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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A new commercial real estate investment trust (REIT) is set to launch in India's FY25, potentially valued at over INR 4 trillion (USD 48 billion). Backed by global investment firm Blackstone Group in collaboration with Sattva Group and Panchshil Realty, it could become India's fourth commercial REIT, managing over 40 million square feet of commercial space. With the office real estate market showing signs of recovery and expected changes in interest rates, this new REIT could offer investors accessible opportunities in India's booming commercial property sector, alongside established players like Embassy, Brookfield India, and Mindspace REITs.
? A residential flat spanning 685 square feet sold in Silver Spring CHS in Andheri West for INR 1.55 crores
? A residential flat spanning 440 square feet sold in Bhoomi Acropolis 1 in Virar West for INR 27.5 lakhs
Piling in construction involves the use of long, slender columns or piles to create a stable foundation for structures. Piling prepares the ground to carry heavy loads, such as buildings, skyscrapers, bridges, roads, etc. This method is usually used when traditional shallow foundations are inadequate due to weak or unstable soil. Piles are usually made of timber, steel or concrete. Its shape, circumference and weight may vary depending on the conditions of the soil and the demands of the project.
Group Satellite launches the final phase of its affordable housing project, Aarambh, with Aarambh Avyaan in Malad East, setting new standards for luxury living. With meticulously crafted 1 BHK homes starting from INR 50 Lacs, Avyaan offers an exclusive subvention scheme for early bird buyers. The project offers international design finesse and over 25 lavish amenities, including a rooftop garden, meditation area, and plunge pool. Clever space utilisation, large windows, and excellent connectivity make Avyaan the epitome of intelligently designed living spaces in Mumbai, promising a significant lifestyle upgrade and attractive investment opportunities.
Ahmedabad's civic body, the AMC, has announced a significant policy change regarding temporary leases. Under the new regulations, revised jantri rates will be enforced by the AMC for these temporary leases. Notably, there will be a 25% concession on rent specifically for plots utilized for commercial purposes. Previous plots rented for various activities will now reflect updated jantri rates, signaling a significant policy shift. This move marks a shift in the city's land management strategy, aiming to streamline lease processes while also providing incentives for commercial activities within the region.
The Karnataka Real Estate Regulatory Authority (KRERA) issued a significant order against Provident Housing, a subsidiary of Puravankara Ltd, concerning delays in delivering the Provident Noera apartment complex in Yelahanka, north Bengaluru. The ruling addressed the challenges faced by homebuyers due to prolonged project delays, highlighting the plight of Dasari Naresh, who has been paying EMIs without possession since 2019. KRERA invoked Section 18 of the RERA Act, holding Provident Housing responsible for compensating Naresh for financial losses. Amidst high home loan interest rates, ranging between 8-15 percent, KRERA's intervention underscores regulatory oversight's crucial role in safeguarding homebuyers' interests and fostering transparency in India's real estate sector.
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The Indian Association of REITs aims to reclassify Real Estate Investment Trusts (REITs) as equities, urging SEBI for the change. This move could revolutionize India's REIT market, currently limited to four trusts focused on office and retail space. SEBI Chairperson Madhabi Puri forecasts potential expansion into sectors like hotels and data centers, attracting more investors. Equity classification could bring advantages like inclusion in stock indices, enhancing liquidity and tax benefits. Despite regulatory hurdles, this push reflects industry commitment to growth, offering investors diverse real estate opportunities beyond traditional assets.
Google is set to acquire a vast 22.5-acre plot in Navi Mumbai for INR 850 crores, signaling its plan to establish its inaugural captive data centre in India. Unlike leased facilities, this centre would be wholly owned and operated by Google, ensuring enhanced data security and service reliability. Strategically located, Navi Mumbai offers robust connectivity to major global hubs, making it an ideal choice. With India's digital growth surging, driven by factors like 5G and e-commerce, Google's investment underscores its commitment to meet the nation's escalating data demands. This move aligns with industry trends as tech giants vie to tap into India's burgeoning market, cementing their position in the global data centre arena.
Indiabulls Housing Finance, a prominent Indian mortgage lender, has raised USD 350 million through its first overseas bond issuance in over four years. The bonds, with a 39-month maturity and a fixed interest rate of 9.70%, attracted strong investor demand, exceeding three times the offering size. Labelled as "social bonds," the funds will support affordable housing initiatives and small businesses, aligning with India's needs. With over 100 global investors, including major financial institutions, the successful issuance signifies Indiabulls' strategic shift towards diversifying funding sources and fueling growth, coinciding with its rebranding to Samman Capital. This move reflects renewed investor confidence in the company's strategy and its commitment to societal impact alongside financial stability.
Indian Hotels Company Ltd (IHCL) has signed 52 hotels during the fiscal year 2024, nearly tripling the number of signings compared to the previous year. This accelerated expansion reflects IHCL's goal of growing its portfolio to over 300 hotels as part of its ‘Ahvaan 2025’ strategy. IHCL also opened 34 hotels in FY24, achieving its target. Executives highlighted strategic growth through upscale full-service hotels and existing partnerships, with a diversified pipeline including international and airport locations that reinforces IHCL's domestic leadership while facilitating international expansion.
CRIB Property Solutions, a Bengaluru-based startup founded in 2021 by Sunny Garg, Shaifali Jain, and Archit Chauhan, has made significant strides in revolutionizing property management in India. Their app, utilized by over 1,000 landlords managing 2,500 properties with 150,000 beds nationally, generates a rental income of INR 2,500 crores. CRIB Plus, their premium version targeting the burgeoning student housing and co-living markets, received a USD 1 million investment to tap into India's projected real estate expansion. With a focus on Karnataka and Tamil Nadu, CRIB's user-friendly apps optimize tenant management, rent collection, and communication, offering cost-effective solutions at less than INR 100 per bed monthly.
Yamuna Expressway Authority has announced the development of five industrial parks adjacent to Noida International Airport. These parks will cater to various industries, including electric vehicles, plastic processing, footwear manufacturing, handicrafts, and transportation services. This strategic move aims to strengthen the economic growth in the region and attract investment opportunities.The proposed EV Park is expected to host units manufacturing electric vehicles and parts. The Uttar Pradesh government has initiated the land acquisition process, with the distribution of compensation anticipated upon completion of formalities, paving the way for industrial development in 2024.
Billionaire Amancio Ortega, founder of Inditex, expands his investment horizons with Pontegadea, acquiring a Luxembourg office building for EUR 175 million. The Royal Park complex, strategically leased to major firms, ensures steady income, marking Pontegadea's first foray into Luxembourg real estate. This follows their recent purchase of a Dutch logistics center, signaling a shift in investment strategy towards diversification. With a burgeoning portfolio now at USD 20.1 billion, Pontegadea eyes income-generating assets in prime locations, leveraging Luxembourg's stability and business-friendly environment. Analysts anticipate further investments in Luxembourg and similar European markets, bolstering Pontegadea's position for sustained growth and long-term returns.
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