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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Chennai metro plans commercial developments around key phase  two stations 

In few years, you  may step off the metro and into workplace or an expansive shopping complex without having to step foot on the streets. This is what Metrorail has in store for the city, with plans to develop properties around phase-two metro stations in at least eight locations. Properties in Thirumangalam, Alandur, Vadapalani, KK Nagar, Mandaveli, Anna Nagar West, Thousand Lights, and Koyambedu have been identified for commercial development. While some of these properties have been acquired by CMRL for development, properties in other locations will be jointly developed with MTC. The property and stations will be linked through an exclusive walkway or pedestrian subway. At Thirumangalam, Metrorail has planned a 12-storey building. Metro trains will pass through and halt at the third floor of the building where the station will be located. A 450m-long plot near Thirumangalam flyover that earlier had three houses has been acquired for the construction. At Alandur, the development will be next to phase-one and two stations. MTC bus depots at Mandaveli and Anna Nagar West will be developed. According to CMRL’s annual report, they generated non-fare box revenue of 57.86 crore in the year 2022-2023, which was 65% more than the revenue of 34.98 crore in 2021-2022. 
 

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Godrej Properties buys two group housing plots in Gurugram for rs 515 crore 

Godrej Properties (GPL) has emerged as the highest bidder and has secured the letter of intent to develop two group housing plotsin Gurugram through an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP). The combined bid value for both the plots is Rs 515 crore. The plot measuring 3.6 acres is located in Golf Course Road whereas the plot measuring 1.97 acres is located in sector 39. The land parcels together will offer a development potential of over 1 million sq ft and an estimated revenue potential of over Rs 3,400 crore. In FY24, GPL bought two prime parcels of 5.15 acres and 2.76 acres in Golf Course Road from HSVP at auction and plans to launch both these projects in FY25. The company also won auctions for two land parcels in Greater Noida in the current quarter.
 

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Clear Bridge Ventures acquries IT Park and Two acre land for rs 335 crore in Mumbai

Venture capital and investment firm Clear Bridge Ventures has purchased an information technology (IT) park along with a nearly 2-acres parcel it is built on in Mumbai’s western suburb Malad from Property Ventures (India) for Rs 335 crore. The seller of the IT Park 4th Dimension and the land parcel on Linking Road is a subsidiary of RK Marbles. The property with ground plus six floors was developed in 2002 and has over 147,000 sq ft saleable built-up area. The IT park also has 129 parking slots for car and transportation vehicles. Clear Bridge Ventures operates in the venture capital and investment space, focusing on providing funding and strategic support to startups and emerging businesses. ET’s separate email queries to Clear Bridge Ventures and RK Marbles remained unanswered until the time of going to press. Demand for office properties in India has witnessed a significant surge, driven by rapid expansion of IT and ITeS sectors, rise of startups and growing trend of hybrid workspaces. The demand is further bolstered by the return to physical offices post- pandemic, as businesses seek to enhance collaboration and innovation, leading to enhance collaboration and innovation, leading to increased leasing activity in key commerical hubs. 
 

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Cognizant puts headquaters in Chennai up for sale rs 800 Crore

Tech major Cognizant has put up its prime property, serving as its India headquarters for more than two decades, in Chennai for sale. The eventual sale of the property, comprising a 15-acre land parcel and four lakh sq ft office space on Chennai's IT Corridor, could fetch the company at least Rs 750 crore to Rs 800 crore, according to real estate industry estimates. The company has mandated international property advisory JLL to sell the prime property located at Okkiyam Thoraipakkam on OMR. The advisory firm has been talking to several prospective buyers including local developers - Baashyaam Group and Casagrand, the two names doing the rounds, but nothing has been finalised yet. Cognizant could not be reached for its comments. JLL declined to comment, saying the process is at a very premature stage. But market sources indicate that Cognizant would like to wind up the process and vacate the campus by December, 2024, after which its new India headquarters may function from the MEPZ campus near Tambaram on GST Road.  The move to sell this property is part of the company's process to consolidate its operations in three of its own buildings at MEPZ, Sholinganallur and Siruseri. It has been giving up leased spaces across Chennai including prominent addresses at Ramanujan IT Park, DLF as well as St Mary's Road offices in R A Puram.
 

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Tamil Nadu CM launches six CMDA projects in North Chennai 

The upcoming ornamental fish trade centre in Kolathur will feature a two-storey building adorned with cylindrical aquariums, vibrant colored fish, and numerous other amenities. Chief minister M K Stalin laid the foundation for the project and five others under the North Chennai Development Scheme of CMDA, valued at 115.58 crore. He also inaugurated completed projects worth 5.22 crore in other departments. At a ceremony held at Siva Sakthi Colony in Villivakkam, Stalin laid the foundation for six new projects, including the fish trade centre, a community hall, a modern laundry hub and development projects for lakes at Puzhal, Retteri and Kolathur. He then inaugurated completed projects, including a civil supplies assistant commissioner’s office and a taluk office at Kolathur, a laundry hub and three fair price shops in Aynavaram. The CMDA will be establishing a community hall in North Chennai spread over 0.67 acres and a modern laundry at Purasaiwalkam spread over 1.04 acres. The Puzhal lake, spread over 8.17 acres, will be taken up for development, including a high-level walkway, natural viewing area, children’s play area, natural pond, drinking water and modern sewage facilities, at an estimated cost of 16.96 crore. On March 14, Stalin launched 219 projects worth 4,378 crore under the North Chennai Development Scheme, aimed at ensuring comprehensive development in the region.
 

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