HomeGlobalWeekly Real Estate News Tracker- 25 June 2023
Weekly Real Estate News Tracker- 25 June 2023
June 25, 2023
1.Luxury homes market on a roll in Mumbai, unsold inventory declines 24% in Q1
Despite rising home prices, the luxury real estate market seems to have no dearth of buyers—at least in the country’s largest real estate market, Mumbai. The number of unsold homes priced above Rs 2.5 crore has dropped 24 per cent year-on-year in Q1 2023 from 20,480 units to 15,520. In pre-Covid Q1 2019, MMR’s luxury stock was about 23,130 units.
2. K Raheja Corp Homes to develop luxury project on BR House plot in Mumbai’s Juhu
Realty developer K Raheja Corp’s residential development entity K Raheja Corp Homes is planning to redevelop BR House, the family house of one of the foremost filmmakers of Bollywood, B.R. Chopra, into an ultra-luxury project. The 25,000-sq-ft bungalow is spread over nearly an acre of land in Mumbai’s tony Juhu locality that is dotted with properties of actors, directors, and producers of Hindi films.
3. Shah Rukh Khan’s daughter Suhana Khan buys property in Alibaug near Mumbai
Bollywood actor Shahrukh Khan’s daughter Suhana Khan has acquired a property in Alibaug, a beachfront destination for Mumbai’s rich and famous, for Rs 12.91 crore. The property includes three houses and structures built on a total land parcel spread over 1.5 acres. The house and structures constructed on the land parcel are spread over a carpet area of 1,750 sq ft, 420 sq ft and 48 sq ft, respectively.
4. Thane Zilla Parishad to map and create database of over 95,000 properties
The Thane Zilla Parishad is working on mapping and creating a unified digital database of its over 9500 properties- worth thousands of crores spread across the district in a bid to optimise them and also save it from encroachment and subsequent litigations.
5. Navi Mumbai metro to start soon, boost property prices in micro-markets
The Navi Mumbai metro line-1 between Belapur and Pendhar is set to become operational by next month, boosting the real estate micro-markets of Kharghar, Belapur and Taloja along the 11 km route. According to CIDCO officials, line 1 was built at a cost of about Rs 3,000 crore and there are 11 stations on the route. Commercial operations are expected to start in the next one month, according to officials.
6. Kandoi Fabrics, director buy 2 luxury apartments in SOBO’s Malabar Hill for Rs 108 cr
Indian manufacturer, and exporter of packaging fabrics, and one of its directors have bought two sea-view luxury apartments for over Rs 108 crore in south Mumbai’s Malabar Hill from realty developer Lodha Group’s listed company Macrotech Developers. These apartments are spread over a total of nearly 9,300 sq ft across the 11th and 12th floor of the super-luxury residential tower Lodha Malabar on Walkeshwar Road.
1. Pay shifting fee to flat owners in three Chintels Paradiso towers, builder told
District town planner (enforcement) Manish Yadav on Friday wrote to Chintels India, the developer of Paradiso residential project in Sector 109, to pay shifting charges to the flat owners of towers D,E and F. in this regard it is intimated that developer has to pay Rs 6,500/ sqft (super area), cost of interior as finalized by the committee, actual stamp duty, shifting charges and rent till full/final payment of flat to the owners, who are opting for option I.
2. Delhi civic body bars 140 architects for three years for approving wrong building plans
Municipal Corporation of Delhi has debarred 140 architects from approving buildings plans and has said that details of 20% of the plans will be checked after complaints that its empaneled architects had sanctioned plans with wrong information. The MCD has around 1,300 empanelled architects.
3. Directors, senior executives of Ansal Housing booked for fraud
According to police, several people booked shops in Ansal Hub, a commercial complex in Sector 83, in 2010. The builder, Ansal Housing Limited, promised possession in 2014 but the properties are yet to be ready. FIR has been registered and have started probe.
4. Noida authority to offer built-up space to startups
To motivate budding entrepreneurs, the Noida Authority will set up a start-up hub in Sector 81 Phase 2 by leasing out built-up spaces for new businesses. Under the scheme, over 13,000 sq ft of built-up space on the second floor of the Old Court Complex will be allocated through e-auction to entrepreneurs.
5. Investors of two projects allege fraud by Ninaniya Estates, protest
A group of investors of two projects — Prism Portico in Sector 89 and Prism Suites in Gwalpahari by Ninaniya Estates Limited — protested at the developer’s office on Wednesday for not completing the projects for the last 10 years.
