Weekly Real Estate News Tracker- 20 May 2023
MUMBAI UPDATES
1. Mumbai-based Dosti Realty forays into Pune market, to construct over 1 million sq ft
The project named Dosti Greenspaces coming up in the Hadapsar area of Pune comprises approximately 5.42 lakh sq ft RERA carpet area followed by phase 2 including commercial development plus residential comprising about 5.08 lakh sq ft RERA carpet area.
Read more at : Mumbai-based Dosti Realty forays into Pune market, to construct over 1 million sq ft (moneycontrol.com)
2. Neetu Kapoor buys luxury apartment in BKC for ₹17.40 Crores
Actress Neetu Kapoor has purchased an apartment on the seventh floor in Sunteck Realty’s 19-storey ultra-luxury project Signia Isle located opposite Sofitel hotel in Bandra-Kurla Complex (BKC) for ₹17.40 crore.
Read more at : Neetu Kapoor buys luxury apartment in BKC for ₹17.40 crore | Mumbai news – Hindustan Times
3. HDFC Capital Affordable Real Estate Fund invests about Rs 560 crore in housing project by CCI Projects in Mumbai
HDFC Capital Affordable Real Estate Fund has invested close to Rs 560 crore in a housing project being developed by CCI Projects (CCIPPL), an associate company of Cable Corporation of India to be utilized for paying off the current debt and as working capital for development of upcoming phases.
4. Salman Khan to build 19-floor hotel in Mumbai’s Bandra
The Khans’ architect, Sapre & Associates, submitted a revised amended plan under the city’s new Development Control & Promotion Regulation (DCPR-2034), for a “commercial centrally air-conditioned building with a height of 69.90 meters.
Read more at : Salman Khan to build 19-floor hotel in Mumbai’s Bandra, Real Estate News, ET RealEstate (indiatimes.com)
5. MMRDA puts two plots in BKC on lease, hopes to rake in Rs 2,900 crore
The development potential of Plot C-13 is 45,000 sqm of built-up area and that other, 6,096.67 sqm meter (C-19). The development potential of Plot C-13 is 45,000 sqm of built-up area and that of plot C-19 is 40,000 sqm. The lease period offered is 80 years and the reserve price has been kept at Rs 3,44,500 sqm of built-up area.
Read more at : Mmrda Puts 2 Plots In Bkc On Lease, Hopes To Rake In 2,900cr, Real Estate News, ET RealEstate (indiatimes.com)
INDIA UPDATES
1. Godrej Properties on land-buying spree for housing projects ; to acquire Rs 15,000 crore in FY24
Seeking to encash strong housing demand, realty firm Godrej Properties will acquire multiple land parcels this fiscal having sales revenue potential of around Rs 15,000 crore post-development. Last fiscal, Godrej Properties was very aggressive on land acquisition and added 18 new land parcels with sales potential of Rs 32,000 crore post-development.
Read more at : Godrej Properties on land-buying spree for housing projects; to acquire Rs 15,000 crore projects in FY24 (moneycontrol.com)
2. Residential properties worth Rs 3.47 lakh crore sold in FY23 : Anarock
The financial year saw residential real estate worth Rs 3.47 lakh crore being sold, about 48% more than those sold in FY22.
Read more at : Residential properties worth Rs 3.47 lakh crore sold in FY23: Anarock, ET RealEstate (indiatimes.com)
3. Indiabulls Real Estate to challenge NCLT order withholding its merger with Embassy Group
Indiabulls Real Estate (IBREL) has decided to challenge the National Company Law Tribunal (NCLT) – Chandigarh bench order withholding its merger with NAM Estates and Embassy One Commercial Property Developments (Embassy One), both Embassy group entities.
Read more at : Indiabulls Real Estate to challenge NCLT order withholding its merger with Embassy Group firms, ET RealEstate (indiatimes.com)
4. CapitaLand to deploy Rs. 4,500 cr over next 6-7 years, foray into Indian tier-2 cities
Singapore-based CapitaLand Investment Ltd is planning to deploy around Rs 4,500 crore over the next 6 to 7 years to expand its footprint into business parks and industrial logistics parks in India. The company plans to foray into tier-2 cities like Lucknow, Coimbatore, Guwahati, Bhubaneswar and Kolkata.
