield, Nuvama to launch Rs 3000-cr office platform
Cushman & Wakefield (C&W) and Nuvama Asset Management have formed an equal joint venture to set up a ₹3000-crore platform that will invest in office projects. The Prime Offices Fund, slated as a six-year close-ended fund, is anticipated to launch…
Aarin Hospitality launches luxury serviced apartments at Oragadam
Chennai-based Aarin Hospitality has launched Apartel, luxury serviced apartments, at Hiranandani Parks, Oragadam, near Chennai. Launched in partnership with Hiranandani Residences, Apartel Oragadam, which was inaugurated by Niranjan Hiranandani, Co-Founder, Managing Director, Hiranandani Group, seeks to cater primarily to expats, business executives…
Travel and hospitality sector to witness continued recruitment in 2024
Recruitment momentum in the travel and hospitality sector will continue in 2024. According to TeamLease Services, the coming year will witness increased hiring in the travel and hospitality by 15 – 20 per cent, as compared to 2023. This surge…
Office sector dominates: Indian real estate attracts $5.4 billion in institutional investments
In 2023, Institutional investments in the Indian real estate sector reached $5.4 billion, marking a 10 per cent YoY increase, according to Colliers India. Foreign investments maintained dominance, constituting 67 per cent of total inflows, while domestic investments surged by…
Sobha Q3 sales bookings up 37% to ₹1,952 cr on strong housing demand
Realty firm Sobha Ltd reported a 37 per cent increase in sales bookings at ₹1,951.6 crore in the third quarter of this financial year, mainly on the back of strong housing demand in Bengaluru. Also read: Puravankara reports net loss…
Pune residential sales near 50,000-mark
Knight Frank’s India Real Estate 2023 report stated that Pune’s residential market witnessed 13.5 per cent sales growth year-on-year, with 49,266 housing units sold during the year. The weighted average price of residential units in Pune increased by 5 per cent YoY to Rs 4,507 per sq…
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2023 office absorption near record high, home sales at 10-year high
In 2023 office absorption came near an all-time high at 59.6 million square feet, while residential sales at 3.3 lakh units set a new 10-year record, according to a report by Knight Frank India. Also read: Office sector dominates: Indian…
Office space demand in Chennai is expected to grow amid supply overhang
Chennai market is likely to witness an addition of about 14 million sq ft (msf) in office space in the next two years amid slow growth in demand, say industry analysts. The supply in the office space segment has been…
Godrej Properties buys 4-acre land parcel in Bengaluru
Godrej Properties has purchased a 4-acre land parcel in Bengaluru on an outright basis. The company is planning to develop a premium residential project at the site with a revenue potential of ₹1,000 crore from 7 lakh square feet area….
As MahaRERA cracks whip, developers hurry to file progress reports
With the Maharashtra Real Estate Regulatory Authority cracking down on developers who fail to furnish their quarterly progress reports (QPRs) on time, compliance levels have increased remarkably in the state. Of the 480 projects registered in April, 222 filed quarterly…
Adani Group ropes in global designers, experts for Dharavi redevelopment project
The Adani Group, which is undertaking the redevelopment of Mumbai’s Dharavi, one of the largest slum clusters in the world, has roped in high-profile planners and designers from India and around the world — they will help in designing and conceptualising…
Adani Group ropes in global designers, experts for Dharavi redevelopment
The Adani Group, which is undertaking the redevelopment of Mumbai’s Dharavi, one of the largest slum clusters in the world, has roped in high-profile planners and designers from India and around the world — they will help in designing and conceptualising…
Mumbai property registrations surge to second-highest level in 11 years, revenue climbs 4% in December
Property registrations in Mumbai in December rose about a third on year, the second highest level in 11 years, while revenue collections increased 4 per cent yearly, state government data showed. The city registered around 12,500 units in December; the…
Housing sales in Gurugram up 13% in 2023; down 7-8% each in Noida, Gr Noida: Anarock
Housing sales in Gurugram rose 13 per cent annually in 2023 on high demand, especially for luxury flats, but Noida and Greater Noida saw a seven-eight per cent fall, according to Anarock data on the Delhi NCR market. Also read:…
Travel and hospitality sector to witness continued recruitment in 2024
Recruitment momentum in the travel and hospitality sector will continue in 2024. According to TeamLease Services, the coming year will witness increased hiring in the travel and hospitality by 15 – 20 per cent, as compared to 2023. This surge…
NoBroker revenue grows 96%, losses up 62.6% in FY22
Protech unicorn NoBroker achieved a substantial 96 per cent Y-o-Y revenue growth, reaching ₹325.88 crore in FY22, compared to ₹166 crore in FY21. Also read: Fine Organic Industries invests ₹60 crore The Bengaluru-based startup, which has set its eyes on…
Provident Housing offers 2% discount to armed forces on home purchases
Puravankara Limited’s subsidiary, Provident Housing Limited, introduced a scheme to support serving and retired armed forces personnel in acquiring homes. The company will provide a special 2% discount on housing across its projects for eligible armed forces personnel. With a…
Home buying may be more affordable in 2024 across cities: Knight Frank India
An expected moderation in inflation and a projected downward trend in interest rates should further improve home affordability in 2024, according to Knight Frank India’s affordability index. While Ahmedabad tops as the most affordable city, Mumbai remains the most expensive…
K Raheja Corp sees revenue of ₹1,700 crore from luxe project in Bengaluru
K Raheja Corp Homes, the residential vertical of developer K Raheja Corp group, has taken its luxury brand ‘Vivarea’ to Bengaluru with a project in Koramangala with a revenue potential of ₹1,700 crore. Built on a 8.25-acre land parcel owned…
Change in buyer perception, pent-up demand driving home sales: Knight Frank India MD
The real estate sector is set to see record housing sales of over 7 lakh units and on the commercial side, office absorption is expected at over 58 million sq ft, much higher than expected. businessline caught up with Shishir…
Luxury homes expected to find fancy with younger buyers in 2024
Larger homes, upgrade to premium properties (of over ₹1 crore) and a young buyer-base mostly in their early to mid-thirties drove residential sales demand in India in 2023. And initial indications show that the trend is here to stay “prominently”…
‘Luxury home demand trend is broad-based’
The year 2023 is set to see record sales of luxury homes, as buyers are digging deep into their pockets to buy fully-loaded homes, the trend being seen across all well-heeled income brackets. It’s not merely the much publicised tech…
Godrej Properties notches sales of over ₹2,600 crore in Gurugram project
Godrej Properties has sold inventory worth over ₹2,600 crore in its project, Godrej Aristocrat, in Gurugram, on Golf Course Extension Road — an established residential location with good infrastructural facilities. The company has sold over 600 units in the project….
