23 Nov 2023

In a recent move, the Nagpur Municipal Corporation (NMC) has taken stringent action against property tax defaulters in the Mangalwari zone. The NMC has attached five open plots in Gorewada, Hazaripahad, and Borgaon to recover Rs 28 lakh in unpaid property taxes. Assistant Municipal Commissioner Prakash Warade issued seizure warrants against 15 property tax defaulters, prompting 10 property owners to settle their dues promptly. However, five property owners who owed a cumulative amount of Rs 28 lakh had their properties collectively attached. The seized properties will be auctioned to recover the outstanding tax amount, reinforcing the municipality's commitment to enforcing tax compliance.Read more

22 Nov 2023

The CBRE report outlines India's booming Global Capability Centres (GCCs) landscape, projecting a 60-62 million sq. ft. office space lease between 2023-25. Key sectors like tech and BFSI drive this expansion, with North American firms leading the charge. Emerging micro markets in major cities signal new hubs for GCC operations, with Bangalore, Chennai, and Hyderabad taking the lead. The GCC trajectory in India showcases the nation's appeal, driven by talent, cost advantages, and government support, promising a diverse and innovative future.Read more

22 Nov 2023

Religare Enterprises is going through a tough time, facing legal battles and regulatory scrutiny, especially from the influential Burman family. The parent company, Religare Finvest, is seeking a change in ownership, waiting for regulatory approval to transfer its stake to Religare Enterprises. Despite these challenges, Religare Housing, a subsidiary, is showing resilience, experiencing growth in affordable housing disbursements. A significant settlement with lenders brought some financial relief. With plans for further expansion and profitability, Religare Housing is navigating the complex financial landscape with determination and strategic vision.Read more

21 Nov 2023

WeWork India continues its strategic expansion with the finalization of lease agreements for two new properties—Manyata Redwood in Bengaluru and RMZ Spire in Hyderabad. Manyata Redwood, spanning 117,000 sq ft, is located in Bengaluru's Manyata Tech Park, while RMZ Spire in Hyderabad's HITEC City covers 154,000 sq ft. Both properties offer modern amenities and showcase WeWork India's resilience and growth, unaffected by the SoftBank Group-backed parent company's recent Chapter 11 filing. WeWork India operates over 6.5 million sq ft across 50 locations in major Indian cities.Read more

21 Nov 2023

Edelweiss Alternatives plans to raise Rs 5,000 crore for its rental yield plus fund, targeting high-quality commercial properties in major Indian metros. Subahoo Chordia leads the fund, focusing on southern markets and aiming to build a 10-million-square-foot portfolio in three years. It will invest Rs 400 crore to Rs 2,000 crore per transaction, emphasizing core office assets and value-added older buildings. The second phase explores data centres and warehousing. Chordia highlights a decade of experience, stressing the appeal of the Indian market for private debt and real assets, expecting it to reach $5 trillion by 2027 with evolving regulations benefiting alternative asset managers.Read more

21 Nov 2023

Hyderabad's property market experienced a robust 25% YoY growth in residential property registrations in October 2023, totalling 5,787 properties valued at Rs. 3,170 crore. Notably, higher-value homes saw increased sales, with the Rs. 25 – 50 lakh range dominating registrations. The shift was evident in the reduced share of properties below Rs. 25 lakh. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy. Medchal-Malkajgiri led in registrations, comprising 43%, followed closely by Rangareddy at 42%. The weighted average prices witnessed a 6.8% YoY increase, and developers prioritized 3 BHK units, reflecting evolving homebuyer preferences for larger living spaces in Hyderabad's real estate landscape.Read more

21 Nov 2023

The Kerela government is facing a financial setback as lease arrears totalling Rs 436 crore remain unrecovered due to legal complications, with 88.90% currently under court-ordered stay. Thrissur, Ernakulam, and Thiruvananthapuram contribute to over 85% of the outstanding amount. An audit by the Comptroller and Auditor General (CAG) revealed irregularities in land assignments and leasing practices, including non-compliance with rules, non-maintenance of land lists, lapses in monitoring leased and assigned land, and a significant monetary loss due to the waiver of lease rent for certain entities. Resolving legal hurdles and streamlining land management practices are crucial for revenue recovery.Read more

18 Nov 2023

A JLL report published recently reveals that India's senior living market, currently at less than 1% penetration, offers substantial growth potential. Southern cities dominate with a 68% share, driven by factors like nuclear families, career mobility, and evolving perceptions. Independent living units hold an 84% market share, with 2 BHK units comprising 43% of current supply. Senior living projects command a 10-15% premium due to tailored amenities. The aging population is expected to double by 2050, making government support vital for market expansion. Key operators include Columbia Pacific, Vedaanta, Ashiana, and few others collectively holding over 50% market share.Read more

18 Nov 2023

Curated Living Solutions (CLSPL) has acquired a 766-bed student housing facility in Durgapur, West Bengal, marking its entry into brownfield ventures in student housing. Facilitated by real estate consultancy firm JLL, the acquisition adds substantial capacity, bringing CLSPL's portfolio to around 10,000 beds. The strategic move aligns with their growth strategy, combining greenfield developments and brownfield acquisitions across India. CLSPL's partnerships with educational institutions underscore their commitment to tailored student housing solutions, addressing the country's pressing demand, estimated at around 12 million students in need of hostel facilities.Read more

18 Nov 2023

Residential rental values are surging in India's top 7 cities, particularly in IT hubs like Bengaluru, Hyderabad, and Pune, according to ANAROCK Research. Bengaluru's Whitefield witnessed a remarkable 31% growth in rents for a standard 2BHK flat in the first nine months of 2023, leading the trend. Hyderabad and Pune followed with up to 24% and 17% growth, respectively, in key localities. However, rental values may stabilize in the current quarter before potentially rising again in early 2024. Bengaluru boasts the highest rental yield at 4.35%, drawing renewed interest from investors in the housing market.Read more