Daily Real Estate briefing by PNT
The Greater Ludhiana Area Development Authority (GLADA) has come under scrutiny for its failure to take action against developers who have not regularized their illegal colonies, causing distress among residents. Despite the identification of a large number of illegal colonies within GLADA's jurisdiction prior to the implementation of a regularization policy in 2018, little has changed for the inhabitants. However, sources indicate that developers who previously applied under the policy may soon have a final opportunity to rectify their documentation shortcomings and obtain a No Objection Certificate (NOC) for their colonies.
The RLDA has invited bids for leasing out a prime land parcel in Naliapool Railway Colony, Dibrugarh. Spanning 36,458.18 sq. m, the land holds immense potential for residential and commercial development. With its strategic location in the heart of the city and excellent connectivity, the site is attracting the interest of local and national-level developers. The deadline for e-bid submissions is July 26, 2023. Dibrugarh, known for its tea gardens, offers a thriving tea industry and robust local transport facilities. RLDA aims to unlock the region's true potential and stimulate economic growth through this venture.
Due to breaches in the walls brought on by a nearby construction project, the Amarnath High School building in Govandi, Mumbai, is degrading and putting the lives of its 941 students in peril. Six classrooms have been closed by the administration of the school, while the pupils are still in danger in the open ones. Since the school's request for a neighbouring building from the Brihanmumbai Municipal Corporation (BMC) was declined, rehabilitation cannot begin without moving the school. To identify a solution that guarantees the safety of the pupils and averts similar circumstances in the future, the BMC must collaborate with the school administration.
GHR Infra, a renowned real estate group, is pleased to announce its continued success in delivering exceptional properties in Hyderabad. Their flagship project, GHR Callisto, has achieved remarkable sales, with 60 percent of the available 1190 units sold. Additionally, their pilot project, GHR Titania, has witnessed an exceptional surge in sales, with 400 units sold, representing 85 percent of the available units. These achievements highlight the market demand for premium homes and GHR Infra's commitment to delivering quality and sustainable living spaces. The company remains dedicated to customer satisfaction and meeting project milestones, ensuring an uncompromising luxury lifestyle for its valued customers.
The Central Bureau of Investigation (CBI) has taken action against K J Infrastructure Projects India Pvt Ltd and its directors following a complaint from Union Bank of India. An FIR has been registered, alleging a bank fraud case of over Rs 91 crore. The accused individuals manipulated financial statements to obtain credit facilities, leading to an alleged diversion of funds and loss to the bank. The CBI conducted searches, recovering significant evidence, and highlighting concerns about financial integrity and its impact on the banking sector.
Embassy Group has announced plans to launch a significant residential portfolio comprising 4 million square feet in the fiscal year 2023-24. The company aims to generate an estimated revenue of Rs 3,300 crore, with a focus on mid-segment residential properties. Additionally, the company plans to reduce project completion time to 3-4 years and diversify assets to reduce their debt, currently standing at Rs 8,800 crore. Embassy Group also expects a robust pipeline in their office space portfolio, particularly in Bengaluru, with the banking sector as the dominant occupant. They hold a stake in WeWork India and aim to raise additional funds while doubling last year's earnings.
The National Company Law Appellate Tribunal (NCLAT) has issued a stay order against the admission of an insolvency resolution plea filed by Bank of India against DB Realty. The developer has challenged the National Company Law Tribunal's (NCLT) decision to initiate the corporate insolvency resolution process (CIRP) against the company. The appellate tribunal has scheduled a further examination of the case on September 6. DB Realty is required to deposit ?387 crore within 90 days, based on its previous one-time-settlement (OTS) offer to the bank.
The NDMC has initiated a door-to-door survey to verify property tax records. Residents are required to provide information during the month-long survey. The assessment list for 2023–24 is based on tax returns filed the previous year. The NDMC invites residents to verify details and address objections. The survey, conducted every 4–5 years, captures changes in property sizes and structures. The NDMC collects property tax from over 16,000 taxpayers, with a total collection of Rs 932.5 crore in 2022–23. The NDMC strives for transparency and efficiency, ensuring residents actively participate in maintaining accurate property tax records.
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The Andhra Pradesh High Court has requested clarification from the state government regarding permission granted by the Supreme Court for the distribution of house sites and construction of houses in the R-5 zone, as well as details on any plans for housing construction in the proposed zone. Farmers, represented by welfare associations, have filed a petition challenging the construction of houses in the R-5 zone, citing violations of building rules and land transfers. The court has scheduled further hearings for July 11 to examine the case in detail and analyse arguments from both parties.
Ford India's manufacturing unit in Maraimalai Nagar, Chennai, closed down in 2021. The Tamil Nadu government is now considering innovative ways to utilize the plant's land, with discussions ongoing for another major manufacturer to take over the facility. Ford retains ownership of the land and is exploring alternatives. The plant had an annual capacity of over 150,000 cars and employed over 2,500 workers. Tata Motors acquired Ford's Sanand plant in Gujarat, while Ford had previously considered using an Indian plant as an export base for electric vehicle manufacturing but decided against it.
The Nakagin Capsule Tower Building in Tokyo, known for its innovative design and significance in Japan's postwar architectural movement, is experiencing a revival after being disassembled last year. Former residents, recognizing its historical value, have joined forces to preserve the capsules. Some of these iconic housing modules have found a new home in an art museum in the United States, while others are being creatively repurposed for various uses. Yodogawa Steel Works has transformed a capsule into a mobile trailer, and entertainment company Shochiku plans to install capsules as rental spaces for exhibiting artworks.
The European market for Factory Outlet Centres (FOC) is thriving as consumers prioritize "one-off" items found in outlet stores. Savills, a real estate consulting firm, reveals that Germany is the top target nation for retailers expanding their outlet offerings. Outlet centers' success depends on factors like available stock, favourable locations, and diverse brand offerings. They offer an alternative shopping experience that complements e-commerce while providing tangible benefits. The expansion of FOCs in Germany, France, Spain, and the UK reflects the demand for affordable yet high-quality products and their resilience in the evolving retail landscape.
Bollywood actor Kartik Aaryan has recently acquired a luxury apartment in the prestigious Juhu area of Mumbai for a whopping Rs 17.50 crore. The apartment, located on the second floor of the Siddhi Vinayak Building in Presidency Society, boasts a carpet area of approximately 1,594 square feet. This high-profile purchase makes it one of the most expensive deals in the locality, which is renowned for housing Bollywood celebrities, directors, producers, and industrialists. Notably, Kartik Aaryan's family already owns another apartment in the same society.
The government of Tamil Nadu has issued new regulations requiring hotels in the state to provide accommodation for drivers. The move aims to address the lack of suitable lodging options for drivers, enhancing their well-being and road safety. The guidelines mandate hotels to allocate a certain percentage of rooms for drivers, with specific proportions to be determined based on the hotel's size. The initiative has been applauded for improving living conditions and job satisfaction for drivers. While some concerns have been raised by hoteliers, the government assures a phased implementation process taking into account individual circumstances. This decision sets a positive example for prioritizing driver welfare and road safety.
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