Daily Real Estate briefing by PNT
The late Bollywood legend Dilip Kumar's Pali Hill bungalow in Mumbai is set to be transformed into a luxury residential complex. The Ashar Group, who have teamed up with Kumar's family, will oversee the development, which will also feature a museum dedicated to the actor's life and career on the ground floor. Construction is underway, with completion expected well ahead of the 2027 delivery date. The anticipated revenue from the project is estimated at INR 900 crores. Legal hurdles that had previously stalled development have been resolved, clearing the way for this unique fusion of heritage and modern living.
The late Bollywood legend Dilip Kumar's Pali Hill bungalow in Mumbai is set to be transformed into a luxury residential complex. The Ashar Group, who have teamed up with Kumar's family, will oversee the development, which will also feature a museum dedicated to the actor's life and career on the ground floor. Construction is underway, with completion expected well ahead of the 2027 delivery date. The anticipated revenue from the project is estimated at INR 900 crores. Legal hurdles that had previously stalled development have been resolved, clearing the way for this unique fusion of heritage and modern living.?
An expert committee has proposed targeted measures to revive over four lakh stalled real estate projects across India, focusing on areas around Delhi and Maharashtra. The recommendations include a project-wise approach to insolvency, a four-year moratorium on payments in Noida, and specific provisions to safeguard home buyers' interests. Headed by G20 sherpa Amitabh Kant, the committee's initiatives aim to alleviate the burden on builders and expedite the possession process for homebuyers. With proposed amendments to the Insolvency & Bankruptcy Code, this move represents a vital step towards resolving a longstanding issue in the housing sector.?
Arvind SmartSpaces reported a 23.14% rise in net profit, reaching Rs 9.10 crore in Q1 FY24. Their total revenue increased by 11.35% to Rs. 69.07 crore. The company plans to expand in Ahmedabad, Bangalore, Pune, and MMR. The board approved the divestment of partnership interests in two subsidiaries. The company launched two township projects and achieved 14% YoY growth in bookings and 54% YoY growth in collections. Furthermore, Net debt decreased to Rs (87) crore, and the net debt-to-equity ratio improved to (0.18), thereby indicating prudent financial management.
Raymond Realty, the real estate arm of Raymond Group, has launched its fourth project, "Address by GS 2.0," in Thane. This move signifies the company's growing success in the real estate market. The project's launch follows the accomplishment of its previous ventures, including the prompt delivery of the initial phase of TenX Habitat. The new project promises luxurious amenities and a Roman-inspired landscaped podium, reflecting the company's dedication to offering exceptional living experiences.
Kolte-Patil Developers (KPDL) has inked deals for two new society redevelopment projects in Mumbai's Goregaon West, adding to its recent acquisitions in April-May 2023. These latest projects encompass a total saleable area of around 4.8 lakh sq. ft., with a combined top line potential of Rs. 950 crore. Including previous acquisitions in Pune and Mumbai, the company's new business development deals now aggregate a top line potential of Rs 3,450 crore. This move emphasizes Kolte-Patil's ongoing commitment to growth and innovation in the Indian real estate market.?
The AMC has introduced a decisive plan to streamline property tax valuation for new properties. The corporation has set a 45-day timeline for evaluating properties with building use permission. Any delays will have strict consequences for both the department and the officials involved. AMC's proactive approach includes prompt notification of BU permissions to the tax department, ensuring timely evaluations. This initiative aims to prevent disputes between buyers and builders, promoting transparency and efficiency.
The Bombay High Court has established a committee comprising officials from various departments to propose a roadmap for reconstructing and repairing 45 kilometres of roads in the ecologically sensitive Aarey Colony. The court addressed concerns raised in public interest litigations about the roads' poor conditions and directed the committee to consider environmental regulations and eco-sensitive zone laws during their work. The committee must present its recommendations for funding and repair plans before the next hearing on September 23. The court also emphasized the need for cooperation among authorities and directed immediate repairs for a specific road segment.
