Tamil Nadu to Build New Homes Through Public-Private Partnerships. The Housing and Urban Development Department of Tamil Nadu has announced plans to construct new housing units across the state. Tamil Nadu Housing Board will do the Joint Venture in Coimbatore and other places to build houses.
-
Key Points:
- Public-Private Partnership (PPP) model: The department will collaborate with private developers for construction projects.
- Initial Locations: 12 locations across the state are being considered.
- Pilot Project: A project to build 960 flats in Coimbatore will be the first under this model.
- Redevelopment of Existing Units: The pilot project will replace old and damaged units in Singanallur, Coimbatore.
- Construction Method: Mivan technology, a fast and durable method using aluminum formwork, will be used.
- Project Timeline: Completion within two years.
- Developer Incentive: Private developers will receive a portion of the new flats in exchange for their construction services.
- Expected Lifespan: At least 80 years.
- Future Projects: Six similar redevelopment projects for TNHB societies in other locations are under discussion.
-
Benefits:
- Faster construction times compared to traditional methods.
- Durable and long-lasting housing units.
- Improved living conditions for residents in existing developments.
- Potential for wider application of the PPP model for future housing projects.
Overall, this initiative signifies the Tamil Nadu government’s commitment to address housing needs through public-private partnerships and innovative construction methods.
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
Leading real estate developer Godrej Properties has announced two key initiatives to expand its portfolio and development pipeline. Godrej Properties has entered in to Joint Venture with Neelkamal Realtors for Project in Mumbai
Joint Venture in Mumbai:
- Partnered with Neelkamal Realtors Tower Private Limited (NRTPL) for a new project in Mumbai.
- Godrej Properties will hold a majority stake (50.01%) through a special purpose vehicle named Godrej Residency Private Limited (GRPL).
Company Highlights:
- Godrej Properties is actively acquiring land for future development, adding eight new projects so far in FY23 with a combined revenue potential of ₹16,500 crore.
- The company aims to further expand its land holdings by March 2023.
- This aggressive expansion aligns with Godrej Properties’ position as India’s largest developer by value and volume of residential sales in FY21 (as per the company).
- In February 2024, Godrej Properties announced plans to invest ₹7,500 crore over the next 12-18 months in acquiring and developing new projects.
Overall Significance:
These developments showcase Godrej Properties’ commitment to growth in key markets like Mumbai and Gurugram. The company’s focus on premium residential projects and strategic land acquisition positions it well to capitalize on the ongoing demand in the Indian real estate sector.
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
Keystone Realtors,(Rustoomjee Group) a leading developer in the Mumbai Metropolitan Region (MMR), has announced a new residential project in Mahim, Mumbai. Keystone Realtors signs Joint Venture agreement with Raj Doshi Exports for Mahim, Mumbai. This venture marks their entry into the Mahim market and signifies their strategic focus on the aspirational real estate segment.
Project Details:
- Jointly Developed in partnership with: Raj Doshi Exports
- Location: Mahim, Mumbai, Maharashtra
- Land Area: Approximately 6,067.96 square meters
- Estimated RERA Carpet Area: Approximately 2,85,000 sq. ft
- Project Launch: Expected in CY 2023 (current year)
Strategic Expansion:
- Boman Irani, Chairman and Managing Director of Keystone Realtors, highlights this project as part of their strategy to cater to the growing aspirational segment of the real estate market.
- Mahim’s Potential: The project leverages Mahim’s excellent connectivity and accessibility, positioning it within a promising micro market.
Established Developer:
- Keystone Realtors boasts a strong track record, having developed over 20.22 million sq ft of space across 32 projects in the MMR.
- Currently, they have 12 ongoing projects and 21 upcoming ventures under the Rustomjee brand, encompassing various housing categories.
This new project reinforces Keystone Realtors’ commitment to expanding their presence in the MMR and offering high-quality residential options to Mumbai’s residents.
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
Rustomjee Group Announces Affordable Housing Project in Kalyan. Rustomjee Group, a real estate developer undergoing an IPO, has announced plans for a new affordable housing project in Kalyan, near Mumbai. Rustomjee Group Signs 12 acre Joint Venture Deal in Kalyan, Mumbai
Project Details:
- Location: 12-acre land parcel in Kalyan
- Size: Nearly 2 million sq ft
- Investment: Over Rs 500 crore
- Completion Timeline: 5 years
- Apartment Prices: Rs 50 lakh to Rs 75 lakh
Project Partners:
- Rustomjee Group (through subsidiary Keyblue Realtors)
- Three local landlords
Landlord Compensation:
- 21% of developed built-up space
- Rs 20 crore refundable deposit
Project Highlights:
- This project marks Rustomjee Group’s entry into the eastern suburbs of Mumbai.
- It caters to the significant demand for affordable housing in the Mumbai Metropolitan Region (MMR).
