Daily Real Estate brief from PNT
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Home buying in Mumbai is undergoing a significant shift, as buyers now prioritize convenience over the traditional emphasis on location. Modern home buyers seek proximity to large retail outlets, malls and social infrastructure to align with their busy lifestyles. This shift reflects a more knowledgeable and research-oriented approach. Improved connectivity in Mumbai and the MMR region, driven by ongoing infrastructure projects, has contributed to this transformation. Areas like Goregaon, Kandivali, Borivali and Mira Road in the western suburbs are witnessing heightened demand, driven by connectivity improvements and better social infrastructure. This trend signifies a departure from the traditional focus on location, with convenience and lifestyle choices taking precedence.
? A residential flat spanning 395 square feet on the 19th floor sold in Nandivardhan Avisha in Girgaon for INR 89 lakhs
? A residential flat spanning 808 square feet sold in Posiedon Sukruti Samyra in Kalbadevi for INR 1.60 cr
Hiranandani Group introduces Eleva, a service consultant development model providing expertise in development, construction, design, marketing, and sales solutions for landowners and developers. Founder Niranjan Hiranandani notes the potential to aid projects in the market. The initiative, requiring no new investment, focuses on utilizing existing infrastructure. The first project, Vista in Andheri West, Mumbai, spans 3.33 lakh square feet, with plans for five projects covering nearly five lakh square feet by March 2024. The model's service-fee revenue approach positions the group as consultants for landowners with clear titles and statutory approvals.
Chennai-based WorkEZ, a managed office and co-working space provider, is set to invest Rs 63 crore in its expansion across Chennai, Bengaluru, and Coimbatore. Leasing four new centres, including spaces in Velachery and Alwarpet in Chennai, Bengaluru, and Coimbatore, the company's managed office space portfolio now spans 1.1 million square feet. WorkEZ aims to achieve a six-million-square-foot overall portfolio by FY2028. With an annual growth rate exceeding 50 percent, the company reported over 90 percent occupancy across its eight operational centres in Chennai and marked profitability in FY23 with a CAGR of just over 150 percent.
Ganga Realty unveils the Nandaka 84 uber-luxury residential project in Gurugram, committing an investment of over 1000 crores for its development. Strategically located near Dwarka Expressway and NH-48, the self-funded project spans 8.33 acres, featuring 3BHKs, 4BHKs, and penthouses across four towers. Partnering with London-based firm UHA, the project emphasizes green inclusivity with Miyawaki Gardens, medicinal and air-purifying flora, EV charging stations, and various amenities. Ganga Realty aims for single-phase completion by 2028, echoing the success of their first luxury project in Gurugram. The company's symbolic focus on "pure luxury" aligns with the growing demand for high-end residences in Gurugram.
The Bombay High Court, in a landmark decision, has assured tenants of the Ismail Baug building in Malad that their tenancy rights will be preserved despite the building's demolition. The court upheld the BMC's demolition notice, citing safety concerns, but emphasized that tenants would be reinstated once the building is reconstructed. The ruling came after a detailed consideration of conflicting structural audit reports and underlines the judiciary's commitment to balancing public safety with the protection of tenants' rights in urban development scenarios.
Maharashtra Real Estate Appellate Tribunal revises MahaRERA Order, highlights promoter's obligations
The Maharashtra Real Estate Appellate Tribunal (MREAT) has modified a 2019 MahaRERA order, directing the promoter, Neelkamal Realtors, of a Mira Road real estate project to pay interest from 2013 on amounts paid by home buyers until possession is granted. The case involved a couple who booked a flat in Orchid Ozone in 2010, and paid 90% without a registered agreement. Although possession was to be given in 2013, the couple hasn’t received it yet. The tribunal found flaws in MahaRERA's order and instructed the promoter to execute a sale agreement promptly upon receiving the occupancy certificate. The judgment highlighted the promoter's breach of payment ceiling and obligations under real estate laws.
The Enforcement Directorate (ED) recently apprehended Shashi Bala in connection with a money-laundering probe involving a Lucknow-based company accused of defrauding investors of Rs 800-1,000 crore. Bala, an active associate of the main accused, Rasheed Naseem, in the Shine City fraud, has been taken into custody. Naseem, the primary accused, is currently at large. A special court under the Prevention of Money Laundering Act has remanded Bala to ED custody until November 30. The ED revealed that Bala played a crucial role in assisting Naseem in concealing and laundering the proceeds of the alleged crime. The case involves raids, FIRs, and investigations into the financial misconduct.
