Noida NMCR offers three commercial plots near Okhla Bird Sanctuary station

Noida Metro Rail Corporation (NMCR) has issued an expression of interest (EOI) for the commercial development of three plots toataling  44,151 sqm near Okhla Bird Sanctuary metro station. These plots, located close to high-rise buildings like Supertech's Supernova and educationn instituations like Amity University, are available for development. Currently, NMCR operates Aqca Line, which stretches 29.7 km from Sector 51 to Depot Station in Greater Noida. Since 51 to Depot Station in greater Noida. Since its lunched in Jan 2019, the line has experienced a notable increase in daily ridership, growth from 18,000 passengers in 2019 to 55,000 in 2024. The corporation said that it owns properties adjacent to the Okhla Bird Sanctuary metro station. In the EOI document, NMRC emphasised the need for sustainable project operation through innovative revenue strategies and project structuring. EOI process aims to attract experienced firms, developers, and institutions with proven expertise in commercial real estate development, including project management, financing, marketing, design, leasing, and management. The plots are designated for commercial use by the Noida Master Plan and Noida Building Byelaws 2010, with a lease period of up to 60 years from the execution date. Developers are expected to design buildings to last 100 years or more.

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Punjab and Haryana HC stalls construction in Palam Vihar after RWA petition

The Punjab and Haryana high court has sought a response from the state govt over the construction of additional flats and floors in residential buildings in Palam Vihar C-2 Block in violation of the Haryana Building Code Regulations, following a petition from the local resident welfare association (RWA). Despite previous sealing by department of town and country planning (DTPE), the buildings were illegally de-sealed, leading to an FIR. Justices Arun Palli and Vikram Agarwal issued an order to halt further construction on the building and sought a response from various govt departments by Oct 28. Jointly filed by a local resident Ravi Bhardwaj and 15 others, the petition flagged around a dozen flats — 979B, 921, 922, 924, 935, 913, 951, 956, 1251, 1226, and 1310 — in C-2 Block of the colony were four-storey buildings with stilt parking, and had four flats on each floor. It urged the court to address violations related to electricity, sewer and water supply services. It stressed that failure to enforce action would set a dangerous precedent for other colonies.
 

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Nisus Finance, BCD Group raises rs 450 crore for Debut fund

Real estate credit fund Nisus Finance, along with its sponsor and strategic partner BCD Group, has raised rs 450 crore for its maiden fund. The firm expects to close the final fundraising for its Real Estate Special Opportunities Fund-1 by the end of this financial year. We are in the process of raising Rs 150 crore and have seen a very high response from our existing and new investors. There is a need for last-mile construction finance, with many projects still stuck in the completion phase," said Amit Goenka, managing director and chief executive of Nisus Finance. The firm has so far invested Rs 450 crore across four deals from RESO-1, managed by Nisus BCD Advisors LLP, with a total corpus of Rs 700 crore. Recently, the firm invested Rs 60 crore through listed non-convertible debentures in a late-stage residential development, Project High Cliff, in Bengaluru, followed by about Rs 105 crore in Shapoorji Pallonji Real Estate's wholly owned subsidiary, Suvita Real Estate, towards a 12.16-acre land parcel in the Manjari-Budruk locality of Pune. The fund's objective is to invest in mid-income, affordable housing and plotted development projects to realise value through capital in a special situation fund. The fund aims for an internal rate of return of 18-22% over a five-year period, with the possibility of extending for an additional two years. It focuses on generating substantial alpha while ensuring a well-mitigated risk profile and sufficient asset backing. 
 

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BMC floats tender for commercial hub at Mumbai Dahisar

The BMC has floated a tender for over Rs 1,481 crore for constructing a transportation and commercial hub at the site of the Dahisar octroi naka. The hub will be built on a 18,604 sqft m plot and will accommodate approximately 450 interstate buses and 1,400 cars. Additionally, it will feature recreational and retail spaces, banquet halls, star hotels, as well as areas for app-based cabs and taxis. According to the BMC's budget document, the primary goal of the hub at Dahisar, and a similar one at Mankhurd, is to provide an integrated bus terminus. This will connect to the city's other transport modes, such as BEST buses and the Metro, while ensuring that intercity and interstate buses terminate at the city's entry points to reduce traffic congestion. A traffic survey was conducted at all five toll nakas in Mumbai to determine the volume of buses entering and exiting the city daily. To maximize the potential of the plot, the BMC plans to develop commercial and office spaces to generate revenue and ensure the project's sustainability. Following the implementation of GST in 2017, octroi was abolished, freeing up BMC land previously used for octroi collection points and project's sustainability.Following the implementation of GST in 2017, octroi was abolished, freeing up BMC land previously used for octroi collection points and offices. The BMC is exploring options for smaller bus services or vehicles to transport passengers from the hub to their final destinations in the city. Harish Pandey, an activist and Dahisar resident, welcomed the initiative, saying, "This is a good idea as it will reduce congestion in the city." The BMC had previously declined to transfer the Dahisar and Mankhurd octroi naka lands to the Dharavi Redevelopment Authority (DRA). According to documents obtained through an RTI request by activist Sagar Devre, in a letter to the state, BMC chief Bhushan Gagrani explained that the plots were needed for civic projects. 
 

