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Union Budget 2024: Key changes and their impact on Real Estate

The Union Budget 2024 introduces key changes for the real estate sector including significant changes to property taxes and a renewed focus on infrastructure development. The budget has standardized the Long Term Capital Gains (LTCG) tax rate at 12.5% without indexation. The allocation of INR 11.1 trillion crore for capital expenditure aims to boost infrastructure, which will enhance connectivity and real estate development. The PM Awas Yojana-Urban 2.0 plans to provide one crore houses for the urban poor with a significant budget allocation. States are encouraged to reduce stamp duty rates to make property transactions more affordable, especially for women. Lower deductions on rental payments and new policies for rental markets are also announced. Industry leaders have welcomed these changes, highlighting the positive impact on job creation, housing, and urban development....
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BAF and RERI-IIMB join hands to help residents of Bengaluru

The Bangalore Apartments Federation (BAF) and the Real Estate Research Initiative (RERI) at the Indian Institute of Management Bangalore (IIMB) have signed an MoU to enhance awareness among homebuyers and residents in Bengaluru. This partnership aims to benefit nearly 1,300 apartment and villa RWAs, representing about 300,000 households, 1.5 million citizens. Key collaboration areas include research, knowledge generation, focusing on resource management, waste management, safety, and cultural integration. BAF President Vikram Rai highlighted the value of this partnership, while Prof. Venkatesh Panchapagesan noted that RERI's first initiative will involve training residents to manage their apartment associations effectively....
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HDFC Capital pledges over USD 2 billion for affordable housing in India by 2025

Affordable housing in India is set for a significant boost as HDFC Capital Advisors pledges over USD 2 billion (INR 15,000 crore) by the end of 2025. This investment aligns with the Indian government's "Housing for All" mission, which targets 30 million affordable homes, including 10 million in urban areas. Despite strong demand, a shortage of 35 million affordable units is projected by 2030. HDFC Capital, backed by the Abu Dhabi Investment Authority, leads with a USD 3.5 billion platform for affordable and mid-income housing. This initiative, alongside investments from ICICI Prudential, Kotak Mahindra, and Deutsche Bank, aims to address the housing deficit and significantly boost India's GDP by contributing an estimated USD 2 trillion by 2030. Collaborative efforts and continued government support are crucial for achieving these ambitious goals....
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Godrej Properties acquires land in Bengaluru for INR 1,200 crore

Godrej Properties has acquired land parcels in Bengaluru and Pune, marking a significant expansion. In North Bengaluru's Thanisandra, the company secured a seven-acre plot for a high-end residential project with a built-up area of 9 lakh sq ft, expected to generate INR 1,200 crore. In Pune's Hinjewadi, Godrej acquired 11 acres for a mixed-use development, featuring group housing and retail, with a developable potential of 2.2 million sq ft and estimated revenue of INR 1,800 crore. These strategic moves align with the rising demand for premium housing and commercial spaces in key Indian cities....
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Deal News

A residential flat spanning 1,103 square feet sold in Yashada Vantage Twenty One in Pune's Pimple Saudagar for INR 1.7 crores

• A residential flat spanning 1,031 square feet sold in Mahindra Citadel - Bastion J,K in Pune's Pimpri Colony for INR 1.27 crores
• A residential flat spanning 974 square feet sold in Pride Platinum in Pune's Baner for INR 1.11 crores
• A residential flat spanning 1,095 square feet sold in Nyati Esteban II in Pune's Undri for INR 94.35 lakhs
• A residential flat spanning 1,047 square feet sold in Alive Building in Pune's Pimple Nilakh for INR 65 lakhs
• A residential flat spanning 1,103 square feet sold in Yashada Vantage Twenty One in Pune's Pimple Saudagar for INR 1.7 crores

Bank Auctions

Residential

24 Parganas, Kolkata

Punjab National Bank is auctioning a flat in 24 Parganas, Kolkata, on August 28, 2024. The auction will begin at 11:30 AM and conclude at 3:30 PM. Don’t miss this chance to bid on a prime property in a desirable location!

