Hangzhou, a major eastern Chinese city, has become the latest to remove all remaining homebuying restrictions in a bold move to revive the struggling property sector. This aggressive easing measure is seen as a signal that other large cities may follow suit, boosting investor confidence in Chinese developer stocks.
DLF, a renowned real estate company, has announced the successful sale of all 795 apartments in its new luxury housing project, DLF Privana West, located in Gurugram. The project achieved remarkable sales worth approximately ₹5,590 crore within three days of its launch, showcasing the continued robust demand for luxury homes. Spread over 12.57 acres, DLF Privana West comprises a range of spacious 4BHK apartments and penthouses, offering stunning panoramic views of the Aravalli Range and proximity to the forthcoming Safari Park.
The Greater Noida Industrial Development Authority (GNIDA) has directed real estate developers to prioritize flat registrations and settle outstanding dues in scores of projects within the area. This move aims to address the issue of pending registries and delayed possession of flats that have plagued the region for some time. The Confederation of Real Estate Developers’ Associations of India (CREDAI) has been actively involved in the discussions, with representatives present at the meeting.
Leptos Estates reports a significant increase in property purchases on the Greek islands of Paros and Crete by international investors, particularly those from Southeast Asia. The high demand is driven by the islands’ mixed-use properties, which offer a blend of lifestyle and investment opportunities. Notable developments like Aphrodite Beachfront in Crete and Molos Beach Village in Paros are attracting buyers due to their beachfront locations and luxurious amenities. These properties not only provide a desirable lifestyle but also offer strong appreciation potential and excellent rental prospects.
TCG Real Estate, through its subsidiary, Energetic Construction Pvt. Ltd, has secured funding of ₹714 crore from State Bank of India to develop the World Trade Center project in Gurugram. The project will feature a mix of office spaces and high-street retail and is expected to have a leasable area of around 1 million square feet. The funding has been secured in the form of a loan with a tenure of 72 months and an annual interest rate of 9.6%. The project is estimated to cost ₹1211.86 crore and is located off NH8 on Sohna Road in Gurugram. It is expected to comprise four towers, with two office towers spanning 9.4 lakh sq ft and two retail towers spanning 72,407 sq ft.
Amidst a settlement dispute with his estranged wife, Gautam Singhania, chairman of Raymond Group, emphasizes that his personal life will not impact his business endeavors. He highlights the company’s growth and his plans for expansion in real estate while praising Prime Minister Modi’s contributions to the economy.
The National Company Law Tribunal (NCLT) has initiated the corporate insolvency resolution process (CIRP) against the ATS Knightsbridge project in Noida’s Sector 124. The move comes after the builder, ATS, allegedly defaulted on payments of Rs 285 crore and Rs 47 crore to its lenders. The NCLT has appointed an interim resolution professional to oversee the CIRP process and ensure that the project continues without disruption.
The Godrej family feud has ended with a settlement that splits the group between two branches of the founding family. Jamshyd Godrej and his sister Smita will control Godrej Enterprises Group, which includes Godrej & Boyce and its affiliates. They will also control the group’s vast land bank, including 3,400 acres of prime land in Mumbai. Adi Godrej and his brother Nadir will control Godrej Industries Group, which includes the listed companies Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet and Astec LifeSciences. Godrej Properties will continue to market real estate projects developed by Godrej & Boyce for management fees.
Renting a place in a major city can be an expensive endeavor. According to financial experts, it’s recommended to spend no more than 30% of your pre-tax income on rent. The Global Property Guide has compiled a list of median rental prices for 1-bedroom apartments in the most expensive areas of several major Asian cities. The prices range from $481 to $25,802 per month. Despite a downturn in the housing market in Asia amidst economic weakness and inflation, cities like Taipei and Singapore remain resilient with rising housing prices. The report suggests that the global housing market is stabilizing as inflationary pressures ease and central banks pause rate hikes.
Former New York City real estate developer and author of ‘Early Detection’ Bruce Ratner joined ‘Squawk Box’ to share his insights on the real estate market, the state of commercial real estate, the mortgage rate outlook, and his personal crusade against cancer.
