MahaRERA announces detailed regulations for retirement and senior citizen housing projects
Maharashtra Real Estate Regulatory Authority (MahaRERA), the housing regulatory body in Maharashtra, has announced detailed regulations for retirement and senior citizen housing projects. These guidelines cover key aspects like building design, kitchens, bathrooms, green building practices, accessibility features, and safety and security measures. This makes MahaRERA the first housing regulator in India to introduce provisions specifically for senior living communities. With the notification, these regulations have been implemented in Maharashtra with immediate effect. Developers must now ensure any project marketed as senior or retirement housing meets these physical specifications....
Aadhar Housing Finance makes a successful stock market debut
Aadhar Housing Finance, a prominent affordable housing finance company in India, saw its shares listed on the stock exchanges on May 15 at INR 314.3 per share, marginally below its issue price of INR 315. Prior to listing, the stock traded at a premium of INR 50 in the unlisted market. Valued at INR 3000 crore, the company's IPO comprised a fresh issue of INR 1000 crore and an offer for sale of INR 2000 crore by Blackstone affiliate BCP Topco. The issue was oversubscribed 26 times, underscoring strong investor demand. Most proceeds will fund future lending while expanding financial inclusion....
A residential flat spanning 2,235 square feet sold in One Akshar in Navi Mumbai's Sanpada for INR 11.25 crores
• A residential flat spanning 4,016 square feet sold in National Vivant in Navi Mumbai's Sanpada for INR 6.74 crores
• A residential flat spanning 2,779 square feet sold in Ellora Castle in Navi Mumbai's CBD Belapur for INR 6.05 crores
• A residential flat spanning 1,587 square feet sold in L&T Seawoods Residences in Navi Mumbai's Seawoods for INR 5.05 crores
• An Independent House spanning 1,818 square feet in NRI Complex was sold in Navi Mumbai's Palm Beach Road for INR 6.13 crores
• A residential flat spanning 2,235 square feet sold in One Akshar in Navi Mumbai's Sanpada for INR 11.25 crores
Leasehold refers to the legal right given to an individual or entity, by the owner, to live in or use a building or piece of land for an agreed period of time. In India, leasehold land most commonly have tenures ranging between 30 to 99 years.
Ridham Gada elected president of NAREDCO Maharashtra NEXTGEN
Ridham Gada has been elected as the new president of NAREDCO Maharashtra NEXTGEN, succeeding Rishabh Siroya who will now serve as chairman of NAREDCO Maharashtra NEXTGEN. As a partner at Prem Group and with over 15 years' experience in real estate, Ridham aims to foster growth and ensure a robust sector during his tenure. He is well-known for his innovative approach and vision to create living spaces beyond square footage. Both Prashant Sharma of NAREDCO Maharashtra and Rishabh Siroya expressed confidence in Ridham's leadership and ability to inspire young professionals....
Brigade Enterprises acquires 4.6 acres land on Old Madras road for new project
Brigade Group has successfully secured a prime parcel of land on Old Madras Road in Bengaluru, marking a significant milestone in their real estate endeavours. With a hefty investment of INR 660 crore, the residential project will sprawl across 4.6 acres, emphasising sustainability as a core principle. Managing Director Pavitra Shankar highlights the project's strategic alignment with Brigade's growth trajectory, emphasising its commitment to providing eco-friendly living spaces tailored to meet customer preferences. With an extensive pipeline totalling 12.61 million square feet, Brigade Group continues to revolutionise urban living standards across Bengaluru, Chennai, and Hyderabad....
KPIL achieves all-time high annual combined revenue
Kalpataru Projects International Limited (KPIL) reported stellar financial performance for Q4 FY24 and FY24. Revenue grew 22% YoY in Q4 and 20% in FY24, while EBITDA surged 36% and 19% respectively. Profit figures (PBT and PAT) also witnessed significant YoY growth. With a strong order book of INR 58,415 crores, up 27% YoY, and new orders worth INR 30,022 crores in FY24, KPIL is well-positioned for future growth. The company proposed a dividend of INR 8 per share and plans to strengthen its position in T&D and civil construction, leveraging the infrastructure push in India and globally....