6. Adani JV raises $213 mln to finance data centers in Noida and Chennai
AdaniConneX, a 50:50 joint venture between Adani Enterprises and EdgeConneX (ECX), has raised $213 million to finance its under-construction data center portfolio of 67 MW in Noida and Chennai. ING Bank N.V., Mizuho Bank, MUFG Bank, Natixis, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation have committed to the facility, according to a statement released by the company.
1. India’s office supply likely to touch 1 billion sq ft by 2030
The supply of India’s prime workplaces is expected to touch 1 billion sq ft in tier I cities led by robust industry fundamentals and sustained demand by 2030 from the current level of 700 million sq ft grade A offices, showed a CREDAI-CRE Matrix study.
2. Ashiana housing to invest ₹275 cr to develop senior living project in Pune
Realty developer Ashiana Housing is planning to invest over ₹275 crore to develop a nearly senior living project spread over 11.93 acres in Pune’s Talegaon locality. This is the second project being developed by the company in Pune taking its total investment in both the projects to ₹575 crore.
3. Realtor Shriram Properties to invest ₹750 crore in ongoing projects in FY24
Shriram Properties will invest around ₹750 crore this fiscal on construction of its ongoing and new residential projects as it looks to scale up business amid strong housing demand, its CMD M Murali said. Bengaluru-based Shriram Properties had spent ₹500 crore in the last financial year on construction works.
5. Residential real estate sales to grow 8-10% in FY24, says CRISIL Ratings
The growth is expected to be driven by 4-6% volume growth and 3-5% increase in capital values. Buoyant residential demand across the mid, premium and luxury segments had resulted in robust sales growth in the past two financial years, the ratings agency said.
6. Pune civic body seals 400 buildings over property tax dues
Citizens who have not paid property tax for several years are set to lose their properties as the civic body has sealed more than 400 such buildings since May than 400 such buildings since May this year.
7. International Battery Company seeks 100 acres in Bengaluru to set up battery facility
US-based International Battery Company (IBC) on Monday requested the State Government for 100 acres of land at the IT investment region (ITIR) near Kempegowda International airport (KIA) in Bengaluru. The lithium battery maker is planning to set up a manufacturing facility in the region at an investment of Rs 8000 crore.
8. Mesa School of Business leases 50,000 sqft space in the WeWork India
Mesa School of Business has leased a 50,000 sqft space in the WeWork India, its first campus. Situated in Salarpuria Symbiosis, Mesa School of Business new campus aims to provide a distinct learning experience with leaders and founders from high-growth companies along with top business school faculty. The new campus, located on Bannerghatta Road, Bengaluru, will provide students access to state of t
9. Intel to sell Bengaluru office and lease it back
US technology giant Intel has decided to sell its 250,000 square feet office space on the Old Airport Road in Bengaluru as part of efforts to monetise its real estate assets. The deal, expected to exceed ₹450 crore, is anticipated to follow a sales-cum-lease model for three years, with a one-year lock-in period for the asset.
USA: Eviction filings are 50% higher than they were pre-pandemic in some cities as rents rise
Eviction filings are more than 50% higher than the pre-pandemic average in some cities, according to the Eviction Lab, which tracks filings in nearly three dozen cities and 10 states. Landlords file around 3.6 million eviction cases every year. Among the hardest-hit are Houston, where rates were 56% higher in April and 50% higher in May. In Minneapolis/St. Paul, rates rose 106% in March, 55% in April and 63% in May. Nashville was 35% higher and Phoenix 33% higher in May; Rhode Island was up 32% in May.
2. Dubai chases long-term growth as property booms, seeks to blunt debt risk
The approach pursued by the glitzy Gulf city-state is a reboot of a flamboyant economic model that for decades focused on property investment, tourism and inflows of foreign capital. The property price surge and demand for the ultra-high-end segment is stirring memories of old excesses.
3. Squeeze on UK tenants tightens as rents outpace incomes
Britain’s housing market strains are spreading to the rental sector with the proportion of household income spent on rent hitting the highest in a decade in May, adding to wider cost-of-living pressures. Asking and agreed rents continued to outpace incomes with tenants spending 28.3% of their pre-tax earnings on rent last month, above the 10-year average of 27%.
4. Danube Properties’ Dubai residential project sees huge demand from Indian buyers
Danube Properties, a growing private real estate developer in the UAE, plans to invest over Rs 2000 crore to develop Elitz 2 at the Jumeirah Village Circle (JVC), Dubai. Dubai property market has seen growing demand from Indian homebuyers in the past few quarters. Dubai, in particular, remains an attractive destination for investors and high-net-worth individuals (HNIs) from across the globe. And Indian investors top the list. For the project’s first phase, Danube Properties has witnessed investment with over 40% of buyers being Indians.