Advertisement
The coworking sector in India, particularly in Mumbai and Gurugram, has experienced significant growth, with rental rates increasing by 27% and 19% respectively since FY20. Cities like Delhi, Bengaluru, and Noida also witnessed notable growth in flexible workspace rentals. Coworking spaces now contribute 18% to total office supply in major cities, with predictions indicating aggressive expansion to 100-140 million square feet by 2030. Despite pandemic challenges, funding in coworking remained high, and with 70% of companies adopting hybrid work models, demand is projected to surpass traditional offices by 2030. The trend extends to hotels and F&B outlets, indicating a promising future for India's coworking culture.Read more
Maharashtra extends its Stamp Duty Amnesty Scheme until June 30, 2024, offering relief to homeowners facing penalties for underpaid or unpaid stamp duty. The scheme allows rectifying past mistakes and reducing penalties, which can accumulate at a steep 2% per month, reaching up to 400% of the unpaid amount. Divided into two schedules based on document signing dates, it covers a wide range of property transactions. Homeowners can apply online or offline, consulting a property lawyer for guidance. Seize this opportunity to save money and avoid higher penalties later.Read more
Residential real estate platform NEOLIV, led by former Godrej Properties' CEO Mohit Malhotra, aims to raise USD 150 million for its inaugural fund within 12 months. The fund, Inliv Real Estate Fund, targets middle-income residential properties in Mumbai and Delhi regions, along with plotted opportunities in tier-II cities. NEOLIV has secured INR 300 crore for the fund's first phase, with plans to swiftly deploy capital into 3-4 projects initially, and 8-10 projects overall. Backed by 360 ONE, the company envisions timely deployment of funds, emphasising partnerships with ultra-high net worth individuals and family offices for sustained growth and quality housing development.Read more
An exciting opportunity has emerged to own a property adjacent to Amitabh Bachchan's iconic residence, Jalsa, in Mumbai's upscale Juhu area. Deutsche Bank is auctioning a bungalow with a starting price of INR 25 crore (approximately USD 3 million), offering over 3,000 square feet of indoor and outdoor space. Despite its allure, prospective buyers must heed caution as the property is being auctioned under the SARFAESI Act due to loan default. Thorough due diligence is advised as buyers must navigate existing legal issues. The auction, attracting HNIs and MSME directors, is slated for March 27, 2024, promising a potentially lucrative investment opportunity with careful consideration.Read more
The Mysore Urban Development Authority (Muda) faces a financial hurdle in funding new development projects, prompting an ambitious plan to auction 200 premium sites and houses, aiming to generate INR 400 crore. Criticism from the Mysore Realtors' Association suggests Muda's reliance on selling existing plots reflects its financial strain. Muda clarifies that cancelled allotments to private developers are now up for auction, some of which have seen staggering value increases. The auction process awaits encumbrance certificates, and Muda seeks clarity on conducting it during elections. With limited land for new layouts and challenges in joint ventures, Muda views auctions as a crucial revenue source but faces concerns over long-term development sustainability.Read more
Advertisement
Luxury retail in India is booming, with a surge in high-end brand leasing activity nationwide. CBRE and PHD Chamber of Commerce report a doubling of leasing activity on high streets in 2023, reaching over 0.3 million sq. ft., while malls saw tripled activity, leasing over 0.24 million sq. ft. Standalone stores also flourished, leasing over 0.1 million sq. ft., reflecting a 200% year-over-year growth. Fuelled by a burgeoning middle and upper class, luxury retail is expanding beyond major metros like Delhi and Mumbai, reaching new cities like Chandigarh and Ahmedabad. Despite the rise of online shopping, physical flagship stores remain crucial, leveraging technology to enhance customer experiences.Read more
DLF Ltd, a prominent real estate developer, sold a 4.67-acre plot in Chennai's Guindy area to Cholamandalam Investment and Finance Company Ltd for INR 735 crore. This strategic move suggests a surge in demand for office space in the city. DLF's decision to monetize the landholding aligns with its ambitious plans to launch projects worth nearly INR 80,000 crore. For Cholamandalam Investment and Finance, a subsidiary of the Murugappa Group, this acquisition presents an opportunity for expansion, potentially leading to the development of a new corporate office in the prime Guindy location. This deal underscores Chennai's growing importance as a commercial hub, promising further growth in the real estate sector.Read more
Under the leadership of Ashish Khandelia, Certus Capital intends to invest INR 1,000 crore in India's real estate sector over the next year, with a focus on its secured bond platform, Earnnest.me. With INR 400 crore already invested, the firm aims to exceed INR 500 crore by year-end. They advocate for the development of India's bond markets and aim to become a market maker for real estate debt capital markets. Recent investments include INR 130 crore in commercial projects in Pune. Certus aims to achieve fixed returns of approximately 15%, with robust principal coverage backing them. They emphasise democratising access to institutional-quality investments.Read more
Global investors are turning to India's thriving real estate market, fuelled by its projected 5.7% GDP growth in 2024 and investor-friendly policies like Real Estate Investment Trusts (REITs). With demand for office, residential, and industrial spaces exceeding 3.6 billion sq. ft., India presents lucrative opportunities. Compared to other Asia Pacific markets, Indian real estate offers attractive pricing, better valuations, and higher yields, attracting a diverse range of investors. Foreign investment surged 20% in 2023, reaching USD 3.6 billion, with growing interest from countries like Singapore and South Korea. With a focus on sustainability, India's real estate sector anticipates continued growth in 2024, offering dynamic investment prospects.Read more
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.Read more
Advertisement
