26 Jul 2024

The Union Budget 2024 has revised tax rates on Short Term Capital Gains (STCG) and Long Term Capital Gains (LTCG) while standardizing holding periods for asset classes. Listed assets, like real estate shares and REITs, now require a 12-month holding for LTCG, reduced from 36 months, while physical real estate remains at 24 months. STCG rates for listed assets increase from 15% to 20%, and LTCG rates drop from 20% to 12.5%, with no indexation. Industry experts such as Deep Vadodaria - CEO of NILA Spaces Limited and Mr. Vedanshu Kedia, Director, Prescon Group have mixed reactions, emphasising that the impact on real estate investors will depend on property appreciation rates relative to inflation, potentially benefiting long-term investors.Read more

25 Jul 2024

Priyanjali Mariwala, part of Marico's prominent family, has invested INR 65.25 crore in a luxury apartment spanning 8,300 square feet at Mumbai's prestigious Bandra-Kurla Complex (BKC). Located in the exclusive Signature Island tower by Sunteck Realty, this acquisition includes four car parking slots and benefits from Maharashtra's stamp duty concession for women homebuyers. The transaction highlights BKC's appeal among corporate leaders and celebrities for its central location and luxurious amenities. It underscores Mumbai's robust luxury real estate market, which continues to attract high-profile buyers and maintain strong investor confidence despite economic fluctuations.Read more

25 Jul 2024

Hebbal, in northern Bangalore, has quickly grown from a quiet suburb to a busy residential and commercial area. The area has modern apartments, tech parks, and shops, attracting young professionals and families. There are also schools and hospitals, making it a convenient place to live. In June, Sobha City had the most sales with nine deals, followed by L&T Raintree Boulevard with 5 deals. Resale deals made up 69% of the total deals concluded in the month. Prices per square foot in Hebbal ranged from INR 1,200 to as high as INR 54,228, with an average of around INR 16,406. Around 38% of the apartments sold were within INR 1 crore range, while 50% of the flats sold were within INR 1-2 crores and 13% of the apartments sold were between INR 2 - 3 crores.Read more

25 Jul 2024

Shray Projects, leading real estate broking firms in North India, is hosting "The Krisumi Experience" on July 27, 2024, in partnership with Krisumi Corporation Pvt. Ltd. at Novotel Hotel, GS Road. This exclusive event will introduce Krisumi Waterside Residences and Waterfall Suites 2, featuring luxury 2 and 3 LDK apartments, studio, and one LDK options. The event will highlight Krisumi's ultra-luxury living standards and investment potential. With extensive marketing efforts, including billboards and radio broadcasts, Shray Projects aims to attract Guwahati's elite investors. Sahil Verma, COO of Shray Projects, emphasises the event's role in merging Japanese quality with local sensibilities.Read more

25 Jul 2024

The 2024 Union Budget introduces significant measures to boost infrastructure and e-commerce. Notably, 12 new industrial parks will be established under the National Industrial Corridor Development Program, offering essential facilities and reducing setup costs for businesses. Additionally, "Plug and Play" industrial parks in 100 cities will provide ready-to-use spaces, minimising construction delays. The budget also supports the e-commerce sector with dedicated export hubs and reduces the TDS rate from 1% to 0.1%, easing tax compliance. These initiatives are expected to enhance industrial growth, attract investment, and create jobs.Read more

24 Jul 2024

Godrej Properties has acquired land parcels in Bengaluru and Pune, marking a significant expansion. In North Bengaluru's Thanisandra, the company secured a seven-acre plot for a high-end residential project with a built-up area of 9 lakh sq ft, expected to generate INR 1,200 crore. In Pune's Hinjewadi, Godrej acquired 11 acres for a mixed-use development, featuring group housing and retail, with a developable potential of 2.2 million sq ft and estimated revenue of INR 1,800 crore. These strategic moves align with the rising demand for premium housing and commercial spaces in key Indian cities.Read more

24 Jul 2024

The Bangalore Apartments Federation (BAF) and the Real Estate Research Initiative (RERI) at the Indian Institute of Management Bangalore (IIMB) have signed an MoU to enhance awareness among homebuyers and residents in Bengaluru. This partnership aims to benefit nearly 1,300 apartment and villa RWAs, representing about 300,000 households, 1.5 million citizens. Key collaboration areas include research, knowledge generation, focusing on resource management, waste management, safety, and cultural integration. BAF President Vikram Rai highlighted the value of this partnership, while Prof. Venkatesh Panchapagesan noted that RERI's first initiative will involve training residents to manage their apartment associations effectively.Read more

24 Jul 2024

Affordable housing in India is set for a significant boost as HDFC Capital Advisors pledges over USD 2 billion (INR 15,000 crore) by the end of 2025. This investment aligns with the Indian government's "Housing for All" mission, which targets 30 million affordable homes, including 10 million in urban areas. Despite strong demand, a shortage of 35 million affordable units is projected by 2030. HDFC Capital, backed by the Abu Dhabi Investment Authority, leads with a USD 3.5 billion platform for affordable and mid-income housing. This initiative, alongside investments from ICICI Prudential, Kotak Mahindra, and Deutsche Bank, aims to address the housing deficit and significantly boost India's GDP by contributing an estimated USD 2 trillion by 2030. Collaborative efforts and continued government support are crucial for achieving these ambitious goals.Read more

24 Jul 2024

The Union Budget 2024 introduces key changes for the real estate sector including significant changes to property taxes and a renewed focus on infrastructure development. The budget has standardized the Long Term Capital Gains (LTCG) tax rate at 12.5% without indexation. The allocation of INR 11.1 trillion crore for capital expenditure aims to boost infrastructure, which will enhance connectivity and real estate development. The PM Awas Yojana-Urban 2.0 plans to provide one crore houses for the urban poor with a significant budget allocation. States are encouraged to reduce stamp duty rates to make property transactions more affordable, especially for women. Lower deductions on rental payments and new policies for rental markets are also announced. Industry leaders have welcomed these changes, highlighting the positive impact on job creation, housing, and urban development.Read more

23 Jul 2024

Godrej Properties has acquired Transfer of Development Rights (TDR) certificates worth INR 50 crore for their upcoming project in Sector 43, Gurgaon. This innovative move, commonly used in Mumbai, allows Godrej to add 300,000 sq ft of built-up space, significantly increasing the project's revenue potential to INR 900 crore. TDR certificates, issued as compensation to landowners for public development, provide additional building rights that can be sold to developers. This acquisition highlights Godrej Properties' commitment to the Gurgaon market, which saw a 473% sales increase in FY24, and sets a precedent for future developments in the area.Read more