30 Jul 2024

UPM Raflatac, a leader in sustainable labelling solutions, has signed a lease agreement with ESR Group for 48,800 sq. ft. at ESR Taloja Industrial & Logistics Park in Navi Mumbai. This strategic move enhances their service to the Indian market and operational efficiency. The state-of-the-art facility, near JNPT port, aligns with UPM Raflatac's sustainability goals. The park features IGBC Gold pre-certified infrastructure, supporting eco-friendly operations. ESR India's CEO, Abhijit Malkani, highlighted the collaboration's role in sustaining a green supply chain. This deal underscores Navi Mumbai's appeal as a hub for international, environmentally conscious companies.Read more

30 Jul 2024

The Brihanmumbai Municipal Corporation (BMC) has requested the Urban Development Department (UDD) to allocate 50% of the Vital Urban Transport Project (VUTP) funds for its projects, including the Coastal Road and Goregaon-Mulund Link Road. These projects have substantial budgets and are deemed crucial. The BMC has collected INR 5,000 crore through a 1% development-fee under VUTP, already paying INR 2,000 crore to the Mumbai Metropolitan Region Development Authority (MMRDA). With 14 metro projects under VUTP, seven within BMC's jurisdiction, BMC seeks to reserve the remaining INR 3,000 crore for its own initiatives. UDD has yet to decide.Read more

29 Jul 2024

LOGOS India and IndoSpace are set to sell significant assets to raise essential funds due to rising land prices and stagnant rental rates. LOGOS aims to generate around INR 1,800 crore by divesting properties in Chennai and Luhari, following its merger with ESR. Meanwhile, IndoSpace plans to sell assets valued at INR 900-1,000 crore in Sri City, Bengaluru, and Ranjangaon. With land prices increasing by 50-60% over the past two years and modest rental growth, companies are prioritising asset sales to secure vital capital and support development in an increasingly competitive market landscape.Read more

29 Jul 2024

In June 2024, Hyderabad recorded its second-highest monthly-residential-sales, with home registrations worth INR 4,288 crore, a 48% YoY and 14% MoM increase. The city registered 7,014 units, up 26% YoY and 16% MoM. From January to June 2024, 39,220 properties were registered, a 15% YoY rise, valued at INR 24,287 crore, a 39% increase. The average home cost rose 21% YoY. Properties under INR 50 lakhs saw a decline in registrations, while those over INR 1 crore rose to 14%. Demand for homes sized 1,000-2,000 sq-ft dominated, with larger properties also seeing increased interest.Read more

29 Jul 2024

Hindalco Industries, a leading industrial conglomerate, has announced the sale of a land parcel located in Kalwa, Maharashtra, to Ekamaya Properties Pvt Ltd, a wholly-owned subsidiary of Birla Estates Pvt Ltd, for a sum of INR 595 crore. This transaction, approved by Hindalco's Board of Directors, will enable Birla Estates to further expand its footprint in the real estate sector. Birla Estates has a diversified portfolio encompassing residential, commercial, and mixed-use properties. It has large ongoing projects in Gurugram and New Delhi.Read more

29 Jul 2024

Medanta Hospital has acquired a 2.2-acre plot in Mumbai's Oshiwara suburb for INR 1.25 billion (approximately USD 18.4 million). This strategically located plot, auctioned by the Maharashtra Housing and Area Development Authority (MHADA), will be developed into a new hospital. Medanta's winning bid nearly doubled the reserve price of INR 67.5 crore (approximately USD 8.4 million). The acquisition underscores Medanta's commitment to expanding its reach and providing high-quality healthcare. Founded in Gurugram in 2004, Medanta aims to enhance healthcare access in Mumbai, benefitting residents with more specialised medical care options. Construction is expected to begin soon.Read more

26 Jul 2024

India's real estate sector saw a record USD 3.1 billion in institutional investments in Q2 2024, a 96% increase from last year. Foreign investors led the surge, contributing 71% (USD 2.2 billion) of the total. The industrial and warehousing sector was the top performer with a USD 1.5 billion deal involving ADIA, KKR, and Reliance Retail. Despite a 56% yearly decline in commercial investments, the overall market remains positive. With India's economic growth forecast at 7.8% and ongoing infrastructure projects, experts predict continued investment growth in 2024, solidifying India's appeal as a stable investment destination.Read more

26 Jul 2024

Realty stocks have surged post-Lok Sabha elections, driven by new government housing policies. The upcoming 2024 budget, expected to reform GST and lower taxes, will boost consumption. Realty stocks are bullish due to pent-up demand and limited supply, with residential real estate absorption up 14% and realisations rising 10% in FY24. Steady interest rates and affordability support growth as listed players expand. Motilal Oswal reports a 35% increase in new launches and improved absorption rates. Experts see the sector as undervalued, with growth potential from infrastructure and tax reforms, prompting companies to explore new markets and IPOs.Read more

26 Jul 2024

India's residential real estate market is undergoing a significant shift, with a decline in the supply of affordable apartments and a surge in the launch of premium homes. According to a report by real estate consultant JLL India, the supply of affordable flats costing below INR 50 lakh fell by 21% in the April-June 2024 period across seven major cities - Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad, and Pune. Meanwhile, the launches of apartments priced between INR 3-5 crore more than doubled, and the supply of homes above INR 5 crore also jumped over two-fold. Developers are responding to the growing demand for high-value homes among their target clientele. The report also noted a 22% rise in apartment sales across these seven cities during the same period.Read more

26 Jul 2024

The Noida Authority has approved a 6% increase in land allotment rates for residential and industrial plots, effective from the financial year 2024-25. This decision accompanies a budget approval of INR 7,700 crore for the upcoming year. The hike affects residential plots in categories A to E, with prices ranging from INR 1.25 lakh to INR 48,110 per square metre. Group housing and industrial plot rates have also risen by 6%, impacting developments across the region.Officials attribute the increase to inflation and anticipate generating substantial revenue to support ongoing development projects in Noida.Read more