Page 101 - Real Estate

Jeff Bezos buys third mansion for $90 mn in Florida's 'Billionaire Bunker'

This is the Amazon founder's third real estate purchase in the 'world's most exclusive municipality'

Homes priced above Rs 1 cr corner highest share ever in total sales: Report

Those priced below Rs 50 lakh record dip in sales in January-March quarter: Knight Frank

First small & medium REIT may be launched, listed in 6 months: NAREDCO

India's first Small and Medium Real Estate Investment Trust (SM-REIT) is expected to be listed on stock exchanges within the next six months, enabling small investors to have fractional ownership of rent-yielding properties by investing as low as Rs 10 lakh, according to NAREDCO. Addressing a webinar on Wednesday, realtors' body NAREDCO President G Hari Babu said, "We are expecting the launch of first SM-REIT by September-October". Last month, the Securities and Exchange Board of India (Sebi) had notified the framework for SM REITs. Investors can now have fractional ownership of rent-yielding real estate assets by making a minimum investment of Rs 10 lakh, with markets watchdog Sebi notifying the amended regulations for real estate investment trusts. Hari Babu highlighted the benefits of SM-REITs and said small investors can now invest in rent-yielding real estate assets and earn both rental income as well as capital appreciation. NAREDCO Chairman Niranjan Hiranandani hailed the n

Real-estate firm Sobha Ltd gets Rs 46 cr income tax demand notices

Realty firm Sobha Ltd has received demand notices of nearly Rs 46 crore from Income Tax Department. The notices were issued by Deputy Commissioner of Income Tax, Central Circle- 1(4), Bengaluru. The notices are related to Assessment Year ( AY) 2016-17 and 2022-23. In a regulatory filing on Monday, Sobha informed that the "company has received demand notices under section 156 of the Income Tax Act, 1961 for Rs 13.12 crore and Rs 32.68 crore related to AY 2016-17 and AY 2022-23 respectively, due to disallowances of certain expenses and other additions." Sobha said it is in the process of filing an appeal before the Commissioner of Income Tax (Appeals), against the said orders within the prescribed timelines. "The company has legal and factual grounds to substantiate its case. The company is in the process of evaluating the implications of these orders on the financial statements," Sobha said. There is no impact on operations or other activities, it added. Bengaluru-based Sobha Ltd

Institutional money in real estate down 40% to $995 mn in Jan-Mar: Report

Institutional investments in real estate fell 40 per cent annually in January-March to USD 995.1 million because of a lower inflow of funds in office, residential, and warehousing assets, according to Colliers India. The institutional investments stood at USD 1,658.3 million in the year-ago period. Out of the total institutional investments, real estate consultant Colliers India highlighted that foreign funds contributed 55 per cent while domestic investors 45 per cent. As per the data, the institutional investments in the office fell 38 per cent to USD 563 million in January-March this year from USD 907.6 million in the corresponding period of the previous year. The residential segment witnessed a 72 per cent fall in investments to 102.6 million from 361.1 million. The inflow of funds in industrial & warehousing assets dipped 18 per cent to USD 177.7 million from USD 216.3 million. Alternate assets, which include data centres, life sciences, senior housing, holiday homes, studen

From clicks to bricks: Proptech startups ride the online home-buying wave

These proptech companies use technologies like AI, big data analytics, machine learning, virtual reality, and blockchain to revolutionise how properties are bought, sold, rented, financed, and managed

NCLAT scraps homebuyers' plea for insolvency against Ansal Hi-tech Township

The National Company Law Appellate Tribunal (NCLAT) on Monday set aside a plea seeking insolvency proceedings against Ansal Hi-tech Township Ltd filed by its homebuyers of a project in Greater Noida. The appellate tribunal has upheld the order passed by the Delhi-based bench of the National Company Law Tribunal (NCLT), which had in January 2023 set aside the plea of homebuyers, observing that the allottees belong to different projects and does not fulfil the required criteria to file an insolvency case. The project is located in Greater Noida, Uttar Pradesh. The NCLT's order was challenged before the NCLAT. The homebuyers argued that the agreement with the developer terms 'Sushant Megapolis' as one complete 'Project' and was signed much before RERA (Real Estate Regulation and Development Act) came into force. They further submitted that 1,500-acre project 'Sushant Megapolis' comprises plots, built-up plots, raw houses/flats/floors, high-rise apartments, under various allocated site

Complexities and charm: What it takes to sell legacy properties in India

Navigating regulatory hurdles and historic preservation add layers to high-end real estate deals

Selecting a REIT: Factor in capital gains and dividend payouts

The Indian REITs Association, a newly formed umbrella body, has meanwhile requested Sebi to classify REITs as equities and petitioned RBI to allow banks to lend to REITs

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

Royal Orchid Hotels to add up to 35 properties with 2,000 rooms in FY25

Royal Orchid Hotels is planning to add 30-35 new properties with about 2,000 rooms in the 2024-25 fiscal as part of its expansion plans across India, according to its Chairman and Managing Director Chander K Baljee. The company, which operates hospitality properties under the Royal Orchid and Regenta brands, is also looking to expand its wedding destination portfolio by adding four to five locations every year. "We are expanding very fast. We have already crossed 100 hotels, and I think this coming year (2024-25), have already signed up for another 30-35 (hotels to be added)," Baljee told PTI. In terms of places where these new hotels will come up, he said, "We're looking at all over India. In fact, are we trying to focus on places where we are not present right now like Andhra Pradesh, Telangana and some other places". When asked about the total number of rooms that will be added through the new properties, he said, "I think there should be an addition of approximately 2,000 ...

