Daily Real Estate Newspaper
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Creditors of the defunct Go First Airlines are set to auction a prime 94-acre land parcel in Thane, near Mumbai, with a reserve price of approximately INR 1,960 crore. The move follows a Delhi High Court ruling allowing lessors to seize the airline's planes. The land, previously held as collateral by the Wadia group, is expected to fetch between INR 1,200 crore and INR 2,500 crore considering its development potential. Advertisements for the auction will be published soon, giving buyers 60 days to submit bids. Creditors aim to recover part of the airline's INR 50,000 crore debt.
Mavjibhai Shamjibhai Patel, promoter of diamond company Kiran Gems, has purchased a 16,000 square foot apartment in Mumbai's luxury Oberoi 360 West project for INR 97.4 crore. Kiran Gems had recently relocated their headquarters from Surat to Mumbai. Located in upscale Worli, the apartment spans 14,911 square feet with additional expandable area. It includes nine parking slots. South and central Mumbai have seen numerous high-value property deals in recent years involving industrialists, corporate executives and celebrities due to the areas' prime sea-facing locations and most expensive apartments. With Patel's purchase, Oberoi 360 West continues its reputation as one of Mumbai's most luxurious residential projects housing prominent business families and individuals.
? A residential flat spanning 5,920 square feet sold in VGN Fairmont in Chennai's Guindy for INR 2.07 crores
? A residential flat spanning 14,833 square feet sold in Casagrand Tranquil in Chennai's Medavakkam for INR 2.02 crores
As per Section 55 of the Registration Act 1908, four types of indexes are to be made and maintained by the registering officers. Index I & II - these are prepared for the transfer of immovable properties with the use of instruments such as conveyance deed, sale deed, gift deed, leave and license agreement, etc, Index III is prepared for the execution of a Will and Index IV is prepared for other miscellaneous instruments such as documents related to moveable properties.
Navanaami Projects Private Ltd., a Hyderabad-based real estate developer, has unveiled its flagship luxury residential project, The Megaleio, at a gala event. With an investment of INR 900 crore (USD 108 million), The Megaleio targets high-net-worth individuals (HNIs) and ultra-HNIs. Featuring units priced between INR 8 crore and INR 12 crore, 20% of the units are already sold, reflecting strong demand. Located in Appa Junction Peerancheru, the project boasts two 50-floor towers with 150 opulent residences. The development emphasizes luxury and sustainability, offering unique amenities like branded kitchens, home automation, and EV charging facilities.
Residents of the Santacruz West Khotwadi slum in Mumbai have complained about not receiving rent for their homes and shops over the past six years as part of an ongoing redevelopment project led by Transcon Developers. Despite attempts to communicate their issues, the residents allege their pleas have been ignored and they have faced intimidation. They are now appealing to the government for urgent intervention to address the matter and protect their rights. Transcon Developers shared details of rent payments made and communications with authorities, stating all dues have been cleared and that the construction of new rehab buildings is also nearing completion.
The National Company Law Appellate Tribunal (NCLAT) has upheld the decision of the National Company Law Tribunal (NCLT) to approve Suraksha Realty's bid to acquire the debt-ridden Jaypee Infratech Ltd (JIL). While the NCLT's decision in March 2023 provided relief to over 20,000 home buyers, the NCLAT has now directed Suraksha Realty to pay an additional around INR 1,300 crore as compensation to farmers. The NCLAT's decision aims to balance the interests of all stakeholders, including home buyers and the Yamuna Express development authority's (YEIDA) claim for additional farmer compensation. The NCLAT has set aside the NCLT's decision on the YEIDA's claim, but upheld the rest of the order approving the resolution plan, paving the way for its swift implementation.
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Sundaram Home Finance reported a net profit of INR 57 crore for the January-March 2024 quarter, down from INR 65 crore in the same period last year. However, for the full fiscal year 2023-24, net profits grew to INR 236 crore from INR 215 crore the previous year. Disbursements in Q4 rose 20% to INR 1,469 crore, and overall disbursements crossed INR 5,000 crore for FY24, up 27%. Assets Under Management increased to INR 13,812 crore as of March 31, 2024, from INR 11,180 crore a year ago. The company expanded its branch network to 150 and hired over 400 employees during the year.
