Real Estate Newspaper

Top Stories

link

Luxury is in Location, Location, Location

The luxury residential market in India is rapidly expanding, driven by increased disposable income, urbanization, and hybrid working trends. Its total market share has risen from 7 percent in 2019 to 21 percent in 2024. However, defining "luxury" remains subjective, often based on size, amenities, or market value. True luxury extends beyond an apartment and complex to include a larger ecosystem that provides its residents with a harmonious and high quality of life. Prestigious neighborhoods such as Malabar Hills or Lutyens are popular because they offer this superior enviornment. However, today several luxury projects are cropping up in micro localities that are less than ideal. While builders aim to create a luxury oasis within the project to make up for the lack of surroundings, without a larger supportive ecosystem, the long-term appeal of such luxury projects is up for debate....
Read more
cover photo
link

Mumbai Coastal Road bridge inaugurated, connecting Marine Drive to Bandra

Chief Minister Eknath Shinde recently inaugurated the bow-string arch bridge in Mumbai, connecting Marine Drive to Bandra, as part of the Coastal Road project aimed at reducing travel time. The bridge, operational since 13th September, has significantly cut travel time to ten minutes and will be open to northbound traffic on weekdays. Mr. Shinde highlighted the bridge's impact on reducing South Mumbai's traffic and announced future extensions to Versova, Bhayander, Virar, and Palghar. The project, including its connection to Vadhvan Port, marks a major milestone in Mumbai's infrastructure and transportation network....
Read more
cover photo
link

Birla Estate's subsidiary secures high-value land in MMR for INR 537 crore

Earlier this month, Birla Estates Private Limited, a wholly-owned subsidiary of Century Textiles and Industries Limited, announced its acquisition of a land parcel from Hindalco Industries Limited. This transaction, finalised in September 2024, involves a plot located in the Mumbai Metropolitan Region. The company plans to develop a mixed-use project on the site, which spans approximately 24.5 acres. The deal, which included a stamp duty of INR 37.61 crore and a registration fee of INR 30,000, signifies a strategic expansion in Birla Estates' real estate portfolio, aiming to leverage the growing potential of the area....
Read more
cover photo
link

Sumitomo acquires prime 2-acre land in Worli, Mumbai for INR 440 crore

Sumitomo, a leading Japanese real estate developer, recently acquired a 2-acre land parcel in Worli, Mumbai, from Bombay Dyeing for INR 440 crore, enhancing its presence in India. Earlier in 2023, Sumitomo completed one of the year's biggest deals by purchasing a 22-acre land parcel in Worli for INR 5,200 crore through its subsidiary, Goisu Realty. Additionally, Goisu Realty leased 3 acres in the Bandra-Kurla Complex (BKC) for 80 years, at over INR 2,067 crore. These investments underscore India's growing appeal to foreign investors and Sumitomo's focus on India's rapid urbanization....
Read more
cover photo

Deal News

A residential flat spanning 1,076 square feet sold in Vishwa Hans in Raigad's Kharghar for INR 1.57 crores

• A residential flat spanning 974 square feet sold in Neel Siddhi Vista in Raigad's Ulwe for INR 1.2 crores
• A residential flat spanning 761 square feet sold in Crown Imperial Tower in Raigad's Kalamboli for INR 1.15 crores
• A residential flat spanning 852 square feet sold in CIDCO Celebration CHS in Raigad's Kharghar for INR 85 lakhs
• A residential flat spanning 801 square feet sold in Godrej Sky Garden in Raigad's Panvel for INR 79 lakhs
• A residential flat spanning 1,076 square feet sold in Vishwa Hans in Raigad's Kharghar for INR 1.57 crores

Bank Auctions

auction image
Residential
calender icon

Chole, Thane

Punjab National Bank is auctioning a flat in Chole, Thane, on October 23, 2024. The auction will start at 11:00 AM and conclude at 4:00 PM. Don’t miss this opportunity to bid on a prime property in a desirable location!

