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<keyword id="6358070" type="LOCATION" weightage="20" keywordseo="mumbai">Mumbai</keyword>, <keyword id="109410" type="PERSON" weightage="20" keywordseo="real-estate-stocks">Real estate stocks</keyword> traded on a positive note on Thursday after the <keyword id="6356172" type="UNKNOWN" weightage="20" keywordseo="Maharashtra-government">Maharashtra government</keyword> slashed the premium on construction of realty projects by 50% till December 31, 2021. The reduction under the <keyword id="4435953" type="COMPANY" weightage="20" keywordseo="Development-Control-and-Promotion-Regulation">Development Control and Promotion Regulation</keyword> 2034 would be applicable on all ongoing and new projects. Around 12.25 pm, shares of <keyword id="51993" type="DOMAIN" weightage="20" keywordseo="Indiabulls-Real-Estate">Indiabulls Real Estate</keyword> were trading on the <keyword id="35140" type="COMPANY" weightage="20" keywordseo="BSE">BSE</keyword> at ₹84, higher by ₹5.55 or 7.07% from its previous close. Godrej Properties' shares were trading at ₹1,477.95, higher by ₹17.20 or 1.18% from its previous close. Shares of <keyword id="210357" type="DOMAIN" weightage="20" keywordseo="Oberoi-Realty">Oberoi Realty</keyword> were trading 2.15% higher at ₹599.70. Sunteck Realty shares on the BSE were at ₹360.05, higher by ₹12.25 or 3.52% from its previous close. The <keyword id="10556994" type="UNKNOWN" weightage="20" keywordseo="latest-move">latest move</keyword> by the Maharashtra government is likely to give a major boost to the pandemic-hit realty sector in state. Siva Krishnan, Managing Director and India Head, Residential Services, JLL India, said: "This move will help reduce the landed cost for developers, thereby rationalising the cost and reducing the burden on customers. It is expected to further trigger the recovery of the residential real estate market which has seen a good uptick in the last two quarters due to factors like lower interest rates, and pro-active measures from the government like stamp duty reduction." He noted that the latest moves, coupled with the ongoing measures, will go a long way in enticing both end-users and investors back to the residential market. "The country's residential sector is already seeing an acceleration in sales, leading to a fast-paced recovery from the impact of the pandemic," Krishnan said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-tcs-ril-maruti-airtel-godrej-properties-oberoi-realty-sobha-and-others/articleshow/80145182.cms">Top stocks to watch — TCS, RIL, Maruti, Airtel, Godrej Properties, Oberoi Realty, Sobha, and others</a> <a href="https://www.businessinsider.in/business/auto/news/ducati-is-launching-12-new-bikes-in-india-in-2021-check-the-launch-dates-here/articleshow/80146997.cms">From Scrambler and Multistrada to Monster and SuperSport — Ducati is launching 12 new bikes in India, check the launch dates here</a> <a href="https://www.businessinsider.in/india/news/petrol-has-reached-an-all-time-high-in-delhi-after-a-hike-of-23-paise/articleshow/80146505.cms">Petrol price is now past ₹84 in Delhi, over 62% of it is taxes</a>

Oberoi Realty, Sunteck Realty, Godrej Properties' stocks soar as Maharashtra halves levies for realty sector

<keyword id="154995" type="COMPANY" weightage="100" keywordseo="bharti-realty">Bharti Realty</keyword>, backed by Indian industrialist <a href="http://www.businessinsider.in/Sunil-Mittal-replaces-Terry-McGraw-to-become-the-new-chairman-of-ICC/articleshow/52775956.cms">Sunil Bharti Mittal</a>, is coming up with a destination for food, beverage, shopping and leisure, at <keyword id="6388587" type="UNKNOWN" weightage="100" keywordseo="Aerocity">Aerocity</keyword> near <a href="http://www.businessinsider.in/Leadership-lessons-from-Bharti-Group-CEO-Sunil-Bharti-Mittal/articleshow/51681498.cms">Delhi airport</a>. The leisure hub, called Worldmark, would be sprawled across ​ 700,000 sq ft, out of which over 16,000 sq ft will be for eating-out space housing several restaurants. 
 
