10 Nov 2023

Kinnteisto LLP, led by accomplished investor Rekha Jhunjhunwala, completes a significant real estate transaction in Mumbai. The acquisition includes over 1.94 lakh square feet of commercial office space in the prominent business areas of Bandra Kurla Complex (BKC) and Chandivali, valued at approximately 740 crore rupees. This comprises 1.26 lakh square feet in BKC's 'The Capital' and 68,195 square feet in Chandivali's Boomerang building. The properties were purchased from Wadhwa Group Holdings Pvt Ltd and Kanakia Spaces Realty Pvt Ltd, respectively. The acquisitions, part of Jhunjhunwala's long-term investment strategy, also provide access to 234 parking slots, enhancing their overall value.Read more

09 Nov 2023

Ipsita Dasgupta, the Managing Director of HP India, recently purchased a luxury apartment in Mumbai's prestigious Worli locality for over Rs 22.50 crore. She acquired the 2,964 sq ft flat on the 4th floor of the super-premium project, Raheja Artesia, from K Raheja Corp Homes. The deal, completed on October 26, includes exclusive access to three car parking slots. Notably, the same building has seen other high-value transactions with prices averaging around Rs. 1.25 lakh per sq.ft. Mumbai's property market remains robust, with over 1.04 lakh property registrations in the first ten months of 2023.Read more

08 Nov 2023

The Maharashtra government is aiming to improve the accuracy of Ready Reckoner (RR) rates in 2024 by implementing Geographic Information System (GIS) mapping for all land parcels. The GIS data, integrated with the registration website, will enhance the assessment of value zones before announcing RR rates. The mapping work, in collaboration with the Maharashtra Remote Sensing Application Centre (MRSAC), is in progress, covering 19 districts already. This geospatial technology will enable the administration to scientifically estimate RR value zones based on accurate property locations. Citizens will have access to RR rates and property information through a geoportal.Read more

07 Nov 2023

Netflix's Indian subsidiary has extended its lease for a 137,000-square-foot office space in Mumbai's Bandra-Kurla Complex for five years, with a total value exceeding Rs 280 crore. The lease covers the 11th and 12th floors of Godrej BKC's commercial tower. Rental fees will be nearly Rs 4.30 crore per month, with a provision for annual rental increases of 5 percent. Netflix had originally leased the space in 2019 from D Decor Properties LLP. India has become a vital content hub for Netflix, with substantial investments in the Indian market. In Q3 2022, India's office space leasing market reached a six-quarter high, absorbing 10.37 million sq. ft.Read more

04 Nov 2023

Akshara Haasan, daughter of actor Kamal Haasan, recently acquired a luxurious 2,354-square-foot apartment in Khar, Mumbai, for a staggering Rs15.75 crore. The apartment, located in the high-end Ekta Verve tower on 16th Road, offers opulent living with three parking spaces and a range of amenities. Ekta Verve, developed by Ekta World, boasts 18 apartments and a duplex, featuring 4, 5, and 7-bedroom luxury residences. Akshara Haasan, a Bollywood actress herself, is following in her family's footsteps. Khar, a rapidly growing neighbourhood near Bandra, remains a hotspot for celebrity real estate investments, further enhancing its appeal.Read more

03 Nov 2023

Mumbai's property tax billing for the 2023-24 fiscal year has been delayed due to the BMC's retrospective tax assessment. To address the issue, the civic body plans to send provisional bills with a 10% hike to taxpayers next month. The problem arose from the BMC's adoption of the capital value system for property tax calculations, retrospectively from 2010. In 2019, the Bombay High Court invalidated certain rules related to retrospective taxation. Though the BMC approached the Supreme Court, it got no relief and was asked to create new rules and issue fresh bills. BMC would need to refund significant amounts to affected taxpayers.Read more

02 Nov 2023

Tata Motors has won a significant compensation award of Rs 766 crore plus 11% annual interest from an arbitration tribunal for its losses in the halted Singur manufacturing plant. The West Bengal Industrial Development Corporation Ltd (WBIDC) has been directed to pay the compensation. Government sources hint at challenging the tribunal's decision in the High Court. The Singur case, a pivotal test case for Indian land acquisition and industrial development, traces back to 2006 when Tata planned to build the "people's car," Nano. Protests led to the project's abandonment and the relocation of the plant to Sanand in Gujarat. Subsequent legal battles culminated in the recent arbitration verdict in Tata's favour. This case underscores the need to protect industrial projects from populist politics and work in a manner beneficial to all stakeholders.Read more

01 Nov 2023

HDFC Bank has acquired a ten-floor office tower spanning 2,84,567 square feet in South Delhi's Nauroji Nagar for Rs 1,130 crore from NBCC (India) Ltd. This was NBCCs 21st auction for the sale of commercial space in the World Trade Centre. This marks the highest single auction sale since the launch of the World Trade Centre (WTC) in New Delhi in 2017. The WTC, which covers 3.4 million sq ft of saleable area including 12 commercial towers, is part of Nauroji Nagar redevelopment. The government had announced redevelopment of seven housing colonies in Delhi, of which three—Nauroji Nagar, Netaji Nagar and Sarojini Nagar—were assigned to NBCC. NBCC funds this redevelopment from the sale of commercial units at WTC.Read more

31 Oct 2023

CIDCO's 'Maha Nivas' housing scheme offers luxurious apartments to Maharashtra's legislators, judges, and bureaucrats at a fraction of the market rate, with price at about Rs. 19,500 per sqft, significantly lower than the area's market price of Rs. 30,000 to Rs. 60,000 per sqft. The scheme is part of a government initiative for specific VIPs and CIDCO is entrusted to construct and allocate the apartments on a lottery basis. It is designed by renowned architect Hafeez Contractor and encompasses 350 apartments on Palm Beach Road with carpet areas of 1270 sq ft and 1800 sq ft. CIDCO is welcoming applications till November 12 and has received 270 applications so far. While some praise the initiative, concerns have been raised within the real estate community about the pricing disparities and eligibility criteria.Read more

28 Oct 2023

Macrotech, a developer in Mumbai, has secured a Bombay High Court directive for a 50% premium rebate on the development of the Bradbury Mills plot in Byculla. The court determined that if a party or developer couldn't pay the premium due to reasons beyond their control, such as issues with the planning authority (BMC in this case), they should not be disqualified from the rebate scheme. The scheme, established to revitalize economic growth post-COVID-19, required applications to be submitted by December 31, 2021. The court upheld the developer's right to the rebate, emphasizing that they were not at fault for the delay due to BMC's misclassification of their application.Read more