18 Jul 2024

Oyo, the prominent Indian hospitality startup, is in advanced talks to secure INR 1,000 crore (USD 120 million) in fresh funding from family offices and Malaysia's sovereign wealth fund, Khazanah Nasional. Facing a 72% valuation drop from its peak in 2021, now valued at USD 2.5 billion, Oyo targets investors disillusioned by recent market corrections. The startup highlights its fiscal turnaround with an anticipated first net profit of INR 100 crore in FY24 and forecasts robust growth, projecting USD 1.8 billion in gross booking value and USD 957 million in revenue for FY25. Oyo's strategic focus on core markets and cost efficiencies underpins its bid to regain market confidence amidst broader hospitality sector recovery.Read more

18 Jul 2024

Bollywood actress Tamannaah Bhatia has leased a 6,065 sq. ft. commercial property in Mumbai's Juhu for INR 18 lakh per month, with the rent set to rise to INR 20.96 lakh by the fifth year. Concurrently, she mortgaged three residential units in Andheri West for INR 7.84 crore. This move, registered in May, could indicate strategic financial planning. Bhatia joins other Bollywood stars, such as Triptii Dimri and Aamir Khan, in making significant real estate investments. This trend highlights the increasing financial savvy of Bollywood celebrities, aligning with a projected 20-25% growth in India's luxury property market in 2024.Read more

18 Jul 2024

Vashi, a well-planned node in Navi Mumbai, offers modern infrastructure and a balanced living environment. Known for its commercial and residential appeal, Vashi features amenities like shopping centers, schools, healthcare, and recreational spaces. It's well-connected to Mumbai and Navi Mumbai via railways and roadways, attracting professionals and families alike. In June, EV - 10 Marina Bay and Ram Laxman Tower led real estate activity with multiple transactions. Apartments varied in size and price, from INR 42 lakhs in Ram Laxman Tower to INR 3.17 crores in EV - 10 Marina Bay. With prices per square foot averaging INR 20,463, Vashi continues to thrive as a prime real estate destination.Read more

17 Jul 2024

Bollywood superstar Amitabh Bachchan recently purchased two apartments in a premium project in Borivali, Mumbai, for nearly INR 7 crore. This follows his son Abhishek's acquisition of six apartments in the same building. The purchase highlights a trend of celebrities investing in Mumbai's suburbs. Amitabh's broader strategy includes a 10,000 sq. ft. plot in Alibaug for over INR 10 crore and another in Ayodhya for INR 14.5 crore. His diverse portfolio also features commercial units in Oshiwara, leased to Warner Music India, generating significant rental income. These investments demonstrate his strategic approach to real estate.Read more

17 Jul 2024

Godrej Properties is expanding its presence in Pune with the acquisition of an 11-acre land parcel in Hinjewadi, a prime IT hub. This new project will feature mixed-use development, including housing and retail, with a potential of 2.2 million square feet and an estimated revenue of INR 1,800 crore. This move highlights Godrej Properties' confidence in Pune's real estate market, driven by its strong IT sector, educational institutions, infrastructure development, and pleasant climate. Their strategy includes a recent debut in Hyderabad and is supported by robust financial performance, despite a minor GST demand challenge.Read more

17 Jul 2024

Homebuyers and developers in Maharashtra are keenly awaiting the Union Budget 2024-25, anticipating measures to stimulate growth, enhance stability, and increase housing affordability. Industry leaders emphasise the need for tax relief, streamlined approval processes, and support for affordable housing. Key proposals include raising tax deductions under Sections 80C and 24(b), implementing a single-window clearance system, and expanding the SWAMIH stress fund. Other recommendations involve revising the GST structure, simplifying FDI norms, and boosting infrastructure investment. These measures are expected to drive demand, unlock new development regions, and ensure long-term sector sustainability.Read more

16 Jul 2024

The Indian proptech sector is witnessing a significant development as Ummeed Housing Finance secures INR 7,630 crore (USD 96 million) in a Series F funding round. This investment bolsters Ummeed Housing's efforts to provide affordable housing loans and small business loans to low and middle-income families. The funding includes fresh capital and an exit for existing investor Lightrock Global Fund, which saw a threefold return on their investment. With this capital, Ummeed Housing aims to expand its services to central and southern India, increasing its asset base from INR 1,800 crore to INR 84,000 crore within 18-24 months.Read more

16 Jul 2024

Facing restrictions on digital customer acquisition by the RBI, Kotak Mahindra Bank plans an expansion with 175-200 new branches across India this year, up nearly 20% from previous years. Previously reliant on digital channels, the bank's shift aims to strengthen physical presence and customer outreach. This move mirrors SBI's initiative to open 400 branches, suggesting a broader industry trend towards enhancing physical networks despite digital advancements. The impact could echo past increases in commercial property values seen with PSB expansions. For Mumbai real estate, areas hosting new Kotak branches may see increased demand, potentially influencing property values in the long term.Read more

16 Jul 2024

Prime Minister Narendra Modi inaugurated and laid the foundation for multiple infrastructure projects in Mumbai, totaling over INR 29,400 crores. Key projects include the Thane Borivali Twin Tunnel Project, Goregaon Mulund Link Road Project, and Kalyan Yard Remodelling. Additionally, the Mukhyamantri Yuva Karya Prashikshan Yojana, a skill development initiative with an outlay of INR 5,600 crores, was launched. These developments aim to enhance road and rail connectivity, boost employment, and support Maharashtra's transformation into an economic powerhouse. The projects reflect a commitment to improving infrastructure and fostering growth in the region.Read more

15 Jul 2024

Noida and Greater Noida are witnessing a dramatic transformation into premium real estate hubs, driven by infrastructure projects like the Jewar international airport and improved connectivity. A JLL report reveals a robust market with 14,822 flats sold for INR 24,944 crore in 2023, with apartments priced at INR 3.5 crore and above constituting 23% of total sales. Rising by 23% year-on-year, property prices in key sectors like 108 and 144 have surged, reflecting a booming market. With Fortune 500 companies boosting job opportunities, these cities offer a blend of luxury living and affordability, attracting investors and homebuyers alike.Read more