29 Jul 2024

BL Kashyap & Sons Ltd. has been awarded a major INR 160 crore contract by Suruchi Properties Pvt. Ltd., a Century Real Estate Holdings subsidiary. The project involves civil and structural works for a residential building in Kodihalli, Bengaluru. This new order expands BL Kashyap's order book to INR 3383 crores, highlighting the company's growth and capability in handling large-scale projects. Managing Director Vineet Kashyap emphasised the firm's commitment to excellence and innovation. With over 250 completed projects and operations across 12 cities, BL Kashyap continues to solidify its leadership in the EPC sector.Read more

26 Jul 2024

Samsung R&D Institute India has secured a renewed lease for its prominent office space spanning 4.2 lakh square feet within Bengaluru's Bagmane World Technology Centre. The lease, effective from June 4th, 2024, extends for 60 months with an annual rent of approximately INR 51.6 crore. This strategic move highlights Samsung's long-term commitment to India's IT sector, leveraging Bengaluru's robust infrastructure and skilled talent pool. The office provides Samsung with 11 floors of dedicated workspace, 562 parking slots, and 10 exclusive elevators, reinforcing its significant presence in India's tech landscape and fostering innovation through collaboration with local partners.Read more

26 Jul 2024

Tata Realty has secured a significant INR 825 crore (USD 101 million) loan from the International Finance Corporation (IFC) for Ramanujan Intellion Park in Chennai. This landmark IT park, India's first and largest IFC EDGE Zero Carbon certified asset, exemplifies sustainable development in the real estate sector. The funding will support strategic refinancing and further integration of cutting-edge sustainable technologies across the park's 4.67 million square feet of commercial office space. Located in Chennai's IT corridor, the park promotes environmental stewardship with renewable energy usage, water conservation, and substantial energy savings, setting a new standard for green commercial properties in India.Read more

26 Jul 2024

Piramal Capital and Housing Finance plans to raise USD 300-500 million through dollar bonds amidst RBI's stringent lending rules for NBFCs. This move reflects a strategic pivot to diversify funding sources and mitigate domestic market risks. Similar successful bond issuances by HDFC Bank underscore growing international investor interest in Indian debt. Piramal Capital's initiative, part of the Piramal Group, aims to bolster domestic lending activities while navigating global financial markets. The shift highlights a pivotal moment in India's financial landscape, signaling potential for enhanced stability and growth in NBFC funding strategies.Read more

26 Jul 2024

The Union Budget 2024 has revised tax rates on Short Term Capital Gains (STCG) and Long Term Capital Gains (LTCG) while standardizing holding periods for asset classes. Listed assets, like real estate shares and REITs, now require a 12-month holding for LTCG, reduced from 36 months, while physical real estate remains at 24 months. STCG rates for listed assets increase from 15% to 20%, and LTCG rates drop from 20% to 12.5%, with no indexation. Industry experts such as Deep Vadodaria - CEO of NILA Spaces Limited and Mr. Vedanshu Kedia, Director, Prescon Group have mixed reactions, emphasising that the impact on real estate investors will depend on property appreciation rates relative to inflation, potentially benefiting long-term investors.Read more

25 Jul 2024

Priyanjali Mariwala, part of Marico's prominent family, has invested INR 65.25 crore in a luxury apartment spanning 8,300 square feet at Mumbai's prestigious Bandra-Kurla Complex (BKC). Located in the exclusive Signature Island tower by Sunteck Realty, this acquisition includes four car parking slots and benefits from Maharashtra's stamp duty concession for women homebuyers. The transaction highlights BKC's appeal among corporate leaders and celebrities for its central location and luxurious amenities. It underscores Mumbai's robust luxury real estate market, which continues to attract high-profile buyers and maintain strong investor confidence despite economic fluctuations.Read more

25 Jul 2024

Hebbal, in northern Bangalore, has quickly grown from a quiet suburb to a busy residential and commercial area. The area has modern apartments, tech parks, and shops, attracting young professionals and families. There are also schools and hospitals, making it a convenient place to live. In June, Sobha City had the most sales with nine deals, followed by L&T Raintree Boulevard with 5 deals. Resale deals made up 69% of the total deals concluded in the month. Prices per square foot in Hebbal ranged from INR 1,200 to as high as INR 54,228, with an average of around INR 16,406. Around 38% of the apartments sold were within INR 1 crore range, while 50% of the flats sold were within INR 1-2 crores and 13% of the apartments sold were between INR 2 - 3 crores.Read more

25 Jul 2024

Shray Projects, leading real estate broking firms in North India, is hosting "The Krisumi Experience" on July 27, 2024, in partnership with Krisumi Corporation Pvt. Ltd. at Novotel Hotel, GS Road. This exclusive event will introduce Krisumi Waterside Residences and Waterfall Suites 2, featuring luxury 2 and 3 LDK apartments, studio, and one LDK options. The event will highlight Krisumi's ultra-luxury living standards and investment potential. With extensive marketing efforts, including billboards and radio broadcasts, Shray Projects aims to attract Guwahati's elite investors. Sahil Verma, COO of Shray Projects, emphasises the event's role in merging Japanese quality with local sensibilities.Read more

25 Jul 2024

The 2024 Union Budget introduces significant measures to boost infrastructure and e-commerce. Notably, 12 new industrial parks will be established under the National Industrial Corridor Development Program, offering essential facilities and reducing setup costs for businesses. Additionally, "Plug and Play" industrial parks in 100 cities will provide ready-to-use spaces, minimising construction delays. The budget also supports the e-commerce sector with dedicated export hubs and reduces the TDS rate from 1% to 0.1%, easing tax compliance. These initiatives are expected to enhance industrial growth, attract investment, and create jobs.Read more

24 Jul 2024

Godrej Properties has acquired land parcels in Bengaluru and Pune, marking a significant expansion. In North Bengaluru's Thanisandra, the company secured a seven-acre plot for a high-end residential project with a built-up area of 9 lakh sq ft, expected to generate INR 1,200 crore. In Pune's Hinjewadi, Godrej acquired 11 acres for a mixed-use development, featuring group housing and retail, with a developable potential of 2.2 million sq ft and estimated revenue of INR 1,800 crore. These strategic moves align with the rising demand for premium housing and commercial spaces in key Indian cities.Read more