The apex court-appointed forensic auditors had told the bench that Amrapali Group had entered into "sham agreements" with Rhiti Sports Management Pvt Ltd (RSMPL) which promotes the brand of Dhoni, to "illegally divert" home buyers' money and a total amount of Rs 42.22 crore was paid to RSMPL during 2009-2015. Dhoni had moved to the Delhi high court which, on October 16, 2019, had appointed its former judge Veena Birbal as sole arbitrator to arbitrate the commercial dispute between the cricketer and the real estate firm.
Over 25,000 sq ft leased by them in last three months after new maternity Act. Raghavendra Kamath reports.
Within three trading sessions in May, foreign portfolio investors (FPIs) have pumped in Rs 9,461 crore into Indian equities. This follows net inflows worth Rs 7,936 crore in March, and Rs 11,631 crore in April. The trend, analysts said, could continue going ahead as the US Federal Reserve may soon halt its interest rate hike cycle, which will strengthen foreign fund inflows into emerging markets, including India.
'The real estate sector has been badly bruised because it has become too reliant on funding from NBFCs, including housing finance companies. 'When the NBFC industry was rocked late last year by a large default, the real estate sector was hit hard. 'An intricate web of links between rural incomes, construction activity and shadow banks are fuelling the economic slowdown', says Pranjul Bhandari.
The earlier ambiguity over bifurcation of the state had affected the real estate business.
'The Indian retail landscape is poised for a significant shift with the anticipated arrival of several prominent international luxury fashion brands in 2024.'
GIC entered Indian real estate in 2005, when it did a deal with residential developer XS Real, a Chennai-based developer
Despite the recent turmoil in the Indian markets after a scathing report on the Adani group from Hindenburg Research, American private equity major Blackstone is "bullish" on the India growth story and plans to invest more in the country's infrastructure and real estate projects. "We have a long-term view on India, as growth will be higher here. We have invested half of our Asia exposure in India. "Our extraordinary performance in India has made us bullish," said Jonathan Gray, president and chief operating officer of Blackstone.
In a move that promises to make credit easily available to the sector, the Union tourism ministry has permitted the hotel industry to go in for external commercial borrowings up to $100 million during the current financial year. Meanwhile, the Reserve Bank of India too has removed hotels from the 'commercial real estate' classification.
With Sebi clearing the final guidelines for creation of Real Estate Investment Trusts (REITs), assets worth around $12 billion are likely to be listed in the next 2-3 years.
India has an urban housing shortage of about 18.7 million units, with 95 per cent of this shortfall in the low-cost housing segment, and 43.7 million in the rural belt.
Let's take a look at some of the most expensive prime office occupancy rates around the world.
Mumbai has joined the league of cities like New York and Tokyo with its office space rentals reaching the skies.
In January 2006, Reliance Industries Ltd had paid Rs 1.5 lakh a square metre for an international convention-and-exhibition centre covering 75,000 square metres in the same locality.
Brookfield Asset Management will pay around Rs 29,000 per square foot for the 170,000 square feet of space in Jet Airways' two-floor office in Bandra Kurla Complex.
The rise in interest rates is not only making homes and equated monthly instalments dearer for buyers, coupled with an anticipated slowdown in the economy, it would hurt demand for commercial real estate as well.
Coal-to-airports conglomerate Adani group is set to make a splash in the tech world. The group is considering the creation of customised artificial intelligence (AI) models for commercial prospects and consolidating digital services on a super app, according to people in the know. The Adani One app, part of its consumer-facing businesses, is reportedly in talks to expand into e-commerce and digital payments, according to a Financial Times report.
Monetary Policy Committee keeps key interest rate (repo) unchanged at 4% for 7th consecutive time; Consequently, reverse repo rate too remains unchanged at 3.35%; Bank rate also remains same at 4.25%;
"The hike in RBI's provisioning requirements is likely to have a significant impact on profits over the short term, especially for those banks that currently have relatively low NPL provision cover ratios," Moody's said.
After some enforced slowdown in offtake during April-May 2024 due to elections, the cement sector is looking at a possible demand rebound which may help it to push up prices. The April'24 offtake was muted while May'24 saw some improvement with a likely 5-6 per cent rise in demand month-on-month (MoM). In June, some price hikes seem to have been taken, which suggests more sustained improvement in demand.
One thing that has never been a hard sell in Mumbai over the past few years is property. But last week, for the first time in 13 years, Mumbai's metropolitan authorities failed to sell government land in an auction in India's financial capital.
NRI demand would help offset the liquidity problem, which is presently affecting realty sales.
