13 Mar 2023

The Indian government is aiming to develop comprehensive infrastructure for close to 100 industrial clusters in collaboration with state governments, in line with the Gati Shakti Masterplan (NMP) principles. The NMP features a GIS platform that integrates geospatial data related to infrastructure in India and the planning portals of various ministries and departments. The digital component of the NMP will enable the government to identify infrastructure deficiencies within a 150 km to 200 km radius of a cluster and address them in conjunction with the respective state governments.Read more

09 Mar 2023

The Bombay High Court recently made a ruling regarding stamp duty payments for members of housing societies undergoing redevelopment. The court determined that members do not need to pay stamp duty on their allotted permanent accommodation as part of the project. This ruling brings an end to a long-standing legal dispute that began in 2006 and is a significant relief to the real estate sector.Read more

09 Mar 2023

Blackstone Inc has prevented investors from withdrawing their investments from its real estate income trust (BREIT) worth $71 billion, due to the high number of redemption requests that the private equity firm has received. In February, BREIT fulfilled only $1.4 billion in redemption requests, which accounts for just 35% of the total withdrawal requests of approximately $3.9 billion for that month. BREIT informed investors of this in a letter.Read more

09 Mar 2023

Embassy Property Developments, also known as Embassy Group, has recently announced that it has sold a portion of its shareholding in Embassy Office Parks REIT to Bain Capital. This strategic sale is aimed at strengthening Embassy Group's balance sheet by reducing overall debt by approximately 30% before June 30, 2023. According to a media release by the company, this sale will help Embassy Group achieve its goal of reducing debt and provide it with a stronger financial foundation.Read more

09 Mar 2023

At a recent real estate conference organised by NAREDCO, Irfan A Kazi, Chief Investment Officer of SWAMIH Investment Fund, SBICAP Ventures Ltd, stated that approximately Rs 10,000 crore has been sanctioned for the fund so far, while Rs 5,000 crore remains unallocated. The SWAMIH fund has facilitated the completion of 20,577 housing units across 26 projects, with total funding amounting to Rs 2,200 crore. Their objective now is to complete 80,000 homes over the next three years.Read more

06 Mar 2023

A First Information Report (FIR) has been registered against Gauri Khan, and two real estate developers – Mahesh and Anil Tulsiani of Tulsiani Group in Mumbai city. The complainant, a resident of Mumbai, claims to have purchased a flat in Lucknow in 2015 from the group for a sum of Rs 86 lacs but is yet to receive possession. Gauri Khan is the brand ambassador for Tulsiani Group. All three have been charged under section 409 (the criminal breach of trust) of the Indian Penal Code.Read more

06 Mar 2023

NoBroker, the Indian real estate platform, has received a $5 million investment from Google as an extension of its Series E funding round, bringing the total raised in the round to $215 million at a valuation of $1.01 billion. The Google investment was made as part of the $10bn India Digitization Fund announced by the company in 2020, and follows earlier backing by General Atlantic, Tiger Global, and Moore Strategic Ventures.Read more

02 Mar 2023

Prestige Group is planning to collaborate with Kotak Realty Fund to create a joint platform for investing in residential projects. The platform will have a total fund of $500 million (equivalent to Rs 4,100 crore). Kotak Realty Fund will provide the investment, while Prestige Estate Projects will oversee developing the projects. This joint platform is expected to be the largest in the residential sector in recent years.Read more

02 Mar 2023

Haryana Chief Minister Manohar Lal Khattar has put forth several important proposals in the budget estimates, including the allocation of 100,000 homes to families identified as below the poverty line through the Parivar Pehchaan Patra (PPP) program, the continuation of the amnesty scheme for builders, and the introduction of a land pooling system through the Haryana Shehri Vikas Pradhikaran (HSVP) and Haryana State Industrial and Infrastructure Development Corporation (HSIIDC). To this end, the budget has allocated Rs. 5,893 crores for the housing projects.Read more

01 Mar 2023

The National Real Estate Development Council (NAREDCO) recently announced that "Fund City" would be unveiled in conjunction with the next NAREDCO Finance Conference. NAREDCO Fund City will comprise of banks, specialist funds, fund houses, and other financial organisations who will work together with promoters to fulfil the financial needs of the Indian real estate market. Several banks and fund houses have pledged their support to NAREDCO Fund City, and more are anticipated to follow.Read more