EMD: ₹ 380000

Advertisement

Builders & Projects

link

Pune: 315Work Avenue takes on extra 56,000 sq. ft. of office space

315Work Avenue has expanded its presence by leasing 56,000 square feet of office space at International Tech Park Pune (ITPP), following a previous lease of 44,000 square feet in the same tech park. ITPP, a Grade A technology park developed by Ascendas-Singbridge, spans 2.5 million square feet. With six centers across 0.6 million square feet in Pune, 315Work Avenue now offers around 12,000 workstations. The company manages a total portfolio of approximately 2.5 million square feet and 50,000 workstations in Bengaluru, Chennai, Mumbai, and Pune, with plans to expand into New Delhi & NCR and Hyderabad....
Read more
cover photo
link

House of Hiranandani signs redevelopment projects covering 17 lakh sq. ft. in Mumbai

House of Hiranandani is expanding its presence in Mumbai's redevelopment sector, signing projects covering 17 lakh sq. ft. with a Gross Development Value of INR 5,000 crore. The company has entered into agreements with five housing societies in Chembur, planning to invest INR 3,200 crore. These projects include the redevelopment of Maitri Park and Shrinagar Society. With a legacy of over four decades, House of Hiranandani focuses on transforming old, congested areas into sustainable communities. The company also plans to explore other Mumbai locations for redevelopment while maintaining its commitment to excellence in design and environmental responsibility....
Read more
cover photo
link

Puravankara expands presence with major redevelopment projects in Mumbai and Bengaluru

Puravankara Limited has expanded its portfolio with new redevelopment projects in Breach Candy and Andheri West, enhancing their role in Mumbai's real estate sector. Rajat Rastogi, CEO - West & Commercial Assets, emphasised the company's commitment to design excellence and timely delivery, reinforcing their reputation as a trusted partner for redevelopment projects. Additionally, in Bengaluru, Puravankara has signed a Joint Development Agreement for a 1.95-acre site in Electronics City, near the Kudlu Gate Metro Station. This project, with a saleable area of 260,000 square feet, is strategically positioned near essential infrastructure, with current market rates ranging from INR 12,000 to INR 14,000 per square foot....
Read more
cover photo

Trending Project

link

Natasha Atlantis

Mumbai City, India

By Natasha Developers Pvt Ltd

View Project >>
cover photo

Law & Policy

link

AISECT partners with NeGD to provide over 300 Government Services via UMANG portal

AISECT has partnered with the National e-Governance Division (NeGD) to integrate over 300 government services through the UMANG portal, available via aisectonline.com and ASK centres across India. This initiative aims to enhance access to essential services like birth certificates, driving licences, and ITR filing in rural and semi-urban areas. AISECT's efforts support local entrepreneurs, foster economic growth, and bridge the digital divide. The partnership seeks to empower communities by providing easy access to vital services, driving digital inclusion....
Read more
cover photo
link

Supreme Court orders BMC to provide fair compensation for land surrendered for public use

Due to "delay and laches," the Bombay High Court in 2018 dismissed builders' compensation claims against the BMC for land turned over for public use. This ruling was reversed by the Supreme Court because it was deemed unfair. The BMC was instructed by Justices B.V. Nagarathna and N.K. Singh to promptly furnish more buildable area and Transferable Development Rights (TDR), valued at approximately INR 500 crore. Despite the BMC's appeals, the Supreme Court maintained the High Court's previous decision mandating compensation. The court decided that under Article 300-A, previous statutes that guaranteed just compensation could not be superseded by modifications that denied compensation....
Read more
cover photo
link

Maharashtra Deputy CM announces construction of 12,000 Homes under PMAY

Maharashtra Deputy Chief Minister Devendra Fadnavis recently unveiled a housing project to build 12,000 homes for dabbawalas and cobblers under the Pradhan Mantri Awas Yojana (PMAY) over the next three years. The initiative, overseen by the Maharashtra Housing and Area Development Authority (MHADA), will be supported by a memorandum of understanding with developers. Priyanka Homes Realty will provide a 30-acre plot, and Naman Builders will develop the project on a no-profit-no-loss basis. Each 500 sq ft home will be priced at INR 25 lakh, making homeownership more accessible for these communities and improving their living conditions....
Read more
cover photo
link

Bombay High Court orders demolition of seven illegal floors in Khar building

The Bombay High Court ordered the demolition of seven illegal floors of an eight-storey building in Khar, rejecting a plea for regularisation. The Brihanmumbai Municipal Corporation (BMC) was instructed to complete the demolition within three months, based on its 2018 notice. The court found that the commencement certificate issued in 1994 only allowed construction of the basement and first floor, but additional floors were built unlawfully. A fine of INR 50,000 was imposed on the petitioner for misleading the court. The HC referenced previous rulings against regularising illegal constructions, emphasising strict adherence to building regulations and minimal leniency....
Read more
cover photo
link

