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. Subscribe for daily updates!
Bollywood icon Amitabh Bachchan has gifted his Juhu bungalow, "Prateeksha," to his daughter Shweta Nanda. The property, divided into two plots totalling 16,840 sq ft, was officially transferred through two gift deeds on November 8th this year. Amitabh Bachchan and Jaya Bachchan owned the larger plot, while the smaller plot was solely owned by Amitabh Bachchan. The stamp duty paid for both gift deeds was Rs 50.65 lakh. The Bachchans own several other properties in the notable Juhu area, including the bungalows ‘Jalsa’ their primary residence and ‘Janak’ which is said to be used as an office.
? A residential flat spanning 823 square feet on the 14th floor sold in 49 Elina in Tilak Nagar for INR 2.02cr
? A residential flat spanning 486 square feet sold in Shyam Shreeji Neelkanth in Ulwe for INR 45 lacs
India's prominent real estate advisory firm, The Guardians Real Estate Advisory, has introduced two verticals – The Guardians Cavalry and The Guardians Luxury. The Guardians Cavalry targets emerging developers with projects under Rs 100 crore, offering strategic guidance and transformative solutions, even for smaller-scale initiatives. Simultaneously, The Guardians Luxury caters to high-net-worth individuals, providing an exclusive platform for high-value residences and projects priced between Rs 10 crore and Rs 100 crore, ensuring a personalized and refined experience. This strategic move aligns with the firm's ethos of innovation, client-centricity, and a commitment to setting industry standards.
Ludhiana Improvement Trust is set to resume construction of Atal Apartments on Pakhowal Road after multiple stalled attempts. The project, initiated over a decade ago, faced delays, dropouts, and multiple inaugurations. The latest effort, backed by the current government, plans to start construction after the formal inauguration at the end of the month, possibly attended by Punjab Chief Minister Bhagwant Mann or Local Bodies Minister Balkar Singh. The project, marked by a tumultuous history of allotments, withdrawals, and changing political climates, aims to provide 576 flats with modern amenities on 8.8 acres of land.
Brigade Group has expanded its BuzzWorks flexible office brand by opening a premium workspace in Brigade Towers. This move is part of BuzzWorks' strategy to reach over 5000 seats in its portfolio by FY24, including the establishment of new centres in key locations like Hyderabad, Chennai, and Ahmedabad GIFT City. BuzzWorks strategically positions its centres within Brigade Group's Grade A tech parks, providing access to top-notch amenities. The workspaces feature biophilic design, collaborative spaces, and a plug-and-play model, reducing overall costs for users. Brigade Towers, the first commercial venture by the group, remains an iconic landmark in the city.
Vaishnavi Group, a leading real estate developer, has expanded its collaboration with Manipal Hospitals to construct a built-to-suit hospital in South Bengaluru. This strategic partnership responds to evolving healthcare needs and quality medical infrastructure, heightened by the COVID-19 pandemic. The Vaishnavi Sushrutha project, spanning 3.3 lakh square feet, will house a world-class tertiary care hospital with 250 beds, offering comprehensive healthcare services. Construction on Kanakapura Main Road commenced in March 2022, aiming for completion by December 2024. The move aligns with India's growing demand for healthcare infrastructure, emphasizing a shift towards prevention and wellness, along with its popularity in the medical tourism sector.
The Maharashtra Housing and Area Development Authority (MHADA) has unveiled a comprehensive policy to sell 11,184 unsold flats across divisional circles. Directed by MHADA's Vice Chairman & CEO, Sanjeev Jaiswal, the move follows recommendations from a committee reviewing unsold inventory. The policy offers various avenues, including bulk discounts, instalment sales, leasing to institutions, and auctions. It aims to optimize the sales process, unlocking funds stagnant for a decade. This strategic decision is expected to rejuvenate MHADA's finances, facilitating new housing projects and addressing the persistent challenge of unsold flats in the market.
The Bombay High Court's ban on open carrying of construction debris, implemented to combat rising pollution, has lapsed, potentially bringing relief to 9,000 construction sites in Mumbai. Initially imposed on November 6 and extended until November 19, the ban aimed to curb pollution caused by the transportation of debris. The BMC is now likely to permit the uncovered transport of construction debris by trucks, addressing concerns raised by project proponents about the inconvenience caused by debris accumulation. The Union environment ministry had directed stringent measures against debris transport due to its significant contribution to air pollution in the Mumbai Metropolitan Region.
A recent RTI revelation exposed a critical gap in India's hillside development: the lack of a dedicated regulatory body. This oversight, brought to light by environmental activist B N Kumar, has sparked concerns among experts about the potential risks of uncontrolled development in these ecologically sensitive areas. Kumar's plea to the Ministry of Environment for regulatory measures follows recent disasters in hilly regions, emphasizing the need for a comprehensive framework to balance development with environmental integrity. The situation demands immediate action to establish a regulatory authority for sustainable hill development.