Nearly 9 out of 10 ultra-high-net-worth individuals in India saw an increase in wealth during in 2022, and the super rich expect their wealth to grow further this year, according to a Knight Frank survey. In its latest 'The Wealth Report: Outlook 2023', real estate consultant Knight Frank has revealed the findings of the global survey. Among Indian respondents, the consultant said 88 per cent saw a rise in UHNWI's (ultra-high-net-worth individuals) wealth in 2022.
'Investors with a long-term investment horizon and the risk appetite for fluctuations in property values may find SM Reits a viable option.'
Dubai is among the most expensive workplace markets in the world with rents registering $108.92 per square foot per annum, placing the emirate at number nine, a report on global office rents has said.
Housing sales in seven major cities rose 5 per cent annually to about 1.2 lakh units during the April-June period, while demand fell 8 per cent from the preceding quarter on surge in prices, according to Anarock. Real estate consultant Anarock, which is one of the leading housing brokerage firm, on Thursday released the data of housing market for the current April-June quarter. In April-June 2024, housing sales across seven major cities are estimated at 120,340 units, up 5 per cent from 115,090 units in the year-ago period.
RBI Governor D Subbarao explains the rationale for the moves announced in the second quarter review of the monetary policy in an interview with Sidhartha. Excerpts:
The private sector's new project announcements in the quarter ending March were among the highest on record. The value of new private sector project announcements for the three months ending March 2024 was Rs 9.8 trillion, shows data from tracker Centre for Monitoring Indian Economy (CMIE). This is the second-highest on record in data going back to 2009.
But is there adequate demand for this abundance of IT office space set to hit the markets, especially with the three bandhs that took place in a single month, December?
Housing Development Finance Corp (HDFC) chairman Deepak Parekh on Tuesday said that while the country's macroeconomic fundamentals remain strong and the recovery is in progress, the unpredictability of coronavirus will remain a key challenge. Owing to the second wave, the Indian economy is likely to mirror a similar trend seen in FY21, where the first half of the financial year is weaker and the second half is significantly stronger, he said. "I remain confident that India's macroeconomic fundamentals are strong. Recovery is underway," Parekh said while addressing the 44th annual general meeting of HDFC Ltd. He said, the country's forex reserves and foreign direct investment inflows have scaled record highs, the capital markets are also buoyant and agriculture growth is expected to remain strong with food grain production estimated at over 305 million tonnes.
Ace investor Rakesh Jhunjhunwala on Thursday said real estate developers are afflicted with very low return on capital as compared to bluechip stocks. Jhunjhunwala, who runs RARE Enterprises and is set to be a major shareholder in an upcoming airliner, said only the affordable housing developers can look at listing because of the volumes which they can deliver. It can be noted that very few developers like Macrotech Developers formerly Lodha, and DLF are listed on the bourses. Jhunjhunwala cited the case of DLF, saying the stock price plummeted to Rs 80 from Rs 1,300 per piece to illustrate the risks associated.
Costs on real estate construction are seeing stability.
Four years after setting up a "home away from home" in the Franschhoek winelands of Cape Town, he is increasing his investments in the hospitality sector in South Africa.
According to Mayank Saksena, head -- transactions, Kolkata, Jones Lang LaSalle Meghraj, "From January onwards, we have been tackling an increase in live enquiries in Kolkata. The rate of enquiries is significantly higher than in cities such as Hyderabad. Chennai, Pune and Bangalore, primarily because Kolkata has a large number of old business houses that have been occupying prime spaces in the central business district."
Housing prices may rise 5 per cent next year on improved demand, according to Knight Frank India. In its '2022 Outlook Report', the property consultant said: "While 2021 was mostly impacted by the volatility due to the pandemic, 2022 may prove to be a more stable year for the sector both for commercial as well as the residential sector." On the housing segment, the report said that sales momentum is expected to continue in 2022 as prospective homebuyers' preferences for bigger homes, better amenities, and attractive pricing will keep them interested to seal the deals.
The pandemic caused construction delays at its ongoing projects due to several factors such as lockdowns enforced by government agencies, work-stoppage orders, disruptions in the supply of materials and shortage of labour resulted in failure to meet development milestones.
While sale of residential properties increased only marginally despite plethora of steps taken by the government through the year, office space leasing rose 40 per cent to touch an all-time high of 46.5 million sq ft -- a trend that drew investors to lap up India's first Real Estate Investment Trust at an issue size of nearly Rs 5,000 crore.
The expansion comes in the wake of Infosys is planning to expand the workforce at Lodz delivery centre by 500 people.
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