Daily Real Estate brief from PNT
Welcome to the latest edition of?PNT Real Estate Daily! Through our digital only newspaper, we aim to provide a 360 degree coverage of the latest events, stories, updates and occurrences from the real estate industry from around the world.
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Nuvama Asset Management, the alternatives-focused arm of Nuvama Wealth Management Ltd., and global commercial real estate services firm Cushman & Wakefield have teamed up to launch a Category-II Alternative Investment Fund (AIF) with a target size of Rs 3,000 crore. The fund, named PRIME Offices Fund, is expected to have a tenure of six years and will invest in Grade-A office spaces across key micro markets in six major Indian cities, including Bengaluru, NCR, Pune, Mumbai, Chennai, and Hyderabad. The partnership aims to provide domestic investors with attractive opportunities in the commercial real estate market, focusing on Grade-A offices.
? A residential flat spanning 688 square feet sold in City Maker Aman Griha in Bhuleshwar for INR 1.60 crores
? A residential flat spanning 586 square feet sold in Build Square Domain in Govandi for INR 97 lakhs
Force majeure is a French term that literally means “greater force.” It is related to the concept of an act of God; an event for which no party can be held accountable. A builder usually includes this clause in the sale agreement to give each party more time to fulfil any obligation in case such an event occurs.
Signature Global, the Delhi NCR based real estate developer, reports a robust 47% surge in Q3 FY 2023-24 sales bookings, reaching Rs 1,262.73 crore. Sales of 1,179 units, up from 1,089 in 2022, contributed to this growth. In the first nine months, a 41% increase in sales bookings was recorded, totalling Rs 3,124.12 crore. The successful IPO in September 2023, raising Rs 730 crore, showcases investor confidence. CEO Rajat Khaturia outlined ambitious plans for residential projects spanning 21 million square feet in the next six to seven years.
Arihant Superstructures Limited has revealed plans for a new Low-rise township project covering 118 acres near Panvel, Navi Mumbai. The project, acquired through outright purchase and Joint-Venture transactions, holds a development potential of 2 million sq. ft. Situated close to Chowk Railway Station, integral to the Panvel-Karjat Railway Corridor, it expands the company's land bank to over 335 acres. The strategic location aligns with Navi Mumbai International Airport & MTHL developments, totaling a gross potential of 12 million sq. ft. The due diligence process is underway, targeting completion within six months, as the company reports substantial revenue growth in FY23.
Thane Municipal Corporation, led by Commissioner Abhijit Bangar, announced a stringent month-long demolition drive against illegal constructions starting January 10. This action, backed by Chief Minister Eknath Shinde's directive, targets notorious areas like Kalwa, Mumbra, and Diva. The operation, under the Maharashtra Prevention of Dangerous Activities Act, includes demolishing unauthorized structures and penalizing landlords for reconstruction. The drive aims to dismantle illegal buildings completely, with significant police and civic force deployment. This initiative, amid past corruption concerns, marks a determined effort to eradicate the city's long standing illegal construction issues.
The Enforcement Directorate (ED) has provisionally attached properties totaling Rs 6.93 crore belonging to builder Shailesh Savla in connection with a money laundering case linked to the rehabilitation of slum dwellers at the Juhu Taj Slum Society. The ED recently filed a chargesheet against Savla and his companies for selling flats intended for slum dwellers to influential individuals. The case involves irregularities in the allotment of residential accommodation and shops under the Juhu Taj Slum Rehabilitation Scheme, with Savla allegedly selling "slum flats" to prominent figures under fraudulent circumstances. The provisional attachments include a residential flat and fixed deposits.
In a highly successful e-auction, the Delhi Development Authority (DDA) witnessed remarkable demand, with 274 apartments, including penthouses and super HIG flats, swiftly booked under the prestigious 'Diwali Special Housing Scheme - 2023.' Offering diverse options, especially in Dwarka, the scheme caters to discerning homeowners. Marked by intense bidding and premiums reaching 80%, this event reflects a robust market appetite for DDA properties. The resounding success of this e-auction, coupled with the ongoing 'first come, first serve' scheme, signifies the DDA's steadfast commitment to providing accessible and premium housing solutions in Delhi.
SEBI (Securities and Exchange Board of India) has proposed measures to enhance transparency and fairness in the Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) sector. The proposals include limiting the number of subordinate units issued by REITs and InvITs, ensuring uniformity in the rights granted to these units, and imposing a ceiling on the extent of subordinate units that can be issued. SEBI aims to foster a more balanced and standardized market environment by introducing these measures. The regulator has invited insights and feedback from market participants and stakeholders on these proposals until January 31.
The Haryana sports department in Panchkula showcased proactive measures, clearing dues of Rs 2.2 crore to secure key sports facilities and capitalise on property tax rebates. Mayor Kulbhushan Goyal hailed a record-breaking property tax collection of Rs 17.05 crore, attributing success to a well-executed campaign. Despite outstanding dues, the MC emphasised resident participation, extending operational hours and urging timely tax payments for ongoing city development. Initiatives targeting defaulters reflect an ongoing commitment to streamline tax collection, ensuring sustained city growth.
The legal dispute over Hotel Wildflower Hall in Himachal Pradesh has concluded with the High Court mandating East India Hotels (EIH) to cede control to Himachal Pradesh Tourism Development Corporation (HPTDC) within two months. The court's order, following EIH's unsuccessful plea for review, upholds HPTDC's "warrant of possession" filed on December 15, 2023. Originating from a 1993 fire, EIH managed the property via a joint venture until disputes led to the state terminating the agreement in 2002. The court's decision recognizes the contractual intricacies, affirming legal integrity and concluding the protracted legal battle over Hotel Wildflower Hall.
During his recent visit to Tamil Nadu, Prime Minister Modi inaugurated projects worth over Rs 20,000 crores across various sectors, emphasizing their role in the state's progress, job creation, and improved transportation. He paid tribute to late Captain Vijayakanth, praising his impact in cinema and politics, and commended Dr. M.S. Swaminathan, the 'Father of India's Green Revolution.' Modi spoke at Bharathidasan University, lauding Indian youth for patent filing growth and quoting Tamil verses for a courageous world. The visit highlighted developmental initiatives and celebrated Tamil Nadu's cultural and intellectual contributions.
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