07 Dec 2023

Over the past four months, the Greater Noida Industrial Development Authority (GNIDA) has processed nearly 5,000 registries across more than 20 housing projects. This initiative, following developers settling their dues and obtaining occupation certificates, has contributed Rs 100 crore in revenue, with stamp duty payments amounting to Rs 150 crore for the state government. GNIDA's CEO, Ravi Kumar NG, highlighted the adoption of a flat-wise registration system for efficiency, ensuring smooth ownership rights for homebuyers. The Authority actively addressed homebuyer concerns through camps, and despite awaiting the state government's rehabilitation package, GNIDA remains committed to resolving builder-buyer issues within existing policies.Read more

06 Dec 2023

The Municipal Corporation of Delhi plans to lease its newly constructed office complex in Karkardooma, covering three blocks over 22,918 sq meters, for 30 years. The modern complex, equipped with amenities like air-conditioning and CCTV surveillance, is open for leasing to government departments, PSUs, and others. The minimum rent is set at Rs 115 per sq ft, with a 7% annual enhancement. Central government departments have shown interest, and the corporation will reach out to others. The lease agreement will be awarded based on the best rate exceeding the floor rate, providing a contemporary workspace solution.Read more

06 Dec 2023

hBits, a fractional ownership platform in India, has acquired 13,500 sq. ft. of prime commercial real estate in Mumbai's bustling Goregaon area, valuing at INR 27.31 crore. This strategic move opens a Grade A commercial real estate investment avenue for retail investors. The property, near Mumbai's economic hub, is leased to a prominent Indian-origin multinational tech firm for five years, ensuring a solid 3-year lock-in period. Boasting robust financial metrics with a 9% gross entry yield and a 15.49% expected internal rate of return, hBits aims for an INR 500 crore AUM by March 2024, capitalizing on Mumbai's thriving commercial real estate demand.Read more

06 Dec 2023

The Municipal Corporation of Delhi has announced the exemption of property tax collection from rural residential areas in Fural, Delhi. The move aims to provide relief to residents from property tax liabilities, with Deputy Mayor Aaley Mohammad Iqbal affirming the exemption across all 70 constituencies with rural areas. The announcement was made by Mayor Shelly Oberoi during a press conference over the weekend. Some political parties have voiced their concerns over this move while others have lauded it.Read more

06 Dec 2023

Pune Municipal Corporation contemplates an amnesty scheme to encourage property tax compliance, offering reduced penalties through Lok Adalat. PMC's administrator, Vikram Kumar, aims to motivate defaulters, despite concerns from civic activists. Records indicate a substantial Rs 4,500 crore outstanding from property owners. A Lok Adalat is scheduled for December, following PMC's successful collection of Rs 479.09 crore in 2021-22. Despite opposition, PMC targets Rs 2318.15 crore in property tax for 2023-24, emphasising its crucial role post-octroi and LBT removal, with tax payment options based on property ARV.Read more

05 Dec 2023

The Everest Food Products promoter group, known for the Everest spice brand, has invested over Rs 143.50 crore in two sea-view Mumbai apartments, boosting the total deal size to exceed Rs 213 crore. Previously securing a 53rd-floor residence in Oberoi Three Sixty West for Rs 73.50 crore, they expanded with an adjacent apartment and a similar-sized one on the 50th floor. The 53rd-floor unit was directly acquired from Oberoi Realty, while the 50th-floor residence was bought from SKS Infrabuild. Registered in November, these acquisitions include exclusive access to eight parking slots each, totalling 14 parking slots within the tower.Read more

05 Dec 2023

Knight Frank's recent analysis reveals a dynamic shift in Kolkata's real estate market. With 35,467 apartments registered in 2023, October stood out with 4,441 registrations, a 2% increase from the previous month. Despite this, there's a notable 35% YoY decline. This is attributed to a robust surge experienced in 2022. The report also reveals a change in the size preferences, with 501-1,000 sq ft units dominating. Micro-market dynamics show the South Zone claiming the top spot, marking a significant shift from last year. The extension of stamp duty rebates and RBI's unchanged repo rate add optimism for future trends.Read more

05 Dec 2023

HCL Technologies Ltd. is strategically divesting its Bengaluru office assets, including a special economic zone campus spanning 27 acres valued at approximately Rs 550 crore. This move aligns with HCL Tech's broader strategy to optimize its portfolio and exit non-core assets, adapting to changing workplace dynamics. Amid the transition to hybrid work model’s post-pandemic, the real estate market in India is seeing a shift towards collaboration-centric spaces. HCL Tech's proactive response reflects the company's commitment to streamlining operations and focusing on core business areas, embodying a trend observed among IT firms reassessing their property portfolios for a flexible and collaborative future.Read more

05 Dec 2023

Gujarat RERA has introduced an advanced online portal, addressing the issue of outdated progress report photos. The platform was launched on Nov 24. It ensures compliance with the RERA Act and precise reporting to tax departments. Earlier, developers manipulated tax obligations with old photos, exploiting a loophole in the previous website. The new website mandates real-time updates, thereby curbing inaccuracies. Experts, emphasising transparency, highlight the need for developers to adopt this technology. The website streamlines tasks and accelerates the registration process, thereby meeting industry demands.Read more

02 Dec 2023

According to a report by Colliers, a notable upswing in real estate investment activities is expected in the Asia Pacific region in 2024, with India emerging as a key destination for capital inflows. The report highlights India's prominence due to its robust economic growth, drawing investor interest in various real estate segments such as office spaces, logistics, private credit, residential properties, and data centres. Institutional investments in India's real estate sector saw a 27% year-on-year surge in the initial nine months of 2023, totalling $4.6 billion, with foreign inflows constituting a dominant 77% share. The report anticipates major transactions and increased investment volumes in 2024, signalling a positive outlook for the region, particularly in India.Read more