Daily Real Estate briefing by 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!
SEBI has introduced a framework enabling eligible unitholders, those holding 10 percent or more of a REIT's or InvIT's outstanding units, to exercise board nomination rights. Unitholders must inform the trust's investment manager in writing about their proposed candidate for nominee director, providing details such as name, director identification number, and a brief profile. If found ineligible, the manager must inform the unitholders, who can then submit an alternative candidate. The manager must also regularly review the unitholders' eligibility. This framework enhances governance and transparency in REITs and InvITs by allowing major unitholders to nominate directors.
In a devastating incident in Balkum, Thane, six construction workers were killed and one critically injured when an elevator collapsed from the 13th floor of a 40-storey building. The project, managed by Dhruva Woollen Mills Pvt Ltd, is under scrutiny as investigations begin. The company stated that the elevator underwent regular maintenance, with the last check on August 23. Thane's municipal commissioner confirmed an FIR against the builder and emphasized the ongoing investigation. The incident serves as a stark reminder of the importance of safety measures in construction zones.
A 22-year-old man, Akash Jadhav, tragically lost his life after a pothole accident in Thane, Maharashtra. The Thane rural police have registered an offence against Jijau Construction Road Build Private Ltd, the company tasked with the road's upkeep. The incident highlights the firm's alleged negligence, with the road being a hotspot for accidents due to multiple potholes. In a separate event in Nashik, an old house's collapse claimed two lives, emphasising the urgent need for regular infrastructure maintenance.
The upcoming five-day special Parliament session in New Delhi will see the old Parliament building bid farewell, with the inauguration of the new structure set for Ganesh Chaturthi on September 19. Both Houses will reflect on the historical significance of the old building on the first day, and Parliamentarians will share their memories. A joint sitting of Parliament is expected. A new dress code, designed by NIFT, is being introduced for staff, while marshals will wear Manipuri or Kannada turbans.
With plans to construct 11 new campuses, flexible workspace provider Awfis is growing its presence in South India. With the addition of over 8,000 seats, these locations will be ideally positioned in Bengaluru, Hyderabad, Chennai, and Kochi. Each property is picked in accordance with the particular market dynamics of the city in which it is located. This growth demonstrates Awfis' dedication to addressing the changing workspace requirements in the southern area. Modern infrastructure will be present in the new centres, which will serve a wide range of professionals, business owners, and organizations from numerous industries.
The Sports City project in Noida's Sector 79 is mired in challenges, with residents and stakeholders expressing concerns about its delayed progress and encroachments. The project, initially designed to integrate sports infrastructure with housing, has faced setbacks due to non-compliance with basic licensing requirements. Unauthorized activities by local sports academies and vendors have further complicated the situation. Despite complaints, authorities have struggled to curb encroachments effectively. The delays and encroachments have not only affected the project itself but also left thousands of flat owners in nearby projects in uncertainty. Legal intervention from the Allahabad High Court is now seeking resolution to these ongoing disputes.
The Brisk Lumbini project in Sector 109 of Gurugram is facing discord between the Resident Welfare Association (RWA) and the developer following a structural audit. The RWA is demanding greater transparency and involvement in the repair process due to concerns about the quality of work, while the developer remains unresponsive. District authorities have intervened, and the dispute centres on communication, repair standards, and conflicting interests between the RWA and the developer.
Commercial real estate developers leasing properties are grappling with blocked credit eligibility notices under sections 17(5) C and 17(5) D, even as the issue is debated in the Supreme Court. Developers can claim credit when selling buildings before obtaining occupancy certificates but face restrictions if leasing. This discrepancy impacts India's appeal as a prime location for MNCs seeking office spaces. Experts urge a re-evaluation of the GST regime for leasing, emphasizing the need for equitable tax treatment. The industry keenly awaits the court's decision, hoping for a favourable outcome.
The Municipal Corporation of Gurgaon (MCG) has made significant strides in revenue generation, amassing Rs 150 crore in property tax since April 1 this year, achieving 30% of its annual target. The MCG has set an ambitious goal to reach Rs 500 crore in property tax revenue for the fiscal year 2023–24. In a recent review meeting, Commissioner PC Meena emphasized the need to accelerate property tax income and address complaints efficiently. The MCG also faces challenges with streetlight issues and road repairs. Meena sternly warned officials against unresolved complaints, pledging stringent action if necessary.
Kochi Corporation is contemplating reclassifying property tax categories based on road width. The existing system, in place since 1995, categorizes properties as primary, secondary, or tertiary. Primary properties have access to roads over five metres wide, secondary properties to narrower roads, and tertiary properties to pathways or no access. The re-evaluation is prompted by the city's development and aims to increase revenue. Kochi Corporation seeks to generate more income through tax avenues and collect funds owed by the state government. The move is essential as the corporation currently relies on central and state government funds for projects.
