Daily Real Estate briefing by PNT
Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu announced a novel automated online system for scrutinizing building plans and granting construction permissions. Developed with the Department of Digital Technology and Governance, it aims to streamline processes and reduce corruption in urban local bodies. Additionally, to address Shimla's water supply issue, a dam on the Giri River will be constructed, aimed at enhancing water management in the region. These developments mark significant strides in Himachal Pradesh's commitment to digitization and environmental resilience.
The GHMC has utilized the TDR scheme ingeniously, acquiring 1,923 properties for infrastructure projects. Through TDR certificates, property owners gain the right to construct additional built-up areas and can sell the certificates. GHMC's strategic use of TDRs saved Rs 4,832 crore in land compensation, streamlining urban development. TDRs were allocated to road widening, missing link roads, lake beautification, and more. While GHMC succeeded, other municipalities face challenges in adopting TDRs. GHMC's visionary approach sets a compelling example of transformative urban development.
The recent arrest of the managing director of Meritt Infra Private Limited on charges of cheating has sparked concerns about the trustworthiness of private construction companies. The case of D Rajamani, a victim who invested his savings in the company, sheds light on the risks unsuspecting individuals face when trusting such ventures. Despite paying a substantial amount to the company, Rajamani and several others fell victim to fraudulent practices, causing significant financial losses. This incident underscores the need for stricter regulations and improved oversight to protect consumers from deceptive practices in the construction industry. It serves as a cautionary tale, highlighting the importance of due diligence and vigilant decision-making when investing in private construction ventures.
TVS Emerald, a prominent real estate developer, achieved a remarkable feat with its project "TVS Emerald Elements" by registering INR 438 crore in single-day sales in Chennai. The residential community, offering 448 homes with contemporary designs and attractive amenities, garnered significant interest from homebuyers. The project's success highlights the strong demand for quality homes in the city and reinforces TVS Emerald's position as a leading player in the real estate sector. With future launches planned in Chennai and Bangalore, the brand aims to continue delivering exceptional properties that meet the evolving needs of homebuyers.
The recent Delhi High Court decision to grant time to the Centre for replying to a plea seeking linking property documents with citizens' Aadhaar numbers has sparked a debate. The petitioner argues that such linkage will curb corruption, black money, and "benami" transactions, leading to economic growth. Some experts and activists have raised concerns about privacy and data security issues associated with such linkage. Striking a balance between curbing corruption and safeguarding citizens' rights through well-thought-out measures is crucial.
The Maharashtra Slum Areas (Improvement, Clearance and Redevelopment) Act, 1971, is set to undergo changes aimed at expediting slum rehabilitation projects in Pune and Pimpri Chinchwad. The proposed reduction in the lock-in period from 10 years to seven years is expected to streamline the process of obtaining consent from slum dwellers and accelerate development. With around 302 SRA schemes in these cities, and about 150 pending, the revised guidelines aim to boost project progress.
In Mumbai, the Special Investigation Team (SIT) of the Economic Offences Wing is investigating alleged irregularities in the Brihanmumbai Municipal Corporation's (BMC) expenditures, totalling a staggering Rs 12,000 crore. The SIT recently interrogated developer Alpesh Ajmera for eight hours in connection with the suspected Dahisar Eksar land scam. The SIT is focusing on three inquiries: the first involves a Rs 206 crore scam related to the swift appreciation of land acquired by BMC; the second looks into a Rs 200 crore misappropriation of funds within BMC departments; and the third delves into 60 projects worth Rs 5,000 crore executed across five BMC departments to uncover potential irregularities and conflicts.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued cancellation warnings to 563 housing project developers for neglecting to provide mandatory project updates. This is part of a broader crackdown on 746 new residential projects registered in January. The developers, who failed to comply with the quarterly update requirements stipulated by the Real Estate (Regulation & Development) Act, 2016, face potential project registration termination if they do not respond within a 45-day window.
