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 Brihanmumbai Municipal Corporation (BMC) plans to partially open the new bow-string arch bridge, connecting the Mumbai Coastal Road to the Bandra Worli Sea Link (BWSL), around September 10. This bridge is expected to significantly improve traffic flow, reducing travel time for vehicles moving between Nariman Point and Bandra. Despite construction delays due to July's heavy rainfall, the 140-meter, 4,000-tonne bridge is nearing completion, with final touches underway. This development is a key part of Mumbai's ongoing infrastructure modernization efforts, aimed at enhancing connectivity and easing congestion across the city.
Birla Estates Pvt Ltd, part of the Aditya Birla Group, has unveiled the "Real Advice" initiative to enhance real estate literacy among Indian consumers. Featuring actor Vicky Kaushal in a series of short films, the campaign simplifies complex real estate concepts and answers common buyer questions. The initiative includes a microsite with blogs, podcasts, and a chatbot, offering accessible and practical guidance on property evaluation and interior design. Led by K T Jithendran and Anitha Krishnan, the campaign aims to foster transparency and empower buyers with essential knowledge, reflecting Birla Estates’ commitment to customer-first values.
The Maharashtra Housing and Area Development Authority (MHADA) has announced a price reduction of 10% to 25% on 370 apartments available through its Mumbai Board Lottery. This move aims to make homeownership more accessible in Mumbai, where real estate prices are notoriously high. The discounted apartments, acquired through redevelopment projects, offer a rare opportunity for affordable housing. MHADA's introduction of IHLMS 2.0, an online lottery system, further simplifies the buying process. With the application deadline extended to September 19, 2024, more prospective homeowners can now participate in this initiative to secure a home in Mumbai.
The Dharavi Redevelopment Project, set to start within the next 6-8 months, aims to overhaul Mumbai’s sprawling slum into a modern urban area. Covering 600 acres, the project will initially focus on 296 acres, integrating green spaces and cultural sites. Dharavi Redevelopment Project Pvt Ltd (DRPPL), led by the Government of Maharashtra and Adani Group, is spearheading this initiative. With over 10,000 tenements surveyed and international firms like Sasaki and Buro Happold on board, the plan promises a comprehensive redevelopment respecting Dharavi’s unique social and economic fabric. The project's success will depend on inclusive planning and effective stakeholder engagement.
? A residential flat spanning 859 square feet sold in Devisha Hex Blox in Raigad's Kharghar for INR 1.08 crores
? A residential flat spanning 777 square feet sold in Kalpvrux CHS in Raigad's Panvel for INR 76 lakhs
Alternate Investment Funds (AIFs) is a privately pooled investment vehicle that collects funds from India and abroad for investing into asset classes with a defined policy. The concept was first introduced in India in 2012. Under AIF regulations issued by SEBI, funds can be classified into three categories. Real estate AIFs fall under category II.
Urban Vault, a managed co-working firm, has leased 100,000 square feet of prime office space at Brigade Summit in Whitefield, Bengaluru, to meet the growing demand for managed workspaces. The new facility will house over 2,000 desks, with a per-seat cost of INR 9,000 and above-monthly. Urban Vault, with over 20 lakh square feet of office space and 30,000 desks in its portfolio, plans to expand into Pune, Gurugram, Hyderabad, Delhi-NCR, and Mumbai. The company reported a turnover exceeding INR 100 crore in the 2023-24 fiscal year, driven by the demand for Grade A office space.
The Supreme Court has cleared the way for the NBCC, a public sector undertaking, to construct nearly 8,000 additional apartments in six of the 24 stalled Amrapali projects in Greater Noida and Noida. The funds generated from the sale of these flats will be used to recover project costs and clear the dues owed by the bankrupt real estate developer Amrapali to the Noida and Greater Noida authorities. Amrapali had declared bankruptcy in 2017 and abandoned the 24 projects, leaving thousands of homebuyers in the lurch. The Supreme Court has allowed NBCC to pay INR 743.16 crore to the authorities for a higher floor area ratio (FAR) to expedite the construction work.
Unitech has resumed the construction of its long-stalled South Park project in Gurugram's Sector 70, which was halted in 2013. Originally intended to deliver 832 flats across 27.4 acres, only 672 units were sold before work stopped. The new management, appointed after a Supreme Court order, secured necessary clearances and plans to complete the project within three years. An additional 4.31 acres have been acquired to expand the project. Safety assessments are being conducted, and a quarterly payment plan for buyers has been introduced. However, buyers face challenges in securing loans, with some planning to seek court intervention.
