29 Jan 2024

Santacruz West, a vibrant and well-connected suburb in Mumbai's western region, experienced significant real estate activity in December. With 32 apartments changing hands across 15 buildings, the area showcased a mix of high-end residential properties. Developer Sales dominated the market, capturing 62.5% of total sales. Sunbeam Apartment led with the highest number of deals, closing 9 transactions, followed by Ruparel Panache with 4 deals. The most expensive apartment, priced at Rs. 16.17 Crores, was in 81 Crest, while the most affordable option, at Rs. 45 Lakhs, was in Mehta Jaising Sanjeevani. The rate per square foot ranged from Rs. 10,000 to Rs. 60,000, with a weighted average of Rs. 35,506. About 75% of the flats were sold below 1,000 square feet, and around 67% were priced between Rs. 1 Crore and Rs. 5 Crores, reflecting the diverse real estate landscape in Santacruz West.Read more

29 Jan 2024

Homefirst Finance, a key player in affordable housing finance, reported robust financials for the December quarter with a notable 34.2% surge in net income, reaching Rs 79 crore. The increase was driven by heightened loan sales, leading to a substantial 29% expansion in quarterly disbursement to Rs 1,007 crore. The total loan book saw a robust 33.5% increase, reaching Rs 9,014 crore. Despite a 40-basis point decline in net interest margin, the CEO, Manoj Viswanathan, emphasized the company's resilience. The gross non-performing assets (NPA) declined to 1.7%, showcasing the company's strong performance amidst regulatory impacts.Read more

29 Jan 2024

In the past week, the Assessment and Collection department seized 74 commercial and industrial properties, amounting to Rs 23.81 crore. Among the properties confiscated is that of M/s Parsvnath Developer Pvt Ltd situated at Khyber Pass, according to an official statement. The action is part of intensified efforts to address non-payment of property taxes and reflects the civic body's commitment to enforcing financial compliance and revenue collection. Online notices have also been issued to over five lakh taxpayers, urging them to file their outstanding taxes within 15 days or face coercive action under the Delhi Municipal Corporation Act.Read more

26 Jan 2024

Table Space secured a long-term lease for 1.31 lakh sq ft from Runwal in Mumbai's Andheri suburb, with a cumulative rental payout exceeding Rs 333 crore. The agreement included an option to lease an additional 1.97 lakh sq ft, expanding the deal size to nearly 3.30 lakh sq ft. The estimated total rental value, reaching around Rs 800 crore, positions it among India's largest co-working office space lease deals. This strategic move reflects Table Space's significant role in the evolving workspace landscape, contributing to India's office space market.Read more

26 Jan 2024

In 2023, India's real estate sector witnessed a remarkable surge with 97 land deals covering over 2707 acres, surpassing the momentum from 2022, as per ANAROCK's latest data. Ahmedabad led in transaction size with three deals totaling 739+ acres, highlighting its attractiveness for both commercial and residential development. Mumbai Metropolitan Region, despite securing the highest number of deals, focused on smaller parcels, while NCR saw 22 deals covering 190+ acres. Hyderabad and Bengaluru were focal points with 9 and 11 deals, respectively. Tier 2 & 3 cities also played a significant role in this surge, showcasing the sector's resilience and adaptability.Read more

26 Jan 2024

The Rajasthan bench of the Authority for Advance Rulings has shed light on the intricate intersection of residential properties and Goods and Services Tax (GST). A recent ruling highlighted the evolving GST landscape for residential properties repurposed for business. Since July 18, 2022, residential dwellings face GST implications when leased for residential purposes to registered individuals, introducing a reverse charge mechanism. The case of Deepak Jain exemplifies the complexity, where despite local authorities classifying the property as residential, a lease agreement specifying exclusive commercial use triggered an 18% tax. The ruling underscores the importance of property use in determining GST implications, prompting caution in lease agreements.Read more

25 Jan 2024

Global investors express heightened confidence in India's real estate, driven by government initiatives and improved sector transparency. In 2023, the sector attracted over USD 5.8 billion institutional investments, a 14% YoY increase. Equity investments dominated at an 81% share, showcasing growing risk appetite. Foreign institutional investors contributed 63%, while domestic investors surged to 37%. Despite global economic uncertainties, India's resilience remains evident. Policy reforms, including REITs and RERA, played a pivotal role. The Americas' contribution dipped to 23%, but was compensated by Asia Pacific investments. The office sector led at 52%, with promising prospects for diverse segments like warehousing and data centers in 2024.Read more

25 Jan 2024

Mumbai-based TVS Industrial & Logistics Parks Pvt Ltd, a part of the TVS Mobility Group, plans to invest Rs 1,500 crores in the upcoming financial year to expand its presence in smaller cities like Siliguri, Guwahati, and Indore. The company aims to increase its current warehousing space from 10 million sq ft to 13 million sq ft by the end of the next fiscal year. With a strategy to establish a warehouse every 400 km in the eastern region, the company anticipates robust growth in emerging markets. In southern India, the company plans to invest over Rs 2900 crores to develop a 3-million-square-foot portfolio over the next two years. These strategic investments reflect the company's commitment to fortifying its presence in emerging markets and catering to evolving demands across different regions.Read more

24 Jan 2024

Omaxe Group has successfully closed a Rs 440 crore loan from Varde Partners, originally secured in 2022 for the Omaxe Chowk project. The company, expressing financial discipline, fully repaid the loan along with accrued interest. Simultaneously, Omaxe secured a new Rs 450 crore financial assistance from Kotak Mahindra Bank. Out of this, Rs 290 crore was used to settle the Varde Partners loan, with the remaining Rs 160 crore allocated for project development. Omaxe aims for sustained growth, emphasizing its commitment to financial resilience. The company continues its successful real estate ventures, with several ongoing projects and expansion plans across Tier II and III cities.Read more

24 Jan 2024

Indian real estate developers, including Bagmane Developers, DLF, and Prestige Estates Projects, are delaying or abandoning their Real Estate Investment Trusts (REITs) plans due to market challenges and regulatory hurdles. Despite existing REITs showing modest returns, factors such as high interest rates, slow office uptake, and regulatory norms have deterred developers. Nuvama Research indicates office REITs yielded 5.9% to 8.9% last year, with limited improvement expected. Existing REITs, largely subscribed to by institutional investors, underperformed until recently, impacting some investors. Vacancy rates in the office sector, at 18%, and regulatory changes, like sponsors' perpetual involvement, contribute to developers' cautious approach, waiting for favourable conditions.Read more