Daily interesting real estate news

Reliance Capital sells 45% of its home finance division for Rs 54 crore.

Reliance Capital sold a 45% share in its listed subsidiary Reliance Home Finance to lenders. Reliance Capital, a former Anil Ambani financing company going through corporate insolvency, only owns 2.5% of Reliance Home financing. A Rs 9,660 crore resolution plan put forth by IndusInd International Holdings, which is pushed by the Hinduja Group, for Reliance Capital has been approved by lenders.

Minister Expands Rural Capacity for Better Governance.

The Annual Capacity Building Plan (ACBP) for the Department of Rural Development, Department of Land Resources, and Ministry of Panchayati Raj was launched on August 24 in New Delhi by Shri Giriraj Singh, the Minister of Rural Development and Panchayati Raj. During the launch, Shri Giriraj Singh stressed the importance of this plan in improving service delivery, implementing projects, and carrying out critical governance functions. He emphasized that the plan's main objective is to improve officials' skills through specialized training, enabling them to work more effectively and realize the ministry's goals with a focus on residents' demands.

Flats ready, papers submitted and taken: 1,100 Amrapali buyers get a last notice.

A "final" notification has been sent to around 1,100 homebuyers who have not yet verified the paperwork based on which they were assigned flats and those who have not yet taken possession of their units despite having the papers checked by the Supreme Court receiver for the Amrapali developments. Since its promoters were imprisoned, the Amrapali Group's unfinished projects are being finished by NBCC, the government-backed construction firm, under the supervision of the apex court.

The Karnataka High Court halts the development of the Sterling Ascentia project in Bengaluru.

A Karnataka court has halted the development of flats at Sterling Ascentia, a premium property near Whitefield's eastern IT corridor, that is reportedly built on stormwater drains. Until the court decides on the matter, the temporary injunction prevents the developer, Sterling Urban Infra Projects, and its associated organizations from building or making changes to the site. Additionally, the court asked the tahsildar to determine the extent of encroachment and to file a survey sketch with the details.

Maharashtra issues MHADA Notices urging the LIC Building's redevelopment.

To revitalize Mumbai's urban landscape, Maharashtra's Housing Minister Atul Save has adopted a proactive stance, instructing the Maharashtra Housing and Area Development Authority (MHADA) to issue critical redevelopment notices to the Life Insurance Corporation of India (LIC). The goal of the minister's direction under the recently added section 79(A) of the Maharashtra Housing and Area Development Act, 1976, is to accelerate the renovation of 68 deteriorating buildings held by LIC that are over 80 years old.

Indian real estate market to reach $5.8 trillion by 2047, with significant changes to housing segments: Knight Frank

According to a forecast by real estate advisor Knight Frank, India's real estate market would grow to $5.8 trillion by the year 2047. According to the research "India Real Estate: Vision 2047," published by Knight Frank India in collaboration with NAREDCO, the anticipated real estate production value will contribute 15.5 percent to the overall economic output in 2047, up from the current share of 7.3 percent. The report further projected that by 2047, the size of India’s economy is estimated to range between $33 trillion to $40 trillion.

Recovering debts from real estate developers should not be linked to registering housing projects: Experts panel.

The housing ministry's committee, led by Amitabh Kant, has advised that the registration of projects be separated from the collection of builder debt to address the issue of legacy-stressed projects. Additionally, it has been stated that the lack of financial sustainability in real estate projects is the main cause of stress and that judicial interventions like the insolvency code should only be utilized as a last resort.

Directors of Metamor Software acquired a property in Hyderabad for Rs 48 crore.

Directors of Metamor Software Solutions Meghna Dilip Bhanushali and Tummala Vipul Reddy recently invested Rs 48 crore for one of the priciest residential transactions in Hyderabad. Manoj Kumar Tibrewala sold the property, which is situated in the Jubilee Hills neighborhood and is 13,000 square feet with 3,951 square feet of built-up space. According to the sale deed paperwork that Zapkey provided, "The property was sold for family and business needs, and a stamp duty of '2.6 crore was paid on the same."

Concerned about high inventory, DDA hires a real estate expert to boost sales.

The Delhi Development Authority (DDA) has only sold 1,700 of the 5,600 apartments that were put up for sale over two months after the initial launch of its housing program. The DDA has now hired a real estate consultant to increase sales, said the official. The DDA has a total inventory of roughly 40,000 flats in various parts of the city, including 5,600 new ones. Officials claim that to increase sales and reduce the overall inventory, the authority has enlisted the assistance of real estate consultancy ANAROCK Group.

Concorde Group expects to earn Rs 900 crore from new Bengaluru launches within the next two years.

Over the next two years, Bengaluru-based real estate developer Concorde Group expects to build 4.7 million square feet (msf) of property with a potential income of Rs 900 crore. The planned launches include 2.5 million square feet of flats, 1.2 million square feet of villas and one million square feet of commercial space and plots. In FY23, Concorde generated revenue of Rs 272 crore and got advances totaling Rs 300 crore.