09 Jan 2024

In 2023, the Indore-Ujjain real estate market thrived with a 9% YoY surge in revenue, totalling Rs 4,083.48 crore from 5.44 lakh property registrations. Indore contributed 50% with Rs 2,273 crore from 1.68 lakh registrations, marking a 10% increase. Districts like Agar-Malwa, Shajapur, Khargone, Ujjain, and Alirajpur strengthened revenue, adding Rs 250 crore for a 6.5% rise. Agar-Malwa claimed the top spot with a 26.29% surge, followed by Shajapur (25.49%) and Khargone (24.47%). Government initiatives, including smart city projects, enhanced infrastructure, and Indore's booming IT sector, have fuelled demand by attracting professionals, families, and investors, establishing the region as a diverse real estate hub.Read more

09 Jan 2024

Ujjivan Small Finance Bank has reported its highest-ever quarterly disbursements in the affordable housing loan segment, emphasizing its focus on expanding the secured portfolio. The bank, known for its legacy in unsecured microfinance, has seen a gradual increase in its secured book, reaching 28.5%. Other secured businesses, including loans to micro and small enterprises and micro mortgage loans, have also contributed to this growth. The bank's overall advances have experienced substantial growth, with a 27% year-on-year increase to Rs. 27,791 crores. The strategic focus on fortifying the secured portfolio aligns with Ujjivan's commitment to sustainable growth and prudent risk management.Read more

09 Jan 2024

The Chandigarh Municipal Corporation (MC) is set to conduct auctions for commercial properties to recover pending property tax dues. Around 50 properties, including shop-cum-offices (SCOs), have been identified for auction after being sealed and attached by the civic body due to unpaid tax obligations. This marks the first instance of the MC proceeding with property auctions to reclaim outstanding tax dues. The civic body has intensified its efforts in the recovery drive, issuing notices and taking legal action against defaulters. The MC remains committed to bringing financial discipline and compliance among property owners regarding tax obligations.Read more

08 Jan 2024

In 2023, Gurugram's housing market experienced a notable 13% surge in sales, contrasting with neighbouring areas like Noida, Greater Noida, Faridabad, and Delhi, which saw a 7-8% decline in property sales. Gurugram's residential property market flourished, reaching 36,970 units, a significant increase from the previous year's 32,615 units. In contrast, Noida, Greater Noida, Ghaziabad, Faridabad, and Delhi collectively faced a downturn. Gurugram's success is attributed to robust consumer sentiment, ongoing infrastructure projects, and hotspots like New Gurugram, Dwarka Expressway, and the Southern Peripheral Road. Industry experts highlight Gurugram's renaissance within the NCR region, driven by demand and infrastructure growth.Read more

08 Jan 2024

Vile Parle, situated in Mumbai's western suburbs, is a lively locality renowned for its cultural heritage and educational institutions like Mithibai College and NMIMS University. In November 2023, Vile Parle witnessed 27 apartment transactions across 22 buildings, with resale transactions dominating the market. Moss Adhira, Anand Bhuvan Apartment, Sumit Gurukrishna, Nutan Jeevan CHSL, and Hetali Shivam CHS each closed 2 deals. Irene Building recorded the most expensive transaction at Rs. 11 Crores for 1612 sq ft. The most affordable option was in Aangan Apartment at Rs. 49 Lakhs. The average rate per sq ft in Vile Parle ranged from Rs. 16,000 to Rs. 68,300, with a weighted average of Rs. 30,000. Over 50% of flats sold were in the 501-1000 sq ft range, and approximately 80% were priced between Rs. 1 Crore and Rs. 5 Crores.Read more

08 Jan 2024

Mumbai's office space demand surged to a six-year high in 2023, hitting 8.5 million square feet. Tech giants led the way by embracing smaller offices, surpassing expectations. Nationally, key Indian cities absorbed 61.6 million square feet, marking a 7% rise. Sustainability was key, with half of new constructions going green. Industries like BFSI, IT, and manufacturing drove demand, mainly in Bengaluru, Hyderabad, and Chennai. Smaller deals dominated, making up 84% of transactions, and domestic firms led the way in shaping the evolving office scene in India.Read more

08 Jan 2024

Embassy Office Parks Management Services, manager of Embassy Office Parks Real Estate Investment Trust (Embassy REIT), has received board approval to raise debt up to Rs 2,000 crore. The move, aimed at optimizing the existing debt structure, involves the issuance of 1,00,000 secured non-convertible debentures valued at Rs one lakh each, generating an anticipated Rs 1,000 crore. Additionally, the REIT plans commercial paper issuances totalling Rs 1,000 crore, in a phase-wise manner. By diversifying financial instruments, and emphasizing long-term stability in its real estate investment portfolio, Embassy REIT is aiming for a sustainable future.Read more

05 Jan 2024

Authorities are set to auction four agricultural properties in Khed taluka, Ratnagiri, connected to Dawood Ibrahim's mother, Amina Bi, under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 (SAFEMA). Located in Mumbake village, Khed, where Dawood and his siblings spent part of their childhood, the properties have a collective reserve price of Rs 19.2 lakh. The auction, employing e-auction, public auction, and tender in sealed envelopes, reflects the government's proactive stance in managing assets connected to individuals involved in criminal activities. SAFEMA has auctioned 11 properties associated with Dawood or his kin over the past nine years.Read more

05 Jan 2024

A plot on Navi Mumbai's Palm Beach Road sets a record with a bid of Rs.6.46 lakh per sqm, mirroring the intense demand for land in the area. However, 18 CIDCO plots received no bids, attributed to high base prices and market conditions. The record bid highlights the scarcity of land in the prime location, leading to the substantial price surge. CIDCO earned Rs.1,170.80 crore from the sale, but the lack of interest in other plots raises concerns. Industry experts criticise CIDCO for escalating base prices and suggest adjustments to encourage a more balanced and competitive market.Read more

04 Jan 2024

In 2023, Mumbai witnessed a 4% YoY surge in property registrations, hitting a record high of 1,26,907 units, surpassing the previous year's peak at 1,22,035 units, as per data from real estate consultant Knight Frank India. The state government collected Rs 10,869 crore in stamp duty, marking a 22% increase from the previous year. December alone saw a 31% YoY rise in registrations, reaching 12,255 units in Mumbai city. Knight Frank's data, sourced from the Department of Registrations and Stamps, Maharashtra government, indicates a robust market with residential units constituting 80% of the registered properties.Read more