29 Feb 2024

ASK Property Fund announces a INR 120 crore investment in TREVOC's luxury housing project in Gurugram, enhancing its prime location and revenue prospects. TREVOC will contribute INR 80 crore to the venture, underlining their commitment to crafting a unique living space. The investment, drawn from ASK Real Estate Special Opportunities Fund IV, underscores ASK Property Fund's focus on high-potential micro markets in India's top 6 cities. With over 175 residential units spread across a two-acre plot, the project anticipates an aggregate revenue potential of INR 800 crore over five years, signaling confidence in Gurugram's real estate landscape and the luxury housing sector's growth.Read more

29 Feb 2024

The Brihanmumbai Municipal Corporation (BMC) has released property tax bills for 2023-24 without any hike in taxes, with a payment deadline of March 31st. The issuance of bills was delayed due to legal complexities and delayed government approval. The corporation has collected INR 708 crores so far out of the targeted INR 4,500 crores for this fiscal. The decision to not hike taxes provides relief to property owners, but the BMC faces revenue challenges due to exemptions and deferred revisions. The last property tax revision was in 2015, and the BMC will need to consider raising rates in the future to improve and maintain city infrastructure.Read more

29 Feb 2024

Amid prolonged delays in Gurugram's affordable housing projects, the Department of Town and Country Planning (DTCP) has stepped up its actions. Directives have been issued to developers of 50 projects to submit comprehensive status reports, emphasizing adherence to timelines. Concerns over sluggish progress have prompted DTCP to convene a review meeting with developers, aiming for compliance with licensing terms and project milestones. Escalation to higher authorities is planned for unresolved delays. Simultaneously, the Municipal Corporation of Gurugram (MCG) is cracking down on property tax defaulters, sealing properties and disconnecting utilities. Despite challenges, these proactive measures signal a concerted effort to address housing delays and boost revenue collection, fostering optimism among stakeholders.Read more

28 Feb 2024

Over the next two years, Global Capability Centres (GCCs) in India are set to secure leases for 45–50 million square feet of office space, driving 40% of office space demand across the nation's top six cities. Despite challenges like the pandemic and geopolitical issues, GCC expansion persists, supported by improving business sentiments. Colliers reports a 14% year-on-year increase in GCC leasing activity in 2023, highlighting their pivotal role in shaping India's commercial real estate landscape. With foreign companies drawn by cost-effectiveness and talent access, GCC demand is expected to remain robust. Sectoral diversification, particularly in engineering and healthcare, promises further growth, with Bengaluru and Hyderabad emerging as key GCC hubs. Sub- and near-dollar micro markets will continue to drive GCC space acquisition, reflecting a positive economic outlook for India's office market.Read more

28 Feb 2024

Motilal Oswal Alternates (MO Alts) achieves a milestone raising over INR 1,250 crore for its India Realty Excellence Fund VI (IREF VI), targeting INR 2,000 crore. Investing in mid-income and affordable housing across eight Indian cities, diverse investors show confidence in MO Alts' expertise and real estate prospects. With a track record of over 150 investments and INR 7,500 crore funding, MO Alts is strategically positioned amidst rising land acquisition demand and promising opportunities.Read more

27 Feb 2024

Smiti Agarwal, director at Wesbok Lifestyle Pvt Ltd and spouse of V Bazaar CMD Hemant Agarwal, secures a sprawling apartment at The Camellias by DLF, Gurugram, for Rs 95 crore. The opulent 10,813 sq. ft space comes with five parking spots. The transaction, completed on January 18, 2024, underscores the allure of prime properties in the region while the recent surge in property values at The Camellias echoes a broader trend across DLF's Golf Links projects. With 15% of buyers upgrading from nearby complexes. It marks a milestone in Delhi-NCR's upscale real estate market, reshaping luxury living standards in Gurugram.Read more

27 Feb 2024

GIFT City, India's first smart city, is witnessing a remarkable real estate upsurge with a record bid of INR 3,870 per sq feet for a residential project against the base price of INR 1600 per sq feet. Prices for residential apartments have risen steeply by 30% to 35% in recent months. Despite the increase, developers report selling 70% to 80% of their inventory prior to project completion. Majority of the buyers currently are investors, especially NRIs, who anticipate higher rental income from these properties. With its world-class infrastructure and growing interest from global banks and tech giants, GIFT City is emerging as a thriving hub of residential and commercial activity.Read more

26 Feb 2024

Luxury housing in India experienced a remarkable surge in 2023, with sales soaring by 75% year-on-year, according to CBRE South Asia Pvt. Ltd. The luxury segment, encompassing units priced at INR 4 crore and above, witnessed a substantial 45% increase in unit launches. Notably, the luxury sector's share of overall residential unit sales doubled from 2% in 2022 to 4% in 2023. Delhi-NCR led the growth with a staggering 197% year-on-year surge, followed by Pune, Hyderabad, and Mumbai. The market's resilience was further evident in the balanced sales and launches during the last quarter of 2023.Read more

26 Feb 2024

Sundaram Alternates Assets (SAA), a subsidiary of Sundaram Finance Group, is spearheading a fundraising campaign to secure around INR 1,000 crore from international investors for green real estate ventures in India. With a focus on high-yield credit funds and a robust Environmental, Social, and Governance (ESG) framework, SAA aims to attract capital from diverse global sources, including NRIs in the Gulf region. The company anticipates the Series IV fund's closure within the INR 1,000-1,200 crore range, reflecting strong investor interest from regions like the GCC, North America, and Southeast Asia. SAA's proven track record and broad investor base highlight its potential to drive sustainable real estate initiatives in India.Read more

23 Feb 2024

Under Chief Minister Siddaramaiah's leadership, the Karnataka Government has unveiled a holistic plan to revamp Bengaluru, positioning it as a premier urban centre. Key initiatives include digitizing property tax records for all 20 lakh properties, aiming for a 'record' tax collection of INR 4,300 crore in the current fiscal year. To plug tax leaks, strategies have been devised, while additional revenue streams are to be targeted through revised advertisement policies and a premium Floor Area Ratio (FAR) policy. Infrastructure enhancements focus on road development, traffic decongestion, and the transformation of the Peripheral Ring Road (PRR) into the Bengaluru Business Corridor under a PPP model. Sustainability efforts include establishing captive solar parks, reinforcing Bengaluru's image as an eco-conscious metropolis.Read more