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Team iPropUnited
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Bahrain to Launch Over 50 Mega Projects Worth Millions of Dinar

By
Team iPropUnited
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Bahrain’s government is set to launch over 50 mega projects worth millions of dinars in the housing, education, health, digitalization, and artificial intelligence sectors, as part of the draft 2023-2024 national budget.

The projects are expected to significantly improve the quality of services and boost the country’s development and infrastructure.

The projects will cost a total of BD1.123 billion, with BD608.6 million allotted for this year and BD514.1 million for next year. The government will provide BD450 million, divided equally over two years, while the rest of the funds—BD383.6 million this year and BD289.1 million next year—will be allotted from the GCC Development Programme.

The budget’s financial allocation for infrastructure projects would be 38%, housing and community facilities 33%, youth, sport, culture, and information 11%, education, health, and social services 4%, and the remaining 13% would be set aside for miscellaneous sectors.

Some of the major projects include the Bahrain Metro, Sports City, Salman Industrial City, Salmaniya Medical Complex (SMC) revamp, completing the fourth bridge between Muharraq and Manama, developing all roads leading to the airport, constructing the new National Assembly, and giving the media sector a facelift.

The budget aims to reduce the deficit drastically from BD2.3 billion in 2021-22 to BD569.7 million in 2023-24. The total revenue is estimated to reach BD6.57 billion, divided into BD3.1 billion in 2023 and BD3.47 billion in 2024.

To prioritize projects, the Shura Council Financial and Economic Affairs Committee Chairman Khalid Al Maskati urged the government to create a list, numbering projects from highest to lowest in importance. Al Maskati also wanted the government to identify the impact each project would have on the country’s progress and development.

The Bahrain Metro project is expected to cost BD11.7 million this year and next, and BD91.3 million until completion in 2029. The SMC revamp is expected to cost BD3 million and BD4 million in 2023 and 2024, respectively, and BD2 million in 2025. The new Sports City is due to be completed by the end of 2025, with the project costing BD100.8 million this year and the next and BD84.8 million beyond 2024. The new National Assembly is set to cost BD20 million. A total of BD2 million has already been spent, BD3 million will be allotted over the two budget years, and BD15 million beyond.

The fourth bridge between Muharraq and Manama has already cost the government BD40 million, while it will cost BD65.8 million over two years and BD55.2 million beyond 2024. Developing all roads leading to the airport will cost BD13.2 million over the two budget years and BD5.8 million in the future, and Salman Industrial City will cost BD7.6 million over the two budget years and BD3.1 million beyond.

To give the media sector a facelift, the government will spend BD8 million, divided equally over two years, on new broadcast and production equipment and refurbishing existing facilities. Digitalizing government services will cost BD4.

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Europe’s Most Indebted Property Tycoon Struggles as the Era of Free Money Ends

By
Team iPropUnited
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The end of the era of free money has had a catastrophic impact on financial markets, with commercial real estate set to be the next victim.

One of Europe’s most indebted property tycoons, Ilija Batljan, has been hit particularly hard. Over the past decade, Batljan has built a Nordic real-estate empire through low-cost loans. His company, SBB, specializes in social infrastructure and has purchased health clinics, schools, and even police stations, leasing them back to local governments. As a result, individual investors were eager to invest in SBB’s stocks, which soared. Ernst & Young, the company’s auditor, hailed Batljan as Sweden’s “entrepreneur of the year.”

However, soaring interest rates have severely impacted SBB, making it among the hardest hit in Europe’s increasingly fragile property markets. Prices in the region have plummeted by a fifth over the past year. Sweden’s main financial regulator warned of a “time of reckoning” for commercial property. SBB’s shares have plunged by around 80% from a late 2021 peak, wiping out $15 billion of market value. Short sellers have targeted SBB, while S&P Global Ratings has warned of a possible downgrade, a move that could add more costs and complicate plans to pay off debts.

Batljan’s personal finances are also under pressure. He used his own stockholdings for significant personal borrowing. To raise cash, SBB sold a stake of a portfolio of schools and preschools to private-equity giant Brookfield Asset Management.

