23 Aug 2023

A recent study by Savills, a top real estate consultancy, revealed a significant 5-28% year-on-year increase in luxury housing rentals across Delhi, Noida, and Gurugram in the first half of 2023. The surge, attributed to a growing demand-supply gap and rising capital values, saw Delhi's Central 1 micro-market, including areas like Golf Links, leading with a 10% rise. Gurugram reported a 28% average hike, while Noida's premium sectors experienced around a 19% growth.Read more

23 Aug 2023

Maharashtra's State Housing Minister, Atul Save, announced the upcoming release of a revamped housing policy focused on affordable and sustainable living. This policy, set for a November launch, will integrate feedback from diverse stakeholders, such as architects and engineers. Building upon the previous 2015 policy, it will emphasize streamlined clearances for homebuyers and address contemporary challenges like special townships and slum redevelopment. The new framework also plans to incorporate recent state-specific regulations and align with the central 'Housing for All' initiative.Read more

23 Aug 2023

Bank of Baroda recently published an e-auction notice for the sale of actor Sunny Deol's 'Sunny Villa' bungalow in Mumbai due to outstanding loan dues amounting to around Rs 56 crores. Scheduled for September 25, the auction notice was withdrawn on August 20, reportedly due to technical reasons. The Sarfaesi Act empowers banks to recover non-performing asset (NPA) dues without court intervention. Deol has the option to settle the dues and stop the auction. The Act mandates a legal notice, followed by a 60-day period to repay the loan, failing which the property can be sold. Sunny Deol, an actor and MP, won the Gurdaspur constituency seat in the 2019 elections. Bank of Baroda's swift action raises questions about the handling of NPAs within legal bounds.Read more

22 Aug 2023

The Union Housing Ministry and the International Council for Local Environmental Initiatives, South Asia, conducted an energy consumption analysis in 15 cities, including Thane. Thane's high greenhouse gas emissions, driven by residential buildings and public transportation, lead to extreme weather events. Excessive energy usage, stemming from household appliances, was highlighted. Proposed solutions involve adopting rooftop solar panels, transitioning to electric buses and solar-powered vehicles, and optimizing construction practices. The report suggests rainwater harvesting, eco-friendly construction, and enforcing emission regulations. Curbing emissions can bolster Thane's resilience against natural disasters and create a safer urban environment.Read more

22 Aug 2023

The Kolkata Municipal Corporation's health department is struggling to clear garbage from 5,000 vacant plots in the city, mainly due to untraceable owners or their refusal to clean. To address this, they propose a special clean-up drive, adding the expenses to property owners' tax bills. If owners don't comply, the solid waste management department will conduct the drive and charge owners; particularly dengue-prone areas are targeted.Read more

22 Aug 2023

The Ghaziabad Development Authority (GDA) is combatting illegal constructions by notifying nine banks to verify property legality before granting loans. The move comes in response to unauthorized building in GDA zone 7. The goal is to prevent multi-storey constructions on single-storey plots and deviations from sanctioned layouts. While GDA can take actions like demolition, the challenge lies in banks granting loans without checking legality. GDA directs banks to verify layout plans and cease loans for illegal properties. However, some bank officials suggest that RBI's clear directives are essential for effective change. GDA's collaboration with banks aims to ensure lawful urban development and curb unauthorized constructions.Read more

22 Aug 2023

A total of 170 real estate projects across Mumbai and Pune regions are pushing for deregistration due to various challenges, including financial strains and changing market demands. Mumbai's suburban district sees 8 projects, Mumbai city 4, Thane 21, Raigad 29, Palghar 7, and Pune leads with 63. The Maharashtra Real Estate Regulatory Authority (MahaRERA) had previously highlighted criteria for deregistration, emphasizing the ongoing scrutiny process for such requests. Developers are looking at reshaping projects in response to shifting local demands, with some hinting at potential reintroductions post-resolutions.Read more

21 Aug 2023

In response to the National Monument Authority (NMA)'s concerns over real estate construction around protected monuments, the Indian government has mandated stricter banking scrutiny for projects adjacent to heritage sites. Banks are now required to conduct rigorous due diligence before approving loans for such projects. Developers encroaching on lands near monuments will be blacklisted and reported as fraudulent, facilitating strict action by relevant authorities. This move coincides with the government’s plan to reintroduce a bill in Parliament that prohibits construction within 100 meters of protected monuments, signalling a robust commitment to preserving the country's rich cultural heritage amidst rapid urbanization.Read more

21 Aug 2023

Ahmedabad has been named India's most affordable city for homebuyers, according to the latest Affordability Index by real estate consultancy Knight Frank. In H1 2023, Ahmedabad registered a low ratio of 23% between monthly instalments and average household income, followed by Pune and Kolkata at 26%. In contrast, Mumbai recorded a high ratio of 55%, marking it as the least affordable city in India. The report also highlights shifts in housing demand due to RBI's rate hikes to curb inflation, impacting the under Rs 50 lakh price segment significantly. Despite increased EMIs, housing demand continues to sustain at multi-year highs.Read more

21 Aug 2023

The Indian healthcare industry has attracted substantial private equity investments of over Rs 27,000 crore in recent years, with notable deals involving Manipal Hospitals, Sahyadri Hospitals, and ASG Eye Hospital. The sector's growth is driven by expanding facilities, mergers, and acquisitions, especially in response to post-Covid consolidation, resulting in higher quality healthcare preferences and improved revenue projections. These trends are backed by strong demand for healthcare services, with ICRA predicting a healthy revenue growth of 8-10% in FY24, further cementing the industry's positive trajectory.Read more