REAL ESTATE REGULATORY AUTHORITY
Godrej Properties buys 7-acre land in Bengaluru to build housing project worth Rs 1,200 cr
Godrej Properties has acquired a 7-acre land in Thanisandra, North Bengaluru, for developing a luxury housing project. The project is expected to yield around 9 lakh square feet of residential space, with an estimated revenue of Rs 1,200 crore. In a separate development, the company will also develop an 11-acre land parcel in Hinjewadi, Pune, focusing on group housing and high street retail, with a projected revenue of approximately Rs 1,800 crore.
Investing in commercial real estate: How to earn attractive regular income by investing in commercial real estate via fractional ownership platform
As fractional ownership gains traction and becomes increasingly popular, retail investors must run a few checks before investing in CRE assets via this route. Here are some factors that one must consider.
Only 195 projects set up grievance redressal cell despite MahaRERA directive
Only 195 projects in Maharashtra have complied with the directive to establish a complaint redressal cell by the Maharashtra Real Estate Regulatory Authority. The cells aim to resolve homebuyers' grievances.
Prestige Estates board okays proposals to raise Rs 5,000 crore
The Bengaluru-based company may either consider creating a real estate investment trust - which could be the first hotel REIT in India - or pursue an initial public offering to monetise the hospitality business. In April, ET was the first to report Prestige Estates' plan to monetise the business. "The firm is also currently evaluating to monetise its hospitality portfolio, which will lead to some value unlocking," Zaid Sadiq, executive director of hospitality at the Prestige Group had said. He could not be reached for comment.
Daibiru creates Gift City fund with Hines, invests Rs 1,000 crore in Gurgaon building
Daibiru Corporation, a subsidiary of Mitsui O.S.K. Lines, has invested Rs 1,000 crore in an upcoming office complex in Gurgaon developed by DLF and Hines. This investment facilitated the exit of Abu Dhabi Investment Authority (ADIA), with Hines holding a 33% stake in the joint venture. The project, named Atrium Place, spans 2.88 million square feet across 11.76 acres and is slated for completion in 2025.
Noida: What's pushing flat rates as city goes luxury from affordable
Noida and Greater Noida have become premium real estate hotspots in the last five years, with significant price appreciation and increased demand for luxury properties. The average apartment price has risen from Rs 1.24 crore in 2022 to Rs 1.68 crore in 2023, with a notable surge in sales of apartments priced at Rs 3.5 crore and above. Infrastructure development, completion of stalled projects, and policy changes are key drivers of this transformation.
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Real estate prices set to soar in Amaravati with fillip from new govt in Andhra Pradesh
After a dormant period, Amaravati's real estate market is poised for a resurgence following political shifts in Andhra Pradesh. Land deals are escalating as infrastructure projects recommence. CREDAI predicts a doubling of land prices within 18 months, buoyed by renewed government initiatives and local optimism, signaling potential economic revitalization.
Kuwait fire tragedy: Emir orders probe; authorities launch crackdown
The Kuwait government has ordered a crackdown against the guilty, particularly the real estate owner. On Wednesday, Kuwaiti deputy premier, defence and interior minister Sheikh Fahad Al-Yousef Al-Sabah, rushed to the accident site and visited the hospitals where the injured workers were taken for treatment. He has ordered the arrest of the Kuwaiti landlord of the building where fire broke out.
Brigade Enterprises to invest Rs 8,000 cr in Chennai by 2030 to build homes, offices, malls, hotels
Brigade also announced the launch of a new project, 'Brigade Icon Residences', which is part of a mixed-use development located in the heart of Chennai's historic Mount Road. The GDV will be over Rs 1,800 crore. In Chennai, Brigade Group has already completed over 5 million square feet across residential, office, hospitality and retail real estate. Its flagship project, World Trade Center Chennai, is over 90 per cent leased.
MahaRERA keeps registration of 1,750 lapsed housing projects in abeyance
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has put the registration of 1,750 lapsed housing projects on hold across the state and plans to take similar action on 1,137 more projects. The Mumbai Metropolitan Region leads with 761 projects affected, followed by Pune with 628. Homebuyers are advised caution, with a list of affected projects available on MahaRERA's website.
TN law to place time, user curbs on all online games
Tamil Nadu is considering a law to regulate online and real money games, with restrictions on playtime and usage, mirroring the central government's approach. This is being spearheaded by Tamil Nadu Online Gaming Authority (TNOGA); a five-member regulatory authority formed in August 2023.
Realty hopes reforms, infra development continuity as Modi 3.0 takes charge
Industry players and experts are emphasizing the need for tax rationalization and reduced approval costs to foster a more conducive environment for investment and development.
UP RERA sets format for possession letters to flat buyers
It had also directed project promoters to make no binding conditions on the allottees in any way through the offer of possession letter, the UP RERA said in a statement.
India emerges a top five destination for realty FDI
India ranked among the top five global destinations for cross-border capital in land and development site investments in the March quarter, with foreign investors accounting for about 55% of the inflows, according to real estate services firm Colliers. Significantly, 73% of new foreign investments targeted ready assets, as reported in Colliers' latest Asia Pacific Global Capital Flows report.
