25 Nov 2023

The property market in Mumbai's south and central regions, known for luxury apartments and high prices, has witnessed a significant decrease in unsold luxury apartment inventory. This decline, the lowest in the past 15 years, is attributed to an increase in the pace of sales outstripping the number of new property launches. Over the last 12 months, more than 722 luxury apartments priced at Rs 10 crore and above were sold, compared to the introduction of 532 new apartments, according to Liases Foras Real Estate Rating & Research. The market has experienced a surge in prices, maintaining a weighted average price at approximately Rs 65,500 per sq ft, positioning it as one of the costliest globally.Read more

25 Nov 2023

The Bruhat Bengaluru Mahanagara Palike (BBMP) has identified a significant challenge in its revenue collection efforts, estimating that around 15 lakh properties in Bangalore lack 'A' or 'B' Khata documentation. This means that these properties are currently not contributing any amount towards property tax. In response to this, BBMP is launching a comprehensive initiative to locate and integrate these properties into the Khata system, a move that aims to not only streamline property documentation but also boost the city's overall revenue. BBMP's initiatives reflect a proactive approach to streamline property documentation, enhance revenue collection, and regulate construction in a manner that aligns with the city's development goals and financial targets.Read more

24 Nov 2023

DLF Building and Services Private Ltd has acquired a 31,254-square-foot office property in Gurugram for Rs 81.04 crore, previously leased to WeWork India. Located at Two Horizon Centre, Sector 43, Gurugram, the office is among the city's premium office parks. DLF had constructed the Two Horizon Centre skyscraper. The seller, a non-resident Indian (NRI) with a Singaporean address, initially purchased the property in 2018 from DLF and leased it to WeWork for ten years. Despite global uncertainties, CRISIL projects stable net leasing in India's commercial office space in the mid-term.Read more

24 Nov 2023

Crisil Ratings reports a stagnation in India's office space leasing at 32-34 million sq ft this fiscal due to global uncertainties. Despite this, the market's strength and a shift towards office work are expected to drive future growth. The slowdown faced by the IT/ITeS sector, a major occupant, is impacting demand. However, resilience in domestic sectors like BFSI, consulting, and e-commerce, is likely to maintain leasing levels. With companies increasingly advocating for physical office presence, a recovery in leasing activity is anticipated in the medium term.Read more

24 Nov 2023

In response to its new hybrid work policy, Wipro, India's fourth-largest IT firm, is strategically selling parts of its office assets in Bengaluru and Hyderabad. This move aims to streamline operations and optimize real estate holdings. The sale includes significant portions of their campuses in Gachibowli, Hyderabad, and Electronic City, Bengaluru. The decision aligns with the company's shift to a minimum three-day office work week, reflecting broader changes in workspace utilization and operational efficiency in India's evolving IT and commercial real estate sectors.Read more

24 Nov 2023

The Haryana Government is addressing an oversight, offering refunds to 1588 property owners who mistakenly paid development fees. Errors were identified across various categories, including HSVP, HSIIDC, licensed colonies, CLU acquired properties, Lal-Dora residential properties, and agricultural properties. The Urban Local Bodies Department notified affected owners via SMS, urging them to claim refunds through the NDC portal. A dedicated fund of Rs 5.19 crore has been allocated. While 51 applications are processed efficiently, 1537 property holders are urged to expedite their claims, demonstrating the government's commitment to a prompt resolution.Read more

24 Nov 2023

The Thrikkakara municipality has issued an eviction notice to the residents of the Apple Heights apartment complex in Vazhakkala, alleging non-payment of taxes. The notice, sent on October 27, claims that the municipality incurred losses due to non-receipt of permit fees and taxes from the 85 families residing in the complex. The municipality asserts that the building is "illegal" and lacks necessary No Objection Certificates (NOCs). The eviction notice warns of potential issues if residents continue to stay without proper documentation and calls for steps to vacate them. The matter stems from an ongoing dispute over land acquisition for metro route development.Read more

23 Nov 2023

Mumbai-based Oberoi Realty is making its debut in the NCR market by acquiring 14.8 acres in Gurugram for Rs 597 crore. The land, purchased from Ireo Residences, will be used for a luxury group housing project, marking Oberoi's foray outside Mumbai Metropolitan Region. The deal, involving event/ time-linked payments up to Rs. 597 crore, allows existing owners to retain a portion of the project area. Oberoi's entitlement from the project is estimated at 2.6 million sq ft. The move aligns with Oberoi's expansion plans, which include entering Thane, Bengaluru, and Pune, while focusing on premium luxury residences.Read more

23 Nov 2023

Macrotech Developers, under the Lodha brand, plans to invest Rs 800 crore into two Bengaluru housing projects amid strong demand. The first project launched this month, with the second targeted for Q4 or Q1 of the next financial year. Construction costs are estimated at Rs 800 crore, anticipating a sales value of Rs 2,500 crore. The company plans to sell apartments in the range of Rs 1.5–2.5 crore. With Rs 6,890 crore in sales bookings in H1 and a robust launch pipeline, Macrotech aims to surpass the Rs 14,500 crore sales target for the fiscal year.Read more

23 Nov 2023

To recover outstanding taxes, the Pune Municipal Corporation (PMC) plans to auction 202 properties whose owners have not settled their dues. The online auction is scheduled for December, and if defaulters do not comply by the extended deadline of December 20, the auction will proceed. The PMC aims to generate around Rs 60 crore through this auction, considering it a last resort for tax recovery. The administration has already sealed over 1,300 properties due to tax defaults, and the remaining 1,100 are set to be auctioned in phases over the coming months. The PMC has set a property tax collection target of Rs 2,318.15 crore for the fiscal year 2023-24.Read more