Weekly Real Estate News Tracker- 19 March 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. Godrej Properties acquires 28 acres land parcel in Bengaluru
Godrej Properties has entered into a sale deed agreement to acquire land parcel of approximately 28 acres near Whitefield, Bengaluru to develop a mixed-use project comprising apartments and supporting retail development, the company said.
2. Amazon cracks leasing deal with DLF Downtown, Jayabheri Properties to acquire 8 lakh square feet of space in Gurgaon and Hyderabad
According to a lease registration document shared by Propstack, Amazon will be paying a rent of Rs 45 to Rs 52 per sq. ft. for the Orange Towers property in Hyderabad, while the Downtown property in Gurugram will attract a rent of Rs 110.5 per sq. ft. for the lease period.
3. TVS Emerald acquires three acres land in Bengaluru
Emerald Haven Realty (TVS Emerald) has purchased approximately three acres of land in Rachenahalli, North Bengaluru, for the development of an apartment housing project
4. Karnataka yet to resolve incorrect property tax claims on over 78,000 citizens
However, administrative delays continue, and citizens pointed out that they are still receiving penalty notifications on account of glitches in the BBMP.
5. Colliers India’s CEO Ramesh Nair resigns
According to sources, Nair resigned as Colliers India CEO on Friday with immediate effect to pursue external opportunities
Read more at:
https://tinyurl.com/5n844j95
6. CPM state secretary assures houses for 3.4 lakh landless people in Kerala
The government will find 15,000 acres for these landless. For the 1.5 lakh people who have land but no houses, the government would provide houses through various schemes.
7. Dilapidated housing units to be replaced soon: Tamil Nadu housing minister
Housing minister S Muthusamy said they had identified 60 dilapidated apartments with 10,000 dwellings across the state
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MUMBAI UPDATES
1. Bajaj Auto’s chairman buys penthouse in Mumbai’s Malabar Hill for Rs 252.5 crore
The apartment is on the 29th, 30th and 31st floors of the super-luxury residential tower, Lodha Malabar, located on the plush Walkeshwar Road, opposite the governor’s estate, touching both the Arabian Sea and the Hanging Gardens.
2. MahaRERA issues notices to 14 projects for advertising without registration number
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has initiated Suo Moto action against realty developers that are advertising housing projects without a registration number from the regulator.
Read more at:
https://tinyurl.com/v2438ej6
3. HDFC Capital invests Rs 1,450 crore in Kalpataru’s projects, land parcels’ portfolio
Kalpataru will utilise the proceeds for the development of residential apartments across new mid-income projects and also to support completion of existing projects in the Mumbai Metropolitan Region and Pune.
4. Bombay HC restrains Avarsekar Realty from selling unsold flats across projects
Bombay high court recently restrained a builder, Avarsekar Realty Pvt Ltd, from selling any of its unsold flats as on date in a proposed plush 42-storey highrise at Mahim and its other projects till further orders.
Read more at:
https://realty.economictimes.indiatimes.com/news/regulatory/bombay-hc-restrains-avarsekar-realty-from-selling-unsold-flats-across-projects/98746989
5. L&T sells three pre-leased floors in Powai office tower to National Realty for Rs81 crores
The company sold this office with nearly 37,527 sq ft carpet area immediately after leasing it to CitiusTech Healthcare Technology at starting annual rent of Rs 7.4 crores
6. HDFC may contest IL&FS building sale to Brookfield
NCLAT had turned down HDFC’s appeal for a stay on the sale of the property located in the Bandra Kurla Complex, which is regarded as one of the prime locations in Mumbai’s business district
Read more at:
https://realty.economictimes.indiatimes.com/news/industry/hdfc-may-contest-ilfs-building-sale-to-brookfield/98721533
7. Maharashtra government revises guidelines for houses built, allotted by MHADA
As per the new guidelines, the apartments under MIG category will now be spread over up to 968 sq ft as against earlier permitted space of 1,722 sq ft.
8. Dalmia Nisus Finance invests over Rs 125 crore in Puranik Builders’ two projects
The residential projects—Rumah Bali and Tokyo Bay—are spread over a total 30 acres with cumulative development potential of over 3.2 million sq ft in Thane’s Ghodbunder Road and Anand Nagar localities.
