13 Dec 2023

Indore and Ujjain divisions have witnessed an 11% YoY growth in property sales, with 3.5 lakh registrations in the current fiscal year until November. Despite a dip in November due to assembly elections, the income from property registrations reached Rs 2604 crore, compared to Rs 2334 crore in the previous year. Indore accounted for the highest revenue at Rs 1450 crore, reflecting an 11.6% increase. Developers attribute this surge to infrastructure development, specialty hospitals, and academic growth in the region, leading to a 30% reduction in unsold inventory. Indore's real estate market is thriving with rising demand and increased property prices in specific areas.Read more

13 Dec 2023

The Pimpri Chinchwad Municipal Corporation (PCMC) administration has enlisted the services of an external agency to conduct a comprehensive survey aimed at assigning a Unique Property Identification Code (UPIC). This initiative seeks to establish a distinct identification for every property falling under the PCMC jurisdiction. The UPIC will serve as a singular and uniform identifier, streamlining property management and enhancing administrative efficiency. The outsourcing of this survey underscores the municipality's commitment to adopting modern systems for effective governance and ensuring a systematic approach to property documentation within its administrative boundaries.Read more

13 Dec 2023

Following a state government notification revising lease rates for civic body properties, the Nashik Municipal Corporation (NMC) is set to reduce rates for its commercial and socially allocated properties. The government's directive significantly decreases lease rates from 8% to 0.7% for commercial properties and from 8% to 0.5% for properties designated for social causes, impacting 1,900 commercial galas/shops and 1,075 other properties. The revised rates will take effect after the expiration of existing lease agreements, with a committee, chaired by the civic chief, tasked with determining the new rates.Read more

12 Dec 2023

Hindustan Construction Company (HCC) has finalized the sale of a 2,35,870 sq meter land parcel in Karnala village, Panvel, near Mumbai, for Rs 95 crore to Oak and Stone Construction. Stamp duty for the deal amounted to Rs 5.70 crore. The Board's resolution on November 9 paved the way for this strategic move. The transaction, facilitated through a 'deed of conveyance,' supports HCC's asset monetization and debt resolution plan. The sale aligns with a broader trend, as FY23 witnessed over 87 land deals covering 1,862 acres in India, emphasizing the ongoing significance of asset monetization in the real estate sector.Read more

12 Dec 2023

Maharashtra's Property Registration Department unveiled an amnesty scheme aimed at aiding 2.32 lakh stamp duty defaulters from 1980 to 2020. The initiative grants relief from penalties if dues are cleared within two months. Concentrated in Mumbai, Pune, Thane, and Nagpur, defaulters have an opportunity to rectify non-payments, potentially earning the government Rs 3,000 crore. The scheme, announced at a state cabinet meeting, offers a waiver on stamp duty and penalties in two phases from December 1 to March 31. This move aims to legitimize old documents and prevent legal disputes, benefiting citizens and societies state-wide.Read more

12 Dec 2023

The Securities and Exchange Board of India (SEBI) has introduced a standardized framework for calculating Net Distributable Cash Flow (NDCF) by Real Estate Investment Trusts (REITs), Infrastructure Investment Trusts (InvITs), and their holding companies. Effective from April 1, 2024, this move aims to enhance the ease of doing business in capital markets. The NDCF computation, applicable to REITs, InvITs, and their HoldCo/SPVs, mandates a minimum distribution of 90% at the Trust and HoldCo/SPV levels, with the option to retain 10% subject to certain provisions. SEBI emphasizes cumulative periodic compliance and excludes restricted cash from NDCF computation.Read more

09 Dec 2023

In a significant move, Gap Associates, SUN Realty Partnership, and BMS Projects have acquired a 42,241 sq meter plot in Dholera Special Investment Region (SIR) for Rs 17.42 crore. This joint venture, facilitated by Dholera Industrial City Development Limited's first land auction, aims to leverage the plot's high Floor Space Index (FSI) for extensive development. The deal signals a major boost in Dholera's economic growth and infrastructure, reinforcing its position as a key industrial and urban hub near Ahmedabad, and is set to transform the region's real estate and commercial landscape.Read more

09 Dec 2023

India's primary residential markets, including major cities like Kolkata, Delhi, and Mumbai, experienced a rise in property prices from July to September 2023, according to the NHB RESIDEX. All eight metros recorded increases, with Kolkata leading at 9.1 percent, while Delhi and Chennai saw the least rise at 0.8 percent. The Housing Price Index revealed an annual increase of 4.9 percent, varying across cities. Among the 50 cities, 41 saw property prices rise, and nine observed declines. On the supply side, the HPI for under-construction properties reported a 10.7 percent annual increase. This growth is attributed to factors like pent-up demand, stable interest rates, and renewed investor interest.Read more

09 Dec 2023

Actis and Mahindra Lifespace Developers are jointly orchestrating a partial exit of over Rs 120 crore from their joint venture, Mahindra Homes. This strategic move, presented to the National Company Law Tribunal (NCLT), aims to reduce equity share capital, providing a pay-out to both entities. Mahindra Homes, with steady cash flows, prioritizes repatriation of surplus funds to shareholders over immediate expansion. This follows their collaborative venture established last year for developing industrial and logistics real estate facilities in India. The proposal awaits NCLT approval, reflecting a strategic realignment for sustained growth in India's real estate sector.Read more

09 Dec 2023

The Ahmedabad Municipal Corporation (AMC) has introduced the 'GreenBlueYellow Roof' (GBY Roof) incentive program, aiming to promote eco-friendly practices among owners of independent houses such as rowhouses, bungalows, and tenements. Under this scheme, residents can avail themselves of benefits and incentives for incorporating green and sustainable features into their roofs. The initiative underscores the municipality's commitment to environmental sustainability and encourages citizens to contribute to a greener and more eco-conscious community. The GBY Roof initiative aligns with the AMC's broader vision of fostering responsible and environmentally conscious urban living.Read more