10 Jan 2024

Mumbai witnessed a historic surge in real estate, marking the highest property registrations in 11 years. With 127,139 registrations in 2023, Mumbai surpassed the previous year by 4%, generating Rs 10,889 crore in stamp duty. December alone saw 12,487 units registered, a 33% increase from past year. Industry experts credit this growth to positive market sentiments, rising aspirations, and increased incomes. The western suburbs, propelled by improved connectivity and convenience, emerge as a real estate hotspot. Infrastructure upgrades and tailored offerings are contributing to Mumbai's suburbs becoming an attractive choice for diverse homebuyers, shaping a resilient and evolving real estate landscape.Read more

10 Jan 2024

Navi Mumbai Municipal Corporation (NMMC) excelled in property tax collection by collecting Rs 465.70 crore in the first nine months of the fiscal year 2023–24, a significant rise from the previous year. This success is credited to strategic planning and the dedicated efforts of officials, notably Additional Commissioner Sujata Dhole. The NMMC aims to collect Rs 800 crore by the end of this fiscal year. Chief Rajesh Narvekar emphasizes the recovery of arrears, leveraging data, and conducting a LiDAR survey. The achievement reflects sound financial management, affirming the NMMC's commitment to fiscal responsibility and sustaining economic growth in Navi Mumbai's industrial sector.Read more

09 Jan 2024

Mumbai's office space demand surged to a six-year high in 2023, hitting 8.5 million square feet. Tech giants led the way by embracing smaller offices, surpassing expectations. Nationally, key Indian cities absorbed 61.6 million square feet, marking a 7% rise. Sustainability was key, with half of new constructions going green. Industries like BFSI, IT, and manufacturing drove demand, mainly in Bengaluru, Hyderabad, and Chennai. Smaller deals dominated, making up 84% of transactions, and domestic firms led the way in shaping the evolving office scene in India.Read more

09 Jan 2024

In 2023, the Indore-Ujjain real estate market thrived with a 9% YoY surge in revenue, totalling Rs 4,083.48 crore from 5.44 lakh property registrations. Indore contributed 50% with Rs 2,273 crore from 1.68 lakh registrations, marking a 10% increase. Districts like Agar-Malwa, Shajapur, Khargone, Ujjain, and Alirajpur strengthened revenue, adding Rs 250 crore for a 6.5% rise. Agar-Malwa claimed the top spot with a 26.29% surge, followed by Shajapur (25.49%) and Khargone (24.47%). Government initiatives, including smart city projects, enhanced infrastructure, and Indore's booming IT sector, have fuelled demand by attracting professionals, families, and investors, establishing the region as a diverse real estate hub.Read more

09 Jan 2024

Ujjivan Small Finance Bank has reported its highest-ever quarterly disbursements in the affordable housing loan segment, emphasizing its focus on expanding the secured portfolio. The bank, known for its legacy in unsecured microfinance, has seen a gradual increase in its secured book, reaching 28.5%. Other secured businesses, including loans to micro and small enterprises and micro mortgage loans, have also contributed to this growth. The bank's overall advances have experienced substantial growth, with a 27% year-on-year increase to Rs. 27,791 crores. The strategic focus on fortifying the secured portfolio aligns with Ujjivan's commitment to sustainable growth and prudent risk management.Read more

09 Jan 2024

The Chandigarh Municipal Corporation (MC) is set to conduct auctions for commercial properties to recover pending property tax dues. Around 50 properties, including shop-cum-offices (SCOs), have been identified for auction after being sealed and attached by the civic body due to unpaid tax obligations. This marks the first instance of the MC proceeding with property auctions to reclaim outstanding tax dues. The civic body has intensified its efforts in the recovery drive, issuing notices and taking legal action against defaulters. The MC remains committed to bringing financial discipline and compliance among property owners regarding tax obligations.Read more

08 Jan 2024

In 2023, Gurugram's housing market experienced a notable 13% surge in sales, contrasting with neighbouring areas like Noida, Greater Noida, Faridabad, and Delhi, which saw a 7-8% decline in property sales. Gurugram's residential property market flourished, reaching 36,970 units, a significant increase from the previous year's 32,615 units. In contrast, Noida, Greater Noida, Ghaziabad, Faridabad, and Delhi collectively faced a downturn. Gurugram's success is attributed to robust consumer sentiment, ongoing infrastructure projects, and hotspots like New Gurugram, Dwarka Expressway, and the Southern Peripheral Road. Industry experts highlight Gurugram's renaissance within the NCR region, driven by demand and infrastructure growth.Read more

08 Jan 2024

Vile Parle, situated in Mumbai's western suburbs, is a lively locality renowned for its cultural heritage and educational institutions like Mithibai College and NMIMS University. In November 2023, Vile Parle witnessed 27 apartment transactions across 22 buildings, with resale transactions dominating the market. Moss Adhira, Anand Bhuvan Apartment, Sumit Gurukrishna, Nutan Jeevan CHSL, and Hetali Shivam CHS each closed 2 deals. Irene Building recorded the most expensive transaction at Rs. 11 Crores for 1612 sq ft. The most affordable option was in Aangan Apartment at Rs. 49 Lakhs. The average rate per sq ft in Vile Parle ranged from Rs. 16,000 to Rs. 68,300, with a weighted average of Rs. 30,000. Over 50% of flats sold were in the 501-1000 sq ft range, and approximately 80% were priced between Rs. 1 Crore and Rs. 5 Crores.Read more

08 Jan 2024

Mumbai's office space demand surged to a six-year high in 2023, hitting 8.5 million square feet. Tech giants led the way by embracing smaller offices, surpassing expectations. Nationally, key Indian cities absorbed 61.6 million square feet, marking a 7% rise. Sustainability was key, with half of new constructions going green. Industries like BFSI, IT, and manufacturing drove demand, mainly in Bengaluru, Hyderabad, and Chennai. Smaller deals dominated, making up 84% of transactions, and domestic firms led the way in shaping the evolving office scene in India.Read more

08 Jan 2024

Embassy Office Parks Management Services, manager of Embassy Office Parks Real Estate Investment Trust (Embassy REIT), has received board approval to raise debt up to Rs 2,000 crore. The move, aimed at optimizing the existing debt structure, involves the issuance of 1,00,000 secured non-convertible debentures valued at Rs one lakh each, generating an anticipated Rs 1,000 crore. Additionally, the REIT plans commercial paper issuances totalling Rs 1,000 crore, in a phase-wise manner. By diversifying financial instruments, and emphasizing long-term stability in its real estate investment portfolio, Embassy REIT is aiming for a sustainable future.Read more