Also read: <a href="http://www.businessinsider.in/Leadership-lessons-from-Bharti-Group-CEO-Sunil-Bharti-Mittal/articleshow/51681498.cms">Leadership lessons from Bharti Enterprises Founder-Chairman Sunil Bharti Mittal</a> 
 
Some of these restaurants include Cafe Delhi Heights, Imperfecto, Social and Asia 7. 
 
SK Sayal, CEO of Bharti Realty, told <a href="http://economictimes.indiatimes.com/industry/indl-goods/svs/construction/bharti-realty-to-set-up-leisure-hub-at-aerocity/articleshow/53975263.cms">ET</a> that Aerocity will beat Gurgaon-based <keyword id="3279699" type="UNKNOWN" weightage="100" keywordseo="DLF-Cyberhub">DLF Cyberhub</keyword> to become the food hub for Delhi-NCR, given that it would be enjoying the benefit of its central location. 
 
Even though CyberHub has a huge F&amp;B zone spanning 200,000 sq ft of space, industry experts feel that it's the geographic benefit of Worldmark that would work in its favour. However, it would not be eating up Cyberhub's business since there is enough scope for both to survive. 
 
<a href="http://www.worldmark.co.in/gallery.asp">Image source</a>

Bharti Realty to set up leisure destination near Delhi Airport’s Aerocity

<ul><li>The cumulative sales of top realty players like DLF, Godrej, <keyword id="210357" type="COMPANY" weightage="20" keywordseo="Oberoi-Realty">Oberoi Realty</keyword> and others raked in $228 billion in FY19 sales. </li><li>The developers saw a 159% jump in housing sales from FY17. </li><li>In Q2 FY20, <keyword id="703971" type="PERSON" weightage="20" keywordseo="real-estate-sales">real estate sales</keyword> declined again by 9.5%.</li></ul>Indian listed <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">real estate</keyword> players had a good run but in FY19 as they sold stock worth $228 billion, according to property consultant firm Anarock. Players like DLF, Sobha, Puravankara, Prestige Estates, Brigade Enterprises, Mahindra Lifespace Developers, <keyword id="45432" type="COMPANY" weightage="20" keywordseo="Godrej-Properties">Godrej Properties</keyword>, Oberoi Realty and <keyword id="215249" type="COMPANY" weightage="20" keywordseo="Kolte-Patil">Kolte Patil</keyword> Developers, saw an uptick in sales for the fiscal— which rose after FY17 slowdown caused by demonetization. The developers saw a 159% jump in housing sales from FY17 and a 63% jump from the market’s peak in FY15. “ANAROCK research reveals that these companies together sold approximately 4 million sqft. of housing in FY 2019 as against approximately 17 million sqft. in FY17 and 27 million sqft. in FY15,” said the report. But the elation might be short-lived. In the last two quarters, slowdown has hit the economy fast and hard— tipping housing sales out of balance, yet again. In the second quarter of FY20, real estate players’ sales <a href="https://www.business-standard.com/article/pti-stories/housing-sales-drops-9-5-pc-in-july-sep-across-9-cities-report-119110400173_1.html">saw </a>a 9.5% decline across nine major cities. According to a report by PropEquity, new housing unit launches too fell by 24%. In its second quarter earnings, <a href="https://www.cnbctv18.com/real-estate/slowdown-hits-real-estate-major-oberoi-realtys-second-quarter-4564091.htm">Oberoi Realty</a> reported a 39% fall in sales volume. Meanwhile, <a href="https://www.business-standard.com/article/news-cm/godrej-properties-slips-as-q2-net-sales-declines-119110500841_1.html">Godrej Properties</a>’ sales also fell by 33.9%.

Top realty players sold properties worth $228 billion last year – but the pain is back

