Weekly Real Estate News Tracker- 15 April 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. Puravankara clocks highest-ever sales of Rs 3,107 crore in FY23
Bengaluru-based real estate firm Puravankara recorded sales of Rs 3,107 crore for FY23, its highest-ever for a full financial year. The FY23 sales were 29 percent higher than the previous year’s Rs 2,407 crore, the company said in a press release.
Read more at: https://www.moneycontrol.com/news/business/puravankara-clocks-highest-ever-sales-of-rs-3107-crore-in-fy23-10401611.html
2. Godrej Properties shares soar over 8% in trade on best ever fiscal results; Nifty Realty adds 3.6%
Mumbai-based Godrej Properties share price jumped 8.37% to an intraday high of Rs 1,219.5 per share today on the back of positive March-quarter results. The real estate developer posted its best ever quarter in terms of sales bookings.
Read more at: https://www.financialexpress.com/market/godrej-properties-shares-soar-over-8-in-trade-on-best-ever-fiscal-results-nifty-realty-adds-3-6/3040694/
3. Institutional investment in real estate rises 37% in Jan-March: Report
Foreign investors preferred to deploy funds in office assets, while domestic players put more money into housing. The office sector continued to drive the investment inflows, accounting for 55 per cent of the total inflows during the January-March period, the data from real estate consultant Colliers India showed.
Read more at: https://www.hindustantimes.com/real-estate/institutional-investment-in-real-estate-rises-37-in-jan-march-report-101681020791962.html
4. ED attaches over Rs 40 crore assets of Supertech group on money laundering charges
Assets worth more than Rs 40 crore of real estate group Supertech and its directors have been attached under the anti-money laundering law, the Enforcement Directorate said on Wednesday
Read more at: https://tinyurl.com/387ks2da
5. VTP Realty’s arm Rising Wellworth buys 6.7-acre in Pune for Rs 260 crore
The company had entered into a development pact for the said land parcel with the landowner in August 2017. As part of this agreement, the company was expected to develop a realty project on this land parcel and the landowner would retain a certain part of commercial property in this project as consideration.
Read more at: https://realty.economictimes.indiatimes.com/news/industry/vtp-realtys-arm-rising-wellworth-buys-6-7-acre-in-pune-for-rs-260-crore/99422844
6. NSE Indices launches India’s first-ever REITs and InvITs index
SE Indices Ltd, an arm of the National Stock Exchange (NSE), on Tuesday launched the country’s first-ever Real Estate Investment Trusts and Infrastructure Investment Trusts index — Nifty REITs and InvITs Index.
Read more at: https://realty.economictimes.indiatimes.com/news/industry/nse-indices-launches-indias-first-ever-reits-and-invits-index/99412755
7. Ahmedabad civic body gets record Rs 290 crore for FSI, plan fees in 11 days
The new jantri rates coming into force from April 15 has led to a rush to get plans cleared at the Ahmedabad Municipal Corporation (AMC)
Read more at: https://realty.economictimes.indiatimes.com/news/regulatory/ahmedabad-civic-body-gets-record-rs-290-crore-for-fsi-plan-fees-in-11-days/99488427
8. Nexus REIT plans to float Rs 4,000-crore IPO in May 2023
Global private equity major Blackstone Group-sponsored Nexus Select Trust REIT, India’s maiden real estate investment trust (REIT) with retail properties, is set to launch its initial public offering to raise over ₹4,000 crore in the first week of May
Read more at: https://tinyurl.com/2arnsnf5
9. Kolte-Patil Developers’ sales bookings rise 28% to record Rs 2,232 crore in FY23
Pune-based Kolte-Patil, which also has a presence in Mumbai and Bengaluru, had posted sales bookings of Rs 1,739 crore in the year-ago period, according to a regulatory filing
Read more at: https://realty.economictimes.indiatimes.com/news/industry/kolte-patil-developers-sales-bookings-rise-28-to-record-rs-2232-crore-in-fy23/99481160
1. Kandoi Fabrics, directors buy four apartments in South Mumbai’s Malabar Hill for Rs 217 crore
These apartments are spread over a total 18,572 sq ft across the 6th, 7th, 8th, and 9th floor of the super-luxury residential tower Lodha Malabar on Walkeshwar Road
Read more at: https://tinyurl.com/yc22pxjk
2. Hiranandani exploring 3 plotted developments, to enter redevelopment of old buildings in Mumbai
Mumbai-based Hiranandani Group plans to venture into the redevelopment of old buildings, for which it is exploring opportunities in the suburbs and south Mumbai. The group also plans to launch three plotted development projects in Alibaug, Khandala near Mumbai and in Chennai to capitalize on demand for second homes post-Covid-19.
