Daily Real Estate brief from PNT
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Three individuals, identified as Kakasaheb Khade, Vikas Dahiphale, and Mohini Tandale, are accused of defrauding 19 Navy officers of Rs 23.13 crore by promising them land in Uran in 2019. Operating under the name Sky Garuda Developers, the accused set up an office in CBD and advertised the sale of Non-Agricultural plots. After initial payments, the accused changed the promised plot location, and when the investors demanded their money back, the trio provided a bounced cheque. The case has been transferred to the Economic Offence Wing, with investigations ongoing under sections 420, 406, and 34 of the IPC.
? A residential flat spanning 1,669 square feet sold in K Raheja Vivarea in Mahalaxmi for INR 10cr.
? A residential flat spanning 843 square feet on the 12th floor sold in Kalpataru CHS in Ghatkopar East for INR 1.8cr.
Macrotech, operating under the Lodha brand, has entered into a significant developmental agreement for a slum rehabilitation project in Mumbai's Worli district, valued at Rs 359.48 crore. As part of the state government's slum rehabilitation initiative, Macrotech will handle the free-sale component while reserving the rehabilitation segment for approximately 172 slum residents. The land spans 85,153 square feet, with a Floor Space Index (FSI) approval of 5.172. The Lodha Group and Sattadhar Constructions will equitably share net revenue from the sale of constructed flats. This reflects the surge in slum redevelopment projects in Mumbai, driven by social and economic imperatives and offering developers additional FSI rights to construct premium residential complexes within the same area.
Kolte-Patil Developers Ltd, a prominent Pune-based real estate company, reported remarkable sales growth in H1 FY24. Their sales surged by 64%, totalling INR 1,333 crore, driven by new project launches and steady progress in ongoing developments. The strong performance, marked by a 72% increase in sales bookings for Q2 FY24, reflects the company's commitment to enhancing customer experiences and delivering quality projects. The CEO emphasized their strong foundation and strategic investments, positioning them to create significant value for stakeholders. Kolte-Patil Developers has its presence in Pune, Mumbai, and Bengaluru.
Banks supporting Jaiprakash Associates Ltd (JAL), a company under the Jaypee Group, have submitted affidavits in the Allahabad High Court, endorsing JAL's request to reverse a decision by the Yamuna Expressway Industrial Development Authority (YEIDA) to cancel the allocation of 1,000 hectares of land. YEIDA had revoked the allocation, citing unpaid land dues of Rs 3,621 crore. JAL, however, contends the outstanding amount is Rs 1,483 crore. The court had directed the banks to clarify their positions earlier. The court further directed JAL to provide an affidavit explaining their differences with YEIDA's calculations.
Several filmmakers and companies, including actors Akshay Kumar and Kangana Ranaut, have shown interest in the International Film City project in Sector 21, Noida, Uttar Pradesh. The Yamuna Expressway Industrial Development Authority (YEIDA) floated a global tender for the third time on September 30, aiming to attract investors for the project's first phase. Representatives from production houses associated with Boney Kapoor and Ajay Devgn, as well as international firms like Sony and Universal, are reportedly interested. The tender, covering 230 acres out of the total 1,000, seeks development, operation, and maintenance partners on a public-private partnership model.
Atmosphere Realty Pvt. Ltd., a consortium of The Wadhwa Group, Man InfraConstruction Limited, and Chandak Group, has obtained the Occupation Certificate (OC) for towers ‘D’ and ‘E’ in its 'Atmosphere O2' project at Mulund. The consortium has received the OC 15 months ahead of schedule. This is attributed to guidance from Japanese Conglomerate Marubeni which is also involved in the project. This achievement reflects a commitment to quality construction and customer satisfaction in the real estate sector. The 'Atmosphere O2' project spans 5.13 acres with up to 85% open spaces emphasizing on green spaces and Wadhwa’s focus on natural light and ventilation in each residence. The project offers 20+ amenities, a spacious clubhouse, and good connectivity.
The Bombay Development Directorate (BDD) chawls redevelopment project now has a revised completion date of 2026, following a recent site visit by MHADA vice-chairman Sanjeev Jaiswal. The project encompasses three locations, including NM Joshi Marg, Naigaon, and Worli, spanning 12 acres. Originally constructed by the British over a century ago, the chawls consist of 160 square feet houses with shared restroom facilities. The redevelopment plan aims to provide tenants with 500 square foot homes, attached toilets, and numerous amenities in high-rise towers. Despite challenges and criticism, this ambitious project signifies a positive step towards modernizing the historic chawls and enhancing housing conditions in the area.