<ul><li>In a regulatory filing on Tuesday, <keyword id="39881" type="COMPANY" weightage="20" keywordseo="HDIL">HDIL</keyword> said that bids of the three companies have been found eligible while, that of three other interested parties -- International Asset Reconstruction Company Pvt Ltd, NS Software and <keyword id="1726468" type="PERSON" weightage="20" keywordseo="Harsha-Vardhan-Reddy">Harsha Vardhan Reddy</keyword> were found to be ineligible. </li><li>The invitation for EOI was first published in February and subsequently revised five times till July. Submission of EOI was closed on July 31.</li><li>Any objection to inclusion or exclusion of a prospective resolution applicant in the provisional list may be made with supporting documents within five days from the date of issue of the provisional list, by August 8. </li></ul> Adani Properties, <keyword id="221687" type="DOMAIN" weightage="20" keywordseo="Sunteck-Realty">Sunteck Realty</keyword> and <keyword id="9697928" type="COMPANY" weightage="20" keywordseo="suraksha-asset-reconstruction-ltd">Suraksha Asset Reconstruction Ltd</keyword> are among the companies which have submitted Expressions of Interest (EoI) to acquire the insolvent Housing Development and Infrastructure Limited (HDIL). In a regulatory filing on Tuesday, HDIL said that bids of the three companies have been found eligible while, that of three other interested parties -- International Asset Reconstruction Company Pvt Ltd, NS Software and Harsha Vardhan Reddy were found to be ineligible. "The Resolution Professional has received 6 (Six) EOI from interested parties," it said. The invitation for EOI was first published in February and subsequently revised five times till July. Submission of EOI was closed on July 31. Any objection to inclusion or exclusion of a prospective resolution applicant in the provisional list may be made with supporting documents within five days from the date of issue of the provisional list, by August 8. "After considering the objections, if any, received by the Resolution Professional, final list of Prospective Resolution Applicants (PRAs) will be published. The final list will also be uploaded on the website of the HDIL," it said. HDIL is under Corporate Insolvency Resolution Process pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016. Its affairs, business and assets are being managed by the Resolution Professional, Abhay N. Manudhane appointed by <keyword id="6354457" type="ORGANIZATION" weightage="20" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword>, <keyword id="7469048" type="PERSON" weightage="20" keywordseo="mumbai-bench">Mumbai Bench</keyword>. Shares of HDIL on the BSE surged on the development. Currently, its shares on the BSE are at Rs 3.16, higher by 4.98 per cent from its previous close. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/zerodha-valued-itself-at-1-billion-hurun-unicorn-startups-list-bumps-it-up-to-3-billion-but-founder-says-valuation-doesnt-matter/articleshow/77347721.cms">Zerodha valued itself at $1 billion, Hurun unicorn startups list bumps it up to $3 billion but founder says valuation doesn't matter</a> <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-wants-25-30-of-its-employees-working-from-home-permanently-by-june-2021/articleshow/77346959.cms">INTERVIEW: Tech Mahindra wants 25-30% of its employees working from home permanently by June 2021 — CFO explains how they got to that number</a>

Adani and Sunteck Realty show interest in acquiring HDIL

Real estate arm of the <keyword id="6400918" type="General" weightage="50" keywordseo="piramal-group" source="Orion">Piramal Group</keyword>, <keyword id="620925" type="General" weightage="80" keywordseo="piramal-realty" source="Orion">Piramal Realty</keyword>, and Jio-bp announced their partnership to provide world-class EV charging solutions across all <keyword id="100407" type="General" weightage="100" keywordseo="piramal" source="Orion">Piramal</keyword>'s residential projects in the Mumbai Metropolitan Region, a joint press release stated on Thursday. Jio-bp is a fuel and mobility joint venture between RIL and bp. As part of this partnership, customers and visitors to Piramal's residential projects will be able to charge their electric vehicles seamlessly at Jio-bp pulse EV charging stations at sites with the Jio-bp pulse mobile app. The first set of EV charging points at <keyword id="3415882" type="General" weightage="50" keywordseo="piramal-vaikunth" source="Orion">Piramal Vaikunth</keyword> in Thane were installed. Piramal Group said sustainability is a key pillar of Piramal Realty's business strategy and is integrated at all levels of its operations. The availability of EV charging infrastructure within its residential complexes ensures convenient charging of electric vehicles and boosts the confidence of potential electric vehicle buyers. Jio-bp constructed and launched many charging hubs along with hundreds of public charge points in various cities and major highways in India. Besides fixed charging, Jio-bp also offers <keyword id="5930710" type="General" weightage="80" keywordseo="battery-swapping" source="Orion">Battery Swapping</keyword> services through its large network of Battery Swapping Stations. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/heres-how-meesho-zepto-pepperfry-and-icertis-cracked-hyperscaling/slidelist/98943189.cms">Here’s how Meesho, Zepto, Pepperfry and Icertis cracked ‘hyperscaling’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/global-it-services-firm-accenture-slashes-19000-jobs-tech-mayhem-deepens/articleshow/98944217.cms">Global IT services firm Accenture slashes 19,000 jobs, tech mayhem deepens</a>

