August 9, 2024: As a part of their expansion plans across South Asia, Atmosphere Living India, a subsidiary of Atmosphere Living Dubai, is all set to invest around 500 crore in luxury real estate markets across India. These projects funded by the parent company shall have key projects in places like Goa, Lonavala, Himachal Pradesh, Jaipur, and Mysore.

Each of them will offer a seamless combination of real estate with hospitality, offering an unparalleled living experience. In tandem with these developments, Atmosphere Core, the hospitality arm of the group, will also be opening new hotels in Kolkata, Coorg, and Bhopal over the course of next three months

“Luxury villas will be constructed and sold alongside these hotels by Atmosphere Living, further enhancing the synergy between real estate and hospitality. This will be a unique blend of real estate and hospitality to South Asia. With our upcoming projects, we aim to set new benchmarks in ultra-luxury living, beginning with our flagship Ozen-branded residences in Mussoorie.” Sandeep Ahuja, CEO of Atmosphere Living

The flagship project in Mussoorie is spread over 11.5 acres of land jointly owned by Atmosphere Living and the landowner, will feature a 100 key hotel, 70 villas available for sale and leaseback, 90 luxury apartments for sale, and 12 ultra-luxury residences that will be sold without the leaseback option. The design of the Mussoorie property will reflect the rich heritage of the region, with palace-like structures that capture the essence of the locale. The Mussoorie project will be branded under THE OZEN COLLECTION, making it the first Ozen-branded residence in India

Atmosphere Living provides a unique investment opportunity for elite homeowners, allowing them to lease their residences back to the company. These properties can then be rented out, offering a lucrative income stream for homeowners. This innovative model not only enhances the value of the homes but also provides an effortless ownership experience backed by world-class hospitality services.

National – August 8th, 2024 – CBRE, world’s leading real estate consulting firm, announced the findings of its report, ‘H1 2024 Asia Pacific Flexible Office Market’. According to the report, Bangalore topped the list of 20 APAC cities with the highest flexible office stock at 15.5 mn. sq. ft. in the APAC region, including Shanghai, Seoul and Tokyo. Delhi NCR ranks second in the city list with a total stock 10.7 mn. sq. ft. (till June’24) of flexible office space. Recent growth in the Asia Pacific flexible office space market has been primarily driven by Indian cities, where the expansion is supported by the demand for managed solutions offered by domestic flexible space operators.

The report highlights that Delhi NCR witnessed the highest increase of 26 % in the flexible office stock since CY 2023. Other Indian cities also did exceedingly well with Hyderabad and Mumbai making it to the top 10 cities, with 6.8 and 6.1 mn. sq. ft. of flexible office stock, respectively.

The Asia Pacific flex space market continues to display stable growth, with the total stock of flexible office space in the APAC region reaching 89 million sq. ft. as of June 2024, an increase of 3.9% from CY 2023. The report points out that the APAC region is home to approximately 3,000 flex space centers. With strong leasing activity by flex space operators during this period, it is anticipated that the pace of new flex center openings will continue to be rapid throughout the remainder of the year in these markets.

Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE, said, “Recent growth in the Asia Pacific flexible office space market has been primarily driven by Indian cities, where expansion has been underpinned by demand for managed solutions offered by domestic flexible space operators. The ongoing expansion of the flexible office space market in India highlights its significance as a strategic option for businesses adapting to the changing demands of workspace needs”.

Henry Chin, Global Head of Investor Thought Leadership and Head of Research, CBRE APAC, said, “Recent years have seen an evolution in business strategy by operators of flexible office space in Asia Pacific. In the post-COVID era, operators’ priorities have shifted towards income diversification, turn-key managed solutions, and maximizing centre utilization. Operators are increasingly differentiating their brands and exploring alternative deal structures, such as management agreements and CapEx contributions by landlords, to create more sustainable business models. Leveraging turn-key managed solutions enables operators to increase commitment terms while providing additional value to occupier solutions”.

The report also points out that despite a return to growth mode after the pandemic subsided, the Asia Pacific flexible office space market has now entered a period of normalized expansion compared to the pre-COVID boom years.

CBRE APAC study covered 20 major Asia-Pacific markets, including Japan, China, South Korea, Philippines, Hong Kong, Australia, Vietnam, Singapore, Australia, Taiwan, New Zealand and India.

In a significant move that brings relief to homeowners and the real estate sector, Finance Minister Nirmala Sitharaman has proposed an amendment to the Finance Bill, 2024, offering taxpayers the option to choose between a 12.5% Long-Term Capital Gains (LTCG) tax rate without indexation or a 20% rate with indexation for properties acquired before July 23, 2024. The amendment, now widely welcomed by the industry, had earlier faced backlash warning that the initial proposal to eliminate indexation benefits, as outlined in Budget 2024, could hamper the growth of the real estate sector. The proposed amendment now provides much-needed flexibility and ensures that taxpayers can opt for the most beneficial tax calculation method. Below are insights from industry leaders on this development.

