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.
Subscribe for daily updates.
The Union Budget 2024-25, presented by Smt. Nirmala Sitharaman, prioritises infrastructure and urban development with a notable INR 1.5 lakh crore allocated for long-term interest-free loans to states. Key investments include enhancements in the Amritsar-Kolkata Industrial Corridor, Polavaram Irrigation Project, and Transit Oriented Development in 14 major cities. Andhra Pradesh receives INR 15,000 crore for its Capital Region. Capital expenditure is set INR 11.1 trillion crore, 3.4% of GDP, with significant funds also directed towards rural connectivity and flood management. The budget aims to drive equitable growth, job creation, and sustainable development across India.
Vile Parle West, a well-established suburb in western Mumbai, is known for its balanced blend of residential and commercial areas. Divided into East and West by a railway line, it features strong Gujarati community influences, excellent connectivity, and numerous educational institutions. In June, Pratap Elegance led the real estate market with three deals, followed by Himanshu Mandar CHS, Shanti Kunj Apartment, and Nutan Jeevan CHS. Resale transactions dominated the market, contributing 57% of the deals. With a variety of apartment sizes and prices, Vile Parle West caters to diverse buyer preferences, maintaining its status as a sought-after location for homebuyers and investors.
The CREDAI-MCHI Dronagiri Unit recently held its first Change of Guard event, appointing Rakesh Prajapati as the new President, succeeding Deep Rajpal. Dronagiri and Uran, key areas in Navi Mumbai, are set for significant growth due to major infrastructure projects like the Navi Mumbai International Airport and the Mumbai-Trans Harbour Link. Under Prajapati’s leadership, the Unit aims to enhance development through modern infrastructure and community planning, with a focus on sustainable real estate growth. This transition marks a crucial phase in the transformation and investment potential of these emerging regions.
The Dharampal Satyapal Group (DS Group) has achieved the prestigious LEED Platinum Green Building certification for its Noida headquarters, marking it as the world’s most sustainable green building. With a remarkable score of 109 out of 110, surpassing its previous score of 104, this certification under the USGBC Existing Building – O+M Programme Version 4.0 underscores DS Group’s commitment to environmental sustainability. Valid for five years, the certification highlights the Group’s dedication to energy efficiency, water conservation, and sustainable practices. Vice Chairman Rajiv Kumar reaffirmed the company’s commitment to net-zero emissions and responsible stewardship.
BL Kashyap & Sons secures INR 160 crore order for Bengaluru project, order book Hits INR 3383 crores
BL Kashyap & Sons Ltd. has been awarded a major INR 160 crore contract by Suruchi Properties Pvt. Ltd., a Century Real Estate Holdings subsidiary. The project involves civil and structural works for a residential building in Kodihalli, Bengaluru. This new order expands BL Kashyap's order book to INR 3383 crores, highlighting the company's growth and capability in handling large-scale projects. Managing Director Vineet Kashyap emphasised the firm’s commitment to excellence and innovation. With over 250 completed projects and operations across 12 cities, BL Kashyap continues to solidify its leadership in the EPC sector.
? A residential flat spanning 1,020 square feet sold in Sealord Building in Mumbai's Colaba for INR 5.11 crores
? A residential flat spanning 1,415 square feet sold in Pratap Heritage in Mumbai's Borivali West for INR 3.9 crores
This is a certificate issued by the local municipal authority permitting the developer to begin construction of the project. The CC is usually granted only after the building has met with all legal requirements and obtained the relevant sanctions for the building’s plan.
Mumbai-based Macrotech Developers, known for its Lodha brand, acquired three land parcels in Mumbai and Pune in the April-June quarter, targeting projects with over INR 11,000 crore in revenue potential. These acquisitions are part of their aggressive expansion strategy, contributing significantly to their projected annual GDV of INR 21,000 crore. In Q1 of the current fiscal year, sales bookings rose 20% to INR 4,030 crore. The company aims for INR 17,500 crore in annual sales, a 21% increase. Macrotech plans to launch 17 new housing projects this fiscal year, targeting INR 12,000 crore in revenue potential.
Sunteck Realty Ltd reported a 29.7% increase in pre-sales for Q1 FY25, reaching INR 502 crore compared to INR 387 crore in Q1 FY24. Collections rose by 18.8% to INR 342 crore from INR 288 crore year-on-year. The company saw a 25.95% decline in pre-sales from INR 678 crore in Q4 FY24. For FY24, pre-sales were INR 1,915 crore, and collections totaled INR 1,236 crore. Sunteck Realty, active in the Mumbai Metropolitan Region and Tier-II cities, reported a Q4 FY24 net profit of INR 101 crore, reversing a INR 28 crore loss in Q4 FY23.
