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Schneider Electric opens its largest global campus in Bengaluru

Global energy management and automation leader Schneider Electric has launched its largest employee campus worldwide in Bengaluru with a significant INR 200 crore (EUR 22 million) investment. This expansive 630,000 square-foot campus, located at Bagmane Solarium City, serves as a global innovation hub, the first of its kind for Schneider Electric. It aims to foster innovation and collaboration among over 8,000 professionals. This strategic move underscores India's role in Schneider Electric's growth, leveraging the country's rich talent pool and positioning the nation as a pivotal centre for cutting-edge solutions in energy management and automation....
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Bollywood star Tripti Dimri purchases a bungalow for INR 14 crore in Bandra West

Rising Bollywood star Tripti Dimri, celebrated for her roles in "Animal," "Bulbbul," and "Qala," has invested INR 14 crore in a luxurious three-story bungalow in Bandra West, Mumbai. Spanning 2,193 sq. ft., the property is located on Sherly Rajan Road, near the sought-after Carter Road. Dimri paid INR 70 lakh in stamp duty and INR 30,000 in registration fees, benefiting from a 1% discount for female buyers. As Bollywood celebrities continue to flock to Bandra West, Dimri's purchase joins a series of high-profile acquisitions in the area, highlighting its status as a prime real estate destination....
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UK Consulate acquires 15,000 sq. ft office space in Mumbai's Lower Parel for INR 101.25 crore

The UK Consulate in Mumbai has purchased a new 15,000 sq. ft office space in Lower Parel's One Lodha Place for over INR 101.25 crore, replacing its Bandra-Kurla Complex location. This purchase highlights the UK government's confidence in Mumbai's growth. Consulates in India are exempt from stamp duty, saving substantial costs. The move aligns with the booming commercial office market, which saw a 13.8% YoY growth in Q1 2024. The new office offers better accessibility and efficiency. This strategic investment underscores Mumbai's rising status as a global business hub and enhances UK-India relations....
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Deal News

A residential flat spanning 1,596 square feet sold in Lodha Golflinks in Thane's Nilje for INR 2.16 crores

• A residential flat spanning 987 square feet sold in Acme Ozone - Herbelia in Thane's Manpada for INR 1.6 crores
• A residential flat spanning 830 square feet sold in Lodha Amara Tower 47 & 48 in Thane's Balkum for INR 1.42 crores
• A residential flat spanning 1,242 square feet sold in Richi Rich K R Heights in Thane's Kalher for INR 79.16 lakhs
• A residential flat spanning 1,347 square feet sold in Kalpataru Gardens (Kamatghar) in Thane's Bhiwandi for INR 49.95 lakhs
• A residential flat spanning 1,596 square feet sold in Lodha Golflinks in Thane's Nilje for INR 2.16 crores

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UK Iona

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Financial News

Property Dictionary

Appreciation

Appreciation refers to an increase in the value of an asset over time, such as a stock, bond, currency, or real estate. For example, the term capital appreciation refers to an increase in the value of a property which can occur for several reasons including increasing demand or weakening supply, or as a result of changes in inflation or interest rates. Appreciation is the opposite of depreciation, which refers to a decrease in value of an asset over time.

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Builders & Projects

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India's office market sees 164.3 million sq. ft of new grade A spaces

India's office market is booming post-pandemic, with a strong preference for modern, high-quality office spaces. A JLL report reveals that from 2021 to Q1 2024, 164.3 million sq. ft of new Grade A office buildings were added nationally. Enthusiastic demand has led companies to lease over 113 million sq. ft since 2021, with 94.3 million sq. ft (80%) of this in new constructions. Southern cities like Bengaluru, Hyderabad, Chennai, and Pune lead this trend, capturing 84% of Global Capability Center (GCC) leasing. Modern buildings with better amenities and sustainability features are increasingly preferred, highlighting a shift towards contemporary work environments that boost employee well-being and productivity....
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Sheth Avalon announces largest 5-BHK apartments in Thane (2,722 sq. ft. carpet area)

