Page 123 - Real Estate

Sobha Group founder pledges Rs 1,000 cr for Sabarmati development in Guj

Realty firm Sobha Group on Tuesday said its founder PNC Menon has pledged Rs 1,000 crore as philanthropic contribution towards development of Sabarmati Riverfront in Ahmedabad, Gujarat. A Memorandum of Understanding (MoU) in this regard was signed in the presence of Gujarat Chief Minister Bhupendra Patel, according to a statement on Tuesday. "Menon's philanthropic commitment of Rs 1,000 crore over the next five years towards Sabarmati Riverfront development, is in line with his earlier commitment to donate 50 per cent of his personal wealth to causes that help communities and foster all round development and progress in the country, reflecting his continued and unwavering dedication to giving back to the community," the statement said. In May 1997, the Ahmedabad Municipal Corporation (AMC) formed a Special Purpose Vehicle (SPV)- Sabarmati Riverfront Development Corporation Ltd (SRFDCL). SRFDCL was entrusted with the responsibility of turning the riverfront into a major urban asset f

Realty major DLF to invest Rs 1,700 cr for new shopping mall in Gurugram

Realty major DLF is likely to start construction of its new 25 lakh square feet shopping mall in Gurugram this quarter at a cost of around Rs 1,700 crore to expand business amid surge in demand for quality real estate space from retailers. At present, DLF has a retail footprint of around 42 lakh square feet comprising nine properties, including malls and shopping centres, mainly across Delhi-NCR. Around 3.4 lakh square feet retail portfolio is under DLF Ltd and rest under the DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF and Singapore sovereign wealth fund GIC. In an interview with PTI, DLF's Vice Chairman and MD (Rental Business) Sriram Khattar highlighted that the retail sector has bounced back sharply post-COVID pandemic and there has been a strong growth in footfalls and sales in shopping malls. "We are likely to start construction of Mall of India, Gurugram in the third quarter of this fiscal year," said Khattar, who has recently been elevated to this new .

BFSI share rises to 29% in office space leasing in 9 major cities: CBRE

Banking, Financial Services and Insurance (BFSI) companies' share has jumped to 29 per cent in the total office space leasing during the July-September period across nine cities from 16 per cent in the previous quarter, according to CBRE. Real estate consultant CBRE South Asia released its office market data on Tuesday, showing that BFSI firms took on lease 4.63 million square feet of office space, which is 29 per cent of the total absorption during the July-September period. In the previous quarter, the BFSI companies had taken 2.2 million square feet of area on lease, accounting for 16 per cent of the total leasing. Overall, the consultant said that gross office leasing activity increased by 33 per cent Year-on-Year (Y-o-Y) to 15.8 million square feet during the July-September period across nine cities -- Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, Pune, Kochi and Ahmedabad. "The BFSI firms' leasing share surged from 16 per cent in the April-June quarter to 29 per .

Office leasing up 33% in July-September quarter to 15.8 mn sq ft: CBRE

Mumbai, Bangalore and Hyderabad dominated the absorption in the September quarter, collectively accounting for about 60% of the total transaction activity

Which sector should you bet on? Infra- linked sectors top Crisil upgrades

Infrastructure has benefited not just from high budgetary allocation, but also from better risk sharing among stakeholders and acceptance of investment vehicles such as InvITs, or infrastructure inves

J&K LG Sinha hands over land allotment orders to PMAY-G beneficiaries

Jammu and Kashmir Lieutenant Governor Manoj Sinha on Monday handed over the land allotment orders to the landless beneficiaries of 'Pradhan Mantri Awas Yojana Gramin (PMAY-G).'The LG handed over the land allotment orders during the 'Swachh Bharat Diwas' Celebration event organized by the Department of Rural Development and Panchayati Raj at Raj Bhawan, Srinagar. LG Sinha also inaugurated the 'Cashless Panchayats', adoption of BHIM-UPI mode of transactions in Gram Panchayats of the Union Territory.A total of 245 landless PMAY-G beneficiaries from across the J & K were identified for land allotment orders on the occasion of Gandhi Jayanti today, said officials. He also dedicated 13 Block Development Council buildings across J & K to the Panchayati Raj Institutions (PRI) representatives to mark the occasion.In his address, the Lt Governor expressed gratitude to Prime Minister Narendra Modi for shaping a new destiny for Jammu and Kashmir, which has achieved a historic milestone of

