The Phoenix Mills, a prominent retail-led mixed-use asset developer, plans to expand its commercial offices portfolio by adding 5.1 million square feet of assets across five key Indian cities over the next three years. It aims to increase the operational office projects portfolio to 7 million square feet by 2027. Of the 5.1 million sq.ft, Pune leads with 1.2 million sq.ft., followed by Mumbai (1.1 million sq ft), Bengaluru will see 2 projects of 1.2 million sq ft each, and Chennai (400,000 sq ft). Managing Director Shishir Shrivastava highlighted India's robust economic and social recovery, emphasizing increased demand for quality office spaces. The company is said to rely on internal accruals for this ambitious expansion, reinforcing confidence in India's commercial real estate market.Read more

In 2023, India's real estate investment landscape underwent a significant shift, as per Vestian's report. Institutional investments declined by 12% annually to USD 4.3 billion, while domestic investors doubled contributions, reaching USD 1.5 billion. Domestic confidence surged, with a 120% growth in funds from USD 687 million in 2022 to USD 1.5 billion in 2023, increasing domestic investors' share from 14% to 35%. Conversely, foreign investments fell from 79% in 2022 to 65% (USD 2.73 billion) due to macroeconomic slowdown. Commercial assets dominated foreign investments. RBI data indicated a 38% increase in commercial real estate lending, showcasing sector resilience. Although overall investments hit a five-year low, optimism for a 2024 resurgence prevails, driven by India's economic performance and planned infrastructure developments.Read more

Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) have become the favored choice for investors, experiencing a remarkable 10-fold rise in fundraising to Rs 11,474 crore in 2023. With 23 registered InvITs and 5 REITs managing assets over Rs 30,000 crore, these investment vehicles gained traction with lower interest rates, government support, and promises of steady returns. Driven by expected rate cuts and investment-friendly policies, investors are anticipating a promising 2024. SEBI's governance enhancements and the government's infrastructure focus further make REITs and InvITs attractive for assured returns and financial visibility.Read more

The tax department of Pimpri Chinchwad Municipal Corporation (PCMC) has taken decisive action against delinquent property taxes, seizing 200 properties from non-compliant owners and cutting water connections to 17 properties between April and December of the current fiscal year. With substantial accumulated tax liabilities, owners will receive a final notification, offering a chance to settle dues. Failure to comply prompts auction proceedings. Of 33,241 notified property owners, only 7,080 settled Rs 73.2 crore, leaving an outstanding liability of Rs 584.4 crore. Phugewadi leads non-compliance with 38 properties. PCMC plans to auction 500 confiscated properties, collaborating with legal experts for a streamlined, legally sound process.Read more

The Reserve Bank of India (RBI) has proposed a meticulous plan, outlined in a draft circular, to bolster regulatory frameworks for housing finance companies (HFCs). The initiative aims to align HFCs more rigorously with non-banking financial companies (NBFCs). The proposal suggests gradually increasing liquid assets for deposit-taking HFCs, raising the target from 13% to 15% of public deposits by March 2025. The RBI recommends a phased approach, starting with a 14% minimum threshold by September 2024. Effective immediately, the revised regulations also shorten the repayment window for public deposits to 60 months. These measures signify the RBI's strategic effort to fortify HFCs' regulatory framework. Stakeholder comments are invited until February 29.Read more

Blackstone-backed Nexus Select Trust is set to acquire three 'Hyderabad Next Galleria Malls' from Larsen & Toubro for $300-350 million, strengthening its retail portfolio. The malls are strategically located near metro stations which cover 1 million sq ft with an 84% occupancy rate. The deal includes e-Galleria, Next Galleria Mall, and Premia. This acquisition will boost Nexus' retail portfolio to 11 million sq ft. Blackstone previously acquired Seawoods mall from L&T in 2017. Nexus Select Trust's retail portfolio's gross asset value was Rs 21,924 crore in September 2023, with a 97% occupancy rate.Read more

The recent surge in home loan interest rates has resulted in a sluggish quarter-on-quarter growth of 2.7%, the slowest since September 2021, with outstanding home loans reaching Rs 19.9 trillion by June 2023. Experts attribute this slowdown to relentless interest rate hikes, pushing the weighted average lending rate on home loans to 9.12%, a five-year peak. Sensitivity to interest rate fluctuations has led borrowers to curb demand, impacting the sector. Banks attribute these hikes to the Reserve Bank of India's repo rate increments, totaling 250 basis points since May 2022. Experts foresee a continued rise in interest rates, with a potential decline in the second half of the current calendar year expected to boost home loan demand.Read more

In 2023, Delhi-NCR's real estate market experienced a remarkable turnaround, witnessing a 23% YoY decline in unsold housing inventory, reaching a decade-low of approximately 94,803 units. This reduction, the highest among the top 7 cities, was attributed to robust sales (65,625 units) and a strategic slowdown in new supply (36,735 units launched). The region's unsold stock dropped below one lakh units for the first time in ten years, surpassing other major cities like Pune and Hyderabad. Gurugram led with 37,575 units, reflecting a 27% YoY decline. The trend signifies a focus on project completions and market resilience.Read more

SEBI plans to auction 16 properties from eight companies, including Vibgyor Group and Pailan Group, on January 30 to recover funds collected illegally from investors. The other firms involved are Kolkata Weir Industries, Tower Infotech, GBC Industrial Corp, Teachers' Welfare Credit and Holding, Hahnemann Herbal, and Annex Infrastructure India Ltd. SEBI initiated the asset sale process following orders from the Calcutta High Court. Justice Sailendra Prasad Talukdar will oversee the liquidation. The auction, with a reserve price of Rs 47.75 crore, will be facilitated by Quikr Realty. The move aims to fulfill SEBI's commitment to recovering investors' money from companies that violated regulatory norms.Read more

The revision of circle rates in Gurugram, initially slated for January 1, is now expected to be implemented from February 1, with a proposed 30-80% increase across property categories. The Haryana government's draft proposal, released for public review in December, outlines significant hikes in circle rates for various areas, including Golf Course Road and Farrukhnagar. Deputy Commissioner Nishant Yadav emphasized that the rate adjustments aim to bridge the gap between circle rates and market prices, with the final rates based on property registry amounts in 2023.Read more