Goa is transforming from a retirement haven to a hotspot for young professionals and digital nomads, fueling growth in its second home market. Savills India reports high demand for spacious villas in gated communities, with properties ranging from 2,000 to 4,000 sq. ft. Investors are attracted by rental yields of 5-8% and significant capital appreciation, with Grade A villas seeing a 22% price increase in Q2 2024. Popular locations include Assagaon and Siolim. Savills India's Goa Home Fest 3.0 offers a platform for buyers and sellers, featuring both coastal and inland properties, including historic Portuguese homes.Read more

The Navi Mumbai Municipal Corporation (NMMC) has adjusted its water supply schedule due to insufficient rainfall in the Morbe Dam catchment area. With only 99 mm of rainfall so far, the dam level has dropped to 68.95 meters. To manage resources responsibly, the NMMC will provide morning water supply daily, while evening supply will be limited to four days a week per area. This revised plan aims to ensure equitable distribution across Navi Mumbai. The NMMC urges residents to conserve water, emphasizing responsible usage to address the current water scarcity and maintain a balanced supply.Read more

Amazon is significantly expanding its presence in Bengaluru, leasing over 1.1 million square feet of office space from Sattva Group. Located at Sattva Horizon business park near Bengaluru International Airport, the new 11-story building will accommodate over 7,000 employees and be operational by mid-2025. This lease follows Amazon's other major property deals in India, securing over 1.45 million square feet across Bengaluru, Gurugram, and Hyderabad. Additionally, Amazon Web Services plans a USD 12.7 billion investment in Indian cloud infrastructure by 2030, emphasizing the company's long-term commitment to India's digital and economic growth.Read more

PNB Housing Finance's board is considering issuing non-convertible debentures (NCDs) worth up to INR 10,000 crore. This move underscores the increasing reliance on NCDs in India's housing finance sector. NCDs provide companies with capital without diluting equity, appealing for expansion and growth. Recently, Indiabulls Housing Finance raised INR 200 crore, while LIC Housing Finance and Can Fin Homes also leverage NCDs. For PNB Housing Finance, the successful issuance could mean more competitive home loan rates, broader product offerings, and improved operational efficiency. This strategic initiative highlights the sector's shift towards NCDs for sustainable financial growth.Read more

Santacruz East, a vibrant neighborhood in Mumbai's western suburbs, is known for its diverse population and robust infrastructure. Home to educational institutions, hospitals, and shopping complexes, it offers a blend of urban convenience and pockets of greenery. The area has seen significant real estate growth, with high-rise developments catering to various buyer preferences. In May, Atmiya Centria Phase 2 led real estate activity, followed by transactions in Prabhat Residency and Navratnamala Apartment. Prices ranged from INR 65 lakhs to INR 7.6 crores, reflecting the locality's appeal to both value-conscious and high-end buyers. With excellent connectivity and a dynamic community, Santacruz East continues to attract families and professionals.Read more

Global energy management and automation leader Schneider Electric has launched its largest employee campus worldwide in Bengaluru with a significant INR 200 crore (EUR 22 million) investment. This expansive 630,000 square-foot campus, located at Bagmane Solarium City, serves as a global innovation hub, the first of its kind for Schneider Electric. It aims to foster innovation and collaboration among over 8,000 professionals. This strategic move underscores India's role in Schneider Electric's growth, leveraging the country's rich talent pool and positioning the nation as a pivotal centre for cutting-edge solutions in energy management and automation.Read more

Rising Bollywood star Tripti Dimri, celebrated for her roles in "Animal," "Bulbbul," and "Qala," has invested INR 14 crore in a luxurious three-story bungalow in Bandra West, Mumbai. Spanning 2,193 sq. ft., the property is located on Sherly Rajan Road, near the sought-after Carter Road. Dimri paid INR 70 lakh in stamp duty and INR 30,000 in registration fees, benefiting from a 1% discount for female buyers. As Bollywood celebrities continue to flock to Bandra West, Dimri's purchase joins a series of high-profile acquisitions in the area, highlighting its status as a prime real estate destination.Read more

The UK Consulate in Mumbai has purchased a new 15,000 sq. ft office space in Lower Parel's One Lodha Place for over INR 101.25 crore, replacing its Bandra-Kurla Complex location. This purchase highlights the UK government's confidence in Mumbai's growth. Consulates in India are exempt from stamp duty, saving substantial costs. The move aligns with the booming commercial office market, which saw a 13.8% YoY growth in Q1 2024. The new office offers better accessibility and efficiency. This strategic investment underscores Mumbai's rising status as a global business hub and enhances UK-India relations.Read more

JM Financial Group has announced a strategic shift from traditional lending to Alternative Investment Funds (AIFs) and syndications in response to market challenges like increased competition and regulatory uncertainties. This move aims to leverage strong client relationships and raise funds for real estate projects. At the end of March 2024, JM Financial's wholesale lending book decreased to INR 4,917 crore, down 42% from INR 8,445 crore a year ago. Transitioning to an investment banking-led distribution model, JM Financial seeks to connect investors with real estate opportunities. This shift reflects broader industry trends, with AIFs gaining popularity in real estate financing in India. Notably, several developers like Macrotech Developers, Lodha Group, Mahindra Lifespace Developers Limited, and Brigade Group successfully raised funds through AIFs for key projects, showcasing the effectiveness of this financing model.Read more

Rajesh Labhubhai Lakhani, director at Kiran Gems, purchased a 14,911 sq. ft apartment in Mumbai's Oberoi 360 West for INR 97.4 crore. The luxury residence, located on the 44th floor, offers stunning views and comes with seven car parking spaces. This transaction highlights the robust performance of Mumbai's luxury real estate market, with over 10,000 property registrations in May 2024 alone. South and central Mumbai remains hotspots for wealthy buyers, with luxury apartments like those in Three Sixty West attracting business leaders and celebrities, ensuring sustained market growth and investment potential.Read more