Safety audits required for all buildings over 15 metres in Lucknow

In a recent LDA board meeting led by Lucknow Commissioner Roshan Jacob, it was decided that safety audits would be mandatory for all buildings over 15 metres tall, following a deadly building collapse. Costs for the audits will be covered by building owners or Residents Welfare Associations (RWAs). A private firm will handle the audits, which are due to be completed by October. The LDA also approved high-rise developments in Transit-Oriented Development zones with higher Floor Area Ratios (FAR). Other updates included transferring management of the Ambedkar Auditorium, creating new sub-centres in Gomtinagar, and revising land acquisition plans for the Wellness City project....
Read more
cover photo

Taxation & Finance

link

PNB Housing Finance sees major investment from Singapore and Goldman Sachs

The government of Singapore, the Monetary Authority of Singapore, and Goldman Sachs recently increased their stakes in PNB Housing Finance, investing a total of INR 178 crore through open market transactions. According to the National Stock Exchange (NSE), the government of Singapore acquired 13,16,000 shares, the Monetary Authority of Singapore bought 213,000 shares, and Goldman Sachs purchased 92,000 shares at an average price of INR 1,097.30 each. Meanwhile, Asia Opportunities V (Mauritius) sold 1.622 million shares, reducing its stake to 4.57 percent. These transactions highlight active market dynamics and investor confidence in PNB Housing Finance's potential....
Read more
cover photo
link

LMC introduces flat INR 10,000 mutation fee, replaces 1% property value charge

The Lucknow Municipal Corporation (LMC) has implemented significant changes, including capping the mutation fee at INR 10,000 and withdrawing extra charges from 20 business sectors, benefiting over 200,000 business owners. Plans are underway to survey and cover open drains after a recent tragedy, and sewer issues in Munshipulia will be addressed. Additional projects include disaster relief equipment procurement, upgrading municipal schools with smart screens, constructing entry gateways to the city, and organising street vending zones for Diwali. The LMC is also set to replace an old municipal school with modern infrastructure, including underground parking....
Read more
cover photo
link

Bangalore Development Authority introduces e-Khata to improve property transparency

Beginning 13th September, the Bangalore Development Authority (BDA) has mandated a shift to e-khata for all properties, replacing the paper-based system. This transition, impacting over 2 lakh properties, enhances transparency in property transactions and helps prevent fraud such as double registrations and illegal dealings. The e-khata, integrated with the Kaveri-2 software, assigns a unique ID to each property, enabling buyers to verify legality and ownership. While properties with existing khatas remain valid, new transactions require e-khata registration. This move strengthens accountability and will soon cover Bruhat Bengaluru Mahanagara Palike (BBMP) properties....
Read more
cover photo
link

hBits launches new Grade A commercial asset in Bengaluru's Vaswani Centropolis

hBits has launched its second Grade A commercial asset in Vaswani Centropolis, Bengaluru, worth INR 28.8 crore. The property, measuring 12,776 square feet and leased for six years, has an entrance yield of 8.75% and an expected internal rate of return (IRR) of 15.12%. This is the company's fourth asset launch this year, bringing its total portfolio to 15 properties with an AUM of INR 400 crore. hBits recently applied for a small and medium REIT licence from SEBI, with the goal of providing more investment alternatives to smaller investors....
Read more
cover photo

Financial News

Warehousing & Logistics

link

Sumadhura Group leases 1.8 lakh sq. ft. to NX Logistics in Bengaluru

Sumadhura Group has leased 1.8 lakh sq ft of warehousing space to NX Logistics India (Nippon Express) at its Sumadhura Logistics Park in Bengaluru. The nine-year lease agreement includes ready-to-move-in warehousing facilities. Madhusudhan G, Chairman and Managing Director, highlighted the rising demand for Grade A warehouses across various sectors, emphasising that large-scale industries like FMCG are driving this need. He noted that the FMCG sector is expected to grow into a USD 10 billion industry by 2030, underscoring the importance of high-quality warehousing solutions in supporting this expansion....
Read more
cover photo

Infrastructure

link

Maharashtra to launch student housing project in Tardeo as part of new housing policy

