Daily Real Estate Newspaper
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CapitaLand India Trust (CLINT), specializing in business parks across India, has secured a USD 200 million (approximately INR 1,160 crore) sustainability-linked loan (SLL) from the International Finance Corporation (IFC). This landmark deal positions CLINT as a leader in integrating environmental responsibility into its core business strategy. The SLL terms are tied to achieving specific environmental targets, including a 40.5% reduction in greenhouse gas emissions by 2023 and obtaining EDGE certification for three IT parks by 2026. This green loan enhances CLINT’s sustainability profile, attracts eco-conscious investors, and reduces long-term operational costs.
CapitaLand India Trust (CLINT), specializing in business parks across India, has secured a USD 200 million (approximately INR 1,160 crore) sustainability-linked loan (SLL) from the International Finance Corporation (IFC). This landmark deal positions CLINT as a leader in integrating environmental responsibility into its core business strategy. The SLL terms are tied to achieving specific environmental targets, including a 40.5% reduction in greenhouse gas emissions by 2023 and obtaining EDGE certification for three IT parks by 2026. This green loan enhances CLINT’s sustainability profile, attracts eco-conscious investors, and reduces long-term operational costs.
The rise of fractional ownership and Small and Medium Real Estate Investment Trusts (SM REITs) is transforming real estate investment in India. Fractional ownership allows multiple investors to co-own high-value properties, making real estate accessible to more people. The JLL-Property Share report predicts this market will grow tenfold to INR 37,500 crore by 2030. SM REITs, similar to mutual funds, enable investment in income-generating real estate with a minimum investment of INR 10 lakh. SEBI's new regulations for SM REITs boost investor confidence, focusing on cities like Mumbai, Delhi NCR, and Bengaluru. These regions offer substantial investment opportunities, driven by well-managed commercial properties. SM REITs provide lower investment thresholds, potential for stable returns, professional management, and enhanced liquidity through stock exchange listings. This sector is poised for significant growth, driven by urbanization and rising property prices.
? A residential flat spanning 1,279 square feet sold in Livience Aleenta Phase 2 in Pune's Pashan for INR 1.73 crores
? A residential flat spanning 1,057 square feet sold in Vriddhi in Pune's Bibwewadi for INR 1.24 crores
TDR is a technique of land development, which separates the development potential of a piece of land from the land and allows the development rights to be used elsewhere in the city as permissible by the state law. Under this method, the owner of the land can sell the development rights of his land to another entity or individual. The receiving plot can use this TDR over and above the usual FSI available to it in accordance with the prevailing laws and regulations. This is generally used for redevelopment of inner-city zones and re‐development projects.
Thane's skyline is set for a transformation with the launch of "Ashar Merac," a residential project by the Ashar Group. Spanning 11 acres, with the first phase covering 4 acres, it offers over 2,000 1, 2, and 3-bedroom residences. Designed by architect Hafeez Contractor, these homes boast expansive living spaces and balconies, blending style with functionality. With amenities spread across three levels, including jogging tracks, mini-golf courses, and a massive swimming pool dubbed "The Oasis," residents will find everything they need for leisure and relaxation. Positioned in Shree Nagar (MTC), residents will enjoy easy access to nature and excellent connectivity via the Mumbai Metropolitan Region network, making it a prime investment opportunity in Thane's booming real estate market.
Nearly 20,000 homebuyers in Noida have positive news as construction on stalled Jaypee Wish Town projects resumes. Suraksha Group, which won the bid to take over Jaypee Infratech Ltd (JIL), has started work after a National Company Law Appellate Tribunal (NCLAT) decision on May 24, 2024. The tribunal upheld the takeover plan and directed Suraksha to pay INR 1,335 crore to the Yamuna Expressway Industrial Development Authority (YEIDA) for farmers' compensation within four years. With a new board and a working capital infusion of INR 3,000 crore, Suraksha aims to deliver homes within 3 to 3.5 years.
The Godrej Group announced an internal restructuring, with Godrej Properties Limited selling a 5% stake in its subsidiary, Godrej Green Homes, to Godrej Fund Management and Investment Advisors for INR 46.7 crore. This transaction frees up significant capital for Godrej Properties to invest in new developments or strengthen existing projects. It underscores the group's proactive investment strategy within the real estate sector, valued at INR 1,914.82 crore. The sale also emphasizes the growing focus on sustainable living, positioning Godrej Green Homes as a key player in eco-friendly housing within the portfolio.
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The Federation of Noida Residents Welfare Associations (FONRWA) is advocating for the regularisation of unauthorised constructions, particularly in LIG, MIG, and HIG housing. This initiative aims to address the housing needs of lower and middle-income residents, including migrant workers. FONRWA emphasises that the lack of affordable housing, compounded by luxury developments, necessitates this regularisation. They also call for new affordable housing projects under the Pradhan Mantri Awas Yojana, ensuring housing accessibility and generating revenue for the Noida Authority.
