HomeGurgaonWeekly Real Estate News Tracker- 12 March, 2023
Weekly Real Estate News Tracker- 12 March, 2023
March 12, 2023
A lot of activity happened in the Real estate sector this week and you wouldn’t want to miss out on any of it! Here’s this week’s news, Simplease Edition :
1. Real estate projects becoming unviable due to high construction, capital cost: Tata Realty MD & CEO
When asked about the factors making projects unviable, Dutt pointed out, “Real estate requires a lot of capital in India, first of all to acquire land. In major cities such as NCR, Mumbai and Bengaluru, it (land cost) is almost 50 per cent of the project cost
2. Registration of housing properties in Hyderabad slips 3% in February
The residential market includes four districts, namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy. The total value of properties registered stood at ₹2,816 crore in February against ₹2,837.7 crore in the year-ago period.
2. Maharashtra Budget: 1% stamp duty waiver for women homebuyers to continue
The Budget has proposed continuation of the 1 percent stamp duty waiver to women homebuyers. It has also proposed a new housing scheme named ‘Modi Awas Gharkul Yojana’ with the aim of constructing 10 lakh homes for other backward classes (OBC).
3. Labdhi Lifestyle to take over Rajesh LifeSpaces’ project in Mumbai
Labdhi Lifestyle will be investing over Rs 200 crore to develop a mixed-use project including repayment of debt raised from both the lenders. It will now be the lenders. It will now be the lead developer of the project giving it a revenue earning potential of Rs. 600 crore, expected to be completed within the next two years
4. Pune citizens clamour for speedy disposal of MahaRERA cases
With over 6,000 complaints pending with the Maharashtra Real Estate Regulatory Authority (MahaRERA), citizens’ groups have demanded speedy disposal of cases and appointment of more adjudicating members to hear the pending cases at the earliest.
5. Luxembourg realty investment company’s India arm buys land, bungalow in Mumbai’s Santacruz
Luxembourg-based real estate investment company Luxembourg REO Company SARL’s subsidiary Picard Angst India has acquired a bungalow spread over a 2.8-acre land parcel in Mumbai’s western suburb of Santacruz for over Rs 86.52 crore.
6. K Raheja Corp buys rights for 1.53 lakh sq ft FSI in Mumbai’s Wadala for Rs 275 cr
Realty developer K Raheja Corp has acquired floor space index (FSI) rights of nearly 1.53 lakh sq ft in central Mumbai’s Wadala locality for over Rs 275 crore from a joint venture between MM Developer and Saroj Landmark Realty LLP.
7. Sunteck Realty leases Mumbai office space to Upgrad for Rs 2,000 cr for 29 years
Listed developer Sunteck Realty Ltd (SRL) has signed a lease deal with edtech firm Upgrad for the former’s premium commercial project, Sunteck BKC51, in Bandra Kurla Complex (BKC) commercial hub in Mumbai. The lease is expected to generate Rs 2,000 crore for 29 years.
1. NCLT gives approval to Max Estates’ bid to acquire ‘Delhi One’ project in Noida
Max Group’s realty firm Max Estates on Friday said the National Company Law Tribunal (NCLT) has approved its bid to acquire a stalled mixed-use project ‘Delhi One’ in Noida through insolvency process – a development that will bring relief to nearly 300 stuck customers.
2. Branded real estate developers make a beeline for Noida and Gurugram with luxury launches
Most of these are expected to be priced at Rs 10,000-20,000 per square foot and offer separate clubs, spas, Italian flooring and concierge services as the rise in work-from-home post-pandemic spurs demand for luxury apartments.
3. RateGain’s founder buys bungalow in Delhi’s Golf Links for Rs 127.5 crore
According to registry documents accessed by Zapkey, the property was registered on February 24 in the names of Bhanu Chopra and Megha Chopra, and they paid Rs 6.79 crore in stamp duty to Rategain founder Bhanu Chopra for the transaction.
5. Big relief for 20,000 homebuyers: NCLT approves Jaypee Infra
In a big relief for over 20,000 homebuyers, the National Company Law Tribunal (NCLT) on Tuesday cleared the Mumbai-based Suraksha group’s bid to buy Jaypee Infratech Ltd through the insolvency process.
6. Noida International Airport may spur 30-40% increase in land prices: CEO YEIDA
Noida International Airport, the flagship project of the Uttar Pradesh government, is expected to lead to a 30 to 40 percent increase in current land prices in the next one-and-a-half years, according to a top official.
2. Sizing up Silicon Valley Bank’s real estate exposure
The stunning failure of Silicon Valley Bank, which was shut down by state regulators and taken over by the Federal Deposit Insurance Corporation on Friday morning, sent shockwaves through the tech industry. But it could have major implications for real estate too.
6. CoreLogic reveals house prices across Australia have plummeted to record low with Sydney leading the decline
The property market in Australia has faced the largest annual decline on record. CoreLogic Australia on Thursday revealed house prices had dropped 7.9 per cent over the year to February, the largest 12-month decline ever recorded.