HomeGlobalWeekly Real Estate News Tracker- 22 April 2023
Weekly Real Estate News Tracker- 22 April 2023
April 23, 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. All about Apple stores in India, lease agreements, rentals and more
Though the Delhi store pales in comparison to the Mumbai one in size, the stores are a study in design and detailing. In fact, one expert said the attention to details is something they had not experienced in 15 years of seeing hundreds of fitouts
2. Average monthly rent for 2BHK flat in north, east Bengaluru rises up to 24% in Jan-Mar: Anarock
Anarock said that Thanisandra Main Road and Marathahalli-ORR in Bengaluru recorded the highest residential rental growth of 24 percent each year-on-year in the January-March period for a standard 2BHK home of 1,000 square feet area.
6. CREDAI signs up with building council for ‘green’ projects
The Confederation of Real Estate Developers’ Association of India (CREDAI) has entered into a nationwide tie-up with the Indian Green Building Council (IGBC), with a pledge to build more than 1,000 Certified Green Projects in the next two years and to construct 4,000 green projects by 2030 through adoption of IGBC Green and Net Zero building ratings.
1. Oberoi Realty sold houses worth over Rs 8,500 crore in FY23
Oberoi Realty ended the financial year 2022-23 with sales worth Rs 8,572 crore, about 2.2 times the number that sold a year ago, an exchange filing showed. In terms of area it sold about 25.4 lakh square feet in the year just ended, up from the 21 lakh square feet it had sold a year ago.
3. Aditya Birla Group company buys Mumbai bungalow for Rs 220 crore
The ground-plus-two property acquired by BGH Properties is located along the Carmichael Road, ML Dahanukar Marg. The total constructed area is 18,494.05 sq ft built up and the area of the covered garages is 190 sq ft each. The date of registration was April 10, 2023, the document showed.
1. At Rs 13k crore, M3M India logs highest-ever sales in FY23
According to Pankaj Bansal of M3M India, the group is expected to reach Rs 20,000 crore sale in FY24 as residential sector continue to report increase in demand and developer has planned series of acquisition and launches.
2. Gurgaon developers advocate for restoring the stilt-plus-four-floors policy
Developers in Gurgaon are urging to revive the stilt-plus-four-floors policy. The Gurgaon Home Developers Association members argue that infrastructure improvements, and violation checks are better solutions than a blanket ban on constructing fourth floors.
The district administration had recently initiated action to recover dues from the real estate group’s Supertech Township entity. The action was initiated over recovery certificates issued from the UP Real Estate Regulatory Authority (RERA) .
4. Delhi: Bhikaji Cama and Nehru Place revamp now closer to reality
The DDA in its budget for 2023-24 has kept a provision of Rs 65 crore for the retrofitting and upgrading work in these two commercial centres, which includes the construction of a multi-level car park, an official said.
1. Rents in this European city soar at fastest pace in more than a decade
Rents in London are rocketing at their fastest pace in more than a decade as private tenants fight over a dwindling supply of homes. The figures underscore the huge imbalance that remains in the rental market, with 10 prospective tenants for every available property.
Rentals of private residential properties increased by 7.4% in the 4th Quarter of 2022, compared with the 8.6% increase in the previous quarter. For the whole of 2022, rentals of private residential properties increased by 29.7% compared with the 9.9% increase in 2021.
3. UK realty huge opportunity for skilled Indian construction workers: Report
The labor shortage in the United Kingdom (UK) may open up new vistas of opportunity for skilled workers in India. According to the Shortage Occupation List released by the UK’s Chartered Institute of Building, there were 41,000 job vacancies in the country’s construction industry between December 2022 and February 2023.
4. Analysis: Banking crisis scars struggling U.S. real estate stocks
Driving this year’s struggles are fears that tumult in the banking sector following the collapse of Silicon Valley Bank in March will make it more difficult for real estate companies to access debt, as banks become more stringent on lending.