Weekly Real Estate News Tracker- 28 May 2023
MUMBAI UPDATES
1. Over 4,000 Mhada homes up for grabs, can apply from today
Mhada’s Mumbai Board will begin accepting applications Monday for its upcoming lottery for 4,083 flats and tenements. The last date for application is June 26 and the draw is scheduled to take place July 18.
Read more at : Mumbai: Over 4,000 Mhada homes up for grabs, can apply from today, ET RealEstate (indiatimes.com)
2. Oberoi Realty’s second mall in Mumbai expected to open in mid-2024
Mumbai-based developer Oberoi Realty is set to start a second mall in Mumbai at Borivali, a western suburb. The company plans to start open the around 1.5 million sq ft mall in mid-2024.
Read more at : Oberoi Realty’s second mall in Mumbai expected to open in mid-2024 (ampproject.org)
3. Adani looks to monetise ‘non-core’ assets
The Adani Group is exploring the possibility of monetising parts of its real estate holdings that have been internally flagged as non-core to its operations.
Read more at : Adani looks to monetise ‘non-core’ assets (msn.com)
4. Keystone Realtors adds 5 projects with Rs 3,430 crore development value to portfolio
Realty developer Keystone Realtors has added five new projects with gross development value of over Rs 3,430 crore in the last two quarters in the country’s largest property market of Mumbai.
5. Blackstone’s Lumina CloudInfra to invest over $300 mn to set up Navi Mumbai hyperscale data center
Lumina CloudInfra, a data center platform owned and managed by Blackstone’s Real Estate and Tactical Opportunities funds, plans to invest more than $300 million, or around Rs 2,500 crore, to develop a hyperscale data center campus in Navi Mumbai’s Airoli locality.
6. Oberoi Realty inks pact to acquire NRB Bearings’ 6.4-acre land in Thane
Property developer Oberoi Realty has entered into an agreement with NRB Bearings to acquire the latter’s around 6.4 acre land parcel in Thane’s Pokhran Road 2 along with structures thereon. The company, according to industry sources, has paid over Rs 170 crore for the land parcel.
NCR UPDATES
1.Mankind Pharma’s director sells Vasant Vihar bungalow Rs 91 crore
Poonam Juneja, a Director at Mankind Pharma and wife of Ramesh Juneja, Chairman of the company, has recently sold a bungalow in Delhi’s Vasant Vihar for Rs 91 crore.
Read more at : Mankind Pharma’s director sells Vasant Vihar bungalow for Rs 91 crore, ET RealEstate (indiatimes.com)
2. NCR leads in residential projects completion, 1.70L units to be completed by 2023 end
NCR is all set to lead the pack with approx. 1.70 lakhunits to be completed in 2023, accounting for an almost 30% share of the year’s the deliveries pipeline. This is a 97% hike over 2022.
3. Reasons for the growth of commercial real estate in NCR
The commercial real estate sector in NCR has seen unprecedented growth in recent years, with Noida and Gurugram emerging as the new hotspots. This growth is due to a combination of factors, including infrastructure development and improved connectivity.
Read more at : What is driving the growth of commercial real estate in NCR? | The Financial Express
4. Realty developer Group 108 to invest Rs. 2,000 crore in Uttar Pradesh
Realty developer Group 108, managing partners of Grandthum, an under-construction IT/ITES project located in Greater Noida West, will invest Rs 2000 crore in the region across various projects. The company will complete their maiden project, Grandthum, under the new brand name.
5. The future of real estate is bright in Tier 1 & Tier 2 cities: Saransh Trehan, Trehan Group
Encouraged by excellent consumer demand, realtors are launching various types of projects in Tier 1 and 2 cities across the country. These cities are all set to witness large-scale investments in the coming years, says Saransh Trehan, Managing Director, Trehan Group, one of the leading developers of Rajasthan.
Read more at : The future of real estate is bright in Tier 1 & Tier 2 cities: Saransh Trehan, Trehan Group | The Financial Express
INDIA UPDATES
1. Real estate boom: Record 5.6 lakh homes to be completed in 2023
Continued demand uptick in the residential market will further boost new home development this year. As demand for new homes remain steady, it estimates that completion of residential units across top seven market to surge to 557,900 units – a record in many years.
