Daily interesting real estate news

Morgan Stanley & Prakhhyat Group have joined forces to build a warehouse in Mumbai.

A division of Morgan Stanley has joined forces with the Prakhhyat Group, a Mumbai-based industrial and logistics developer, to develop a warehouse project close to Mumbai. The 700,000-square-foot project will be constructed at K Square Logistics Park in Bhiwandi, close to Mumbai, by the group and a fund managed by Morgan Stanley Real Estate Investing (MSREI). This is MSREI's first venture into Mumbai's Bhiwandi submarket. With this, Morgan Stanley's global private real estate investment management division has now invested in more than 5.6 million square feet of Indian logistics assets.

Property tax defaulters are targeted by the Secunderabad Board.

Property owners who have not paid their taxes will face heavy penalties from the Secunderabad Cantonment Board (SCB). According to senior authorities, defaulters on property taxes owed the city body between Rs 20-30 million. According to SCB authorities, 2,000 taxpayers still have unpaid bills as of July 31 despite the 2023–24 property tax payment deadline having passed. The SCB has to notify the defaulters in accordance with section 100 of the Cantonment Act, 2006. This act imposes an extra 1% fine if the required amount is not paid within 30 days of receiving the notice.

The Bengaluru Development Authority plans to build 322 luxury villas throughout the city.

The Bengaluru Development Authority (BDA) is nearing completion of 322 villas at the Puneeth Rajkumar Housing Complex in Hunigere, which is located in Bangalore North Taluka. A total of 152 3BHK and 170 4BHK villas would be auctioned for between Rs 75 lakh and 1.1 crore. An official from the BDA claimed that the carpet space for the villas will be between 1,500 and 2,300 square feet. The sale will commence soon, and customers can make online reservations via the BDA website.

Concerns prompt a review of Delhi's circle rate modification plan.

The Delhi government's plan to adjust circle rates for residential and business zones is being reconsidered. The finance department responded to a previous plan with suggestions and objections that sought to add sub-categories with multiple circle rate slabs. A potential hike of up to 35% is being thought about to close the gap between the current circle rates and market property prices. The last time circle rates, which determine the minimum property valuation rates, were raised for residential areas across categories was in 2014.

Chintels Paradiso: Approach consumer forum SC informs towers E, F, and G residents

On August 28, the Supreme Court gave inhabitants of Chintels Paradiso's towers E, F, and G advice to go through the consumer forum rather than bringing a writ petition before them. The court, however, did not dismiss the case and instead filed it alongside the other Chintels cases that were on the docket. Following the builder's withdrawal of the promise to rebuild flats on the same site, nearly 25 residents of towers E, F, and G filed a lawsuit against the corporation and Gurugram authorities.

The Yamuna Expressway Authority's residential plots program has drawn more than 100,000 applicants.

Only five days remain before the Yamuna Expressway Industrial Development Authority's (YEIDA) residential plots program expires, and as of Friday, more than 66,500 forms had been sold. Additionally, about 29,000 people had paid earnest money to reserve plots. According to the plan, there are up to 1,184 residential plots available in three YEIDA sectors, namely Sectors 16, 17, and 20, which are situated across the Yamuna Expressway.

The Mumbai rehabilitation project is expected to produce Rs 4,000 crore for Man Infra Construction in five years.

Man Infra Construction Limited (MICL) Group, which owns 33.32% of Royal Netra Constructions Private Limited, announced on August 28 plans to build one of Mumbai's major redevelopment projects in the western suburbs. According to the business, the project will feature a carpet area for sale of roughly 17 lakh square feet, potentially bringing in Rs. 4,000 crores over the following five years. The project is anticipated to be finished in the next 5 to 6 years and would have a total construction area of more than 50 lakh sq. ft.

IndoStar Capital sells two construction loans to Phoenix ARC.

According to the source, IndoStar Capital Finance sold two stressed loans of Puranik Builders and Kanakia Spaces Realty to Phoenix Asset Reconstruction Company for 790 crores, representing an 86% recovery on the total loan amount of 915 crore. Given that these loans were past due by about 60 days, the recovery rate is seen as favorable. "The recovery was good as the loan accounts were tagged in stage 2 and chances of recovery are strong," a source said.

Maharashtra will alter its legislation to address breaches in property registrations.

The state administration has suggested amending the Registration Act of 1908 to provide sub-registrars more authority to verify documents for violations of federal or state laws at the time of registration. "Section 18 (a) will be incorporated in the said act to give sub-registrars the powers for refusal of registration of certain documents relating to transaction prohibited by any central or state law," a property registration department official stated on Saturday.

DLF plans to develop two luxury housing projects in Gurugram with a combined revenue of Rs 15000 crore: Ashok Tyagi, MD

The second half of this fiscal year will see the debut of two luxury housing projects in Gurugram, costing a combined Rs 15,000 crore, by real estate giant DLF Ltd. Encouraged by the three-day sale of 8,000 crore rupees worth of flats in February in its brand-new Gurugram project, "The Arbour," the business has set a target to reach 13,000 crore rupees in sales for this fiscal year and intends to surpass it.