Property / C'struction
Tony properties sell like hotcakes: What's driving the uber luxury real estate?
A luxury apartment in Mumbai has been sold for Rs 130.24 crore, reflecting the recent surge in the city's high-end residential market. The buyer, Asha Mukul Agarwal, also purchased two apartments for over Rs 132.75 crore. Mumbai has been witnessing record-setting transactions in its real estate market, with celebrities and high-net-worth individuals making significant purchases. Sales of luxury homes in Mumbai costing Rs 10 crore and above rose nearly 50% in the first half of 2023. The market is expected to continue to thrive due to the growing wealth in India and the city's rising number of millionaires.
India office market shows resilience, Q3 net absorption at 6-quarter high
The Indian commercial real estate sector has shown resilience and sustained growth despite global headwinds. Office space absorption in key markets during the September quarter reached its highest level in 18 months. Gross leasing activity also surpassed pre-pandemic levels, with the manufacturing sector leading the way. The strong demand is driven by India's tech ecosystem, which is experiencing increased offshoring and research and development work.
Param Capital Director Asha Agarwal buys 3 SOBO luxury apartments for Rs 263 crore
She has purchased these apartments spread over a total of nearly 19,254 sq ft on the 24th and 25th floor of the super-luxury residential tower Lodha Malabar on Walkeshwar Road.
DLF’s Panipat project sold out within hour of launch
DLF is set to launch projects worth Rs 20,000 crore this fiscal year, with the combined value of two upcoming projects in Gurgaon estimated to be Rs 15,000 crore.
Tata Housing to launch Rs 16,000-cr residential projects in next 2-3 years: MD & CEO Sanjay Dutt
Tata Housing plans to launch 10 million square feet of residential projects in the next 2-3 years, aiming to capitalize on strong consumer demand. The projects are expected to generate approximately Rs 16,000 crore in revenue. The majority of the projects will be in Delhi-NCR, Mumbai Metropolitan Region, and Bengaluru, with additional projects in other Indian cities and a second project in Male, Maldives.
Demand for office space remains strong in India: Report
The monthly average rent in New York, London, Miami, Seattle and Boston is USD 40-80 per sq ft, according to the data compiled by Vestian Research. Rentals in Hong Kong, Singapore and Shanghai are USD 3-8 per sq ft a month.
Mumbai property market scales new peak, records best September performance ever
The country’s largest and most expensive realty market saw registration of over 10,602 properties during the month, up 23% from a year ago, while revenue collection through stamp duty charges rose 53% on-year to contribute over Rs 1,124 crore to the state’s exchequer, showed data from Maharashtra’s inspector general of registration.
UP government to auction land for data centres near Jewar airport
These plots are part of a 100-acre data centre park planned by the state government-run Yamuna Expressway Industrial Development Authority (Yeida). The UP government aims to establish three data centre parks where it is expecting investments of Rs 20,000 crore. The one in Jewar is the first of these planned facilities.
Registration of properties in Mumbai up 23 pc in Sept to about 10,600 units: Knight Frank
This surge is due to a rise in housing demand. Knight Frank India predicts that the number of registrations will reach approximately 10,650 units by the end of the day, with 82% of them being housing properties. The registration of properties is expected to contribute around Rs 1,127 crore to the state government's revenues.
Mumbai leads office leasing in India in Q3 of CY2023
Mumbai has experienced the highest office space absorption in Q3, with 3.5 million square feet of gross leasing volume (GLV), according to Cushman & Wakefield. Delhi-NCR follows with 3.4 million square feet, while Hyderabad and Bengaluru are third and fourth. The office segment in India is undergoing changes in occupier demands, and the country is attracting business expansion.
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Bribes and premiums to BMC push Mumbai property prices higher than in Dubai
Real estate buyers in Mumbai are facing exorbitant charges and bribes from authorities, making the already expensive city even more costly. Builders are forced to pay significant bribes to obtain building permissions, resulting in inflated prices for buyers. Some argue that there is no justification for Mumbai's real estate prices being higher than those in Dubai.
Local office market in India resilient despite global uncertainty
The demand for office space in India remained strong in the first three quarters of 2023, with 38 million sq ft of space taken up in the top six cities, nearly matching the absorption during the same period in 2022. Bengaluru and Delhi-NCR were the leading cities, accounting for half of India's total office space demand.
Godrej Properties acquires 110 acres in Nagpur for residential plots
Godrej Properties has acquired 110 acres of land in Nagpur to develop residential units. The land is located near the Samruddhi Mahamarg expressway and the MIHAN Special Economic Zone. Gaurav Pandey, MD & CEO of Godrej Properties, stated that this acquisition aligns with the company's strategy of expanding its presence in key micro-markets in India.
FourKites sets up Asia-Pacific headquarters office in Chennai
The new office space is LEED-certified (green-building certification), and by repurposing materials from its previous premises, the company took a holistic approach to environmental responsibility. "We are very excited about our new Chennai location, which provides a fully flexible workspace aligned with our team's evolving needs." said FourKites CEO and founder Mathew Elenjickal.
Indian office market records 38 million sqft absorption between January-September 2023
The first three quarters of 2023 saw strong demand for office space in India, with 38 million square feet of gross absorption across the top six cities. Bengaluru and Delhi NCR led the demand, accounting for half of the total demand. The technology sector continued to drive the demand, with flex spaces, engineering & manufacturing, and BFSI sectors also contributing significantly. The southern cities of Bengaluru, Hyderabad, and Chennai witnessed the majority of the demand, with the technology-based occupiers driving leasing activity.
UP RERA approves revival of Elegant Infracon stuck project in Greater Noida
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has given authorization to the developer of Elegant Infracon project in Greater Noida to complete the stalled project with the assistance of Floral Realtech. An audit by UP RERA revealed that completion of the project could raise Rs 120 crore, with Rs 65.93 crore from existing allottees and Rs 47.58 crore from selling unsold units. Floral Realtech will invest Rs 6.50 crore in the project.