EMD: ₹ 97000

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Builders & Projects

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G Square Pavillion: Tamil Nadu's largest sports-themed plotted community

G Square, South India's largest plot promoter, announced the success of G Square Pavillion in Singaperumal Koil, Tamil Nadu's largest sports-themed plotted community. Located on the Oragadam Bypass near GST Road, this DTCP-approved and RERA-registered project features 624 plots across 34.53 acres with over 50 amenities. It benefits from major infrastructure developments, including the SP Koil Overpass linking GST Road with Oragadam Bypass, and extensive connectivity via rail, road, metro, and air. The region is poised for growth, with significant automobile and IT hubs nearby. G Square Pavillion offers plots at an early bird price of INR 2799 per square foot, promising substantial future appreciation....
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Worldwide Realty launches "The Golden City" in Manesar with 178 new plots

Manesar, near Gurugram, is set for growth with Worldwide Realty's launch of 178 new industrial plots in "The Golden City," covering 112.5 acres. This project offers businesses well-connected spaces near major expressways and highways, including the upcoming Gurugram-Pataudi-Rewari Highway, enhancing access and reducing costs. Catering to enterprises of all sizes, The Golden City provides modern infrastructure and amenities. Vikas Aggarwal, COO of Worldwide Realty, emphasised the area's improved connectivity and strategic appeal. This development aims to attract diverse ventures, boosting Manesar's industrial landscape and contributing to the region's economic growth....
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Prestige Estates achieves 16% price increase despite Q1 sales decline

Prestige Estates Projects Ltd., a prominent Indian real estate developer, faced a 23% decline in sales bookings for Q1 FY 24-25, dropping from INR 3,914.7 crore to INR 3,029.5 crore year-on-year. The decrease is attributed to delayed project launches, resulting in sales of 2.86 million square feet and 1,364 units, down from 3.83 million square feet and a higher unit count in the previous year. Despite this, the company achieved a 16% year-on-year increase in average realisation per square foot, totaling INR 11,934 for apartments, villas, and commercial spaces. Plot sales surged 46% year-on-year, averaging INR 7,285 per square foot. Chairman and Managing Director Irfan Razack remains optimistic, emphasising Bengaluru, Hyderabad, and Mumbai as key markets contributing to their strategy of launching new projects in the upcoming quarters. Prestige's challenges reflect broader issues in the I...
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Trending Project

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Kalpataru Srishti Sector 2A

Mira-Bhayandar, India

By Kalpataru Group

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Law & Policy

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Odisha Government orders districts to identify and evict land sharks

Chief Minister Mohan Majhi has directed district administrations to identify and evict illegal encroachers from government land. Emphasising the importance of land for public use and development, Majhi stated that squatters must be removed promptly. Revenue Minister Suresh Pujari clarified that the initiative will only target powerful land grabbers and not the landless poor. The reclaimed land will be used for public utilities and development projects. District collectors have been instructed to survey the encroachments and report back. The eviction drive will prioritise the most influential land grabbers, particularly in Bhubaneswar and Cuttack, where extensive illegal occupations have been reported....
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Noida's homebuyers await resolution amid Supertech-Greater Noida Authority dispute

Homebuyers in Noida are facing uncertainty as Supertech's dispute with the Greater Noida Authority delays flat registrations for around 2,000 units. The issue revolves around outstanding dues of INR 900 crore, part of a larger disputed amount claimed by the Authority. Supertech, undergoing insolvency proceedings, has submitted a resolution plan proposing to settle these dues and register flats in Ecovillage 1, Ecovillage 3, and Czar Suites. However, disagreements persist over payment terms and conditions, leaving several homebuyers in limbo after waiting over seven years for registrations. Clarity and timely resolution are critical for addressing homebuyer concerns amid ongoing legal complexities....
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Bengaluru resident wins INR 48.4 lakh compensation for seven-year delay in apartment possession