The North Goa Airport, also known as Manohar International Airport Mopa, is set to see significant development with the addition of two new hotels near the parking lot. Operated in collaboration with Ginger hotels and renowned French hospitality firm Accor SA, these hotels will offer 100 and 200 rooms in their first and second phases, respectively. The hotels' location near the airport and the booming real estate and tourism in Goa are expected to drive room rates between Rs. 8000 to Rs. 10,000 per day. The public-private partnership venture signifies a promising future for Mopa Airport, benefiting from the increasing demand for accommodations in the state.
The renowned Barwale family, associated with the prestigious Maharashtra Hybrid Seeds Co (Mahyco), has made a noteworthy property acquisition in Mumbai's upscale Malabar Hill area. Purchasing a lavish sea-view apartment in the luxurious Lodha Malabar residential tower for over Rs 122 crore, the Barwale family's deal has garnered attention for its staggering per sq ft valuation of Rs 1.28 lakh. The apartment, spanning nearly 9,546 sq ft, comes with exclusive access to six car parking slots.
Wells Fargo International Solutions boldly renews its lease for 3.7 lakh sq. ft of office space in Hyderabad, making it one of India's largest office lease transactions in 2023. The agreement with Divyasree NSL Infrastructure ensures stability for the next 60 months at Rs 57.48 per sq. ft, with no escalation. Wells Fargo's strategic moves continue, with a previous lease extension for 8.47 lakh sq. ft in Bengaluru's Embassy Tech Village until June 2032. Despite global challenges, India's office sector shows resilience, witnessing a rebound in Q2 2023. Top firms reaffirm commitment with lease renewals, reflecting India's allure for corporations.
Brigade REAP, India's pioneering real estate accelerator, embraces five innovative startups from diverse domains in its 14th Cohort. With a focus on PropTech, this cohort includes robotics, green construction, retail tech, plastic waste management, and hospitality, marking a ground breaking selection. These visionary ventures embody transformative potential and aim to reshape the real estate industry. Under the guidance of Brigade REAP, start-ups thrive with a remarkable 40 percent success rate in raising external funds, showcasing their impact in the real estate ecosystem. With an unwavering commitment to progress, this cohort heralds a new era of innovation at the intersection of technology and real estate.
Danube Properties, a leading private real estate developer in the UAE, launches an exciting campaign featuring popular Bollywood actors Sanjay Dutt and Arshad Warsi. The objective is to entice Indian investors to invest in Dubai properties developed by Danube. With a humorous and engaging approach, the campaign's slogan "Dubai may ghar bole to Danube ka ghar" captures hearts and showcases iconic scenes from the actors' movies. Alongside the campaign, Danube is offering a tailor-made holiday package, encouraging Indian investors to explore Dubai and consider investing in their properties. The film highlights the company's success and aims to continue attracting more investors to their outstanding properties in the vibrant city of Dubai.
Dusit International makes its debut in Nepal with the opening of two hotels - Dusit Princess Kathmandu and Dusit Thani Himalayan Resort Dhulikhel. The properties promise luxurious experiences for business and leisure travelers. Dusit Princess Kathmandu offers well-appointed rooms and a focus on wellness, while Dusit Thani Himalayan Resort Dhulikhel provides a tranquil escape in the Himalayan foothills. The expansion marks a significant milestone for Dusit International, a leading hotel and property development company, as it continues to grow its global portfolio and deliver exceptional hospitality experiences worldwide.
Surfers Paradise in Queensland remains a top destination for high-rise apartment sales, experiencing a significant increase of 62% in unit sales from April to May, according to InfoTrack's market update. The area continues to outperform other locations in the state, maintaining its popularity despite rising prices. Additionally, PropTrack's Market Trends report highlights the challenge of property ownership due to rising interest rates, with the median weekly household income at $1,861. Aspiring homeowners are finding it increasingly difficult to enter the property market, emphasizing the need for financial caution and a buffer for home loan repayments.
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