Page 113 - Real Estate

MICL Gr to invest Rs 50 cr for residential property redevelopment in Mumbai

The site is located at Mumbai's Pali Hill, the epitome of upscale living with scenic views, affluent residences, and a vibrant cultural scene, surrounded by lush greenery

Hyderabad pips NCR as India's second-costliest city, Ahmedabad most reasonable

Ahmedabad, Kolkata and Pune are the most affordable residential markets in 2023

Delaying residential property purchase will only increase acquisition cost

Waiting for interest rates to soften is also not advisable, warn experts

Improved affordability pushes home sales in India to a new peak in 2023

In 2024, experts suggest that home affordability, as well as sales, are expected to improve further on the back of cooling inflation and the likelihood of lower interest rates

Malls registered high demand this year, trend likely to continue in 2024

Most malls that opened in 2023 had commitments even before they became operational, and were occupied soon after their opening

Kansai Nerolac Paints to sell Mumbai land to Runwal Group for Rs 726 cr

Kansai Nerolac Paints has agreed to sell its land parcel, along with building, at Lower Parel in Mumbai for Rs 726 crore to Runwal Developers. Kansai Nerolac Paints has said that its board has approved a proposal for "entering into an Agreement for Sale with Aethon Developers Pvt Ltd, subsidiary of Runwal Developers Pvt Ltd, for the sale of the company's land parcel at Lower Parel together with building thereon, for a consideration of Rs 726 crore." Accordingly, the company has entered into an Agreement for Sale with the buyer. The sale is subject to completion of procedures and approvals as may be necessary in this regard, the company said on Tuesday. Real estate developers are buying land parcels outright and also entering into joint development agreements (JDAs) with landowners to expand their business amid a rise in housing demand.

India's housing market to continue with high demand, growth in 2024

India's housing market defied logic this year to register all-time high sales as home buyers snapped up deals despite a jump in asking prices and the highest interest rates in six years. Market experts strongly believe the demand will not only sustain in 2024 but rise further, albeit at a slower pace, on high economic growth and expectations of a fall in home loan interest rate. The real estate industry saw record sales of residential properties in terms of both volumes and value, real estate market data showed as consumers are increasingly buying into the idea of home ownership post-Covid pandemic. The ouster of dubious developers from the real estate market thanks to greater regulatory oversight via RERA helped boost confidence among home buyers. The insolvency law too has played a role in elimination of defaulting builders. According to real estate consultant Anarock, housing sales are estimated to rise by 30 per cent this year to a record 4.74 lakh units in primary (fresh sales

Decks clear for house registry, stuck projects in Noida, Greater Noida

The boards of Noida Authority and Greater Noida Authority on Tuesday adopted the Uttar Pradesh government's order to implement recommendations of the Amitabh Kant Committee on real estate projects, in a move aimed at helping buyers get homes soon and builders complete stuck projects. The decision will impact around 190 group housing projects across Noida and Greater Noida where developers are yet to clear dues amounting to around Rs 32,000 crore while over one lakh flats are yet to be delivered to buyers, according to official estimates. With this, builders will be able to avail the benefit of 'zero period' for completion of projects, time period extension for deposit of dues, mortgage permission, purchase of prevailing FAR, and extension of time for completion of project, while flat buyers will get the benefit of registration in three months, additional and many other benefits, according to a statement. The decision was taken during the 231st board meeting of the Noida Authority an

TMS Ep593: Real estate boom, Bollywood's revival, Pulkit Agarwal, GCCs

What's behind the rush to own a flat in Indian metros? Was 2023 the year Bollywood bounced back? Will crude oil hit the $120 a barrel mark in 2024? What are global capability centres? Answers here

Godrej Properties sells more than 600 flats for Rs 2,600 cr in Gurugram

Godrej Properties Ltd on Tuesday said it has sold more than 600 flats in its new luxury housing project at Gurugram, Haryana. In a regulatory filing, the company said it has "sold inventory worth over Rs 2,600 crore in its project Godrej Aristocrat, located in Sector 49 on Golf Course Extension Road, Gurugram. " The company will develop nearly 750 apartments in this 9.5-acre housing project. The starting price is around Rs 4 crore per unit. Godrej Properties said this is its most successful launch ever in terms of the value of sales achieved, surpassing the previous best of over Rs 2,000 crore at its project Godrej Tropical Isle in Noida last quarter. MD & CEO Gaurav Pandey said, "Gurugram is an extremely important market for Godrej Properties. We hope to launch four new projects in Gurugram in 2024..." Godrej Properties, the real estate arm of Godrej Group, is one of the leading developers in the country. During April-September 2023-24, Godrej Properties achieved 48 per cent ...