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Birla Estate buys 24.5 acre land in Mumbai for rs 537.42 crore

Birla Estates, the real estate venture of the Aditya Birla Group, has bought around 24.5 acre land in Mumbai Metropolitan Region (MMR) for Rs 537.42 crore, according to real estate consultant Square Yards. The plot is located at Kalwa, along the Thane-Belapur Road. The registration document, reviewed by Square Yards, indicates that Ekamaya Property Pvt Ltd, a wholly-owned subsidiary of Birla Estates Private Limited, acquired the 99,021.47 square meter (~24.5 acres) land parcel," the company said in a statement. The transaction, finalized in September 2024, involved the purchase from Hindalco Industries Limited. The deal included a stamp duty of Rs 37.61 crore and a registration fee of Rs 30,000, it added. Earlier this month, Birla Estates Private Limited, a wholly-owned subsidiary of Century Textiles and Industries Limited, had informed that it has acquired land from Hindalco Industries Limited. The company would develop a mixed use project on this plot.
 

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Bank Of Baroda approves resolution plan of Supertechs Dehradun project

Bank of Baroda, one of the lender in Supertech Group has approved and sanctioned the resolution plan for company’s Dehradun project paving way for delivery of over 600 homebuyers. The company had submitted a project-wise resolution plan in National Company Law Appellate Tribunal (NCLAT) and this is the first project which has got approval from the lender. Bank of Baroda has also given its consent for the inclusion of co-developer in the project. Recently, Kotak Investment Advisors Ltd (KIAL) has agreed to invest Rs 450 crore in Supertech’s stalled mixed-use project in Noida, offering a major financial lifeline to the cash-strapped realty developer. The 5 million sq ft ‘Supernova’ project in Sector 94 is currently 50% completed and it includes the tallest residential tower in the NCR region. On completion, the project has a revenue potential of more than Rs 7,000 crore, according to the proposal of Supertech to the Noida authority. The company has already submitted a proposal to the Uttar Pradesh government for its revival. It is in the process of selling some land parcelsto give exits to lenders and use the remaining funds to expedite construction on stalled projects. 
 

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 Noida Authority wants Uttar Pradesh Government to review relief  granted ET Infra Developers 

Noida Authority will urge UP govt to reconsider a decision to grant a financial relief of Rs 63 crore to ET Infra Developers Pvt Ltd, the builders of World Trade Tower in Sector 16. The relief was granted to compensate for delays caused by a National Green Tribunal (NGT) ban on constructions within 10km of Okhla Bird Sanctuary between 2013 and 2015. Authority officials pointed out that the developer had completed the towers before the NGT orders were imposed, but failed to secure an occupancy certificate because of lack of documents. This, they argued, makes the company ineligible for the waiver as the NGT ban had no effect on the project. The developer requested the Authority to extend its payment instalments by two years and waive interest from Sept 2013 onwards, in keeping with NGT's orders. The plea was rejected.  ET Infra made further appeals, requesting "zero period" waivers for a completing the tower much before the ban, they failed to get the OC because of NGT's orders. The Authority, eventually, allowed partial relief between Aug 14 and Oct 28, 2013. In Aug 2015, the ban was lifted, with the Centre reducing the eco-sensitive zone around the sanctuary to 100 metres. The Authority, however, contested the decision. During its previous board meeting, officials argued that the delay in getting the OC had nothing to do with the ban but was because of the developer's own faults. They also pointed out that ET Infra had already received partial waviers for the affected period and had cleared all outstanding dues by the Nov 2022.
 

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BHIVE Workspaces leases 77000sqft office spaces in Bengalurus Indiranagar

BHIVE Workspace has leased 77,000 sq ft of grade-A office space from Address Maker in Indiranagar, Bengaluru. In August 2024, the company leased 42,000 sq ft office space in Brigade Metropolis, Garudacharapalya, Mahadevapura, Bengaluru having over 1,200 seats capacity. Previously, it had leased out 62,000 sq ft workspace in Adani Inspire, at the Bandra-Kurla Complex (BKC), Mumbai. The company aims to reach a revenue target of Rs 348 crore for FY25 and expand its portfolio by an additional three million sq ft by the end of FY26. 
 

