As Finance Minister Nirmala Sitharaman prepares to present the first budget of Prime Minister Narendra Modi’s third term, the real estate sector is teeming with anticipation. Industry players are hopeful for measures that will drive growth and stabilise the market. Key stakeholders have been vocal about their priorities, advocating for reforms and initiatives that address critical challenges and foster sustained development in this pivotal budget.

Transaction banking, also known as transactional banking, is a comprehensive suite of services offered by financial institutions to streamline business transactions and cash flow management. These services broadly fall under three verticals — security, cash handling, and international trade. For real estate companies within a country, the first two categories are particularly important. Real estate is a cash-intensive industry, requiring a smooth cash flow to function effectively.

The Bihar Chamber of Commerce and Industries on Wednesday asked Chief Minister Nitish Kumar and Urban Development and Housing Minister Nitin Naveen to review unexpected non-residential taxes in the state. The state government had enhanced the non-residential taxes up to three-fold in the non-residential segments. Subhash Patwari, the chairman of the Bihar Chamber of Commerce and Industries, said that unexpected enhancement of taxes in this segment is not practical on the ground at all. The state government should review it.

The urban development and housing (UDH) department on Wednesday has released the draft of Rajasthan’s first Regional and Urban Planning Bill. The draft legislation was first prepared by former Rajasthan CM Vasundhara Raje in 2013, but not be enacted because the Raje-led BJP govt was voted out of power. A senior UDH official said the fresh draft, which was uploaded on the department website for stakeholder suggestions, is likely to be tabled in the monsoon session of the Rajasthan assembly.

The hospitality industry encompasses establishments that serve individuals seeking respite, recreation, business, social activities or a celebration. It presents everything from opulent 5-star hotels to small boutique properties, all offering vast opportunities for development and creativity. Even though directly owning a luxury hotel requires significant capital, one can still gain exposure by investing in it through fractional ownership. This approach allows multiple individuals to jointly own shares in a property, often upscale establishments like luxury resorts.

The real estate industry is experiencing a notable shift towards luxury living, with 2024 emerging as a pivotal year in this transformative journey. According to a recent industry report by Cushman and Wakefield, Delhi-NCR leads among India’s major cities in offering luxury homes, with prices starting at Rs 15,000 per sq-ft. These cities witnesses’ luxury homes constituting a significant 61% of all new residential projects indicating a profound shift in consumer preferences.

The Ministry of Housing and Urban Affairs commemorated today the 9th anniversary of three landmark initiatives: the Atal Mission for Rejuvenation and Urban Transformation (AMRUT), the Smart Cities Mission, and the Pradhan Mantri Awas Yojana – Urban (PMAY-U), a PIB press release stated. These initiatives, launched on June 25, 2015, by Prime Minister Narendra Modi, was one of the key initiatives in the government’s efforts to improve the quality of life of the people living in urban areas.

Real estate developers and landowners joined hands to develop 1,546 acres of land and inked a total of 56 separate Joint Development Agreements (JDAs) over the past 18 months. Residential developments had a share of more than 97% (1,501 acres) in these signed agreements offering a development potential of 110 million sq. ft with an estimated gross development value of around ₹99,460 crore, according to a report by JLL. Out of the total 1,546 acres, the remaining 45 acres were allocated for the development of commercial projects which primarily included lease-based office projects.

A 3 BHK in a premium building in Andheri area of Mumbai was available for a monthly rent of ₹77,000 in 2021, which went up to ₹1.14 lakh in 2023 as redevelopment of old buildings in Mumbai picked up pace. Rents are currently hovering around ₹1.18 lakh per month due to increase in supply of redeveloped homes in the city. In the last few years, the surge in rental growth in Mumbai was driven by an increase in the number of redevelopment projects. Rental demand went up with several old buildings going in for redevelopment.

At 15.8 million square feet, office leasing in India grew 16% year-on-year across the top-6 markets during the April-June period of 2024. Mumbai and Bengaluru drove the office demand with 52% share, according to a new report released by property consultancy Colliers. The six markets under review include Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai and Pune. As per the report, Bengaluru and Mumbai led demand during the second quarter of the 2024 calendar, collectively accounting for 52% of the overall leasing activity during the period.