2024 Budget Reforms: Real Estate capital gains tax changes explained
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....
Tata Realty secures INR 825 crore loan for Chennai's Ramanujan Intellion Park
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....
Samsung renews lease for 4.2 lakh sq ft office space in Bengaluru
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....
Piramal Capital and Housing Finance eyes to raise USD 500 million via dollar bonds sale
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....
Union Budget 2024: A focus on industrial and warehousing development
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....
Hebbal: Bangalore's emerging residential and commercial hotspot
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....
Marico scion Priyanjali Mariwala invests INR 65.25 crore in a luxury apartment in BKC, Mumbai
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....
Shray Projects and Krisumi Corporation host "The Krisumi Experience" in Guwahati on 27th July
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....
Union Budget 2024: Key changes and their impact on Real Estate
The Union Budget 2024 introduces key changes for the real estate sector including significant changes to property taxes and a renewed focus on infrastructure development. The budget has standardized the Long Term Capital Gains (LTCG) tax rate at 12.5% without indexation. The allocation of INR 11.1 trillion crore for capital expenditure aims to boost infrastructure, which will enhance connectivity and real estate development. The PM Awas Yojana-Urban 2.0 plans to provide one crore houses for the urban poor with a significant budget allocation. States are encouraged to reduce stamp duty rates to make property transactions more affordable, especially for women. Lower deductions on rental payments and new policies for rental markets are also announced. Industry leaders have welcomed these changes, highlighting the positive impact on job creation, housing, and urban development....
BAF and RERI-IIMB join hands to help residents of Bengaluru
The Bangalore Apartments Federation (BAF) and the Real Estate Research Initiative (RERI) at the Indian Institute of Management Bangalore (IIMB) have signed an MoU to enhance awareness among homebuyers and residents in Bengaluru. This partnership aims to benefit nearly 1,300 apartment and villa RWAs, representing about 300,000 households, 1.5 million citizens. Key collaboration areas include research, knowledge generation, focusing on resource management, waste management, safety, and cultural integration. BAF President Vikram Rai highlighted the value of this partnership, while Prof. Venkatesh Panchapagesan noted that RERI's first initiative will involve training residents to manage their apartment associations effectively....
HDFC Capital pledges over USD 2 billion for affordable housing in India by 2025
Affordable housing in India is set for a significant boost as HDFC Capital Advisors pledges over USD 2 billion (INR 15,000 crore) by the end of 2025. This investment aligns with the Indian government's "Housing for All" mission, which targets 30 million affordable homes, including 10 million in urban areas. Despite strong demand, a shortage of 35 million affordable units is projected by 2030. HDFC Capital, backed by the Abu Dhabi Investment Authority, leads with a USD 3.5 billion platform for affordable and mid-income housing. This initiative, alongside investments from ICICI Prudential, Kotak Mahindra, and Deutsche Bank, aims to address the housing deficit and significantly boost India's GDP by contributing an estimated USD 2 trillion by 2030. Collaborative efforts and continued government support are crucial for achieving these ambitious goals....
Godrej Properties acquires land in Bengaluru for INR 1,200 crore
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....
MahaRERA gears up for 5th real estate agent exam on July 29th
MahaRERA is set to hold its 5th online exam for real estate agents on July 29th at 24 centers across Maharashtra, with 5,260 candidates participating. This mandatory certification ensures agents are well-versed in the Real Estate (Regulation and Development) Act, safeguarding homebuyer interests. Registrations of over 20,000 agents were recently suspended for non-compliance. MahaRERA Chairman Ajoy Mehta emphasises the crucial role of agents in providing accurate information to homebuyers, highlighting the importance of training and certification. To date, 19,403 individuals have completed training, with 9,295 passing previous exams....
Godrej Properties' INR 50 crore TDR acquisition in Gurgaon set to boost sector 43 project
Godrej Properties has acquired Transfer of Development Rights (TDR) certificates worth INR 50 crore for their upcoming project in Sector 43, Gurgaon. This innovative move, commonly used in Mumbai, allows Godrej to add 300,000 sq ft of built-up space, significantly increasing the project's revenue potential to INR 900 crore. TDR certificates, issued as compensation to landowners for public development, provide additional building rights that can be sold to developers. This acquisition highlights Godrej Properties' commitment to the Gurgaon market, which saw a 473% sales increase in FY24, and sets a precedent for future developments in the area....
