Daily Real Estate brief from PNT
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Asha Mukul Agarwal, a director at Param Capital, has reportedly purchased three luxury apartments in Malabar Hill for a total sum of Rs 260 crores. These apartments are located in a project being developed by Macrotech Developers.. The combined area of the three flats is said to be over 20,000 square feet, with two apartments on the 25th floor and one on the 24th floor. A stamp duty of approximately Rs 13 crores was paid for the registration of the agreements last month. The Lodha Malabar project is expected to be completed in June 2026. Other notable purchases in the same project include Niraj Bajaj's and the JP Taparia family's acquisitions. The demand for luxury residential properties in Mumbai remains strong, with the city leading in luxury transactions this year.
There is never a dull moment in Mumbai’s real estate market landscape. Prop News Times brings you some of the most exciting deals real estate deals across the Mumbai Metropolitan Region this week: A residential flat in Paradigm Antalya was sold for Rs 87.3 lacs. The flat was located on the 8th floor and its carpet area is approximately 411 square feet. The rate per square foot for the deal was approximately Rs 21,000/-, a residential flat spanning 844 square feet, situated on the 15th floor of a tower in Godrej Platinum complex was sold for Rs 2,85 crores, at an approximate rate per square foot of Rs 33,800/- and a 574 square foot residential apartment situated on the 27th floor of a tower in Arihant Clan Aalishan was sold for a sum of Rs 1.09 crores at an approximate rate per square foot of Rs 18,900/-.
Panvel, situated in Maharashtra's Raigad district, is emerging as a prime residential and commercial hub within the Mumbai Metropolitan Region (MMR). Its proximity to the proposed Navi Mumbai International Airport fuels its growth. With well-planned infrastructure, educational institutions, healthcare facilities, and excellent connectivity via road and rail networks, Pavel attracts residents from diverse backgrounds. In a bustling week from September 18 to 24, 2023, the real estate market saw 24 transactions. Notable projects like Hiranandani Fortune City Phase 1 and Wadhwa Wise City led the way. The area offers a range of affordable housing options, making it appealing to first-time buyers.
The Greater Noida Authority (GNIDA) has issued its third notice to Supertech, a real estate developer, following complaints from residents of Ecovillage 1 regarding around 100 unauthorized shops within the society. The notices highlight violations of regulations and demand the removal of these establishments within 15 days. GNIDA had previously directed the removal of an unauthorized gate and encroachment on a green belt. Supertech faces potential legal action if they fail to comply. As tensions escalate, residents seek accountability for the alleged violations, while Supertech claims it has not received communication from GNIDA.
The Sanfran Group, a prominent real estate and infrastructure company in India, has transformed the economically backward region of Jhansi, Bundelkhand, into a flourishing area with over 1000 crores in construction development. Over the past seven years, the group has not only developed residential properties but also hospitals, clubs, resorts, and international-level schools. The once isolated area, now known as "New Jhansi," has become the most sought-after and developed location in Bundelkhand, offering investors an impressive return on investment (ROI) of nearly 400%. Despite industry challenges, the group has successfully delivered projects ahead of RERA timelines, attracting buyers through positive word-of-mouth.
The state government of Uttar Pradesh has introduced amendments to the UP Urban Planning and Development Act, making it mandatory for individuals and organizations to pay special amenity fees and urban use charges for land use within the state. These changes aim to drive urban development and provide additional revenue for improved facilities and services. Under the new regulations, authorities can collect charges for elevated land use and land use changes, with the funds deposited into the Special Amenities Development Fund of the respective authority. A committee has been established to calculate these fees and charges, marking a significant shift in land use regulations in Uttar Pradesh.
The High Court of Himachal Pradesh has expressed dissatisfaction with the director of urban development for submitting inadequate compliance affidavits. The court has warned against accepting incomplete submissions and given the director three weeks to provide a comprehensive affidavit regarding the status of land transfer for construction waste dumping sites. Other respondents in the case must also submit their responses. The court found the previous affidavit to be lacking in details about land transfer progress and implementation of relevant laws. It emphasized the need for more informative and detailed affidavits in the future.
