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 :

INDIA UPDATES

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.

3. India’s savings rate exceeds UK, US, Brazil’s. Real challenge is turning it into investment

In ‘Grasping Greatness’, Ila Patnaik and Radhika Pandey analyse savings and capital formation in India

4. Embassy Group sells 4.2 crore shares in Embassy REIT to Bain Capital for Rs 1,250-1,300 crore

Realty firm Embassy Property Developments Pvt Ltd has sold 4.2 crore shares in Embassy Office Parks REIT to Bain Capital for Rs 1,250-1,300 crore to pare debt.

5. Raheja Realty among seven prospective applicants for Asian Hotels

K Raheja Realty is one of the seven prospective bidders who have expressed interest for bankrupt Asian Hotels (West), which operates Hyatt Regency hotel in Mumbai, sources said.

6. Sebi revokes securities market ban on eight former promoter entities of DHFL

Sebi on Friday revoked the securities market ban imposed on eight former promoter entities of Dewan Housing Finance Ltd (DHFL) in a case pertaining to alleged fraudulent financial transactions.

==============================

MUMBAI UPDATES

1. Over 4 lakh apartments in Maharashtra worth over Rs 1 lakh crore fall under lapsed real estate projects class.

Of the total, 70 percent of the lapsed projects are present in Mumbai Metropolitan Region and Pune. Nashik, Aurangabad and Nagpur have 254, 102, and 202 lapsed projects, respectively.

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.

Read more at:
https://tinyurl.com/2h9k6pya

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.

Read more at:
https://tinyurl.com/39aduvy3

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.

===================================

GURUGRAM UPDATES

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.

4. Baring PE Asia looks to pick up stake in Shriram Housing Finance

BPEA EQT, formerly Baring PE Asia, is in advanced negotiations to buy into Shriram Housing Finance Ltd (SHFL), a mortgage subsidiary of Shriram Finance, people familiar with the matter said.

Read more at:
https://tinyurl.com/mrxxmjts

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.

==============================

GLOBAL UPDATES

1. Luxury home sales plunge 45%, with Miami and the Hamptons hit hardest

The U.S. housing market is taking a hard hit from higher mortgage rates, and luxury home sales are seeing the worst of it.

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.

3. US Real estate brokerage firm Douglas Elliman loses $18M in Q4

Perhaps no other residential brokerage’s financials better illustrate the market’s fall from 2021 to the end of 2022 than those reported in Douglas Elliman’s fourth-quarter earnings.

4. London Has Become the Land of the £1 Million Home

There was a time when being a property millionaire, with a home worth north of £1 million—or about $1.186 million—meant something in the British capital. Today, not so much.

5. Spotlight: real estate ownership issues in Singapore

Here’s all you need to know about the intricacies of real estate ownership in Singapore

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.

Tags:#gurugram, #gurugramrealestate, #mumbai, #mumbairealestate, #propertymanagement, simplease

Simplease Insights

Weekly Real Estate News Tracker- 12 March, 2023

About The Author

Research Team Simplease

Add a Comment

Related Posts

About The Author

Research Team Simplease

Add a Comment