Apple leases office at Rs 738 per sqft in Mumbai BKC

Mumbai’s office property market set a new record in terms of highest- ever lease rentals anywhere in the country. Apple Inc has picked up an office spread over 6,526 sq ft in the business district Bandra Kurla Complex (BKC) through a lease at monthly rentals of Rs 738 per sq ft surpassing the earlier benchmark of Rs 700 per sq ft. The American multinational technology company’s India arm has leased the space in one of the towers of the commercial complex Maker Maxity for a long-term tenure of five years. The office space on the 10th floor of the tower also has an open terrace area of 2,126 sq ft and even after factoring that space at usual practice of one-third of the cost, the rate amounts to Rs 666 per sq ft, making it one of the most expensive office lease deals ever. The lease was registered in December and as per the agreement, the lease started on January 1, documents accessed through Propstack, realty data analytics platform, showed. In 2024, India’s top office markets recorded a 23% growth in total gross leasing, reaching 77.22 million sq ft, while total net absorption increased by 18% to 49.56 million sq ft. India's office market has emerged as a crucial destination for global companies scaling their workforce and real estate presence, highlighted by a record high in net absorption in the year 2024. Apple Inc has significantly increased its focus on the Indian market, recognizing its immense potential as one of the fastest-growing economies and a key consumer base for premium electronics. India has become a strategic growth hub for Apple, with the company investing in local manufacturing through partners to assemble iPhones locally. This move not only aligns with the Indian government’s ‘Make in India’ campaign, but also helps Apple reduce import duties and make its products more competitive.
 

https://www.livehomes.in/news_letter

Allahabad HC asks Noida authority to start registry of Meghdutam housing project

The Allahabad high court has asked Noida Authority to proceed with flat registrations at Meghdutam housing project in Sector 50, offering relief to many residents who have waited years for property documents despite making full payments. A division bench of Justices Manoj Kumar Gupta and Anish Kumar Gupta issued the interim order on Jan 15, responding to a petition filed by 19 residents. The court instructed the Authority to execute the registries based on an occupancy certificate issued a decade ago. It also asked the Authority to simultaneously pursue the recovery of dues from TGB Infra Developer the builders. The bench criticised the Authority's lack of concrete action in recovering the outstanding amount from the company. It noted that Anil Kumar Saha — one of the directors at TGB Infra — held the post in 39 other active real estate companies, which provided the Authority with ample avenues for the recovery of dues. It then scheduled the next hearing for Feb 6. The Meghdutam project, comprising 173 units across 12,750sqm, was allotted to TGB Infra in 2008. According to Authority's records, its outstanding dues stood at Rs 55.3 crore initially, but were reduced to Rs 43.7 crore after the two-year zero waiver under the state govt's rehabilitation package. But the developer did not opt for the policy.The Authority had previously issued multiple notices to TGB Infra between May and Aug last year, threatening to cancel allotment of land. In May 2024, it displayed a notice regarding unpaid dues at the project's entrance. In Oct, it warned the developer about referring its case to the Economic Offences Wing if the dues remained unpaid.
 

https://www.livehomes.in/news_letter

Maharashtra government to revise ready reckoner rates in next fiscal 

The state govt is likely to revise and raise the ready reckoner rate (RRR) the state's benchmark for property valuation — in the financial year 2025-26. Sources hinted at a possible upward revision following discussions between the finance and revenue departments earlier this week, senior revenue officials told TOI on Friday. The proposed revision comes after rates remained unchanged for three years and it aimed to bolster the state exchequer following the launch of several welfare schemes — including the Ladki Bahin Yojana and its proposed subsidy increase to be implemented in April. Officials attending recent departmental meetings suggested implementing GIS mapping for more accurate valuations and also taking a cue from similar exercises in Karnataka, Madhya Pradesh and Tamil Nadu. The revenue target has also been revised from Rs55,000 crore in the current fiscal to Rs66,000 crore in fiscal 2025-26, sources said, adding, "The revenue target of Rs55,000 cr for the current fiscal may undergo revision to Rs60,000 cr. Developers have opposed the increase in RRR and said it would affect market buoyancy by making property more expensive. Associations have been requesting that RRR not be hiked since it would come at a time when the realty sector is buoyant. Already a 1% metro cess on stamp duty is being collected. 