- The project aligns with the Maharashtra government’s focus on affordable housing and infrastructure development in peripheral areas.
Additional Information:
- Rustomjee has a diverse portfolio with 32 completed projects, 12 ongoing projects, and 19 upcoming projects across MMR.
- The company develops projects across various segments, including affordable, mid-range, premium, and super-premium.
This project signifies Rustomjee Group’s commitment to expanding its offerings and addressing the growing need for affordable housing near Mumbai. The project aligns well with the government’s initiatives to improve connectivity and provide housing solutions for the increasing population.
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
Goa RERA Mandates Registration of Joint Venture Agreements with Sub Registrar Office before applying for RERA Registration. The Goa Real Estate Regulatory Authority (RERA) has issued a new regulation requiring all agreements between developers and landowners to be registered before project registration with RERA.
Key Points:
- Requirement: Registered Collaboration/Development Agreements (or similar agreements) complying with the Indian Registration Act (1908).
- Purpose: Enhances transparency and protects landowner rights.
- Impact on Developers:
- Submitting unregistered agreements or memorandums of understanding will result in delayed or rejected project registrations.
- Agreements must be notarized within Goa’s jurisdiction.
Background:
- RERA observed instances of developers submitting:
- Unregistered agreements.
- Memorandums of understanding with promises of future agreements.
- Agreements notarized outside Goa’s jurisdiction.
How it Works:
- Builders often collaborate with landowners, offering flats/shops in exchange for land use.
- The Real Estate (Regulation and Development) Act (2016) mandates registration of such agreements under the Indian Registration Act.
Enforcement:
- Non-compliance will lead to hearings and potential project registration rejection.
Overall, this regulation strengthens Goa RERA’s efforts to ensure transparency and accountability in real estate transactions.
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
Actis and Mahindra Lifespaces Join Forces for Industrial Real Estate Development in India. Actis, a global sustainable infrastructure investor, and Mahindra Lifespaces, the real estate arm of the Mahindra Group, announced a joint venture to develop industrial and logistics facilities across India. Actis and Mahindra Lifespaces Signs Joint Venture Deal for Industrial and Logistics Park
Key Points:
- Actis will hold a majority stake in the venture, with Mahindra Lifespaces owning a significant minority stake.
- The joint venture will focus on acquiring and developing greenfield and brownfield sites in key Indian markets.
- The partnership aims to establish itself as a leading real estate solutions provider for global and domestic corporations.
- Mahindra World Cities’ existing land parcels with ready infrastructure will serve as seed sites for initial development.
Market Drivers:
- The Indian warehousing sector is experiencing rapid growth due to rising consumer demand and increased manufacturing investments.
- The Indian government’s National Logistics Policy is expected to further boost investment in the sector.
Actis’ Perspective:
- Ashish Singh, Partner and Head of India & SE Asia Real Estate at Actis, highlights the significant growth potential in India’s warehousing sector, fueled by the country’s economic expansion and realignment of global supply chains.
- Actis emphasizes the need for dependable real estate solutions and institutional ownership in this space.
- The partnership aims to develop modern and sustainable warehousing facilities to enhance logistics efficiency and support industrial growth.
Mahindra Lifespaces’ Perspective:
- Arvind Subramanian, Managing Director and CEO of Mahindra Lifespaces, acknowledges the rising demand for high-quality warehousing and manufacturing facilities.
- Mahindra Lifespaces’ experience in developing integrated cities and industrial parks, along with existing infrastructure at Mahindra World Cities, positions them well to meet this demand.
- The joint venture leverages the expertise of both partners in infrastructure development and asset management to contribute to India’s self-reliance vision.
Overall Significance:
This collaboration signifies a strategic move to address the growing demand for industrial real estate in India. The combined expertise of Actis and Mahindra Lifespaces positions the joint venture for success in this high-growth sector.
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
R-Tech Group, a leading Commercial property developer of Rajasthan, has announced a new Commercial JV Deal in Bhilwara. R-tech Group plans to construct a high street commercial complex through a commercial Joint venture Deal in Bhilwara with Capricorn Credits.
Project Highlights:
- Developed by: R-tech group and Capricorn Credits
- Location: Ram Dham Choraha, Azad Nagar, Bhilwara
- Project Type: Retail high street and Office Spaces
- Land Area: Approximately 12000 Sq.mtr
- Gross Development Value (GDV): Approx Rs 500 Cr
Strategic Expansion:
- Rajesh Yadav, Managing Director of R-Tech Enterprises, “RTech Group sincerely expressed thanks to everybody for their co-operation and trust shown to R-Tech Group and said that we are happy to share with all of you that R-Tech Group has launched a Glorious High street market project, in the Bhilwara city which shall create wonderful opportunity for Medium and Big business Category and professionals of Bhilwara City.