The Andhra Pradesh State Housing Corporation Limited is launching the "Navaratnalu Pedalandariki Illu" Scheme, aimed at benefiting economically disadvantaged sections of the state. This initiative involves allocating 30.65 lakh housing plots spanning 71,811 acres with an investment of Rs. 56,102 crores. Ownership titles are granted to women beneficiaries, with a focus on backward classes, scheduled castes, scheduled tribes, and other castes. Additionally, 2.62 lakh houses are being constructed for urban poor across 163 locations. The government is providing energy-efficient infrastructure, including LED bulbs and fans, resulting in significant energy savings. This initiative reflects the state's commitment to improving living conditions and promoting equality.
The Gurugram district administration has issued directives to the builders of 23 high-rise buildings for structural safety audits. The builders have been instructed to submit their building plans to auditing agencies within a week. The administration has made it clear that if structural defects are found during the audit and repairs are needed, the cost will be shared equally between the Resident Welfare Association (RWA) and the builder. This initiative comes after visual inspections of 55 societies in Gurugram revealed 23 buildings with structural issues. The district administration is prioritizing the safety of residents in multi-story buildings and taking proactive steps to address potential risks.
Bureaucratic hurdles have been causing delays in the approval process for high-rise construction projects in the city, leading the Confederation of Real Estate Developers Association of India (CREDAI) to request Chief Minister M K Stalin's intervention. CREDAI expressed concern over the increasing number of pending files in the housing department, despite certain files being cleared during a high-rise building panel meeting in May 2023. These delays have created financial setbacks for developers, impacted the real estate sector's growth, and eroded investor confidence. The real estate industry has urged the Chief Minister to direct the housing department to expedite approvals and establish a system to prevent future delays. The housing department has acknowledged the issue and promised to investigate and expedite the approval process.
To protect homebuyers in Gujarat, the Gujarat Real Estate Regulatory Authority (RERA) will take action against builders conducting soft launches or marketing before obtaining RERA registration. This proactive measure seeks to prevent developers from selling units at discounted rates before securing RERA approval, ensuring buyers are not left vulnerable without legal protection. RERA officials are monitoring social media for such activities and imposing penalties for violations.
A major fire broke out at a Mukherjee Nagar PG facility in northwest Delhi, allegedly due to faulty electrical wiring ignored by the building owner despite multiple complaints. Thirty-five individuals were rescued, and a case has been registered against the owner. A police probe is underway to determine if fire safety protocols were violated. The Municipal Corporation of Delhi (MCD) has ordered a survey of all PG facilities in the area. Survivors claim repeated pleas to fix wiring issues were ignored. This incident follows the MCD's recent sealing drive against coaching centres without NOCs after a similar fire left 61 students injured.
Godrej Properties (GPL) has acquired a 49% equity stake in Godrei Skyline Developers (GSDPL) for Rs 37.64 crore from an existing shareholder. With this acquisition, along with its subsidiary Godrej Projects Development (GPDL), GPL now holds a commanding 93% equity share capital of GSDPL. Additionally, GPL has acquired approximately 109 acres of land near Samrudhhi Mahamarg, Nagpur, where it plans to develop primarily plotted residential units, offering an estimated saleable area of 2.2 million sq ft. GSDPL reported a turnover of Rs 230.72 crore in FY23, as disclosed in regulatory filings.
IndoSpace, a leading developer of industrial real estate and logistics parks in India, is embarking on a major expansion plan to meet the rising demand in the e-commerce and manufacturing sectors. The company plans to invest approximately $3 billion in assets across key Indian markets, including Delhi/NCR, Mumbai, Pune, Bengaluru, and others. Over the next three years, IndoSpace aims to add 22 million square feet of industrial and warehousing space, with around $1 billion allocated for acquiring new properties. This expansion aligns with IndoSpace's goal to nearly double its operational space from 30 million to 58 million square feet in the coming years, supported by the recent fundraising efforts and the IndoSpace Logistics Parks IV (ILP IV) fund.
The Karnataka Stamps and Registration Department achieved a historic milestone by recording a remarkable revenue of Rs 311 crore in a single day through the registration of 26,058 documents. This accomplishment follows significant revenue collections on other days, highlighting the department's efficiency. The surge in registrations and revenue is partly attributed to the introduction of the Kaveri2 software, which has streamlined property registration processes. Additionally, the impending increase in property guidance values from October 1 has likely spurred higher demand for registrations. This achievement underscores the department's dedication to service and the positive impact of technological advancements on administrative processes and state revenue.