The Punjab and Haryana High Court has ordered the Chandigarh Administration to start constructing flats under the UT Employees Self Financing Housing Scheme 2008 within two months, to be completed within a year. Successful petitioners must take possession two months after completion, provided they pay the remaining amount and increased construction costs. The land cost remains at INR 7,920 per square yard. The court ruled that the administration and board cannot retract promises, and delays are not the petitioners' fault. The scheme covers flats in Sectors 52, 53, and 56 of Chandigarh.
The Municipal Corporation of Delhi (MCD) announced a significant change in property tax payments, shifting away from cheque payments starting July 1st. This decision comes in response to issues faced by the civic body regarding dishonoured cheques. Henceforth, property tax payments must be made digitally, including options like UPI, wallets, demand drafts, pay orders, or online payment gateways. The MCD emphasized the importance of this shift due to legal concerns surrounding dishonoured cheques. Additionally, property owners and vacant land occupants are urged to avail a 10 percent rebate on lump sum payments for the 2024-25 tax year before June 30th. To facilitate tax payments, property owners can utilize the MCD's online portal at www.mcdonline.nic.in. According to the Delhi Municipal Corporation (Amendment) Act, 2003, all properties under MCD jurisdiction are obligated to pay property tax as stipulated by Section 114.
By July 2024, the municipal bodies of Nashik, Visakhapatnam, Kanpur, Surat, Varanasi, and Prayagraj are expected to issue municipal bonds, aiming to raise between INR 100-300 crore each at a coupon rate of 7.9-8.3%. Over the past seven years, municipal bodies have collectively raised nearly INR 3,000 crore from the bond market. This move signifies a growing trend of urban local bodies leveraging the bond market to fund their development projects and infrastructure improvements. Recently, Vadodara Municipal Corporation raised INR. 100 crore through Green Municipal Bonds for wastewater management.
Mumbai's iconic skyline is set to expand dramatically. A report by Anarock, a leading real estate consultancy, predicts a 34% increase in skyscrapers in the Mumbai Metropolitan Region (MMR) by 2030, adding 207 new towers to the existing 154. This growth solidifies Mumbai's status as India’s skyscraper capital. Limited land availability and a growing population have driven this vertical expansion, with strategic increases in Floor Space Index (FSI) limits and reduced FSI premiums boosting high-rise development. The MMR, currently boasting 361 high-rise towers, will see South Central Mumbai leading with 103 skyscrapers, reshaping the city’s architectural landscape.
Real estate prices in Amaravati surged 50-100% after the TDP, Jana Sena, and BJP alliance's election victory, reviving buyer interest. This recovery follows a sharp decline when outgoing Chief Minister Y.S. Jagan Mohan Reddy proposed three capitals in 2019. Minimal transactions are occurring as sellers await a potential statement from Prime Minister Narendra Modi supporting Amaravati at N. Chandrababu Naidu swearing-in. TDP's Nara Lokesh confirmed plans to adhere to the original master plan, aiming to complete trunk infrastructure. The anticipation of central government institutions setting up offices in Amaravati further fuels land demand and prices.
Colliers' 2023 Sustainability Report highlights its commitment to a greener future through climate action, diversity, and healthy workspaces. The firm achieved a 24.8% reduction in greenhouse gas emissions per square foot, validated by the Science Based Targets initiative. Women in management roles increased to 33.5%, and over 35% of large offices received a WELL Health-Safety Rating. In India, Colliers implemented eco-friendly practices and secured LEED and WELL certifications for several offices. The firm collaborates with real estate stakeholders to promote sustainable practices, helping clients achieve green certifications and mitigate environmental risks. Colliers sets a positive industry example, enhancing both business and environmental sustainability.
The long-delayed and controversial Mumbai-Goa highway, specifically the 84-kilometre stretch between Panvel and Indapur, is expected to be fully completed by December this year. This development promises improved connectivity and smoother travel between the two major cities. The ongoing project aims to enhance road infrastructure, ensuring safer and more efficient transportation for commuters. Anticipated to be finalized by the end of the year, the upgrade is expected to alleviate congestion and reduce travel time, providing a boost to regional connectivity and facilitating easier access for both local and long-distance travellers along this vital route.
The futuristic vision of 3D-printed homes is becoming a reality in Texas with the development of Wolf Ranch in Georgetown, the world's largest subdivision built using 3D printing technology. This groundbreaking project, led by construction startup Icon, in collaboration with global architecture firm Bjarke Ingels Group and homebuilder Lennar, is nearing completion. They are close to finalizing 100 innovative homes, ranging from 1,850 to 3,000 square feet, featuring modern amenities like solar panels and vaulted ceilings. Priced between USD 469,990 and USD 578,990, these homes are attracting eco-conscious and design-savvy buyers, with 22 homes already sold.
Kentucky Governor Andy Beshear has announced a $223 million initiative to address the rental housing shortage in western Kentucky, still recovering from the 2021 tornado outbreak. The state plans to build 953 affordable rental units in Christian, Graves, Hopkins, and Warren counties, targeting families affected by the disaster. The project, a collaboration between the Kentucky Housing Corporation (KHC) and the Department for Local Government, will support moderate- and low-income families. Construction begins by spring 2025. This effort highlights Beshear's commitment to disaster recovery and economic growth, with ongoing housing projects also supporting eastern Kentucky flood victims.
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