Page 126 - Real Estate

59% Indians prefer mid, high-range homes despite price rise: Anarock

Mid-range homes, priced between Rs 45 lakh and Rs 90 lakh, are the most preferred

Most homebuyers feel hike in home loan rate will impact purchase: Survey

A significant percentage of prospective homebuyers feel that their purchase decisions will be impacted if interest rate on home loans rises further to cross 9.5 per cent, according to a survey by Anarock. Real estate consultant Anarock's online 'Consumer Sentiment Survey' with a sample size of 5,218, showed that the people would like to buy mid-range and premium homes. More respondents want to buy 3BHK flats. According to the survey, high inflation has impacted disposable incomes of over 66 per cent of respondents. "... Any further home loan rate hikes - particularly if interest rates breach 9.5 per cent - will have a 'high impact' on residential sales, according to 98 per cent survey respondents," Anarock said. The average home loan rate is 9.15 per cent currently, the consultant added. In the last one and half years, the mortgage rate has hardened by around 250 basis points, with the RBI raising the key policy rate to control inflation. Among other findings of the survey, Anaro

Furnish details about homeowners and tenants: Police ask Mumbaikars

The Mumbai police on Saturday issued a notice asking homeowners living in the city limits to furnish their details and information about their tenants to the police as a measure to prevent any subversive activities in residential areas, an official said. The order, which comes into force on Saturday, will remain in place for a period of 60 days till November 7, the official said. It is apprehended that subversive or anti-social elements may seek hideouts in residential areas and there is a likelihood of breach of peace and disturbance of public tranquility with grave danger to human life and injury to private or public property on that account, the police order stated. Some check needs to be put on landlords or tenants so that terrorists or anti-social elements in the guise of tenants do not cause subversive activities, riots, affray, etc., it said. As per the order, landlords, homeowners, or persons involved in a property business under the jurisdiction of the Mumbai police, who h

Amid concerns, OECD suggests digital register to record estate ownership

Amid concerns over investments in foreign real estate being used to "shelter undeclared assets", the OECD has suggested automatic exchange of information among countries and setting up of digitalised ownership registers accessible to designated relevant government agencies on a real-time basis. The 'Enhancing International Tax Transparency on Real Estate' report released by the Paris-based Organisation of Economic Cooperation and Development (OECD) ahead of the G20 Summit, said there have been significant increase in foreign-owned real estate assets over the past decade, and a lot of funds have been shifted from financial assets to buying foreign real assets to avoid tax compliance. "While tax administrations often only have limited visibility over the cross-border ownership of (and income from) real estate, there are indications that the proportion of real estate owned by non-residents has continued to increase in recent years... information exchanged under the CRS can also provide

Madras HC directs club to pay Rs 31 crore arrears to Tamil Nadu govt

The Madras high court on Friday directed the Ootacamund Gymkhana Club to pay lease rent arrears of Rs 31.17 crore to the government within a month. The Tamil Nadu government has leased out 5.47 acres to promote Sports and Golf activities at Udhagamandalam town in Nilgiris district. Justice S M Subramaniam made it clear if petitioner club did not pay the arrears, then the authorities are directed to immediately evict them and take possession of the Government land and utilise it for the benefit of the public at large, since it is a high value property in the town. The judge further said after evicting the petitioner, the authorities shall initiate all appropriate action to recover the arrears of rent due to the Government by following the procedures as contemplated. Disposing of the petitions filed by Ootacamund Gymkhana Club, challenging the demand notice for payment of arrears of lease rent issued by the Tahsildar, the judge said the District Collector, Nilgiris rejected the requ

States, UTs collected Rs 2 trn in FY23 from realty sector: Knight Frank

The real estate sector is one of the major contributors to revenue of states and UTs, which collected an estimated Rs 2 lakh crore during last fiscal year in various forms, including stamp duties, according to a Naredco-Knight Frank India report. This is equivalent to 5.4 per cent of the total revenue collected by all states and UTs in India during 2022-23, it added. "Real estate sector is one of the key contributors to the revenue of state governments. In FY 2022-23, an estimated Rs 2 trillion was collected by all states and UTs (Union Territories) in India from stamp duties, registration fees and land revenue," the report said. Realtors' body Naredco and property consultant Knight Frank India recently released a report 'India Real Estate: Vision 2047'. As per the projection of the report, the size of the Indian real estate sector is estimated to jump more than 12-fold to USD 5.8 trillion by 2047 from USD 477 billion last year. The sector will contribute over 15 per cent to the .