9. Mumbai: Relief for 24,000 Mhada tenants, two-fold rent hike scrapped
Fadnavis further said that the state government will come out with an amnesty scheme for those who have not paid rent and have been sent notices to pay rent, with a penalty and interest over the due amount.
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NCR UPDATES
1. Rs 8,000 crore in just three days! DLF is selling 1,137 luxury flats in Gurugram at Rs 7 crore each
DLF, India’s largest listed real estate company, witnessed record breaking pre-formal launch sales of Rs 8,000+ crores for its luxury high-rise residences, The Arbour.
Read more at :
2. Draft master plan for Delhi-2041 likely to be notified by March-end
The Delhi Development Authority (DDA) had earlier this month approved the draft master plan with Lt Governor VK Saxena highlighting its thrust for inclusive development, sustainability and innovative interventions such as transit- oriented development hubs, land pooling, heritage and Yamuna rejuvenation, and regeneration of the city.
3. DDA offers buyback, reconstruction, flat swap options to owners of Signature View apartments
Residents of the structurally damaged Signature View Apartments here have been offered three options — buyback, rent for the time period till the flats are reconstructed or apartments at other locations — by the DDA, officials said on Thursday
4. Gurugram: DTCP directs Chintels India to shift tower E, F residents & pay rent
In a letter to Chintels India, the developer, district town planner (enforcement) Manish Yadav said it has to provide monthly rentals to residents of these two towers at the rate of Rs 15 per square foot.
Read more at:
https://tinyurl.com/56eeykuf
5. NCLT gives approval to Max Estates’ bid to acquire ‘Delhi One’ project in Noida
“Our resolution plan for Delhi One project has been approved by the NCLT. A Committee of Creditors (CoC) had approved our plan in 2019,” Max Ventures and Industries Ltd MaxVIL MD and CEO Sahil Vachani told reporters on Friday.
6. Delhi HC dismisses plea by home buyers against loan EMIs without possession of flat
The petitioners before the court included Supertech Urban Home Buyers Association (SUHA) Foundation, consisting of 123 home buyers, and other similarly placed people who have taken home loans from banks and financial institutions on the basis of subvention scheme
7. Court asks CBI to file report in Orris India vs Godrej Properties case
OIPL has accused Godrej Properties of siphoning off funds from the project to other companies, a claim the latter denies and claims “an attempt to malign our image” .
8. Not paid tax dues? Gurugram civic body set to serve notices to defaulters, seal properties
Moreover, the commissioner also asked the officials to recheck the properties which have been registered for change in use. Around 1,244 commercial properties have changed their use to residential properties, causing revenue loss to the civic body
Read more at:
https://tinyurl.com/2cyf94ex
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GLOBAL NEWS
1. The U.S. housing market could face 2 big changes in the wake of Silicon Valley Bank’s collapse, says Zillow
The recent collapse of Silicon Valley Bank has sent shock waves through the real estate industry as builders and agents alike scramble to understand what it means for mortgage rates and the economy at large.
Read more at:
2. China’s property sector draws closer to exit from protracted slump
Home sales by floor area in the first two months of 2023 fell 3.6% from a year earlier.
3. Even London’s Luxury Property Market Can’t Escape the SVB Fallout
The last four weeks have been a crash course in the art of diplomacy
Read more at:
4. Singapore’s CapitaLand in talks to buy Vietnam property assets from Vinhomes
Asian real estate giant CapitaLand Group is in talks to acquire assets worth roughly $1.5 billion from Vietnam’s biggest listed property firm Vinhomes JSC (VHM.HM), two sources familiar with the matter told Reuters.
Read more at:
5. Schroders Capital launches first Global private real estate fund
Read more at:
https://www.perenews.com/schroders-capital-launches-first-global-private-real-estate-fund/
6. Australia records largest drop in house and unit values within one year, CoreLogic data shows
Australia has recorded its largest decline in property values on record, with values dropping by 7.9 per cent in a year and the median value of dwellings in more than 200 suburbs dipping below $1 million.
Read more at:
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