- Prime Location: This project’s is strategically located at main Bhilwara- Jaipur Highway, Opp. All India Radio Station. This location in Bhilwara signifies its high value and appeal to potential buyers and tenants
- Meeting Market Demands: R-Tech Group expresses confidence that the project will cater to the growing demand for high-quality office spaces sought after by professionals seeking premium work environments.
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.i
Sunteck Realty Expands Mumbai Portfolio with Major Land Acquisition in Mira Road. Sunteck Realty, a leading luxury real estate developer in India, has secured a significant land parcel in Mira Road, Mumbai, through a joint development agreement (JDA). Sunteck Realty has signed a JV Deal at Mira Road for a 7.25 acre land parcel.
-
Project Highlights:
- Location: Beverly Park, Mira Road (7.25 acres)
- Development Potential: Approx. 2.5 million sq ft of built-up area
- Estimated Revenue Potential: Around Rs 3,000 crore
- Transaction Partner: JLL
-
Post-Pandemic Growth:
- This acquisition adds to Sunteck Realty’s recent acquisitions totaling 25.5 million sq ft across various locations in Mumbai.
- The company’s total development portfolio now stands at 52.5 million sq ft across 20 projects.
-
Industry Context:
- Nishant Kabra, co-head of Capital Markets (West India) at JLL, observes a rise in JDA models and consolidation within the residential market.
Overall, this strategic land acquisition strengthens Sunteck Realty’s position as a major player in Mumbai’s western suburbs and caters to the growing demand for luxury residential developments.
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
Tishman Speyer and Ganesh Housing Partner for IT SEZ Project in Ahmedabad. Global real estate developer Tishman Speyer has Signed Joint Development deal in Ahmedabad for IT SEZ Project on 65 acre land with Ganesh Housing Corporation (GHCL) by the name of million minds tech city to develop a new IT SEZ project in Ahmedabad. Tishman Speyer forms Joint Development in Ahmedabad with Ganesh Housing Corp
Project Details:
- Location: Prime location behind Nirma University, Ahmedabad
- Area: 64 acres earmarked for SEZ development
- Phase 1 Size: 1.2 million sq ft of gross leasable area
- Total Potential Development: 12 million sq ft of processing and non-processing space
Partnership Highlights:
- Collaboration: Tishman Speyer will provide expertise in development, leasing, and property management.
- GHCL’s Role: Leverages local market knowledge and experience.
- Significance: This is the first such alliance for Ahmedabad’s property market and positions the city as a key talent hub.
Quotes:
- Shekhar G. Patel, Managing Director, GHCL: “We are pleased to partner with a global leader to create sustainable and world-class projects.”
- Parvesh Sharma, MD & Country Head – India, Tishman Speyer: “We are delighted to enter Ahmedabad with a strong partner in Ganesh Housing.”
- Saurabh Shatdal, MD-land & capital markets, India, Cushman & Wakefield: “This is a landmark partnership… This development will allow occupiers to cater to the growing migrant population of Ahmedabad.”
About the Developers:
- Tishman Speyer: A global developer with experience in major markets worldwide.
- Ganesh Housing Corporation (GHCL): A leading Ahmedabad-based developer specializing in residential projects.
Project Vision:
- Million Minds Tech City aims to be a vibrant IT hub with state-of-the-art tech parks, residences, co-living spaces, a hotel, and shopping malls.
- This project aspires to make Ahmedabad the “Silicon Valley of Western India.”
This collaboration marks a significant development for Ahmedabad’s real estate sector. The IT SEZ project has the potential to attract major IT companies, create jobs, and position Ahmedabad as a leading IT destination in India.
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 Land Acquisitions in Chennai and Bengaluru. Brigade Group, a leading real estate developer, has secured valuable land parcels in Chennai and Bengaluru with a projected total revenue of Rs 4,000 crore over the next 4-5 years. Brigade Group Signs Joint Venture Deal in Chennai and Bengaluru
Key Acquisitions:
- Chennai: Brigade Group signed a contract with the TVS Group for a mixed-use development on Mount Road, Chennai. This 1 million sq ft project will encompass office, retail, and residential spaces.
- Bengaluru: The company acquired land near Sarjapur Road for a joint development project. This strategically located area holds the potential for over 2 million sq ft of residential apartments.
Strategic Significance:
M.R. Jaishankar, CMD of Brigade Group, highlighted that these acquisitions align with their growth strategy focused on South India, particularly Bengaluru, Chennai, and Hyderabad.
Strong Pipeline:
This announcement comes after Brigade Group signed a Joint Development Agreement (JDA) last month for a 2.1 million sq ft project in Chennai. Additionally, they boast a substantial pipeline of upcoming developments in Bengaluru, Hyderabad, and Chennai, totalling around 10 million sq ft.
Overall Impact:
These land acquisitions solidify Brigade Group’s position as a major player in South India’s real estate market. The projects hold significant revenue potential and contribute to their diverse portfolio across various cities and property types.
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