Investors are increasingly concerned about risks in the global property market, particularly after Silicon Valley Bank’s collapse. Banks, private-equity firms, and ordinary investors have significant exposure to real-estate lending. Many are worried that the real-estate market could inflict broader economic damage, given the pandemic-induced changes in commuting and retail patterns.

The boom-bust cycle in Sweden was magnified. The country’s finance sector weathered the 2008 financial crisis, thanks to caution adopted after an early 1990s real-estate bust. “SBB is sort of the perfect example of what happened in the Swedish market,” said Edoardo Gili, an analyst at the real estate-focused Green Street Advisors. SBB has the second-highest level of debt of all the companies Green Street covers, equal to roughly 66% of the value of its assets. SBB argues that it calculates its debt levels differently, at roughly 49% of its portfolio value, a measure that doesn’t count as a form of SBB’s so-called hybrid bonds as debt.

Batljan, 55, said SBB was well-positioned given its low vacancy rate and long-term leases with governments. He said the company has quickly pivoted to strengthening its finances and has few debt maturities this year. He added that his personal borrowing was conservative, with plenty of cushion. “It’s not the strongest of the species that survive,” he said, paraphrasing Charles Darwin. “It’s the one that is the most adaptable to change.”

Born in Montenegro, Batljan emigrated to Sweden as war raged in his home region in the early 1990s. He earned a Ph.D. in social work and later took up a career in politics. After leaving.

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Co-Working Share in Office Real Estate Reaches 27% in Q1 2023, Reports Showed

By
Team iPropUnited
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As the world navigates the hybrid work culture post-Covid pandemic, the demand for flexible office spaces has surged to an all-time high. According to recent reports, co-working spaces have seen a significant rise in demand, with major companies and businesses, including startups, embracing flexible working arrangements that fit with physical offices.

The Q1 2023 data released on Tuesday showed that co-working share in office real estate has risen to 27 percent, up from 14 percent in Q1 2019. Out of a net absorption of approximately 8.2 million square feet across the top seven cities in Q1 2023, co-working spaces had a 27 percent share.

Bengaluru and Delhi-NCR lead the way among the top cities, accounting for 66 percent (about 1.43 million square feet) of net co-working absorption in Q1 2023. Pune and Chennai together saw nearly 0.52 million square feet of co-working spaces absorbed in the same period.

The report also highlighted that many IT/ITeS companies prefer flexible spaces over regular office spaces today, with a strong emphasis on workspace flexibility for employees. This trend has boosted the demand for co-working spaces in cities like Bengaluru, Chennai, and Pune, where relatively low vacancy levels in Grade A offices have further strengthened the demand.

The surge in demand for co-working spaces can also be attributed to the growing number of companies following a hybrid working culture, which involves setting up smaller satellite offices or remote teams using neighborhood, on-demand co-working spaces.

As the trend continues to gain momentum, the report suggests that developers of commercial office assets across the country will align with co-working operators and carve out specialized co-working spaces for them.

Utkarsh Kawatra, Senior Director of myHQ (Anarock Group), said, “Coworking space demand weakened considerably after Covid-19 disrupted the workplace equation across the country. “We’re seeing a decisive reversal of this negative trend now, with coworking particularly attractive because of the disrupted IT/ITeS employment scenario.”

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USAID, Signature Global, and CEEW deploy air quality monitoring network in Gurugram to reduce air pollution from construction activities

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Team iPropUnited
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The United States Agency for International Development (USAID), Signature Global (India) Limited, and the Council on Energy, Environment and Water (CEEW) have teamed up to deploy an air quality monitoring network in Gurugram to determine pollution concentrations at construction sites and promote clean construction practices.

The network comprises nine air quality monitors and one automatic weather station, and the data collected from it will be provided to project developers and research teams through a dashboard that captures pollution concentrations during different on-site construction activities. The pilot project, supported by USAID under the ‘Cleaner Air and Better Health’ initiative, aims to reduce air pollution from construction activities.

The deployment of the air quality monitoring network is expected to strengthen the regulation of pollution activities on construction sites and promote clean construction practices. During winters, the government imposes blanket bans on construction activities to reduce air pollution, which leads to project delays and affects homebuyers, investors, and developers. To mitigate this issue, Signature Global (India) Ltd and CEEW have partnered to explore innovative ways to embrace cleaner construction practices.