The Mayor of Kolkata, Firhad Hakim, has recently directed the buildings department to collaborate with architects or licensed building surveyors for expedited approval of building plans on plots not exceeding three cottahs. This move aligns with a new regulation allowing citizens to apply for building sanction online for smaller plots, ensuring quick approval within 15 days if the submitted documents adhere to civic regulations. The initiative aims to address delays and simplify the building plan approval process, emphasizing the Kolkata Municipal Corporation's commitment to supporting citizens in construction endeavours on smaller plots.
At a recent event, UP Chief Minister Yogi Adityanath announced that over 55 lakh underprivileged individuals in Uttar Pradesh have received free housing under state and central government initiatives during his tenure. Speaking at the inauguration of development projects in Gorakhpur, Adityanath emphasized the success of housing schemes like Pradhan Mantri Awas Yojana and Mukhyamantri Awas Yojana, transforming the lives of millions by providing homes with essential amenities. The Chief Minister highlighted the broader development initiatives in the region and outlined plans for future projects, reaffirming the commitment to improving the quality of life for residents.
Tata AutoComp Systems sells a 13.26-acre land parcel in Pune's Maan area to Titania Industrial Development for Rs 134 crore. Tata has applied for rezoning the property in the industrial zone to residential zone. The strategic move aligns with Pune's growth dynamics, particularly in areas like Hinjewadi, which is witnessing increased business activity. Pune is hailed as a top real estate investment destination, exhibiting remarkable growth in sales and value. The present land transaction reflects the current trend of developers opting for residential development on acquired or existing land parcels amid the ongoing upcycle in the housing market across key cities.
The Securities and Exchange Board of India (SEBI) board has unveiled plans to regulate online platforms offering fractional ownership of real estate assets. These platforms will now need to register under a framework designed for small and medium real estate investment trusts (REITs), part of SEBI's efforts to oversee evolving online investment platforms. Additionally, SEBI announced the implementation of electronic storage for fresh investments by alternative investment funds (AIFs) from September 2024, aiming to enhance transparency.
The Nagpur Municipal Corporation (NMC) has intensified its crackdown on property tax defaulters by attaching 225 vacant plots in the Hanuman Nagar zone, totalling Rs 45.52 lakh in defaults. The affected plots include those owned by Shewanta Co-operative Housing Society Limited, Suvikas Co-operative Housing Society Limited, and Gangotri Developers, all located in the Hudkeshwar area. This action follows earlier notices and warrants issued by the NMC to property owners, emphasizing the municipality's commitment to enforcing property tax regulations and recovering outstanding dues.
The Nashik Municipal Corporation (NMC) plans to implement Geographic Information System (GIS) mapping for all properties within the city, aiming to identify and record over 5.2 lakh properties. Each property will receive a unique index number, facilitating easy access to information on built-up area and other details. This initiative aims to bring unrecorded properties under the tax net, boosting NMC’s revenue. The NMC also intends to outsource property tax bill distribution to a private agency, allowing the civic body to focus on tax recovery. Additionally, the mapping will cover both authorized and unauthorized slums to curb illegal settlements.
Wyndham Hotels & Resorts is set to launch its European brand, Vienna House, in India by mid-next year, aiming for 100 hotels in the country by 2025. The move seeks to attract foreign tourists bound for India, leveraging the Wyndham Rewards program. The company, with over 5,333 operational rooms and 35 hotels under development in India, emphasises tier two and tier three cities for broader distribution. The strategy aligns with infrastructure development, focusing on religious and wellness tourism, including strategic locations at pilgrimage sites, highlighting a multifaceted approach for sustainable growth over the next five years.
Bengaluru is gearing up for a major upgrade in urban transport with the announcement of a 287 km circular rail network by the Ministry of Railways. Aimed at easing traffic congestion, the project will connect various peripheral areas of the city, enhancing connectivity. The government has allocated 7 crore rupees for initial studies, with plans for detailed surveys and project reports underway. This initiative is part of a broader effort to modernize Bengaluru's infrastructure, promising a more connected and accessible city in the coming years.
Hong Kong's TEC plans a substantial Rs 240 crore investment for UAE expansion, aiming to add one lakh sq ft in the Middle East. The company allocates AED 62.75 million (Rs 142.48 crore) for Dubai and Rs 98 crore for Abu Dhabi. Recently securing a lease in Abu Dhabi's Al Maryah Tower, TEC's second centre in the UAE, underscores its growth trajectory to meet escalating demand for dynamic workspace solutions. Launching in January 2024, the Abu Dhabi centre will offer 175 workstations. TEC's global performance includes over Rs 100 crore investments, agreements for eight new centres in H1 2023, and a 24% annual revenue growth in India, contributing to its $283 million global revenue across 15 markets and 33 cities.
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