Industry Updates

Cidco starts developing 400 lakh sq. ft. aerocity near Navi Mumbai international airport

Cidco has kicked off the process of developing an aerocity abutting Navi Mumbai International Airport. As airports serve as an engine to boost economy, the aerocity will be a commercial and residential district on its southern side spread over around 300 hectares. From financial services and corporate offices to residential and entertainment centres, hotels, hospitals, schools, and...

Housing launches across top seven markets witness sequential spike in Q4, up 112%: Report – ET RealEstate

MUMBAI: The improvement in housing sales momentum in the last few months has managed to renew business confidence among real estate developers as indicated by the rising project launches activity across the country. The ongoing fourth quarter has witnessed the launch of 26,785 new residential units, more than twice the launches seen in the previous quarter that ended in September. Hyderabad property...

Residential Real Estate gets booster shot from government with tax relief measure

In a major boost to residential real estate, the government has provided tax relief to both homebuyers and realty developers by increasing the difference between ready reckoner or circle rates and market value for tax exemption.  The measure will help homebuyers and developers deal with speculations that are as low as 20% compared to ready reckoner rates. The government has decided to increase the...

Reduction in Circle Rates May Boost Real Estate Transactions

Experts said a reduction in the circle rate or a ready-to-reckoner rate for residential properties will lead to a reduction in tax expense for both buyers, as well as a boost to transactions in the real estate sector to sellers and with a reduction in interest rates so far this year will be good.  Union Finance Minister Nirmala Sitharaman on Thursday announced 12 measures in the third set of stimulus...

Water Taxis to be launched in Mumbai Soon

After Kerala, Mumbai Port Trust is all set to start a water taxi service from mid-November. Services will begin from the city's domestic cruise terminal (DCT) at Princess Dock.  At start, the MBPT plans to operate a water taxi between Mumbai and Manwa, Belapur, Vashi and Jawaharlal Nehru Port Trust (JNPT). Officials said they had shortlisted about six agencies to operate water taxis, of which one...

Sunteck Realty to acquire approximately 50 acres of land in Vasind Suburb for residential development

Luxury real estate developer Sunteck Realty Ltd has entered into an agreement to acquire around 50 acres of land parcels in the emerging micro market Vasind in Thane district, with a revenue potential of Rs 1250crore over the next four to five years.  The project will be developed into an integrated township of approximately 2.6 million square feet. It will be largely residential, catering to the...

Houses worth about Rs 88,730 crore were sold in top-7 cities in January-September

According to a report, Overall sales value in 2020 is highest in MMR (Rs 49,313 crore) followed by Bengaluru (Rs 12,569 crore) and NCR (Rs 9,430 crore); Upcoming festive season to see more homebuyers back on the market.  Affected by the COVID-19 pandemic, the top-seven cities saw homes selling for about Rs 88,730 crore in the first three quarters of 2020, compared to around Rs 1,54,320 crore in...

Godrej Properties acquired a parcel of 20 acres at Kalyan near Mumbai

In Kalyan near Mumbai, Godrej Group has entered into an agreement to acquire a 20-acre land parcel with its arm of the Real Estate Industry Godrej Properties. The Godrej company is planning residential development expecting around 1.5million sqft saleable area. The project will primarily consist of residential apartments of various configurations with a small amount of retail and commercial space.“We...

The real estate industry witnessed a hike in sales of 34% QoQ in July-September -2020

After Lockdown, Real Estate Industry has shown rapid growth in the sector i.e. In July –September-2020 quarter, the Industry has witnessed a growth of 34% to the June quarter, even though it was still 65% lower than the second quarter of 2019-20. Property consultant JLL India released the data by estimated sales at 14,415 units so far this quarter, compared to 40,781 during July-September 2019After the...

Should homebuyers wait for prices to still fall further?

SOURCE - LIVEMINT It is a good time to buy residential property. People may postpone buying right now but as the situation stabilizes, we expect renewed interest in residential property The covid-19 crisis has hit the residential real estate sector hard. Prices of properties across some of the costliest cities such as Mumbai have corrected at least 10-15%, according to various...

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