The Chairman of the National Real Estate Development Council (NAREDCO), Praveen Jain, said that no agency, including the government, has a clear idea of the exact amount of pollution generated by construction activities at their sites. To address this issue, a study is being conducted by IIT Delhi, and the report will be out soon. Jain hopes that the study will yield positive outcomes.

Recently, the Haryana State Pollution Control Board issued a public notice directing all project sites of more than 500 square meters to install reliable PM2.5 and PM10 sensors to measure microscopic fractions of particulate matter in the air, which can cause serious health problems when inhaled.

The CEO of CEEW, Arunabha Ghosh, said that construction and demolition activities represent a significant source of air pollution, and a construction site can have an outsized role in residents’ exposure to pollution. Monitoring air quality around construction sites and introducing protocols that promote self-regulation by the industry and demonstrate their best practices is an important first step in mitigating this large source. This pilot project aims to find solutions to reduce air pollution from construction activities.

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Real Estate Crowdfunding: A Revolutionary New Avenue for Investing in the Property Market

By
Team iPropUnited
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In recent years, real estate crowdfunding has emerged as a popular new way for investors to enter the property market. Crowdfunding offers investors the opportunity to invest in real estate projects with smaller amounts of capital than traditional property investments would require. This article takes a closer look at the concept of real estate crowdfunding and how it is transforming the property investment landscape.

What is Real Estate Crowdfunding?

Real estate crowdfunding is a form of crowdfunding that allows multiple investors to pool their funds together to invest in a real estate project. Investors can contribute as little as a few hundred dollars to a crowdfunding campaign and in return, receive a share of the profits generated by the project.

Real estate crowdfunding platforms act as intermediaries between investors and property developers, providing a platform for developers to showcase their projects and for investors to browse and choose projects they want to invest in. The platforms also handle all the administrative tasks associated with the investment, such as legal documentation, payment processing, and distribution of profits.

Benefits of Real Estate Crowdfunding

One of the main benefits of real estate crowdfunding is the ability to invest in real estate projects with smaller amounts of capital than traditional property investments require. This allows investors with limited financial resources to enter the property market and potentially earn significant returns.

Real estate crowdfunding also offers investors the opportunity to diversify their investment portfolio. By investing in multiple projects across different locations and property types, investors can spread their risk and minimize the impact of any single investment performing poorly.

Furthermore, real estate crowdfunding allows investors to invest in projects that align with their values and interests. For example, investors may choose to invest in sustainable or socially responsible real estate projects that aim to reduce the carbon footprint or promote community development.

Challenges of Real Estate Crowdfunding

Despite its benefits, real estate crowdfunding also poses certain challenges that investors should be aware of. One challenge is the lack of liquidity associated with real estate investments. Unlike traditional stocks or bonds, real estate investments cannot be easily sold in the event of an emergency or financial need.

Furthermore, the success of a real estate crowdfunding investment is heavily dependent on the success of the underlying project. If the project fails to generate the expected returns or runs into legal or regulatory issues, investors may lose their entire investment.

Final Thoughts

Real estate crowdfunding is an innovative new way for investors to enter the property market with smaller amounts of capital than traditional investments require. It offers investors the opportunity to diversify their portfolio, invest in projects that align with their values, and potentially earn significant returns.

However, as with any investment, real estate crowdfunding also poses certain risks that investors should be aware of. It is important to thoroughly research and understand the project, the developer, and the platform before investing any capital. With careful consideration and due diligence, real estate crowdfunding can be a revolutionary new avenue for investing in the property market.

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UP Govt Orders Removal of Illegal Constructions on Public Lands Including Parks and Ponds

By
Team iPropUnited
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The state government of Uttar Pradesh has directed all urban bodies to identify and remove illegal constructions and encroachments on government lands, including parks and ponds. The government has also ordered that information regarding the encroachments should be provided on the Anti Land Mafia Portal (IGRS Portal).

The government’s move comes after the success of its anti-land mafia campaign, which has freed land worth thousands of crores of rupees from the land mafia. The urban bodies have been directed to mark public lands, parks, and ponds in their jurisdictions that are being encroached upon by the land mafia or anyone else. These government properties should be freed from encroachments, and necessary legal action should be taken against the illegal occupants.

