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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Bollywood actor Manoj Bajpayee and his wife, Shabana Raza Bajpayee, sold an under-construction apartment in Mumbai's Mahalaxmi area for INR 9 crore. Located on the 47th floor, the 1,247-square-foot apartment includes two car parking slots. This sale, registered on August 16, reflects the ongoing demand in Mumbai's real estate market. The Bajpayees' real estate investments, including commercial properties worth INR 31 crore in Andheri, indicate a strategic approach amidst a thriving market. With Mumbai recording over 10,000 property registrations monthly in 2024, the city's real estate sector is experiencing robust growth driven by strong buyer confidence.
Dabur India is set to invest INR 400 crore to establish its first manufacturing facility in southern India, located in Villupuram district, Tamil Nadu. This new plant will focus on producing Ayurvedic healthcare, personal care, and home care products. The project, launched with an initial investment of INR 135 crore for Phase 1, aims to enhance Dabur's presence in the southern market, which currently contributes 18-20% to its domestic revenue. The facility is expected to create over 250 jobs, support local farmers, and reflect Dabur's commitment to sustainable practices and regional economic growth.
The Mumbai Metropolitan Region (MMR) aims to double its GDP from USD 140 billion to USD 300 billion in the next five years, as outlined by NITI Aayog. This plan requires USD 125-135 billion in private sector investments and focuses on seven growth drivers, including making Mumbai a global services hub, enhancing affordable housing, and boosting tourism. Key strategies also include modernising infrastructure, slum redevelopment, and unlocking underutilised land potential. Achieving these targets could create up to 20 million jobs by 2047, significantly contributing to India’s economic landscape and elevating its per capita GDP.
The National Real Estate Development Council (NAREDCO) has urged the Central Government to address delays in Uttar Pradesh's housing projects. NAREDCO's Uttar Pradesh chapter President RK Arora has requested relief measures including rescheduling land dues over three to five years and waiving interest and penalties. The proposal includes creating an escrow account system to channel funds directly from homebuyers to project completions. NAREDCO also seeks faster sub-lease registrations, a "zero period" for interest and penalties, and project-wise resolutions through the Insolvency and Bankruptcy Board of India (IBBI) to mitigate the impact of the COVID-19 pandemic on real estate.
? A residential flat spanning 748 square feet sold in Aniruddha Heights in Raigad's Kamothe for INR 78 lakhs
? A residential flat spanning 784 square feet sold in Crown Imperial Tower in Raigad's Kalamboli for INR 68 lakhs
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Shriram Properties Limited (SPL) marks its 25th anniversary with a brand transformation initiative under the SPLNxT mission. This rebranding aims to resonate with modern buyers while retaining core values of quality and innovation. The company targets the growing mid-market segment, which accounted for 59% of housing demand in India in 2023. SPL plans to expand its footprint in key cities, aiming to double sales and triple revenue within three years. The company's robust pipeline of 42 projects and impressive growth metrics underscore its commitment to capturing new market opportunities.
The Delhi Development Authority (DDA) has launched three new housing schemes, attracting over 1,100 registrants on the first day. The Sasta Ghar Housing Scheme 2024 offers 34,000 flats for low-income groups at INR 11.5 lakh, while the Madhyam Vargiya Housing Scheme 2024 provides 5,400 flats for various income groups starting at INR 29 lakh. The Dwarka Housing Scheme 2024 will auction 173 premium flats in Dwarka. Existing registrants from earlier schemes can transition without re-registering. This move aims to address Delhi’s housing shortages and boost affordable housing options for diverse income groups.
In Thiruvananthapuram, Local Self-Government Minister MB Rajesh has announced a policy change allowing the renewal of commercial licences for establishments in buildings constructed before current regulations. This decision follows challenges faced by business owners under the K-SMART system, which previously barred licences for non-compliant older buildings. The update aims to benefit numerous small businesses and includes plans to overhaul the K-SMART system for easier licensing. Rajesh also noted that 66% of 10,000 complaints have been resolved and emphasised simplifying 106 rules to improve governance and support economic growth.
Thirteen individuals are under investigation for their alleged involvement in a INR 200 crore fraud linked to the redevelopment of buildings on MHADA land. The Thane police reported that a firm fraudulently secured a INR 200 crore loan using a fake mortgage deed, which was not used for the intended redevelopment. Additionally, a housing society chairperson allegedly issued a No Objection Certificate without proper approvals. The ongoing investigation aims to uncover the full extent of these irregularities and highlights the need for increased transparency and regulation in housing redevelopment projects. The case may prompt broader reforms in Maharashtra’s redevelopment sector.