In a significant development, Chief Minister Eknath Shinde has approved the allocation of ownership flats to over 4,700 government employees residing in Bandra (East), Mumbai's government colony. This decision, following a meeting chaired by Shinde, aims to optimize land use by redeveloping the sprawling 90-acre colony. Roughly 10 acres will be designated for a slum rehabilitation scheme, benefitting both slum dwellers and government employees in Class II and III categories. Additional ownership flats will be provided to Class IV employees within the 12 buildings slated for redevelopment. While facing some criticism, this proactive approach addresses Mumbai's housing challenges and promotes equitable urban development.
The Children Welfare Centre (CWC), a prominent educational institution in Mumbai's western suburbs, is facing investigation over the alleged misuse of land plots leased to them by the BrihanMumbai Municipal Corporation (BMC). Accusations include sub-leasing to a national school chain, charging excessive fees, unauthorized constructions, and Coastal Regulation Zone (CRZ) violations. An MLA has filed a complaint, urging the cancellation of permissions granted to CWC. Preliminary inspections revealed unauthorized construction and other concerns on CWC properties. CWC's principal has refuted the allegations, insisting their educational expansions adhere to lease terms.
Following two building collapses in Dombivli, the Kalyan-Dombivli Municipal Corporation (KDMC) has established a Specialized Survey Team. Tasked with identifying potentially hazardous structures, the team aims to prevent further incidents. One of the recent collapses involved a building not previously marked as dangerous, highlighting the need for this initiative. The team has been formed in all 10 KDMC wards and it comprises experts from various departments. They will conduct thorough assessments and report daily findings, ensuring the safety of Dombivli residents.
The Haryana cabinet, led by Chief Minister Manohar Lal Khattar, has approved the "Haryana Municipal Urban Built-Plan Reform Policy, 2023," allowing residential plots in planned schemes to transform into commercial properties. This policy responds to evolving urban development needs and aims to regulate commercial conversions within municipal core areas. Property owners will face various charges, including scrutiny fees, conversion fees, development charges, and composition fees. The policy also includes measures to regularize unauthorized constructions and support dependents of deceased police personnel through appointments under civil service rules.
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A Delhi court has ordered an FIR against a builder for allegedly defrauding a buyer, Masud Alam, of Rs 1.3 crore under the pretence of selling a property in Bara Hindu Rao. The property, paid for between August 2019 and July 2021, was later sealed by the Municipal Corporation of Delhi. Accused Mohammad Gulfam Qureshi and Anshul Goel reportedly pressured Alam for payments, despite construction delays. The case highlights the need for vigilance in property transactions.
Delhi's Winter Action Plan, initiated by Chief Minister Arvind Kejriwal, is in full swing to combat air pollution as the city prepares for winter. At its forefront is the Anti Dust Campaign, featuring 591 teams from 13 departments, inspecting construction sites to enforce dust control guidelines. Fines for non-compliance send a stern message to violators. The Green War Room coordinates these efforts, while bio decomposer spraying and anti-smog guns are also used. This campaign, lasting from October 7 to November 7, is crucial for mitigating winter air pollution. Stricter penalties await severe violators, and public participation is encouraged through the Green Delhi App, reflecting a unified effort to create a cleaner, healthier Delhi.
Mercedes-Benz Research and Development India Private Limited, a leading luxury car manufacturer, has extended its lease for seven floors in Bengaluru's Embassy Crest building. The five-year lease, commencing on May 1, 2023, covers 5.42 lakh square feet and involves a substantial monthly rent of Rs 2.5 crore and a security deposit of Rs 48 crore. These office premises are dedicated to research and development (R&D) and IT purposes, and the agreement includes a 5 percent annual escalation clause. This renewal highlights Mercedes-Benz's commitment to innovation and R&D, reflecting the vital role of technological advancements in the automotive industry's future. Choosing Bengaluru underscores the city's tech and innovation prominence, positioning it as a key hub for research and development in the automotive sector.
India is on the cusp of a data centre expansion, set to potentially double its capacity to 23 million sq ft within three years. A recent report, "India Data Centers: Entering Quantum Growth Phase," by Colliers India and CII, unveiled this promising outlook, projecting a $10 billion investment opportunity across seven leading cities. The report covers key cities, showcasing their IT load capacity, emphasizing the pivotal role of real estate in India's economic growth, and the growing importance of ESG standards in the real estate sector. With factors like data consumption and regulatory changes, data centre capacity could reach 1,800MW by 2026, led by Mumbai, Chennai, and Hyderabad. Tier-II cities also emerge as potential data centre locations, signifying India's digital transformation and the vital role of both Tier I and Tier II cities.