Gross leasing of office space up 12% this year across 6 cities: Savills

Gross office space leasing rose 12 per cent to a record 62.3 million square feet this year, while fresh supply remained flat across six major cities, according to Savills India. The absorption of office space stood at 55.4 million square feet in the previous year. New supply of office space stood at 53.3 million square feet, as against 53.4 million square feet in the previous year. "Office gross absorption across India's six major cities is recorded at a new all-time high of 62.3 million square feet in 2023, registering a 12 per cent growth over last year," Savills said in a statement. Bengaluru saw a decline of 10 per cent to 15.6 million square feet this year, from 17.3 million square feet in the previous year. "Mumbai saw record leasing activity at 10.1 million square feet owing to large transactions by tech and consulting occupiers. Gross absorption increased by 51 per cent compared to 2022," Savills said. Delhi-NCR saw similar absorption levels as last year at 11.3 million s

State-owned NBCC sells 5,000 flats of Amrapali Group for Rs 2,900 crore

State-owned NBCC on Tuesday announced sales of 5,000 units for Rs 2,900 crore across several residential projects of erstwhile Amrapali Group. As per the direction of the Supreme Court, Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was formed to complete the stuck projects of Amrapali through NBCC (India) Ltd. "In a step towards the resolution of the stuck Amrapali project, NBCC has completed the sale of 5,000 flats having a value of around Rs 2,900 crore. This is a significant step towards delivering relief to the thousands of purchasers who have been waiting for years for their apartments," the company said in a statement. With this, the company has completed the sale of over 80 per cent of the inventory available. The sale of these 5,000 units has been conducted by ASPIRE, a company floated to complete the pending Amrapali projects, under the supervision of the Supreme Court-appointed court receiver. According to NBCC, there were 46,575 apartments

Suraj Estate debuts on a shaky note; lists at 6% discount to issue price

The stock listed at Rs 340, a 6 per cent discount to issue price of Rs 360 per share on the National Stock Exchange.

Bengaluru drives demand for office leasing, here are the top deals of 2023

Q4 2023 records 20.2 mn sq ft of gross absorption, highest ever quarterly leasing activity

Residential realty's robust run, housing demand up 6-9% in top 8 cities

As the industry consolidates, residential developments are being executed by a handful of large developers who have successfully navigated the economic challenges posed by the pandemic

Office demand jumps 92% in Oct-Dec in top 6 cities in 2023: Colliers

Office space demand surged 92 per cent during October-December period across six major cities on better demand of workspace from corporates and coworking operators, according to Colliers India. Real estate consultant Colliers India report shows that gross leasing of office space stood at 20.2 million square feet in the fourth quarter of this calendar year from 10.5 million square feet in the year-ago period. Helped by strong demand during the December quarter, the total leasing of office space rose 16 per cent to 58.2 million square feet during the 2023 calendar year from 50.3 million square feet last year. Colliers tracks office demand and supply of 6 cities -- Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai, and Pune. Gross leasing or absorption does not include lease renewals, pre-commitments and deals where only a letter of intent has been signed. According to the data, the office space leasing in Bengaluru rose 58 per cent to 5.5 million square feet during October-December .

Infopark to build workspaces in Kochi Metro station, inks pact with KMRL

The Infopark here and Kochi Metro Rail Limited (KMRL) have entered into an agreement to build IT workspaces in Kochi Metro station. The MoU was signed between KMRL MD, Loknath Behera, and Susanth Kurunthil, the CEO of Infopark to set up flexi workspaces in 39,880 square feet of built-up space across six floors of the Ernakulam South Metro station. The MoU was signed at a function held at KMRL Corporate Office here on Friday, Infopark said in a release. It said the proposed facility at Ernakulam South metro station will pave the way to generate 500 job opportunities. "The flexi workspaces by Infopark at the metro station will be an elaboration of co-working, which has an increasing demand after the Covid pandemic. The workspaces for IT/ITES companies and employees will include premium workspace and co-working space models that combine mobility and modern office amenities," the release said. It added that the infrastructure will be more convenient to gig workers and women employees.

LA's third-tallest tower Aon Center sells for 45% below 2014 price

The sale is the largest office deal this year in downtown Los Angeles, which has been among the hardest-hit US office markets since the pandemic as remote work becomes more popular

MakeMyTrip CEO, Genpact CHRO each buy Rs 33 cr apartment in Gurgaon

Rajesh Magow and Piyush Mehta each secured 6,500 sq ft apartments at The Magnolias by DLF on Golf Course Road, showing the growing demand for luxury real estate

Blackstone transaction, improving outlook to support Embassy Office Parks

The world's largest alternative asset manager, through its investment companies, sold a 23.59 per cent stake in the company, leaving the Embassy group as the sole sponsor of the REIT