The Directorate of Local Bodies will make the information regarding the encroachments available to the government. The Revenue Department has been running an anti-land mafia campaign since 2017 to remove encroachments from public lands and to take effective action against illegal encroachers. To ensure the success of the campaign, a four-level task force has been constituted at the state, divisional, district, and tehsil levels.

Chief Secretary DS Mishra is the chairman of the State Level Anti Land Mafia Task Force (SLALMTF), while the Principal Secretary of Urban Development, along with other departments, are members of this SLALMTF. With this directive, the responsibility of removing illegal encroachments on government land now falls on the urban bodies, who will have to ensure that all such encroachments are registered on the IGRS Portal.

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New Home Listings in the US Drop by 22.4% YoY, Driving Up Prices Due to Scarcity on the Market, Redfin Report Reveals

By
Team iPropUnited
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According to a new report from Redfin, new home listings in the U.S. have dropped by 22.4% year over year, resulting in one of the biggest declines since the pandemic began. Homeowners are hesitant to sell due to increasing mortgage rates and limited options for homes on the market. As a result, nearly half of the listed homes are selling within two weeks of being listed, driving up prices due to competition among buyers.

The U.S. median sale price fell 2.8% annually to $367,053, marking the ninth consecutive four-week period of declining sale prices. However, in cities where new listings are especially rare, home prices have increased, encouraging prospective sellers to enter the market.

The latest report from Redfin has revealed that new home listings in the United States have hit record lows, with a 22.4% year-over-year decline during the four weeks ending April 23. The drop marks one of the largest declines in new listings since the beginning of the pandemic. Homeowners are reportedly reluctant to sell their homes due to increasing mortgage rates and the limited number of options on the market. With fewer homes available for sale, it seems like the logical choice for most homeowners is to stay put.

Despite pending home sales being down 17% from this time last year, the lack of new listings is resulting in homes selling more quickly. According to the report, almost half of listed homes are selling within two weeks of being put on the market, which is the highest portion in almost a year. This competition among buyers created by the scarcity of available homes is keeping prices from falling faster. The U.S. median sale price fell 2.8% annually to $367,053, marking the ninth consecutive four-week period of declining sale prices, according to Redfin.

Redfin’s deputy chief economist, Taylor Marr, explained that high mortgage rates have caused some homebuyers to back out of the market. However, there are still more people looking for a home than there are homes for sale. This is good news for homeowners who want or need to sell their home now. Home sale prices have declined in 29 of the 50 U.S. metro areas analyzed by Redfin. The city with the largest decline in prices is Austin, Texas, which dropped 13.7% year over year. Oakland, California, followed closely with a 13.5% drop, while San Francisco prices fell 12.3%, Anaheim by 10%, and Sacramento by 9.4%.

However, in some cities where new listings are particularly rare, sellers who price their homes in line with the market are attracting multiple offers, Marr said. These propped-up home prices and values bode well for the future of the housing market because they may eventually lure more prospective sellers off the sidelines.

As for cities where home sale prices increased, Fort Lauderdale, Florida, saw the biggest jump, with prices rising 10% from last year. Miami followed with an 8.7% increase, and Cleveland prices were up 7.9%. Ohio’s two other largest cities, Cincinnati (up 7.5%) and Columbus (up 7%), also saw higher home prices.

The lack of new home listings in the U.S. has resulted in record low numbers and is pushing up prices due to competition among buyers. While the decline in sale prices continues, some cities with rare new listings are seeing a rise in home prices. This could encourage prospective sellers to enter the market, potentially changing the current dynamic.

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Noida Authority earmarks Rs 1,000 crore for land acquisition in ‘New Noida’ area

By
Team iPropUnited
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The Noida Authority has announced that it will allocate Rs 1,000 crore for the acquisition of land in the new area known as ‘New Noida.’ Additionally, a provision of Rs 500 crore has been made for land acquisition in the existing Noida area. The Authority also approved a budget of Rs 6,920 crore for the year 2023-24, during its 209th Board Meeting.