The Bombay High Court has expressed deep concern over the proliferation of illegal constructions and urged the Maharashtra government to present solutions to address this issue. The court, which initiated action against an unauthorized building in Navi Mumbai, emphasized the need to end the era of tolerating such developments and send a strong message that they won't be tolerated. It noted that individuals often obtain stays against actions by civic authorities through civil courts, calling for an immediate halt to such manoeuvres. The court sought answers from the government and instructed the court receiver to take possession of the illegal building.
The Delhi High Court has ordered the state government, MCD, and DDA to provide a detailed explanation for permitting new constructions in the ecologically sensitive Southern Ridge forest area, including the controversial 'Risland-Sky Mansion' housing project. The court's directive follows revelations of illegal construction activities in the Chattarpur area within the Southern Ridge. This action stems from PILs addressing poor air quality in Delhi, with an appointed amicus curiae offering expert insights.
The upcoming board meeting of the Yamuna Authority scheduled for today will address several crucial proposals. One of these proposals aims to provide relief to around 1,600 allottees affected by the cancellation of two housing schemes. They will be charged only for the period of their transition to the new scheme, reducing penalties for delayed payments. The board will also consider offering successful flat scheme allottees the option to participate in the plot scheme and plans for a 150-bed old-age home, with 50 beds for the sick and disabled. Changes to the group housing scheme, modifications to data centre park plots, and a one-time settlement for certain allottees will also be discussed. Additionally, a revised detailed project report for the proposed heritage city in Mathura-Raya is on the agenda.
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The Orissa High Court has issued new orders to the additional district magistrate (ADM) in Cuttack under the Odisha Protection of Interest of Depositors (OPID) Act. These orders are related to initiating refunds for investors who deposited up to Rs 8,000 with GLP Developers Limited and Golden Land Developers Limited. These two companies faced controversy over allegedly collecting Rs 590.68 crore through their branch offices. The recent order, issued on September 1st, modifies a previous one from May 20, 2022, focusing on small investors. The court's decision comes after ongoing legal battles and protests by discontented depositors, seeking timely refunds of their investments. The modified order seeks to provide relief to these investors by ensuring the release of at least Rs. 8,000 each to identified investors within two months.
The Ministry of Home Affairs (MHA) has deferred its decision on the conversion of leasehold commercial and industrial properties in Chandigarh, citing the need for more information. In an affidavit presented to the Supreme Court, the MHA emphasized the importance of making the decision "at the right juncture" and highlighted the lack of specific details in the Chandigarh administration's proposal. The MHA also mentioned ongoing inter-departmental discussions regarding penalties for building violations and misuse of premises in Chandigarh. The delay, which has been ongoing for months, leaves Chandigarh residents waiting for a resolution on these crucial issues, despite previous assurances of progress.
A sinkhole, measuring 1.5 meters in depth and diameter, appeared on Durgabai Deshmukh Road due to underground Chennai Metro Rail construction. The incident occurred during the construction of an underground network as part of the Chennai Metro Rail's Phase II project. This phase aims to connect Kellys to Taramani, part of corridor 3 within the project, with an estimated cost of 61,843 crore. The sinkhole developed during tunnel construction between Greenways Road and Adyar, affecting traffic and leading to efforts to fill and repair the hole. Similar incidents have occurred in the past during Chennai's metro construction projects.
The Bengaluru-Mysuru National Highway, previously infamous as the "Highway of Death," has undergone a remarkable transformation, significantly reducing accidents and fatalities. Thanks to stringent measures implemented by law enforcement agencies, the highway has become safer for commuters. Fatalities have seen a substantial decline, with only 6 recorded in August compared to 29 in May. The comprehensive approach included measures like banning two-wheelers, strategic diversions, improved signage, and advanced CCTV cameras. While improvements are evident, rural areas and Tumkur still face higher accident rates, emphasizing the need for ongoing safety efforts.
The East-West Metro project in Kolkata, spanning from Howrah Maklan to Esplanade, overcame multiple obstacles and is now slated for a December completion, following which the metro will become fully operational by 2024. Trials are underway for the Howrah Maidan and Esplanade section, with temporary rakes in use until the Esplanade-Sealdah stretch is finished. Persistent water seepages have plagued the Bowbazar area since 2019. Upon completion, the metro will run every 12 minutes, linking the eastern and western parts of Kolkata. Despite construction challenges, the 16 km metro line aims to be fully operational by June 2024, with India's first under-river metro section.
