Birla Estates Announces ₹5,000 Crore Luxury Housing Project in Gurugram. Birla Estates, the real estate arm of Aditya Birla Group, is expanding its presence in the Delhi-NCR region through a Joint Venture with a new luxury housing project in Gurugram. Birla Estate’s inks pact for Joint Venture in Gurugram with Barmalt India for 13-acre land in sector 31, Gurugram, NCR, Delhi.
Project Highlights:
- Joint Venture: Developed in partnership with Barmalt India.
- Location: Upscale micro market in Gurugram (Sector 31).
- Land Area: 13.27 acres.
- Development Potential: 2.4 million square feet.
- Revenue Potential: ₹5,000 crore.
- Connectivity: Excellent access to Cyber City, Golf Course Road, Sohna Road, and metro line.
- Proximity: Close to commercial hubs, premium residences, schools, hospitals, and 5-star hotels.
Birla Estates’ Growth:
- This project marks Birla Estates’ further expansion in NCR, adding to its existing presence.
- The company has ongoing projects across Mumbai, Bengaluru, NCR, and Pune.
- Birla Estates’ current development portfolio boasts a revenue potential of over ₹45,000 crore spread across 24.4 million square feet.
Overall Significance:
This new luxury housing project signifies Birla Estates’ commitment to developing high-end residential spaces in key Indian cities. Its strategic location and proximity to amenities position the project to attract significant investor interest.
Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in
Brigade Group Announces New Residential Project in Bengaluru. Brigade Group, a leading real estate developer, has signed a Joint Development Agreement (JDA) for a premium residential project in Bengaluru. Brigade Group Signs 7 acre JV Deal in Old Madras Road, Bengaluru with local land owner.
Project Highlights:
- Location: Prime location on Old Madras Road, Bengaluru, with lake frontage
- Area: 6.9 acres
- Development Potential: Around 0.8 million sq ft
- Gross Development Value (GDV): Rs 720 crore
- Project USP:
- Proximity to popular areas like Indiranagar and Whitefield
- Excellent connectivity to other parts of the city
- Innovative design
- Commitment to sustainability
- Modern amenities for a contemporary living experience
Strategic Significance:
- This project caters to the rising demand for spacious and well-equipped homes in Bengaluru.
- The design and amenities align with Brigade Group’s focus on quality and resident experience.
- The project strengthens Brigade Group’s presence in Bengaluru’s premium residential market.
Additional Information:
- Brigade Group has a strong pipeline of new residential projects totaling 12.61 million sq ft across Bengaluru, Chennai, and Hyderabad.
This announcement reinforces Brigade Group’s commitment to developing high-quality residential projects in Bengaluru that cater to evolving customer needs and enhance the overall living experience.
Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in
L&T Realty Partners for Slum Rehabilitation Project in Thane. L&T Realty has joined forces with Jagdale Infrastructure on a slum rehabilitation project in Thane’s Panchpakhadi area. L&T Realty has Signed a JV for the Slum Rehabilitation Project in Thane with Jagdale Infrastructure
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Project Details:
- Location: 12.2-acre land parcel in Panchpakhadi, Thane
- Size: Over 3.12 million sq ft of total development potential
- Rehabilitation Area: Minimum 12.7 lakh sq ft for slum dwellers
- Free-Sale Area: Minimum 31.25 lakh sq ft for market sale
- Timeline: 5 years
- Profit Sharing: L&T Realty – 69%, Jagdale Infrastructure – 31%
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Significance:
- Improves living conditions for slum residents.
- Expand L&T Realty’s presence in Thane’s growing market (established players include Oberoi, Rustomjee, and Hiranandani).
- Contributes to Thane’s infrastructure development.
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Financial Details:
- Stamp Duty Paid: Rs 34.88 crore
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L&T Realty’s Role:
- Lead Developer
- Design & Development
- Construction
- Marketing & Branding
- Sales (Free-Sale Component)
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Connectivity:
- Easy access to Eastern Express Highway (EEH) and Thane Railway Station
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Thane Market:
- Residential property prices range from Rs 10,000 to Rs 25,000 per sq ft.
Overall, this project highlights L&T Realty’s commitment to social responsibility and its strategic expansion in the Thane real estate market.
Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in
Shriram Properties Announces New Residential Projects in Bengaluru. Shriram Properties Limited (SPL), a leading South Indian developer, has announced two new residential projects in Bengaluru. Shriram Properties has signed 4 acre JV Deal in Yelahanka, Bengaluru to develop 270 apartment residential projects in Yelahanka, Bengaluru.
- Location: Prime 4-acre land parcel in Yelahanka
- Size: 270 apartments with ~3.8 lakh sq ft saleable area
- Revenue Potential: Over Rs 250 crore
- Timeline: Launch in H1-FY25, completion in 3 years
- Highlights:
- Easy access to Yelahanka and Bangalore International Airport
- Close proximity to schools, healthcare, and retail
Strategic Significance:
- These projects strengthen SPL’s pipeline and growth momentum.
- The company has a strong pipeline of 47 projects with 51 million sq ft of saleable area.