The Maharashtra government has launched its first student housing project in Tardeo, utilising a building owned by MHADA. This initiative, part of a new housing policy, aims to provide modern studio apartments for students in high-demand cities like Mumbai, Pune, and Nashik. The policy will also address senior citizen living, student accommodation, and affordable housing. The government plans to attract private developers by offering incentives such as extra floor space index (FSI) and reduced premiums. Discussions are ongoing with top developers, NGOs, and medical facilities to manage and operate these projects....
Read more
cover photo
link

Noida International Airport faces delay, commercial operations now set for April 2025

The Noida International Airport, initially set to open in September, is now projected to commence operations by April 2025 due to steel procurement delays. During a review meeting, Chief Minister Yogi Adityanath emphasized resolving construction issues at the government level and warned of a daily INR 1 million fine on the airport concessionaire, YIAPL, if further delays occur. With land acquisition for Phase 2 underway, the project's completion remains a priority, focusing on connectivity, infrastructure readiness, and addressing farmer concerns. The airport's phased development aims to enhance regional growth and connectivity....
Read more
cover photo
link

Ahmedabad Municipal Corporation demolishes 35 Illegal structures in Sarkhej Ward

Last week, the Ahmedabad Municipal Corporation (AMC) demolished over 35 illegal structures in the Sarkhej Ward. Despite issuing notices under Section 260 of the Gujarat Provincial Municipal Corporation (GPMC) Act, 1949, and sealing the construction sites, developers did not comply. Consequently, the AMC proceeded with the demolition in coordination with Sarkhej police. The operation targeted unauthorized residential row houses and commercial units near Hid Park and Masjid-e-Abeda, resulting in the dismantling of 17 residential and 18 commercial units....
Read more
cover photo

Iconic Building

Château Frontenac — Québec, Canada

Château Frontenac, perched majestically in Old Québec, Canada, is more than just a hotel; it is an iconic symbol of the city's rich history and architectural grandeur. Built in 1893 by the Canadian Pacific Railway, this historic hotel was designed by American architect Bruce Price. Inspired by the French château style of the Loire Valley, Château Frontenac boasts steeply pitched roofs, elaborate dormer windows, and a copper roof that has aged to a charming green patina. This magnificent structure was part of a series of ""château"" hotels built by the Canadian Pacific Railway to encourage luxury tourism and promote travel by train. Overlooking the St. Lawrence River, Château Frontenac's location is as impressive as its architecture, offering breathtaking views of the surrounding landscape. Château Frontenac's historical significance is immense. It played a crucial role in the Québec Conference of 1943, where Allied leaders Winston Churchill and Franklin D. Roosevelt met t ...

Read more
iconic building image

Property Dictionary

GST on under-construction flats

GST is applicable on the purchase of under-construction flats, apartments, bungalows, villas, etc in India. As of 1 April 2019, the GST applicable for such properties varies between 1% to 5% without ITC and between 8% to 12% with ITC, depending upon the size and category of housing. Government led housing projects attract only 1% GST. GST is not applicable on ready-to-move flats that have received an OC certificate or on land deals where not further service is provided.

International News

link

Winkworth reports 20% revenue growth as London housing market rebounds

Winkworth reports a 20% revenue increase to GBP 5.1 million in the first half of the year, with pre-tax profits rising by 26% to GBP 1 million. London's housing market has outperformed the national average, with sales income up by 11%, reflecting renewed interest in city living without significant price hikes. Winkworth's CEO, Agace, attributed the improved performance to more properties entering the market and transactions returning to normal levels. While the housing market had slowed due to higher interest rates, it recovered in early 2024, driven by expectations of lower borrowing costs and positive economic conditions, with optimism for further growth ahead....
Read more
cover photo
link

Saudi Arabia invests USD 1.3 trillion in real estate and infrastructure projects

Saudi Arabia is making a significant shift in its economic strategy by investing over USD 1.3 trillion in real estate and infrastructure projects. This ambitious plan includes major developments like Neom, Diriyah Gate, and Qiddiya, all designed to reduce the country's dependency on oil. By 2030, Saudi Arabia aims to attract USD 100 billion in foreign direct investment and welcome 150 million tourists annually. The projects will add 362,000 new hotel rooms and various giga developments along the western seaboard. Despite challenges such as labour shortages and supply chain issues, these initiatives are positioning Saudi Arabia to become the world's largest construction market....
Read more
cover photo

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
EMI Calculator

>

EMI Calculator

₹50,000
₹4,00,00,000
Years
1 Year
25 Year
%
5%
16%
Your EMI will be ₹ 18,000 per month.

Advertisement