PNT Reporter

08 Jun 2023

Despite rising mortgage rates and property prices, Mumbai's real estate market achieved a record-breaking stamp duty collection in May. This resilience in demand has been spurred by robust transactions involving mid-income and high-end properties. Notably, South Mumbai observed a doubling in sales registrations compared to last year. Market experts attribute this demand stability to the pandemic-driven shift in home-buying preferences and strategic property features.Read more

PNT Reporter

08 Jun 2023

L&T Finance, a subsidiary of Larsen & Toubro, has initiated a bidding process to sell off bad debts amounting to Rs 3,022 crore to asset reconstruction firms. These debts are spread across ten accounts, with Nirmal Lifestyle Developers holding the largest debt of Rs 790 crore, followed by Supertech with Rs 515 crore and Nirmal Lifestyle Malls with Rs 251 crore. L&T Finance aims to reduce its wholesale finance portfolio, which includes real estate and infrastructure finance. The company had previously planned to collaborate with a private equity partner for its real estate ventures but did not receive regulatory approval.Read more

PNT Reporter

07 Jun 2023

Amazon Development Centre India has chosen to extend its rental agreement for approximately 500,000 square feet of office space in Chennai. The lease extension, which spans 36 months, signifies Amazon's commitment to the Indian market. This decision comes after the company recently signed two significant renewals, including a lease on a 650,000-square-foot area near Bengaluru. While Amazon is downsizing globally and reducing its workforce in India, it continues to make substantial investments in the country.Read more

07 Jun 2023

Real Estate Investment Trusts (REITs) in India have gained significant popularity, attracting renowned institutional and anchor investors. India's growing office market and the diversification brought by retail asset-led REIT IPOs have paved the way for more REITs across different asset classes. REITs offer retail investors an opportunity to invest in real estate with smaller denominations, organized platforms, cost savings, tax benefits, liquidity, and expert guidance. According to data from JLL, India has over 393.7 million square feet of Grade A office space that generates rental income and is valued at over $61 billion, making it suitable for listing on REITs in the future.Read more

PNT Reporter

07 Jun 2023

The Maharashtra State Cooperative (MSC) Bank has announced a loan offering to support established housing societies in undertaking self-improvement projects. With a whopping Rs 1,950 crore earmarked for this purpose, the bank aims to disburse the funds during the 2023-24 fiscal year. Eligibility guidelines for obtaining these loans will be revealed soon, benefiting approximately 50 old housing societies. As the largest co-operative bank in India, MSC Bank plays a vital role in balancing the resources of cooperatives in Maharashtra and promoting their growth.Read more

PNT Reporter

07 Jun 2023

Members of CREDAI and CREDAI-MCHI recently approached the government with a request to remove GST on free-of-cost flats provided to current residents in redevelopment projects, particularly in the Mumbai region. They are of the opinion that the flats are given without any compensation and the construction costs are already included in the sale price, they should be exempt from GST to avoid double taxation. The association believes that revising the GST regulations will create a more favourable environment for redevelopment initiatives and help unlock the real estate potential in the Mumbai Metropolitan Region.Read more

PNT Reporter

07 Jun 2023

Realtors in Vijayawada are voicing concerns over the state government's plan to increase land value, fearing a negative impact on the demand for properties. They argue that the current land value is already high compared to market prices, and any further increase would widen the gap between book value and intrinsic value. The real estate industry in Vijayawada has faced stagnation due to uncertainty surrounding the state capital's location. Industry experts warn that rising land costs may decrease demand for properties in certain areas. Realtor associations have urged the Chief Minister to reconsider the decision and support the real estate industry.Read more

07 Jun 2023

Ben Affleck and Jennifer Lopez have successfully sealed the deal on a residence in Los Angeles for an approximate amount of $61 million. Situated within the confines of Wallingford Estates, Beverly Hills, the estate occupies a land mass of approximately 5 acres while offering a living area of 38,000 square feet. Compass's Ginger Glass was the listing agent for the property located in Beverly Hills, while the buyers were represented by Brett Lawyer at Carolwood Estates. The real estate was originally offered at a price tag of $135 million in 2018, but its value was eventually reduced to $74.995 million by March.Read more

PNT Reporter

07 Jun 2023

Roche Information Solutions India has agreed to lease office space in the '45ICON' workplace project in Baner, Pune. The modern office space, developed by Raviraj Abhinandan Developers and Brookfield Properties, offers approximately 18,000 square metres of space. The establishment aims to accommodate over 1,000 personnel, with room for future expansion, and aligns with Roche's sustainability standards. The tower is already occupied by major tenants Tarana Wireless and Infobeans Cloudtech, in addition to Roche.Read more

PNT Reporter

07 Jun 2023

Delhi-based property developer TARC Limited has announced its financial and operational progress for the quarter and fiscal year ending on March 31st, 2023. The company achieved its strongest sales performance to date, exceeding the set sales target and generating a remarkable sales value of Rs 520 crore. The TARC Tripundara project experienced a successful booking rate and higher prices, while the TARC Maceo project achieved a fully sold-out status with a significant price surge. The company has set a challenging sales target of Rs 1,500 crore for the upcoming fiscal year and aims to generate robust cash flows for business expansion and debt reduction.Read more