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Mumbai, Delhi are least affordable for residental investment in 2024: Magicbriks

Chennai, Ahmedabad and Kolkata are among the most affordable cities for investment in the housing segment , while the Mumbai Metropolitan Region and Delhi emerged as the least affordable according to Magicbricks. In its latest report, 'Housing Affordability in Major Indian Cities', proptech firm Magicbricks said the property price to annual household income ratio (P/I Ratio) in India has increased from 6.6 in 2020 to 7.5 in 2024. Based on the P/I Ratio, Magicbricks said that Chennai (5), Ahmedabad (5), and Kolkata (5) are among the most affordable cities for residential investments in 2024, while the Mumbai Metropolitan Region (14.3) and Delhi (10.1) emerged as the least affordable. Magicbricks CEO Sudhir Pai said, "Between the latter half of 2021 and 2022, residential investments were at their most affordable. During this  period, the market was experiencing a resurgence, characterised by low interest rates, recovering household incomes, and a modest increase in residential prices". Furthermore, the report revealed that the EMI-to-monthly income ratio in India has risen from 46 per cent in 2020 to 61 per cent in  2024, indicating a growing burden of EMIs on home buyers and reflecting affordability concerns nationwide, especially in metros, the statement said. The trend is more pronounced in MMR (116 per cent), New Delhi (82 per cent), Gurugram (61 per cent) and Hyderabad (61 per cent). In contrast, cities like Ahmedabad (41 per cent), Chennai (41 per cent) and Kolkata (47 per cent) are relatively more affordable.

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Goa government to examine permissions for DLF Bhutani Infra projects

The Goa government on Wednesday said the permissions granted to the projects of real estate firms DLF and Bhutani Infra Project in the state would be examined afresh in view of protests by local residents. Town and Country Planning Minister Vishwajit Rane made announcement here. His department will examine the permissions granted to DLF for a villa project at Reis Magos in North Goa district and that to Bhutani Infra's project at Sancoale in South Goa district, he said. The permissions will be withdrawn if there is violation of rules, Rane said. Locals have been protesting against the two projects, claiming that hills are being cut on a large scale for them. AAP MLA Venzy Viegas earlier this week visited the project site of DLF and alleged that both the companies were involved in large-scale violation of Town and Country planning laws. against hill cutting, and he will soon meet Chief Minister Pramod Sawant to discuss the issue, he added. There were numerous posts and videos on social media about the alleged hill cutting, but "we have to first verify whether permission has been granted for any such activity," the minister said, adding, "If it is legally permitted, then one cannot act against it."
 

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CapitalLand Investment aims to double fund under management by 2028

Singapore-based CapitaLand Investment Ltd (CLI), a global real asset manager, on Wednesday said the company aims to more than double its fund under management (FUM) in India by 2028 from the current level of nearly Rs 46,000 crore. In a statement, the company said it is targeting to more than double its FUM in its core market India by 2028, up from 7.4 billion Singapore dollars (Rs 458.8 billion) as on June 30, 2024. The CLI announced its growth strategies to achieve the FUM target for India, which it entered 30 years ago, including expansion of IT parks and logistics parks businesses. The company would explore entering into the renewable energy segment. Since entering India, the CLI has built a well-diversified portfolio comprising over 40 IT and business parks, industrial, logistics, lodging and data centre assets across eight cities in India - Bengaluru, Chennai, Goa, Gurugram, Hyderabad, Kolkata, Mumbai and Pune. Ascott currently operates seven properties across six cities. In 2024, Ascott opened two properties in Goa and Gurugram, with eight more expected to open in the next 3-4 years. "CLI will explore opportunities to enter adjacent business segments such as renewable energy and real estate private credit," the statement said. Renewable energy is a fast-growing segment in India with the government targeting to achieve 500 GW by 2030 from the current 111 GW. 
 

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New notices for GST on leasehold land transfers stir real estate concerns

The issue of tax implications of transferring leasehold land has come to the fore once again as the authorities have started to issue notices to recover dues for such a transfer. This has sparked a significant debate among industry stakeholders as it is expected to have a major impact on future transactions and the broader real estate market. The Goods & Services Tax (GST) authorities have recently issued these notices concerning the transfer of leasehold land. The crux of the issue lies in whether the transfer of leasehold land constitutes a sale of land or a service. According to the tax authorities, such transfers qualify as a service, subjecting them to an 18% GST. This tax is levied in addition to the stamp duty already imposed by respective state governments, adding a financial burden to these transactions. The key question that has arisen here is whether these transactions should be treated as a sale of land, which is traditionally exempt from GST, or as a service, thereby attracting the 18% tax.  This dispute has significant implications for businesses and individuals involved in such transactions, as the additional GST could increase the cost of acquiring leasehold land and ultimately homebuyer who may have to bear the burden of higher project cost. Some of these notices are issued now to ensure that the demands do not  become time barred and that these are within the period of limitation.
 

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