Page 3 - Property

378 housing projects with 146,000 units stalled in 5 UP cities: PropEquity

Five major property markets in Uttar Pradesh, including Noida and Greater Noida, have 378 stalled housing projects, comprising nearly 1.46 lakh units, according to PropEquity. Real estate data analytic firm PropEquity data showed that as many as 378 housing projects comprising 1,45,880 units are stalled across Noida, Greater Noida, Ghaziabad, Lucknow and Agra in Uttar Pradesh. As per the data, Greater Noida has 167 stalled projects with 74,645 units. Noida has 103 stalled housing projects comprising 41,438 units, while Ghaziabad witnessing 50 stalled projects with 15,278 units. Noida, Greater Noida and Ghaziabad are important property markets in the Delhi-NCR. Lucknow -- the capital of Uttar Pradesh -- too has 48 stalled housing projects comprising 13,024 units. Agra property market has 10 stalled projects with only 1,495 units. Overall, PropEquity data showed that 1,981 residential projects are stalled across 42 cities, totalling 5.08 lakh units. Of these stalled projects, as

FPCE challenges MahaRERA's move to create forum for builder-buyer disputes

Homebuyers' association FPCE has questioned Maharashtra real estate regulator MahaRERA's decision to constitute and be part of a conciliation forum to settle dispute between builders and customers, saying the law does not give such power and the move can lead to possible conflict of interest. Forum for People's Collective Efforts' (FPCE) President Abhay Upadhyay has written a letter on August 19 to Union Ministry of Housing and Urban Affairs Additional Secretary Satinder Pal Singh objecting to the conciliation forum constituted by MahaRERA and its "suspicious functioning". The association has asked the ministry to investigate the constitution of this forum, its functioning and also orders passed, to ascertain whether the forum is favouring builders. "Maharashtra Real Estate Regulatory Authority (MahaRERA) has constituted Conciliation Forum for amicable settlement of dispute between promoter of real estate projects and allottee under Section 32 of Real Estate (Regulation and ...

On a shoestring: Waqf wallet shrinks on dwindling property income

This is despite an increase in properties registered under the Waqf

Average flat size grew by 32% in top seven cities over five years: Report

Delhi NCR recorded the highest growth of 96%, from 1,250 sq. ft. in 2019 to 2,450 sq. ft. in H1 2024

I-T dept notifies cost inflation index for FY25 to compute capital gains

The Income Tax Department has notified the cost inflation index for the current fiscal to calculate long-term capital gains arising from the sale of immovable property, securities and jewellery. The cost inflation index (CII) is used by a taxpayer to compute gains arising out of the sale of capital assets after adjusting for inflation. The Cost Inflation Index for FY 2022-23 relevant to AY 2023-24 is 331. AMRG & Associates Senior Partner Rajat Mohan said the CII will help taxpayers to compute long-term capital gains tax, enabling them to remit advance tax on time. "For the last couple of years, the inflation index has been rising faster, which depicts the mounting inflation in the country," Mohan added. AKM Global Head of Tax Markets Yeeshu Sehgal said the CII will be beneficial to taxpayers as assets, which are held for long term, are recorded at purchase cost despite increasing inflation "It is very important to adjust the said purchase cost with the new cost inflation index ..

MCD extends deadline for geo-tagging of properties till June 30, 2024

The Municipal Corporation of Delhi has extended the last date for geo-tagging of properties till June 30, in a move to give another opportunity to taxpayers to register their property with the civic body, an official order said on Monday. The extension has been given as a large number of taxpayers were not able to register their properties at the MCD portal due to technical glitches or other issues, the order said. "In continuation to the office order dated 29.03.2024 vide which instructions were issued by the Assessment and Collection Department of the MCD regarding geo-tagging of all properties under the jurisdiction of MCD by March 31, 2024... it has been decided to extend the last date of geo-tagging of properties by taxpayers till June 30, 2024," it read. According to the order, many taxpayers were yet to complete the mandatory geo-tagging of their properties. If a taxpayer fails to geo-tag their property, they cannot avail the rebate on the lumpsum payment of tax by June 30 i

Real estate sector may touch market size of $1.3 trillion by 2034: Report

The real estate sector is estimated to reach a market size of USD 1.3 trillion by 2034 and USD 5.17 trillion by 2047, according to a report by realtors body CREDAI. The current market size of Indian real estate is Rs 24 lakh crore (around USD 300 billion), split between residential and commercial segments in the ratio of 80 per cent and 20 per cent, respectively, it said in a statement on Saturday. The Confederation of Real Estate Developers' Association of India (CREDAI) on Saturday released a report 'Building Viksit Bharat-Transformative role of the real estate sector in India', at its event YouthCon. According to CREDAI, Indian real estate will have a significant impact on the Indian economy in the coming years "with the sector projected to reach USD 1.3 trillion (13.8 per cent of projected GDP) by FY 2034 and USD 5.17 trillion (17.5 per cent of projected GDP) by 2047." Among the residential segment, 61 per cent of current supply is above the cost of Rs 45 lakh. The average hom

China says it will improve real estate sales in 'forceful', 'orderly' way

Some developers should be allowed to go bankrupt or restructured according to legal and market-based rules, Ni said told press conference on sidelines of the annual meeting of parliament in Beijing