Piramal Realty inks deal with Jio-bp to install EV charging stations at its properties

<ul><li>Shares of some <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">real estate</keyword> developers like <keyword id="6362997" type="General" weightage="20" keywordseo="dlf" source="Orion">DLF</keyword>, <keyword id="139366" type="General" weightage="20" keywordseo="sobha" source="Orion">Sobha</keyword>, Prestige Estate Projects have gained 13-33% in the last 30 days.</li><li>Home loans segment is witnessing strong demand with lowest mortgage loan rates since 2005.</li><li>Analysts believe the real estate sector is set for an upcycle with the coming festive season, low home loan rates, stable property prices and robust hiring by IT companies are expected to support housing demand.</li></ul>Real estate company stocks are back in action with shares of such companies buzzing since the last few weeks. Analysts believe that the fact that we are heading into the festive season with low home loan rates, stable property prices and robust hiring by information technology (IT) companies are expected to support housing demand. Shares of some real estate developers like DLF, Sobha, Prestige Estate Projects have gained 13-33% in the last 30 days. Nifty Realty index has gained close to 5% in the last 30 days while BSE Realty index has gained over 7% during the period. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Real estate company stocks </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Year-to-date change </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sobha </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">101% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Prestige Estate Projects </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">83% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Brigade Enterprises </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">57% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Oberoi Realty </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">38% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sunteck Realty </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mahindra Lifespace Developers </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">123% </td></tr></tbody><tbody></tbody><tbody></tbody></table> Analysts believe that the real estate residential segment is set for an upcycle. “Heading into the festive season in India in H2 [second half] FY22, listed developers have lined up a number of launches across tier I cities. Low mortgage rates, stable property prices and robust hiring outlook for IT/ITeS [IT-enabled services] and financial services, especially in south India and continued work-from-home is expected to support residential housing demand,” said a report by ICICI Securities, dated September 4. The report says DLF, Oberoi Realty, Brigade Enterprises, Sunteck Realty and Mahindra Lifespaces are some preferred stocks by the broking firm in the realty segment. The report shows that the home loan rates offered by most large lenders range in the 7-7.5% range for 20-year housing loans and is the lowest ever since 2005. The Indian real estate performance has been affected for many years owing to demonetisation, real estate regulatory authority (RERA)/goods and services tax (GST) implementation, NBFC funding crisis and the first and second waves of the COVID-19 pandemic in India. “However, heading into FY22 and beyond, we believe that the sector is set for an upcycle,” said analysts at ICICI Securities. RERA came into action in 2017 to ensure transparency in the real estate segment thereby tightening rules, which made it difficult for developers to launch new projects without approvals. And in the last few years, non-banking financial companies have seen a <a href="https://www.moneycontrol.com/news/business/all-you-want-to-know-about-the-nbfc-crisis-3966551.html">liquidity crisis led by IL&amp;FS group. </a> Gagan Banga, managing director of Indiabulls Housing Finance, in an interview with CNBC-TV18 said that they are seeing strong demand in home loans. “Mid-income group is showing a lot of demand, the best in 15 years,” he said. “The Indian real estate sector is at a crossroads. After a gap of almost eight years, demand seems to be picking up in the residential segment aided by improved affordability, COVID-19 induced factors and government measures to boost housing absorption,” said a report by Edelweiss Securities. Further, analysts feel the residential market will do well in the near future. Listed players have gained market share with new launches in the last 2-3 years and they expect it to continue. Yash Gupta, equity research analyst at Angel Broking, says he expects the residential market to do well in the near future. Also, expect new hiring by [the] IT industry to increase residential demand in Bangalore, Pune and Chennai. “We have seen a strong consolidation in the top 10 cities in India towards organised players post Demon [demonetisation], RERA, IL&amp;FS crisis. Listed players have gained market share in new launches in the last 2-3 years, we expect this to continue,” he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/jiophone-next-is-the-new-weapon-in-ambanis-arsenal-as-he-takes-aim-at-the-500-million-subscriber-mark/articleshow/85974565.cms">JioPhone Next is the new weapon in Ambani’s arsenal as he takes aim at the 500 million subscriber mark</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/income-tax/news/do-not-forget-to-check-form-26as-before-filing-your-income-tax-return-heres-why/articleshow/85972783.cms">Do not forget to check form 26AS before filing your income tax return. Here’s why</a>

