J&K First Time Buyers to Get 50% Stamp Duty Remission
J&K First Time Buyers to Get 50% Stamp Duty Remission. The decision is aimed at giving a boost to the real-estate sector in Jammu and Kashmir.
In a significant move, the Administrative Council (AC), which met under the chairmanship of Lieutenant Governor, Manoj Sinha, approved the remission of fifty percent (50%) stamp duty for all first time buyers of real estate in the housing sector for a period of two years.
The decision is aimed at giving a boost to the real-estate sector in Jammu and Kashmir and motivating the new buyers to participate in the market. It is also expected to provide momentum to property sale and registration by making the purchase of property attractive and affordable. The Administrative Council also asked the Housing and Urban Development Department to work out the modalities for smooth implementation of the decision at the earliest.
Earlier, in line with its commitment to attract investment, promote infusion of technology, and create employment opportunities in the real estate sector, the Government hosted the first-ever Real Estate Summit in J&K, wherein several promoters in residential/retail/commercial space, film & entertainment industry, tourism & hospitality, logistics & warehousing, and financing institutions, participated, and shared their wisdom for the collective vision of the growth of the sector in Jammu & Kashmir.
Boston Consulting Group leases one lakh sq ft in Mumbai's BKC
Boston Consulting Group leases one lakh sq ft in Mumbai's BKC. The firm has leased the space across eight floors in Maker Maxity’s North Avenue 2 for a total of 10 years, with a lock-in period of six years.
With an average starting rent of Rs 450 per sq ft a month, which will see an escalation every year, BCG will be paying rent and deposit of over Rs 560 crore over the total tenure of the lease agreement.
The consulting firm is undertaking both consolidation and expansion of its offices with this space take up. Its current office is spread over 29,000 sq ft in Nariman Bhavan at South Mumbai’s Nariman Point. The firm also holds around 18,000 sq ft of office space at Maker Maxity.
Delhi gets a guidebook for setting up electric vehicle chargers in residential areas
Aimed at encouraging the adoption of EVs, the document details the process of setting up the charging infrastructure, while addressing concerns about space, investment and power load management. To encourage the adoption of electric vehicles, the Dialogue and Development Commission of Delhi, in collaboration with World Resources Institute, India, unveiled the Residential Electric Vehicle Charging Guidebook, a move aimed at boosting charging facilities in residential areas of the national capital. The Delhi government would be first in the country to make RWAs and residential areas an integral part of the EV movement, he said, adding the aim was to set up a charging station every 3 km.
Embassy REIT ups guidance for FY22 as office leasing picks-up
Embassy REIT ups guidance for FY22 as office leasing picks-up. Rentals are witnessing a strong support driven by increased hiring in the IT space, says Embassy REIT CEO.
Embassy Office Parks REITs, the largest office real estate investment trust in Asia by area, has revised its guidance upwards in FY22 post the office leasing market witnessing a “strong revival” as Covid recedes and return-to-office trends strengthen.
The real estate investment trust (REIT) – India’s first listed one – upped leasing guidance to one million square feet for FY22, while the net operating income (NOI) is expected to clock ₹2,450 crore and distribution per unit (DPU) will be around ₹21.70 per unit.
It had a guidance of 4,00,000 square feet of space post the Q1 FY22 results. During the nine-month period (April to December) it completed new leasing of 7,00,000 square feet. On the NOI front, the previous guidance was ₹2,350 crore, while DPU was ₹21.50 per unit.
All India House Price Index up 3.1 per cent in Q3FY’22. Delhi records the highest sequential growth of 9.5 per cent
The All India House Price Index (HPI) recorded an annual growth (y-o-y) of 3.1 per cent in Q3 (October-December 2021-22) as compared with 2.4 per cent in the previous quarter and 2.2 per cent a year ago.
HPI growth varied widely across the cities - ranging from an increase of 19.8 per cent (Kochi) to a decline of 4.1 per cent (Chennai), according to a Reserve Bank of India (RBI) statement.
The central bank noted that while Chennai and Kanpur recorded sequential decline in HPI during the current quarter, the index increased for the remaining cities with Delhi recording the highest sequential growth of 9.5 per cent.
Real estate sales soar: India residential property sales in Q3FY22 highest since 2007
Despite Covid-19 headwinds in the form of lower consumer sentiments, market uncertainty, etc, India’s residential real estate sector registered record sales during the third quarter of FY2022 – strongest since FY2007. Despite market uncertainty and Covid-induced restrictions, India witnessed a 17 per cent increase on year-on-year basis in residential real estate sales during the third quarter of FY 2022. The sales numbers show a dramatic bounce-back across regions after the second Covid wave that had impacted consumer sentiments. According to Kotak Institutional Equities’ residential real estate report, India witnessed sale of 194.7 million sqft during the period as against 165.8 million sqft the same period last year. This is the strongest quarter sales number since FY2007, and the previous best was 174 million sqft reported in 4QFY11.
In terms of cities, Hyderabad showed the strongest sales momentum with 35 per cent yoy increase, followed by Bengaluru with 20 per cent yoy rise, and NCR growing at 16 per cent yoy even as Mumbai’s sales rose by 8 per cent you, registering a weaker performance in 2QFY22, the report said. In terms of launch activity, India registered a modest dip in 3QFY22 at 114.9 million sqft as against 126.3 million sqft witnessed in 2QFY22. With such sales, India’s outstanding inventory has also reduced thereby increasing the average prices across the country by 7 per cent yoy to Rs 6,303 per sqft in 3QFY22.