https://www.livehomes.in/news_letter

Prime minister to distribute 65 Lakh SVAMITVA property card on January 18

Prime Minister Narendra Modi will on Saturday distribute more than 65 lakh property cards under the SVAMITVA Scheme, the Panchayati Raj Ministry said. According to senior officials of the ministry, beneficiaries from more than 50,000 villages in 10 states -- Chhattisgarh, Gujarat, Himachal PradeshMadhya Pradesh, Maharashtra, Mizoram, Odisha, Punjab, Rajasthan, and Uttar Pradesh and two Union Territories -- Jammu and Kashmir and Ladakh -- will receive the cards. SVAMITVA, a scheme of the Ministry of Panchayati Raj, provides a 'Record of Rights' to village household owners with the issuance of legal ownership cards to the property owners by mapping land parcels using drone technology. The prime minister will preside over the event through videoconferencing, where he will interact with selected beneficiaries and also deliver a nationwide address, the ministry said in a statement. The scheme aims to provide an integrated property validation solution for rural India. The demarcation of inhabited land in rural areas would be done by the use of drone technology with the collaborative efforts of the Ministry of Panchayati Raj, State Revenue Department, State Panchayati Raj Department, and Survey of India. 
The outcome would include creating and updating the 'Record of Rights' in the revenue registers and issuance of property cards to the owners. So far, 31 states and Union Territories have joined the scheme. Of these, Sikkim, Telangana and Tamil Nadu had participated only in the pilot phase. West Bengal, Bihar, Nagaland, and Meghalaya have not joined the scheme.
 

https://www.livehomes.in/news_letter

Madras HC forms SIT to probe illegal sand mining in Kovai

Madras high court has constituted a special investigation team (SIT) comprising two IPS officers to probe the illegal sand mining by brick kilns operating near the reserve forests of Coimbatore. A special division bench appointed G Nagajothi, superintendent of police, State Crime Records Bureau, Chennai, and F Shashank Sai, SP, Organised Crime Intelligence Unit as members of SIT. The court directed the team to begin its investigation into the cases already registered by police and to register fresh cases if it came across a larger conspiracy that resulted in the creation of massive trenches near the forest areas, putting wild animals in danger. The court further directed the district authorities to obliterate illegal bridges and roads put up by the illegal miners and restore all water bodies in the area to their original form.
 

https://www.livehomes.in/news_letter

Government should lower GST on cement at 18 percent Arun Shukla President JK Lakshmi Cement 

The government should reduce GST on cement to 18 per cent from 28 per cent and take some policy measures in the upcoming Budget to boost consumption of this key building material, a senior official of JK Lakshmi Cement. In an interview with PTI, Arun Shukla, President and Director of JK Lakshmi Cement, said there is a case to increase cement manufacturing capacity in India to meet the rising demand, which is expected to grow at an average annual rate of 7-8 per cent. One of the long-cherished dream, or the wish for us, has been reducing GST on cement," Shukla told PTI on the sidelines of 'Bihar Business Connect 2024' meet held here recently. In India, cement is taxed at the highest rate of 28 per cent and this needs to be reduced to 18 per cent, he said while replying to a query on the Budget wishlist from the industry. He also emphasised on the need to enhance the consumption of cement in India. Cement is one of the major drivers of growth, so how we can really increase consumption of cement? Shukla said the cement concrete roads have more longevity and in the long run and it is more cost-effective than bitumen roads. The prices go along with the demand and if the demand improves, prices will improve, he quipped. JK Organisation has overseas manufacturing operations in Mexico, Indonesia, Romania, Belgium, Portugal, and the UAE. It owns companies such as JK Tyre, JK Paper, JK Fenner, and Umang Dairies besides JK Lakshmi Cement. 
 

https://www.livehomes.in/news_letter

https://www.livehomes.in/news_letter

https://www.livehomes.in/news_letter

Survey for land acquisition for Coimbatore metro project to begin soon

The survey for land acquisition for the Coimbatore Metro Rail project will commence shortly, said Coimbatore Corporation Commissioner M Sivaguru Prabakaran after a coordination meeting held on Monday with representatives from Chennai Metro Rail Limited (CMRL), the National Highways Department, TNEB, the Local Planning Authority, and the Survey Department. The meeting focused on land acquisition, station locations, and route alignment. CMRL plans to establish its project office within the corporation office campus. Officials are also considering a suitable location on Dr Nanjappa Road. The commissioner said they requested CMRL officials be deputed for the project in Coimbatore. This move will ensure better coordination between deparments. The corporation has asked CMRL to bear the cost of the survey for land acquisition. "CMRL will deposit the required amount with the corporation. Once the funds are received, we will conduct the survey. The survey will involve mapping the land, identifying utilities, and planning for utility relocation. After the survey, officials will determine the land required for the project. CMRL officials inspected the Gandhipuram and Ukkadam bus stands on Monday. The inspection covered areas along the proposed metro rail route. CMRL plans to acquire land along Avinashi Road and the Coimbatore-Sathyamangalam Road in March. This acquisition is part of the first phase of the metro rail project. The metro rail track in this phase will cover a total length of 34.8km. The first phase includes two corridors. Corridor-I will connect Ukkadam Bus Stand to Neelambur Integrated Station via the airport, covering 20.4km. Corridor-II will link Coimbatore Railway Junction to Valiyampalayam Pirivu, spanning 14.4km.
 

