BUSINESS
Global Capability Centres in India leased 53 msf of space from 2022-H1 2024, Bengaluru leads the table
In H1 2024, GCCs accounted for approximately 37 percent of the total office leasing activity in India. The share of Banking, Financial Services, and Insurance (BFSI) GCCs rose to 22 percent. Further, over the last two-and-half years (2022-H1 2024), technology companies have leased about 15 msf of office space.
BUSINESS
19 group housing plots up for grabs near Noida Airport on Yamuna Expressway; 5 things to know
The group housing scheme was floated on August 1 and will close on August 30, 2024. The e-auction will be condusted on September 30. The plots are located along Yamuna Expressway near Noida International Airport. The Yamuna Exprfessway authority is aiming to get at least around Rs 1,407 crore from allotment of these plots.
BUSINESS
Luxury homes accounted for 45 percent of the total housing sales in Delhi-NCR, Gurugram tops the chart: ANAROCK
Of total luxury housing sales in NCR in the first half of 2024, Gurugram saw the highest with 10,365 deals, followed by Noida and Greater Noida together with 3,550 while Delhi proper, Ghaziabad, Faridabad and Whiwadi accounted for 715 units.
BUSINESS
Budget 2024-25 failed to boost shrinking affordable housing segment, say developers
According to a recent report by ANAROCK, the share of sales in affordable housing has decreased from 37% five years ago to 20% in 2023. In Bengaluru, housing sales fell by 2 percent in January-March quarter of 2024 as compared to the same period in 2023.
BUSINESS
Noida Authority to raise Rs 3,700 crore by selling 5.5 lakh sqm of land in FY25
Officials said that the Noida Authority expects to generate maximum Rs 1,080 crore from the sale of group housing plots and Rs 1,010 crore from commercial land parcels in the financial year 2024-25.
BUSINESS
Bollywood singer Sonu Nigam sells commercial property for Rs 7 crore in Mumbai
According to documents, the commercial property, located on Dattaji Salve Marg in Andheri West in Mumbai, measures 2,131 square feet (sqft) and the per sqft rate is Rs 32,848
BUSINESS
Industrial & warehousing demand grows 17% in January-June: Colliers
Chennai and NCR lead the pack as large deals (above 200,000 sq ft) account for about 35 percent of the demand
BUSINESS
DLF sees no major impact on sales due to indexation benefit removal
In Union Budget 2024, Finance Minister Nirmala Sitharaman had announced a reduction in the long term capital gains tax on real estate transactions from 20 percent earlier to 12.5 percent and also removed the indexation benefit used for calculation of long term capital gains (LTCG).
BUSINESS
New real estate tax rules: who gains and who loses?
New real estate tax rules: Of the 20 scenarios analysed by Moneycontrol, taxpayers will face an additional tax burden under the new regime in 14 scenarios, while in 6, homeowners will benefit under the new rules
BUSINESS
Budget tweaks on real estate tax: Who gains and who loses?
The new regime may also be beneficial for short-term property investors in metro markets, where the prices are appreciating quicker. Experts say these changes may hurt sentiments when it comes to investments in Tier II cities — where property prices appreciate much slower than in metros.
BUSINESS
Government to invest Rs 10 lakh crore in Pradhan Mantri Awas Yojana
The PMAY scheme was launched in June 2015, it aims to provide pucca houses with basic amenities to all eligible urban beneficiaries.
BUSINESS
Real estate sector pins hope for industry status, push for affordable housing in budget
Real estate experts anticipate several reforms, including a simplified single-window clearance system, tax rebate on housing loan interest and revision in the GST input tax credit rules in the Union budget 2024 will further boost the sector.
BUSINESS
DLF to enter Goa market in August, to launch luxury villas costing around Rs 50 crore
The ‘by-invitation’ project will feature around 62 luxury villas in Reis Magos area of Goa. The super-luxury project will be developed on a 38-acre hill facing Mandavi river. Expected top line for this project is around Rs 2,500 crore.
BUSINESS
PMAY 2.0 to LTCG tax reduction here are key take aways for real estate sector from Budget 2024
While the country's real estate growth remains upbeat, reflected by historically high sales in 2023, several underlying issues, including high interest rates and lower affordability, continue to pose challenges.
BUSINESS
Budget 2024: Will Nirmala Sitharaman's 7th Budget revive the shrinking affordable housing segment?
Share of affordable housing sales decreased from 37 percent five years ago to 20 percent in 2023.
BUSINESS
Realty firms Eldeco and Purvanchal Projects buy group housing plots near Noida airport
The YEIDA sold these plots cumulatively for around Rs 246.44 crore. Both the group housing plots are located in sector 22D off Yamuna Expressway which connects Greater Noida with the heritage cities of Mathura and Agra.
BUSINESS
Luxury housing sales rise 27% in H1 2024; Delhi-NCR tops chart followed by Mumbai
In terms of quantum luxury residential unit sales, Delhi-NCR topped with sales of 3,300 units, a 13.8 percent Y-o-Y increase, followed by Mumbai at 2,500 units, recording 13.6 percent Y-o-Y growth.
BUSINESS
RLDA invites bids for redevelopment of Boulevard Road Railway Colony in North Delhi
The Boulevard Road railway colony land in Delhi's civil lines area has an approximate area of 2.156 hectare (21,568.35 sqm) and it will be leased for 99 years with a reserve price of Rs 318 crore. The pre-bid meeting will be conducted on July 19 and the last date of submission of e-bid is August 23, 2024.
BUSINESS
Land becomes costlier in Noida as the Authority hikes land allotment rates by 6%
The Noida Authority has decided to increase the land allotment rates in view of rising inflation. Currently, the Authority has around 50 land parcels measuring approximately 17,500 square metres, across categories A, B, and C for residential use.
BUSINESS
Budget 2024: Coworking, senior living sectors anticipate major policy reforms
Experts add that the upcoming budget can consider lowering the GST rate for small-scale coworking clients, which will incentivise startups, expand the sector's reach and ultimately benefit government revenue.
BUSINESS
Birla Estates secures 5-acre land in Gurugram to develop luxury housing, eyes topline of over Rs 1,400 cr
Birla Estates plans to bring a luxury residential project on the land parcel, located in sector 71 of Gurugram. The project has a development potential of around 10 lakh sqft and the company targets to generate a revenue of over Rs 1,400 crore.
BUSINESS
Nielsen Media and its subsidiary lease 1.52 lakh sqft office space for monthly rental of Rs 3.87 cr in Mumbai
The office units are located in Commerze III, International Business Park, Oberoi Gardens in Goregaon East. The lease period of the property is 10 years.
BUSINESS
Budget 2024: Real estate sector demands industry status, tax rebate on housing loan interest
Budget 2024: Builders have also demanded that tax rebate on housing loan interest should be enhanced to a minimum of Rs 5 lakh. Developer bodies like NAREDCO have demanded the roll out of the second tranche of the SWAMIH fund.
BUSINESS
Ashiana Housing to develop 2.5-3 million sqft space in FY25, sets Rs 2,000-cr sales guidance for FY25
The Delhi-headquartered company is also planning to enter into real estate markets of Bengaluru, Noida-Greater Noida and Panvel