A Bengaluru resident, Shreyanshu Pavas, won a significant victory from the Karnataka Real Estate Regulatory Authority (KRERA), receiving INR 48.4 lakh compensation for a seven-year delay in the possession of his apartment. Mr. Pavas had booked a flat in Mantri Webcity 2A on Hennur Road in 2013, expecting completion by 2016. Despite paying over INR 63 lakh, he faced immense inconvenience and financial loss due to the delay. KRERA ruled in his favour, emphasising the developer's failure to honour contractual agreements, highlighting RERA's crucial role in protecting home buyers' rights in India....
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Haryana empowers residents with land ownership certificates under Mukhyamantri Shahri Swamitve Yojane

In a landmark initiative, Haryana distributed ownership certificates to over 5,000 residents in Manesar, resolving long-standing uncertainties over Lal Dora lands. These residents, despite living on government-designated land for decades, lacked official ownership documents, limiting their financial and legal security. Under the Mukhyamantri Shahri Swamitve Yojane scheme, beneficiaries now hold property rights at collector rates, enabling them to sell, renovate, or secure loans against their homes. Chief Minister Nayab Singh praised the program's impact, noting over 2 lakh residents statewide have benefited. This move not only fulfills an electoral promise but also enhances lives and stability across Haryana....
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Nagpur faces safety crisis with 199 dilapidated buildings still standing

A recent incident in Nagpur underscored a critical public safety issue: nearly 200 dilapidated buildings across the city pose significant risks. A partial collapse in Ganjipeth last month highlighted the urgency. Despite identifying 240 unsafe structures in pre-monsoon surveys, the Nagpur Municipal Corporation (NMC) has only demolished 41. This leaves 199 buildings, some still occupied, at risk. The Gandhibagh zone alone has 97 dilapidated buildings, with only six addressed. The NMC must enforce vacate orders, provide relocation support, and explore repair options to ensure residents' safety and prevent future tragedies....
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Taxation & Finance

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RKN enterprises divests stakes in Godrej Properties and Agrovet for INR 1,652 crore

RKN Enterprises, a part of Godrej Industries Group, sold its shares in Godrej Properties and Godrej Agrovet to family members for INR 1,652 crore as part of a family settlement announced in April. This sale included 41.46 lakh shares in Godrej Agrovet for INR 331.70 crore and 39.86 lakh shares in Godrej Properties for INR 1,320.90 crore. The buyers were family members Freyan Crishna Bieri, Jamshyd Naoroji Godrej, Navroze Jamshyd Godrej, Nyrika Holkar, and Smita Godrej Crishna. This follows the Godrej family's decision to split the conglomerate, with Adi and Nadir Godrej retaining Godrej Industries and Jamshyd Godrej controlling Godrej & Boyce....
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Mumbai luxury housing market soars with INR 12,300 crore in sales in H1 2024

The Mumbai luxury housing market saw significant growth in the first half of 2024, with sales of homes priced at INR 10 crore or more increasing by 8% to reach INR 12,300 crore, surpassing last year's figures. India Sotheby's International Realty and CRE Matrix reported record-breaking sales, indicating strong market growth and confidence in Mumbai's real estate. The report also analysed and illustrated key trends and demographics in the market. Sales were particularly strong in both primary and secondary segments, with notable increases in unit sizes and buyer profiles, reflecting a robust market poised for continued expansion in 2024....
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SEBI auctions properties to recover INR 67.70 crore for HBN Dairies investors

SEBI's upcoming auction of eight properties owned by HBN Dairies aims to recoup funds for investors who suffered losses in the company's illegal investment scheme. Promising high returns through cattle purchases and ghee sales, HBN Dairies failed to deliver, prompting SEBI's intervention. Properties on auction include a shopping mall with a multiplex, a hotel, and commercial shops spread across New Delhi, Punjab, Madhya Pradesh, Gujarat, and Maharashtra. The total reserve price is set at INR 67.70 crore, offering investors a potential pathway to partial recovery, albeit with caution about final sale prices meeting expectations and the distribution of proceeds among affected parties....
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India's senior living market set for fivefold growth in real estate by 2030

