Daily Real Estate Newspaper
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BNY Mellon secures million square foot Pune campus in Prestige Alphatech
Global financial services firm BNY Mellon has finalized a pre-lease agreement with Prestige Group, securing nearly a million square feet of office space at Prestige Alphatech in Pune. The move is part of BNY Mellon's strategy to consolidate its multiple offices across the city into a single location. Spread over 16 floors, the office is expected to be operational by Q4 2024, enhancing BNY Mellon's real estate footprint in India to over 1.4 million square feet. The 15-year lease agreement, with a lock-in period, reflects BNY Mellon's commitment to elevating employee experience. The partnership with Prestige Group aligns with Pune's growing prominence in the BFSI sector, emphasizing the strategic significance of this real estate development.
• A residential flat spanning 1112 square feet sold in The New Sunita CHS in Colaba for INR 5.51 crores
• A residential flat spanning 1668 square feet sold in Kabra Centroid A Redevelopment of GOP CHS in Kalina for INR 4.52 crores
Contract of Sale / Sale Agreement
A contract of sale or an agreement to sell is a document prepared by both parties which entails the mutually agreed upon terms by which the sale will take place. As per the Transfer of Property Act 1882, a contract of sale or an agreement to sell in itself does not created any interest in or charge on the property mentioned in the contract. Therefore, an actual sale and an agreement to sell are two distinct concepts.
Concorde unveils Concorde Antares - A 7 acre residential project in Bengaluru
Concorde, a prominent real estate developer in Bangalore, has unveiled its latest project, Concorde Antares, a high-rise apartment complex in the lakeside surroundings of Yelahanka, Vidyaranyapura. With a projected development value of Rs 525 crore, the 7-acre property features 592 units, including 2, 3, and 4 BHK apartments and duplex penthouses. Comprising five towers with 16 floors each, the development prioritizes community-oriented living with over 60 amenities, including a 19,000 sq. ft. smart clubhouse, Evolve. The project emphasizes smart living, sustainability, and modern design, offering tech-enabled features like Alexa control. With a focus on open spaces, indigenous plants, and picturesque views, Concorde Antares is set to redefine the living experience in North Bangalore.
Integrow has collaborated with Paranjape Schemes’ realty project to invest Rs 100 crores in Thane
Integrow Asset Management has partnered with Pune-based developer Paranjape Schemes, committing a substantial Rs 100 crore investment in their new Thane project. With over three decades of experience, Paranjape Schemes is known for quality and innovation, having completed 200 projects across 9 Indian cities. With incredible views of Yeoor Hills, the massive 1.5 million square foot Thane project is expected to generate an astounding revenue of Rs 1000 crores. With a focus on technology and customer-focused strategies, the executives convey enthusiasm for reinventing urban living. This partnership, which combines creativity, excellence, and client satisfaction, is expected to have a long-lasting effect on Thane's real estate market.
PMAY-G 2.0 and PM JANMAN initiatives drive rural transformation in India
India's rural landscape is witnessing transformation through initiatives like Pradhan Mantri Awas Yojana-Gramin (PMAY-G 2.0) and Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM JANMAN). The upcoming interim Budget 2024-25 is set to prioritize the holistic development of the poor, youth, women, and farmers, with an 85% boost in financial aid for PMAY-G, aiming at Rs 2.39 lakh per rural pucca house. PMAY-G has achieved significant progress, completing 25.4 million houses out of the targeted 29.5 million. A revamped urban affordable housing scheme and the PM JANMAN initiative, benefiting tribal communities, align with Prime Minister Modi's commitment to uplift marginalized sections and bridge the rural-urban gap.
Maharashtra government relaxes FSI norms and rolls out incentives for IT sector investments
The Maharashtra state government is enticing major tech companies to invest in its IT sector by easing regulations and offering incentives. It allows a higher Floor Space Index (FSI) of 3 within industrial estates for IT townships, fostering vibrant tech hubs. Additional FSI of 3-5, based on road width, is granted for data centers and IT offices. IT/ITES industries are now permitted in Mumbai's No Development Zones to spur employment. The minimum required area for Integrated IT Townships is reduced from 25 acres to 10 acres. The strategy, anchored in the 2023 IT/ITES policy revision, aims to attract investments and boost economic development in Maharashtra.