Read more at : MC Exclusive: CapitaLand to deploy Rs 4,500 cr over next 6-7 yrs, foray into Indian tier-2 cities (moneycontrol.com)
NCR UPDATES
1. Real estate firm Group 108 to invest over Rs 2,000 crore in Noida-Greater Noida in next 10 years
The makers of Bhutani Grandthum has announced an ambitious investment agenda to mark a change in its name. The firm will now be known as Group 108, and plans to invest over Rs 2,000 crore in the Noida and Greater Noida regions that abut the national capital in the next 10 years. Group 108’s focus areas of investment are likely to remain largely in the commercial segment.
Read more at : Real estate firm Group 108 to invest over Rs 2,000 crore in Noida-Greater Noida in next 10 years (moneycontrol.com)
2. Ganga realty acquires 8.35 acre land in Gurgaon for luxury housing project
Ganga realty has acquired 8.35 acre in sector 84 Gurgaon for Rs 132 crore to develop a luxury group housing project. The company will invest another Rs 750-800 crore to develop the project.
Read more at : Ganga realty acquires 8.35 acre land in Gurgaon for luxury housing project – The Economic Times (indiatimes.com)
3. Trident Group acquires Shipra Mall in Ghaziabad for Rs 551 crore via auction
Real estate developer Trident Group has acquired Shipra Mall at Ghaziabad for Rs 551 crore through an auction process. The size of the mall is 4.5 lakh square feet.
Read more at : Trident Group acquires Shipra Mall in Ghaziabad for Rs 551 crore via auction, ET RealEstate (indiatimes.com)
4. NRIs Investment in Commercial Real Estate On the Rise ; Noida, Yamuna Are E-Way Among Beneficiaries
The ‘The Neo-Realty Survey’ by MYRE Capital also highlighted that India’s real estate market is poised for growth, with an expected compound annual growth rate (CAGR) of 9.2 per cent from 2023 to 2028. Noida and Greater Noida regions are among the beneficiaries of NCR.
Read more at : NRIs Investment in Commercial Real Estate On the Rise; Noida, Yamuna Are E-Way Among Beneficiaries (msn.com)
GLOBAL UPDATES
1. Dubai’s next big thing? Perhaps a $5 billion man-made ‘moon’ as city’s realty market booms
The ‘The Neo-Realty Survey’ by MYRE Capital also highlighted that India’s real estate market is poised for growth, with an expected compound annual growth rate (CAGR) of 9.2 per cent from 2023 to 2028. Noida and Greater Noida regions are among the beneficiaries of NCR.
Read more at : NRIs Investment in Commercial Real Estate On the Rise; Noida, Yamuna Are E-Way Among Beneficiaries (msn.com)
2. The World’s Luxury Property Markets Go Negative in 2023
Based on Knight Frank’s latest Prime Global Cities Index (PGCI), which tracks prices in 46 leading prime markets worldwide, fell by 0.4% in the 12 months to the end of March 2023. This marks a sharp reversal from a peak of 10.1% growth in the fourth quarter of 2021. The slowdown in growth has overwhelmingly been driven by sharply higher interest rates following recent tightening in global monetary policy.
Read more at : The World’s Luxury Property Markets Go Negative in 2023 – WORLD PROPERTY JOURNAL Global News Center
3. Singapore’s rent growth set to cool
Rental growth in Singapore is expected to moderate for the rest of this year on more supply and macroeconomic headwinds, providing some respite for tenants struggling with soaring housing costs.
Read more at : Singapore’s rent growth set to cool (bangkokpost.com)
4. Real estate agents push back against Australian privacy law changes designed to protect personal data
Real estate agents are pushing back against proposed privacy law changes, saying small businesses should not face more red tape to keep customer and tenant data safe.
Read more at : Real estate agents push back against Australian privacy law changes designed to protect personal data | Privacy | The Guardian
Mumbai Real Estate: Juggernaut continues in July 2022!
Weekly Real Estate News Tracker- 22 April 2023
AI AFFECTING REAL ESTATE SECTOR
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