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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Samsung has inaugurated its premium store, Samsung BKC, in Mumbai's Bandra Kurla Complex, marking the company's first Online-to-Offline (O2O) store in India. Spanning 8,000 sq. ft, the store features eight lifestyle zones showcasing how Samsung products integrate into daily life. Samsung BKC offers over 1,200 product choices from an online digital catalogue, allowing exploration and pre-booking of the latest Galaxy S24 series. Beyond product displays, Samsung BKC will host Learn at Samsung workshops and a Creator’s Workshop for customization. This move positions Samsung as a strong contender in Mumbai's competitive tech retail landscape, challenging its biggest competitor Apple in Bandra Kurla Complex.
? A residential flat spanning 1134 square feet sold in Lodha Luxuria - Priva in Majiwade for INR 1.98 crores
? A residential flat spanning 388 square feet sold in Bhoomi Park in Kandivali East for INR 54.50 lakhs
Fractional ownership is when the cost of procuring an asset is divided amongst multiple individuals, each getting a share. All the benefits derived from the asset such as income and usage rights are divided pro rata between all shareholders. Fractional ownership is common in the purchase of high value purchases such as private jets, vacation homes, luxury cars, etc. When considering an investment opportunity involving fractional ownership it is important to take note of factors such as the management company's reputation, specifications of the asset, and the potential appreciation.
Real estate giant Gulshan Homz has acquired a substantial 2.5-acre plot in Sector 129, Noida, in a Rs 150 crore deal with a prominent bank. The prime location in the National Capital Region will be developed into a one-million-square-foot commercial project. The land parcels were part of Jaypee townships and attracted various developers following financial institutions' takeover due to loan defaults and insolvency issues. Despite challenges, companies like Gulshan Homz have collectively invested over Rs 3,000 crore, initiating projects with a revenue potential exceeding Rs 10,000 crore. The strategic expansion in Noida and venture into Moradabad positions Gulshan Homz as a key player in the dynamic real estate landscape.
Ajmera Luxe Realty Private Limited (ALRPL), a joint venture between Ajmera Realty & Infra India Limited (ARIIL) and Keystone Realtors Limited (Rustomjee), is set to redevelop a housing society in Bandra West, Mumbai. With both entities will hold a 50% stake. The joint project anticipates a Gross Development Value (GDV) of Rs 760 crores. The objective is to deliver high-end residential apartments in Bandra with a distinctive offering, aiming for a carpet area of 130,000 sq. ft. This collaboration leverages the strengths of Ajmera Realty and Rustomjee to contribute to urban rejuvenation and cater to the demand for premium housing in Mumbai's competitive real estate market.
Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy has disbursed nearly Rs 47 crore in interest reimbursement to over four lakh beneficiaries as part of the Navaratnalu-Pedalandariki Illu Scheme. The biannual disbursement targets easing the financial burden on those who availed housing loans. Beneficiaries are entitled to interest reimbursement exceeding 3% on a bank loan of Rs 35,000, allowing them to pay minimal interest on housing loans for houses constructed in Jagananna Colonies. Chief Minister Reddy highlighted the scheme's strategic move to make homeownership financially viable, aligning with the government's commitment to affordable housing and inclusive development in Andhra Pradesh.
Santacruz West, a vibrant and well-connected suburb in Mumbai's western region, experienced significant real estate activity in December. With 32 apartments changing hands across 15 buildings, the area showcased a mix of high-end residential properties. Developer Sales dominated the market, capturing 62.5% of total sales. Sunbeam Apartment led with the highest number of deals, closing 9 transactions, followed by Ruparel Panache with 4 deals. The most expensive apartment, priced at Rs. 16.17 Crores, was in 81 Crest, while the most affordable option, at Rs. 45 Lakhs, was in Mehta Jaising Sanjeevani. The rate per square foot ranged from Rs. 10,000 to Rs. 60,000, with a weighted average of Rs. 35,506. About 75% of the flats were sold below 1,000 square feet, and around 67% were priced between Rs. 1 Crore and Rs. 5 Crores, reflecting the diverse real estate landscape in Santacruz West.
Homefirst Finance, a key player in affordable housing finance, reported robust financials for the December quarter with a notable 34.2% surge in net income, reaching Rs 79 crore. The increase was driven by heightened loan sales, leading to a substantial 29% expansion in quarterly disbursement to Rs 1,007 crore. The total loan book saw a robust 33.5% increase, reaching Rs 9,014 crore. Despite a 40-basis point decline in net interest margin, the CEO, Manoj Viswanathan, emphasized the company's resilience. The gross non-performing assets (NPA) declined to 1.7%, showcasing the company's strong performance amidst regulatory impacts.
In the past week, the Assessment and Collection department seized 74 commercial and industrial properties, amounting to Rs 23.81 crore. Among the properties confiscated is that of M/s Parsvnath Developer Pvt Ltd situated at Khyber Pass, according to an official statement. The action is part of intensified efforts to address non-payment of property taxes and reflects the civic body's commitment to enforcing financial compliance and revenue collection. Online notices have also been issued to over five lakh taxpayers, urging them to file their outstanding taxes within 15 days or face coercive action under the Delhi Municipal Corporation Act.
Anant Raj Ltd raised Rs 500 crore through QIP for debt reduction and working capital. The oversubscribed issue attracted over three times the applications. The company plans to invest Rs 1,000 crore in projects across Gurugram, Delhi, and Tirupati, including luxury and affordable housing. They aim to launch these projects in the next 6-9 months, anticipating Rs 4,500-5,000 crore in revenue over 3-4 years. Additionally, Anant Raj will invest Rs 10,000 crore in developing 300 MW data centre buildings, converting existing IT structures in Haryana.
Mahindra Holidays & Resorts India Ltd (MHRIL) is set to invest Rs 800 crore in building three greenfield resorts in Tamil Nadu over the next five to six years, doubling its presence in the state. The resorts aim for net-zero energy, water, and waste, showcasing their commitment to sustainability. This strategic expansion aligns with MHRIL's vision to achieve 10,000 room inventory by 2030 and carbon neutrality by 2040. The project is expected to generate around 1,500 job opportunities, emphasising both economic growth and environmental responsibility.
Prime Minister Narendra Modi inaugurated three key infrastructure projects in Kochi, Kerala, collectively valued at over Rs 4,000 crore. The projects, including the New Dry Dock at Cochin Shipyard, the International Ship Repair Facility, and the LPG Import Terminal, align with Modi's vision to revolutionize India's ports, shipping, and waterways. The Prime Minister celebrated the positive impact on Kerala's development, anticipating significant boosts to shipbuilding, repairing, and the LPG sector. Modi acknowledged the transformative reforms in the sector over the past decade, foreseeing Asia's largest ship repair centre in Kochi and extended wishes for Kerala's continued rapid development.
Chinese developer Country Garden is divesting a portion of its stake in the Australian residential venture as part of a strategic shift, indicating a potential withdrawal from the Australian market. The sale, conducted by its Australian subsidiary Risland, involves a partial interest in the Wilton Greens development near Sydney, covering about 330 hectares. The sale, valued at USD 157 million to Avantaus, is part of Country Garden's efforts to address its financial challenges and restructure offshore debt. The move follows a series of sales, including the Windermere residential site, highlighting the developer's focus on financial recovery and restructuring.
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