- SPL prioritizes quality and customer satisfaction with a proven track record of delivering 44 projects.
Management Commentary:
Murali Malayappan, CMD, SPL, highlighted the projects’ alignment with their growth strategy and focus on the Yelahanka micro-market due to its rising demand.
Overall, these announcements indicate Shriram Properties’ continued expansion in Bengaluru’s residential market.
Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in
Supreme Court Considers GST Applicability on Transfer of Development Rights in Real Estate. The Supreme Court of India is examining a petition challenging the Goods and Services Tax (GST) levied on the transfer of development rights within joint development agreements (JDAs) in the real estate sector. This case has significant implications for developers and landowners nationwide. Supreme Court Issues Notice to Centre Gvt for GST on Joint Venture/ JV Deals/ Joint Development Agreement.
Background:
- A Telangana-based property developer filed a petition contesting the Telangana High Court’s decision upholding the 18% GST on development rights transfers.
- The developer argues that GST on development rights amounts to double taxation, as works contract services under JDAs are already subject to GST.
- Real estate developers have also expressed concerns about the impact of GST on rehabilitation apartments provided in redevelopment projects.
Key Points:
- The Supreme Court has issued notices to the Union government, GST Council, and the Central Board of Indirect Taxes and Customs (CBIC) to respond to the petition.
- The Telangana High Court previously ruled that JDAs are distinct from land sale agreements, making development rights transfers taxable under GST.
- Developers argue that since land sales are exempt from GST, taxing development rights as part of the transaction creates project feasibility issues.
Impact:
- The outcome of this case will determine the GST treatment of development rights transfers in JDAs, impacting real estate transactions across India.
- A decision in favor of the developer could lead to a revision of GST policies affecting JDAs and potentially reduce project costs.
- Clarity on GST regulations will be crucial for stakeholders in the real estate sector, particularly in major cities like Mumbai, Pune, Bengaluru, Hyderabad, and Kolkata.
Arguments for Exemption:
- Double Taxation: Experts argue that GST on development rights, alongside existing GST on works contract services, creates double taxation.
- Land Sale vs. Development Rights: The SLP argues that JDAs involve transfers of development rights, not land itself, which is exempt from GST.
- Project Feasibility: Developers fear the 18% GST will render many JDA projects financially unviable, particularly in major cities.
Current Status:
- The Supreme Court has not issued a stay order, meaning GST on development rights remains applicable until the final judgment.
- The next hearing is scheduled for September 9, 2024, after receiving responses from the government authorities.
Overall Significance:
This legal battle highlights the complexities of GST implementation in the Indian real estate sector. The Supreme Court’s verdict will influence future real estate transactions and development practices in the country.
Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in
Oberoi Realty has secured a Joint development agreement for a large-scale project in Mumbai’s affluent Worli area. Oberoi Realty Enters into JV in Worli Mumbai to develop 12790 sq.mtr Land in Adarsh Nagar, Worli, Mumbai.
Project Details:
- The project encompasses the redevelopment of approximately 12,790 square meters of land in Adarsh Nagar, Worli.
- Currently, the land is leased to the Maharashtra Housing and Area Development Authority (MHADA) and houses seven buildings with a total of 504 flats.
- Oberoi Realty anticipates generating a free sale component of around 6.24 lakh sq ft upon project completion.
Financial Performance:
- Despite a decline in sales bookings during the previous fiscal year (down 53% to Rs 4,007 crore), Oberoi Realty remains confident in its future prospects.
- The company’s sales bookings for FY 2022-23 reached Rs 8,572 crore, demonstrating a significant recovery compared to FY 2021-22 (Rs 3,889 crore).
- In FY 2023-24, Oberoi Realty successfully sold 705 units, generating a revenue of Rs 4,007 crore.
This new project signifies Oberoi Realty’s continued commitment to development projects in Mumbai and their focus on capitalizing on redevelopment opportunities. The project is expected to generate a substantial free sale component, potentially boosting their future sales figures.
Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in
Max Estates Expands Luxury Residential Portfolio in Gurugram by signing the Joint Development Agreement in Gurugram at Dwarka Expressway. Max Estates Limited (Max Estates), the real estate arm of Max Group, has announced a significant expansion of its luxury residential portfolio in Gurugram.
Key Highlights:
- New Land Acquisition: Max Estates has entered a binding agreement for a new residential development on 18.23 acres of land in Gurugram.
- Project Location: Situated in Sector 36A on Dwarka Expressway, a prime location for luxury housing due to recent infrastructure upgrades.
- Project Size: The development area spans over 4 million square feet with a projected Gross Development Value (GDV) exceeding ₹9,000 crore.
- Combined Project: This new acquisition is adjacent to Max Estates’ existing 11.80 acres in the same sector, bringing their total holding to approximately 30 acres.
- Overall GDV Potential: Combining both land parcels suggests a cumulative GDV potential in Gurugram exceeding ₹13,000 crore over time.
Strategic Significance:
- Strengthens Market Position: This expansion solidifies Max Estates’ position as a leading developer in Gurugram’s luxury residential market.
