Daily Real Estate briefing by PNT
In a landmark move, the Maharashtra Government has officially handed the monumental Dharavi Redevelopment Project to the Adani Group. The Rs 20,000 crore project focuses on rebuilding the Dharavi slums, in close proximity to Mumbai's BKC business district. Adani Properties, after winning a competitive bidding process, has a seven-year timeframe to rehabilitate over 650,000 residents. This transformative project promises to reshape one of the world's most densely populated slums into a well-planned urban sector.
Maharashtra is set to transform its property registration system, integrating Unique Land Parcel Identification Number (ULPIN) with geographical mapping facilitated by rovers starting August 2023. This initiative, aimed at increasing precision and transparency in land measurements, will first roll out in Washim and Nandurbar before being introduced to all districts. This integration will provide citizens with detailed map-based geographical coordinates along with their property's ULPIN. This innovative move aligns with the central government's push for ULPIN or Bhu-Aadhaar integration in land governance across India.
Merlin Group, a leading real estate conglomerate in Eastern India, has launched Serenia, the tallest residential condominium on B.T. Road in Kolkata. The project, a joint venture between Eden Realty and Merlin Group, spans 4.5 acres and features four towers with 28 floors each, offering panoramic views of greenery and an 18-acre lake. With 832 spacious apartments and a range of lifestyle amenities, Serenia aims to redefine quality living in North Kolkata. The strategic location and modern design make it an ideal choice for professionals and families seeking a liberating and luxurious living experience. Construction is set to be completed by December 2028.
Mantra, a leading luxury real estate developer, has launched two towers at their 29 Gold Coast Project in Tingre Nagar, Pune. The unveiling ceremony showcased Mantra's commitment to providing exceptional living experiences and served as an opportunity to discuss future plans and upcoming projects with channel partners. The project offers 2 and 3 BHK units with a planned possession date in 2025, ensuring timely delivery. Situated in Tingre Nagar, the project boasts contemporary architecture, modern amenities, and excellent connectivity to key areas.
The Maharashtra State Government has reduced stamp duty for self-redevelopment projects, benefitting existing flat owners. With a nominal stamp duty of Rs 1,000, the aim is to revitalize housing societies and provide affordable options. However, homebuyers from the open market will pay prevailing rates. The State Housing Federation supports this move and suggests implementing a single-window system. Maharashtra's commitment to self-redevelopment is evident through policy implementation. Consumer organizations call for further stamp duty reductions to encourage more projects. This progressive step reflects the government's vision for affordable housing and sustainable urban development.
IFL Home Finance secured a $50 million loan from the US International Development Finance Corp (DFC) to expand its affordable housing finance portfolio with a focus on sustainable housing. The loan, obtained at a concessional rate, highlights the growing confidence of international investors in India's affordable housing sector. This marks the second debt-raising endeavor for IFL Home Finance this year. The company caters to economically weaker sections and lower-income groups, with home loans being a significant part of its offerings. The recent funding reinforces the commitment to driving inclusive growth and sustainable development in the housing sector.
The Dehradun district administration has implemented proactive measures to restrict the sale and purchase of land exceeding 3000 bighas in compliance with the ceiling laws across various areas. This action aims to curb illicit activities and protect public interests as unscrupulous land mafias illegally subdivide and sell surplus land. The ban covers villages falling within the rural ceiling laws and ensures alignment between old and new parcel numbers. These decisive actions demonstrate the administration's commitment to upholding the rule of law and preserving land ownership integrity.
Sidco ignites industrial growth in Ariyalur district, Tamil Nadu, with the launch of its first industrial estate. Spread across 28.5 acres, this vibrant space offers 26 plots for entrepreneurial ventures. With reduced prices and a focus on first-generation entrepreneurs, Sidco aims to foster economic progress. Industries like food processing, agriculture, and engineering MSMEs are welcomed to harness the immense potential. The estate's strategic location on the Ariyalur-Jayankondam highway amplifies its potential as a hub for business and development.
The Delhi High Court has stayed the operation of possession notices issued by the Enforcement Directorate (ED) in relation to the alleged coal-block allotment scandal. The ED had attached two land parcels owned by Revati Cements Pvt Ltd and its director, claiming that the properties were acquired using illegal benefits. The land parcels were provisionally attached in 2019 and estimated to be worth nearly Rs 20 crore. The advocates representing the company and its director argued for setting aside the possession notices, citing an unexplained delay and the need for adherence to procedures under the Prevention of Money Laundering Act (PMLA).
In a significant move, the Central government has doubled the Economically Weaker Section's (EWS) income eligibility cap under the Pradhan Mantri Awas Yojana - Urban (PMAY-U) to INR 6 lakh, particularly affecting the Mumbai Metropolitan Region. This revision broadens the scope of affordable housing schemes, allowing more applicants to benefit from MHADA and CIDCO's housing lottery. Concurrently, MHADA's Mumbai board has unveiled a preliminary list of 1,06,799 participants for the upcoming housing lottery, initially scheduled for July 18. MHADA is soon expected to announce a revised date and location.
The COVID-19 pandemic has led to a shift in the demand for real estate, with decreased demand for office spaces and increased need for residential homes. Boston Mayor Michelle Wu proposed offering property tax discounts to landlords who convert empty office spaces into residential apartments. However, the financial challenges of such conversions are significant. Renovating office spaces into apartments can be as costly as constructing new buildings, especially when tenants are still occupying the premises. Additionally, zoning regulations and the layout of office spaces may pose obstacles to conversions. Displacement of existing tenants and the need for additional amenities further add to the costs.
The median U.S. home-sale price has seen a 1.5% year-on-year increase, ending a four-month decline, as average weekly mortgage rates reached their highest level since November 2022. Limited housing supply and a decrease in new listings have contributed to rising prices. However, recent economic news suggests a potential decline in mortgage rates, which could offer relief to buyers. Active listings have declined, and the months of supply have reached 2.8 months, indicating a balanced market. Homes are spending more time on the market, and fewer homes are selling above their list price.
Australia's largest banks, Commonwealth Bank of Australia (CBA) and Westpac, have reported that a strong labour market is helping to keep home loan repayments on track despite rising interest rates. This suggests that the country's mortgage market may avoid a downturn. However, the banks caution that household finances could face pressure from increasing living costs. During parliamentary hearings, CEOs of major banks echoed similar observations, emphasizing the minimal impact of rate increases on repayments due to low unemployment rates.
Indian Hotels Company Limited (IHCL) has expanded its presence in Maharashtra with the introduction of a new Ginger hotel in Kolhapur. The addition of this hotel reflects IHCL's commitment to providing quality accommodation options across India. The Ginger hotel in Kolhapur will feature 70 well-appointed rooms, a multi-cuisine restaurant, a meeting room, and a fitness centre. With its strategic focus on emerging markets, IHCL aims to tap into the growing demand for affordable accommodation in tier-II and tier-III cities. The presence of IHCL in Kolhapur will contribute to the local economy and enhance the city's reputation as a preferred destination for both business and leisure travellers.
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