REAL ESTATE SECTOR
Bengal government withdraws 2% stamp duty, 10% circle rate relief for real estate sector
The West Bengal government has decided to end temporary relief measures for the real estate sector, including a 2 per cent stamp duty reduction and 10 per cent circle rate slash, effective July 1. Initially introduced in October 2021 to combat COVID-19 economic impacts, the benefits were extended multiple times. Sushil Mohta, of CREDAI West Bengal, expressed gratitude for the measures but urged a reconsideration, emphasizing the sector's significant contributions to the state's economy.
Concorde acquires 1.6 acre land in Bengaluru
Concorde, a real estate developer based in Bengaluru, has purchased a 1.6-acre land parcel situated on Sarjapur Road in the city. This joint development project is slated to become a high-end residential complex with an estimated gross development value (GDV) of Rs 200 crore. Earlier in March, Concorde also acquired a 4.5-acre plot in Thanisandra, Bengaluru.
By 2027, no of branded residences projects forecast to increase to 1200: Noesis Capital Advisors Report
While the Noesis analysis shows that the price premium of such residences globally is very high, in comparison, India currently sees a price premium of around 21-40% as per the market. The company said there is no reason to indicate why this number cannot go up in the future.
Sattva Group to invest Rs 12,000-14,000 crore in diversification over next three years
“The funding for the initiative will be structured with a combination of equity, debt and sales. Approximately 20% of the funding will be in equity, while the remainder will be sourced from debt and sales proceeds,” he told ET. “Our approach to debt is highly prudent and disciplined. The company's primary focus lies on commercial and residential projects, which form the bulk of our portfolio.”
How MSMEs can boost India's real estate market
With streamlined regulations and increased credit access, MSMEs have the potential to boost India's real estate sector.
Budget wish list: Realtors want government to rationalise taxes, allot more for SWAMIH
Real estate developers are seeking measures in the upcoming Union Budget, including SWAMIH fund allocation, GST input tax credit, and rental housing incentives to support growth and demand creation.
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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.
Sumadhura Group eyes over 3-fold turnover growth to Rs 5,000 cr in 2024-25
South India-based real estate developer Sumadhura Group aims for a significant increase in turnover to Rs 5,000 crore by 2024-25, introducing a new logo and tagline "Foundation of Happiness" to reflect their growth strategy and commitment to providing diverse living experiences.
Krisumi Corporation to invest Rs 2,000 crore in Gurugram residential project
Krisumi Corporation plans a Rs 2350 crore investment in Phases 3 and 4 of Krisumi City, Gurugram, with 1051 luxury units and a 2-acre club. Marketed as a shift to larger, luxury apartments, they expect Rs 4000 crore revenue. The joint venture aims for completion by December 2029, backed by Krishna Group and Sumitomo Corporation
Prestige One appoints Colliers Project Leaders as project manager
This strategic agreement underscores Prestige One's commitment to maintaining its top position in the real estate market by leveraging the expertise of renowned global firms.
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.
IIMB’s Real Estate Research Initiative signs MoU with Bangalore Apartments’ Federation
The Real Estate Research Initiative (RERI) at IIM Bangalore has signed a Memorandum of Understanding (MoU) with the Bangalore Apartments’ Federation (BAF) – a collaboration which is aimed to benefit home buyers, home owners and resident welfare associations by promoting awareness, knowledge, education and engagement.
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.
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.
India’s Grade A warehousing supply to top 300 million sq ft by 2025
India's warehousing sector is expected to surpass 300 million sq ft by 2025, fueled by rapid industrial growth and a thriving real estate market. Pune and NCR lead in Grade A warehousing demand, while MMR saw a significant supply increase. Policy support and favorable economic conditions are attracting investments in the sector.
Govt’s PMAY move to help boost affordable housing, drive economic growth
In the interim budget earlier this year, Finance minister Nirmala Sitharaman had announced support for the construction of an additional 2 crore homes in the next five years under the PMAY - Gramin (PMAY Rural). The PMAY budgetary allocation was also increased to Rs 80,671 crore for 2024-25 from Rs 79,590 crore in 2023-24.
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.
Real estate sector pushes for tax rationalisation and reduced approval cost as Modi 3.0 set to take oath
With Narendra Modi set to take oath as Prime Minister for the third time, the real estate industry has high expectations from Modi 3.0. The interim budget announced a boost for affordable housing by adding 2 crore more houses to the PMAY-U scheme. Experts emphasize the need for policy reorientation, cost reductions, and tax rationalization to accelerate growth. Industry leaders stress the need for government intervention to drive further growth, including reforms in GST and revisiting affordable housing definitions.
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.
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.
PropTech investment reaches $4.6 billion since last decade
PropTech firms have seen a significant growth in investment since FY 2011, with a total of $4.6 billion in the last 14 years. This growth is attributed to the transformative impact of technology on the real estate industry, driving efficiency and innovation. Despite global economic uncertainties, PropTech firms' funding experienced a marginal dip in FY 2024, with investments totaling $657 million, down from $683 million in FY 2023. The shared economy and construction technology segments have emerged as leaders in the PropTech space, with 55% and 23% of the overall private investments in FY 2024, respectively.
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.
More than 5.3 lakh homes set to be delivered in 2024, highest in a decade
According to the National Real Estate Development Corporation (NAREDCO) nearly 4.35 lakh units were completed in the top 7 cities in 2023, with expectations of a significant increase this year.
Max Group arm Antara ties up with Hyderabad realtor for senior living project
Antara has two projects - one in Dehradun and one in Noida - and it recently added one in Gurugram after a gap of three years.
Union Bank invests Rs 250 crore in Hyderabad realty co’s luxury housing project
Company’s project The Megaleio will be spread in over one million sq ft area and will need to Rs 800-900 crore. While the funding raised from the bank will be used to start the construction, balance work will be done through the sales receivable, which is more than Rs 1,200 crore.
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.
Nexus REIT in talks to buy Marina Mall in Chennai
Nexus Select Trust in talks to acquire The Marina Mall in Chennai, developing a diverse portfolio with Grade-A malls in Hyderabad. Plans to double assets to 20M sq ft in 5 years, reflecting India's retail growth and mall consumption surge.
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.
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