Read more at: https://www.moneycontrol.com/news/business/real-estate/hiranandani-exploring-3-plotted-developments-to-enter-redevelopment-of-old-buildings-in-mumbai-10406361.html
3. Sonu Nigam buys two offices in Mumbai’s Andheri for Rs 11.37 crore
These offices are part of the free-sale component of a redevelopment project on Veera Desai Road in Andheri (west) being undertaken by Saroj Landmark Realty LLP
Read more at: https://realty.economictimes.indiatimes.com/news/commercial/sonu-nigam-buys-two-offices-in-mumbais-andheri-for-rs-11-37-crore/99450908
4. Shapoorji Pallonji to raise $2.5 billion from infrastructure, realty stake sales
It is planning to sell stake in Afcons Infrastructure, a company acquired from ICICI Bank, and Gopalpur Ports, also an acquired asset from metal trader Sara International and entrepreneur Mahimananda Mishra of Orissa Stevedores.
Read more at: https://realty.economictimes.indiatimes.com/news/industry/shapoorji-pallonji-to-raise-2-5-billion-from-infrastructure-realty-stake-sales/99422862
5. Navi Mumbai civic body’s development plan to land city in chaos: Environmentalists
The narrow roads packed with vehicles will be unable to bear the burden of the existing housing and population and the multi-storeyed towers that are coming in the same areas are for sure to create crises like traffic snarls, parking, power, water supply and sewage.
Read more at: https://realty.economictimes.indiatimes.com/news/infrastructure/navi-mumbai-civic-bodys-development-plan-to-land-city-in-chaos-environmentalists/99331560
6. Real estate project registrations have gone down in Maharashtra in H2CY22: MahaRERA
The number of real estate projects in Maharashtra have gone down in the second half of 2022, according to data provided by the Maharashtra Real Estate Regulatory Authority (MahaRERA). While this was due to increased scrutiny by MahaRERA related to compliance by real estate developers, the overall numbers for 2022 were robust.
Read more at: https://www.moneycontrol.com/news/business/real-estate/real-estate-project-registrations-have-gone-down-in-maharashtra-in-h2cy22-maharera-10413161.html
7. Panvel to get huge realty boost, prices likely to skyrocket
Panvel and adjoining areas of Navi Mumbai are on the verge of seeing a huge realty boost with the Mumbai Trans Harbour Link (MTHL) project all set to get completed by the end of December 2023. This announcement was made by Devendra Fadnavis, Deputy Chief Minister of Maharashtra, while presenting the State Budget 2023.
Read more at: https://www.cnbctv18.com/real-estate/panvel-to-get-huge-realty-boost-prices-likely-to-skyrocket-16221991.htm
8. Mumbai’s Real Estate Market Continues To Flourish With High-End Purchase Of Luxurious Homes
Mumbai’s real estate market has been attracting high-end buyers, with Creative Plastics Group and Bollywood singer Sonu Nigam making significant purchases in Mahalaxmi and Andheri West respectively.
Read more at: https://www.mumbailive.com/en/real-estate/mumbai’s-real-estate-market-continues-to-flourish-with-high-end-purchase-of-luxurious-homes-78072
1. Housing ministry blacklists two firms engaged in construction of NBCC Green View in Gurugram
The Union housing and urban affairs ministry has blacklisted two firms, which were engaged in the construction of the ill-fated NBCC Green View project in Gurgaon, debarring them from getting any work from the ministry for two years for sub-standard work
Read more at: https://realty.economictimes.indiatimes.com/news/industry/housing-ministry-blacklists-two-firms-engaged-in-construction-of-nbcc-green-view-in-gurugram/99481196
2. Drone survey to scan illegal construction in Gurugram, flaws in infra on now
The mapping of these sectors, through a government agency — DRIISHYA, is aimed at gathering information on infrastructure deficiencies, unauthorised construction, and status of amenities for future redevelopment plans.