The Nagpur Municipal Corporation (NMC) has identified 1,664 properties, including private hospitals, clubs, lawns, and theatres, with overdue property tax totalling Rs66.38 crore. Private hospitals lead the list with 722 of them owing Rs27.29 crore. Seven clubs owe Rs 28.68 lakh, 322 marriage halls and lawns owe Rs18.83 crore, and 19 theatres owe Rs2.95 crore. NMC plans coercive actions, including property attachment and auction, against these defaulters. Hanuman Nagar zone tops the list with 159 properties, including hospitals and hotels, owing Rs21.12 crore, followed by Dhantoli and Laxmi Nagar zones. NMC aims to ensure regular tax payments from commercial properties.
Dusit International has expanded its presence in China with the opening of Dusit Thani Mogan Mountain, Huzhou. This luxury resort is Dusit's 11th property in China and is located in the Zhejiang, Jiangsu, and Shanghai economic region, offering a tranquil retreat for both business and leisure travellers. The resort is set amidst the natural beauty of Mogan Mountain, known for its pristine landscapes and tea plantations. The property features eco-friendly design, wellness facilities, Thai-inspired spa treatments, and a focus on well-being. Guests can enjoy activities like hiking, biking, and paddleboarding in this serene environment.
TIDEL Park Limited, a joint venture in Tamil Nadu, is fast-tracking the construction of a mega IT and ITES office space in Trichy, aiming to replicate the success of its Chennai counterpart. A consulting firm will be selected within a month to provide design and project management consultancy for the ambitious project, which will consist of two phases of premium office space near an integrated bus terminus. The project, supported by a significant government investment, is set to commence construction by March 2024 and is expected to address the growing demand for office spaces in the region.
In the 56th meeting of the Network Planning Group (NPG) under PM Gati Shakti, six infrastructure projects, totalling approximately 52,000 crore, were assessed, including four from road transport and two from Railways. The projects, part of the ongoing initiative, bring the total number assessed to 112, with a cumulative value of around 11.53 lakh crore since the launch of PM Gati Shakti. The Ministry of Road Transport and Highways presented four road projects, while two railway projects were evaluated. Adherence to Gati Shakti principles and emphasis on multi-modality and socio-economic development were highlighted.
In the UK, house sellers are increasingly reducing their prices to attract buyers during the autumn selling season, according to data from property platform Zoopla. Over the past four weeks, discounts have risen to 4.2% from the original asking price, averaging ￡12,125 per property, the highest level of discounts since March 2019. This comes as the Bank of England pauses its interest rate increases, but analysts believe that due to the expectation of continued high interest rates, further house price declines may be needed before market activity rebounds. Some areas, like London and the southeast, are seeing the most significant discounts.
SBB, a Swedish real estate company facing financial difficulties, is considering selling a majority share in its residential division, which owns 23,000 apartments. This move is part of the company's efforts to restructure its operations to address upcoming debt obligations. SBB recently sold a portion of its school property business to Canadian investor Brookfield as the initial step in its restructuring plan. The company aims to focus on its community-focused division, which includes care homes, government facilities, hospitals, and more.
The iconic Upper East Side townhouse, known for its role as Miranda Priestly's residence in "The Devil Wears Prada," has been sold for $26.5 million to an undisclosed buyer. Despite selling for a million dollars less than its initial listing price, this marks a significant increase from the $8.8 million the Effron family paid for it two decades ago. The Neo-Italian Renaissance building, designed by architect Henry Allan Jacobs in the early 1900s, spans 12,000 square feet across five levels, with seven bedrooms, ten bathrooms, and luxurious amenities, including a rooftop terrace with a hot tub.
NEOM, the futuristic city in Saudi Arabia, is preparing to host its first W Hotel and a JW Marriott property. Marriott International is finalizing plans for these luxury accommodations in the Trojena ski resort within the NEOM mountains. The JW Marriott is expected to become a hub for global conferences and events, while the W Hotel will cater to visitors enjoying the snowy mountain. Trojena is set for completion in late 2026, with Marriott's properties anticipated to open around that time, coinciding with the Asian Winter Games in 2029. These hotels are part of NEOM's ambitious development plans for the region.
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