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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Sumadhura Group, a real estate developer in South India, has announced land acquisition in Bengaluru, demonstrating confidence in the city's thriving housing market. With an investment of approximately INR 800 crore, the acquisition spans 40 acres across chosen locations. The company plans to develop four new residential projects, addressing the city's growing demand for quality housing. With construction expected to begin within the next three quarters, these projects will collectively offer around six million square feet of saleable area. This move strengthens Sumadhura Group's presence in Bengaluru and positions them for future growth, with plans to explore opportunities in other high-growth cities like Pune and Chennai. This diversification underscores their commitment to catering to diverse demographics and project types, contributing to the overall development landscape of India's real estate sector.
The Bombay High Court recently ruled that if a flat purchase agreement requires the promoter to transfer land rights to a housing society, the competent authority must grant a certificate of deemed conveyance as per Section 4 and 11(3) of the Maharashtra Ownership Flats Act, 1963. The court heard petitions from the New Manoday Cooperative Housing Society challenging orders rejecting deemed conveyance and attempting deregistration of the housing society due to title disputes. The High Court stated the Authority lacked jurisdiction to consider title issues and must only review developer agreements. It also directed the Authority to issue deemed conveyance.
Can Fin Homes Ltd (CFHL), a leading housing finance company sponsored by Canara Bank, reported a 26.08% rise in net profit for the quarter ending March 2024. Net profit increased to INR 209.02 crore compared to INR 165.79 crore in the same quarter last year. Total income grew 21.37% to INR 927.64 crore. The board recommended a final dividend of INR 4 per share for FY 2023-24. Vikram Saha was appointed additional director while Ajay Kumar Singh resigned as deputy managing director. With a stable outlook, prudent provisioning and a strong balance sheet, CFHL is well positioned to capitalize on growth opportunities in the housing finance sector.
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HealthKart, a leading online nutrition platform, secures its largest warehouse space yet, leasing 2.25 lakh sqft in Logos Luhari Logistics Estate, Gurgaon, facilitated by Worldyard. The move emphasizes HealthKart's commitment to global operational efficiency and customer satisfaction. Amit Chaudhary, Founder of Worldyard, highlights the significance of this decision. Worldyard, renowned for its seamless leasing solutions nationwide, manages prime office, retail, and warehouse properties. Logos logistics park, strategically located with access to NCR's key areas, supports various industries. HealthKart, founded by Sameer Maheshwari, boasts over 200 brands, 100+ retail stores, and strong e-commerce presence.
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Overseas buyers are increasingly investing in Spanish real estate, with notary data showing a 6.1% annual increase in average prices to EUR 2,715 per square metre. However, transaction volumes have declined since the first half of 2021. Specific regions like Asturias and Cantabria saw year-on-year increases in foreign property purchases. The Valencian Community leads in total transaction volume, driven by factors like stable demand, affordability, transportation links, and Mediterranean lifestyle. Andalusia and Catalonia also attract significant foreign investment. Asturias, particularly popular among international clients seeking rural locations, saw a record number of sales. British buyers led in total transactions, followed by Moroccans and Germans, with growing interest from affluent individuals in Colombia's luxury housing market. French buyers surpassed Germans and Brits among non-resident foreigners, while Moroccan and Romanian nationals were prominent among resident foreign buyers.
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