India's growing senior population is creating a new wave of opportunity in the real estate sector-senior living. A recent report by Colliers predicts a fivefold growth in this market by 2030, fueled by a rise in demand for specialised housing for older adults. By 2050, India is expected to have the world's largest elderly population, with over 300 million senior citizens. Currently, there's a demand for over 320,000 senior living units, but only 20,000 units are available. This significant gap presents a lucrative opportunity for developers. Despite the growth, affordability remains a challenge, highlighting the need for budget-friendly solutions and government support....
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Financial News

Warehousing & Logistics

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Aldar and DP World to develop a Grade A logistics park in Dubai

Aldar Properties has partnered with DP World to fund and develop a 1.55 million square feet Grade A logistics park at National Industries Park (NIP) in Jebel Ali, Dubai. This strategic agreement aligns with Aldar's AED 1 billion investment plan to expand its logistics real estate business in Abu Dhabi and Dubai. The park will feature LEED-certified modular buildings for 3PL, eCommerce, and retail tenants. Construction starts in Q4 2024, with completion in Q4 2025. This collaboration enhances logistics capabilities, supporting business growth and diversification in Dubai's logistics sector, and underscores Aldar and DP World's commitment to innovative logistics solutions....
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Infrastructure

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Coimbatore's new masterplan faces delay due to 3,000 public petitions

Coimbatore's draft masterplan, a comprehensive 600-page document released in February 2024, faces delays due to overwhelming public participation. Authorities received over 3,000 petitions, surpassing expectations. The plan addresses population growth, infrastructure needs, and industrial development while identifying city challenges and proposing solutions. Many petitions, particularly from rural areas, request reclassification of agricultural land, raising concerns about real estate interests. Authorities are meticulously verifying each petition, causing an additional four to five-month delay. The finalised masterplan will guide Coimbatore's development, providing a clear framework for future growth and investment....
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Hyderabad's Musi River revitalisation project must tackle 12,000 illegal structures in the buffer zone

Hyderabad's ambitious Musi River revitalization project is hindered by extensive development within its 50-metre buffer zone, surpassing earlier limits. This zone, crucial for river protection, hosts 12,000 buildings and 200 open plots, including apartments, gated communities, houses, and graveyards. The Musi Riverfront Development Corporation (MRDCL) is mapping these encroachments, crucial for restoration plans. Chief Minister K. Chandrashekhar Rao plans discussions with local legislators for support in acquiring affected properties. While removal is essential, fair compensation and rehabilitation are planned, including potential 2BHK apartments for affected families. Balancing development needs with environmental restoration remains pivotal for project success....
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Iconic Building

Lotte World Tower, Seoul, South Korea

Lotte World Tower in Seoul, South Korea, is a 555-metre tall, 123-story skyscraper developed by the Lotte Group, one of South Korea's largest business conglomerates. Designed by Kohn Pedersen Fox, it is the tallest building on the Korean Peninsula and the 5th tallest globally, offering a mix of functions including offices, a luxury hotel, retail spaces, and observation decks. The tower's sleek, tapered design stands out against Seoul's mountainous backdrop, with a unique double-deck elevator system that provides a virtual journey through the city's landmarks during the 60-second ride to the top. The tower's top floors house observation decks, a glass skywalk, and a rooftop bar, offering panoramic views of the city. Lotte World Tower's design incorporates elements inspired by traditional Korean arts, blending modern aesthetics with cultural heritage. The tower's eco-friendly features, such as solar energy collection and rainwater recycling, contribute to its LEED Gold certification, emp ...

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Property Dictionary

RERA registration number

A RERA registration number is a number provided by the RERA authorities to a project upon successful registration with the body. One project may have multiple RERA registration numbers. This number can be used to view the progress of the project on the corresponding RERA website.