Naredco-Maha to set up Rs 50 cr proptech fund to support realty startups

Realtors' body Naredco's Maharashtra chapter will set up a proptech fund with an initial corpus of Rs 50 crore to support technology startups in the real estate sector. Naredco-Maharashtra will launch this 'RealTech Fund (RTF)' on September 15 during its annual event The Real Estate Forum 2023. "The developers have initially committed a corpus of Rs 50 crore, which will be further scaled as per the response to the fund," Naredco said in a statement. This fund promises to propel and accelerate the growth of the real estate industry in India through innovation and technology, it added. Sandeep Runwal, President of NAREDCO-Maharashtra and Managing Director of Runwal Group, said, "We believe that technology is going to play a major role in the healthy growth of the real estate sector going forward". This RealTech Fund is being set up to support startups in the real estate ecosystem in order to meet current and future challenges head-on, Runwal added. Commenting on the new fund, Akhil

NoBroker brings metro station-based property search option for home seekers

The metro-based property search feature allows users to find homes along metro lines close to their workplace

Wadia property may get sold for Rs 5,000 cr in Mumbai's biggest land deal

The 18-acre real estate property in central Mumbai controlled by Nusli Wadia is being sold to Japanese conglomerate Sumitomo in Mumbai's largest land deal by value

China's property crisis exposes corporate governance failure to the world

International money managers say that it's the weak, and many argue worsening, governance and disclosure practices that are putting them off mainland borrowers longer-term

China's property crisis exposes corporate governance failure to the world

International money managers say that it's the weak, and many argue worsening, governance and disclosure practices that are putting them off mainland borrowers longer-term

Welspun One to set up in-city warehousing facility in Thane worth Rs 600 cr

Integrated fund and development management platform Welspun One on Wednesday said it will set an in-city warehousing facility in Thane with an outlay of around Rs 600 crore. The facility is strategically located in close proximity to the prime eastern suburbs of Thane and Mulund and the eastern express highway, as per the company. This marks the first deployment of Welspun One Logistics Parks Fund 2, a category II AIF vehicle, which has secured commitments of Rs 1,500-crore out of a target raise of Rs 2,000-crore to date, the company said. The Thane project, which entails a project outlay of approximately Rs 600-crore, will include dedicated docks, dust-free parking bays, vertical transportation facilities, among others, it said. "We are launching our first Grade-A in-city facility in Thane, MMR. The surge-in demand for in-city warehousing spaces, with projected requirements reaching 16-million square feet in Mumbai Metropolitan Region by FY 28, is undeniable," said Anshul Singhal,

86% housing projects launched between Jul 2017-Dec 2018 completed: Anarock

It was driven by tighter regulations under the realty law Real Estate (Regulation and Development) Act, 2016

Net office leasing across 6 cities may fall 10% this fiscal: ICRA

Rating agency ICRA on Tuesday said net leasing of office space across six major cities is estimated to decline by 10 per cent this fiscal, from 57 million square feet in the previous year. The fall in office demand coupled with an influx of huge supply in FY2024, would result in a marginal rise in vacancy levels by 60 basis points to 15.5 per cent by the end of FY2024. These top six cities are Mumbai, Bengaluru, Delhi-NCR, Hyderabad, Chennai, and Pune. Its sample includes 22 commercial office operators totalling 165 million square feet area. "The office developers are expected to witness a revenue growth of 11-13 per cent in FY2024 for ICRA's sample set of non-REIT companies, supported by scheduled rent escalation and improvement in occupancy levels of reputed office players," the agency said in a statement. Further, the rental rates are estimated to rise by 3-5 per cent YoY in FY2024, driven by contracted escalations/lease renewals at higher rates. ICRA's outlook on the commercia

