Daily Real Estate brief from PNT
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In a significant development in the Indian real estate market, both property buyers and sellers are now required to link their Aadhaar with their PAN card. Failure to do so can result in a substantial increase in the tax rate on property sales, jumping from 1% to 20%. The Income Tax department has initiated the process by sending notices to buyers of properties over Rs. 50 lakhs, emphasizing the importance of this digital connection. According to the Income-Tax Act, buyers in transactions exceeding Rs 50 lakhs must pay 1% TDS to the Central Government, making it crucial for both parties to ensure compliance to avoid financial penalties. The recent enforcement serves as a reminder of the evolving dynamics and financial implications of Aadhaar-PAN linkage in property transactions in India.
? A residential flat spanning 384 square feet sold in Atmiya Centria in Santacruz East for INR 88.55 lacs
? A residential flat spanning 1332 square feet sold in Shapoorji Pallonji The Minerva in Mahalaxmi for INR 5.76 cr
In a major development, the Enforcement Directorate (ED) has made its second arrest in connection with the money laundering investigation linked to Shine City in Lucknow. Abhishek Kumar Singh, identified as a key figure in facilitating the laundering of illicit proceeds, was apprehended from Sitapur. The investigation originated from approximately 250 FIRs against Rasheed Naseem and Shine City Group of Companies, accused of orchestrating a financial scheme that allegedly siphoned off Rs 800-1000 crore from the public. Singh's role in aiding Naseem in collecting, concealing, and laundering the ill-gotten gains has come under scrutiny, highlighting the complex web of financial misconduct surrounding Shine City.
Brigade Enterprises unveils 'Brigade Sanctuary,' a premium residential project spanning 14 acres on Whitefield-Sarjapur Road, Bengaluru. The joint development features 1275 units with 1-, 3-, and 4-bedroom homes, boasting a gross revenue potential of Rs. 2,000 Cr. Positioned strategically for easy access to Sarjapur, Varthur, Whitefield, and the outer ring road, the project prioritizes comfort, functionality, and aesthetics. Brigade Group commits to preserving over 500 trees, maintaining 80% open spaces, and providing a 32,000 sq ft clubhouse and 35 modern amenities. The project incorporates diverse natural elements and has set a completion target for December 2028.
Nagpur Municipal Corporation's fire audit exposed serious safety lapses, identifying 1,848 high-rise and special buildings lacking firefighting measures, violating Maharashtra's fire safety laws. Among these, 1,286 were declared unsafe, prompting eviction notices. To enforce the eviction, authorities disconnected water and power to 821 buildings, with criminal cases filed against 122 building owners. The audit also revealed alarming data that of the 5,595 buildings, only 903 obtained fire compliance certificates. The police are instructed to act, while district court cases highlight violations, primarily related to missing firefighting arrangements and unauthorized constructions. The situation underscores the critical need for stringent fire safety measures.
Haryana’s Department of Town and Country Planning (DTCP) intensified checks on illegal constructions in Saraswati Kunj, Golf Course Road, demolishing eight unauthorized buildings due to the absence of permissions and ongoing litigation. Over the past two years, more than 3,000 unauthorized structures have been razed in multiple drives, yet violators persist in rebuilding. District Town Planner Manish Yadav led the recent demolitions amid police presence. Saraswati Kunj, entangled in a legal dispute since 2004, faces ongoing challenges related to plot allotments. Concerns about the area becoming a hub for illegal structures prompted the DTCP to request barricading the colony's boundaries and restricting building material entry.
The Bangalore Development Authority (BDA) contemplates raising prices of 1,700 unsold flats by 10% due to the state government's upward revision of property guidance values. With poor sales in projects in Kaniminike and Konadasapura, officials are considering the move to pose a challenge to their marketing strategy. The potential hike may also affect the Puneeth Rajkumar Housing Complex's villa project, complicating the sale of the 322 villas there. Officials indicate a possible 10-20% increase in villa prices from the base cost, impacting BDA's ambitious development plans.