Real estate registration in Mumbai up 8% to 14,150 units this month: Report

Registration of properties in Mumbai city has gone up 8 per cent so far this month to around 14,150 units compared to March last year, reflecting strong demand, according to a report. Real estate consultant Knight Frank said the registration of properties in Mumbai city (area under BMC jurisdiction) has reached nearly 14,150 units by 6.30 pm on March 31. The number could reach 14,250-14,300 units till the closure of window on Sunday. In March last year, 13,151 units were registered. Of the overall registered properties, residential units constitute 80 per cent. Knight Frank India Chairman and Managing Director Shishir Baijal said, "The residential real estate sector in Mumbai has continued to perform exceptionally well in March. The consistent increase in property sale registrations during March highlights the market's attractiveness among homebuyers." "This optimistic trend is likely to persist, especially with the strong economic growth and an amenable interest rate environment

Net leasing of office space up 44% at 11.5 mn sq ft during Jan-Mar: Report

Net leasing of office space rose 44 per cent annually in this quarter across eight major cities on higher demand from corporates for expansion of their businesses, according to Cushman & Wakefield. According to data released on Saturday by real estate consultant Cushman & Wakefield (C&W) India, the net leasing of office space stood at 115.14 lakh (11.5 million) square feet (sq ft) during January-March as against 80.09 lakh (8 million) sq ft in the year-ago period. "This is the third-highest level recorded in the last five years, demonstrating a robust appetite for office space among businesses," the consultant highlighted. Net absorption or leasing rose in Bengaluru, Mumbai, Delhi-NCR and Chennai but fell in Pune, Hyderabad, Kolkata and Ahmedabad. "The Indian office market is experiencing a robust momentum. We haven't witnessed 20 million square feet of gross leasing being recorded for two consecutive quarters in recent history. "This strong performance may signal a shift .

Unsold homes in 9 cities down 7% in last 3 months; 12% fall in NCR: Rpt

Unsold housing inventories fell 7 per cent in the last three months across 9 major cities to around 4.81 lakh units on higher sales than new supply, according to PropEquity. Real estate data analytic firm PropEquity data showed that unsold housing stock has come down to 4,81,566 units at the end of March this year from 5,18,868 units at the end of December 2023 across 9 major cities. These cities are Mumbai, Navi Mumbai, Thane, Delhi-NCR (Delhi, Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), Bengaluru, Hyderabad, Pune, Chennai and Kolkata. PropEquity founder and Managing Director (MD) Samir Jasuja said the unsold housing stocks have declined as "sales are surpassing the new launches which is a positive indicator for the market". During January-March period of 2024, housing sales across 9 major cities stood at 1,44,656 units while the new launches were 1,05,134 units. This led to a reduction in the unsold stocks. As per the data, Pune saw the maximum 13 per cent fall in

Bank credit to commercial real estate grows threefold in 11 months of FY24

According to the latest RBI data, outstanding loans to CRE stood at Rs 3.9 trillion as of February 23, 2024. It has grown almost by Rs 1 trillion in the past two years from Rs 2.94 trn in Feb 2022

25 global retail brands likely to enter India in 2024: Real estate analysts

Trend will strengthen demand for commercial property in the country's major cities, they say

Bull run to continue for realty shares, analysts advise buying the dips

After a sharp rally in FY24, which has seen the Nifty Realty index soaring more than 128 per cent against a 26.7 per cent jump in the Nifty 50, any correction in the shares provides good buying opport

Fresh housing supply drops 15% in Jan-Mar across top cities: Report

New supply of residential properties fell 15 per cent during January-March across eight major cities at 69,143 units despite high demand, according to Cushman & Wakefield. Real estate consultant Cushman & Wakefield on Friday released the data for launches of residential properties in the primary (first sale) of eight major cities. New supply has increased in Bengaluru and Mumbai but declined in Delhi-NCR, Chennai, Hyderabad, Pune, Kolkata, and Ahmedabad. Out of the total launches of residential properties in this quarter, the high-end and luxury segment had a 34 per cent share. Listed, large and regionally reputed developers accounted for over 38 per cent of overall launches in the current quarter. As per the data, the fresh supply of housing properties declined to 69,143 units during January-March 2024 from 81,167 units in the year-ago period. Among cities, the new supply increased in Bengaluru to 8,848 units from 7,777 units. New supply in the Mumbai region increased ...

Valuation concerns likely to limit gains for The Phoenix Mills stock

Analysts believe the company's growth trajectory remains intact, but current valuations imply that near-term growth prospects are priced in

GOCL to monetise 264 acres of land parcel in Kukatpally for Rs 3,402 crore

Hinduja Group firm GOCL Corporation Limited (GOCL) on Wednesday said it has inked an initial pact with Hyderabad-based Squarespace Builders to initiate the strategic monetization of approximately 264.50 acres of prime land located in Kukatpally for Rs 3,402 crores. Additionally, the agreement includes the development of 32 acres of land under a Joint Development Agreement (JDA), in collaboration with Hinduja Estates Private Limited, now known as Hinduja Healthcare Limited (HHL), the company said in a statement. The process will get completed over 18 months in carefully planned tranches, contingent upon the fulfilment of any associated covenants, it said, adding that R 520 crore will be received as the first instalment under the pact. The company said it has commenced the immediate sale of 12.50 acres of the 32 acres under the JDA. "As the first tranche, the company will receive a payment of Rs 520 crores, of which Rs 160 crores will be the consideration for the sale of 12.50 acres,