Sobha, Mahindra Lifespace become multibaggers in 2021 as analysts see strong upside in realty space

Indians are the third biggest international investor community with $8 billion investment in the US realty market after Canadians and Chinese, brokerage firm Sotheby's International Realty said today. 
 Besides, 25 per cent of the international <keyword id="6354553" type="COMPANY" weightage="80" keywordseo="real-estate">real estate</keyword> market in London also belongs to Indians with <keyword id="6362476" type="ORGANIZATION" weightage="80" keywordseo="investments">investments</keyword> around 1 billion pounds while they also invested more than $2 billion in the Dubai real estate market in the first half of 2015 only. 
 
I think and I believe Indians that live in the US are one of the largest group of millionaires in the America... they are already there and therefore they are investing in real estate," US-based Sotheby's International Realty President and CEO Philip A White told PTI. 
 
Sotheby's International Realty in August 2014 had signed an agreement with Indian firm RealPro Infra Pvt Ltd and established its Indian arm under the name North India Sotheby's International Realty, which caters to the luxury real estate demands of resident and global Indians. 
 
Sharing the details of Indians investment in the US, North India Sotheby's International Realty Founder and President Ashwin Chadha said: "After Canadians and Chinese, Indians are third largest international community in US in terms of real estate investment and had invested around $8 billion last year." 
 Talking about the <keyword id="47445" type="UNKNOWN" weightage="80" keywordseo="Indian-market">Indian market</keyword> for the global brokerage firm, White said they are optimistic about Indian luxury real estate market and have huge expectations. 
 
India as a country has huge potential to be the top nation in terms of business for us. It may take few years to get there, he added. 
 
"Indians searching property globally, I think we all know Indians put big premium on real estate as a tangible asset to protect from inflation or number of things so I think they keep on looking at the opportunities," White added. 
 
Further elaborating about the brokerage firm's domestic operations so far, North India Sotheby's International Realty Founder and CEO Amit Goyal said they have already tied up with some established players in the sector including Tata Housing, Sobha and Max Group's Antara Housing. 
 
According to US-based National Association of Realtors data Indians had spent $5.8 billion in fiscal 2014 to purchase real estate in that country. China topped the list of foreign nationals with $22 billion in in realty for the one year period ended March 2014. 
 
