A lot of activity happened in the Real estate sector this week and you wouldn\u2019t want to miss out on any of it! Here\u2019s this week\u2019s news, Simplease Edition :<\/p>\r\n
The Reserve Bank of India (RBI) in its latest Monetary Policy Committee (MPC) has maintained the repo rate at 6.50 percent. Although the last six consecutive repo rate hikes during Financial Year (FY) 2022-23 are believed to have deterred potential homebuyers from investing in property, the current stand may positively impact home buying sentiment and sales.\u00a0<\/p>\r\n\r\n\r\n\r\n
Read more at: https:\/\/www.99acres.com\/articles\/rising-repo-rates-may-result-in-deferred-home-buying-plans-nid.html<\/a><\/p>\r\n\r\n\r\n\r\n 2. Landlord Games – Tenants in Bengaluru scramble after sudden hike in rent<\/p>\r\n\r\n\r\n\r\n Apartment rentals in the nation\u2019s IT capital have shot through the roof, climbing as much as 40 percent in some areas. As the city\u2019s economy and private sector stir back to life, landlords are raising rents to recoup the revenue lost during the pandemic, when tenants returned to their hometowns.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/www.moneycontrol.com\/news\/business\/landlord-games-tenants-in-bengaluru-scramble-after-sudden-hike-in-rent-10378341.html<\/a><\/p>\r\n\r\n\r\n\r\n 3. Birla Estates acquires 5.76 acres land parcel in Pune<\/p>\r\n\r\n\r\n\r\n The land was purchased from Sudarshan Chemical Industries (SCIL) and has an estimated revenue potential of approximately Rs 2,500 crore.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/realty.economictimes.indiatimes.com\/news\/industry\/birla-estates-acquires-5-76-acres-land-parcel-in-pune\/99331288<\/a><\/p>\r\n\r\n\r\n\r\n 4. Dharampal Satyapal Group, Salarpuria Group submit resolution plans for Viceroy Bangalore Hotels<\/p>\r\n\r\n\r\n\r\n The National Company Law Tribunal, Hyderabad Bench ordered the commencement of a corporate insolvency resolution process of the\u00a0Viceroy Bangalore Hotels Private Limited in August last year. Viceroy has a debt of around Rs 1100 crore and Edelweiss Asset Reconstruction Company is the creditor to the company besides Vistra ITCL (India) Limited.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/realty.economictimes.indiatimes.com\/news\/hospitality\/dharampal-satyapal-group-salarpuria-group-submit-resolution-plans-for-viceroy-bangalore-hotels\/99321462<\/a><\/p>\r\n\r\n\r\n\r\n 5. Chennai civic body aims for Rs 300 crore property tax boost with reassessment<\/p>\r\n\r\n\r\n\r\n Any city resident involved in unauthorised construction in violation of building\u00a0plans could soon have an official from the corporation knocking at his\/her door.\u00a0Greater\u00a0Chennai Corporation plans to bring in 2.79 lakh under-assessed properties into the tax fold by re-assessing them, expecting, in the process, to boost its\u00a0property tax revenue by 300 crore annually.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/realty.economictimes.indiatimes.com\/news\/regulatory\/chennai-civic-body-aims-for-rs-300-crore-property-tax-boost-with-reassessment\/99331526<\/a><\/p>\r\n\r\n\r\n\r\n After getting a lukewarm response in the first two rounds of bidding, the Yamuna Expressway Industrial Development Authority (YEIDA) will float a fresh global tender this month for the Uttar Pradesh government\u2019s ambitious Film City project, officials privy to the development said.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/www.moneycontrol.com\/news\/business\/real-estate\/yeida-to-float-third-global-tender-for-film-city-project-this-month-10375491.html<\/a><\/p>\r\n\r\n\r\n\r\n Located in north Goa, the land parcels belong to Guru Ashish Construction\u2019s Rakesh Kumar Wadhawan and Sarang Kumar Wadhawan. The twin land parcels, worth Rs 31.50 crore, have been attached under the provisions of the Prevention of Money Laundering Act, 2002, (PMLA)<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/housing.com\/news\/patra-chawl-redevelopment-case-ed-attaches-guru-ashish-constructions-goa-plots\/<\/a><\/p>\r\n\r\n\r\n\r\n ===============================<\/p>\r\n\r\n\r\n\r\n MUMBAI UPDATES<\/p>\r\n\r\n\r\n\r\n 1. Creative Group of Industries’ promoters buy eight apartments in Mumbai for Rs 155 crore<\/p>\r\n\r\n\r\n\r\n Promoters of Creative Group of Industries have purchased eight sea-view luxury apartments for nearly Rs 155 crore in South Mumbai\u2019s Mahalaxmi locality from real estate developer K Raheja Corp Homes.