Strata, India's largest commercial real estate investment platform, has applied for a Small and Medium REITs (SM REITs) license from the Securities and Exchange Board of India (SEBI). SEBI recently introduced new regulations expanding the fractional ownership model to assets over INR 50 crore. Strata will migrate eligible assets to SM REITs as it looks to achieve INR 2,000 crore in assets under management by fiscal 2025. Strata currently leads the fractional ownership sector with over INR 1,800 crore in transactions and 4 million square feet under management across major Indian cities. In line with its vision and coupled with acquiring a SM REITs license, Strata aims to be the largest alternative investment platform in India by enabling retail investors to invest in CRE assets and democratizing access through its easy-to-use online platform.
Homebuyers now prioritize proximity to shopping malls, which have evolved into hubs offering high-end retail, entertainment, and lifestyle amenities. The average Indian household visits a mall 15 times a year, underscoring their growing urban significance. Real estate developers are responding by integrating malls into residential projects, enhancing property value and catering to urban lifestyle preferences. With over INR 20,000 crore planned for mall investments and mixed-use developments expected to grow by 20% in five years, India's urban landscape is set to become more dynamic and integrated, driven by consumer demand and significant institutional investments.
TA Associates is set to acquire a significant stake in Vastu Housing Finance Corp. Ltd for about USD 400 million, valuing the company at over USD 1.4 billion. The deal, involving both secondary and primary fundraises, will also see increased investments from existing investors such as Norwest Venture Partners and 360 One Asset Management. Vastu Housing Finance, focused on the affordable housing segment, has maintained profitability and strong capitalisation, positioning it for continued growth.
Lulu Group International, a prominent retail conglomerate based in Abu Dhabi, is making significant investments in India. The group has partnered with the Punjab government to establish a logistics and food-processing centre in Amritsar, which will serve as a hub for sourcing local products and supporting Small and Medium Enterprises (SMEs), farmers, and agricultural cooperatives. Additionally, the Lulu Group has expressed interest in investing INR 2,500 crore to open a mall and a hotel in Noida, Uttar Pradesh, as part of their expansion plans across the state.
The Yamuna Expressway Industrial Development Authority (YEIDA) plans to launch an affordable housing project providing 6,500 residential plots in sectors bordering the upcoming Noida International Airport. The bulk of plots (6,000) measuring 30 sqm each are priced at INR 8 lakhs to promote home ownership among lower-income groups. A further 500 larger plots from 200-4,000 sqm will be allotted via lottery following guidelines. The scheme aims to enable housing for all socioeconomic classes as the airport area expands. Launch is scheduled post-elections once final approvals are in place.
After years of stagnation, the redevelopment of Topiwala Market near Goregaon railway station is set to progress with a new INR 151-crore tender issued by the BMC. Designed by Shashi Prabhu and Associates, the 16-story building will feature a market on the ground and first floors, parking podiums, an 800-seat auditorium, and residential floors for hospital doctors. Initial reluctance from vendors and legal hurdles delayed the project, originally started in 2017. After the COVID-19 pandemic caused further setbacks, the BMC terminated the previous contractor and issued a new tender. The modern complex will integrate market spaces, an auditorium, and residential units, prioritizing accessibility, sustainability, and community engagement.
Portuguese construction giant Mota-Engil reported a 54% increase in first quarter profits, with strong revenue growth across key regions. The company saw net income jump to 20 million euros versus 13 million the prior year, as sales rose 7% to a record 1.35 billion. Latin America sales led with a 9% gain, while growth also occurred in Africa and Europe. Earnings before interest and taxes (EBITDA) surged 22% to 196 million euros, and operating margins expanded across all business segments. Most significantly, Mota-Engil's order backlog reached an all-time high of 14 billion euros on the back of large infrastructure contracts in Angola, Mexico and Nigeria. This record contracted work provides visibility into continued revenue and profit expansion in the future.
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