In the first half of FY24, private equity investments in the Indian real estate sector experienced a notable shift. The ANAROCK Capital report "FLUX - 1H FY24" revealed an increase in the average investment size to USD 117 million, primarily driven by a massive deal involving Brookfield India Real Estate Trust REIT and Singapore's GIC. Despite subdued overall investment activity, the top 10 deals accounted for 95% of total PE investments. Office assets, especially Grade-A properties, remained a top choice for investors. Emerging trends included growing interest in data centres and continued debt investments in the luxury residential sector. Equity investments dominated, and multi-city transactions, particularly in Mumbai, surged. The sector showed resilience, with promising opportunities for both domestic and foreign investors.
In the first half of the 2023-24 fiscal year, property registrations in the Indore and Ujjain divisions surged, with 2,73,876 properties registered across 15 districts. This resulted in a revenue of Rs 1,993 crore, marking a 13% increase from the previous year. Indore alone contributed Rs 1,088 crore which is attributed to its booming IT and commercial sectors. Infrastructure developments including expanded road and metro networks, have further fuelled the property market's growth in and around Indore.
The India-Pakistan cricket rivalry took centre stage at the world's largest cricket stadium in Ahmedabad, Gujarat, on October 14, 2023. India's victory left fans ecstatic, but it wasn't just the match that had everyone talking. MakeMyTrip, one of India's leading online travel companies, released a controversial ad ahead of the game. The ad offered discounts to Pakistani fans based on the margin of their team's loss. While intended as a joke, the ad generated mixed reactions. Some found it disgraceful and insensitive, while others appreciated its light-hearted spirit. The India-Pakistan rivalry continues to evoke strong emotions, sparking creativity and debates that show no signs of slowing down. MakeMyTrip has yet to comment on the ad.
Residents of Kopri, Thane East, are vehemently opposing the construction of a three-story building at a crematorium, claiming it encroaches on the space used for children's final rites. Despite authorities insisting on renovation, the residents, demanding control be handed over to Thane Municipal Corporation, cite inadequate facilities on the grounds. Allegedly, a previous attempt at constructing a prayer hall halted in 2013 due to protests. Concerns include security lapses, with instances of guards being drunk and dogs interfering. TMC asserts the ongoing work aims to enhance cremation efficiency with additional pyres, not build a hall.
GMR is securing a INR 4,000-crore loan for the construction of a greenfield international airport in Visakhapatnam (Vizag). Led by India Infrastructure Finance Company (IIFCL), the consortium is providing a 14-year loan with an approximate interest cost of 10%. The Vizag airport, GMR's fourth major airport in India, is planned in three phases, accommodating 6 million passengers initially and scaling to 40 million once fully developed. The airport aims to boost GMR's aviation business and serve as a significant development for northern Andhra Pradesh. The loan involves moratoriums during construction and the initial operational year.
The Himachal Pradesh cabinet has made significant amendments to the Shimla Development Plan, allowing residential construction in specific green belt areas while prioritizing tree conservation. Changes to HP Town and Country Planning Rules permit construction near water bodies, balancing land use and safety. The "Van Mitra" scheme engages communities in forest conservation, and the recruitment of forest guards strengthens conservation efforts. The cabinet also approved a passenger ropeway system, promoted amateur radios for emergency communication, and streamlined traffic regulation enforcement. These decisions signify a comprehensive approach to sustainable urban development, environmental conservation, and community engagement in Himachal Pradesh.
Kaisa Group, a troubled Chinese property developer, has informed its creditors in a Hong Kong courtroom that they may recover as little as 5% of their investments in the event of a forced liquidation. This revelation came during a hearing concerning a winding-up petition related to Kaisa's failure to repay onshore bonds. Many Chinese property developers are grappling with winding-up petitions following the real estate sector's debt crisis in 2021. Kaisa's history of financial difficulties adds to concerns, as it remains uncertain about restructuring plans. The company's financial distress is evident, and the outcome of the court proceedings could have broader implications for China's economy and real estate market.
Zaha Hadid Architects has unveiled plans for a 330-meter-tall skyscraper in Saudi Arabia’s Neom development, set within the Trojena ski resort. The tower, named the Discovery Tower, will offer retail, dining, exhibitions, and observation decks. It’s set to become a symbol for Trojena, a region offering year-round skiing and adventure sports. Alongside it, an open-air museum will grace the mountain peaks. In the same Discovery Cluster, a futuristic lookout promises to showcase the mountain’s details through innovative technologies. Additionally, the Neom project includes the Cosmic Gate, a stargazing camp. This visionary project comprises four regions, each with unique characteristics, redefining urban living and tourism.
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