Ashwin Sheth Group's "The 2722 Life" campaign introduces 5-bedroom residences at Sheth Avalon, Thane, featuring an expansive 2,722 sq. ft. carpet area - the largest in the region. Designed by ZZ Architects and Coopers Hill, these homes blend modern elegance with traditional charm. Sheth Avalon spans 5.5 acres, offering over 35 high-end amenities, including a swimming pool and clubhouse. Situated in Thane's Platinum Belt, the project provides luxury living with excellent connectivity. Bhavik Bhandari, Chief Sales and Marketing Officer, highlights the campaign's commitment to unparalleled living experiences, setting a new benchmark for luxury in Thane....
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DRA Homes reveals plans for 400 luxurious sea view apartments in OMR, Chennai

Real estate developer DRA Homes has announced plans to construct 400 upscale apartments boasting stunning ocean views along Chennai's Old Mahabalipuram Road (OMR). Situated on a strategically chosen 3.43-acre plot in Navalur, the project offers residents a tranquil coastal lifestyle with convenient access to essential amenities. Spread over 7 lakh square feet, the development is projected to generate INR 650 crore in revenue over the next four years. Managing Director Ranjeeth Rathod anticipates that these sea-view apartments will set a new standard for luxury living in Chennai, catering to the city's growing demand for modern, premium residences....
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Law & Policy

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Haryana Government to issue plot certificates to 7,500 BPL families under new scheme

Haryana's Chief Minister Nayab Singh Saini announced the issuance of possession certificates for 100 square yard plots to over 7,500 BPL families under the Mukhyamantri Gramin Awas Yojana. This initiative aims to provide housing for economically weaker sections, with registration and plot handover occurring on-site. Saini criticized the previous Congress government for not providing documentation for promised plots. The new plan includes financial aid of up to INR 1 lakh for 12,500 beneficiaries. Over the past decade, 14,939 houses were built under PMAY in Haryana, with an additional 15,356 under construction....
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Three crore more families to benefit from PMAY housing scheme

In its first meeting, the new Modi government approved a major expansion of the Pradhan Mantri Awas Yojana (PMAY), sanctioning three crore additional houses for eligible rural and urban families. This decision increases the total target to seven crore homes under PMAY, addressing India's housing needs. Prime Minister Modi highlighted this move as enhancing "ease of living" and dignity for millions. Since its inception in 2015-16, PMAY has completed 4.21 crore houses with essential amenities. This expansion reinforces the government's commitment to inclusive growth and better living standards for all citizens....
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Goa simplifies property registration for non-resident Indians (NRIs)

The Goa government simplifies property registration for Non-Resident Indians (NRIs), affecting around 100,000 Goan NRIs. Previously, sub-registrars handling 30,000 registrations annually hesitated due to FEMA complexities. The new regulation clarifies procedures, with sub-registrars focusing solely on verifying compliance with the Indian Registration Act, 1908. Responsibility for adhering to FEMA regulations now rests with the buyer and seller, estimated at over 60,000 annually. NRIs must declare non-agricultural property status and compliance with FEMA and RBI guidelines. This streamlined process aims to expedite property registration, making it easier for Goan NRIs to own and manage property in Goa....
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Taxation & Finance

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Chennai real estate market witnesses a 44% decline in sales and 28% increase in new projects in Q1 2024

In Q1 2024, Chennai's real estate market experienced a mixed performance, according to Tamil Nadu Real Estate Regulatory Authority (TNrera) data. New project registrations rose by 28%, totaling 78 projects, with 59% launched by CREDAI Chennai members. South Chennai was the most favored location, hosting 29% of the new projects. However, sales figures fell sharply by 44%, with only 2,983 units sold, and a significant unsold inventory of over 7,700 units remains. CREDAI Chennai President Mohamed Ali highlighted the impact of regulatory uncertainties but expressed optimism about future collaboration with the State Government to resolve these issues....
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Tata Digital secures 3-year lease for historic Fort House in Mumbai for INR 249 crore