The Goa's Urban Development Minister, Vishwajit Rane, directed all municipalities to digitize all the civic services within the next 15 days, emphasizing online accessibility for services, including tax collection. Rane instructed the chief officers to inspect their jurisdictions, utilize the unused funds, and identify beneficial projects. He also discussed regularizing the contractual municipal employees and introduced field logs for chief officers. Nearly complete GIS mapping for the North of Goa was announced, with plans for South Goa underway. Additionally, Rane mentioned potential amendments to the Goa Municipalities Act, which could require builders to fumigate construction sites, possibly through an ordinance.
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Embassy Office Parks REIT has leased 800,000 square feet of premium office space to the Commonwealth Bank of Australia (CBA) in Bengaluru, with an option to expand by 600,000 square feet. This space, part of the Embassy Manyata project, will be a built-to-suit facility, expected for delivery by Q4 2026. Located in North Bengaluru, Embassy Manyata is one of Asia's largest business parks. This deal marks Embassy REIT's largest built-to-suit project and highlights Bengaluru's growing significance as a hub for global financial services.
Nishkala Healthcare has acquired Suasth Healthcare Foundation's 400-bed multi-speciality hospital in Kalamboli, Navi Mumbai, for INR 189 crore under the Insolvency and Bankruptcy Code (IBC). The acquisition is financed through a mix of debt and equity, with promoters infusing INR 73 crore in equity. The hospital spans 500,000 sq ft and includes 63 ICU beds, neonatal units, and specialised operating theatres. The Kolkata bench of the National Company Law Tribunal (NCLT) approved a INR180 crore resolution plan against INR 628 crore in creditor claims. Yes Bank and Axis Bank, major lenders, hold voting rights, with J C Flower ARC acquiring Yes Bank's stressed loans.
Greenbase Industrial and Logistics Parks, a joint venture between Hiranandani Group and Blackstone, is set to invest INR 4,500 crore to expand its operations across India, targeting over 20 million square feet of industrial space within five years. Currently, Greenbase has invested INR 2,000 crore, delivering 5.5 million square feet of built-to-suit spaces. A significant portion of the new investment, INR 1,500 crore, will be directed towards expanding their Oragadam project near Chennai, which is expected to contribute 40% of their portfolio. Greenbase’s focus on customised industrial infrastructure positions it as a key player in India's growing logistics sector.
Hyundai Motor India Ltd (HMIL) has announced an INR 180 crore investment to establish a 65,000 square-foot hydrogen innovation centre at IIT Madras’ Thaiyur campus in Chennai, in collaboration with the Indian Institute of Technology Madras and Guidance Tamil Nadu. Supported by the Tamil Nadu government, the centre, set to open by 2026, will focus on green hydrogen development and fuel cell technology. This initiative underscores Tamil Nadu's growing role in sustainable automotive innovation, aligning with global shifts towards eco-friendly transportation and bolstering the state’s position as a leader in the sector.
Awfis Space Solutions, a flexible workspace provider, reported a net consolidated profit after tax of INR 2.78 crore for Q1 FY25, alongside a total income of INR 267.87 crore. The company completed its initial public offering (IPO) during the quarter, issuing 15,639,638 equity shares, with total offer expenses of INR 509.83 million. Awfis surpassed 100,000 operational seats and 169 centres as of 30 June 2024, adding 5,368 seats and nine new centres in the quarter. With an exit month occupancy rate of 71% and a strong focus on its asset-light managed aggregation (MA) model, Awfis continues to strengthen its market presence.
In Pune, 2 lakh out of 4.5 lakh property owners have failed to submit the mandatory PT3 forms required for a 40% property tax discount on self-occupied homes. Despite multiple extensions and a final deadline of August 15, only 2.5 lakh forms were submitted. Many properties without submitted forms were found to be locked or rented, potentially disqualifying owners from the discount. To address this, the Pune Municipal Corporation (PMC) is conducting city-wide surveys and collaborating with local housing societies to ensure accurate property occupancy records and encourage compliance among property owners.