Read more at : Real Estate boom: Record 5.6 lakh homes to be completed in 2023 (msn.com)
2. Adobe Systems India buys 4 lakh sq ft office in Bengaluru for Rs 505 crore
US tech major Adobe Systems India has acquired 4,00,000 sq ft office space in Bengaluru for ₹505 crore amidst corporate expansion caution. The purchased office space in Prestige Tech Park IV will give the company access to a total 640 car parking slots and an undivided share of over 124,000 sq ft of land.
3. LOGOS, Ivanhoe buy land in Pune to set up logistics park
Asia Pacific logistics real estate major LOGOS and its venture partner Ivanhoe Cambridge have acquired a 77-acre industrial land parcel in Pune’s Chakan industrial area to develop a large-scale logistics park.
Read more at : logos: LOGOS, Ivanhoe buy land in Pune to set up logistics park – The Economic Times (indiatimes.com)
4. Phoenix Mills reports 142% growth in Q4 net profit, FY23 up 452%
The Phoenix Mills has recorded 142% on-year growth in consolidated net profit at over Rs 254 crore for the quarter ended March. Income from operations for the quarter rose 47% to Rs 729 crore.
5. Shriram Properties acquires development rights for residential project in Chennai for Rs.185 cr
Bengaluru-based real estate developer Shriram Properties Limited (SPL) has acquired development rights for 1.9 million square feet of space for a residential project in Chennai from Garden City Developers in a deal valued at about Rs 185 crore.
6. Brigade records highest ever sales of Rs 4,109 crore
Brigade Enterprises reported its highest ever residential real estate sales of 6.3 mn sft for the financial year ended March 2023. The company registered a total value of Rs 4,109 crore against Rs 3,023 crore for FY2023 as compared to the previous financial year, an increase of 36%.
7. Kolte-Patil Developers posts net profit of Rs 120.80 crore in Q4 FY23
Kolte-Patil Developers has reported a growth of 352.77 per cent in its net consolidated profit during the quarter ended March 31, 2023.
GLOBAL UPDATES
1. Chinese Floridian, real estate company sue over DeSantis’ foreign land ownership law
A group of Chinese Floridians and a real estate brokerage firm are suing the state in federal court over a recently-signed Gov. Ron DeSantis policy they say puts “draconian restrictions” on people from China.
Read more at : Chinese, real estate firm sue over Florida Gov. Ron DeSantis SB 264 (azcentral.com)
2. Behind the scenes of Australia’s rental crisis : How decisions are made by landlords and property managers about what you pay
Record-low vacancy rates across the Australia have created a gaping power imbalance between landlords and tenants. In the March quarter, all capital cities hit record highs for advertised house rents. Australians already in properties are reporting widespread rental increases, often in excess of $100 a week.
Read more at : Behind the scenes of Australia’s rental crisis: How decisions are made by landlords and property managers about what you pay (msn.com)
3. Real Estate Marketing Agency Realette, becomes the digital agency of choice for 70 per cent Real Estate brands
Premium Real Estate Marketing agency, Realatte, has been pioneering innovative digital marketing and tech solutions targeted for the real estate sector and has announced its ambitious growth plans of foraying into the upcoming tier 2 markets in India, by setting up 6 more offices in FY 23-24, in the real estate digital marketing space. The agency also aims to expand their current portfolio of digital marketing for hospitality and large-scale retail (malls) real estate, across leading metros.
Read more at : Real Estate Marketing Agency Realatte, becomes the digital agency of choice for 70 per cent Real Estate brands (webindia123.com)
4. Once a symbol of China’s growth, now a sign of a housing crisis
China’s prolonged real estate slump has exposed cracks in cities, like Nanchang, where years of nonstop building have created too much supply. By one measure, nearly 20% of homes in Nanchang sit vacant – the highest rate among 28 large and midsize Chinese cities.
5. PacWest to sell real estate loans to Kennedy-Wilson unit; shares jump
Regional lender PacWest Bancorp said on Monday it had agreed to sell a portfolio of 74 real estate construction loans with an aggregate principal outstanding balance of around $2.6 billion to a unit of Kennedy-Wilson Holdings Inclat.
Read more at : PacWest to sell real estate loans to Kennedy-Wilson unit; shares jump (msn.com)
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