Institutional investments in Indian Real Estate surpass USD 5.8 Billion in 2023
Global investors express heightened confidence in India's real estate, driven by government initiatives and improved sector transparency. In 2023, the sector attracted over USD 5.8 billion institutional investments, a 14% YoY increase. Equity investments dominated at an 81% share, showcasing growing risk appetite. Foreign institutional investors contributed 63%, while domestic investors surged to 37%. Despite global economic uncertainties, India's resilience remains evident. Policy reforms, including REITs and RERA, played a pivotal role. The Americas' contribution dipped to 23%, but was compensated by Asia Pacific investments. The office sector led at 52%, with promising prospects for diverse segments like warehousing and data centers in 2024.
TVS Industrial & Logistics Parks unveils Rs 1,500 Crore investment plan
Mumbai-based TVS Industrial & Logistics Parks Pvt Ltd, a part of the TVS Mobility Group, plans to invest Rs 1,500 crores in the upcoming financial year to expand its presence in smaller cities like Siliguri, Guwahati, and Indore. The company aims to increase its current warehousing space from 10 million sq ft to 13 million sq ft by the end of the next fiscal year. With a strategy to establish a warehouse every 400 km in the eastern region, the company anticipates robust growth in emerging markets. In southern India, the company plans to invest over Rs 2900 crores to develop a 3-million-square-foot portfolio over the next two years. These strategic investments reflect the company's commitment to fortifying its presence in emerging markets and catering to evolving demands across different regions.
Ivanhoe Cambridge and LOGOS to invest Rs 21,100 crore in Chakan, Pune
Ivanhoe Cambridge and LOGOS, a global real estate firm and logistics specialist, are set to invest a record-breaking Rs 21,100 crore in a logistics park in Chakan, Pune, marking India's largest foreign direct investment (FDI)-driven integrated private industrial and logistics development. LOGOS' fifth project in India, covering over 143 acres, aligns with the Chakan Industrial Estate's 1,000 manufacturing enterprises. The investment reflects confidence in India's industrial landscape, especially in Pune, recognized as a key growth centre. The project, exceeding 3.5 million sq ft, signifies the demand for modern, responsible infrastructure supporting India's manufacturing growth and emphasizes long-term commitment to the sector.
35 major retail brands expand to tier-II cities in India between Jan-Sep 2023
From January to September 2023, 35 major retail brands expanded into 14 Tier-II cities, according to a report by CBRE South Asia Pvt. Ltd. Cities such as Chandigarh, Jaipur, Indore, Goa, attracted brands like Croma, Armani Exchange, Malabar Gold & Diamonds, H&M, Marks & Spencer, and Starbucks. The total retail stock in these cities reached 29 million sq. ft. Retail development included a mix of high streets and malls, totalling 2.4 million sq. ft. Key contributors were Chandigarh, Jaipur, and Lucknow. Chandigarh evolved into a prominent retail market, attracting brands like Zara and Uniqlo, while Jaipur experienced growth in Malviya Nagar and M.I. Road. Lucknow's retail market saw robust growth in Gomti Nagar and Hazratganj. Indore, a commercial hub, witnessed growth in AB Road and Central Indore, and Goa, known for tourism, attracted brands like Levi's and Puma, with upcoming supply from the DLF Mall in Panjim.
IIT Bombay analysis paves the way for BMC's SV Road expansion
A study by the Indian Institute of Technology (IIT) Bombay has helped the Brihanmumbai Municipal Corporation (BMC) tackle longstanding traffic congestion on Swami Vivekananda Road (SV Road) in Malad, Mumbai. The economic impact analysis conducted by IIT Bombay demonstrated that the economic toll of traffic congestion outweighed the costs of removing structures impeding road-widening efforts. This justification empowered the BMC to expedite the removal of 328 structures obstructing a crucial 2.4 km stretch of SV Road, thereby providing relief to commuters in the Goregaon-Kandivali belt. The positive outcomes include improved average speeds and successful relocation or compensation for affected parties.
Italy's home mortgage rates drop while corporate loans witness an increase
Italy experienced a notable decline in the average cost of new home mortgages, dropping to 4.42% in December from November's 4.50%, as reported by the banking association ABI. This represents the first significant decrease in 24 months, attributed to the prevalence of fixed-rate mortgages for households. Meanwhile, corporate loan rates continued to rise, reaching 5.69% in December compared to the previous month's 5.59%. The disparity is explained by the higher Euribor rate for floating-rate debt compared to the IRS rate for fixed-rate loans. The shift in rates reflects contrasting borrowing patterns, benefitting households but increasing costs for businesses.
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