Image credit: Indiatimes

India is the 3rd biggest investor in the US realty market today: Sotheby

<ul class="summary-list"><li>A Florida brokerage had offered homeowners upfront cash payments in exchange for exclusive rights to sell their property.</li><li>Florida's attorney general alleges MV Realty's 40-year homeowner agreement is "deceptive" and "unconscionable."</li></ul>Florida's attorney general is suing a real estate brokerage at a time when the state's housing market is facing significant issues from <a href="https://www.businessinsider.com/florida-homebuyers-shocked-by-skyrocketing-property-taxes-2022-11">rising property taxes</a> to <a href="https://www.businessinsider.com/florida-running-out-homes-people-can-afford-hurricane-ian-2022-11">increasingly severe weather</a>.On November 29, Attorney General Ashley Moody <a href="http://myfloridalegal.com/webfiles.nsf/WF/CPAL-CLMSK3/$file/Web+Link.pdf">filed a complaint</a> against Del Ray Beach's MV Realty, alleging that the firm's "<a href="http://homeownerbenefit.com/">Homeowner Benefit Program</a>," which offers sellers a cash payment in exchange for rights to list their property for sale, is deceptive and unlawful. The program works like this: Interested homeowners can receive between $300 and $5,000 in upfront cash incentives if they agree to give the brokerage exclusive rights for up to 40 years to sell their home. However, if homeowners attempt to back out of the deal down the line, MV Realty can place a lien on their property and collect up to 3% of the home's value.Considering how hot the Florida housing market has been in the last few years, and how much Florida is <a href="https://www.jacksonville.com/story/news/2016/09/25/study-florida-population-could-grow-33-million-2070/15725675007/">expected to grow in coming decades</a>, MV Realty is effectively staking a claim to some of an owner's future equity for pennies on the dollar. The lawsuit seeks to impose civil penalties against the company and stop them from using their agreement altogether. "For many Floridians, their home is their most important asset and the cornerstone of their financial stability," AG Moody said in a <a href="http://www.myfloridalegal.com/newsrel.nsf/newsreleases/E9E4A2F7281415CE85258909007259EC?Open&amp;">press release</a>. "For a company to prey on unsuspecting homeowners in a way that locks them into a 40-year obligation designed to siphon away equity from the property is disgraceful." Over the past year, the median home price in Florida has risen by 14.2% to $392,000, according to <a href="https://www.redfin.com/state/Florida/housing-market">data from Redfin</a>. For comparison, the national average home price has increased by 5% up to nearly $398,000 over the last 12 months. Meanwhile, damages caused by hurricanes Ian and Fiona have dramatically reduced Florida's already strained housing inventory levels at a time when demand for homes in the Sunshine State is increasing. Data from the University of Florida shows that the state did not have enough <a href="http://www.shimberg.ufl.edu/publications">homes for low-to-moderate income earners</a> before the pandemic and that the shortage of homes has only increased in the years since. <a href="https://www.tampabay.com/news/real-estate/2022/09/06/florida-company-pays-quick-cash-to-list-your-home-the-catch-a-40-year-contract/">According to a Tampa Bay Times report from September</a>, Florida's attorney general's office has received 16 complaints directed at MV Realty's program since 2020. However, local news reports show that homeowners in cities ranging from <a href="https://www.wsbtv.com/news/local/gwinnett-county/metro-homeowners-locked-into-40-year-contracts-with-real-estate-company/XIAVXYAXWRAMBPB6K7RQ3LHPKY/">Atlanta, Georgia</a> to <a href="https://www.cbsnews.com/boston/news/mv-realty-mortgage-liens-homeowners-massachusetts-amanda-zachman-real-estate-wbz-tv/">Malden, Massachusetts</a> have had similar experiences with the company. Roy Brightwell, 70, is one complainant that the Tampa Bay Times interviewed about his experience with MV Realty. Brightwell said he spent three years trying to keep his Tarpon Springs, Florida home out of foreclosure only to have the brokerage and his homeowner's association try to take more than $12,000 in fees from him over an $879 cash benefit he received from MV Realty after he signed up for their homeowner program. "They've left me without a nickel," Brightwell told the Tampa Bay Times. The lawsuit claims that MV Realty's agreement is illegal under Florida law because it does not meet the statutory requirements for liens. <a href="https://homeownerbenefit.com/?src=9#faq">MV Realty's website</a> says that the agreement is really a public memorandum outlining the homeowner's responsibilities under the Homeowner Benefit Agreement and helps ensure their agents earn a commission from the sale. "This language does not reflect express consumer permission for a broker lien on the property, but even if the consumer had provided express consent to the lien, this type of personal contract is not enforceable as a lien on property," the lawsuit reads in part. When asked about the pending litigation, a spokesperson for MV Realty responded to Insider suggesting that the practice is perfectly legal. "We are confident that after a full airing of the facts, the Florida Attorney General will find that MV Realty's business transactions are legal and ethical and that our team has operated in full compliance with the law," Diana London, MV Realty's communications and public relations lead, said to Insider. "We look forward to and are fully committed to working with the attorney general's office to regulate this process."