Read more at: https://tinyurl.com/48pxt8s8
3. India’s tallest shopping mall to come up in Noida
The nation’s tallest retail project, designed by SAYA Group will be unveiled at the real estate hotspot, Noida-Greater Noida Expressway. Due to its holistic features, the project will be a one-stop answer for the retail requirements of the nearby residents and the preferred leisure destination, owing to its distinctive design, top-notch infrastructure, and opulent amenities.
Read more at: https://www.rprealtyplus.com/news-views/indias-tallest-shopping-mall-to-come-up-in-noida-110257.html
4. How was Sports City launched before acquiring entire land, HC asks Noida authority
The bench of Justices Ashwani Kumar Mishra and Vinod Diwakar also asked the Authority CEO, Ritu Maheshwari, to explain why it had invited bids for the project even before land was acquired
Read more at: https://realty.economictimes.indiatimes.com/news/regulatory/how-was-sports-city-launched-before-acquiring-entire-land-hc-asks-noida/99368008
5. Gurugram: Chintels Paradiso structural engineer & architects served notices
The department of town and country planning (DTCP) has issued a show-cause notice to Chintels Paradiso’s structural engineer, architects and two others in connection with the collapse of five flats in a tower in the Sector 109 residential society last year. Two residents died in the cave-in.
Read more at: https://realty.economictimes.indiatimes.com/news/regulatory/gurugram-chintels-paradiso-structural-engineer-architects-served-notices/99481231
1. Knight Frank appoints India head Shishir Baijal on group executive board
In a statement on Wednesday, the consultant said it has appointed “Shishir Baijal to its Group Executive Board responsible for the UK and global Knight Frank business”. Baijal joins the board to add international experience and wide-ranging corporate acumen after his 45-year-plus career across various sectors, including hotels, leisure and real estate.
Read more at: https://www.moneycontrol.com/news/business/knight-frank-appoints-india-head-shishir-baijal-on-group-executive-board-10403491.html
2. US manufacturing boom has a real estate problem
Volkswagen’s off-road brand Scout Motors studied 74 different parcels of land across the U.S. last summer as it hunted for a place to build a $2 billion assembly plant. It quickly eliminated almost all of them. In one case, they learned it would take six years to build a needed rail link.
Read more at: https://www.reuters.com/markets/us/location-location-location-us-manufacturing-boom-has-real-estate-problem-2023-04-13/
3. Singapore rent prices are still sky-high. Long-time expats are having to consider drastic changes
Foreign residents in Singapore continue to feel the pinch as home rental prices soar and show few signs of returning to pre-pandemic levels soon. Whether one’s renting a room, an apartment or a house, long-time expatriates living in Singapore are digging deep into their pockets and making drastic changes to cope with rising rents.
Read more at: https://www.cnbc.com/2023/04/13/singapore-rent-prices-are-soaring-what-this-means-for-expats.html
4. China Home Market Stabilizes as Prices Rise for Second Month
China’s home prices rose for a second consecutive month in March, adding to signs that the country’s real estate sector is stabilizing. New home prices in 70 cities, excluding state-subsidized housing, increased 0.44% from a month earlier, after rising 0.3% in February, the National Bureau of Statistics reported Saturday.
Read more at: https://www.bloomberg.com/news/articles/2023-04-15/china-home-market-stabilizes-as-prices-rise-for-second-month#xj4y7vzkg
5. Japan’s MUFG sets emissions targets for real estate, shipping, steel
As Japan’s top lender and a significant funder of carbon-intensive industries, MUFG is increasingly in activists’ crosshairs and is set to face a shareholder vote on its climate efforts at an upcoming annual meeting.
Read more at: https://www.reuters.com/business/sustainable-business/japans-mufg-sets-emissions-targets-real-estate-shipping-steel-2023-04-11/
6. One in six young adults live in poor housing, UK study shows
Resolution Foundation said Britain was facing a twin housing crisis as soaring rents and mortgage payments added to the pressure on people living in substandard accommodation, with young adults bearing the brunt.
Read more at: https://www.theguardian.com/business/2023/apr/15/young-adults-uk-housing