The Noida Authority Board has set a revenue target of Rs 8,920 crore and an expenditure target of Rs 6,503 crore for the financial year 2023-24. The Authority stated that it had achieved its target of revenue and expenditure for the financial year 2022-23, which was set at Rs 4,880.62 crore and Rs 4,579 crore, respectively. The board noted that in the last financial year, the income and expenditure in Noida exceeded the set target.

The Authority has directed the Revenue Department to speed up land acquisition efforts for the coming months after expressing dissatisfaction with the progress made last year. An expenditure of Rs 1,906 crore has been approved for infrastructure development and construction work, which will include administrative office, Sector-96, construction of elevated roads, and more.

The Authority has also made a provision of Rs 141 crore for village development, which will include cleanliness arrangements, road repair, and urban maintenance work. The announcement was made after the 209th Board Meeting of the Noida Authority, held in the presence of UP Industrial and Infrastructure Development Commissioner Manoj Kumar Singh and Authority CEO Ritu Maheshwari.

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Income Tax Department Searches Premises of G Square, Denies Allegations of Links with Ruling DMK’s ‘First Family’

By
Team iPropUnited
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The Income Tax department conducted searches on Monday on the premises of G Square, a well-known Tamil Nadu-based real estate firm, in various locations in the state including Chennai, Coimbatore and Tiruchirappalli. The searches were reportedly held in the Karnataka and Telangana offices of the real estate firm too.

Amid reports that DMK MLA from the city M K Mohan was also being raided by the tax officials, his supporters staged a protest against the agency’s action. However, the city-based firm denied any allegations of links with the ruling DMK’s ‘first family’.

Some persons, including BJP state unit chief K Annamalai, had alleged that the company had links to the DMK’s ‘first family’, which G Square denied in response to Annamalai’s charges. The company said it had been “subjected to unwarranted persecution” for the past few months and there was no truth in the allegations.

In a statement, G Square said that as an organization, it believed in transparency and assured everyone that they had nothing to hide and nothing to fear. The company said it was fully cooperating with the authorities throughout the process and hoped that this validation would put an end to the malicious propaganda that had been spread against them.

Meanwhile, Tamil Nadu Housing and Urban Development Minister S Muthusamy said that no special concessions had been extended to G Square. He told reporters at Erode that G Square is a private firm that was started in 2013, and the present DMK Government is not giving any special concessions to the firm. No favoritism is shown to the company by the department of Housing and Urban Development.

The searches on G Square come amidst an ongoing crackdown by the Income Tax department on tax evaders and those who have undisclosed assets. The government has been stepping up efforts to crack down on black money and tax evasion in recent years.

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Noida Authority announces 6-10% hike in allotment rates for residential and institutional plots

By
Team iPropUnited
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The Noida Authority has announced a 6% to 10% increase in allotment rates for residential, group housing, and institutional plots. The decision was made during the Authority’s board meeting on Sunday, chaired by Manoj Singh, the Authority chairperson and infrastructure and industrial development commissioner.

The rates for flats built by the Authority or commercial properties leased by it remain unchanged. This is the second time in eight months that the Authority has revised land rates, with the last hike being 20-30% in August 2022.

The residential plots in the E category saw the highest hike of 10%, while plots in the A, B, C, and D category sectors saw a 6% hike, and there was no change in rates for A+ category plots. The Authority also increased the allotment rates for group housing, industrial, IT/ITES, and institutional plots by 6%.

The board also approved a budget of Rs 6,503 crore, almost 40% higher than last year’s allocation of Rs 4,579 crore. The revenue target was also increased by 40% to Rs 6,920 crore. The higher revenue was attributed to the allotment of plots through e-auctions.

The Authority has also made a provision of Rs 500 crore for acquiring land in Noida and Rs 1,000 crore for plots in New Noida (Dadri-Noida-Ghaziabad investment region). A corpus of Rs 1,906 crore was approved for development and construction work, including the construction of the Authority’s administrative office, elevated roads, underpasses, and other sectors. A provision of Rs 141 crore was made for developing rural areas, including road repairs and urban maintenance work.

The Authority’s share in the construction of the Noida airport was also discussed, with a total of Rs 1,830 crore made available by the Authority for the project, based on its 37.5% share. The Authority has also paid its share of Rs 1,467 crore for the acquisition of private land, out of a total estimated amount of Rs 3.913 crore.

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