After a year-long pause, the Mysore Urban Development Authority (MUDA) is gearing up to restart auctions for corner and intermediate sites, a crucial revenue generator. MUDA has also acquired 14 sites surrendered by Chief Minister Siddaramaiah's wife, Parvathi, but these will be auctioned only after the investigation into the alleged scam concludes. The process was delayed due to the absence of a chairman, the 50:50 scam, and preoccupation with the Dasara festival. Now, with approvals pending, MUDA Commissioner AN Raghunandan has confirmed that site auctions will begin soon, offering around 200 sites across various localities.Read more

India's luxury housing market, defined as properties priced at INR 4 crore and above, has witnessed a remarkable 37.8% year-on-year growth from January to September 2024, with total sales reaching 12,625 units. Key markets like Delhi-NCR, Mumbai, and Hyderabad accounted for nearly 90% of these sales. A similar trend continued in the July to September quarter, where sales surged by 82% year-on-year, with significant contributions from Kolkata. The rising demand is attributed to affluent buyers seeking spacious living with enhanced amenities and the increasing involvement of NRIs and domestic investors in luxury properties.Read more

The recent auction of plots in Navi Mumbai by CIDCO saw a tepid response, with only 15 of 47 plots receiving qualified bids, despite ongoing mega-projects that typically drive up property demand. Developers cited high base prices as the primary reason for the limited interest, arguing that the location of many plots did not justify the high rates. CIDCO, however, refuted these concerns, with Vice Chairman Vijay Singhal noting that prices were based on an independent market analysis by Knight Frank, not CIDCO. Some plots saw bids as much as 118% above the base rate. Godrej Properties, among successful bidders, purchased three plots in Kharghar for INR 716.58 crore. While the auction saw fewer bids, it highlights varying demand across locations in Navi Mumbai.Read more

Pune's property market saw a 33% drop in registrations in September 2024, with only 11,056 units registered, compared to 16,604 in the same month last year. This decline is largely attributed to the cultural observance of the Shraadh period, during which buyers avoid significant financial transactions. Despite this temporary downturn, Pune's property market has shown resilience overall. From January to September 2024, property registrations grew by 29%, totaling 138,412 units, and stamp duty collections reached INR 5,253 crore, a 38% year-on-year increase. Shishir Baijal, Knight Frank India's Chairman, emphasized Pune's strong market fundamentals, driven by rising incomes, positive buyer sentiment, and ongoing infrastructure development.Read more

SEBI is set to auction 15 properties owned by Mangalam Agro Products, Sumangal Industries, and Falkon Industries India as part of its recovery efforts following violations of regulatory norms. Quikr Realty will assist in the auction, which will feature properties from these companies and others, including Ravi Kiran Realty India and Purusattam Infotech Industries. Bidders are advised to conduct independent inquiries regarding the properties before placing bids.Read more

The Indian office space market is set to surpass a record-breaking 80 million square feet of gross leasing by the end of 2024, according to a Cushman & Wakefield report. In the third quarter alone, leasing surged by 66%, reaching 24.8 million square feet across eight major cities, marking the second-highest quarterly volume ever. This growth, driven by Global Capability Centres (GCCs), highlights India's growing status as a key outsourcing hub. Low vacancy rates and robust demand suggest that this momentum will continue, potentially driving rental prices higher.Read more

Capital India Finance Ltd (CIFL), a small-cap NBFC specializing in MSMEs, has sold its housing finance subsidiary, Capital India Home Loans Limited (CIHL), to Weaver Services Private Limited for INR 267 crore. Weaver, backed by former HDFC employees, plans to secure up to INR 800 crore in funding from private equity firms to finance the acquisition. CIFL aims to realign its focus on core businesses, with CEO Pinank Jayant Shah stating that the sale will bolster capital for growth. After regulatory approvals, Weaver will launch innovative home loan products targeting self-employed individuals in Tier 2 and Tier 3 towns, emphasizing financial inclusion for women borrowers.Read more

In the first half of 2024, private equity (PE) investments in the Indian real estate sector dropped 4% to USD 2.3 billion, mainly due to reduced investments in office properties. Global factors like high interest rates and political tensions impacted foreign investments, affecting overall PE activity. However, investments remained stable due to a major warehousing deal involving Reliance, ADIA, and KKR, which made up 67% of total investments. Industrial and logistics assets attracted 67% of all investments, significantly surpassing office and residential sectors at 17% each, while foreign investors accounted for 87% of the total investments.Read more

The upcoming festive season is expected to see over INR 1 lakh crore worth of residential project launches in Delhi-NCR, as developers like DLF, Signature Global, and Max Estates introduce large-scale luxury housing. Despite a recent 11% decline in sales, demand is poised to rise, with new projects targeting HNIs, UHNIs, and NRIs. DLF's upcoming project, The Dahlias, with a projected sales value of INR 34,000 crore, is set to rival some of India's most prestigious developments. Gurugram's Golf Course Extension Road and Dwarka Expressway are emerging as prime locations, promising significant activity in the luxury housing market.Read more

The Gujarat government plans to revise jantri rates for property transactions but will first release proposed rates for public feedback to avoid past controversies. In 2023, a sudden doubling of jantri rates caused significant unrest in the real estate sector. This time, the government aims for a smoother process by allowing stakeholders to share suggestions and objections. Using a scientific approach, they have analysed past transaction rates to align jantri values with current market conditions. Real estate developers are optimistic about the changes, expecting the new rates to address previous anomalies and be more reflective of market prices.Read more