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The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has successfully mediated and resolved disputes related to the Royal Castle project in Ghaziabad, developed by Suncity Hightech Infrastructure. The allottee, Ram Kumar Bansal, faced delays and interest accrual since the scheduled possession in 2017. Following UP-RERA's intervention, the developer agreed to allocate two plots and pay approximately Rs. 22 lakhs as delay interest. The matters were transferred to UP-RERA's Conciliation Forum, emphasizing its efficacy in resolving disputes. UP-RERA has previously directed several developers to participate in online hearings for 21 complaints, showcasing its commitment to addressing grievances in the real estate sector.
Ericsson has signed a substantial office space deal with Skootr at Gurgaon's Vatika One on One building, marking one of India's largest managed workspace agreements. Covering 525,000 square feet, Ericsson's commitment involves an immediate occupancy of 325,000 square feet, with a right of first refusal for an additional 200,000 square feet. The move highlights a growing demand for flexible office spaces in the country. The builder, Vatika, is expected to deliver the first phase in 3-6 months, with Skootr handling fit-out over the subsequent 3-4 months.
The Greater Noida Industrial Development Authority (GNIDA) aims to expedite Uttar Pradesh's economic growth by inviting applications for 22 commercial plots. The Commercial Plot Allocation Scheme (FAR-4.0) offers plots in various sectors, including Delta-2, Alpha-2, Ecotech-12, Technozone-8, Sector 12, and Sector 10. The registration deadline is December 8, with the process conducted through the State Bank of India's e-tendering portal. The earnest money deposit (EMD) ranges from Rs 2.19 crores to Rs 10.17 crores. This strategic initiative seeks to attract investment and stimulate industrial development in Greater Noida, contributing to the overall economic progress of the region.
Over the past four months, the Greater Noida Industrial Development Authority (GNIDA) has processed nearly 5,000 registries across more than 20 housing projects. This initiative, following developers settling their dues and obtaining occupation certificates, has contributed Rs 100 crore in revenue, with stamp duty payments amounting to Rs 150 crore for the state government. GNIDA's CEO, Ravi Kumar NG, highlighted the adoption of a flat-wise registration system for efficiency, ensuring smooth ownership rights for homebuyers. The Authority actively addressed homebuyer concerns through camps, and despite awaiting the state government's rehabilitation package, GNIDA remains committed to resolving builder-buyer issues within existing policies.
The Itomachi Hotel O in Saijo, Japan, designed by architect Kengo Kuma and spearheaded by semiconductor company Advantec, is drawing attention as the nation's first zero-emissions hotel. Inaugurated as part of a regional revitalization effort, the hotel achieves net-zero carbon emissions through rooftop solar panels, contributing to the city's renewal amid population decline. The multifunctional complex, featuring a market and restaurants, serves as an emergency shelter with a 140-kilowatt solar capacity. The hotel enhances this to 300 kilowatts, securing the highest green accreditation in Japan. This innovative project not only addresses environmental concerns but also exemplifies the integration of sustainability with community-driven regional development.
The BMC is actively reassessing two ambitious projects on Little Gibbs Road, Malabar Hill, situated above twin coastal road tunnels, following the Silkyara tunnel collapse. This safety review, triggered by a citizen-activist complaint, involves scrutinizing proposals for 3-4 storey basement construction by Aakar Architects and Barai Architects. Both firms, acting as liaising consultants, received no-objection certificates for high-rise buildings. Concerns arose about the potential risks to the twin tunnels and their structural integrity. Chief Engineer MM Swami emphasized adherence to the original plans for safety. Barai Architects acknowledged the BMC's letter, while Aakar Architects' response remains pending.
Knight Frank's Ski Report 2024 notes a substantial 4.4% increase in average ski chalet prices from June to June, the highest since 2014, excluding a pandemic-induced surge. The surge is attributed to a shortage of luxury chalets and robust demand, with a 56% decline in listings across major French resorts. A global survey reveals 60% of respondents anticipate further price increases in Alpine properties. The market expansion draws buyers from Asia, the Middle East, and southern Europe, attracted by low costs, currency diversification, and climate considerations. Despite challenges like climate change, Alpine resorts are adopting sustainability measures. The report underscores the enduring appeal and profitability of Alpine properties for investors amid evolving market dynamics.
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