Bollywood's Ronit Roy acquires INR 18.94 crore luxury apartment in Versova, Mumbai
Ronit Roy, renowned Bollywood actor, has made headlines with his recent acquisition of a luxurious 4,259-square-foot apartment in Mumbai's prestigious Versova area for INR 18.94 crore (USD 2.3 million). Located on the 20th floor of an upcoming high-rise, the apartment offers stunning views of Mumbai's coastline and includes four parking spaces. The transaction, marked by a significant stamp duty payment of INR 1.13 crore, underscores Mumbai's robust real estate market, which has seen continuous growth amid rising mortgage rates and sustained economic stability. Roy joins a cohort of Bollywood celebrities investing in Mumbai's prime properties, reflecting both a penchant for luxury living and savvy financial foresight....
VP Nandakumar, CEO of Manappuram Finance Ltd, buys sea-facing Mumbai apartment for INR 41.25 crore
VP Nandakumar, CEO of Manappuram Finance Ltd, has made a notable entry into Mumbai's luxury real estate market with the purchase of a sea-facing apartment on Carter Road for INR 41.25 crore. The 4,500 square foot property will serve as a residence for his son, marking the family's first investment in Mumbai's high-end real estate. Facilitated by NoBroker, a proptech company specializing in luxury properties, this transaction underscores the increasing role of technology in the market. It also highlights Mumbai's appeal to diverse buyers, including entrepreneurs and business leaders, beyond the usual Bollywood celebrities....
Parel's real estate insights: L&T Crescent Bay leads with 5 deals, prices range from INR 17,333 to INR 52,729 per sq. ft.
Parel, a central Mumbai locality, has transformed from a mill district into a commercial and residential hub. Significant redevelopment has replaced textile mills with high-rise apartments, office complexes, and shopping malls. Parel hosts several hospitals, earning it the nickname "Medical Hub of Mumbai," and has excellent road and rail connectivity. In June, L&T Crescent Bay led real estate activity with the highest number of deals. Prices per square foot ranged from INR 17,333 to INR 52,729, catering to various buyer preferences. Parel's blend of industrial heritage and modern development makes it a desirable destination for homebuyers and investors....
Mahindra Lifespaces expands with INR 2,050 crore (USD 241 million) deals in Mumbai and Bengaluru
Mahindra Lifespaces has announced two major deals totaling INR 2,050 crore (USD 241 million) to expand in Mumbai and Bengaluru. In Mumbai, they secured a redevelopment project in Borivali West worth INR 1,800 crore (USD 210 million), revitalising seven residential societies. In Bengaluru, they acquired a 2.37-acre land parcel in Singasandra for INR 250 crore (USD 29 million), adjacent to their successful Mahindra Zen project. These strategic moves aim to tap into the robust real estate demand in key Indian cities, enhancing Mahindra Lifespaces' presence and growth in the dynamic urban market....
Real estate leaders share key expectations for Union Budget 2024-25
With the Union Budget 2024-25 set to be announced on July 23, the Indian real estate sector anticipates significant reforms to drive growth and efficiency. The sector is advocating for policy changes, including industry status recognition, single-window clearance, and increased support for affordable housing. These measures are expected to streamline operations, attract investment, and boost economic development. Industry leaders emphasise the need for GST input tax credit revisions, higher home loan interest rebates, and reduced input costs for materials. These reforms are crucial for sustaining economic growth and improving living standards across India....
Residential property prices in India's top 10 tier II cities rise up to 94%: PropEquity report
According to PropEquity, residential property launch prices in India's top 10 Tier II cities have risen by up to 94% over the past five fiscal years. Cities like Agra and Goa saw the highest increases, with Agra experiencing a 94% rise, from INR 3,692 to INR 7,163 per sq. ft., and Goa a 90% rise, from INR 5,378 to INR 10,219. The data highlights a robust demand driven by economic growth and improved infrastructure. PropEquity's research indicates that 24 out of 30 Tier II cities saw double-digit price increases, reflecting a significant shift in the real estate landscape....