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/realty.economictimes.indiatimes.com\/news\/residential\/creative-group-of-industries-promoters-buy-eight-apartments-in-mumbai-for-rs-155-crore\/99331044<\/a><\/p>\r\n\r\n\r\n\r\n 2. Macrotech Developers sells properties worth Rs 12,064 crore in FY23<\/p>\r\n\r\n\r\n\r\n Realty firm Macrotech Developers’ sales bookings rose 34 per cent to a record Rs 12,064 crore in the last fiscal, on better demand despite rise in interest rates\u00a0on home loans.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/tinyurl.com\/522sx6yz<\/a><\/p>\r\n\r\n\r\n\r\n 3. Piramal Capital sells two offices in Mumbai’s BKC to TCG Urban Infra for Rs 110 crore<\/p>\r\n\r\n\r\n\r\n This is part of a buyback deal as\u00a0TCG Urban Infrastructure had sold the same office space, in 2013, to Dewan Housing Finance Corporation Ltd which has now merged with Piramal Capital & Housing Finance Ltd.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/realty.economictimes.indiatimes.com\/news\/commercial\/piramal-capital-sells-two-offices-in-mumbais-bkc-to-tcg-urban-infra-for-rs-110-crore\/99256240<\/a><\/p>\r\n\r\n\r\n\r\n The National Green Tribunal in Pune has admitted an application alleging that Skylark Buildcon, the developer of luxury project Oberoi Three Sixty West, has violated the Maharashtra Urban Areas Preservation of Trees Act (MUAPT), 1975, by not planting any trees in open spaces.\u00a0<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/tinyurl.com\/3rrp9cy5<\/a>\u00a0<\/p>\r\n\r\n\r\n\r\n Tech titan Apple is all set to\u00a0 open its first retail store in India in Mumbai. For that, it \u00a0has leased over 20,000 sq ft of retail space spread over three floors in a mall in the commercial hub of Mumbai\u2019s Bandra Kurla Complex (BKC), at a minimum guaranteed rent of around Rs 42 lakh per month<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/www.moneycontrol.com\/news\/business\/real-estate\/apple-rents-retail-space-in-mumbai-for-a-minimum-guaranteed-payment-of-rs-42-lakh-per-month-10375381.html<\/a><\/p>\r\n\r\n\r\n\r\n The iconic 23- storey Air India building at Nariman point will be sold to Maharashtra government for Rs 1,600 crore. While the finer details are being worked out, Maharashtra government has asserted that it will go ahead with the deal only if all offices operating out of the building vacate.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/housing.com\/news\/mumbais-air-india-building-to-be-sold-to-maharashtra-govt-for-rs-1600-cr\/<\/a><\/p>\r\n\r\n\r\n\r\n After easing the guidelines of the Government Resolution (GR) passed in 2019, the Maharashtra urban development department has framed a new clause. This clause is inserted in the Development Control and Promotion Regulations, 2034 for creating redevelopment rules for 454 properties owned by MHADA and BMC<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/www.99acres.com\/articles\/mumbai-fresh-guidelines-issued-for-builders-of-cessed-projects-nid.html<\/a><\/p>\r\n\r\n\r\n\r\n 8. Kotak Mahindra Life Insurance leases 1.5 lakh sq ft space in Tata Realty’s tower<\/p>\r\n\r\n\r\n\r\n The company will be paying rentals of \u20b9100 per sq ft a month, bringing its total\u00a0pay-out to \u20b9162 crore over the term of the lease, excluding the rental escalations.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/realty.economictimes.indiatimes.com\/news\/commercial\/kotak-mahindra-life-insurance-leases-1-5-lakh-sq-ft-space-in-tata-realtys-tower\/99199843<\/a><\/p>\r\n\r\n\r\n\r\n ======================<\/p>\r\n\r\n\r\n\r\n District Magistrate Manish Kumar Verma, who took charge last month, said “munaadi” (beat of drum) will be carried out against the builders over the next two days for the recovery of dues towards the Uttar Pradesh Real Estate Regulatory Authority.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/realty.economictimes.indiatimes.com\/news\/industry\/rs-503-crore-to-be-recovered-from-101-builders-crackdown-from-april-7-noida-dm\/99310953<\/a><\/p>\r\n\r\n\r\n\r\n The Haryana government has increased circle rates, a move that is unlikely to have an immediate effect on the price of premium properties but might make registries\u00a0dearer<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/realty.economictimes.indiatimes.com\/news\/residential\/circle-rates-increased-in-gurugrams-main-housing-hubs\/99256069<\/a><\/p>\r\n\r\n\r\n\r\n The Suraksha Group, which has been awarded Jaypee Infratech (JIL) by NCLT following bankruptcy proceedings against the company, has started moving on construction and completion of 170 towers at cost of over Rs 5,000 crore.