Denmark-based Rockwool Group is investing INR 550 crore to establish a new factory in Cheyyar, Tamil Nadu, to enhance its presence in India's growing insulation market. The 50,000 square metre facility will begin operations in the first half of 2026, producing 50,000 tonnes of non-combustible stone wool insulation annually. This expansion will create around 150 jobs and support local economic development. The plant will focus on sustainable practices, including recycling efforts, to align with India’s commitment to energy efficiency and environmentally friendly construction solutions. This marks Rockwool’s second manufacturing unit in India, following its Gujarat facility.
French sporting goods company Decathlon has announced a significant investment of EUR 100 million (approximately INR 933 crore) in India over the next five years. The company aims to double its current revenue of around INR 4,000 crore in the country during this period. Decathlon plans to expand its retail presence, strengthen its omnichannel strategy, and increase local production as part of its "Make in India" initiative. The investment reflects Decathlon's confidence in India's potential as a global manufacturing and innovation hub for the brand, with the goal of nurturing local talent and contributing to the country's journey towards becoming a sporting powerhouse.
Residents of South City 1 are voicing their frustration over the neglect of basic civic amenities, five years after the area was handed over to the Municipal Corporation of Gurgaon (MCG). Persistent issues, such as pothole-ridden roads, inadequate water supply, and poor drainage, have significantly affected their daily lives. A recent protest saw residents holding signs and demanding immediate action from MCG, highlighting the disrepair of roads, sanitation concerns, and frequent flooding during monsoons. Despite meeting with MCG officials and receiving assurances that these issues would be addressed, residents remain cautious but hopeful that their demands will lead to concrete improvements in their living conditions.
After a prolonged slowdown, affordable housing in Mumbai's real estate sector is showing recovery from a slump, particularly in the under INR 30 lakh segment. A study by Liases Foras reported a 41% growth in this segment during the March-June 2024 quarter, with an increase in activity in peripheral areas like Vasai-Virar, Boisar, and Dombivli. Despite new projects and government incentives like the Pradhan Mantri Awas Yojana, awareness and implementation challenges continue to persist. Experts predict a potential 'V' shaped recovery pattern, but brokers in key areas note that sales are slower than expected due to a lack of scheme awareness.
Families are exploring more affordable Canadian cities as housing costs rise. Thunder Bay, Ontario leads the list with average monthly mortgage payments of $1,600, offering outdoor activities and cultural diversity. Saint John, New Brunswick follows at $1,400, boasting historic charm and natural wonders. Red Deer, Alberta, known for entrepreneurship and low taxes, averages $2,050 monthly. Trois-Rivières, Quebec is highlighted for affordability and cultural richness. These cities provide a balance of cost savings and quality of life, featuring various attractions from natural beauty to urban amenities. When considering relocation, families should weigh housing costs alongside factors like job opportunities, cultural offerings, and overall lifestyle to find their ideal affordable city.
Lendlease, Australia’s top property developer, reported a significant annual loss of AUSD 1.50 billion, a sharp increase from last year’s AUSD 232 million loss. The company is restructuring its operations by exiting international construction ventures, aiming to free up AUSD 4.5 billion in capital. This strategic shift, along with delays in a major AUSD 1.3 billion sale of community projects, has impacted financial performance. Despite these challenges, Lendlease sold AUSD 1.9 billion in assets by year-end, moving towards its target of AUSD 2.8 billion by 2025. Investors remain concerned about the company’s development pipeline and strategic direction.
A study by Moverly reveals that selling a home in the UK takes an average of 179 days, the longest among surveyed countries. This duration is significantly higher than the global average of 110 days, with the US having the fastest sale completion at just 53 days. The delays in the UK are attributed to outdated legal practices, particularly in conveyancing. Calls for modernisation and digitization in the real estate sector could reduce selling times by up to 70%, potentially aligning the UK with quicker global markets and enhancing the overall home-buying experience.
The Australian government has approved the Australia-Asia Power Link, set to be the world’s largest solar precinct, generating 4 gigawatts of electricity per hour. Covering 12,000 hectares in the Northern Territory, the project will power 3 million homes and feature a proposed undersea cable to export 2 gigawatts of surplus energy to Singapore. With an investment exceeding USD 20 billion, it will create 6,800 jobs annually and impact the local economy significantly. Expected to finalise by 2027, the initiative aims to enhance Australia’s role in the global renewable energy market and address pressing environmental challenges.
To read the full news stories, head over to Prop News Time
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