IL&FS seeks MMRDA approval to sell iconic Mumbai headquarters to Brookfield
Infrastructure lender IL&FS is seeking fresh approval from the Mumbai Metropolitan Region Development Authority (MMRDA) to sell its 10-storey headquarters in Bandra-Kurla Complex, Mumbai to Brookfield Asset Management. The MMRDA had approved subletting but the National Company Law Tribunal has approved an outright sale. IL&FS argues the MMRDA approval differs from what was sought as IL&FS wanted a sale approval. Brookfield says the deal is at an advanced stage with key approvals received and a substantial amount already paid. IL&FS is selling assets to manage debt obligations following its default in September 2018 while Brookfield is seeking to expand its presence in BKC....
Rajasthan HC leverages student study using Google Earth to monitor Aravalli Hill construction
The Jodhpur bench of the Rajasthan High Court is exploring how to use technology like Google Earth to monitor construction activities in the ecologically sensitive Aravalli Hills of Udaipur. Fascinated by a study conducted by students of Mohanlal Sukhdiya University leveraging such technology, the court has directed the state government to explain how it can be utilized to demarcate and tag the hills. It also asked the students to continue upgrading their analysis and providing inputs, while directing the Additional Advocate General to assist in outlining the government's technology usage plans for demarcation and addressing violations of hill bylaws....
The Brihanmumbai Municipal Corporation (BMC) is dealing with a substantial shortfall in property tax collection for FY24, despite revising its target down to INR 4,500 crore from the initial INR 6,000 crore. To bridge this gap, Municipal Commissioner Bhushan Gagrani has devised a multifaceted strategy. This includes expediting the auctioning of assets seized from large defaulters, conducting comprehensive property inspections to reassess tax assessments, and imposing stricter penalties for late payments. The success of these measures is critical for maintaining essential civic services in Mumbai, underlining the urgency of addressing the shortfall in property tax revenue....
IDFC Capital gains INR 298 crore from Total Environment project in Bengaluru
HDFC Capital exited a Total Environment project in Bangalore, yielding nearly INR 300 crore. Initially, it invested INR 229 crore in a residential project in Whitefield, Bangalore, aiming to develop 1 million square feet under "Pursuit of a Radical Rhapsody." Founded in 1996, Total Environment has delivered 5.5 million square feet of residential and commercial space, with 14 million square feet currently under construction. The Bangalore-based developer generated INR 527 crore returns, providing an exit to HDFC Capital while also returning INR 250 crore against other investments in FY 2023-24. HDFC Capital manages four SEBI-registered Category II Alternative Investment Funds, forming a USD 3 billion platform....
MMRDA secures large loans to fund Mumbai's infrastructure growth
The Mumbai Metropolitan Region Development Authority (MMRDA) has received significant funding to support infrastructure development projects across Mumbai over the next decade. In March, the Maharashtra government approved loans of up to INR 60,000 crore for MMRDA from public institutions. An additional INR 30,000 crore in funding was proposed. This financing will enable expansion of Mumbai's metro rail network through six new lines totalling 337 km, as well as road tunnel, coastal road, and solid waste management initiatives. The objective is to increase Mumbai's GDP to USD 300 billion by 2030 through improved connectivity and development of new economic centres....
BDA plans to redevelop housing complexes into commercial spaces in Bengaluru
The Bangalore Development Authority (BDA) plans to redevelop seven of its housing complexes across Bengaluru into shopping malls and commercial spaces to generate more revenue from rental income. However, local residents have strongly opposed the move, arguing it is unnecessary given the existing commercial development in the area. Of the seven sites, the proposal to redevelop the Indiranagar complex into a mixed-use development has faced particularly vocal opposition from Resident Welfare Associations (RWAs). The private developers will have rights over the redeveloped land for 60 years as part of the agreement with BDA. While officials claim annual revenue of INR 40 crore once complete, RWAs have urged them to reconsider the plan due to concerns over traffic, pollution and lack of public consultation....
OYO's Palette Resort reveals luxury residential and retail tower in Abu Dhabi
Palette Resorts, a subsidiary of OYO, reveals a luxury residential cum retail tower in Abu Dhabi, adding 100 meticulously designed one-bedroom units in Al Zahiyah. Positioned at a prime location, the tower offers captivating city views and ample parking space, setting it apart. Surrounded by landmarks, shopping centres, and educational institutions, it promises convenience. The apartments boast modern amenities and essential electronic appliances for residents' comfort. OYO's global presence and diverse properties reflect its commitment to hospitality. With Abu Dhabi's robust economy and dynamic real estate landscape, the tower caters to the evolving needs of the expatriate community, showcasing OYO's dedication to unparalleled hospitality experiences....
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