01 Nov 2024

In 2024, India's office rental market rebounded, with average rents exceeding pre-pandemic levels. Core micro markets are witnessing remarkable growth, with increases of up to 25%. Following a sharp V-shaped recovery after the pandemic slowdown, leasing activity returned to pre-pandemic rates by 2022. Major cities like Hyderabad and Pune achieved rental recovery by 2022, while Mumbai and Delhi NCR completed their cycles in 2024. High demand for Grade A office spaces in well-connected locations continues to drive rental growth, resulting in a cumulative demand of 264 million sq ft since 2019.Read more

01 Nov 2024

The Urban Development Department of Uttar Pradesh announced a 33% revenue increase in the first half of the fiscal year, with collections rising from INR 1,054 crore to INR 1,401 crore. Factors contributing to this growth include the expansion of municipal boundaries and a digital transition in tax collection. The Lucknow Municipal Corporation led with a 43% increase, while Aligarh, Mathura, and Ayodhya posted remarkable growth rates of 183%, 139%, and 88%, respectively. Principal Secretary Amrit Abhijat highlighted ongoing efforts to achieve a total revenue increase of 50% by year-end.Read more

31 Oct 2024

Aurum PropTech has reorganized its business into three core segments-rental, distribution, and capital-driving significant growth. The rental segment saw a 32% revenue increase, boosted by expanded co-living options and the introduction of new services like NestAway Lite in the family rental segment. The capital business is transitioning its fractional ownership model into a SEBI-regulated Small and Medium Real Estate Investment Trust (SM-REIT), marking an important shift. Despite reporting a net loss, reduced losses and increased income signal positive growth. With a focus on expanding its core businesses, Aurum PropTech is well-positioned for improved financial performance in upcoming quarters.Read more

31 Oct 2024

The Lucknow Municipal Corporation (LMC) will review a proposal for a new mutation fee structure in an upcoming executive committee meeting, potentially setting a maximum fee of INR 15,000. Currently, the fee is 1% of a property's value, leading to high charges for property owners. The proposed tiered system would categorise properties by value, aiming to ease financial burdens. Concerns have been raised about the higher charges compared to existing fees set by the Lucknow Development Authority. In response to a state government directive for reduced fees, the LMC seeks to streamline the mutation process, addressing delays and improving efficiency.Read more

31 Oct 2024

Dalmia Nisus Finance Investment Managers LLP has successfully exited its investment from the Real Estate Credit Opportunities Fund - I (RECOF-I), marking a significant milestone in its focus on profitable real estate investments in India. In July 2022, RECOF-I invested INR 40 crore in Shriram Properties' Chirping Ridge project in Bangalore, achieving an impressive internal rate of return (IRR) of approximately 19% within two years. This success highlights Dalmia Nisus's effective investment strategy and strong partnerships with developers. With a total corpus of INR 1,500 crore for its Real Estate Special Opportunities Fund - I, the firm is well-positioned to capitalise on high-yield opportunities in the evolving Indian real estate market.Read more

31 Oct 2024

CBRE South Asia reports a 65% increase in land transactions in India from January to September 2024, indicating a surge in real estate activity, particularly in Delhi-NCR, which led with 32% of the total deals. Over 100 transactions covered approximately 1,700 acres, with Gurgaon contributing 65% of Delhi-NCR deals. The residential sector dominated with 61% of deals, while data centres and office properties also gained traction. Investor confidence remains strong, supported by favourable economic conditions and high demand across markets. CBRE anticipates continued momentum driven by strategic investments in the Indian real estate sector.Read more

31 Oct 2024

IIFL Home Finance Ltd. has launched its festive campaign, "Bharose Ki Keemat," featuring actor Abhishek Banerjee, who emphasizes the importance of trust in financial decisions. Set during a vibrant Diwali mela, the campaign's first video skillfully combines humor and relatability, showcasing the fluctuating 'Bharosa Meter' to illustrate trust dynamics in relationships. Enhanced by the catchy 'Bharosa Jingle,' the campaign conveys a heartfelt message about trust's significance in personal and financial interactions. With this initiative, IIFL Home Finance aims to reinforce its role as a reliable partner in homeownership, especially for the Economically Weaker Section (EWS) and Lower Income Group (LIG).Read more

30 Oct 2024

The stamps and registration department has proposed a 25-30% increase in circle rates for residential areas, 10% for industrial, commercial, and IT sectors, and 15% for farmland, marking the first revision in five years. This adjustment will raise property prices and stamp duty costs for buyers, aligning them with current market trends, especially in Noida and Greater Noida where property values have surged. Circle rates, used to calculate stamp duty, remained unchanged from 2020 to 2023 due to the pandemic's impact on the real estate sector. The proposed revisions aim to reflect the rising real estate prices, ensuring fair taxation and supporting market growth.Read more

30 Oct 2024

Housing sales in India's top 30 tier 2 cities saw a 13% decline in the July-September 2024 quarter, while new launches dropped by 34%, according to a report by Prop Equity. Sales fell to 41,871 units, down from 47,985 in the same period last year, and new launches dropped to 28,980 units. The west zone, including cities like Ahmedabad, Vadodara, and Surat, accounted for 72% of total sales. While cities like Sonepat and Panipat faced significant declines, Bhopal saw a 268% surge in new launches, indicating mixed performance across regions. These trends highlight the need for market adaptability to navigate evolving conditions.Read more

30 Oct 2024

The Pimpri Chinchwad Municipal Corporation (PCMC) is intensifying efforts to register unregistered properties, issuing notices to 52,787 owners identified during a comprehensive property assessment survey. Over 200,000 properties lack registration, with 4,261 owners responding by paying dues. PCMC has completed geo-sequencing for 855,000 properties and employed drones for effective identification. Utilising QR codes on notices, residents can file objections online, enhancing accessibility. Currently, PCMC has 630,000 registered properties, collecting INR 977 crore in property taxes for FY 2023-24. The initiative aims to increase annual tax revenue to INR 1,500 crore, improving city infrastructure and services.Read more