4 listed REITs join hands to form industry body to advocate interests

Four listed real estate investment trusts have joined hands to form an industry body that will advocate the interests of businesses as well as investors. The Indian REITs Association, a non-profit group formed under the guidance of the Securities and Exchange Board of India (Sebi) and the Ministry of Finance, will also work on ways to enable further growth of Real Estate Investment Trusts (REITs). Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust are the founding members of the Indian REITs Association (IRA). The journey of REITs in India commenced with the introduction of regulatory guidelines in 2014 and culminated in the public launch of REITs in 2019, with Embassy REIT's listing. Following this, two more REITs were listed on the Indian exchanges -- Mindspace Business Parks REIT in 2020 and Brookfield India Real Estate Trust, in 2021. In May 2023, India's first retail REIT, Nexus Select Trust, was listed. The ..

Introducing the Visionary Directors of SSL Realty: Shaping Tomorrow's Real Estate Landscape

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Delhi real estate regulatory authority asks builders to register projects

Delhi Real Estate Regulatory Authority (D-RERA) has warned all the builders against rule violations and asked them to get their residential or commercial projects registered with it immediately. A directive, issued on September 4, has said that failure to comply with the directions will invite a fine up to 10 per cent of the estimated cost of the project or imprisonment up to three years or both. Speaking to PTI, Delhi-RERA Chairman Anand Kumar said that there have been several cases in which builders in Delhi haven't registered their residential and commercial projects that fall within the purview of RERA. According to him, four types of projects mandatorily require RERA registration. "In the first category are those real estate projects which are being developed, either in part or full, for the purpose of lease or sale on plot size of more than 500 sq mts. In the second category are those projects which envisage construction of more than 8 flats, apartments, floors, shops, ...

Bank credit outstanding to real estate hits record Rs 28 trn in July: RBI

Bank credit to housing as well as commercial real estate witnessed nearly 38 per cent annual growth in July, taking the loan outstanding to the realty sector to a record Rs 28 lakh crore, as per the latest RBI data. It is evident from the Reserve Bank's loan outstanding data as well as property consultants data on housing sales and new launches across major cities that activities in the real estate sector are moving at a fast pace. The credit outstanding in housing (including priority sector housing) rose 37.4 per cent annually in July crossing Rs 24.28 lakh crore, showed the RBI's data on 'Sectoral Deployment of Bank Credit July 2023'. The credit outstanding to the commercial real estate increased by 38.1 per cent to Rs 4.07 lakh crore. Commenting on the RBI data, Anarock Chairman Anuj Puri said the impressive loan growth in the real estate sector is a function of a large-scale demand revival across the board. "The commercial office segment was reeling under the pandemic's press

REA India's revenue up 46% to Rs 430 cr amid sharp rise in housing demand

Proptech firm REA India -- owner of Housing.com and PropTiger -- said its revenue has increased 46 per cent to more than Rs 430 crore in the last fiscal year ended June on sharp rise in housing demand and increased adoption of technologies. The company had posted nearly Rs 300 crore revenue in the 2021-22 financial year (July-June). REA India, which is a subsidiary of Australia's REA Group, is a full-stack real estate technology firm and it owns three real estate portals -- Housing.com, PropTiger and Makaan.com. The bulk of the revenue came from Housing.com, one of the leading real estate classified portals in India. "REA India Ltd's strong results demonstrates our commitment to innovation and a leading role within the market," REA India CEO Dhruv Agarwala told PTI. "Our steady efforts to enhance the reach of Housing.com and Proptiger.com demonstrate a thoughtful strategy that keeps us at the cutting edge of industry trends," he added. Agarwala said the company has been focused o

Country Garden reports $7.1 bn loss, on verge of financial collapse: Report

The losses suffered by Country Garden and the resulting cash crunch are the most recent evidence of the worsening crisis in China's real estate market