Page 104 - Real Estate

Home prices set to rise 7% on luxury property demand, finds survey

Home prices rose 4.3% in 2023, the fastest since 2018, according to Reuters calculations based on the RBI's House Price Index

SC grants AAP time till June 15 to vacate offices at Rouse Avenue

The Supreme Court on Monday granted the Aam Aadmi Party time till June 15, 2024 to vacate its offices at Rouse Avenue here after noting that the land was allotted to the Delhi High Court for expanding judicial infrastructure. A bench of Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra asked AAP to approach Land And Development Office for allotment of land for its offices. "We would request the L&DO to process the application and communicate its decision within a period of four weeks," the bench said, adding AAP has no lawful right to continue on the land. Senior advocate Abhishek Singhvi, appearing for the city's ruling party, submitted that AAP is one of the six national parties in the country. "They are telling us as a national party we get nothing. I'm given Badarpur, while everyone else is in better places," Singhvi said. "In view of the impending general elections, we gant time until June 15, 2024 to vacate the premises so that land allotted to expand

Knight Frank India hires Harry Rogers as director of global capital markets

On the new addition to the firm, Knight Frank's Chairman Shishir Baijal highlighted the significance of Rogers' appointment at a time when India's real estate market landscape is thriving

Knight Frank India hires Harry Rogers as director of global capital markets

On the new addition to the firm, Knight Frank's Chairman Shishir Baijal highlighted the significance of Rogers' appointment at a time when India's real estate market landscape is thriving

Godrej Properties to develop 62 acre township project in north Bengaluru

Godrej Properties said that the agreement for the sale of land was entered in 2014 itself, however, the development did not commence at that time

How realtor wove $12 billion tapestry of fraud - the biggest in Vietnam

The country's largest-ever fraud case is among a slew of high-profile proceedings following from the Communist Party of Vietnam's crackdown on corruption

Delhi Budget: Govt likely to allocate Rs 1,000 cr for unauthorised colonies

The Delhi government is expected to announce a fiscal boost of about Rs 1,000 crore for initiatives to uplift unauthorised colonies in its upcoming budget, sources on Saturday said. Delhi Finance Minister Atishi is slated to present the budget 2024-25 on March 4. In the upcoming budget of the state government, Delhiites can expect a big fiscal boost for unauthorised colonies, especially for strengthening their road infrastructure, a source told PTI. "For the fiscal year 2024-25, the Kejriwal government may announce a budgetary package of nearly Rs 1000 crore," the source said. Delhi has nearly 1,800 unauthorised colonies, accommodating 30 per cent of the city's population. The Delhi government is likely to strengthen the road network in these unauthorised colonies and augment water supply pipelines and sewer networks. A total of 1,031 unauthorised colonies in the city are already connected to the sewer network, with a total installation of 4,000 plus kilometers of sewer lines, ..

Narrative is changing about senior care industry: Tara Singh Vachani

Executive chairperson of Antara Senior Care says 'service delivery' has to be the cornerstone of senior care industry

With investment of Rs 50,000 cr, UP's real estate sector set for boom: Govt

Uttar Pradesh is set to witness a boom in the real estate sector with the launch of projects worth over Rs 50,000 crore which will also see creation of a significant number of jobs for the youth in the state, the government said on Thursday. These real estate projects were launched during the recently-concluded ground-breaking ceremony in Lucknow and include key works in Noida and Ayodhya, the state government said in a statement. "Many prominent real estate firms, including from within India and abroad, have initiated their projects in Uttar Pradesh. It includes M3M India Private Limited, which is investing Rs 7,500 crore to develop residential, commercial, official, retail, and service apartments. The project will provide more than 14,000 job opportunities for the youth of the state," it said. "Moreover, the House of Abhinandan Lodha has initiated a luxury residential and commercial real estate project in Ayodhya, with an investment of Rs 3,000 crore, which is expected to create .

Swan Energy raises Rs 3,000 cr via QIP of shares priced at Rs 670 apiece

Swan Energy on Thursday said it has raised Rs 3,000 crore from qualified institutional placement of shares which were priced at Rs 670 apiece. The issue got interest from qualified institutional investors including Quant Mutual Fund, SBI Life, LIC, LIC Mutual Fund, Tata Mutual Fund, Infini Mutual Funds, SBI General Insurance, BNP Paribas Mutual Fund, Nomura, Goldman Sachs, Future Generali, Anand Rathi, and other domestic and foreign institutions and family offices, the company said. The fund will be deployed to modernise the recently acquired Reliance Naval and Engineering's shipyard at Pipavav. Additionally, a portion of the fund will be allocated for project expansion and debt reduction. Paresh Merchant, an executive director of Swan said taking management control of Reliance Naval -- the largest defence shipyard in the country -- aligns with their vision to emerge as a leading private player in the manufacture of defence, commercial, and oil and gas vessels. The company aims to

China's Country Garden gets winding-up petition in Hong Kong from creditor

The first hearing date is scheduled for May 17 at Hong Kong's High Court, after Ever Credit Ltd. filed its so-called winding-up petition dated Tuesday

High demand pushed home prices up 20% in 2023 as compared to 2021: Report

The highest rise in prices was witnessed in Delhi-NCR, followed by Bengaluru and Kolkata