The Birla Estates, a subsidiary of Century Textiles and Industries, has acquired a five-acre land parcel in Sector 71, Gurugram, aiming to develop a luxury residential project with a development potential of 10 lakh sq ft and an expected revenue of over INR 1,400 crore. The prime location on the Southern Peripheral Road offers excellent connectivity to Delhi and Gurugram. MD and CEO K. T. Jithendran emphasized the strategic importance of this market and the company's commitment to delivering exclusive living experiences. This acquisition expands Birla Estates' footprint in NCR, complementing its ongoing projects in Gurugram and New Delhi.
Homebuyers in Bengaluru's delayed Ozone Urbana project, developed by Ozone Group, have achieved a key victory. The Karnataka High Court ruled that Ozone Group promoters can be included in legal proceedings. Buyers had sought refunds exceeding INR 4 crore (USD 4.8 million) through the Karnataka Real Estate Regulatory Authority (KRERA). The ruling allows targeting promoters' personal assets, addressing a major gap in the Real Estate (Regulation and Development) Act, 2016. Despite regulations, KRERA reports developers owe over INR 486 crore (USD 5.8 million) for delayed projects, highlighting the need for further reforms to protect homebuyers.
The Indian government is launching the PM Surya Ghar Yojna Scheme to install rooftop solar panels on all government buildings, aiming for 100% solarisation by December 2025. The Ministry of New and Renewable Energy (MNRE) has partnered with Tata Power Renewable Energy Limited (TPREL) for design and installation and NHPC Renewable Energy Limited (NHPC-REL) for project oversight. This initiative will harness clean energy, reduce fossil fuel reliance, lower carbon footprints, and cut costs. The scheme underscores the government's commitment to renewable energy and sets a strong example for businesses and individuals, promoting a nationwide shift towards solar power.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has recently assigned unique QR codes to approximately 1 lakh registered real estate projects in the state. These QR codes link directly to detailed project information on the UP-RERA portal, allowing homebuyers to access essential details including land documents, project layouts, timelines, and amenities by scanning with a smartphone. This move enhances transparency and empowers buyers to independently verify project details, avoiding reliance on potentially misleading developer information. Developers must now include these QR codes in all documents and promotional materials, ensuring a more informed and secure property investment process.
领英推荐
The Enforcement Directorate (ED) has seized a plot valued at INR 300 crore from M3M Real Estate in Gurugram as part of a money laundering investigation linked to politician Bhupinder Singh Hooda. The 88.29-acre land in Basharia village is implicated in alleged fraud involving undervalued land acquisitions and manipulative practices. The probe reveals that Hooda and associates, including RS Infrastructure Pvt. Ltd., used deceitful methods to acquire land below market value, resulting in financial gain and losses for landowners. M3M disputes the claims, arguing that the seizure overlooks their legitimate business practices and economic contributions.
The Bombay High Court has asked seven members against redevelopment of Taruvel CHSL building to vacate their flats or pay INR 5 lakhs within two week. When 8 out of 84 members refused to vacate their flats, DEM Homes LLP took the matter to the court, after which one vacated his flat. Advocates of the members clarify that the developer is not willing to provide them with permanent alternate accommodation while the developer advocates argue that an agreement will be executed with them and treat them equally. The Justice Doctor said that the argument presented by the member is incorrect.
LOGOS India and IndoSpace are set to sell significant assets to raise essential funds due to rising land prices and stagnant rental rates. LOGOS aims to generate around INR 1,800 crore by divesting properties in Chennai and Luhari, following its merger with ESR. Meanwhile, IndoSpace plans to sell assets valued at INR 900-1,000 crore in Sri City, Bengaluru, and Ranjangaon. With land prices increasing by 50-60% over the past two years and modest rental growth, companies are prioritising asset sales to secure vital capital and support development in an increasingly competitive market landscape.
In June 2024, Hyderabad recorded its second-highest monthly-residential-sales, with home registrations worth INR 4,288 crore, a 48% YoY and 14% MoM increase. The city registered 7,014 units, up 26% YoY and 16% MoM. From January to June 2024, 39,220 properties were registered, a 15% YoY rise, valued at INR 24,287 crore, a 39% increase. The average home cost rose 21% YoY. Properties under INR 50 lakhs saw a decline in registrations, while those over INR 1 crore rose to 14%. Demand for homes sized 1,000-2,000 sq-ft dominated, with larger properties also seeing increased interest.
Hindalco Industries, a leading industrial conglomerate, has announced the sale of a land parcel located in Kalwa, Maharashtra, to Ekamaya Properties Pvt Ltd, a wholly-owned subsidiary of Birla Estates Pvt Ltd, for a sum of INR 595 crore. This transaction, approved by Hindalco's Board of Directors, will enable Birla Estates to further expand its footprint in the real estate sector. Birla Estates has a diversified portfolio encompassing residential, commercial, and mixed-use properties. It has large ongoing projects in Gurugram and New Delhi.