Mr. Prashant Sharma, President, NAREDCO Maharashtra

 “We welcome the amendment to the Finance Bill by Finance Minister Nirmala Sitharaman, providing taxpayers with the flexibility to choose between a 12.5 per cent LTCG rate without indexation or a 20 per cent rate with indexation for property acquired before July 23, 2024. This decision is a significant relief for the real estate sector, which has been concerned about the potential impact of the indexation proposal introduced in Budget 2024. The ability to select the more favorable tax computation method ensures that homeowners and real estate investors are not unduly burdened by changes in tax regulations. This move by the government reflects an understanding of the complexities within the real estate market and its importance to the overall economy. We believe this amendment will help maintain investor confidence and support the sustained growth of the real estate sector, benefiting not just developers, but also homebuyers and the larger economy.”

Mr. Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Vice President, CREDAI-MCHI

 “The recent amendment proposed by Finance Minister Nirmala Sitharaman to allow taxpayers the option to choose between a 12.5% LTCG rate without indexation or a 20% rate with indexation for properties acquired before July 23, 2024, is a welcome relief for the real estate industry. This balanced approach not only addresses the concerns raised by stakeholders but also provides homeowners with flexibility in managing their tax liabilities. The initial proposal to eliminate indexation benefits had sparked significant apprehension within the sector, as it threatened to impact the growth momentum we’ve been working hard to maintain. By reintroducing these options, the government has shown its responsiveness to the industry’s needs and the broader economy. This move will encourage continued investment in real estate, providing stability and fostering confidence among both developers and homebuyers. We commend the government’s decision and look forward to continued collaboration to support sustainable growth in the sector.”

Mr. Rajeev Ranjan, Co-Founder & CEO, The Mentors Real Estate Advisory Pvt. Ltd

 “The proposed amendment by the Finance Minister allowing taxpayers to choose between a 12.5% LTCG rate without indexation or a 20% rate with indexation for properties acquired before July 23, 2024, is a significant relief for property owners and investors. This flexibility will empower taxpayers to make decisions that best align with their financial strategies, especially in a real estate market that has witnessed varied growth patterns. By offering this choice, the government not only acknowledges the diverse nature of property investments but also provides a much-needed breather for those looking to optimize their tax liabilities in a challenging economic environment.”

Mr. Vedanshu Kedia, Director, Prescon Group

 “The recent amendment to the Finance Bill, allowing taxpayers to choose between a 12.5% Long Term Capital Gains (LTCG) rate without indexation and a 20% rate with indexation for properties acquired before July 23, 2024, is a much-needed relief for property investors and homebuyers. This move reflects the government’s responsiveness to the concerns raised by the public at large and shows empathy to the citizens who plan their taxes in advance. By providing homeowners with the flexibility to opt for the more beneficial tax regime based on individual circumstances, this amendment will help sustain investor confidence and encourage continued investment in the sector as the government acknowledges the vital role that real estate plays in our economy. We believe this decision will positively impact both developers and homebuyers, fostering a healthier, stable and more resilient real estate market.”

All funds raised support the nonprofit’s mission to empower families and accelerate research toward treatments and a cure for Rett syndrome.

(St. Louis, Mo., Aug. 9, 2024) — The International Rett Syndrome Foundation (IRSF) will host its 17th annual St. Louis Strollathon on Sat., Oct. 19 with registration starting at 1 p.m. and the walk beginning at 2 p.m. The one-mile family-friendly stroll, which will be held at the JCC St. Louis located at 2 Millstone Campus Dr., includes a visit from Fredbird, entertainment and food.

The St. Louis Strollathon has raised a total of more than $900,000 since its first event in 2008. The Strollathon is the area’s major fundraising event and brings together families from across the Midwest affected by Rett syndrome. All proceeds will benefit the International Rett Syndrome Foundation.

Rett syndrome is a rare genetic neurological disorder that occurs almost exclusively in girls (one in 10,000 births), more rarely in boys, and leads to severe impairments. It is usually recognized in children between six to 18 months as they begin to miss developmental milestones or lose abilities they had gained, including their ability to speak, walk, eat, and even breathe. Rett particularly affects speech, purposeful hand use, and coordination, leaving individuals trapped in their own bodies, understanding more than they can communicate. There is currently no cure for Rett syndrome.

St. Louis is home to a specialty clinic – a collaboration between Washington University School of Medicine and St. Louis Children’s Hospital. The clinic has a team of specialists with substantial experience in the diagnostic evaluation and treatment of individuals with Rett syndrome.

Since 2004, these nationwide family-friendly strolls have raised more than $17 million to advance IRSF’s mission to empower families and accelerate research toward a world without Rett Syndrome.

The International Rett Syndrome Foundation (IRSF) is the leading Rett syndrome research and advocacy organization. IRSF has invested over $58 million in research leading to identifying Rett syndrome’s cause, demonstrating Rett syndrome is reversible in mice, and supporting the clinical trials that led to the first-ever FDA-approved treatment. For more information, visit www.rettsyndrome.org.

Donations are appreciated to the Strollathon, which is free and open to the public. For more information, call (314) 346-1323 or visit the organization’s website at www.st-louis.strollathon.org.