Tata Digital has renewed its lease for the iconic Fort House building in Mumbai's historic Fort district for the next three years, in a significant deal with Dawat-e-Hadiyah, a charitable trust of the Dawoodi Bohra community. The agreement ensures Tata Digital's headquarters remains at Fort House, with a mandatory one-year period and a total lease cost of INR 249 crore, or INR 83 crore per month for the 1.5 lakh square foot office space. This renewal underscores the high demand for premium office space in Mumbai's central business district and highlights Tata Digital's commitment to its operations and growth within the Tata Neu ecosystem....
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Mumbai and Delhi climb global rankings with double-digit growth in prime property prices

According to Knight Frank's "Prime Global Cities Index Q1 2024," Mumbai and Delhi have seen remarkable increases in global housing price rankings. Mumbai leaped from sixth to third place, with prime residential property prices rising 11.5% year-on-year (YoY) in Q1 2024. Delhi also improved significantly, moving from 17th to 5th place, with a 10.5% YoY growth. The report highlights growing demand and market resilience in these cities. Globally, the average annual house price growth is 4.1%, with Manila and Tokyo experiencing even higher surges. Experts anticipate continued positive momentum in Mumbai and Delhi amid stable economic conditions....
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Neo Asset Management raises INR 2,575 crore for businesses struggling with traditional loans

Neo Asset Management has successfully raised INR 2,575 crore ($308 million) through its inaugural special credit opportunities fund aimed at providing flexible financing solutions to profitable businesses. The fund, focusing on secured investments with collateral, has already made 12 investments and achieved exits from 2 within 15 months. Targeting a strong gross internal rate of return (IRR) of 22-24%, Neo's fund taps into the expanding private credit market in India, reflecting strong investor demand for income-generating alternatives amidst current market dynamics....
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Infrastructure

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Delhi villages to get improved roads, drainage, and streetlights through Dilli Gramodaya Abhiyan

The Municipal Corporation of Delhi (MCD) is expediting the Dilli Gramodaya Abhiyan, launched in December 2023 by Lieutenant Governor V.K. Saxena, to enhance infrastructure in nearly 200 urbanized villages. With a dedicated budget of INR 407 crore, the project focuses on roads, drainage systems, and streetlights, benefiting areas like Najafgarh, Narela, South Delhi, and West Delhi. Despite initial election-related delays, 28 projects have commenced, primarily in Najafgarh. The initiative aims to improve quality of life for millions of residents, with 349 projects approved by the Delhi Development Authority (DDA) and an overarching goal of creating a more connected city....
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International News

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India's HDFC Bank plans to open its first branch in Singapore

HDFC Bank, India's largest private lender, is seeking to establish its first branch in Singapore by applying for a banking license from the Monetary Authority of Singapore (MAS). The bank, serving over 93 million customers in India, aims to cater to Singapore's significant Indian population, estimated at 650,000. This strategic move signals HDFC Bank's ambitions to diversify and expand its customer base beyond India. With existing presences in financial hubs like London, Hong Kong, and Bahrain, entering Singapore could enhance HDFC's global footprint and serve as a launchpad for further expansion in Southeast Asia....
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High mortgage rates and rising home prices scare homebuyers in U.S.A.

The housing market continues to face challenges with elevated mortgage rates and rising home prices. Despite a slight dip in the average 30-year mortgage rate to 6.99%, borrowing costs remain high compared to a year ago. Mortgage rates are influenced by factors like the bond market's reaction to the Federal Reserve's policies and the 10-year Treasury yield. While some economists anticipate rates could decrease to around 6.5% by late 2024 or early 2025, the current climate has dampened home sales and added hundreds of dollars to monthly payments, limiting homebuyers' options in an already inventory-constrained market....
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