The Assam Real Estate Appellate Tribunal (REAT) made a significant ruling, stating that the mere pendency of civil suits cannot be used as a legal justification to prevent the registration of real estate projects. The ruling came as a result of an appeal by a builder who faced penalties for failing to register a project as required by the Real Estate (Regulation and Development) Act, 2016. The builder argued that the project was involved in various civil suits, but the Tribunal dismissed this argument, emphasizing the importance of complying with the statutory requirements. The ruling serves as a warning to the real estate industry to adhere to registration requirements before marketing or selling any real estate projects.
A real estate broker from Sola has filed a police complaint against a bullion trader and builder from Prahladnagar, alleging a fraud of Rs34.56 crore in property sales. The accused, Rakesh Shah, presented himself as a bullion trader with real estate expertise and promised to help the broker sell his properties. After an initial payment, Shah allegedly avoided scheduled payments, claiming his bank account in Dubai was frozen. Additionally, the broker acted as a guarantor in the sale of two properties belonging to his friend, adding to the complexity of the fraud. The police are investigating multiple offenses, and the case has raised concerns about the need for tighter regulations and due diligence in real estate transactions.
Rajasthan RERA has directed a Jaipur builder to refund a homebuyer Rs 37 lakh, including interest, due to a prolonged possession delay. The complainant had booked a flat in 2016 but faced multiple delays in receiving possession. Despite paying a significant amount, the flat's possession was repeatedly postponed, prompting the homebuyer to approach RERA. The authority's ruling mandates a complete refund within 45 days. This case highlights the importance of timely possession and the role of RERA in safeguarding buyers' interests in real estate transactions.
An architect in Bombay has filed a PIL in the Bombay High Court seeking changes to the proposed design of the Mumbai Coastal Road (South) to create more accessible open spaces without altering the entire project. The plea asks the court to appoint an expert committee, including urban design specialists, to assess the feasibility of the proposed changes. The petitioner suggests shifting the road inward and placing open spaces on the seaward side of the reclaimed land. The PIL emphasizes the significance of well-designed public areas, as a majority of the city's population is likely to utilize them over the road.
New research shows that office vacancy rates in Australia rose to levels not seen since the 1990s during the first half of the year. Downtown areas of major cities like Sydney, Melbourne, and Perth experienced increases ranging from 0.2% to 0.9%. The Melbourne CBD saw the most significant rise in vacancies. The national CBD vacancy rate reached 12.8%, posing challenges for landlords trying to fill empty buildings amidst a slowing economy and tenants seeking to reduce space due to remote work.?
In a ground breaking move, Abu Dhabi is forming a $12 billion property giant, Q Holding, through the amalgamation of key real estate assets from ADQ and International Holding Co. The newly established entity will become one of the region's largest and most diversified firms, boasting a diverse portfolio of real estate developments, hospitality assets, venues, and land plots. This strategic merger aims to strengthen the emirate's economic transformation efforts and reduce its reliance on oil. As ADQ and IHC combine forces, Q Holding is set to be an instrumental player in shaping Abu Dhabi's prosperous future.
Sify Technologies leases 1.5 lakh sq. ft of office space in Hyderabad's financial district through its subsidiary, Sify Infinit Spaces. The lease spans 60 months, bolstering their presence. Rent will escalate by 3 percent annually. Sify's focus on expanding data centre capacity aligns with India Inc.'s digitization and AI trends. A strategic partnership with Kotak Data Centre Fund for Rs 600 crore enhances growth prospects. Sify aims to add 350 MW of capacity in four years. Their dynamic approach and unwavering vision position them as trailblazers in India's ICT landscape, championing innovation and transforming the digital future.
JLL Technologies introduces JLL GPT, a cutting-edge generative AI model for the CRE industry. With its global team of experts, JLL aims to deliver smarter CRE insights using this bespoke AI, revolutionizing the industry. JLL's comprehensive data, combined with external sources, will offer tailored solutions to clients worldwide. The AI-powered platform empowers facility managers with dynamic conversations while consulting experts provide quicker workplace planning advice. JLL's early adoption of AI has already optimized building efficiencies and investment opportunities.
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