Daily Real Estate News Digest (20th Nov 2017)

 

 

 

 

 

 

 

 

 

Realty firm Puravankara to launch 14 new projects, invest Rs. 3,200 cr

Puravankara will launch 14 new projects in the next 12-15 months entailing an investment of about Rs. 3,200 cr in construction over next 5 yrs. The 6 projects will be launched under its low-cost housing brand 'Provident' & the rest under premium 'Puravankara' brand. These projects will be spread across 5 locations – Bengaluru, Chennai, Mumbai, Pune & Goa. 

Free Press Journal

MIT develops office rent index for India's top 6 cities

The MIT has created office realty rent indices for India's top 6 cities in collaboration with Propstack in the run-up to opening up of India's Real Estate Investment Trust that prompted large investments from global institutional funds. The maiden index for office real estate market is expected to bring greater transparency into this segment & could trigger higher institutional investments from large sovereign wealth & pension funds. 

Economic times

For better valuations, realtors prefer to hold on to commercial properties

Real estate developers building commercial properties, including office, blocks & retail malls, increasingly looking to lease their properties than selling them outright basis. 

Economic Times

Shortage of commercial realty prompts global funds to target greenfield projects

Scarcity of fully built office towers & retail complexes for sale, as well as intense competition for the few on offer, have prompted many global real estate investors to consider investing in such projects from the early stages of development itself. In past couple of yrs, large private equity funds such as Black Stone Group, Brookfield Asset Management & CPPIB have bought up a large chunk of leasable commercial real estate, leaving little for new investors. 

Mint

Neptune ordered to give home buyers in other wings

MahaRERA has directed Neptune Ventures to give promised possession of flats in B wing of Neptune Eleve project in Kanjurmarg in 2014, to shift the flat buyers to flats in C & D wing, which are likely to be completed earlier.  

Mumbai Mirror

'Price of flat not relevant in case of claim for refund'

Ruhi seth had booked an apartment in a housing project by Ireo Grace Realtech. The builder had send draft agreement twice, but Seth objected to certain clauses & refused to sign it. The builder than cancelled her flat & refunded her booking amount. Seth than filed a complaint before the Delhi State Commission Seeking interest on refund amount & other compensation.  

Times of India

Pune realty project: Ascendas may buy Blackstone stake

After buying one phase of commercial project Blue Ridge last year, Ascendas may be looking to buy out Blackstone & become a sole landlord. 

Financial Express

Piramal group sanctions Rs. 400 crore loan to advance India projects

The Piramal Group has sanctioned Rs. 400 cr to AIPL. AIPL has 5 projects under construction in Gurugram comprising commercial & retail development along with a multiplex.

Mint

JPMorgan, Morgan Stanley put India realty investment on hold

JPMorgan & Morgan Stanley have put on hold their PE investments in Indian real estate. JPMorgan could not scale up real estate investments in India the way they wanted. Morgan Stanley was earlier in talk with Oberoi Realty to form a Rs. 1000 cr JV to invest in Mall's in Mumbai. But Oberoi has shelved plans to float a JV & invest in malls through internal accruals & debts

Business Standard

MC cancels hotel land lease as firm fails to pay Rs. 7.8 cr rent

MC cancelled the lease of Lok Priya Buildwell for the land on which JW Mariot hotel is constructed, for not paying a ground rent of Rs. 7.81 cr. 

Times of India

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