In a recent meeting of the Belagavi Urban Development Authority (Buda), PWD minister Satish Jarkiholi emphasized the importance of adhering to regulations in the development of roads, gardens, underground drainage, and public spaces for layouts. He sternly warned against permitting illegal layouts, stressing the need for comprehensive inspections before granting permissions. The meeting also approved the preparation of the 3rd revised master plan to include 28 villages within Buda's jurisdiction, as authorized by the government. Minister Jarkiholi additionally directed officials to rectify any inadvertent omissions in the village inclusion process.
Minister Dinesh Gundu Rao has announced that the Request for Proposal (RFP) for a new IT park in Derebail, Dakshina Kannada, will be unveiled within the next two months. This ambitious project, set to be executed under a public-private-partnership (PPP) model on a three-acre plot owned by KEONICS, has received government approval. There are considerations to extend the contract period for the park's developer from 30 to 60 years. Furthermore, revisions to zonal regulations for the Mangaluru Master Plan are underway. Dredging activities at the Old Port and construction of a jetty for country boats at Ullal Kodi are also in the works, along with subsidies for fishermen upgrading their boat engines.
Saudi Arabia’s ambitious development agenda is in full swing, with over $1.25 trillion invested in real estate and infrastructure projects, including the high-profile NEOM super city. Notably, 45% of these projects are already completed. Alongside these massive endeavours, there’s a growing focus on improving residents’ quality of life. Initiatives like Qiddiya’s $266 million theme park in Jeddah, the $500 million Riyadh Sports Boulevard, and the $23 billion ‘Green Riyadh’ transformation, with 7.5 million trees, aim to create world-class urban environments. Dammam’s Amanat Al Sharqiya project will revitalize the city’s corniche, reflecting Saudi Arabia’s commitment to holistic development.
The story highlights the challenges in Canada’s housing sector. While the country’s economy is slowing down, the housing market is contracting at an even faster pace. Residential investment has dropped to 6.1% of GDP in Q2 2023, a significant decline from the previous year. This rapid decrease, the sharpest since 2001, raises concerns reminiscent of the late 1980s housing bubble. Stimulative population policies are preventing a complete collapse, but a painful adjustment is looming. Canada’s housing investment remains high compared to its trade partners, like the US at 4.6% of GDP, but the need for a rebalancing of capital allocation is evident.
The Hong Kong government is embarking on a transformative housing renovation project aimed at improving the well-being and community bonds of its public rental estate residents. Housing Secretary Winnie Ho Wing-yin revealed that the scheme involves extensive refurbishments, including repainting buildings, repositioning amenities, and promoting outdoor space usage. These upgrades align with 'well-being' design principles and will be conducted in consultation with residents. While some regulations, like pet ownership, remain unchanged, the project seeks to elevate living conditions for thousands of households. The initiative also anticipates influencing future housing designs and public-private partnerships.
The renowned jewellery brand Tanishq, a part of the Tata Group, has celebrated the grand reopening of its store at Shivranjani Cross Road in Ahmedabad. The event was attended by C K Venkataraman and Niraj Bhakare, Regional Business Head (West) of Titan Company Limited. Tanishq is known as India's beloved jewellery brand, offering a wide range of gold, diamond, solitaire, and bridal collections, including a High-Value Studded Zone from Rivaah, their wedding jewellery sub-brand. The revamped 14,000 sq ft store in Ahmedabad features iconic designs and unique sub-brands, and to mark its reopening, it offers special promotions like free gold coins and discounts on jewellery purchases.
Haldirams, renowned for its healthy home-based snacks, is capitalizing on the rising demand for restaurants in South and West India. Haldiram Foods International is set to expand its restaurant business in these regions, adding approximately 200 outlets to its existing network of 250 across India over the next two years. This strategic move aims to bolster Haldirams' presence in the country's restaurant industry, catering to the growing appetite for both healthy snacks and quick-service restaurants. With foreign snack companies holding a dominant market share, Haldirams is determined to compete, actively seeking partners and engaging in research and development to expand its footprint in India's snack and restaurant spaces.
Square Yards, a prominent proptech platform, has successfully filed 18 international patents in India and the USA, focusing on virtual reality, augmented reality, extended reality, artificial intelligence, and data applications in real estate. Of these, three patents have already been granted, showcasing Square Yards' leadership in pioneering real estate technology innovations. These patents cover various areas, including immersive 3D experiences, real estate asset analysis, agent ranking algorithms, and more. Square Yards aims to revolutionize the real estate industry by integrating cutting-edge technologies and enhancing the home-buying experience for consumers and professionals.
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