Tag: Real Estate

Birla Estates has launched a new real estate project in Bengaluru with a potential revenue of Rs 3,000 crore. The project, named Birla Trimaya, is located in the Devanahalli area near the upcoming BIAL IT Investment Region. The first phase of the project offers 1, 2, and 3BHK apartments along with duplexes. The project is expected to attract a diverse range of individuals, including high-net-worth and non-resident investors.

Sebi has given unitholders of REITs and InvITs the right to nominate directors to the boards of the investment managers of the trusts. The eligibility of the unitholders to nominate directors will be decided based on the unitholding pattern as on September 30, 2023. The investment manager will evaluate the candidate and confirm their eligibility within 10 days of receiving the nomination. If the candidate is found to be eligible, the investment manager will have to appoint them to the board within 30 days.

The Mumbai Metropolitan Region Development Authority (MMRDA) has extended the bidding date for the lease of two land parcels in India's costliest commercial district, the Bandra Kurla Complex (BKC). The extension is due to clarifications awaited from the government in relation to FDI norms and GST taxation. The MMRDA has seen good response in the pre-bid meeting and is confident of receiving good bids for the two land parcels.

The stock of operational retail spaces in India's top 7 cities fell by 2% in H1 2023. However, the overall stock is expected to increase by 43% to reach 127 million sq ft by 2027. The report also noted that 24 new international brands have entered India since 2021, and two emerging retail formats are premium outlet centres and highway retailing.

Noida Extension is a fast-growing real estate micro-market in NCR. It is popular with first-time buyers and professionals due to its proximity to IT hubs and upcoming infrastructure projects. However, traffic congestion and a lack of public transportation are some of the challenges.

The system will be used to assess the quality and compliance of real estate projects, and will help homebuyers make informed decisions. Projects will be graded on a scale of A to D, with A being the highest grade and D being the lowest. Projects that receive a grade of C or below will be considered to be non-compliant. The grading system will be implemented in phases, with the first phase covering projects that were registered with MahaRERA after January 2023.