Page 105 - Real Estate

'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

Land grabbed from Sandeshkhali villagers be returned: DYFI leader Mukherjee

DYFI West Bengal state secretary Minakshi Mukherjee on Saturday demanded that land grabbed from villagers in Sandeshkhali region of North 24 Parganas district be returned immediately. Mukherjee, who reached river-bounded Sandeshkhali using a detour to avoid detection by the administration, was stopped by the police and taken to Sandeshkhali ferry ghat on the banks of River Kalagachi. "We want the administration to immediately take steps to give back agricultural land of the villagers, which were grabbed by TMC leaders Shajahan Sheikh, Shiba Prasad Hazra and Uttam Sardar and were turned into water bodies for fish farming," she said. She claimed that people want the arrest and prosecution of Sheikh, Hazra, Sardar and also some police personnel who allegedly did not pay heed to complaints against these TMC leaders by the affected villagers. "I have been told that I cannot move around since prohibitory orders under Section 144 of CrPC are in force in the area," Mukherjee, the leader of

'No FEMA violations': Hiranandani Group on ED searches at Mumbai office

Hiranandani Group said that the inquiry was related to a 15-year-old matter and it took time to find old records

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

Motilal Oswal secures Rs 1,250 cr in first close for AIF real estate fund

Motilal Oswal Alternates (MO Alts), the alternative investments arm of Motilal Oswal Financial Services, on Wednesday said it has successfully closed the first tranche of its sixth real estate fund, India Realty Excellence Fund VI (IREF VI) and has secured commitments of approximately Rs 1,250 crore in this first close. The company said it is a significant milestone for MO Alts, achieving the largest and fastest first close for any of their real estate funds to date. The fund will scout for opportunities in real estate in Kolkata and seven other top cities of India including Mumbai, Delhi-NCR, Pune, Bangalore and Chennai. IREF VI strategically focuses on early-stage investments, primarily targeting mid-income/affordable residential projects across India's top eight cities. "This successful fundraising, even amidst a buoyant equity market, underscores the unwavering trust our investors have placed in our capabilities," MO Alts, MD & CEO, Vishal Tulsyan said. MO Alts said it boasts

Rera fines developer Rs 25 lakh for misleading ad on DDJAY project

Real Estate Regulatory Authority (RERA), Gurugram, has imposed a penalty of Rs 25 lakh on Yashvi Homes Pvt Ltd for publishing a misleading advertisement on a Deen Dayal Jan Awas Yojana (DDJAY) project. Yashvi Homes is developing the DDJAY residential project -- Golden gate Residency -- at Sector 3, Farukhnagar, Gurugram. The policy is known as DDJAY 2016 while the advertisement mentioned it as DDJAY 2024, which is incorrect and misleading, RERA said in a statement. Further, the promoter did not mention the details of the registration number of the project and the website of RERA, which is required under the regulations, it said. "While there is no provision for amenities like school, club house, swimming pool, badminton court, half basketball court, etc, in the approved layout plan submitted by the promoter at the time of registration, the same has been mentioned in the advertisement," said a RERA spokesperson said. Under the provisions of Section 13(1) of the Act 2016, no promote

Cricketer Yashasvi Jaiswal buys 1,100 sq ft size Mumbai flat for Rs 5 crore

The Ten BKC residential project was launched in 2016 and has gained prominence over the years due to increased commercial growth and presence of gated communities

Raymond Realty launches Bandra project with Rs 2,000 cr revenue potential

Raymond Realty, the real estate arm of Raymond Group, on Tuesday said it will develop a premium housing project at Bandra in Mumbai with an estimated revenue of around Rs 2,000 crore. In a regulatory filing, Raymond Ltd informed that the company has launched its first project outside Thane through a joint development agreement (JDA) with a land owning entity. The project named 'The Address by GS, Bandra' is spread over an area of 2.74 acres. "This project also promises substantial economic returns, with projections indicating a revenue generation over Rs 2,000 crore," Raymond said. Raymond is into textiles, apparel, denim, consumer care, engineering and real estate businesses.

Entertainment leasing nearly triples in last one year in India: CBRE

Malls witnessed higher footfall, and this translated into increased visitors to other entertainment zones like gaming arcades, clubs, etc

China's Premier Li Qiang urges 'forceful' action to boost confidence

Chinese leaders are hunting for ways to jump-start the economy, which faces headwinds from a property slump, weak business confidence and persistent deflationary pressures

Arvind SmartSpaces sells 220 residential plots in Bengaluru for Rs 160 cr

Realty firm Arvind SmartSpaces Ltd on Monday said it has sold over 220 units in a residential plotted development project in Bengaluru for more than Rs 160 crore. In a regulatory filing, the company informed that "it has sold out the entire inventory released for sale in the 1st phase of its residential plotted development project, Arvind Orchards in Devanahalli, Bengaluru, within 7 hours of launch." "It consisted of more than 220 units valued at over Rs 160 crore. The project is housed under HDFC Platform 2," the company said. Built on around 120-year old legacy of the Lalbhai Group, and established in 2008, Ahmedabad-based Arvind SmartSpaces is one of the leading real estate firms in the country.

