Of total 1,816 projects launched in 2019 across seven major cities, more than 52 per cent were of G+20 floors or more. Total supply share of villas declines to all-time low of 2 per cent in 2019 against 5 per cent in 2014. "With G+20 floors the new normal in the region, Mumbai is closing in on other mega cities like New York, Hong Kong and Tokyo where buildings as tall as G+50 floors are the norm," the report said.
In a major relief to around 30,000 homebuyers, the Centre agreed to take over troubled real estate giant Unitech to streamline the management of the company which is in a financial mess caused by siphoning off of more than 50% of money deposited by individuals and financial institutions.
This is the second phase of the total 26-acre project Marathon NexZone and the company is looking to finance the same through internal accruals, customer advances and construction finance.
“The commercial segment, especially, the office space market is going from strength to strength, beating its own record of 47.3 million square feet in 2018, to 57.7 million square feet in 2019,” said Anurag Mathur, CEO, Savills India.
As part of the proposed agreement, Avighna Group is expected to take care of entire execution and marketing of the project, while HBS Realtors will bring in the land parcel. Avighna Group is likely to finance its part of investment into this project through internal accruals and sales collections.
Residents of Dharavi have decided to oppose any plan by the government of Maharashtra to re-invite bids for its ambitious project to redevelop Asia’s largest slum, in the centre of India’s financial capital, Mumbai.
According to a BSE filing, Capacit'e Infraprojects has received the order from Integrated Unit (PW) division for construction of a multi-storey super specialty hospital building at Sir J J Hospital campus in Byculla, Mumbai.
Built in 2018, the said office building has over 827,000 sq ft of office space spread over 29 floors and forms part of a 22-acre mixed-use development. The project’s anchor tenants include Tata International, GMM Pfaudler and Axis Bank. The five floors in this building purchased by Tata Group in 2019 will continue to be owned by Tata, the investment firm said in a release.
Deepak Fertilisers & Petrochemicals on Tuesday said it has divested one plot of its industrial land in Dahej, Gujarat for Rs 99 crore, as part of the strategy to divest non-core assets.
The demand is expected to remain strong in 2020 with occupiers' preference for pre-leasing commercial real estate to future-proof their portfolios and hedge against rental escalations.
The investment will be “to develop industrial and logistics parks across India. Blackstone proposes to make its investment in the platform, by way of debt and equity,” said a statement.
Indian real estate attracted over $6.06 billion investments in 2019 led by office segment fetching more than 40% of the total funds deployment. Among the key markets, Mumbai dominated the investments into office sector during the year followed by the National Capital Region (NCR) and Hyderabad.
While registering 40% on-year growth in leasing, preleasing activity also rose to a record level. Vacancy levels stayed low despite robust supply, rentals too increased, and co-working space take-up rose 1.43 times compared to 2018. The year witnessed record-high preleasing activity at 17.2 million sq ft, a 7.2% on-year growth.