https://www.livehomes.in/news_letter

Motilal Oswal Alternates raise over rs 1750 crore for its sixth real estate fund

Motilal Oswal Alternates (MO Alts), the alternative investments arm of Motilal Oswal Financial Services, has raised over Rs 1,750 crore for its sixth real estate fund India Realty Excellence Fund VI (IREF VI) to focus on investments across top eight cities of India. MO Alts has committed around Rs 1,300 crore to developers through its platform in this financial year of which Rs 1,000 crore has been committed across projects in Mumbai, Pune, Chennai, Hyderabad, and Kolkata from this latest fund. The fund has made these investments across mid-income housing projects of developers including Ajmera Realty and Runwal Enterprises in Mumbai, Ambuja Neotia Group in Kolkata, Casagrand Group and Radiance Realty in Chennai, Mantra Properties in Pune, BSafal Group in Ahmedabad, Bhagwati & Gami Group in Navi Mumbai and Candeur Group in Hyderabad. It has also made over 11 exits from its earlier funds with robust returns amounting to Rs 1,000 crore over the last year. MO Alts had launched this sixth real estate fund with a target corpus of Rs 2,000 crore and has raised this capital from high networth individuals, family offices and corporates including its earlier investors. The platform currently manages six real estate funds and multiple standalone non-convertible debenture (NCD) investments. Its cumulative assets under management (AUM) for real estate currently stands at more than Rs 9,500 crore. In real estate, the MO Alts platform has so far made 168 investments and secured 100 complete exits. Overall, the alternative investments platform manages more than $2 billion in AUM across asset classes.
 

https://www.livehomes.in/news_letter

Over 100 maps forged to legalize coast properties in Mumbai SIT

A special investigation team (SIT) formed following a Bombay high court order has said it has unearthed a land scam involving large-scale tampering of property records to convert Coastal Regulation Zone (CRZ) and No Development Zone (NDZ) lands into developable plots along the Mumbai coastline. Four people including two former govt employees were arrested last week for the scam linked to at least 102 property maps along the coast. In all, 18 govt staff from BMC and land records section have been summoned for questioning. The scam allegedly involves estate agents, govt staff and contractors who altered land records in Marve, Madh Island, Versova and other ecologically sensitive spots. The manipulation was first flagged by a farmer from Erangal in Malad, Vaibhav Thakur, who owns ancestral farm land. He had an FIR registered at Goregaon police station in 2021 against illegal constructions on his plot and adjoining lands. Thakur found that govt records had been forged to classify CRZ and NDZ plots as developable zones. However, authorities including BMC and Goregaon police failed to make much headway. Subsequently, deputy superintendent of land records Nitin Salunkhe lodged another FIR in 2021. He said maps and documents were forged between 2012 and 2020 to regularise illegal constructions in eco-sensitive zones. They were booked for forging records in connivance with officers from BMC and the Land Records Department. "Illegal construction on CRZ and NDZ lands have severely impacted ecological balance and caused huge revenue loss. A total of 18 officials from BMC and Land Records election process investigations were delayed,'' said a senior police official.

https://www.livehomes.in/news_letter

Brigade Group acquires 20 acres land in Bengaluru for rs 630 crore

Ananthay Properties, a subsidiary of Brigade Group, has signed a definitive agreement for about 20 acres land parcel located on Whitefield-Hoskote Road, Bengaluru for a total of Rs 630 crore The residential project will have a total saleable area of approximately 2.5 million sq ft and a gross development value (GDV) of about Rs 2,700 crore. Pavitra Shankar, managing director of the company said, "We remain focused on acquiring prime land in key markets to strengthen our land holdings." The company plans to develop approximately 12.61 million sq ft of new residential developments across Bengaluru, Chennai, and Hyderabad.
 

https://www.livehomes.in/news_letter