Sundaram Alternates looks to raise Rs 1,000 cr from global investors

Sundaram Alternates Assets (SAA), the private equity arm of Sundaram Finance Group, plans to raise about Rs 1,000 crore from global investors to fund green real estate projects in India. "This move reflects our commitment to build on our own track record, depth of underwriting and risk management skills in the ever-evolving landscape of Indian real estate credit market," Sundaram Alternates Assets managing director Vikaas M Sachdeva told PTI here. In the past year, SAA has not only re-engineered its high-yield credit funds to generate real alpha from its performing credit business but has also adopted a robust ESG and climate impact framework as a significant investor initiative, he said. The firm is currently in the process of raising money from global investors including NRIs in the Gulf region through its Series IV real estate credit fund. "We are expecting to close the fund (Series IV real estate credit fund) at between Rs 1,000-1,200 crore to fund green real estate projects,"

7 major cities see annual 8% rise in completion of housing units: Anarock

India's seven major cities witnessed an annual 8 per cent rise in the completion of housing units last year at 4.35 lakh units as developers' cash flows improved on better sales, according to Anarock. Real estate consultant Anarock data showed that 4,35,045 units were completed during last year, as against 4.02 lakh units in the previous year. The data pertains to the primary (first sale) residential market. In Mumbai Metropolitan Region (MMR), 1,43,500 housing units were completed last year, up 13 per cent from 1,26,720 units in the previous year. The completion of housing units in Delhi-NCR rose 32 per cent to 1,14,280 units, as against 86,300 units in 2022. "The Indian residential sector is unlikely to forget 2023, which was nothing less than phenomenal at every level. Housing sales breached the previous peak levels of 2022 and remain robust in 2024. These sales statistics - along with RERA-related commitments - have encouraged developers to stay focused on completing existing

Hyderabad sees 1% fall in registrations of housing properties: Knight Frank

The Hyderabad region has witnessed a 1 per cent annual fall in registrations of residential properties in January to 5,411 units, according to Knight Frank. As many as 5,454 housing units were registered in January 2023 across the Hyderabad residential market, which includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy. The data covers transactions of both primary (first sale) and secondary (resale) markets. As per the data compiled by real estate consultant Knight Frank India, the total value of properties registered during January stood at Rs 3,279 crore, which is 24 per cent higher year-on-year, indicating a movement towards sale of higher value homes. In January 2024, 47 per cent housing properties registrations were in the price range of Rs 25-50 lakhs. Properties priced below Rs 25 lakh constituted 15 per cent of the total registration numbers. The consultant highlighted that the share of sales registrations for properties costing Rs 1 cror

Hyderabad sees 1% fall in registrations of housing properties: Knight Frank

The Hyderabad region has witnessed a 1 per cent annual fall in registrations of residential properties in January to 5,411 units, according to Knight Frank. As many as 5,454 housing units were registered in January 2023 across the Hyderabad residential market, which includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy. The data covers transactions of both primary (first sale) and secondary (resale) markets. As per the data compiled by real estate consultant Knight Frank India, the total value of properties registered during January stood at Rs 3,279 crore, which is 24 per cent higher year-on-year, indicating a movement towards sale of higher value homes. In January 2024, 47 per cent housing properties registrations were in the price range of Rs 25-50 lakhs. Properties priced below Rs 25 lakh constituted 15 per cent of the total registration numbers. The consultant highlighted that the share of sales registrations for properties costing Rs 1 cror

IBBI amends resolution rules: Realty insolvency to be project-wise

Share of top 10 realty deals was 87% of total value of PE investments in first 9 months of FY24 (9MFY24)

Coaching centres with over 20 students to leave residential areas: Delhi HC

The Delhi High Court on Thursday said coaching centres that have more than 20 students should move out of residential areas and operate from commercial spaces. A bench headed by Acting Chief Justice Manmohan, while hearing a petition filed by the Coaching Federation of India, observed that students "run the risk of their lives" at coaching centres operating from residential buildings that do not have the requite safety infrastructure, such as two staircases. "There must be hundreds of students attending your classes. You should not be in a residential building. Move to a commercial building," the court orally remarked. "You cannot operate from a residential area. Where students are more than 20, you must move out," the bench, also comprising Justice Manmeet P S Arora, said. The petitioner assailed before the court the inclusion of coaching centres in the definition of "educational buildings", thus requiring them to employ certain specific measures for fire safety etc. In February

Country Group to invest Rs 5,000 crore in luxury housing project in Noida

Real estate developer County Group on Wednesday said it will invest Rs 5,000 crore over the next five years in a luxury housing project 'Ivory County' here. The group said it expects a sales realisation of approximately Rs 7,500 crore from the project wherein the investment would be done via self-funding, bank financing and customer advances for bookings. Envisioned in an area of 28 acres, 'Ivory County' is located in Sector 115 near FNG Expressway, Noida Expressway and Delhi-Meerut Expressway and will be the developer's largest housing project in terms of area. "The group will be investing nearly Rs 5,000 crore in next five years via self-funding, bank financing and customer advances for bookings with an expected sales realisation of Rs 7,500 crore approximately," the Country Group said in a statement. "Ivory County will have a total of 2,372 units on offer and will be developed in three distinct phases in the next five years... the project will be divided in Luxury and Ultra-Luxu

Luxury housing sales in India jumped 75% in 2023, threefold in Delhi: CBRE

The share of luxury homes, priced at or above Rs 4 crore, in total sales, also doubled in 2023

Warehousing & logistics sector resilient amid investment drought: Vestian

Vestian stated that the sector received investments worth $646 million in 2023, accounting for 15 per cent of the total institutional investment received in the real estate sector