09 Dec 2023

PNB Housing Finance is poised for significant expansion, with plans to increase its loan book from the current Rs 60,000 crore to one lakh crore in the next 3-4 years. The company has reported a 12.5% year-on-year growth in its retail segment as of September 30, 2023, and aims for a 17% year-on-year growth for the financial year 2023-24. The company's overall gross non-performing assets (GNPAs) stand at 1.78%, with plans to reduce GNPAs to 1.2% within the next 3-4 quarters. PNB Housing Finance is strategically concentrating on the affordable home loan segment with its Roshni initiative, aiming for retail loans to constitute around 90% of the overall loan book in 4-5 years, with the affordable home loan segment contributing 40% to this share.Read more

08 Dec 2023

Oberoi Realty has concluded the acquisition of approximately 6.4 acres in Thane for Rs 196 crore, following a memorandum of understanding with NRB Bearings. This strategic move aligns with Oberoi Realty's existing land holdings and development plans near Raymond Group's property. Recently entering the Delhi-NCR market with a Rs 597 crore land purchase in Gurugram, the company launched the upscale Forestville project in Thane. Despite a 17 percent decline in Q2 sale bookings, Oberoi Realty reported a robust 43 percent rise in consolidated net profit to Rs 456.76 crore, reinforcing its position as a leading luxury real estate developer.Read more

08 Dec 2023

Mumbai's ultra-luxury real estate market, featuring homes over Rs. 40 Crore, has seen a phenomenal 247% increase in sales value in 2023 compared to the previous year. Dominating the sector, Mumbai recorded 53 of the 58 high-end transactions in top Indian cities. The market, fuelled post-COVID-19, attracted predominantly businessmen and professionals, highlighting a shift in luxury housing demand. This surge underscores a significant recovery and transformation in the luxury real estate sector, marking a new era of upscale living preferences among India's wealthy populace.Read more

08 Dec 2023

Edtech giant Byju's is reducing its real estate footprint in Bengaluru, vacating 620,000 sq ft of office space, including 550,000 sq ft in Kalyani Tech Park and 70,000 sq ft in IBC Knowledge Park between 2022 and 2023. Think and Learn, parent company of Byju's, continues to hold 350,000 sq ft in Prestige Tech Park and 150,000 sq ft in IBC Knowledge Park. The move aligns with cost-cutting measures amid various crises, including legal battles and a restructuring initiative impacting over 4,000 employees. Byju's aims to raise capital and address ongoing challenges through these measures.Read more

08 Dec 2023

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07 Dec 2023

Ericsson has signed a substantial office space deal with Skootr at Gurgaon's Vatika One on One building, marking one of India's largest managed workspace agreements. Covering 525,000 square feet, Ericsson's commitment involves an immediate occupancy of 325,000 square feet, with a right of first refusal for an additional 200,000 square feet. The move highlights a growing demand for flexible office spaces in the country. The builder, Vatika, is expected to deliver the first phase in 3-6 months, with Skootr handling fit-out over the subsequent 3-4 months.Read more

07 Dec 2023

The Greater Noida Industrial Development Authority (GNIDA) aims to expedite Uttar Pradesh's economic growth by inviting applications for 22 commercial plots. The Commercial Plot Allocation Scheme (FAR-4.0) offers plots in various sectors, including Delta-2, Alpha-2, Ecotech-12, Technozone-8, Sector 12, and Sector 10. The registration deadline is December 8, with the process conducted through the State Bank of India's e-tendering portal. The earnest money deposit (EMD) ranges from Rs 2.19 crores to Rs 10.17 crores. This strategic initiative seeks to attract investment and stimulate industrial development in Greater Noida, contributing to the overall economic progress of the region.Read more

07 Dec 2023

Over the past four months, the Greater Noida Industrial Development Authority (GNIDA) has processed nearly 5,000 registries across more than 20 housing projects. This initiative, following developers settling their dues and obtaining occupation certificates, has contributed Rs 100 crore in revenue, with stamp duty payments amounting to Rs 150 crore for the state government. GNIDA's CEO, Ravi Kumar NG, highlighted the adoption of a flat-wise registration system for efficiency, ensuring smooth ownership rights for homebuyers. The Authority actively addressed homebuyer concerns through camps, and despite awaiting the state government's rehabilitation package, GNIDA remains committed to resolving builder-buyer issues within existing policies.Read more

06 Dec 2023

The Municipal Corporation of Delhi plans to lease its newly constructed office complex in Karkardooma, covering three blocks over 22,918 sq meters, for 30 years. The modern complex, equipped with amenities like air-conditioning and CCTV surveillance, is open for leasing to government departments, PSUs, and others. The minimum rent is set at Rs 115 per sq ft, with a 7% annual enhancement. Central government departments have shown interest, and the corporation will reach out to others. The lease agreement will be awarded based on the best rate exceeding the floor rate, providing a contemporary workspace solution.Read more

06 Dec 2023

hBits, a fractional ownership platform in India, has acquired 13,500 sq. ft. of prime commercial real estate in Mumbai's bustling Goregaon area, valuing at INR 27.31 crore. This strategic move opens a Grade A commercial real estate investment avenue for retail investors. The property, near Mumbai's economic hub, is leased to a prominent Indian-origin multinational tech firm for five years, ensuring a solid 3-year lock-in period. Boasting robust financial metrics with a 9% gross entry yield and a 15.49% expected internal rate of return, hBits aims for an INR 500 crore AUM by March 2024, capitalizing on Mumbai's thriving commercial real estate demand.Read more