Google India has secured office space in the Fintech One tower at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, Gujarat. The long-term lease, spanning a decade with an option for an additional five years, signals Google's commitment to India. Prime Minister Narendra Modi commended this move and discussed Google's plans to enhance financial inclusion in India through Unified Payments Interface (UPI) with Sundar Pichai, Google and Alphabet's CEO. Fintech One, a 20-storey tower, becomes the location for Google's fintech centre, joining global entities like IBM. This move underscores Google's proactive approach to establish a strong presence in key Indian cities, contributing to the nation's tech and economic growth.Read more

In the first three quarters of 2023, India's top seven cities experienced a residential sales surge, reaching 196,220 units, the highest level since 2008. These sales already achieved 91% of 2022 figures and are on track to exceed 215,000 units by year-end. The upscale housing segment, homes priced over INR 1.5 crore, played a substantial role, accounting for 24.3% of Q3 sales. Mumbai and Bengaluru led the charge with a combined 46.6% of total sales. Premium real estate witnessed impressive growth, with property prices appreciating notably. Unsold inventory increased modestly but with a reduced timeline for liquidation, signalling strong sales. A robust supply pipeline and expansion into emerging markets are expected to maintain residential market buoyancy.Read more

The BBMP in Mahadevapura has initiated the issuance of khatas for property owners after persistent delays. In response to residents' complaints, the BBMP organized "khata melas" in various wards to raise awareness and expedite the process. Over 90 khata certificates were distributed in the Hoodi subdivision and more than 70 in Whitefield, with similar plans in other sub-divisions. The delay in khatas affected tax collection. Residents, who had been struggling for years to acquire khatas, were pleasantly surprised by the efficient issuance during these melas, with more than 60 flat owners successfully obtaining khatas.Read more

Bengaluru's Brigade Group is making significant strides in the real estate market, exemplifying their commitment to expansion with strategic land acquisitions. Their latest acquisition, a 9.71-acre parcel in Hyderabad, reflects the company's prowess and market appeal, with each acre costing a substantial Rs. 68 crores. In Bengaluru and Chennai, Brigade Enterprises has secured prime land for ambitious residential projects, totaling over one million square feet each. These acquisitions not only showcase their confidence in development capabilities but also their vision for creating vibrant and sustainable communities. As a key player in India's real estate industry, Brigade Enterprises is poised for a promising future, emphasizing quality, innovation, and customer-centric values.Read more

In Knight Frank's Global Residential Cities Index Q2 2023, global real estate trends revealed a slowdown, with only a 1.7% YoY growth across 107 cities. However, Indian cities defied this trend, showcasing remarkable resilience and growth. Mumbai surged 76 places to secure the 19th position, Bengaluru climbed to 22nd place, and New Delhi rose to 25th globally. Chennai and Kolkata also made significant progress. Despite global challenges, Indian cities' robust performance underscores their appeal to investors. This success story highlights India's economic strength and real estate potential amidst a shifting global landscape.Read more

Maruti Suzuki, India's top passenger car manufacturer, has secured a lease for 270,000 square feet of office space at Gurgaon's Tag Avenue. This comes after a request by Haryana's Chief Minister to relocate Maruti's headquarters to Gurgaon. Despite this, Maruti has no immediate plans to move from its current New Delhi location. The Haryana government is investing heavily in industrial and commercial development in the region. In Q1 2023, Delhi NCR saw a 4% decrease in leasing activity, with Gurugram at the forefront, accounting for 74% of the activity. Noida contributed 24%. These trends reflect the ongoing dynamics in the region's commercial real estate sector.Read more

HSBC, a major multinational bank, is planning to enter India's real estate development funding sector via the Foreign Portfolio Investment (FPI) route and exploring private debt investments. They aim to invest in real estate projects ranging from 250 to 500 crore each, capitalizing on the flexibility of the FPI route. HSBC's move aligns with the growing trend of global investors in India's private credit market, driven by the influx of funds following the IL&FS crisis. This presents an opportunity in a market estimated at around Rs. 1 trillion, with an annual deployment of Rs. 2500-3000 crore by domestic fund managers.Read more

The Securities and Exchange Board of India (SEBI) is set to auction nine properties associated with Orion Industries Ltd and the Rakhal Bharoti group of companies. This action is aimed at recovering funds raised from investors by these entities. The properties include land parcels in West Bengal and Jharkhand, with a total reserve price of around Rs 9 crore. The online auction, scheduled for November 20, is facilitated by Quikr Realty Ltd. SEBI has urged potential bidders to conduct independent investigations into encumbrances, property titles, and related claims before participating. These companies had garnered investments without complying with regulatory norms, leading to SEBI's auction decision.Read more

As municipal corporation elections loom, Ludhiana's civic body focuses on updating voter lists, diverting attention from property tax recovery. Employees plan to send SMS reminders instead of notices for dues. Since the one-time settlement was launched, efforts have been redirected towards recovering pending house tax amounts. Officials express the city's potential for Rs 250 crore in property tax but cite improper categorization hindering accurate taxation. Plans to reassess tax slabs are underway to rectify anomalies and ensure a fair taxation system and a committee has been formed for this purpose.Read more

India is on the cusp of a data centre expansion, set to potentially double its capacity to 23 million sq ft within three years. A recent report, "India Data Centers: Entering Quantum Growth Phase," by Colliers India and CII, unveiled this promising outlook, projecting a $10 billion investment opportunity across seven leading cities. The report covers key cities, showcasing their IT load capacity, emphasizing the pivotal role of real estate in India's economic growth, and the growing importance of ESG standards in the real estate sector. With factors like data consumption and regulatory changes, data centre capacity could reach 1,800MW by 2026, led by Mumbai, Chennai, and Hyderabad. Tier-II cities also emerge as potential data centre locations, signifying India's digital transformation and the vital role of both Tier I and Tier II cities.Read more