Weekly Real Estate News Tracker- 25 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. Share of affordable homes supply across 7 cities slips to 20% last yr from 40% in 2018
Real estate consultant Anarock attributed the fall in the share to various factors, including costlier land, low-profit margin and lack of adequate availability of finance at a cheaper rate.
2. Deloitte inks one million sq ft of office lease in Bengaluru
The firm has leased around 500,000 sq ft of office space at Prestige Tech Park on Outer Ring Road and over 460,000 sq ft in SalarpuriaAura and Eminence in Bengaluru
3. Google has leased over 29 lakh sq ft in Bengaluru over six deals
Six different transactions have been signed by Google India Private Limited and Google Connect Services India where Bagmane Developers is the landlord in five and Table Space in the sixth, documents reveal
Read more at: https://www.moneycontrol.com/news/business/google-has-leased-over-29-lakh-sq-ft-in-bengaluru-over-six-deals-10300571.html
4. HDFC gets an all-cash offer from Omkara ARC for bad loan portfolio
According to sources, three to four large asset reconstruction companies examined the portfolio, but HDFC ultimately received a bid from Omkara ARC for the entire pool.
Read more at: https://tinyurl.com/53xkm927
5. Despite SC order, Chandigarh mayor backs share-wise registration of properties
In a meeting with UT adviser Dharam Pal at the UT secretariat, Sector 9 here on Friday, Gupta took up issues regarding sale/purchase of shares in property and permission of temporary roof in central courtyard open to sky pertaining to sectors 7, 8 and 26 on Madhya Marg
6. Casagrand forays into commercial real estate, to invest Rs 8,000 crores over next five years
The company aims to develop 10mn sq ft of commercial and retail spaces by 2027, which has an estimated rental potential of Rs 900 Cr annually.
7. Bhopal: 36 commercial properties sealed for tax evasion
BMC’s major action in the state capital included a building in MP Nagar where property tax of Rs 1.18 crore was said to be due. Around 36 shops were also sealed in all.
Read more at: https://realty.economictimes.indiatimes.com/news/commercial/bhopal-36-commercial-properties-sealed-for-tax-evasion/98930078
8. 315Work Avenue leases 25,000 sq ft to Urban Company in Bengaluru
Located at Krimson Square, HSR Layout, this new office of Urban Company is expected to house more than 500 employees.
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MUMBAI UPDATES
1. Mumbai is the most expensive property market, Delhi a distant second
In 2022, average luxury real estate price in Mumbai stood at Rs 707,996 per square-meter or Rs 65,771 per square-feet. While in Delhi, the average rate of luxury properties was Rs 353,982 per sq.meter or Rs 32,886 per sq.ft.
2. Brookfield extends pact to buy IL&FS’ headquarters till June
Project Holdings Seven (DIFC), which is an affiliate of Brookfield, had signed the agreement for 12,651.95 square meters land at plot No C-22, in the ‘G’ Block of Bandra Kurla Complex, Mumbai, together with the IL&FS Financial Centre in December 2021
3. Tufropes Director Madhav Goel buys Rs 121-cr luxury apartment in South Mumbai’s Malabar Hill
Madhav Goel, director of leading synthetic fiber rope manufacturer Tufropes, has purchased a sea-view luxury apartment for Rs 121 crore in South Mumbai’s Malabar Hill from realty developer Lodha Group.
Read more at: https://tinyurl.com/bdhjkbzn
4. Bombay HC orders occupancy certificate for 27 Virar buildings
Velson Developers and eight others, including flat owners across nine buildings, had last year moved the HC to challenge an August 2022 municipal order rejecting OC, citing lapsing of a green nod.
5. MahaRERA initiate action against eight more in Pune for advertising unregistered projects
In the latest batch, most getting notices are from Mumbai (16), followed by Pune (8) and Nashik (7); these are followed by Aurangabad (5) and Nagpur (3).
6. Issue OC to Patra Chawl free-sale building: Bombay HC to Mhada
The free sale component construction continued and at least two of the three towers made by Ekta Everglade Homes Pvt Ltd are complete and awaiting OC.
