Weekly Real Estate News Tracker- 6 May 2023
MUMBAI UPDATES
1.EOW arrests Nirmal Lifestyle directors in Rs 43 crore cheating case
The EOW informed the court that the Jains had allegedly defrauded them of Rs 43 crore by failing to deliver flats to about 54 buyers in three Nirmal Lifestyle projects, Zircon, Amethyst, and Turquoise. The three home developments are still unfinished. This is the second instance
of similar cheating using Jains.
2. Runwal Group acquires complete ownership of R CITY Mall in Mumbai
One of Mumbai’s largest shopping and leisure destinations, R CITY Mall in Ghatkopar, has been fully bought by real estate developer Runwal Developers. GIC, Singapore’s sovereign wealth fund and its joint venture partner for more than 17 years, has a 50% stake in the acquisition, the business said in a statement on 5th May.
Read more at: Runwal Developers acquires complete ownership of R CITY Mall in Mumbai (moneycontrol.com)
3. Mumbai-based Avighna Group plans to invest Rs 1,000 crore and launch two luxury residential projects in Worli having a saleable area of 2 lakh square feet
The group is actively exploring opportunities in redevelopment of old buildings in Mumbai and to enter the United Kingdom market and open to residential, commercial and hospitality segments for it.
5. CPP Investments, RMZ plan office project on Kamalistan Studio land
Canada Pension Plan Investment Board (CPP Investments) has entered into an agreement with realty developer RMZ Corp to develop a commercial project on a 15-acre land parcel in Mumbai where the iconic Kamalistan Studio stands, said persons with direct knowledge of the development.
NCR UPDATES
1.’You don’t deserve any sympathy’: SC rejects bail plea of Amrapali founder
The Supreme Court on Thursday rejected the bail plea of Amrapali founder and former chairman Anil Kumar Sharma, saying he did not deserve any sympathy for cheating thousands of homebuyers, reports Amit Anand Choudhary.
2. Noida authority seals offices, unsold flats in three projects over Rs 1,000 crore dues
The action was taken against two projects of Gardenia Group in sectors 46 and 75 for not clearing dues worth Rs 707 crore, and a Logix project in Sector 137 for non-payment of Rs 380 crore.
Read more at : Offices, Unsold Flats Sealed In 3 Projects Over ₹1k Crore Dues, ET RealEstate (indiatimes.com)
3. Brookfield Asset Management takes 51% stake in four properties of Bharti Enterprises
Brookfield Asset Management has taken controlling 51% stake in four commercial properties spread over 3.3 million sq ft of Bharti Enterprises for Rs 5,000 crore both the companies said in a media release. Properties managed under the joint venture include Worldmark Aerocity in Delhi, Airtel Center and Worldmark 65 in Gurugram, and Pavillion Mall in Ludhiana.
4. Noida Film City: YEIDA holds talks with production houses, filmmakers to relax bidding conditions
After receiving a tepid response to the last two global tenders for the 1,000-acre Film City project, the Yamuna Expressway Industrial Development Authority (YEIDA) is in talks again with production houses and filmmakers.
Read more at : Noida Film City: YEIDA holds talks with production houses, filmmakers to relax bidding conditions (moneycontrol.com)
INDIA UPDATES
1.Godrej Properties’ net profit up 75.48% in Q4 FY23
Godrej Properties’ net consolidated total income stood at Rs 1,838.82 crore in Q4 FY23, a growth of 20.77 per cent from Rs. 1,522.57 crore it recorded in the similar quarter last year.
Read more at: https://realty.economictimes.indiatimes.com/news/industry/godrej-properties-net-profit-up-75-48-in-q4-fy23/99959395
2.Piramal Group puts stressed realty loan portfolio on the block
Piramal Group is seeking buyers for its distressed real estate portfolio comprising loans amounting to ₹1,812 crore and outstanding security receipts of ₹782 crore.
Read more at : Piramal Group puts stressed realty loan portfolio on the block, ET RealEstate (indiatimes.com)
3.Samantha Ruth buys flat in Hyderabad for Rs 7.8 crore
South actor Samantha Ruth Prabhu has bought a duplex apartment in Hyderabad for a about ₹7.8 crore.The property, bought from Nalla Preetham Reddy, is in Jayabheri Orange County of Ranga Reddy district of Telangana.
Read more at:
https://realty.economictimes.indiatimes.com/news/residential/samantha-ruth-buys-flat-in-hyderabad-for-rs-7-8-crore/100062344
4.Will Cognizant’s decision to reduce office space hurt the real estate market?
Cognizant giving up 11 million square feet of commercial office space in large cities may not have a huge impact on the commercial market in India.
Read more at : Will Cognizant’s decision to reduce office space hurt the real estate market? (moneycontrol.com)
5.MAIA Estates to invest Rs 3,000 cr and develop 4.5 million sq. ft property in Bengaluru
Real estate developer MAIA Estates plans to invest Rs 3,000 crore to develop 4.5 million square feet of property in Bengaluru by the end of 2025 and diversify from building luxury homes to the upper-mid segment.
Read more at : MAIA Estates to invest Rs 3,000 cr and develop 4.5 million sq. ft property in Bengaluru (moneycontrol.com)
6.Casagrand plans to invest Rs 2,000 crore in Bengaluru by 2024
Casagrand is planning to develop 15.5 million sq ft of residential space with an investment of Rs 2,000 crore. The developer has acquired land parcels which have potential revenue of Rs 13,500 crore.
Read more at: Casagrand plans to invest Rs 2,000 crore in Bengaluru by 2024, ET RealEstate (indiatimes.com)
7.Mindspace REIT’s NOI up 9.2%, posts net loss of Rs 339 million in Q4 FY23
Mindspace Business Parks REIT (Mindspace REIT) has reported net consolidated loss after tax of Rs 339 million during the quarter ended March 31, 2023.
GLOBAL UPDATES
1. Dubai records over 2.2 billion dirham in realty transactions
Dubai real estate market recorded 440 sales transactions worth AED830.88 million, in addition to 113 mortgage deals of AED1.28 billion, and 22 gift deals amounting to AED100.85 million on Wednesday, data released by Dubai’s Land Department (DLD) showed.
2. Britain’s Housing Slowdown Leaves More Homes on the Market
The number of homes available to Britons who are bold enough to purchase a home in the middle of the property slowdown has increased by 66% since last year.
Read more at : UK Housing Slowdown Leaves More Homes on Britain’s Property Market – Bloomberg
3. Heart of the Matter: Why ultra-rich foreigners will still buy property in Singapore
The additional buyer’s stamp tax that foreigners must now pay when purchasing residential property in Singapore is 60%, up from 30%. Citizens believe that even though this is the steepest hike in the most recent series of property cooling measures, demand won’t be reduced over the long term as a result.
Read more at : Heart of the Matter: Why ultra-rich foreigners will still buy property in Singapore – CNA (channelnewsasia.com)
4. Buyer Beware: Most Major Canadian Markets Currently Favour Sellers
A year of bottled-up demand has fueled newfound ardour in real estate markets throughout Canada in recent weeks as buyers come back from the sidelines. While they’re eager to transact, new supply sits at a 20-year low.
Read more at : https://storeys.com/canada-real-estate-markets-favour-sellers/
5. Australia’s Housing Market Is Finally on the Rebound
Following a 0.6% increase in March, CoreLogic’s national Home Value Index increased by 0.5% in April, indicating that the market is rebounding from what the study referred to as a “relatively short but sharp downturn.”
Read more at : Australia’s Housing Market Is Finally on the Rebound – Mansion Global
Godrej Properties acquires 18-acre land parcel in Kandivali, Mumbai
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