PROPERTY SECTOR
FIR filed against Noida builder after buyers complain of flat sizes being too small
As per the complainants, the 423 flats sold in Prateek Edifice were 10-12% smaller than what they had been charged for. They claimed construction was also done beyond the sanctioned plan without their consent.
Godrej Properties buys TDR certificates for Gurugram project
Godrej Properties has acquired Transfer of Development Rights (TDR) certificates worth Rs 50 crore for its Sector 43 project in Gurgaon, a novel practice in the NCR region but common in Mumbai. These certificates allow for an additional 300,000 sq ft of construction, potentially generating Rs 900 crore in revenue. TDRs, obtained from Haryana government for land acquisition, were sold with a floor area ratio (FAR) of 2. This strategic move is expected to catalyze similar transactions in Gurgaon, following the company's significant sales growth in FY24 and upcoming projects in prime sectors.
Property digitisation benefits all: Enhancing transparency and efficiency in the real estate sector
The new government announces assistance for 3 crore homes under the Pradhan Mantri Awas Yojana, reinforcing GoI's commitment to affordable housing and potentially boosting GDP by over $500 bn.
Property digitisation benefits all: Enhancing transparency and efficiency in the real estate sector
The new government announces assistance for 3 crore homes under the Pradhan Mantri Awas Yojana (PMAY), potentially boosting GDP by over $500 billion.
Indian realty surge drives debt financing demand, to top Rs 14 lakh cr by 2026: Report
The real estate market in Mumbai is experiencing a resurgence driven by government policies, urbanization, and economic recovery, leading to increased demand for financing. The sector is expected to create debt financing opportunities worth over Rs 14 lakh crores by 2026, with lenders seeing opportunities for growth and innovation in funding structures.
Trai suggests infrastructure status, single-window clearance for broadcasting sector
In July 2023, the ministry of information and broadcasting had urged Trai to provide its inputs for the formulation of the NBP. The Trai had issued a consultation paper on NBP seeking stakeholder comments in April. While suggesting steps to grow the TV and radio footprint in the country, the regulator has also asked the MIB to establish a credible audience measurement system for TV, radio, and OTT.
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Share of high-value property transactions doubles since 2019
There has been a consistent increase in the sale of properties in higher price brackets, including those valued between Rs 75 lakh-1 crore and above Rs 1 crore. This trend suggests a growing inclination towards upscale real estate offerings, potentially driven by factors such as increased disposable income and changing lifestyle preferences.
Asia shares muted on mixed China data, euro pressure
Asian share markets softer on mixed Chinese economic data. European political uncertainty persists. Swiss National Bank may ease. Markets await U.S. retail sales and Fed speeches. French political risks weigh on euro. Gold and oil prices stable.
China's May industrial output misses forecasts, retail sales a bright spot
China's industrial output fell below expectations, leading to calls for fiscal and monetary policy support. Retail sales exceeded forecasts, driven by global demand.
5 world market themes for the week ahead
Central bank decisions in Britain, Switzerland, and Norway will show the rate cutting trend, while retail sales data from the US and China will indicate consumer health. Europe gears up for the Euros 2024 tournament in Germany. Investors are monitoring cocoa supply issues in Ivory Coast, Ghana, and other countries like Brazil.
Robust housing demand helps in faster inventory liquidation
Residential property markets in the top seven cities - Mumbai, Delhi-NCR, Pune, Bengaluru, Chennai, Hyderabad and Kolkata - have witnessed a significant 31% decrease in the time taken to sell active unsold housing inventory, showed a JLL analysis.
India’s retail realty expansion to continue led by urbanization, consumption growth
The top seven Indian cities--Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Pune, Kolkata, Chennai--will add over 45 million sq ft of retail real estate through 88 new developments. This anticipated growth will outstrip the retail space supply from the past decade (2014-2023), which totaled around 38 million sq ft, showed data from JLL India.
China's factory activity unexpectedly contracts in May
China's manufacturing activity fell in May, with the official factory survey showing a decline. Calls for fresh stimulus persist due to the ongoing property crisis impacting businesses, consumers, and investors.
IMF revises China's GDP to 5% this year; growth may decelerate to 3.3 per cent by 2029, says Gita Gopinath
The 5 per cent growth revision by the International Monetary Fund (IMF) is in line with the target set by the Chinese government for the world's second-largest economy which is grappling with a slowdown triggered by the crippling property sector crisis and industrial overcapacity.
IMF upgrades China's 2024, 2025 GDP growth forecasts but warns of risks ahead
"China's economic growth is projected to remain resilient at five percent in 2024 and slow to 4.5 percent in 2025," the IMF said in a press release, adding the decision was "driven by strong first-quarter GDP data and recent policy measures".
Shanghai lifts home-buying curbs to boost property sector
Shanghai eases property buying rules amidst a real estate crisis, reducing residency requirement to 3 years and minimum down payment to 20% for commercial housing mortgages.