As the panchayat elections near, the issue of incorporating seven villages into Mohali’s municipal limits resurfaces. The proposal, initially approved by the Mohali Municipal Corporation (MC) in 2021, remains unresolved. Deputy Mayor Kuljit Singh Bedi has urged the Punjab government to finalise the inclusion of villages like Balongi and Mauli Baidwan. Bedi warns that a delay could create governance confusion post-election. Inclusion would grant residents access to urban amenities and foster development. With elections approaching, swift action is deemed crucial for organised local governance and fulfilling residents' aspirations.
The Odisha government is ramping up efforts to combat illegal construction in Bhubaneswar, with Housing and Urban Development Minister Krushna Chandra Mohapatra announcing the demolition of 191 unauthorised buildings. A total of 491 illegal construction cases have been recorded within the Bhubaneswar Development Authority (BDA) jurisdiction, with 63 resolved and 237 pending in court. The Bhubaneswar Municipal Corporation (BMC) reported 1,444 illegal cases, with 993 still unresolved. The government's actions aim to enforce compliance with building laws, ensure urban safety, and promote sustainable development in the rapidly growing city.
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The Karnataka High Court clarified that once an absolute sale deed is executed and stamped, the earlier agreement of sale no longer requires stamp duty. This ruling, by Justice Sachin Shankar Magadum, aims to streamline property transactions and reduce tax burdens on buyers and sellers. The court emphasized that the sale deed, once in place, overrides previous agreements, making them irrelevant for stamp duty purposes. This decision, stemming from a partition suit in Haveri, enhances clarity in real estate transactions and may improve efficiency in Karnataka’s property market by discouraging unnecessary penalties.
To combat malaria, dengue, and waterborne diseases, Navi Mumbai Municipal Corporation (NMMC) has initiated special awareness camps. These camps, organized by the NMMC Health Department across 24 Urban Primary Health Centres, aim to educate citizens on disease prevention and health practices. On August 28th, over 13,000 residents participated in these camps, and 1,216 blood samples were collected. Five such camps have already benefited 40,825 citizens. The camps include demonstrations on preventing mosquito breeding, such as covering water storage and maintaining cleanliness. NMMC Commissioner Dr. Kailas Shinde urges residents to eliminate mosquito breeding sites and adhere to hygiene practices to control disease outbreaks effectively.
The Bruhat Bengaluru Mahanagara Palike (BBMP) has unveiled a list of the top 100 property tax defaulters, which includes significant institutions such as transport corporations and educational bodies. With unpaid taxes totalling INR 900 crore, these entities have ignored repeated notices from the BBMP, despite the One-Time Settlement (OTS) scheme offering a 50% waiver on interest and penalties. The BBMP is now intensifying efforts to recover these dues, threatening property seizures for non-compliance. The move targets significant defaulters across various city zones, aiming to restore much-needed revenue for Bengaluru's development.The Bruhat Bengaluru Mahanagara Palike (BBMP) has unveiled a list of the top 100 property tax defaulters, which includes significant institutions such as transport corporations and educational bodies. With unpaid taxes totalling INR 900 crore, these entities have ignored repeated notices from the BBMP, despite the One-Time Settlement (OTS) scheme offering a 50% waiver on interest and penalties. The BBMP is now intensifying efforts to recover these dues, threatening property seizures for non-compliance. The move targets significant defaulters across various city zones, aiming to restore much-needed revenue for Bengaluru's development.
The Indian commercial real estate market is projected to experience significant growth in FY25, with net leasing of Grade A office spaces expected to reach 41-43 million square feet, according to Crisil Ratings. This growth is driven by increased demand from global capability centers (GCCs) and sectors like BFSI and manufacturing. Bangalore and Hyderabad are anticipated to see the most growth due to their tech hubs and infrastructure improvements. GCCs are expected to account for 40-45% of leasing activity, while vacancy rates are predicted to stabilize at around 17.4-17.5%, marking a recovery after high pandemic-era vacancies.
Housing sales in the Mumbai Metropolitan Region (MMR) are expected to surpass INR 1.35 lakh crore in 2024, according to JLL India’s report, "Mumbai Residential Market: Through the Lens of Time." The MMR, including Mumbai, Thane, and Navi Mumbai, is seeing strong investment driven by high sales figures, new residential launches, and infrastructural advancements. The growth is supported by projects like the Mumbai Coastal Road and metro extensions, enhancing connectivity and boosting demand. Consumer trends toward larger suburban homes and hybrid work models are also influencing the market, positioning Mumbai as a key player in India’s real estate sector.