JM Financial to fund realty projects through AIF, syndications
JM Financial Group shifts to funding real estate projects through AIF route and syndications, transitioning to investment banking-led distribution. Vishal Kampani, non-executive vice chairman, announces strategic AIF for land and approval financing.
Properties worth Rs 1.17 lk cr sold by 18 listed realty firms in FY24; Godrej properties at top
Major real estate developers in India, including Godrej Properties, Prestige Estates Projects, and DLF, achieved significant sales bookings in the last fiscal year driven by strong demand for residential properties, especially luxury homes.
Defence Ministry points gun at Godrej's housing project with revenue potential of Rs 7,000 crore in Mumbai
The Defence Ministry has raised objections to a residential project undertaken by Godrej Properties in Mumbai, demanding the suspension of work on the venture. With an estimated revenue potential of Rs 7,000 crore, the project, known as Godrej Reserve, has encountered opposition due to its proximity to the Central Ordnance Depot (COD) complex in Kandivali. Spanning an 18.6-acre land parcel, Godrej Reserve has already seen the launch of approximately 1.91 million sq ft of development.
MahaRERA suspends registration of over 20,000 real estate agents
In the real estate sector, the property brokers and agents play a vital role as they are the link between a homebuyer and a developer. Usually, a potential homebuyer receives primary project related information directly from these agents.
MahaRera brings in rules for retirement homes, senior citizen housing projects
The Maharashtra Real Estate Regulatory Authority (MahaRERA) introduces comprehensive guidelines for senior citizen housing projects, covering design, accessibility, mobility, kitchens, bathrooms, green principles, lifts, ramps, safety. Developers must certify compliance with standards, covering structural design, stability, testing, materials, workmanship.
MahaRERA proposes self-declaration of project quality by realty developers
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has proposed that realty developers provide an annual self-declaration on projects' quality assurance to ensure structural integrity, material quality, and workmanship standards. Initially optional, it will become mandatory. The move aims to enhance construction quality and protect homebuyers' interests, with a feedback deadline of May 23.
Two M3M Group companies denied land parcels in Noida for poor pricing
UP govt cancels Noida land allotment to M3M's Lavish Buildmart and Skyline Propcon due to non-competitive rates. M3M invested ₹4,000 crore in The Cullinan project with RERA registration.
Legacy stalled projects: 20 of 57 builders have paid 25 per cent dues, says Noida Authority
Pending registries and delayed possession of flats are pressing issues in Noida and Greater Noida for a long time, with the UP government also pushing for resolution of homebuyers' woes in line with the recommendations of the Amitabh Kant panel on stalled projects.
Aggrieved home buyer: Should you file a case in RERA or civil court, which works better for you?
RERA or civil court: Agrrieved real estate buyers can file a case in RERA, consumer courts, etc. However RERA is a specialised forum which has expertise in real estate laws and rules. According to an Anarock report RERA has resolved more than 1 lakh cases till November 2023.
ET Graphics: Gain from owning fractional assets
New regulatory guidelines notified earlier this year by market regulator Sebi allowing fractional ownership of real estate assets are set to bring in huge benefits for real estate investment trusts (REITs). Over Rs 4,000-crore existing assets under management are expected to be listed in the next two to three years. A detailed look:
MahaRERA mandates strict parking regulations to prevent disputes
Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced directives to address parking issues in residential developments. Developers are required to include specifics about parking dimensions, numbering, and location within buildings in allotment letters and agreements for sale. The move aims to ensure transparency and adherence to regulations, and to uphold consumer rights and foster accountability.
Haryana RERA imposes Rs 50 lakh penalty on Countrywide Promoters for misleading advertisement
Haryana's real estate regulatory authority (HRERA) in Gurugram has fined Countrywide Promoters Private Limited Rs 50 lakh for a misleading advertisement about its Green Oaks project. The ad showed amenities not part of the project, like a club and other facilities, leading to confusion among potential buyers. Despite mandatory provisions under the Real Estate (Regulation and Development) Act 2016, the promoter did not describe the details properly, violating Section 61 of the Act. The project is an affordable plotted colony at Sector 70-A, Gurugram, under Deen Dayal Jan Awas Yojna Affordable Plotted Housing Policy 2016.
Gurgaon RERA penalises Vatika for violation of builder buyer agreement
The Real Estate Regulatory Authority (RERA) court in Gurugram has penalized Vatika Limited for violating the builder buyer agreement. The court imposed a penalty of Rs 1,00,000 for each complaint and directed the promoter to execute the buyer's agreement within 30 days. The court also imposed a penalty of Rs 25000 for each complainant to pay within 30 days.
Migsun Group to invest Rs 426 crore on mix-use project in Lucknow
"This is our second commercial project in Lucknow," said Yash Miglani, managing director of Migsun Group. "Our first project, Migsun Janpath, is also successful, and the prices have appreciated almost two-fold. We hope to repeat this performance again with Migsun Central."
MahaRERA approved registrations of 4,332 real estate projects in FY24
Of the total approved projects, Pune had the highest number of registrations with 1,172 approved projects followed by Thane with 597, Mumbai suburban with 528, Raigad with 450, Nagpur with 336, Nashik with 310 projects and so on.
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