MMRDA in collaboration with NCPA showcase Atal Setu in stunning photo exhibition
The National Centre for the Performing Arts (NCPA) and the Mumbai Metropolitan Region Development Authority (MMRDA) present "Trans-Harbour Triumph: The Atal Setu Story in Pictures," a photo exhibition celebrating India's longest sea bridge. Inaugurated by Dr. Sanjay Mukherjee, Mr. Khushroo N. Suntook, Mr. Yagi Koji, and Mr. Mitsunori Saito, the exhibition showcases the Atal Setu's engineering marvels, environmental considerations, and construction journey. Open to the public from July 17th to 31st at the Dilip Piramal Art Gallery, NCPA, it offers a free, immersive experience into the bridge's transformative impact on Mumbai's connectivity and growth....
Screenwriter and lyricist Javed Akhtar purchases property in Juhu for INR 7.76 crore
Javed Akhtar, the noted screenwriter and lyricist, continues his investment in Mumbai's upscale real estate market with a recent purchase of a INR 7.76 crore apartment in Juhu. This acquisition marks his second property in the prestigious Sagar Samrat Building, following a 2021 purchase nearby. Akhtar joins a flurry of high-profile transactions in Mumbai's luxury sector, reflecting the city's allure among Bollywood celebrities and affluent individuals. As Mumbai's luxury real estate market thrives with notable acquisitions, including properties owned by Aamir Khan and Amitabh Bachchan, experts foresee sustained growth driven by the city's vibrant entertainment industry and affluent clientele....
Nila Spaces sets record with INR 6,557/sq ft bid at GIFT City
Nila Spaces Ltd, an Ahmedabad-based developer, achieved a landmark at Gujarat International Finance Tec-City (GIFT) with a record bid of INR 6,557 per square foot for development rights in the special economic zone (SEZ). This makes it the most expensive parcel of land, in absolute terms, in Gujarat. The tender saw Nila Spaces secure rights for developing 5.22 lakh square feet on a 5,550 square meter plot. The company will invest INR 342 crore to construct a 100-meter tower focused on mental health and corporate burnout. GIFT City continues to solidify its stature as a global financial hub....
Real Estate Insights: Vashi emerges as a top choice in Navi Mumbai in June
Vashi, a well-planned node in Navi Mumbai, offers modern infrastructure and a balanced living environment. Known for its commercial and residential appeal, Vashi features amenities like shopping centers, schools, healthcare, and recreational spaces. It's well-connected to Mumbai and Navi Mumbai via railways and roadways, attracting professionals and families alike. In June, EV - 10 Marina Bay and Ram Laxman Tower led real estate activity with multiple transactions. Apartments varied in size and price, from INR 42 lakhs in Ram Laxman Tower to INR 3.17 crores in EV - 10 Marina Bay. With prices per square foot averaging INR 20,463, Vashi continues to thrive as a prime real estate destination....
Oyo, the prominent Indian hospitality startup, is in advanced talks to secure INR 1,000 crore (USD 120 million) in fresh funding from family offices and Malaysia's sovereign wealth fund, Khazanah Nasional. Facing a 72% valuation drop from its peak in 2021, now valued at USD 2.5 billion, Oyo targets investors disillusioned by recent market corrections. The startup highlights its fiscal turnaround with an anticipated first net profit of INR 100 crore in FY24 and forecasts robust growth, projecting USD 1.8 billion in gross booking value and USD 957 million in revenue for FY25. Oyo's strategic focus on core markets and cost efficiencies underpins its bid to regain market confidence amidst broader hospitality sector recovery....
Bollywood actress Tamannaah Bhatia rents property in Juhu, Mumbai for INR 18 lakh per month
Bollywood actress Tamannaah Bhatia has leased a 6,065 sq. ft. commercial property in Mumbai's Juhu for INR 18 lakh per month, with the rent set to rise to INR 20.96 lakh by the fifth year. Concurrently, she mortgaged three residential units in Andheri West for INR 7.84 crore. This move, registered in May, could indicate strategic financial planning. Bhatia joins other Bollywood stars, such as Triptii Dimri and Aamir Khan, in making significant real estate investments. This trend highlights the increasing financial savvy of Bollywood celebrities, aligning with a projected 20-25% growth in India's luxury property market in 2024....