International News

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Australia's home prices increased by 0.7% in June 2024

Australian home prices rose for the seventeenth consecutive month in June, driven by a tight supply of homes despite high interest rates, rising living costs, and strict lending conditions. CoreLogic reported a 0.7% increase in June, with an annual rise of 8.0%. The limited supply continues to push prices up, especially in Perth, Adelaide, and Brisbane, while Melbourne saw a slight decrease. Despite inflationary pressures and potential rate hikes, the market shows resilience. Policymakers must address the housing supply to mitigate price increases and ensure affordability, maintaining balance for a stable housing market amid economic challenges....
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Kuwait's real estate sector experiences 7% growth during the first half of 2024

In the first half of 2024, the real estate market grew by 7% compared to the second half of 2023, with contracts totalling approximately KWD 1.619 billion. Despite this overall growth, specific sectors like private property and commercial contracts saw declines. Warehouse contracts increased by 55.5%, reflecting a strong demand for logistics spaces. Conversely, investment and commercial contracts declined by 8% and 11.5%, respectively. The market shift suggests a growing focus on niche areas such as warehouses and exhibitions, while broader economic factors influenced the reduction in other transaction types, indicating evolving priorities within the real estate sector....
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Vistry anticipates 7% profit rise amid strong demand for affordable homes

British housebuilder Vistry expects a 7% rise in half-year profit due to strong demand for affordable homes from housing associations and the rental market. Despite delays in interest rate cuts affecting the housing market's recovery, the sector is hopeful about the new Labour government's commitment to building 1.5 million homes over five years and reforming planning regulations. Vistry supports the government's plans and anticipates an adjusted pretax profit of 186 million GBP for the first half of 2024. The company aims to build over 18,000 homes by 2024 and reduce its net debt, which stood at 323 million GBP as of June 30....
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Shanghai's luxury market booms as national property sector struggles

Shanghai's luxury real estate market is booming, defying broader economic challenges in China. The launch of the Shanghai Arch building, with 212 luxury apartments, saw overwhelming demand, selling out completely on day one, including a USD 15 million penthouse. Government measures like reduced down payments and lower mortgage rates have spurred this surge, making high-end properties attractive to wealthy Chinese investors seeking stability and value. While major cities like Shanghai and Beijing thrive, smaller markets struggle, highlighting regional disparities. Analysts predict a potential stabilisation in Shanghai's luxury market by late 2024 as initial demand adjusts, with prime locations likely to maintain momentum....
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Dubai's luxury property market rises amidst high demand and limited supply

Dubai's luxury property market is experiencing a red-hot surge, driven by intense demand that far exceeds available supply. According to Knight Frank, luxury homes for sale in Dubai's prestigious neighborhoods have decreased by 47% over the past year. This shortage is fueled by a significant rise in international ultra-wealthy buyers, whose purchasing power is driving prices upwards. Average transaction prices in prime locations have climbed by 7% in the first half of 2024 alone. The Palm Jumeirah stands out, dominating 89.3% of prime property sales, highlighting Dubai's stronghold as the top market for homes priced at USD 10 million and above....
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Home Loan Rates

For Salaried For Self-Employed
Bank RLLR From (%) To (%) From (%) To (%)
SBI Term Loan 9.15 9.15 9.65 9.15 9.65
HDFC Bank -- 8.75 9.95 8.75 9.95
Canara Bank 9.25 8.5 11.75 8.5 11.75
ICICI Bank -- 9.25 9.9 9.4 10.05
Kotak Mahindra Bank -- 8.7 9.35 8.75 9.6
Punjab & SindBank 8.45 8.55 10 8.55 10
Bank of Baroda 9.15 8.4 10.6 8.4 10.6
Federal Bank -- 8.8 10.25 10.2 10.3
IndusInd Bank -- 8.35 9.45 8.35 9.45
Bank of Maharashtra 9.3 8.35 10.4 8.45 10.9
Punjab National Bank 9.25 8.4 10.1 8.9 10.6
Bandhan Bank -- 9.16 13.33 9.16 13.33
RLLR - Repo Linked Leading Rate
* Last updated on 20-06-2024
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