14 Oct 2024

Larsen and Toubro Limited (L&T) has approached the Bombay High Court to contest the bidding process by the Mumbai Metropolitan Region Development Authority (MMRDA) for two major projects valued at INR 16,577 crore. L&T claims the Notice Inviting Tender lacked essential geotechnical data, making it impossible to prepare bids adequately. The firm argues that the rushed timeline is arbitrary, seeking relief for fair consideration in the tendering process.Read more

14 Oct 2024

Gurugram's real estate market has seen a remarkable 76% rise in property prices over the last two years, with a 15.5% quarter-on-quarter increase between July and September 2024, according to Magicbricks' PropIndex Report. This price surge is largely attributed to the completion of key infrastructure projects like the Dwarka Expressway, enhancing the city's connectivity and appeal. Despite moderate demand growth, supply has increased due to new project launches. Emerging sectors, such as Dwarka Expressway, New Gurgaon, and Golf Course Extension, are attracting buyers with relatively affordable rates.Read more

11 Oct 2024

Institutional investments in Indian real estate surged by 45 per cent to nearly USD 1.15 billion during the July to September period, driven by high demand for premium homes and offices, as reported by Colliers. The office segment alone attracted USD 616.3 million, significantly outperforming last year's figures. The residential sector also saw a 40 per cent increase in investments, while the industrial and warehousing sectors faced a sharp decline. Domestic investments remained robust at USD 0.5 billion, with consistent institutional flows indicating strong investor confidence in the market.Read more

11 Oct 2024

Piramal Capital & Housing Finance (PCHFL), a subsidiary of Piramal Enterprises, recently sold its immovable property in Santacruz East, Mumbai, for INR 187 crore to Shoquba Realty. The company also raised USD 150 million through a global bond sale, with a yield of 7.80 per cent due for repayment in 3.32 years. Earlier this week, PCHFL secured USD 300 million from a sustainability bond issuance, achieving a 0.87 per cent improvement in pricing compared to previous bonds issued in July 2024. These moves highlight PCHFL's focus on optimising its asset portfolio and sustainable financing.Read more

11 Oct 2024

A recent CBRE report forecasts that the office leasing market will reach 70 million square feet in 2024 across nine major cities in India. From January to September, these cities saw a gross absorption of 53.8 million square feet, a 19% year-over-year increase. Bengaluru led in absorption at 30%, followed by Delhi-NCR and Hyderabad at 14% each. Supply additions were primarily driven by Bengaluru, Hyderabad, and Pune, contributing 63% of the total. In the third quarter alone, leasing hit 19 million square feet, with 15.3 million square feet of new developments completed, primarily from Hyderabad, Bengaluru, and Kochi.Read more

11 Oct 2024

M3M Group, a leading luxury real estate developer, has successfully repaid INR 2,473 crore of its debt between April 2023 and August 2024, showcasing its strong financial discipline and commitment to maintaining a healthy balance sheet. The group has repaid a significant portion of its accumulated debt to lenders, leading to a substantial reduction in its outstanding debt from INR 3,726 crore to INR 1,302 crore as of August 2024. This achievement was made possible through successful project deliveries, efficient cost management, and robust sales momentum, which have enabled the company to generate sufficient cash flows to repay its debts. With 56 projects across various segments, the group has already delivered all projects launched before 2019, and construction is progressing swiftly on the remaining projects.Read more

10 Oct 2024

Mumbai city recorded over 105,608 property registrations in the first nine months of 2024, contributing more than INR 8,877 crores to the state treasury. This represents a 12% year-on-year growth in registrations and a 6% increase in revenue. While September saw a decline in registrations due to the inauspicious period of 'Shraadh', overall demand remains strong, particularly for high-value properties. The city's residential market continues to thrive, driven by economic prosperity and a growing preference for homeownership.Read more

10 Oct 2024

The Residents' welfare associations in Chennai, represented by the Alliance of the Residents' Welfare Associations (AoRWA), are protesting a recent 6% property tax hike passed by the Greater Chennai Corporation (GCC). In their second annual general meeting, the AoRWA called for an improved civic infrastructure, including water and sewer connections, before any tax increases. The group previously challenged the 2022 tax revision, citing inadequate facilities. The AoRWA also demanded monthly electricity billing, preservation of the waterbodies and educational zones, and opposed an eco-park in Perungudi. They advocated separate areas for dogs and cattle, and restoration of 139 waterbodies in Chennai.Read more

10 Oct 2024

JLL's latest report indicates a recovering office real estate market in India, with net absorption rising 14% year-on-year to 12.16 million square feet in the third quarter of the fiscal year. Bengaluru leads with a significant increase in demand, while Chennai, Delhi, and Pune also report growth. In contrast, Hyderabad and Kolkata experienced declines in net absorption. Over the first nine months, total net absorption reached 31.03 million square feet, up 19% year-on-year. Experts anticipate continued growth in the sector, reinforcing India's position as a leading destination for office space amidst expanding global demand.Read more

10 Oct 2024

The Ahmedabad Municipal Corporation (AMC) recently sold a 66,168 sq m plot in Chandkheda to LuLu International Shopping Malls Pvt Ltd for a notable INR 519 crore. However, AMC initially faced issues granting full possession, as 10,672 sq m of the plot was under cultivation and not fully owned by the civic body. Sources now confirm that AMC has obtained the entire plot, and a proposal will be presented at the upcoming standing committee meeting to authorize the municipal commissioner to finalize the sale deed, enabling the buyer to gain full possession.Read more