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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MahaRERA’s strong action against projects that don't update their Quarterly Progress Reports (QPR) on the website has yielded results. In January, only 2 out of 746 projects updated their reports, but in February, 131 out of 700 projects did, and in March, 150 out of 443 projects did so. Thus, the response rose from 0.2% in January to 18.71% in February and nearly doubled to 34% in March. Developers are required by law to register and update details on the MahaRERA website, and failure to do so results in notices and, in some cases, suspension of project registration. Through these measures, MahaRERA emphasizes transparency and accountability in the real estate sector.
Kharghar, situated in Navi Mumbai, is a rapidly developing residential and commercial hub known for its well-planned infrastructure, modern amenities, and green spaces. In November, the real estate landscape in Kharghar witnessed 35 apartment transactions across 14 different buildings, with Developer Sales dominating the market. Notable projects like Mahaavir Exotique and Sai World Empire led in terms of deals, with Sai World Empire achieving the highest-priced and largest carpet area apartment at Rs. 2.17 Crores for 1,058 square feet. The rate per square foot ranged from Rs. 7,770 to Rs. 33,600, with a weighted average rate of Rs. 13,500. Kharghar remains an affordable and thriving locality, with more than 60% of flats sold below Rs. 1 Crore.
? A residential flat spanning 1045 square feet sold in Indiabulls Blu in Worli on the 12th floor for INR 5.81 Crores
? A residential flat spanning 1075 square feet sold in Nathani Heights in Mumbai Central on the 71st floor for INR 5.10 Crores
A RERA registration number is a number provided by the RERA authorities to a project upon successful registration with the body. One project may have multiple RERA registration numbers. This number can be used to view the progress of the project on the corresponding RERA website.
In response to a petition from CNC Mangalore-Kavoor Project Pvt Ltd, the Karnataka High Court has affirmed that authorities must acquire land owned by private individuals through Section 69 of the Karnataka Town and Country Planning (KTCP) Act, 1961. The ruling underscores the legal obligation for proper acquisition procedures, restricting the use of private land for public projects. The decision establishes a precedent for adherence to the statutory framework in land acquisition, emphasizing the importance of due process and regulatory compliance in such matters.
The National Company Law Tribunal (NCLT) has granted approval for IIFL Finance's claim against Satra Properties as financial debt, following an insolvency resolution dispute. IIFL Finance's claim, surpassing Rs 185 crore, includes principal amounts and interest. The loan was secured through various means, including mortgages and pledges, and later Satra Properties' defaulted on these loans. Despite a consent agreement in 2019, the resolution professional rejected IIFL's claim during insolvency proceedings. NCLT's recent decision emphasizes that Satra Property Developers had agreed to mortgage its property, prioritizing proceeds for repaying IIFL Finance, reinforcing the financial nature of the claim by IIFL Finance.
The joint venture, Digital Connexion, comprising Brookfield Infrastructure, Reliance Industries, and Digital Realty, has concluded a three-way partnership aimed at developing data centres in India. With each entity holding a one-third stake, the collaboration combines diverse expertise. Ongoing projects in Chennai and Mumbai, notably the upcoming MAA10 launch in January 2024, signify the venture's proactive approach. The Mumbai expansion, coupled with strategic locations and connectivity hubs, strategically positions Digital Connexion for success. The escalating demand for data centres in India, driven by 5G, digital service accessibility, and the adoption of data-intensive technologies, aligns with this initiative.
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The Income-tax Appellate Tribunal (ITAT) ruled that failure to deposit long-term capital gains (LTCGs) in a designated account won't automatically deny tax benefits for purchasing a new house under section 54 of the Income-tax Act. Quashing a revisionary order by the Principal Commissioner of Income-tax, the ITAT emphasised that non-deposit of LTCGs into a 'capital gains account' during the interim period cannot be the sole reason to not allow deductions. This decision offers relief to taxpayers and underscores the importance of meeting Section 54's conditions for claiming deductions.
Yes Bank is actively seeking buyers for its distressed loan portfolios totalling over Rs 4,200 crore, encompassing both corporate and retail loans. The corporate portfolio comprises eight accounts, with notable entities like UK-based affiliates of Cox and Kings. The retail portfolio includes personal loans, vehicle loans, credit cards, and more. Seeking all-cash offers, this move follows Yes Bank's Rs 48,000 crore distressed loan sale last year. The bank aims to identify an anchor bidder through the auction process. The successful divestment would enhance the bank's liquidity and financial stability in the competitive banking sector.
The National Highways Authority of India (NHAI) has formalized an agreement with DC Multi Modal Park (Nagpur) to develop a Rs. 673 crore Multi-Modal Logistics Park (MMLP) in Nagpur, covering 150 acres. Aligned with the PM Gati Shakti National Master Plan, this project is a crucial component of the Bharatmala Project, aiming to enhance India's freight logistics sector. The strategic location, proximity to transportation hubs, and phased development approach underscore the significance of the Nagpur MMLP in fostering efficient multimodal connectivity and contributing to the broader vision of logistics infrastructure development in the country.
PWD Minister Ravindra Chavan has proposed upgrading poorly maintained roads in integrated townships like Palava City and Casa Rio, developed by the Lodha Group, to district roads. This effectively enables the state government to allocate funds for their reconstruction. The finance department has approved Rs18.50 crore for road reconstruction. Improving the roads has been a long-standing demand as pothole-ridden roads affect thousands of residents in the township. This decision aligns with the government's commitment to improving infrastructure in the townships, with the Kalyan-Dombivli Municipal Corporation previously granting a 66% property tax concession to flat owners in Palava City.
The Haryana Urban Development Authority completed a drone survey of 619 slums, laying the foundation for rehabilitation and addressing issues in Indira Colony, Rajiv Colony, and Kharak Mangoli. Huda Chief Administrator T. L. Satyaprakash assured prompt rehabilitation, prioritized slums, and granted Supreme Court relief. In a separate evaluation, a multi-feature park in Sector 24, Panchkula, aims for completion by June 2024. Featuring unique attractions like a maze, meditation garden, skating rink, and solar tree-based charging station, the park seeks international recognition. Superintendent Engineer A.K. Rana oversees coordination, ensuring the park meets global standards while contributing to Panchkula's cultural landscape.
Australia's Charter Hall Retail REIT has completed the sale of two major shopping centres, Southgate Square in South Australia and Rosebud Plaza in Victoria, for a total of A$225.5 million ($148 million). The sale, in line with June valuations, exceeded their mid-2022 valuations, reflecting a premium despite challenges in the real estate market, particularly in retail and office sectors. Charter Hall Retail REIT's successful transaction showcases resilience in the face of real estate challenges, reinforcing its commitment to strategic management and financial strength, garnering positive market response and confidence in its adaptability.
In downtown San Francisco, condo prices have plunged to levels not seen in over a decade, settling just above $800,000, a stark contrast to the soaring prices above $1,200,000 in other regions. The downtown area, traditionally a hub for major projects and tech employment, has been affected by the post-pandemic shift to remote work, leaving office spaces vacant and impacting the housing market. The city has witnessed a significant decline in new listings and sales, with a 28% decrease in sales in 2023 compared to the previous year. The duration and trajectory of this housing price correction in San Francisco remain uncertain, with expectations of a gradual recovery amidst evolving market conditions.
To read the full news stories, head over to Prop News Time