Home buying among top five priorities now: Aakash Ohri
India’s residential real estate saw a good year in 2023, both in term of launches and demand. And the current trends indicate a good 2024 too, says Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Ltd, the country’s…
PM Modi to inaugurate Surat Diamond Bourse tomorrow
Prime Minister Narendra Modi will inaugurate a newly built ₹3,400-crore Surat Diamond Bourse in Gujarat on December 17. Dubbed as the “world’s largest corporate office hub”, the Diamond Bourse in Surat is positioned to be a global centre for rough…
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Q4 records high office leasing activity, witnessing 16% y-o-y growth in demand: report
In the fourth quarter of 2023, the Indian office market saw 58.2 million square feet of gross absorption across the top six cities, representing a 16 per cent y-o-y growth in demand, states Colliers India. While the contribution of the…
₹6,200-cr 3-phase expansion plan proposes to treble GIFT City area to 3,430 acres
A capex of an estimated ₹6,200 crore will be spent on developing infrastructure in the expanded area of GIFT City in Gujarat. However some of the “smart” infrastructure that is currently part of the urban topography of GIFT City —…
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Fractional ownership platform hBits aims to be first MSM REIT
Last month Securities and Exchange Board of India (SEBI) greenlighted the launch of micro, small and medium real estate investment trusts (REITs) paving the way for unregulated fractional ownership platforms to function under a REIT framework. Mumbai-based hBits intends to…
Blackstone offloads entire stake in Embassy REIT for ₹7,100 crore
Blackstone has sold its entire 23.5 per cent stake in Embassy Office Parks REIT for ₹7,100 crore ($850 million) at ₹316 per unit, trade data showed. The acquirers included existing investors Capital Group, Fidelity, Bain Capital, ICICI Mutual Fund, HDFC…
RERA gains momentum in addressing consumer complaints across India
The Real Estate (Regulation and Development) Act (RERA) has gained momentum in addressing consumer complaints, with State authorities resolving 1,16,300 cases as of November 28, 2023, according to data from the Ministry of Housing and Urban Affairs. Out of the…
PE inflow in Indian real estate dips 44% YoY in 2023
Private equity inflows into the Indian real estate sector fell 44 per cent in 2023 to $3 billion, as global investors exercised caution, said a report by property consultant Knight Frank India. PE investments in real estate are on a…
Residential sales in India expected to touch 260k units by end of 2023, highest since 2008: report
India’s residential sector marked a notable upswing in the first nine months of 2023, recording 1,96,227 unit sales— equivalent to 91 per cent of the total sales in 2022 — hitting the highest since 2008 at approximately 260,000 units, according…
hBits expects ₹1500-2000 cr investments from Gujarat
hBits, a fractional ownership platform for commercial real estate, expects investments worth ₹1500-2000 Crore from Gujarat-based HNIs and investors through its platform over the next 3 to 4 years, stated the company in an official release here Wednesday. “Gujarat has…
Blackstone to exit Embassy REIT for ₹6,931.5 crore
US private equity firm Blackstone plans to exit its holding in Embassy Office Parks REIT for ₹6,931.5 crore ($833 million) in a block deal on December 20. According to the term-sheet seen by businessline, Blackstone-sponsored special purpose vehicles will be…
India’s office sector anticipates 20–22% y-o-y growth in 2024: report
The office sector anticipates strong 20–22 per cent year-on-year (y-o-y) growth in 2024, according to the JLL report. In 2023, net absorption in the office market is expected to be on par with 2022, closing at 37–39 million sq ft….
IT/ITeS SEZ developers want ‘proportionate’ tax benefits for common areas in demarcated zones
The government is examining a proposal from SEZ developers to allow them to retain part of the tax sops they received for common infrastructure in demarcated IT/ITeS SEZs that can be accessed by both SEZ units and non-SEZ IT/ITeS businesses,…
Naredco asks FM to go for SWAMIH-2 fund with ₹50,000 crore
The National Real Estate Development Council (Naredco) has appealed to Union Finance Minister Nirmala Sitharaman to continue with the Special Window for Affordable and Mid-Income Housing (SWAMIH) fund by launching the second edition with a corpus of ₹50,000 crore. In…