17 Feb 2023

CRC Group, a real estate developer located in Noida, disclosed that it would invest Rs 810 crore to build a commercial property in the area. The project, which has the potential to create 9,000 jobs, has already been authorized by the Uttar Pradesh government under the Invest UP programme. The company intends to build over 12 lakh square feet of office space, 3 lakh square feet of retail space, and one lakh square feet (102 units) of service apartments as part of the project.Read more

16 Feb 2023

Taurus Investment Holdings, a Boston-based private equity and development fund, is seeking to develop retail-led, mixed-use properties in India. The firm is targeting tier 1 and high-growth tier 2 cities in the South and West regions of India due to high demand in these markets. The first project, Taurus Downtown, will be located in Trivandrum, with Taurus investing INR 1,000 crore in the 1.3 million square feet development. In addition to Trivandrum, Taurus also plans to focus on secondary cities such as Visakhapatnam, Coimbatore, Bhubaneshwar, and Trichy.Read more

15 Feb 2023

The Government of India has blocked 232 apps run by foreign entities, including those from China, due to their involvement in activities such as betting, gambling, and providing unauthorized loans. According to sources, LazyPay, IndiaBulls Home Loans, and Kissht have been included in the list of websites that have been blocked by the Ministry of Electronics and IT. The Ministry issued the blocking orders on Saturday in response to an emergency request from a nodal officer of the home ministry.Read more

14 Feb 2023

Savvy Group, an Ahmedabad-based real estate developer, is expanding into the Mumbai property market and plans to invest more than INR 2,000 crore ($274 million) over the next few years. To start, Savvy Group will invest around INR 750 crore to develop two projects it has recently acquired: a mixed-use project and a residential redevelopment project in the city's western suburb of Andheri and the central suburb of Ghatkopar, respectively.Read more

14 Feb 2023

Although cost of construction remains high, the Kerala government's most recent financial allocations which include support programmes for affordable housing comes as a huge relief for the poor. The State Budget has set up Rs. 1,436 crores for Life Mission programmes which will enable the completion of 71,861 homes and 30 housing complexes in the upcoming fiscal year. Some of the programs that have received aid are the Grihasree programme of the Kerala State Housing Board and Aswas Rental Housing Scheme.Read more

14 Feb 2023

In a drastic step to caution property tax defaulters, the Nagpur Municipal Corporation (NMC) has attached 794 properties, all of which are open plots. The total amount owed to the body is said to be approximately Rs 55 crore. The plot owners have been warned that if they do not pay the NMC tax within the next 21 days, all open plots will be put up for auction.Read more

13 Feb 2023

At a recent auction held by the Greater Noida Authority, the civic body responsible for development in the region, real estate developers were able to purchase three plots of land for a total sum of around Rs 300 crore. The authority had invited bids for eleven land parcels, and nine developers expressed interest in three of those properties in December. The bid opened at Rs 200 crore.Read more

13 Feb 2023

The recent budget proposal by the Indian government to limit the tax deduction on long-term capital gains (LTCG) investment in residential property under sections 54 and 54F of the Income Tax Act 1961 to Rs 10 crore is expected to have a significant impact on the demand for super-luxury real estate in the country. The cap on the offset of capital gains from the sale of a residential unit or another long-term asset, except for a residential unit, is anticipated to affect high-value transactions by high-net-worth individuals (HNIs).Read more

10 Feb 2023

The Greater Cochin Development Authority (GCDA) has partnered with South Indian Bank's software division to create a new software that will allow GCDA to manage the allocation and rental of its shops more easily, as well as create a database of its rent management activities. Renters will receive notifications and reminders for rent payments via SMS. Officials will be able to closely monitor the system and act if any renters fall behind on their payments. According to a recent submission to the Kerala legislative assembly, the amount of rent arrears owed to GCDA is nearly 7 crores.Read more

10 Feb 2023

The Mahindra Group's real estate and infrastructure development company, Mahindra Lifespace Developers has stated that its net consolidated profit increased by 37.17% in the quarter ending December 31, 2022. Its profit after tax (PAT) increased to Rs 34.10 crore in Q3FY23 from Rs 24.86 crore the prior year's similar quarter. The company's net consolidated income for Q3FY23 was Rs 198.14 crore, up by 494.66% from Rs 33.32 crore it reported in the same quarter last year. The company generated revenues of Rs 1,452 crore with a saleable area of over 1.73 million square feet in the residential business during the first nine months of FY23.Read more