7. Now, app on conveyance deed process in Maharashtra
In simple terms, the conveyance deed or deemed conveyance refers to the transfer of land in the name of the housing society from the builder.
Read more at: https://realty.economictimes.indiatimes.com/news/technology/now-app-on-conveyance-deed-process-in-maharashtra/98930032
8. Shapoorji Pallonji Group creates holding companies for infra & realty verticals
The move will help improve operating cash flows since investments in long-lead businesses like infrastructure and real estate create timing mismatch, which puts debt burden on the balance sheet, officials said.
Read more at: https://tinyurl.com/2aznd5dz
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NCR UPDATES
1. DDA’s luxury flats in Dwarka to be up for bidding by Diwali
The project site is located at Sector 19B. “We are making our best efforts to complete the project by November. Thereafter, applications will be invited from buyers and a computerised draw of lots conducted.
2. Gurugram court directs police to initiate process to declare former IREO CEO a proclaimed offender
The order was issued after an arrest warrant against him returned unexecuted. The court said it “is satisfied that the presence of the accused Ramesh Sanka cannot be secured through issuance of non-bailable warrants”.
Read more at: https://tinyurl.com/57ukhmn7
3. ED attaches Rs 252 crore worth ‘Ambience Tower’ in Delhi’s Shalimar Bagh
The immovable property is named Ambience Tower and it belongs to a company called Ambience Towers Pvt Ltd, a firm of the Ambience Group promoted by Raj Singh Gehlot
4. Ganga Realty to invest Rs 750 crore to develop affordable housing project in Gurugram
Spread across approximately 22 acres, Ganga Realty’s Tathastu project will offer 3 BHK apartments with carpet area of 645.73 sq ft at a price of Rs 25.14 lakh.
5. Signature View Apartments residents & Delhi development body fail to break deadlock
DDA officials have given three options – redevelopment, buyback and swapping of flats – to the residents, who claim none of these is feasible.
6. Greater Noida: GNIDA issues RCs worth over Rs 23 crore against two builders over dues
Additional CEO Aditi Singh said RCs worth Rs 23.39 crore were issued by the Greater Noida Industrial Development Authority (GNIDA) against developers Assotech Realty and AVJ Homes
7. DDA warns public about fake URL being used in the name of its housing scheme
In a statement, the Delhi Development Authority (DDA) said it has has taken a serious view in this matter, and complaints have been lodged in the Economic Offences Wing and Cyber Crime cell of the Delhi Police.
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GLOBAL UPDATES
1. Landlords raise rent on more than half of properties in England: ONS
The Office for National Statistics (ONS) analysed data collected every 12 months about privately-rented homes, revisiting the properties to track price changes over time
2. China: Kaisa Group Holdings forecasts loss of up to about $2 billion
The Shenzhen-based company earlier this month, published its long-delayed results for fiscal 2021 in which it reported a loss of 13.26 billion yuan.
3. Average long-term US mortgage rate falls to 6.42% this week
Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell to 6.42% from 6.6% last week. The average rate a year ago was 4.42%
4. Singapore, New York or London? Which city has the most attractive rental market for real estate investors
Knight Frank announces ‘Prime Global Rental Index’ that tracks the movement of prime residential rents across ten cities using data from our global research network.
Read more at: https://www.financialexpress.com/investing-abroad/featured-stories/singapore-new-york-or-london-which-city-has-the-most-attractive-rental-market-for-real-estate-investors/3021843/
5. Japan Real Estate witnessing slowing of inflow of global funds
Money from international investors helped fuel a sharp rise in Japanese property values, but the inflow of funds has slowed recently amid stress in the financial markets. Japanese land prices jumped at the fastest rate in 15 years, Japan’s Ministry of Land, Infrastructure and Transport said.
Read more at: https://www.rprealtyplus.com/international/japan-real-estate-witnessing-slowing-of-inflow-of-global-funds-110028.html
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