Florida homeowners got swindled by brokers who paid them a paltry sum in cash upfront for the rights to sell their properties for 40 years, attorney general says

New Delhi, Jan 26 () Bharti Realty, the real estate arm of Bharti Enterprises, has tied up with Asthetic Township Developers to build a new commercial project in Gurugram at an estimated construction cost of Rs 350 crore.
 Asthetic Township Developers Pvt Ltd owns nearly 3 acres of licensed land parcel in Sector 27, Gurugram (Haryana), while Bharti Realty will develop the commercial project under the real estate asset management model.
 Bharti Land Ltd, the development and management arm of Bharti Realty, has partnered with Asthetic Township Developers for a new mixed-use commercial project, comprising 6 lakh sq ft area of office and retail spaces.
 "We at Bharti Realty are excited about our association with Asthetic Township Developers Pvt Ltd on this new project in Sector 27 which will set a new benchmark in the commercial development segment in Gurugram," Bharti Realty MD &amp; CEO S K Sayal said.
 The project is located centrally between IFFCO Chowk and Huda metro stations, amid the residential hub and current business districts of Gurugram.
 The construction of this project is expected to start within the next two months.
 Bharti Realty did not disclose the project cost but sources said the investment on developing this project could be around Rs 350 crore, excluding land cost.
 Vijay Kumar Yadav, managing director, Asthetic Township Developers, said, "Bharti is one of the most trustworthy brands in the country and, together, we are sure to bring in immense value and a world-class product for today's global consumer."
 With residential property market facing multi-year slowdown, real estate developers are focusing on development of commercial real estate, particularly Grade-A premium office space which is in huge demand from corporates as well as co-working operators. The introduction of real estate investments trusts (REITs) has also given a fillip to the commercial property market, which is attracting huge investments from global and domestic institutional funds.
 According to reports of various global property consultants, office space leasing across major cities stood at an all-time high in 2019.
 Incorporated in 2003, Bharti Realty Ltd is a 100 per cent subsidiary of Bharti Enterprises. It aims to provide world-class developments in marquee locations. The company's offerings include a diversified product mix comprising commercial, retail and mixed-use developments.
 Bharti Realty has a portfolio of over 5 million sq ft of Grade-A commercial real estate space. Some of the developments include Bharti Crescent, New Delhi; Airtel Centre, Gurugram; and Worldmark, New Delhi. It already has 2-3 properties in Delhi's Aerocity, named 'Worldmark Aerocity', comprising fully-leased 1.5 million sq ft area.
 The company is currently developing another 9 million sq ft residential, retail and mixed-use real estate space in Delhi NCR.
 Bharti Realty-led consortium has bagged a commercial project from Delhi airport operator Delhi International Airport Ltd (DIAL).
 DIAL, majority-owned by GMR group, operates the Indira Gandhi International Airport in the national capital.
 Bharti Realty has been awarded the "right to design, develop, finance, construct, operate, manage and maintain a commercial development project at Gateway and Downtown Districts of Aerocity", DIAL had said last year.
 The Bharti Group has presence in telecom, agri-business, financial services, retail and real estate among others. MJH HRS

Bharti Realty ties up with Asthetic Township to build commercial project in Gurugram at Rs 350 cr

New Delhi, Dec 5 () JSW Infrastructure on Thursday said it has reached an understanding with Suraksha Realty to provide financial and technical support to the Mumbai-based company which has submitted the final offer to acquire debt-ridden Jaypee Infratech. 
 JSW Infra said it has issued a letter of support to Suraksha Realty to give financial, strategic and technical assistance in the delivery of pending flats to Jaypee homebuyers within the timeframe.
 Suraksha Realty and state-run NBCC on Tuesday submitted their final bids to acquire bankrupt realtor Jaypee Infratech through the insolvency process.
 Media reports had suggested that Suraksha Realty was in discussions with JSW group for technical and operational support to complete pending housing projects of Jaypee Infratech.
 "We see Suraksha Realty's plan as best placed in ensuring rightful resolution for the homebuyers. We will step in with necessary financial, strategic support and technical expertise to assist Suraksha Realty in delivering the pending flats to homebuyers within the stipulated timeline," JSW Infrastructure CFO Lalit Singhvi told .
 Singhvi stated that the homebuyers of Jaypee Infratech would benefit greatly if Suraksha Realty's resolution plan gets the highest number of votes. 
 Both NBCC and Suraksha Realty have offered more land parcels to lenders in their final bids. Lenders had asked both the suitors to sweeten their resolution plans and submit their bids by December 3. 
 This is the third round of bidding process for the resolution of debt-ridden Jaypee Infratech -- a subsidiary of Jaiprakash Associates Ltd (JAL).
 NBCC in its final bid has offered 1,526 acres of land to lenders as against its earlier proposal of 1,426 acres. For homebuyers, it has reduced the deadline for the completion of over 20,000 flats to three-and-a-half years from the earlier four years. 
As sought by the lenders, NBCC has withdrawn its earlier two offers -- 50 per cent share in profit on sale of unclaimed flats and 75 per cent of 858 acre land parcels, which has been pledged by the promoter JAL and currently under litigation.
For lenders, the public sector firm has proposed to increase concession agreement by 10 years on Yamuna Expressway, which it has proposed to transfer it to bankers. However, NBCC has proposed to take Rs 2,500 crore debt against toll income of the expressway, which connects Noida and Agra, for completion of pending flats.
On the other hand, Suraksha Realty has also sweetened its resolution plan, by offering 2,220 acres of land worth Rs 9,800 crore under the land-debt swap deal. Earlier, it had offered 1,934 acres of land worth Rs 7,857 crore. This will cover the entire claim of lenders which is Rs 9,800 crore.
It has increased upfront cash payment to lenders to Rs 175 crore from Rs 25 crore earlier.
For homebuyers, Suraksha Realty has now set aside Rs 250 crore worth land as against land parcels worth Rs 100 crore earmarked earlier. 
Further, it has promised to provide additional land parcels worth Rs 250 crore to homebuyers, if 858 acre land under the litigation comes back to Jaypee Infratech. 
Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium. SID MR