Trehan IRIS has teamed up with Marriott International to introduce the Courtyard by Marriott brand to Greater Noida West, marking its debut in the Noida region. This new hotel, part of the Iris Broadway Greno West project, will feature 135 rooms, banquet facilities for over 2,000 guests, and amenities like a swimming pool, terraces, and an all-day dining restaurant. The project, including retail and office spaces, represents a INR 400 crore investment and is expected to be operational by 2027. Designed by Benoy, it spans 3.4 acres and will include a high-rise office tower and various upscale features.
The Mumbai Metropolitan Region Development Authority (MMRDA) is set to issue bonds worth INR 14,000 crore, with an initial phase of INR 1,400 crore, to fund infrastructure projects in Mumbai. The bonds, approved for up to INR 50,000 crore, will be secured by land parcels and guaranteed by the state government. This strategy shifts from auctioning plots in the Bandra-Kurla Complex to leveraging capital markets for funding. The bonds, with a 50-year tenure and an option to redeem after 15 years, aim to enhance mobility, housing, and services in the densely populated region, setting a precedent for future infrastructure financing.
Chitrapuri Colony, home to the Telugu Cine Workers’ Co-operative Housing Society in West Hyderabad, faces scrutiny for violating building regulations. Civic authorities recently demolished six villas, which exceeded the 225 units permitted. Despite warnings from Manikonda Municipality, unauthorised construction continued, leading to potential legal actions. The society violated a 2009 government order by constructing additional floors beyond the approved G+1 structure. Manikonda officials, supported by Hyderabad Disaster Response (HYDRAA), threaten to carry out further demolitions if the society does not comply. The society's president offered to pay penalties, but enforcement remains stringent as public support for HYDRA's actions grows.
Mumbai's deteriorating infrastructure, particularly the condition of key flyovers, is raising serious concerns. The Jog flyover in Andheri East has become a focal point of a dispute between the MMRDA and BMC over responsibility for repairs, causing delays that have rendered the structure unsafe. An April 2024 audit by VJTI deemed the flyover dangerous, urging repairs within a month. However, the BMC is still undecided on how to proceed, despite a recent incident where a large slab fell from the flyover. The situation is part of a broader infrastructure challenge in Mumbai, with several other bridges also in urgent need of repairs, underscoring the need for immediate action to prevent potential disasters.
The Union Cabinet approved the development of 12 new industrial cities across 10 states with an investment of INR 28,602 crore to enhance India's manufacturing capabilities. Strategically located along six major industrial corridors, developers will build these cities as greenfield smart cities, adhering to global standards. The initiative, part of the National Industrial Corridor Development Programme, aims to create 1 million direct and 3 million indirect jobs by 2027. Having secured environmental clearances and completed land acquisitions, this initiative will transform India's industrial landscape and significantly boost economic growth and global competitiveness.
Porsche Design has partnered with Ananda Development to launch the Porsche Design Tower Bangkok on Sukhumvit 38, marking its first luxury real estate venture in Asia. This 22-unit tower will feature "Sky Villas" ranging from 525 to 1,135 square metres, with prices starting at USD 15 million and reaching up to USD 40 million. Construction begins next year, with completion set for late 2028. The tower will offer unique features such as luxury car garages and a spiral access ramp. The project reflects a trend of luxury brands entering the real estate market, aiming to cater to high-net-worth individuals in major Asian cities.
In July, Taiwan's domestic banks reached an 18-year high in housing loans, totaling NT$10.6 trillion (USD 331.25 billion), with a remarkable year-on-year growth rate of 10.82%. This surge is driven by post-pandemic economic recovery, increased housing demand, and competitive construction projects. Construction loans also rose to nearly NT$3.72 trillion (USD 116.25 billion), fueled by government-backed urban renewal initiatives and rising costs. Despite robust demand, stringent regulations and internal guidelines are in place to manage risks associated with real estate loan concentration. The surge in loans highlights the strength and resilience of Taiwan's housing and construction sectors as they continue to grow.
Developers in Saudi Arabia have unveiled Aquellum, an ultra-luxury, upside-down skyscraper nestled into the Gulf of Aqaba’s mountainside. Rising 330 feet, this underground city promises a futuristic blend of high-end retail, art galleries, and performance venues, all set within a 1,500-foot-tall mountain range. Guests will access Aquellum via a floating marina and underground canal, entering a high-tech community with digital and VR experiences. Part of Saudi Vision 2030, Aquellum aims to revolutionise tourism by merging luxury, technology, and sustainability, setting new standards for global luxury travel.
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