Sprawling bungalow in Lutyens' Delhi on the block for Rs 325 crore

Given their scarcity, JLL projects properties in Lutyens Bungalow Zone will come up for sale only once a year over the next 4 to 5 years

Addressing the land question: Focus on equity

Indian elites consider it their divine right to have first claim over our Commons - and the Indian state, a petty landlord obsessed with revenue crumbs, actively collaborates

Noida, Gr Noida register residential property of Rs 3,179 cr in Dec quarter

Noida and Greater Noida have witnessed 7,481 property registrations worth Rs 3,179 crore in the fourth quarter of 2023, according to data by online real estate platform Square Yards. The data is based on the property registered by the Inspector General of Registration (IGR), Uttar Pradesh, the platform said in a statement on Wednesday. In Noida, 247 properties worth Rs 157 crore were registered in 'Noida Central' during the period, while 205 units valued at Rs 109 crore were registered on Noida Expressway, the data showed. As many as 6,366 properties worth Rs 2,643.7 crore were registered in Greater Noida West, also known as Noida Extension, and 643 units were registered in the 'Yamuna Expressway' area, the data showed. Among developers, Nirala World led with the registry of 371 units amounting to Rs 203 crore, followed by Ace Group with 259 registrations totalling Rs 181 crore in the October-December 2023 quarter, Square Yards said. Gaurs Group logged 213 registries with a value

China unveils property support measures amid Evergrande fallout concerns

The latest measures add to a string of policies deployed by the world's second-largest economy over the past year to help revive the property sector, which accounts for a quarter of China's GDP

China cuts bank reserve needs, boost property lending to support economy

China's central bank said Wednesday it will cut the ratio of reserves banks must hold as part of a slew of measures to support the slowing economy. The announcement by the People's Bank of China prompted a surge in share prices, with Hong Kong's benchmark jumping 3.6%. Chinese stock markets have languished in recent months as investors pulled money out, discouraged by a faltering recovery from the shocks of the COVID-19 pandemic. A sell-off earlier in the week was followed by unconfirmed reports that the government planned to get state-owned investment companies to funnel offshore funds into the markets to help staunch the losses. The central bank's moves appear to be part of a concerted effort to stabilize the markets and instill greater confidence in the outlook for the world's second-largest economy. Central bank Gov. Pan Gongsheng said the deposit reserve requirement would be cut by 0.5 percentage points as of Feb 5. Pan said that would inject about 1 trillion yuan (USD 141 ...

John Abraham buys luxury bungalow for Rs 70.83 cr in Mumbai's Khar area

The transaction was registered on December 27, with John Abraham shelling out a stamp duty of Rs 4.24 crore for the bungalow

Property registrations in Mumbai 37% higher during Navratri this year

Maharashtra earned Rs 435 crore from the registration of these properties this year

Crib expands client base to 1,000 with revenue run rate of Rs 6.5 cr

Bengaluru-based proptech startup Crib on Tuesday said it is providing tech solutions to more than 1,000 individuals or entities that provide rental accommodation to students and working professionals and aims to close this fiscal with an annual revenue run rate of Rs 6.5 crore. These clients use Crib's app and software for effective property and tenant management. Crib caters to both traditional hostels and contemporary co-living setups. "In the last 15 months (since inception), we have acquired more than 1,000 clients with an aggregate capacity of over 1.5 lakh beds across major cities," Crib CEO Sunny Garg said in a statement. Crib's app also helps prospective tenants find suitable rental options and assists existing tenants with rent payments, and reporting issues and other operational matters. Crib, which was formed in 2022 by Sunny Garg, Shaifali Jain, and Archit Chauhan, has raised over USD 2.2 million so far from investors. "Our journey began with a vision to simplify and .

An inheritance issue, luxury at the movies: Top personal finance stories

What does the law say about the rights of children born of invalid marriages; how are multiplexes wooing viewers: Our newsletter explains

Factor in purchase price plus service costs in the retirement home

Exiting such a project may not be easy since such housing is open only to those above 55

Dharavi project: 8 months after Adani's winning bid, approval pending

Adani Realty was declared the highest bidder in 2022, but there has been no progress in issuing the letter of authorisation

Property Share facilitates acquisition of Rs 370 cr leased office assets

Property Share, which runs a platform for fractional ownership of real estate, has facilitated investors in acquisition of 5.33 lakh square feet of rented office space in Bengaluru for Rs 370 crore. Property Share, in a statement, said that it has "facilitated the acquisition of Phase I of Prestige Tech Platina, a 5,33,000 square feet Grade A asset in Bengaluru for Rs 370 crore." The minimum investment size was Rs 25 lakh for investors. More than 500 investors participated for acquisition of this asset under fractional ownership model. Established in 2016, Property Share is a technology driven real estate investment platform that allows ordinary users access to institutional grade assets with 8-10 per cent in-place rental yields and 17-20 per cent returns. The office space has been leased to a prominent US-based technology company. Property Share said the deal was closed at a rental yield of 10 per cent (including 1 per cent enhanced yield) with a 7-year lock-in period. This ...