Noida admin issues notices to builders over complaints from flat buyers: DM

The Gautam Buddh Nagar administration on Tuesday decided to issue notices to several real estate developers, including Mahagun, Ajnara and Migsun, over a slew of complaints from flat buyers, officials said. The district administration held a meeting with flat buyers and builders, where senior administrators and officers of the registration department were also present to discuss issues including delay in possession and registries of flats, among others. "It has been decided that notice would be issued to some builders, including Mahagun, Ajnara and Migsun, seeking their response over the complaints related to their housing projects," District Magistrate Manish Kumar Verma told PTI. "If their response is not found satisfactory then legal proceedings, including sealing of their premises, would be carried out. There have been complaints against some builders but majority of the issues discussed in today's meetings are related to these three builders," Verma said. He said Additional DM

Revisit sops for loans to push housing sector growth: Khara at BS IMLC

Pointing to economic spinoffs, such as creating jobs, Dinesh Khara, chairman, says it's time to revisit tax benefits for loans

Bharat Highways InvIT collects Rs 826 cr from anchor investors ahead of IPO

Bharat Highways InvIT, an infrastructure investment trust, on Tuesday said it has collected Rs 826 crore from anchor investors a day before its Initial Public Offering (IPO). The InvIT has allotted 8.26 crore units to 37 funds at Rs 100 apiece, aggregating the transaction size to Rs 826 crore, according to a circular uploaded on the BSE website. Copthall Mauritius Investment Ltd, Societe Generale, ICICI Prudential Mutual Fund, HDFC Mutual Fund, UTI Mutual Fund, Axis Mutual Fund, Reliance General Insurance Company, and Max Life Insurance Co Ltd are among the anchor investors, it showed. The Rs 2,500-crore maiden public issue of Bharat Highways will open for subscription on February 28 and conclude on March 1. The price band has been fixed at Rs 98-100 per unit. Proceeds from the issue will be utilised to provide loans to the project SPVs (Special Purpose Vehicles) for repayment of their outstanding loans. Bharat Highways InvIT is an infrastructure investment trust established to ..

Rs 4K cr and rising: How fractional ownerships are revolutionising realty

Market regulator Sebi's decision to allow the setting up of small and medium Real Estate Investment Trusts (REITs) is expected to regulate and fuel growth in this segment

Builders bought 415 acres in Delhi-NCR for Rs 9,120 crore: Report

Real estate developers bought 415 acres of land in Delhi-NCR for about Rs 9,120 crore last year to build housing and commercial projects amid rising demand, according to JLL. In a statement on Tuesday, real estate consultant JLL India highlighted that "Delhi-NCR led both in terms of number and area of land deals, with 415 acres acquired across 36 separate transactions valued at approximately Rs 9,120 crore." Of these 415 acres, around 264 acres (64 per cent) valued over Rs 5,300 crore were acquired in Gurugram. This was followed by Noida with over 59 acres (14 per cent) land being acquired at Rs 1,775 crore. Delhi, Faridabad, and Sonipat contributed the rest. JLL India has not included Joint Development Agreements (JDAs) in this analysis and only outright purchases by real estate developers have been considered. With rising property demand, the consultant noted that real estate developers are building a robust supply pipeline by investing in acquisition of land across the country.

FEMA case: ED summons Hiranandani Group promoters for questioning on Monday

The Enforcement Directorate has summoned Niranjan Hiranandani and his son Darshan Hiranandani, the promoters of prominent Mumbai-based real estate developer Hiranandani Group, for questioning in a foreign exchange violation case on February 26, official sources said on Sunday. The Hiranandanis have been asked to depose at the central agency's office in Mumbai but they may choose to submit their primary responses through an authorised representative, they said. Darshan Hiranandani has been living in Dubai for the last many years. About four premises of the Hiranandani Group in and around Mumbai were searched by the ED last week under the provisions of the Foreign Exchange Management Act (FEMA). Apart from some foreign transactions, the agency is said to be probing the beneficiaries of a British Virgin Islands (BVI)-based trust allegedly linked to the Hiranandani Group promoters. The group has said it will cooperate with the ED in this FEMA investigation. Official sources said the

DLF to launch properties worth Rs 80k cr in 4 yrs to encash surge in demand

Realty major DLF plans to launch properties worth nearly Rs 80,000 crore over the next 3-4 years to tap rising demand for housing and commercial projects. DLF, the country's largest real estate firm in terms of market cap, sold properties worth Rs 15,000 crore during 2022-23 and is set to surpass this number in the current fiscal going by sale bookings clocked in the first three quarters. According to an investors presentation, DLF is aiming to launch 10 million square feet of area in the next financial year having revenue potential of Rs 32,000 crore. It has also identified another 22 million square feet area with an estimated revenue of Rs 46,850 crore for 2024-25 fiscal and beyond. Most of the projects to be launched for sale over the next 3-4 years would be residential and that too in luxury and ultra luxury segments. Delhi-NCR, Mumbai, Goa and Chennai would be the focus area of the company. Recently, DLF Group Chief Financial Officer (CFO) Vivek Anand told analysts that the

'GST Council may soon clarify on exemption of tax to Rera bodies'

The GST Council is likely to soon clarify that 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 well as facilitator for the realty sector, is covered under Article 243G of the Constitution dealing with powers, authority and responsibilities of panchayats. RERA was set up in different states to ensure transparency in real estate projects, protect the interest of consumers and to establish an adjudicating mechanism for speedy dispute redressal. The official said that after discussions with RERA functionaries about the nature of their function it was decided that GST is not applicable on them. The official further said that RERAs are funded by respective state governments and hence levying GST would mean taxing state governments. A meeting of GST Council, chaired by Union Finance Minister and comprising state ministers, is likely to be held before the