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/realty.economictimes.indiatimes.com\/news\/residential\/after-long-wait-work-begins-to-complete-jaypee-wish-town-towers\/99256201<\/a><\/p>\r\n\r\n\r\n\r\n The real estate market in the top three micro-markets -Delhi, Noida and Gurgaon- is witnessing an upswing in demand and value. Real estate continues to be the best investment option in Delhi-NCR micro-markets, with people choosing to prefer these cities over others to live.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/www.hindustantimes.com\/real-estate\/real-estate-among-top-3-micro-markets-in-delhi-ncr-witnesses-upswing-in-demand-value-101680696561007.html<\/a><\/p>\r\n\r\n\r\n\r\n Market experts attributed the rise in sales in Gurugram to strong demand for luxury homes. Sales dropped in Noida-Greater Noida due to lesser launches of new projects and lower demand amid increase in mortgage rates as well as property prices.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/www.hindustantimes.com\/real-estate\/gurugram-sold-10-more-houses-in-jan-march-noida-slacks-behind-by-23-report-101680434630382.html<\/a><\/p>\r\n\r\n\r\n\r\n \u201cBesides completing the construction work, the concessionaire needs to obtain an\u00a0NoC for fire safety and get other mandatory clearances. These flats, which are in multi-storey buildings, can be allotted only after everything is in place, such\u00a0as electricity and water supply connection,\u201d said a\u00a0DDA official.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/realty.economictimes.indiatimes.com\/news\/residential\/dda-sets-december-2023-deadline-for-delhis-kathputli-colony\/99256344<\/a><\/p>\r\n\r\n\r\n\r\n =============================<\/p>\r\n\r\n\r\n\r\n GLOBAL UPDATES<\/p>\r\n\r\n\r\n\r\n For the world\u2019s rich looking for places to stash their wealth, one segment of Dubai\u2019s real estate market is increasingly the destination of choice: apartments and townhouses with a brand name, like Four Seasons, Bulgari and Cavalli.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/www.hindustantimes.com\/real-estate\/dubais-luxury-housing-market-on-unstoppable-growth-sets-yet-another-record-101680692237740.html<\/a><\/p>\r\n\r\n\r\n\r\n The sales of new homes rose 55.7% month-on-month, up from growth of 31.9% in February, according to data from the China Index Academy \u2014 one of the country’s largest independent real estate researchers.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/www.hindustantimes.com\/real-estate\/chinas-new-home-sales-sees-sharp-rise-in-march-survey-101680515669467.html<\/a><\/p>\r\n\r\n\r\n\r\n A housing market downturn meant sales revenue was almost flat, but Foxtons still booked double-digit earnings growth. The reason? Income from lettings rose 17 per cent last year, thanks to a 20 per cent surge in rental prices.<\/p>\r\n\r\n\r\n\r\n6. YEIDA to float third global tender for Film City project this month<\/h3>\r\n\r\n\r\n\r\n
7. Patra Chawl redevelopment case: ED attaches Guru Ashish Construction\u2019s Goa plots<\/h3>\r\n\r\n\r\n\r\n
4. Green tribunal notice to developer of Oberoi Three Sixty West over serious Tree Act violations<\/h3>\r\n\r\n\r\n\r\n
5. Apple rents retail space in Mumbai for a minimum guaranteed payment of Rs 42 lakh per month<\/h3>\r\n\r\n\r\n\r\n
6. Mumbai\u2019s Air India building to be sold to Maharashtra govt for Rs 1,600-cr<\/h3>\r\n\r\n\r\n\r\n
7. Norms issued for redevelopment of rebuilt cessed buildings<\/h3>\r\n\r\n\r\n\r\n
NCR UPDATES<\/h3>\r\n\r\n\r\n\r\n
1. Rs 503 crore to be recovered from 101 builders, crackdown from April 7: Noida DM<\/h3>\r\n\r\n\r\n\r\n
2. Circle rates increased in Gurugram’s main housing hubs<\/h3>\r\n\r\n\r\n\r\n
3. After long wait, work begins to complete Jaypee Wish Town towers<\/h3>\r\n\r\n\r\n\r\n
4. Real estate among top 3 micro-markets in Delhi-NCR; witnesses \u2018upswing\u2019 in demand, value<\/h3>\r\n\r\n\r\n\r\n
5. Gurugram sold 10% more houses in Jan-March, Noida slacks behind by 23%: Report<\/h3>\r\n\r\n\r\n\r\n
6. DDA sets December 2023 deadline for Delhi’s Kathputli Colony<\/h3>\r\n\r\n\r\n\r\n
1. Dubai\u2019s luxury housing market on \u2018unstoppable\u2019 growth, sets yet another record<\/h3>\r\n\r\n\r\n\r\n
2. China’s new home sales sees sharp rise in March: Survey<\/h3>\r\n\r\n\r\n\r\n
3. Dust off your pet CV: London\u2019s rental crisis is barking mad<\/h3>\r\n\r\n\r\n\r\n