JSW Infra lends support to Suraksha Realty in turnaround of Jaypee Infratech

New Delhi, Dec 12 () Piramal Realty on Thursday said it has formed a joint venture with Omkar Realtors to develop a project in Mumbai and will invest Rs 3,000 crore over the next few years.
 Piramal Realty, the real estate development arm of diversified conglomerate Piramal group, announced its second joint development agreement (JDA) with Omkar for a residential project in Mahim this week.
 The company intends to develop 2.2 million sq ft over 4 acres and plans to invest Rs 3,000 crore over the next few years.
 The development benefits from being in close proximity to Mumbai's premiere business district of Bandra Kurla Complex (BKC). This would be the largest residential development in the Mahim/BKC area.
 "At Piramal Realty, we are excited to develop this prime parcel which is not only a few minutes from the sea link but also enjoys beautiful views of the sea, mangroves and other open spaces. With the opening of several world class malls, restaurants, hotels, schools and theatres, BKC will this year become the social and cultural nerve centre of the city," said Anand Piramal, founder, Piramal Realty.
 The company achieved a total sales booking worth Rs 3,400 crore last fiscal.
 Founded in 2012, Piramal Realty is one of the country's leading developers with 17 million sq ft of residential and commercial under development in and around Mumbai.
 In 2015, Warburg Pincus and Goldman Sachs invested USD 235 dollars for a minority stake in the company. MJH HRS

Piramal Realty forms JV with Omkar Realtors for project in Mumbai, to invest Rs 3,000 cr

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The two-day event scheduled at The Taj Palace Hotel will provide a unique platform to interact with top business minds in the Luxury Real Estate industry. The event will cover an extensive range of topics of interest to the stakeholders such as ‘Impact of changing policies on Indian real estate’; ‘Evolving real-estate market and trends’; ‘Impact of international events on global real estate’, ‘Factors affecting Indians buying abroad’; ‘NRI potential across the world’, ‘Citizenship by investment’ and many more. 
 “We aim to put together our knowledge, experience and resources to host a remarkable global real estate program,” said Chandrajit Banerjee, Director General, <keyword id="6363932" type="ORGANIZATION" weightage="100" keywordseo="Confederation-of-Indian-Industry">Confederation of Indian Industry</keyword>. 
 
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 Also, an exhibition showcase of <keyword id="4212351" type="UNKNOWN" weightage="100" keywordseo="Indian-International-properties">Indian &amp; International properties</keyword> along with panel discussions on the real estate sector will be held.

You Searched For "realty" and got 12 results

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Florida homeowners got swindled by brokers who paid them a paltry sum in cash upfront for the rights to sell their properties for 40 years, attorney general says

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Bharti Realty ties up with Asthetic Township to build commercial project in Gurugram at Rs 350 cr

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Piramal Realty forms JV with Omkar Realtors for project in Mumbai, to invest Rs 3,000 cr

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Global Luxury Realty Conclave is here. These are the details

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