Daily Real Estate Newspaper
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.
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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has found that over 13,000 real estate agents in the state have let their mandatory registrations lapse. This includes many agents in major real estate markets like Mumbai, Pune, and Nagpur. MahaRERA is urging homebuyers to be cautious of these unregistered agents. To improve professional standards, the authority has also introduced competency exams for agents and over 10,000 have obtained certification so far. However, deregistered agents must re-train and certify to renew their licenses, as regulators tighten compliance requirements for the real estate sector.
? A residential flat spanning 924 square feet sold in Pride Panaroma - Wing A,B & C in Andheri East for INR 1.53 crores
? A residential flat spanning 518 square feet sold in I S The Palazzo in Kalina for INR 1.09 crores
Precast concrete, also known as prefabricated concrete is an alternative to cast-in-situ concrete. It is produced at an off-site controlled factory environment where moulds are used to cast elements such as slabs, walls, columns, beams, etc which are then transported to the construction site for assembly. This method eliminates the need for time-consuming on-site casting and curing, allowing for faster project completion.
Godrej Properties has announced plans to develop a large township project in North Bengaluru under a profit-sharing model. The project, spanning 62 acres, will offer approximately 56 lakh sq ft of saleable area, primarily comprising residential apartments. With an estimated booking value of INR 5,000 crore, the project is expected to launch in the upcoming financial year. Godrej Properties has achieved strong financial performance, with sale bookings rising 59% and net profit increasing 11% in the December quarter. The company has acquired land parcels with a revenue potential of over INR 32,000 crore in FY23 and plans to add more land parcels in the coming months.
The Bombay High Court has broadened the definition of 'promoter' under the Real Estate (Regulatory and Development) Act (RERA), now including co-promoters. This groundbreaking ruling holds co-promoters jointly liable for refunds, alongside primary promoters, in cases of project delays, even if they haven't directly received funds from flat buyers. The verdict, delivered on February 26, has stirred the real estate industry, particularly impacting redevelopment projects in Mumbai. Stemming from an appeal filed by Wadhwa Group Housing Pvt Ltd, the decision clarifies the obligations of co-developers and investors, marking a significant legal precedent in RERA enforcement.
The Yamuna Expressway Industrial Development Authority (YEIDA) has issued an occupation certificate to Oasis Grandstand in Noida's Sector 22D, easing registry anxieties for 1,235 homebuyers. This milestone resolves long-standing issues in the real estate sector. Furthermore, YEIDA's approval for approximately 600 plots in SDS Infracon's Sector 26A township signals progress in resolving financial disputes, enabling plot owners to initiate construction. CEO Arun Vir Singh highlighted these decisions' significance, emphasizing the forthcoming board meeting's potential to extend Covid 'zero period' benefits, potentially exempting homebuyers from interest or penalty charges. This move aims to alleviate financial burdens and expedite registry processes, ensuring relief for homeowners across various residential projects.
The board of directors at Macrotech Developers has approved the issue price for equity shares designated for qualified institutional buyers, with a floor price set at INR 1,129.48 per share. The company's robust performance, highlighted by a total consolidated income of INR 6,385.60 crore and a net profit of INR 887.20 crore for the nine months ending December 31, 2023, enhances investor confidence. Strategic allocation of bonus equity shares and a dividend payout of INR 2 per share reflect the company's commitment to optimizing capital structure and enhancing shareholder value. As Macrotech Developers moves forward with its strategic initiatives, the approval of the issue price marks a crucial milestone, positioning the company favorably in the real estate sector.
In Mumbai's Chembur, the revival of the Sky Annex slum rehabilitation project by Stans Buildtech Homes brings relief to homebuyers after years of delays. With SWAMIH Fund's INR 160 crore injection, construction is set to resume, addressing tenant, approval, and financing hurdles. Colliers India facilitated negotiations among stakeholders, ensuring a win-win solution. Launched in 2019, SWAMIH Fund tackles stalled housing projects nationwide, backed by a ?15,530 crore corpus, showcasing government commitment. This investment not only aids homebuyers but also boosts the real estate market and economy. Yet, streamlining approval processes remains crucial for sustained progress.
Blackstone, a leading asset manager, is gearing up for substantial growth in India's real estate market, with plans to ramp up investments in warehouses to over 100 million square feet in the next two to three years. Additionally, the company eyes potential public offerings for its logistics business to capitalize on India's thriving market. Despite investor caution globally, Blackstone remains bullish on real estate in India and aims to leverage opportunities in hospitality, data centers, and office spaces, driven by the country's robust economic growth and demand dynamics.
Accor, a French hospitality giant operating brands like Ibis and Pullman, aims to open a hotel weekly in Asia this year due to rising demand. The company, focusing on core brands like Novotel, Pullman, and Ibis, plans significant expansion, including notable signings like the Fairmont Agra and Novotel Bengaluru Airport. With India's aviation sector booming, Accor remains optimistic despite high room rates. Accor, encouraged by hospitality growth, particularly in emerging markets like India and Indonesia, observes increased developer interest in hotel construction. Last year, it signed 65 hotels in Asia, with plans for further expansion, reflecting the region's promising hospitality industry outlook.
Reloy, a proptech startup, has set a key milestone by exceeding INR 1,200 crore in referral sales in fiscal year 23. Reloy is based on a unique, RERA-compliant strategy that stresses customer satisfaction and incentivizes builders through satisfied homeowners. Reloy manages a large portfolio of 1.5 lakh units valued at more than INR 1.30 lakh crore and has nationwide collaborations with industry giants such as Godrej Properties and DLF. Founder Akhil Saraf attributes success to innovative reward programs and a network of 30,000 channel partners. Reloy's emphasis on creating excellent homeowner experiences strengthens its position as a reliable partner in the real estate industry.
The first phase of the Mumbai Coastal Road project was inaugurated by Maharashtra Chief Minister Eknath Shinde on March 11, 2024. Stretching 10.58 km from Worli to Marine Drive, the coastal road aims to ease traffic congestion in south Mumbai. Only southbound traffic is allowed initially on the Rs. 12,721 crore project. A key feature is the upcoming bow-string bridge connecting to the Bandra Worli Sea Link. The coastal road project's next phase will extend the road 20.75 km from Versova to Dahisar in Mumbai's western suburbs. Once completed, the Mumbai Coastal Road promises to transform the city's transportation infrastructure and quality of life for its residents.
The Singapore government has announced a significant revision to the Staggered Downpayment Scheme (SDS) aimed at supporting young couples. The update reduces the initial downpayment for uncompleted HDB flats, making homeownership more achievable for full-time students, recent graduates, or national servicemen under 30. This adjustment is expected to encourage more young couples to enter the housing market earlier. It reflects the government’s commitment to addressing housing affordability issues and fostering a supportive environment for aspiring homeowners. Such initiatives ensure that the dream of homeownership remains accessible to all Singaporeans, regardless of their life stage or financial situation, strengthening the nation’s future.
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