Weekend Digest- Trending Stories
Welcome to the latest edition of?PNT Real Estate Recap! Through our digital only newspaper, we aim to provide a 360 degree coverage of the latest events, stories, updates and occurrences from the real estate industry.
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Ajmera Realty & Infra India Ltd recently secured credit facilities of INR 500 crore from Standard Chartered Bank and ICICI Bank, earmarked for their Ajmera Manhattan project in Mumbai's Wadala area. A notable portion of INR 200 crore will be used to partially prepay a loan from HDFC Bank. The deal, achieved on favourable terms due to Ajmera Manhattan's strong performance, underscores the company's financial reliability and commitment to a 5x growth vision. With a focus on reducing corporate debt by 90 percent within three years, the company aims to leverage internal accruals for this purpose. Ajmera Manhattan's high booking reflects the robust demand along the Sewri-Wadala belt, boosted by infrastructure developments like the Mumbai Trans-Harbour Link.
- Sobha Community Home Project provides free housing to women-led families
- Mahindra Lifespaces acquires land parcel in Bengaluru to develop mid-premium housing project
- Shriram Properties launches Balinese theme residential project in Electronic City, Bengaluru
- Godrej Properties secures three acres of land in Hyderabad worth INR 1,300 crore
- IWG unveils cutting-edge HQ in Bengaluru
- White Lotus Group unveils luxury villa projects in North Bangalore
- Shriram Properties sells 70 percent of project ‘Codename Ultimate’ inventory
According to Odisha Real Estate Regulatory Authority (ORERA), promoters seeking registration for real estate projects must now furnish a comprehensive self-declaration. This declaration necessitates the inclusion of detailed information regarding their past and ongoing housing ventures, among other projects. ORERA's directive underscores the importance of transparency in the real estate sector, aiming to enhance accountability and protect consumer interests. The move aligns with broader efforts to regulate the industry and ensure fair practices, marking a significant step towards promoting trust and confidence among stakeholders
- Mumbai Police crack down on illegal trading of flats meant for airport expansion victims
- Bengaluru introduces 'Nambike Nakshe' a decentralised automated building plan approval process
- Mumbai’s historic Talati bungalow receives demolition notice
- MahaRERA reports 50% success rate in homebuyer-developer conciliations
- Tamil Nadu RERA Tribunal asks Hiranandani to register entire township as one project
- Department of Financial Services mandates builder RERA verification for withdrawals
- UP-RERA introduces digitally signed project registration certificates with QR codes
- DDA Housing Scheme 2023 to offer 9,500 affordable flats from INR 14 Lakh to INR 2.1 crore
- Minister Hardeep Singh Puri charts path to a trillion-dollar real estate sector by 2030
Dadar, a vibrant locality in Mumbai, witnessed a bustling real estate market in January, with 26 apartments sold across 17 buildings. Resale transactions dominated, comprising over half of the sales, while developer sales accounted for nearly one-third. Ruparel Luminare and Bombay Realty Island City Center (ICC) led sales, each closing three deals. The most expensive apartment, sold in ICC, fetched INR 8.35 crores, while the most affordable option was in Mohan Naik CHS at INR 32.5 lakhs. Apartments ranged from 160 to 2,072 square feet, with rates per square foot varying from INR 12,000 to INR 52,200. Approximately 46% of flats sold were in the 1-500 square feet range, with significant sales in other size categories. One-third of sales were below INR 1 crore, 42% fell between INR 1 crore and INR 5 crore, and 23% were in the 5 crores to 10 crores range.
- Certus Capital to invest INR 1,000 crore in real estate via secured credit
- India's booming real estate market attracts USD 3.6 billion in foreign investment
- India's luxury market booms as High Streets lead the charge with over 600,000 sq. ft. leased in 2023
- Cholamandalam Investment and Finance Company Ltd purchases a 4.67-acre plot from DLF for INR 735 crore
- NEOLIV raises INR 300 crore for inaugural real estate fund, targets USD 150 million within 12 months
- Juhu bungalow next to Amitabh Bachchan's up for auction with starting price INR 25 crore
- Mysore Urban Development Authority auctions premium sites to bridge budget gap
- Mumbai Leads the Charge: Coworking rental rates surge by 27% since FY20
- Stamp Duty Amnesty Scheme in Maharashtra extended until 30th June, 2024
领英推è
Zolo Stays, India's leading co-living space, has introduced 'Zolo Diya,' a female-only co-living property in Bengaluru, coinciding with International Women's Day this year. Supported by prominent investors, the initiative aims to empower women through safe, inclusive living spaces. With half of the property already occupied, Zolo Diya prioritizes safety, comfort, and community for its residents. Featuring meticulously crafted amenities and dedicated female staff, it offers a nurturing environment for women to thrive. The official launch event included empowering speeches from female leaders, emphasizing the transformative impact of Zolo Diya on communal living for women.
- Nexus Mall eyes doubling portfolio to 20 million sq. ft in 5 years
- Hyatt Hotels to significantly expand its presence in India in 2024
- Soho House expands in India: INR 73,000 membership annually & 2 new locations planned
- Biyani sisters return to food retail with 'Food Stories', A gourmet food store in New Delhi
The Andhra Pradesh government plans to withdraw the 2016 land acquisition notification for 4,300 acres in Amaravati due to litigation issues. The move, promised by the YSRCP before the last elections, aims to address farmer opposition and fulfil campaign pledges. CRDA and Guntur district administrations are tasked with completing the withdrawal process before election notifications. However, this decision sparks controversy as it affects the Amaravati master plan and recent high court rulings. Despite initial notifications, only 180 acres were acquired by 2019, with most farmers obtaining stay orders against acquisition.
- State ordered by HC to prioritise repair and reconstruction of 37 km of internal roads in Aarey
- Nagpur launches its first C&D waste recycling plant to tackle waste management
- Transforming Bhubaneswar: 1,200 affordable homes, 704 modern units, and a 90-acre urban forest'
- BMC initiates INR 1,329 crore project to alleviate traffic congestion in South Mumbai
- Maharashtra cabinet approves land acquisition for Maharashtra Bhavan in Ayodhya
- State Cabinet approves INR 24,000 crore government guarantee for MMRDA
- Cabinet approves INR 8.399 crore expansion project for Delhi Metro
- Maharashtra acquires 2.5 acres for INR 8.16 crore in Jammu and Kashmir for Maharashtra Bhawan
- DDA introduces slum rehabilitation scheme 'Jahan Jhuggi Wahin Makan' in East Delhi
- NHAI raises INR 16,000 crore in third round of monetization
Abu Dhabi Investment Authority's (ADIA) subsidiary has invested in Cheyne Capital's ninth round of fundraising for its European real estate debt fund, called Cheyne Real Estate Credit Holdings. The size of ADIA's latest investment was undisclosed but this brings its total commitment in the fund to 650 million pounds. Cheyne Capital focuses on lending against commercial real estate in Europe through senior loans, subordinated debt, and commercial mortgage backed securities (CMBS). Rising interest rates are negatively impacting property values and loan renewals, attracting Gulf sovereign investors to higher return private credit deals. ADIA and other Gulf funds are increasing allocations to private credit as an alternative asset class.
- South Korea’s housing reform: Addressing affordability challenges and economic stability
- Greystar plans 1.4 billion euro expansion in European real estate amid market repricing
- Britain’s Vistry reports a pre-tax profit of Euro 419.1 million in 2023
- Janu, a new luxury hotel from Aman Resorts opens its first property in central Tokyo
To read the full news stories, head over to Prop News Time