Daily interesting real estate news

Nisus Finance Fund-1 and Phoenix ARC to invest Rs 95 crore in an Ahmedabad commercial project.

Nisus Finance's latest fund, the Real Estate Special Opportunities (RESO) Fund-1, announced its first investment of Rs 95 crore in Swaminarayan Business Park, a late-stage commercial project in Narol, Ahmedabad, on August 24. The investment was made in conjunction with Phoenix ARC, the division of Kotak responsible for asset rebuilding. This is the first time Nisus and Phoenix ARC have invested together, and both companies will continue to have a (equal) charge on the project.

Pune Civic Body Struggles with Rs 8,500 Crore in Property Tax Defaults.

Despite numerous measures undertaken by the administration to collect the unpaid debts, the total amount owed to the civic body has risen to Rs 8,500 crores. This year, 41% of property owners missed the August 2 tax payment deadline. Those who paid promptly by this deadline received discounts and other benefits. The head of the property tax department of Pune Municipal Corporation (PMC), explained, that the civic administration has taken measures like sealing properties of defaulters and auctioning properties to recoup the owed amounts.

City Corporation launches Rs 200M housing project for housing restoration.

The City Corporation is starting a significant housing initiative and committing Rs 200 million for a housing project in Muttathara, which would reshape the urban environment. This program not only aims to rehabilitate the people of Vikalanga Colony, but it also serves LIFE mission beneficiaries. This discovery is especially notable because it aims to address an ongoing issue. Vikalanga Colony, a settlement for disabled people founded roughly 48 years ago, is set to be rebuilt. The housing development will provide a much-needed boost and go beyond what it was built for to create a modern urban haven.

Supertech chairman was charged in a money laundering case by the ED.

In a money laundering case, the Enforcement Directorate (ED) on Thursday stated allegations charging R K Arora, chairman and promoter of the influential real estate company Supertech Group, his business, and eight other people of forming a "criminal conspiracy" to defraud homebuyers. They are accused of stealing Rs 164 crore from at least 670 home buyers. The nearly 100-page prosecution complaint, which served as the ED's equivalent of a charge sheet, was presented before Special Judge Devender Kumar Jangala, asserting that there was enough evidence to charge Arora with money laundering.

QR code-based feedback system to be introduced by Coimbatore Corp.

Thanks to the municipal corporation's implementation of an OR code-based system, residents will soon have a hassle-free experience sending feedback and filing grievances with the organization. The organization will soon post QR codes on the exteriors of all residential dwellings and business structures in the city. People can scan the code and input information on a range of subjects, such as tax payment, water distribution, and underground drainage systems.

Brigade Enterprises acquires acres of land in Chennai.

Brigade Enterprises disclosed in a BSE filing that it paid Pfizer Healthcare India Rs. 138.83 crore for a 6.54-acre plot of land. The location is along Rajiv Gandhi Salai (Old Mahabalipuram Road), in the Chennai neighbourhood of Sholinganallur. The company intends to build a residential complex on this piece of property that will have a total construction area of more than one million square feet.

Rental searches in 13 cities are up 18% year on year.

Real estate firm Magicbricks' Rental Index shows that across 13 major Indian cities, rental searches increased by 18.1% quarter over quarter while listings increased by 9.6% and rentals increased by 4.9%. The three cities with the biggest quarterly increases in average rent were Gurugram (5.1%), Navi Mumbai (8.1%), and Bengaluru (8.1%). The rentals, however, slightly decreased from one quarter to the next in Mumbai (-0.1%) and Delhi (-0.9%).

Casagrand to invest Rs. 8,000 Crores in Project Development.

The Chennai-based reality company Casagrand has announced its desire to invest 8,000 crores over the next three years, despite the fact that there are a lot of unsold apartments in the Mumbai metropolitan area (1,93,908 units). The company's managing director, Arun MN, told reporters on Monday that he intends to build 20 million square feet in Mumbai and Pune. Casagrand is the second large player to research the market in Maharashtra after the Prestige Group of Bengaluru.

Emaar India and Worldwide Resorts partner on a project in Gurugram.

Emaar Properties, a Dubai-based developer of real estate, has signed a joint venture agreement with Worldwide Resorts & Entertainment to develop a 73.60-acre plot of land in Gurgaon for Rs 278 crore. This was Emaar India's third contract since December 2021, and it was signed in June 2023. Emaar and Worldwide Resorts & Entertainment had agreed to jointly build a 119-acre land lot for Rs 375 crore in December 2021.

Residents advocate for the installation of CCTV in residential areas.

As Patna Smart City Limited (PSCL) moves forward with its plan to install 3,300 closed-circuit television (CCTV) cameras throughout the city, locals are pushing for the extension of surveillance systems into residential neighborhoods and link roads. Locals are emphasizing the need to prevent minor crimes like pickpocketing and snatching in these places because a sizable number of cameras are already in operation.