Medanta Hospital has acquired a 2.2-acre plot in Mumbai's Oshiwara suburb for INR 1.25 billion (approximately USD 18.4 million). This strategically located plot, auctioned by the Maharashtra Housing and Area Development Authority (MHADA), will be developed into a new hospital. Medanta's winning bid nearly doubled the reserve price of INR 67.5 crore (approximately USD 8.4 million). The acquisition underscores Medanta's commitment to expanding its reach and providing high-quality healthcare. Founded in Gurugram in 2004, Medanta aims to enhance healthcare access in Mumbai, benefitting residents with more specialised medical care options. Construction is expected to begin soon.
Vivek Biyani, along with actor Rana Daggubati, Apurva Salarpuria of the Salarpuria Group, and Anuj Kejriwal of Anarock, are launching Broadway, a new retail chain that bridges the gap between online direct-to-consumer (D2C) brands and physical retail. Broadway stores will feature over 100 Indian D2C brands and aims to create a unique shopping experience with interactive zones and community spaces. The first store will open in Delhi this August, with plans for Hyderabad and Mumbai in 2024 and 2025. Broadway aims to redefine the retail landscape in India.
Jugyah, founded in 2023 by Arshad Balwa and Ansuman Mohanty, raised USD 1.5 million in funding, with White Venture Capital, QED Investors, and Godrej Properties leading the round, along with other investors participating. The funds will help Jugyah expand within the Mumbai Metropolitan Region. Jugyah offers a real estate brokerage platform connecting buyers and tenants with sellers and landlords, along with services like mortgage origination, legal assistance, and loan financing. The company integrates digital and physical experiences to streamline home buying and renting. Jugyah expects to be cash flow positive by year-end and competes with Nobroker, Property Guru, and Housing.
From 2014 to mid-2024, the average completion time for large under-construction projects in India’s top seven cities dropped from 6.1 to 4.9 years, per Anarock data. In Chennai, small projects averaged 3 years and large ones 3.6 years. Hyderabad’s small projects took 3.1 years and large ones 4.2 years. Bangalore's small projects averaged 3.5 years and large ones 4.8 years. Kolkata saw the longest time at 5.7 years for large projects. Developers in NCR and MMR faced delays due to outright land purchases and regulatory restrictions. Overall, stronger financial health has improved project execution
A recent Beauchamp Estates survey highlights a shift in London's high-end real estate sector, where properties priced above GBP 15 million are seeing decreased total values and average sale prices compared to early 2023. The total value of transactions fell by 12%, from GBP 829 million to GBP 731 million, with average buyer spending declining from GBP 18.5 million to GBP 16.56 million. Factors contributing to this trend include competition from Dubai's luxury market, potential tax changes under a Labour government, and economic uncertainties. Despite these challenges, transaction volumes have marginally increased, indicating ongoing interest, albeit with a preference for smaller, more manageable luxury properties over larger estates.
In June, Manhattan's luxury rental market saw a significant drop, with median rents falling to USD 10,000 per month, marking a 16% decline from June 2023. Despite this, the market remains robust, with a record 31.2% increase in new lease signings compared to last year, totaling 6,777 leases. Apartments are renting faster than ever, with vacancies averaging just 24 days. Landlord discounts hit an all-time low at 1.4% in June. This shift in rents reflects changing tenant preferences towards smaller units, potentially driven by affordability concerns or a desire for more manageable living spaces.
Spain sees a 24% rise in the rate of homelessness by 24% since 2012 to 28,000 people, according to the official statistics. Meanwhile, the Bank of Spain reports also noted that 45% of people accommodating rented space are at the verge of social expulsion and poverty. The government has set a plan to add 184,000 units by 2027, however, the bank indicated additional homes would be needed. Many charity groups are seeking assistance from private sources to address the issue. Holidays are also one of the major factors adding to the situation and the cities are now limiting holiday apartments.
Indonesia anticipates a significant tourism surge with a new partnership with Eagle Hills, a leading UAE property developer. The Ministry of State-Owned Enterprises (SOEs) signed a Memorandum of Understanding (MoU) for an ambitious USD 3 billion (INR 24,700 crore) investment. The collaboration aims to enhance tourism infrastructure across Indonesia's vast archipelago of over 17,000 islands. Key projects include upgrading Soekarno-Hatta International Airport in Jakarta and renovating state-owned hotels to international standards. This initiative aligns with Indonesia's economic diversification strategy and is expected to spur job creation and economic growth, marking a pivotal moment for Indonesia's tourism industry.
Sobha Realty unveils Sobha Siniya Island, a luxurious retreat on Al Siniya Island, Umm Al Quwain. Set against a backdrop of serene waterfront views, the development promises a tranquil living experience amidst natural beauty. Residents will enjoy amenities such as non-motorised and motorised watercraft areas, a family-friendly golf course, a floating pavilion, and event halls. Pristine beaches, mangrove trails spanning 3.7 miles, and eco parks offer exploration opportunities. Emphasising sustainability, the project preserves biodiversity and historical significance. With support from His Highness Sheikh Rashid bin Saud bin Rashid Al Mualla, Sobha Siniya Island aims to redefine luxury living while celebrating Umm Al Quwain's heritage.
To read the full news stories, head over to Prop News Time