Godrej Properties sells around 650 flats for over Rs 2,000 crore in Noida
Realty firm Godrej Properties Ltd announced the sale of 650 flats in Noida, generating over Rs 2,000 crore in revenue. This marked their successful launch in the city with the Godrej Jardinia project in Sector 146. The project launched in May 2024 showed strong consumer demand for residential properties. MD & CEO Gaurav Pandey spoke about the plan to expand their presence in the city.
Godrej Properties sold homes worth Rs 2,000 crore in Noida project
Sector 146 is a prominent upcoming residential corridor in Noida. The area provides good connectivity to the upcoming Jewar Airport, as well as to the metro station, Noida- Greater Noida Expressway and Yamuna Expressway.
Bulls beat a path to China stock shop but foreigners dare not go in
Share prices have rebounded from multi-year lows in February on signs of more official support. The benchmark Shanghai index has climbed more than 3% since reports of the property rescue surfaced on Thursday, taking its gains to a fifth in 3-1/2 months, though the rally stalled on Tuesday as investors awaited more details on how the funding would work. Hong Kong-listed Chinese shares are up nearly 38%
Shriram Properties signs JDA for a 4-acre land in Bengaluru
Shriram Properties Limited (SPL) has inked a joint development agreement for a 4-acre land parcel in Yelahanka, Bengaluru. The project, slated for completion in three years, will feature 270 apartments spanning 3.8 lakh square feet, with an estimated revenue surpassing Rs 250 crore. SPL aims to launch the project in the first half of the fiscal year.
South India driving office property market recovery
Southern India, particularly Bengaluru, Hyderabad, and Chennai, is set to lead the recovery in India's office property market, with these cities accounting for 60% of the total space requirement by 2025. The tech sector and global capability centers are driving office leasing activities, with Bengaluru leading in demand. Experts anticipate a surge in demand from companies like QuessCorp, Morgan Stanley, Google, and Amazon in 2024.
China allocates billions of dollars to bailout its crisis-hit property sector
China has taken decisive measures to tackle the crisis in its property sector, which has been a crucial driver of its economic growth. The People's Bank of China has announced a 300-billion-yuan relending facility to support government-subsidized housing projects. Local state-owned enterprises are encouraged to purchase completed commercial homes to provide affordable housing. Commercial banks have issued significant loans for real estate development and individual housing.
China lays out 'historic' plans to prop up its realty market
Investors hoped the measures marked the beginning of more decisive government intervention to compensate for waning demand for new and old apartments, to slow down falling prices and to reduce a growing stock of unsold homes. Since the property market began its steep downturn in 2021, a string of developers have defaulted, leaving scores of idle construction sites behind, and sapping confidence in what had been the preferred savings instrument for the Chinese population.
China unveils steps to stabilise crisis-hit property sector
China announced significant measures to stabilize the struggling property sector. The measures included allowing local governments to purchase apartments, easing mortgage rules, and committing to finishing incomplete homes. These efforts aim to address declining demand, falling prices, and a surplus of unsold properties, with the hope of reviving a sector that once contributed significantly to the economy.
China expected to announce new measures to fix property crisis, spur growth
China's housing prices dropped in the first four months of the year, while factory output increased by almost 7%. This has lead to officials planning new measures to boost the struggling property industry. The National Bureau of Statistics noted insufficient domestic demand. The State Council announced a news conference to address the property market challenges, including defaults by developers.
Certus Capital commits Rs 400 crore through three real estate investments
Institutional real estate investment firm Certus Capital has finalised investments worth over Rs 400 crore through three real estate funding transactions. The funding is part of its plan to invest Rs 1,000 crore through secured credit in India’s real estate sector in 2024-25.
Two Chinese megacities lift home purchase curbs to attract buyers
Hangzhou and Xian lifted home purchase limits to revive the real estate market impacted by the pandemic and borrowing rules. The move aims to attract buyers and support the sector, following a decline in prices.
China's GDP grew by 5.3% in 1st quarter of 2024 amid continued crisis in property sector
The stronger-than-expected 5.3% growth in China's economy for the first quarter of the year comes as a positive surprise for analysts and policymakers alike. This growth figure surpasses the 4.6% expansion that was anticipated by analysts, indicating resilience in the face of challenges such as the ongoing property crisis.
China pushes banks to speed approvals of new loans to private developers, say sources
Chinese regulators are urging banks to expedite the approval of new loans to cash-starved private property developers to revive homebuyer sentiment and alleviate lenders' asset quality. The "whitelist" mechanism, Beijing's latest support measure, aims to ease the sector's liquidity squeeze and stimulate home purchases. Despite repeated nudges from Beijing, most top domestic banks have remained reluctant to bolster credit exposure to the crisis-hit property sector.
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