25 Jul 2024

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.Read more

25 Jul 2024

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.Read more

24 Jul 2024

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.Read more

24 Jul 2024

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.Read more

24 Jul 2024

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.Read more

24 Jul 2024

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.Read more

23 Jul 2024

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.Read more

23 Jul 2024

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.Read more

23 Jul 2024

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.Read more

23 Jul 2024

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.Read more