27 Feb 2024

Smiti Agarwal, director at Wesbok Lifestyle Pvt Ltd and spouse of V Bazaar CMD Hemant Agarwal, secures a sprawling apartment at The Camellias by DLF, Gurugram, for Rs 95 crore. The opulent 10,813 sq. ft space comes with five parking spots. The transaction, completed on January 18, 2024, underscores the allure of prime properties in the region while the recent surge in property values at The Camellias echoes a broader trend across DLF's Golf Links projects. With 15% of buyers upgrading from nearby complexes. It marks a milestone in Delhi-NCR's upscale real estate market, reshaping luxury living standards in Gurugram.Read more

27 Feb 2024

GIFT City, India's first smart city, is witnessing a remarkable real estate upsurge with a record bid of INR 3,870 per sq feet for a residential project against the base price of INR 1600 per sq feet. Prices for residential apartments have risen steeply by 30% to 35% in recent months. Despite the increase, developers report selling 70% to 80% of their inventory prior to project completion. Majority of the buyers currently are investors, especially NRIs, who anticipate higher rental income from these properties. With its world-class infrastructure and growing interest from global banks and tech giants, GIFT City is emerging as a thriving hub of residential and commercial activity.Read more

26 Feb 2024

Luxury housing in India experienced a remarkable surge in 2023, with sales soaring by 75% year-on-year, according to CBRE South Asia Pvt. Ltd. The luxury segment, encompassing units priced at INR 4 crore and above, witnessed a substantial 45% increase in unit launches. Notably, the luxury sector's share of overall residential unit sales doubled from 2% in 2022 to 4% in 2023. Delhi-NCR led the growth with a staggering 197% year-on-year surge, followed by Pune, Hyderabad, and Mumbai. The market's resilience was further evident in the balanced sales and launches during the last quarter of 2023.Read more

26 Feb 2024

Sundaram Alternates Assets (SAA), a subsidiary of Sundaram Finance Group, is spearheading a fundraising campaign to secure around INR 1,000 crore from international investors for green real estate ventures in India. With a focus on high-yield credit funds and a robust Environmental, Social, and Governance (ESG) framework, SAA aims to attract capital from diverse global sources, including NRIs in the Gulf region. The company anticipates the Series IV fund's closure within the INR 1,000-1,200 crore range, reflecting strong investor interest from regions like the GCC, North America, and Southeast Asia. SAA's proven track record and broad investor base highlight its potential to drive sustainable real estate initiatives in India.Read more

23 Feb 2024

Under Chief Minister Siddaramaiah's leadership, the Karnataka Government has unveiled a holistic plan to revamp Bengaluru, positioning it as a premier urban centre. Key initiatives include digitizing property tax records for all 20 lakh properties, aiming for a 'record' tax collection of INR 4,300 crore in the current fiscal year. To plug tax leaks, strategies have been devised, while additional revenue streams are to be targeted through revised advertisement policies and a premium Floor Area Ratio (FAR) policy. Infrastructure enhancements focus on road development, traffic decongestion, and the transformation of the Peripheral Ring Road (PRR) into the Bengaluru Business Corridor under a PPP model. Sustainability efforts include establishing captive solar parks, reinforcing Bengaluru's image as an eco-conscious metropolis.Read more

23 Feb 2024

Affordable Housing Finance Companies (AHFCs) witnessed a remarkable resurgence in growth during FY23, expanding by 27% year-over-year, as per a CareEdge Rating report. Forecasts suggest a sustained growth trajectory, with a projected 29% growth in FY24 and a further 30% in FY25 for AHFCs. Despite elevated costs and margin pressures, asset quality remains stable with a GNPA ratio around 1.2%. The report also anticipates a rise in the non-housing segment share to 27% by March 31, 2024, amidst high competition.Read more

22 Feb 2024

HDFC Bank's home loan book reached INR 6.84 lakh crore in December, nearing SBI's INR 6.94 lakh crore. SBI had surpassed HDFC in February 2021 with a market share of 23.5% to HDFC's 17%. Despite HDFC Bank's rapid growth post-merger, it lost market share. However, HDFC Bank's sequential growth outpaced competitors at 3.6%. SBI aims for a INR 10 lakh crore home loan book in five years. HDFC Bank focuses on reducing loan processing time and increasing cross-selling opportunities. They plan to introduce home refurbishment loans and a home saver product to enhance customer offerings and digital connectivity.Read more

21 Feb 2024

The National Housing Bank (NHB) of India has launched an initiative to bolster the housing finance market, focusing on Residential Mortgage-Backed Securities (RMBS) in collaboration with the Reserve Bank of India. The plan includes forming the RMBS Development Company Limited (RDCL), with NHB as the major shareholder and significant investments from insurance companies, private banks, and Housing Finance Companies (HFCs) like Grihum Housing Finance Ltd (Grihum). With India's housing finance market expected to double soon, especially in catering to economically weaker sections, lower-income, and middle-income groups, this initiative aims to drive economic growth, financial inclusion, and affordability while diversifying funding sources for HFCs.Read more

21 Feb 2024

The Indian commercial office sector is experiencing a substantial surge, as per the latest findings from ICRA, a leading credit rating agency. Their report indicates a remarkable potential for Real Estate Investment Trusts (REITs) within the office market. The report reveals that the REIT-ready office supply market could boost the office REIT market size by 6.0-6.5 times, with Bengaluru leading the way at 31% of the supply. Presently, three listed office REITs in India represent about 9% of the total office supply. Despite challenges like high vacancies in SEZ space, office REITs maintain a healthy 84% occupancy rate. ICRA projects a revival in SEZ attractiveness, supporting a stable outlook for India’s commercial office sector due to its appeal to global capability centers.Read more

21 Feb 2024

Private equity giants Bain Capital, Advent International, and CVC Capital, along with Warburg Pincus, vie for Shriram Housing Finance Ltd (SHFL), a subsidiary of Chennai's Shriram Finance. Initial offers fell short of Shriram's INR 6,500 crore valuation, prompting renewed talks after last year's unsuccessful stake sale. SHFL's impressive growth has driven the need for capital infusion, aiming to reach INR 20,000 crore assets under management by FY25. The company's focus on affordable housing attracted investor interest amidst India's booming market. The potential acquisition signals a transformative shift in India's housing finance landscape, offering promising opportunities for growth and innovation.Read more