Property / C'struction
New housing supply in Delhi-NCR triples in Sep qtr to 13,311 units on high demand: PropEquity
New residential property supply in Delhi-NCR is expected to triple to over 13,300 units in July-September due to strong demand, according to PropEquity. Housing sales are projected to rise by 22% during the same period. However, new launches and sales across nine major cities are likely to decline.
NCLT directs IRP to respond to 26,000 homebuyers of Supertech
The National Company Law Tribunal has directed the interim resolution professional to respond to applications filed by representatives of over 26,000 homebuyers of Supertech Ltd. The court has sought suggestions and objections from various stakeholders within two weeks, and the IRP must compile and upload them on Supertech's website.
Housing sales may decline 18% in September Quarter
Housing sales are projected to decline by 18% in the July-September quarter across nine major cities, reaching 1,04,393 units due to a high base effect. However, sales are expected to rise in Delhi NCR and Navi Mumbai. Hyderabad will see the highest drop at 42%, followed by Bengaluru and Kolkata.
Rare Enterprises CEO Utpal Sheth buys sea-view Mumbai luxury apartment for Rs 123 cr
Utpal Sheth, senior partner at Rare Enterprises, has bought a luxury sea-view apartment in Mumbai's Worli for over Rs 123 crore. The apartment is located on the 54th floor of Oberoi Three Sixty West and includes seven car-parking slots. Mumbai continues to lead in high-value property transactions.
Yamuna authority launches housing scheme near the upcoming airport
The Yamuna Expressway Industrial Development Authority has launched a new housing scheme in Sector 22D, offering 1 BHK and 2 BHK flats priced between Rs 21 lakh and Rs 45 lakh. The scheme is open for booking from September 19 until March 31, 2025, on a first-come, first-served basis.
Property launches and sale fell YoY during July-September
Housing launches and sales in top 9 cities declined by 11% and 18% respectively during July-September, as per PropEquity. New launches fell to 93,693 units from 1,05,655 units last year. Sales dropped to 1,04,393 units from 1,26,848 units. Demand remains robust despite the decline.
Wave Group plans to launch about 9,000 flats in 4,200-acre 'Wave City' township at Ghaziabad
Wave Group plans to launch around 9,000 flats in its 4,200-acre Wave City township in Ghaziabad amid strong housing demand. The company aims to develop about 7 million square feet in premium and affordable group housing categories by March 2025. Prices in the secondary market have increased by nearly 30 percent over the past year.
Developers allowed to carry non-polluting work during construction ban in NCR
Real estate developers in the National Capital Region can now continue non-polluting construction activities during winter's high pollution period. The new guidelines list banned activities, allowing interior work to proceed. This change aims to minimize project delays and support laborers by keeping them engaged despite pollution-related restrictions.
Wave group to dilute land bank in Ghaziabad’s township
Wave Group is selling parts of its land bank in Wave City, Ghaziabad to various builders to boost cash flow. The developers plan to develop around 12 million square feet. Wave Group also plans to launch seven million square feet of premium and affordable projects. Prices have increased by 30% in the secondary market over the past year.
K Raheja Corp’s Inorbit Malls acquires retail property in Hubli for over Rs 400 crore
Inorbit Malls, a subsidiary of K Raheja Corp, has acquired Akshay Sky Mall in Hubli for over Rs 400 crore. The fully leased mall features anchor tenants like Reliance Trends and Lifestyle. This move highlights the growing potential of tier-II cities in India for large-scale real estate investments.
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Pritika Engineering buys 87,000 sq ft land to expand production capacity
Pritika Engineering Components Ltd has acquired 87,000 square feet of land in Hoshiarpur, Punjab to expand its production capacity. The company plans to invest Rs 49.50 crore in this expansion, funded through a planned fundraise. PECL is also exploring opportunities in the railways and defence sectors for additional revenue streams.
India will need 55 million square feet retail space to meet the growing demand
India needs 55 million square feet of Grade-A mall space in the next four years to match other South Asian economies. Rising consumer confidence and international retailer interest highlight the retail sector's potential. However, current development is insufficient, with only 18 million square feet planned through 2027.
Nearly half of India's public infra at risk due to the impacts of climate change and urbanisation: Report
India faces a rise in natural and man-made disasters, impacting the economy and development. With 50% of public infrastructure lacking disaster planning, experts emphasize the need for smart facilities management using IoT, AI, and machine learning to enhance resilience and sustainability.
India ranks 3rd in global cross-border capital destinations
In the first half of 2024, India ranked third globally for cross-border capital in land and development sites. Foreign investment in India's industrial and warehousing sector surged, driven by demand from 3PL and e-commerce players. Notable deals included investments by Daibiru Corporation, ADIA, KKR, and Maple Tree.
Gurgaon realty Cos use new TDR policy to increase saleable area
Developers in Gurgaon are leveraging the Haryana government's Transfer of Development Rights (TDR) policy to expand commercial and residential projects. This allows landowners to receive TDR certificates instead of monetary compensation, which can be sold to developers. Companies like Godrej, AIPL, and Landmark are utilizing TDR to maximize project potential.
Macrotech Developers buys out Ivanhoé Cambridge’s stake in 3 joint entities
Realty developer Lodha, listed as Macrotech Developers, has acquired Ivanhoé Cambridge's stake in three joint entities for Rs 239.56 cr. This move aligns with Lodha's strategy to grow its annuity income. The acquisition increases Lodha's stakes in Bellissimo Digital Infrastructure Development Management, Palava Induslogic 4, and Bellissimo In City FC Mumbai 1.