Amitabh Bachchan and Abhishek Bachchan purchases multiple apartments in Borivali, Mumbai
Bollywood superstar Amitabh Bachchan recently purchased two apartments in a premium project in Borivali, Mumbai, for nearly INR 7 crore. This follows his son Abhishek's acquisition of six apartments in the same building. The purchase highlights a trend of celebrities investing in Mumbai's suburbs. Amitabh's broader strategy includes a 10,000 sq. ft. plot in Alibaug for over INR 10 crore and another in Ayodhya for INR 14.5 crore. His diverse portfolio also features commercial units in Oshiwara, leased to Warner Music India, generating significant rental income. These investments demonstrate his strategic approach to real estate....
Godrej Properties expands in Pune with INR 1,800 crore land acquisition
Godrej Properties is expanding its presence in Pune with the acquisition of an 11-acre land parcel in Hinjewadi, a prime IT hub. This new project will feature mixed-use development, including housing and retail, with a potential of 2.2 million square feet and an estimated revenue of INR 1,800 crore. This move highlights Godrej Properties' confidence in Pune's real estate market, driven by its strong IT sector, educational institutions, infrastructure development, and pleasant climate. Their strategy includes a recent debut in Hyderabad and is supported by robust financial performance, despite a minor GST demand challenge....
Union Budget 2024: Real Estate heavyweights discuss their expectations
Homebuyers and developers in Maharashtra are keenly awaiting the Union Budget 2024-25, anticipating measures to stimulate growth, enhance stability, and increase housing affordability. Industry leaders emphasise the need for tax relief, streamlined approval processes, and support for affordable housing. Key proposals include raising tax deductions under Sections 80C and 24(b), implementing a single-window clearance system, and expanding the SWAMIH stress fund. Other recommendations involve revising the GST structure, simplifying FDI norms, and boosting infrastructure investment. These measures are expected to drive demand, unlock new development regions, and ensure long-term sector sustainability....
PM Modi launches projects worth INR 29,400 crores in Mumbai
Prime Minister Narendra Modi inaugurated and laid the foundation for multiple infrastructure projects in Mumbai, totaling over INR 29,400 crores. Key projects include the Thane Borivali Twin Tunnel Project, Goregaon Mulund Link Road Project, and Kalyan Yard Remodelling. Additionally, the Mukhyamantri Yuva Karya Prashikshan Yojana, a skill development initiative with an outlay of INR 5,600 crores, was launched. These developments aim to enhance road and rail connectivity, boost employment, and support Maharashtra's transformation into an economic powerhouse. The projects reflect a commitment to improving infrastructure and fostering growth in the region....
Kotak Mahindra Bank plans to expand with over 200 new branches in FY25
Facing restrictions on digital customer acquisition by the RBI, Kotak Mahindra Bank plans an expansion with 175-200 new branches across India this year, up nearly 20% from previous years. Previously reliant on digital channels, the bank's shift aims to strengthen physical presence and customer outreach. This move mirrors SBI's initiative to open 400 branches, suggesting a broader industry trend towards enhancing physical networks despite digital advancements. The impact could echo past increases in commercial property values seen with PSB expansions. For Mumbai real estate, areas hosting new Kotak branches may see increased demand, potentially influencing property values in the long term....
Ummeed Housing secures INR 7,630 crore in Series F funding to expand affordable housing loans
The Indian proptech sector is witnessing a significant development as Ummeed Housing Finance secures INR 7,630 crore (USD 96 million) in a Series F funding round. This investment bolsters Ummeed Housing's efforts to provide affordable housing loans and small business loans to low and middle-income families. The funding includes fresh capital and an exit for existing investor Lightrock Global Fund, which saw a threefold return on their investment. With this capital, Ummeed Housing aims to expand its services to central and southern India, increasing its asset base from INR 1,800 crore to INR 84,000 crore within 18-24 months....
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