Weekly Real Estate News Tracker- 12 February 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. RBI hikes repo rate again, home loans to get costlier
The Reserve Bank of India (RBI) has revised the repo rate for the last time this Financial Year (FY) 2022-23. After a 25 basis point (bps) hike, the repo rate now stands at 6.5 percent.
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2. Delhi-Mumbai expressway: Delhi-Dausa-Lalsot stretch to be inaugurated by PM Modi on February 12
A 246-kilometre stretch of the Delhi Mumbai Expressway between Delhi and Dausa and Lalsot has been built at a cost of about Rs 12,150 crore.
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3. In Apr-Dec, Godrej Properties sales bookings rise 77% to ₹8,181cr
Realty firm Godrej Properties sales bookings rose 77 per cent year-on-year to ₹8,181 crore in the April-December period on strong housing demand, and will cross the target of ₹10,000 crore for the full fiscal, its Executive Chairman Pirojsha Godrej said.
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4. Puravankara records highest-ever sales at Rs 796 cr in Q3FY23
The area sold by the developer during Q3FY23 was 1.02 msft (3% YoY). The sales value stood at Rs 796 crore (+20% YoY) while sales realisation was at Rs 7,767 per sq ft (15%y oy).
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https://housing.com/news/puravankara-records-highest-ever-sales-at-rs-796-cr-in-q3fy23/
5. Indiabulls Real Estate posts 236.77 crore loss in Oct-Dec Quarter
Indiabulls Real Estate Ltd (IBREAL) has posted a consolidated net loss of ₹236.77 crore for the third quarter of this fiscal year on a lower income. Its net loss stood at ₹87.04 crore in the year-ago period, according to a regulatory filing.
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MUMBAI NEWS
1. Welspun Group’s chairman buys penthouse in Worli for Rs 240 crore
B K Goenka, chairman of Welspun Group, has purchased the triplex (through a group company) in Three Sixty West, a luxury project at Annie Besant Road, Worli.
2. Damanis buy 24 luxury apartments for Rs 1,500 crore in Worli, Mumbai
DMart retail chain founder Radhakishan Damani and his family have purchased 24 luxury apartments worth about ₹1,500 crore in a super-premium project in Mumbai’s Worli locality, people aware of the transaction said, in what would be the country’s largest residential portfolio deal till date.
3. Oberoi Realty buys 63 residential units in luxury housing project in Mumbai
Mumbai-based Oberoi Realty has bought 63 residential units comprising over 5 lakh square feet in a luxury housing project at Worli in Mumbai.
4. Brookfield in talks to sell 50% stake in Mumbai office assets to Singapore’s GIC for $1.5 billion
Brookfield Asset Management Company is in talks with Singapore’s sovereign wealth fund GIC to sell half its stake in the special purpose vehicle that is holding its office assets in Powai, Mumbai for $1.5 billion, two sources with knowledge of the deal said.
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5. NRI businessman Jai Mahtani buys flat in South Mumbai for over Rs 83 crore
The deal for the apartment, spread over a carpet area of 5,211 sq ft, is valued at around Rs 1.60 lakh per sq ft, making it one of the costliest property transactions in the country.
6. MahaRERA allows deregistration of a real estate project by developers with conditions
The MahaRERA said the process of deregistration is being introduced as there are instances where developers who have registered their real estate projects are unable to commence and complete the construction of the same.
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7. Hindalco leases 50,000 sq ft office space in Blackstone’s Mumbai tower
The company will be paying total rent of nearly Rs 54 crore for these five years including a 15% rent escalation after the first 36 months.
8. Arkade Group buys Rs 103-crore plot from Bajaj group firm in Mumbai
Arkade Group will also launch two other projects in the second and third quarter of 2023, for which the combined top-line is Rs 800 crore.
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NCR UPDATES
1. Haryana RERA issues arrest warrant against Shree Vardhman Infrahome’s directors
The court of the adjudicating officer, or AO, issued the warrant on February 7 after hearing the complaints of the allottee, HRERA said in a official statement.
2. Orris Infrastructure accuses builder of cheating, Godrej Air buyers in a fix
In December last year, the court of an additional district judge had ordered to freeze 16 bank accounts of the residential housing project after Orris had filed a petition, alleging siphoning of funds by Godrej Properties.
3. NGT imposes Rs 113 crore environmental compensation on Wave City’s builder
These agencies were asked to carry out a probe after a Ghaziabad resident had filed a petition in the NGT, alleging the Wave Group flouted environmental norms ranging from groundwater extraction to cutting trees and violated solid waste management (SWM) laws as well.
4. Survey on illegal colonies in Sohna begins, 12 found so far
Mushrooming of illegal colonies in Sohna and nearby areas is posing a challenge to the civic authorities in developing infrastructure and amenities for newly created sectors.
5. Gaming tech firm Aristocrat leases 128,000 sq ft of office space at Noida SEZ
The leasing comes at a time when companies are avoiding SEZs and are waiting for the Development (Enterprise and Services) Hubs Bill, 2022, to replace the Special Economic Zones Act
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GLOBAL UPDATES
1. Proptech fundraising accelerates in Asia-Pacific region on rising demand for decarbonisation in real estate industry
Venture capital firms are speeding up fundraising in property technology in the Asia-Pacific region, as rising demand for climate-friendly upgrades to buildings fuels the fast-growing segment across the globe.
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2. Median New York rent passes $4,000 a month in January
CNBC’s Robert Frank joins ‘Power Lunch’ to discuss why New York rents are remaining high even as rates in the rest of the U.S. drop, increases in the flow of people moving into New York City and the housing deficit there.
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https://www.cnbc.com/video/2023/02/09/median-new-york-rent-passes-4000-a-month-in-january.html
3. London house prices fell by an average of £11,000 in the first month of 2023, according to new data.
The average value of homes fell by roughly £11,073 from £541,472 to £530,396 in January compared to the month before. According to new data from Halifax, properties across the capital were losing an average of £350 off their price tag a day.
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4. Billionaire Wee Cho Yaw’s UOL Buys Singapore Suburban Redevelopment Property For $295 Million
A joint venture between UOL Group and Singapore Land—both controlled by billionaire Wee Cho Yaw—is buying the Meyer Park condominium in the eastern Singapore suburb of Katong for S$392.2 million ($295 million) as the real estate developer continues to replenish its landbank to tap into resilient housing demand in the city-state.
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5. Wuhan eases housing curbs, paves way for other cities in China
With a population of 13 million, Wuhan is the first major city to clearly allow homeowners to buy additional units, easing a ban put in place in many metropolitan areas to prevent speculation.
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Weekly Real Estate News Tracker- 25 March 2023
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Weekly Real Estate News Tracker- 1 January 2023
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