KKR sells industrial properties across United States worth over $560 mn

Since the pandemic sparked a shift away from traditional brick-and-mortar stores and towards online shopping, retailers continue to have a high demand for industrial buildings like warehouses

Net office leasing rises to 18-month high of 10.37 mn sq ft in Jul-Sep: JLL

However, in the first nine months of 2023, the office space absorption was 13.9 per cent lower than in the same period last year

Average monthly office rentals in top 7 cities at $ 0.4-2/sq ft: Vestian

Average monthly rentals for prime office space in India's top seven cities are very low at USD 0.4-2 per square feet, which is one of the major factors driving demand for workspace from global firms, according to Vestian. Real estate consultant Vestian on Sunday released rentals data for major cities globally, which showed that average rent in New York, London, Miami, Seattle and Boston is USD 40-80 per sq ft per month. Rentals in Hong Kong, Singapore and Shanghai are USD 3-8 per sq ft a month. Vestian said the demand for office spaces in the medium to long term would remain strong in India's seven big cities because of cost-effectiveness. Shrinivas Rao, CEO, Vestian, said: "Indian office market has grown leaps and bounds in the past decade due to robust demand from large multinational companies. These companies set up their operations in India to reap the cost benefits." The demand for office spaces in India is expected to be buoyant amid current macroeconomic uncertainty across

Mumbai property registrations up 23% in Sep; reached 10,600 units: Report

Registration of properties in Mumbai municipal area rose 23 per cent year-on-year this month to around 10,600 units -- highest in 10 years -- on better housing demand, according to Knight Frank India. The registration of properties in Mumbai city (area under BMC jurisdiction) touched 10,594 units by 3.15 pm on Saturday. Data pertains to both primary and secondary property market. The registration process is slow on Saturday because of the start of 'shradh' period. The consultant expects the number to rise to around 10,650 units by the end of the day, out of which 82 per cent would be housing. As many as 8,628 units were registered during September last year. In the previous month, 10,902 units were registered. Registration of properties is expected to contribute Rs 1,127 crore to the state government's revenues. Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, " ... for the first nine months of 2023, we have observed a monthly average of 10,420 property ...

Chinese stock investors say worst yet to come in country's property crisis

Sentiment has only worsened this week as worries about liquidity and weak housing demand intensified

Realtors hail Bengal govt for extending stamp duty rebate till June 2024

The real estate industry in West Bengal on Friday welcomed the state government's decision to extend the stamp duty rebate till June 2024. CREDAI West Bengal president and Merlin Group chairman Sushil Mohta said the stamp duty rebate extension will help the industry achieve a growth trajectory. "The real estate industry has been struggling since the COVID-19 pandemic. However, it managed to survive because of the continuous support from the state government in terms of the two per cent rebate in stamp duty and 10 per cent rebate in circle rate. The extension of the rebate will give a much-needed boost to the industry," Mohta said. The increase in interest rates and the huge rise in the cost of raw materials made it difficult for the industry to pass on the benefits of the rebate to consumers, he said. "However, the state government's support is helping us keep the costs down for consumers. The extension of the rebate will further encourage real estate buyers to close their ...

