07 Aug 2024

Bollywood singer Sonu Nigam sold a 2,131-square-foot commercial property in Andheri West for INR 7 crore on June 28, 2024. The deal, priced at INR 32,848 per square foot, was made to two buyers from Delhi and includes two car parking slots. This sale follows his father's INR 12 crore Versova purchase and Nigam's own investment of INR 11.37 crore in Andheri last year. The trend of celebrity investments in Mumbai's real estate market is growing, as seen with high-profile transactions like cricketer Yashasvi Jaiswal's INR 5.38 crore purchase and other notable deals.Read more

07 Aug 2024

The Bandra-Versova Sea Link in Mumbai faces significant challenges, leading to a cost increase to INR 18,120 crore from the initial INR 11,332 crore. The Maharashtra government has extended the project deadline by 508 days due to design changes demanded by local fishermen and other complexities. The 17.17-kilometer sea link, essential for easing traffic congestion, now requires the Maharashtra State Road Development Corporation to secure an additional INR 6,788 crore to cover the overruns. Experts highlight the need for better planning and community engagement in future projects to avoid such escalations.Read more

06 Aug 2024

In 2023, India's private lending market rose with USD 7.8 billion invested, marking a notable rise from USD 5.3 billion in 2022. This growth, driven by NBFCs and private credit funds, expands financing options but raises concerns. Intense competition drives interest rates down, exemplified by Hubergroup's 12.5% return on INR 1,500 crore loan, down from previous years. New, less-experienced players entering the market heighten risk assessment worries. Despite challenges, increased competition fosters innovation and supports small businesses. Fintech firms, employing AI and data analytics, offer potential solutions, reshaping the lending landscape and promoting financial inclusion amidst regulatory caution for sustainable growth.Read more

06 Aug 2024

Singapore's Keppel Corporation has acquired the One Paramount 1 tech park in Chennai for approximately INR 2,100 crore. This prime asset, spanning 12.6 acres with 2.4 million square feet of office space across three towers, was previously owned by RMZ Corporation and CPP Investments. Finalised at an 8.5% cap rate, the deal reflects strong investor interest in India's commercial real estate sector. The tech park's prestigious tenants include global firms such as Genpact and VMware. The acquisition highlights India's recovering office market and Keppel's strategic expansion in the region.Read more

06 Aug 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced the results of its 5th Real Estate Agents examination, with 4,165 out of 4,769 candidates passing, reflecting an 87% success rate. This exam saw Sharad Mota from Mumbai and Divyesh Maheshwari from Pune achieving perfect scores. Notably, 196 senior citizens participated, including 12 women. With this latest batch, a total of 13,370 candidates have qualified as real estate agents in Maharashtra. MahaRERA continues to stress the importance of mandatory training and certification, impacting the 47,000 registered agents in the state and ensuring enhanced industry standards.Read more

06 Aug 2024

Central Railway (CR) plans to extend the fifth and sixth lines between CSMT and Parel, which may result in terminating Harbour line services at Sandhurst Road to reallocate platforms. CR will demolish Byculla's express corridor platforms to accommodate new tracks, removing express train stops between CSMT and Dadar. Platforms 1 and 2 at CSMT and Masjid will accommodate Main Line services. Current extensions between Kurla and Parel face land acquisition challenges. Earlier proposals included alternative alignments and additional stations but required unacquired land. These expansions aim to enhance operations and manage increased traffic in Mumbai's rail network.Read more

06 Aug 2024

MHADA's Mumbai Board issued offer letters to 158 eligible applicants from old cessed buildings through a computerised lottery on December 28, 2023. The State housing and OBC welfare minister Atul Save announced a waiver of the INR 70,500 NOC fee for each recipient. Applicants must comply with the offer letter's conditions or face cancellation. Initially, 444 flats were available; 212 out of 265 applicants were found eligible after re-verification. Document verification for the remaining 53 applicants is still in progress. MHADA plans to hold another lottery soon for the sale of 2,000 flats in prime locations across Mumbai.Read more

05 Aug 2024

The Bombay High Court upheld the Maharashtra Government's decision to increase lease rents in Bandra based on the Ready Reckoner (RR) rate, affirming its appropriateness given Bandra's high-end real estate. However, the court ruled that rent must remain fixed for the entire lease duration, not revised every five years as per government resolutions from 2006, 2012, and 2018. Justice B P Colabawalla and Justice Somasekhar Sunderesan noted that the revised rents, ranging from less than INR 2,000 to a maximum of INR 6,000 per month, were not exorbitant given Bandra's prime location. They emphasized that lessees have used the land almost free of cost since 1951, making the rent increase reasonable. However, the court struck down the clause for periodic rent revision, stating both the state and lessees cannot unilaterally modify the lease terms.Read more

05 Aug 2024

Eldeco Infrastructure and Properties Ltd. has acquired a 20,000 sq metre plot near the upcoming Jewar Airport for INR 96.86 crore through an auction by the Yamuna Expressway Industrial Development Authority (YEIDA). Purvanchal Projects also secured a 40,000 sq metre plot for INR 149.47 crore. These strategic moves aim to capitalise on the anticipated development rise around the new aviation hub. Eldeco's expansion continues with acquisitions in Gurugram, including 11.2 acres in Sector 80 for INR 275 crore. The company's extensive portfolio spans the NCR and other key locations like Sonepat and Greater Noida West. Recent funding of INR 350 crore from HDFC Capital Advisors bolsters Eldeco's growth prospects.Read more

05 Aug 2024

Nielsen Media and its subsidiary Whats On India Media are scaling up in Mumbai with a significant office space lease. Located in Commerze III, International Business Park, Oberoi Gardens, Goregaon East, the lease spans 1.52 lakh square feet. Whats On India Media secures 39,852 square feet on the 35th floor, including part of the terrace, with 42 parking slots. Monthly rent is INR 1.004 crore, backed by an INR 8.03 crore security deposit. Nielsen Media leases 1.12 lakh square feet across the 36th-38th floors and terrace, with 122 free parking slots. Monthly rent for their space totals INR 2.87 crore.Read more