Real estate developer Lodha Group announced what it called ‘India’s largest mall’, spread over 20 acres in Palava, a smart city being developed near Dombivili, Maharashtra. The developer said the mall would be a ‘game changer’, not just for Mumbai, for the entire region, and will address hitherto unmet needs of Mumbaikars. “The development, comprising […]
The government has cut the Goods and Services Tax rate on under-construction estate properties to 1% from 8% for affordable housing, and to 5% from 12% on non-affordable housing projects. In both cases, the buyer cannot take advantage of input tax credits — the GST already paid by the builder on various expenses incurred in […]
Booking has started for the 550 flats at Swaminarayan City, a 148-acre complex built around the upcoming Swaminarayan temple in the Mumbai suburb of Dombivali, real estate consultant ANAROCK said. Built by the Swaminarayan religious group via Swaminarayan Life Space LLP, the project will primarily cater to devotees of Swaminarayan, the 19th century ascetic with […]
Godrej Properties Ltd, a Mumbai-based real estate developer, announced a new project, ‘Godrej Aqua’, on the International Airport Road in Bangalore. The project gets its name from its efforts to recycle most of the water on site using advanced technologies and promises to offer ‘drinking water straight from the tap’. Godrej Aqua will offer two- […]
Last Week’s clarification by the Union Finance Ministry that GST exemption is available only for properties with completion certificate is likely to hit real estate developers, a prominent consultancy firm said. The ministry had last week said that buyers have to pay Goods & Services Tax on any new flat that did not come with […]
Eveready Industries, one of India’s largest battery makers, said it has signed an agreement to sell its plot on Tiruvottiyur Road in Chennai to local real estate developer Olympia Group for Rs 100 cr. The agreement, said the battery maker, was executed yesterday with Olympia Group firm Alwarpet Properties Private Limited. Mr. Ajit Chordia, MD of […]
Brigade Group, one of Bangalore’s top two real estate companies, announced the launch of the last expansion of Brigade Meadows, an integrated township spread over 60 acres of land on Kanakapura Road in India’s IT capital. Brigade Meadows is already home to over 2,000 families, the company said. The last phase, to be called Plumeria […]
Godrej Fund Management and Godrej Properties said they have entered into a joint venture agreement with Hero Cycles, which belongs to the same group as Hero MotoCorp, to develop an office complex at the cycle manufacturer’s four-acre property in Gurgaon. The ‘prime office property’ will have around 1 million square feet of prime office and […]
Brigade Enterprises, one of the top real estate players in Bangalore, announced its plans to set up Brigade Bricklane, a low-rise apartment project at Jakkur in North Bangalore. The flats will be priced at Rs 33 lakhs and above and will be constructed with lots of open space between each block. “The apartments have been […]
In yet another indication that the real estate market is starting to revive, Sunteck Realty, a Mumbai-based real estate developer, announced that it has sold 2,000 out of the 2,476 flats in its upcoming West World project in Naigaon near Mumbai. It said the sales has generated Rs 600 cr, which implies a per unit […]
The Maharashtra cabinet has today given approval for the redevelopment of Asia’s largest slum, Dharavi, at a cost of around Rs 20,000 cr. The latest plan involves the creation of 70,000 flats over an area of 200 acres, including 50 acres that has to be contributed by the Indian Railways. A total of 55,000 families […]
Puravankara Ltd, one of India’s largest real estate developers, said one of its associate companies will buy a 7.6 acre plot in Bangalore’s Yeshwantpur from international retailer Metro to develop a commercial complex. The deal will be carried out through Keppel Puravankara Development Private Limited, a joint venture between Puravankara and Singapore’s Keppel Land in which the […]
Pune-basedKolte-Patil Developers said it has sold 500 units in its new project, ORO Avenue. The project, which was launched last month, has seen bookings worth Rs 186 cr. The figure works out to an average of Rs 37.2 lakh. “When compared to other projects recently launched in Pune, OROR Avenue has sold maximum inventory in […]
GIC, Singapore’s sovereign wealth fund, is acquiring a “significant minority stake” in Provenance Land, said the developer that partners with Canada’s Four Seasons Hotels to run the Four Seasons Hotel in Mumbai. The investment will be in an entity that owns the property on which the hotel operates, another under-construction Four Seasons branded apartment complex […]
Godrej Properties, among the few large and healthy real estate companies remaining in India, reported a disappointing set of numbers for the first quarter. The company said booking value, or the value of properties booked by customers in the three months, fell to Rs 820 crore from Rs 1,474 crore a year ago. Similarly, booking […]
PVR Cinemas, the country’s largest cinema exhibition chain, said it has opened a four-hall multiplex cinema at Garuda Mall in Mysore. The multiplex has 948 seats and comes with 2K projection systems, Dolby Digital 7.1 surround sound and next generation 3-D screens. The property is spread over 29,500 square feet. Chairman and MD Ajay Bijli said […]
India’s real estate sector is witnessing a healthy turnaround with rising sales and declining inventory, numbers from Anarock Property Consultants revealed. According to the market tracker, there has been a 24% jump in real estate unit sales in the latest quarter (April-June 2018) compared to the previous three months. The jump comes on top […]
Mall developer The Phoenix Mills Ltd said it purchased an under-construction 1.1 mln sq ft mall in Indore from an asset reconstruction company for Rs 234 cr. The Mumbai-based company said it will christen the mall Phonenix MarketCity Indore and it will be ready by around the end of financial year 2021. “80% of the […]
K Raheja Corp, one of India’s biggest real estate developers, announced the launch of the fourth tower of its Raheja Vistas project in Nacharam in Hyderabad East. The tower will have 12 storeys and offer 2- and 3-bedroom flats starting at Rs 40 lakh each. “With the first three towers sold out we are confident […]
Real Estate player Godrej Properties said Singapore-based Gamnat Pte Ltd wil invest Rs 1,000 cr in the company. The investment will be carried out at a share price of Rs 783.50, roughly equal to today’s opening price. Shares of the company shot up to Rs 813.55 after the news was announced, and are currently trading […]