UP Rera allows promotor to complete stuck Elegant Ville project in Noida

The Uttar Pradesh Real Estate Regulatory Authority on Friday allowed a realtor to complete a stuck housing project in Greater Noida. The UP RERA approved the promotor's plan with the consent of a majority of allottees to complete the remaining construction and development work of Elegant Ville project in Techzone 4 area of Greater Noida West. According to RERA officials, the project with 761 units was scheduled to be built in four phases and delivered by 2019 but got stuck. "To protect the interests of the allottees of Elegant Ville, a stuck project of Gautam Buddh Nagar, UP RERA has authorized the promoter to complete the remaining construction and development work under provisions of section 8 of the RERA Act with the consent of its majority of allottees," UP RERA said. "For this, the promoter of the project, Elegant Infracon Private Limited, has collaborated with Floral Realtech Private Limited and presented a plan of project rehabilitation according to which the project will be

90 lakh sq ft cleared, Rs 371 cr revenue earned in last 2 Cleanliness drive

The Centre on Friday said nearly 90 lakh square feet space was cleared and around Rs 371 crore revenue earned in the past two cleanliness campaigns. The government has announced a special campaign 3.0 from October 2, coinciding with the birth anniversary of father of the nation Mahatma Gandhi, till October 31. The campaign is a sequel of the special campaigns conducted in the last two years. "Special campaign 3.0 will focus on field/outstation offices responsible for service delivery or having public interface, in addition to the ministries/departments and their attached/subordinate offices," said the statement issued by the Personnel Ministry. Union Minister of State for Personnel Jitendra Singh on Friday launched the Intelligent Grievance Monitoring System (IGMS) 2.0 public grievance portal, whose dashboard has been implemented by the Indian Institute of Technology (IIT) Kanpur. The dashboard provides instant tabular analysis of grievances filed and disposed, the ministry said,

Wave Group to invest Rs 100 crore to expand film exhibition business

Realty firm Wave Group on Thursday said it will invest around Rs 100 crore to expand its film exhibition business by adding 35 screens. Wave group, which operates 10 multiplexes and 42 screens under the M3M brand, on Thursday opened a seven-screen multiplex Wave Cinemas at the M3M Urbana Premium, Sector 67, Gurgaon. "We have identified 7-8 more properties where 35 screens will be added shortly. We are going to invest around Rs 100 crore on this expansion," said Wave Group Managing Director Rajiv Gupta. "We at Wave Cinemas understand the requirements of today's evolving customers and have tailored our offerings accordingly," he said. Wave Group has businesses across verticals such as commercial and residential real estate, malls and multiplexes, residential township & land development, infrastructure, sugar manufacturing, beverages, power, education, entertainment, sports, and agriculture.

Office space demand dips 4.5% in 2023 as compared to last year: Colliers

Bengaluru and Delhi-NCR led the demand, accounting for nearly half of the total demand for office space in India till September

Stock of this realty company has zoomed 71% in the past 6 days

The counter that hit a 52-week low of Rs 42.39 on August 29, 2023, traded at a record low of Rs 37.96 in March 2009. It had hit a record high of Rs 581.24 in December 2007

India recorded all-time high sales of homes between July and Sep: Anarock

The rise in demand is notable given that the average home prices in the top seven Indian cities saw a double-digit yearly growth of 11 per cent in the quarter

Real estate: Buy or rent? Invest or occupy? Here's how you can decide

Having about 30% cash for a down payment indicates financial readiness for homeownership. Having the minimum cash allows you to borrow the rest

Trump defrauded banks, insurers while building real estate empire: Judge

A judge has ruled that Donald Trump committed fraud for years while building the real estate empire that catapulted him to fame and the White House. Judge Arthur Engoron, ruling in a civil lawsuit brought by New York Attorney General Letitia James on Tuesday, found that the former president and his company deceived banks, insurers and others by massively overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing loans. Engoron ordered that some of Trump's business licenses be rescinded as punishment, making it difficult or impossible for them to do business in New York, and said he would continue to have an independent monitor oversee Trump Organization operations. Trump's lawyer, Christopher Kise, said they intend to appeal the decision, calling it a miscarriage of justice and completely disconnected from the facts and governing law. The decision seeks to nationalize one of the most successful corporate empires in the United States and sei