28 Nov 2022

Last week, a division bench of Justices R D Dhanuka and S G Dige said it would begin hearings for the petition filled by the state government regarding land acquisition from Godrej & Boyce from 5th December 2022. The state government and the company have been embroiled in a bitter court battle since 2019. The company alleges a wrongful approach undertaken by the state government to acquire the land and changes in the compensation amount offered. The state government and NHSRCL on the other hand are accusing the company of causing unnecessary hurdles thereby delaying the project.Read more

25 Nov 2022

In an attempt to jump upon the digitisation bandwagon and ease the burden on sub registrar offices, the state of Goa is considering introducing an e-registration process for flats purchased directly from the builder. The new system is currently underway and should be ready for use in the coming months. With the introduction of this facility, state officials hope to shorten the otherwise long and cumbersome process of property registration. To prevent impersonation and fraud, individual property sellers will not be permitted to use this service.Read more

24 Nov 2022

Residential complexes in Mumbai City are fast opting for redevelopment. A concept that used to scare many is now being embraced by several housing societies across the region. Several government initiatives introduced in the recent past have helped society members opt for self-redevelopment and encouraged builders to take on such projects by way of additional FSI. As a result of this, several micro markets in Mumbai are experiencing a sudden surge in rental yields. Experts suggest rentals have increased by Rs. 5-10 /- per square foot in Mumbai Suburban and By Rs. 10-15/- per square foot in the Island City.Read more

17 Nov 2022

Bengaluru’s civic body BBMP is in a legal tussle with builders in the city over unpaid dues amassing to over 1,00 crores for land rent, licence fees, building licence fee, scrutiny fee and other such construction approvals. Collection was temporarily halted in August 2021 by a High Court directive. In January 2022, the Karnataka Municipal Corporation and Certain Other Law (Amendment) Act-2021 was revised to restart the collection process, but the amended law it yet to be implemented.Read more

16 Nov 2022

The famous Air India Building located in Nariman Point, Mumbai has few takers. The building was first handed over in 1970 on a 99-lease by the state to the then government-controlled airlines. In February 2013, as part of its asset-monetisation strategy, Air India relocated its corporate headquarters to New Delhi and vacated the property. Even though Air India requested bids for the sale of the 23-story structure in 2018, so far there are no takers. To revive talks, the bid has now been raised to 1,600 crore rupees.Read more

16 Nov 2022

Earlier this month, the C Ward of the Brihanmumbai Municipal Corporation (BMC) lifted the stop-work notice issued against the Bhendi Bazar redevelopment project, allowing work to restart after a hiatus of over two months. The notice was first issued on the behest of deputy CM Devendra Fadnavis who requested an investigation into reports that the Saifee Burhani Upliftment Trust, which is carrying out the project, had altered the original designs, removed certain roads and changed the widths of certain highways and roadways. The same complaints were investigated in December 2021 by then acting deputy speak Narhari Zirwal, who had given the Trust a clean chit.Read more

15 Nov 2022

In an announcement made at the annual ‘NATCON 2022’ event in YAS Island, Abu Dhabi, the Confederation of Real Estate Developers’ Association (CREDAI) has committed to collaborating with HDFC Capital to facilitate an investment of INR 5,000-10,000 crore rupees for affordable housing in non-metro cities such as Lucknow, Jaipur, Ahmedabad, Indore, Bhubaneswar etc. Additionally, the body claimed that over 13,000 member developers have taken a pledge to become 100 percent carbon neutral by 2050.Read more

14 Nov 2022

The real estate industry is witnessing a new wave of consolidation, as several large and listed companies look towards it as a means to improve liquidity and revenue generation. The current market demands reflect the homebuyers sentiment and frustration with regard to delayed deliveries and a lack of trust with new entities. By taking over smaller companies, larger entities are being able to stabilize bond yields and ensure timely delivery on account of improved liquidity.Read more

11 Nov 2022

The picturesque state of Goa in India is witnessing a boom in tenancy. Rentals for properties in popular destinations have risen by 25-30% in some cases, with the future looking even brighter. As per reports released by Savills India, rent and occupancy have climbed to as much as 8% p.a. in certain micro markets, an enormous difference from the country's average of 1.5-3%. Developers are cashing in by creating gated communities and properties to suit the growing needs.Read more

04 Nov 2022

The largest mortgage lender in India, Housing Development Finance Corp, announced a 17.8% increase in second-quarter earnings on Thursday, helped by high house loan demand. Their profit increased from 37.81 billion Indian rupees a year earlier to 44.54 billion rupees ($537.2 million) in Q2 which ended on September 30. The interest revenue for HDFC increased by 24% to 131.43 billion rupees during the quarter.Read more