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The insolvency proceedings for Lavasa Corporation have taken a new turn as the National Company Law Appellate Tribunal (NCLAT) granted State Bank of India (SBI) permission to challenge the lower court's approval of the resolution plan submitted by Darwin Platform Infrastructure (DPIL). This marks the second objection by a bank to Lavasa Corporation's loan default resolution. SBI contends that DPIL did not adhere to the waterfall mechanism of the Insolvency and Bankruptcy Code (IBC). The case is scheduled for a hearing on January 10, 2024. Despite the ongoing legal developments, DPIL has not implemented its resolution plan, raising doubts about its intentions and the future of Lavasa Corporation.
The Delhi Development Authority (DDA) has initiated the registration process for 5,000 newly constructed Economically Weaker Section (EWS) and Low-Income Group (LIG) flats in Lok Nayak Puram, Narela, and Dwarka. This is part of the Festival Special Housing Scheme 2023, which includes a total of 27,000 EWS and LIG flats. The registration process is online, and applicants can visit the official DDA website to fill out the application form. The flats will be allocated on a first-come-first-serve basis, and applicants are encouraged to ensure they have all necessary documentation for a smooth application process. The scheme aims to address the demand for affordable housing in Delhi and cater to the housing needs of economically vulnerable sections of society.
In the latest high-profile real estate transaction in Delhi, Laxmi Devi Agarwal, wife of GR Infraprojects Limited's key promoter, Devkinandan Agarwal, acquired a luxurious Vasant Vihar bungalow for a staggering Rs 86 crore. The expansive property, spanning 1,003.32 square meters, comes with a hefty stamp duty of Rs 4.36 crore and e-registration charges of Rs 86 lakh. This acquisition aligns with a broader pattern of substantial real estate deals in Delhi, showcasing the enduring demand for high-end properties among the city's affluent elite.
In anticipation of the upcoming general elections, key players in India's financial sector, including the National Bank for Financing Infrastructure and Development (NABFID) and major public sector banks like Bank of Baroda and Canara Bank, are gearing up for substantial bond issuances, eyeing a cumulative raise of about Rs 30,000 crore. Timed amidst a decline in government bond yields, the strategy involves diverse maturities, with NABFID opting for a 15-year term. The Delhi-Mumbai Expressway is also set to mobilize funds. State-owned banks, following SBI's lead, are actively issuing infrastructure bonds, reflecting robust investor interest and fortifying essential development initiatives.
Fortune Hotels has entered southern India's textile powerhouse Tiruppur. The all-new Fortune Park Tiruppur, strategically nestled in the heart of the knitwear hub, is Fortune’s sixth in Tamil Nadu, amplifying the brand's presence in the region. The hotel epitomizes modern luxury, offering stylish rooms, eclectic dining experiences, and rejuvenating wellness facilities. Managed by KPK Hotels Private Limited, this alliance bridges Fortune's luxury hospitality with KPK's regional expertise. Fortune had recently unveiled two hotels in Tamil Nadu, and another one in Aligarh, Uttar Pradesh, as part of its expansion spree.
Khan Market in Delhi has been identified by real estate consultancy firm Cushman & Wakefield as India's priciest retail market, ranking 22nd globally among top main street markets. Despite a minor slip in global standings, the market exhibited a notable 3 percent year-on-year rental growth, maintaining its esteemed position. The report highlights the resilience of Khan Market, showcasing a remarkable 7 percent rental growth from pre-pandemic levels, reaching an annual rent of $217 per square foot. With 16 Indian main streets among the Asia-Pacific region's top 51, the report delves into the evolving dynamics influenced by supply, demand, and premium brands.
The reopening of the Delisle Bridge in Mumbai after a five-year closure is a significant relief for commuters heading to South Mumbai. The bridge, closed in 2018 due to structural concerns, underwent reconstruction as a collaborative effort between the BMC and Western Railway. Despite facing challenges, such as shortages of oxygen and gravel during the pandemic, and missing multiple deadlines, the bridge has finally reopened to traffic. The Delisle Bridge is a vital link for pedestrians and commuters accessing commercial and office complexes in Lower Parel, providing essential connectivity in the region.
BMC is set to revamp Mumbai's Eastern Freeway with a Rs 33.66 crore project, calling for tenders to address crucial upgrades. The 16.8-kilometer elevated road, linking Mankhurd to P D'Mello Road, has been operational since 2014 under BMC's jurisdiction. Identified issues include potholes and joints affecting traffic flow, prompting comprehensive repairs. The project covers bridge bearing changes, pothole fixes, and utility management over 18 months. Once completed, it promises smoother and safer commuting, representing a key stride in BMC's commitment to Mumbai's transportation infrastructure.
Yamuna Expressway Industrial Development Authority (YEIDA) is reportedly planning a new residential sector, likely named Sector 5, near the upcoming Noida International Airport. YEIDA aims to acquire 1,100 hectares of land for this purpose, anticipating strong buyer interest. The proposal includes dedicating 50% of the land for a residential plots scheme, with the remaining portion allocated for group housing societies. The acquisition process is expected to start soon, with completion anticipated by December 2023 or January 2024. YEIDA plans direct connectivity between Yamuna Expressway and Chola Railway Station through the new sector, enhancing overall accessibility and appeal.
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