- Diversified Portfolio: The new project adds to Max Estates’ existing portfolio in Delhi NCR, which now encompasses 12 million square feet of development potential across various asset classes (commercial and residential) and locations (Noida, Delhi, and Gurugram).
- Growth Strategy: This acquisition aligns with Max Estates’ goal of securing at least 2 million square feet of development opportunity annually in Delhi NCR.
Future Plans:
- Max Estates aims to navigate the regulatory process efficiently and establish a robust launch pipeline in the near to mid-term.
Quote:
- Rishi Raj, COO, Max Estates Ltd.:
- Expresses delight at securing this opportunity in a prime location.
- Highlights how this acquisition supports Max Estates’ growth strategy and expands its development portfolio by 50%.
Overall, this expansion marks a significant step for Max Estates, solidifying its presence in Gurugram’s luxury residential market and contributing to its goal of becoming a leading real estate brand in Delhi NCR.
Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in
Jaipur’s luxury real estate scene gets a boost as Akshat Apartments signs a Joint Venture Deal in C-Scheme Jaipur with Surjaram Meel, a local developer and industrialist. This JV Deal in Jaipur signed by Akshat is one of the prime locations of Jaipur and one of the largest land parcels within city limits.
Project Highlights:
- Developed by: Akshat Apartments (in a joint venture with Surja Ram Meel)
- Project Name: Sawai by Akshat Apartment
- Location: Statue Circle, C-scheme, Jaipur
- Land Area: 19900 Sq.mtr
- Project Type: Ultra luxury Residential Apartment
- Target Completion: December 2028 (phased development)
Project Features:
- Modern Living Experience: Sawai promises to redefine ultra-luxury living space in Jaipur, offering a luxurious and contemporary living experience.
- Revenue-Sharing Joint Venture: This project is a collaborative effort between Akshat Apartments Group and Surja Ram Meel, a local developer, with a revenue-sharing model in the Ratio of 57.5 – 42.5%
- Premium Amenities: Residents can enjoy a range of amenities including:
- Clubhouse
- Central garden with pedestrian zone
- Dedicated drop-off areas
- Sporting facilities (box cricket, badminton courts, lawn tennis court)
- cafe
- State-of-the-art gymnasium
- Movie theatre
Strategic Location:
- The Sawai project’s location is Jaipur’s one of the prime locations situated at Main Statue Circle, C-scheme, Jaipur.
This new project by Akshat Apartments Group caters to those seeking a luxurious and amenity-filled lifestyle in Jaipur.
Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in
The Current ruling Rajasthan government is planning to amend the Rajasthan Building By-laws 2020 by introducing a set of new provisions to the act. These changes might come in 2-3 months likely in June end or July, 24.
The town planning department is proposing modifications aimed at regulating building heights and combining plots for construction. As per our source, Rajasthan government is planning to reduce the height and they are also planning to bring new norms on combined plots for building.
Key Points:
- Committees formed by UDH officials, town planning officials, JDA, and Nagar Nigam officials will discuss the proposals with stakeholders like developers and industrialists.
- This follows previous adjustments to building heights based on road width, with reductions implemented in December 2022 for plots below 750 sq.mt.
- Earlier the government increased the building height in Rajasthan on a 12-meter & 18-meter road and later after 2 years on Dec, 22, it reduced the height for the plot below 750 sq. mt.
- The potential reduction in building heights is a concern for Jaipur, a city facing land scarcity. Lower limits could restrict development within the city and push residents towards the outskirts.
Background:
Jaipur, traditionally known for its independent houses, is grappling with limited land availability. Reducing building heights could exacerbate this issue by limiting construction within city limits and potentially leading to a shift in population towards the outskirts.
Overall, the proposed revisions to the Rajasthan Building Byelaws 2020 could significantly impact development patterns in Jaipur. Careful consideration of stakeholder input and potential consequences will be crucial during the decision-making process.
Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in
Jaipur C-scheme is ready to get a new milestone project as the Ganga Kotecha Group announces their 1st project in the C-scheme locality. This development is a joint venture with a local land owner and promises a luxurious living experience. Kotecha Group has executed a JV deal in C-Scheme, Jaipur.
Project Highlights:
- Location: C-scheme, Jaipur
- Land Area: Approx 1200 Sq.yrd
- Project Type: Ultra luxurious Residential Apartment
- Apartment Options: Spacious 3, 4 BHK
- Starting Price and Size: Price would range from 10-12000/sq.ft and flat size will be between 2000-3000 sq. ft
Key Features:
- Curated Amenities: The project promises a superior lifestyle with a range of well-designed amenities to cater to residents’ needs.
- Strategic Location: This project is strategically located at a peaceful location for a residential apartment and a commercial hub is just near to it.
- Upmarket Living: Ganga Kotecha Group aims to elevate the C-scheme image by offering high-end living options and a luxurious lifestyle experience.
This new project by Ganga Kotecha Group caters to those seeking a luxurious and amenity-filled lifestyle in Jaipur.
Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in
