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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Rikant Pittie, co-founder of EaseMyTrip, made headlines with his purchase of a INR 99.34 crore commercial property in Gurugram's Sector 32. The property spans 4,050 square meters near Rajiv Chowk and boasts a built-up area of 1,00,429 square feet. Pittie, known for transforming his teenage travel agency into EaseMyTrip. com, has become a major player in online travel. EaseMyTrip has seen remarkable growth and remains profitable since its inception in 2008. Pittie's latest acquisition reflects his commitment to expanding his business empire.
? A residential flat spanning 446 square feet sold in UCC Adityraj Star in Ghatkopar East for INR 69 lakhs
? A residential flat spanning 900 square feet sold in Westminster in Sion for INR 1.77 crores
The ‘Saat-Baara-Utara’ is the regional term for 7/12 Extract Document in Maharashtra. The document is maintained by the Revenue Department of the state for the purpose of tax collection. It is issued by the Tehsildar or the concerned land authority. It is an important indicator of the legal status and includes information pertaining to the ancestral history of the land, i.e., past disputes, litigations, court orders, etc. For agricultural land, this extracts also records the types of crop grown on the land in the past.
The Runwal Group has launched 'Runwal Garden City,' a 250+ acre mega township project in Dombivli (E), featuring 250+ amenities including gardens, clubhouses, parks, and cricket grounds. Strategically located near key infrastructural developments like the Airoli-Katai Tunnel and Navi Mumbai Airport, the project offers seamless connectivity. Managing Director Subodh Runwal highlights the project's focus on lifestyle, with amenities catering to all age groups, extensive green spaces, and community-centric design. The township includes schools, retail spaces, and office areas, aiming to elevate Dombivli as a sought-after destination. The project reflects Runwal Group's commitment to holistic urban living and sustainability.
B&B Infra and Xanadu Realty unveil B&B Opulent Spire in Bengaluru's prestigious 9 Jayanagar, offering luxurious 4 BHK residences starting at INR 4.99 crores. Positioned as a pinnacle of luxury living, this collaboration signifies a commitment to excellence and innovation in real estate. Aditya B. Raju of B&B Infra highlights their dedication to exceptional living experiences, while Vikas Chaturvedi of Xanadu Group emphasizes setting industry benchmarks. B&B Opulent Spire promises unparalleled luxury and sophistication, showcasing the expertise and commitment of both companies. With its prime location and innovative design, it redefines luxury living in Bengaluru, offering residents an unmatched lifestyle experience.
The Bombay High Court has approved the reconstruction of the seven-storeyed Govinda Tower in Kherwadi, Bandra (E), which tragically collapsed over 25 years ago. Justices Gautam Patel and Kamal Khata highlighted the severity of the incident, which resulted in numerous injuries and fatalities. Originally built on a MHADA-leased plot, the building's reconstruction efforts by previous developers failed. Following residents' pleas, the court permitted the appointment of a new developer in August 2023. Despite opposition from the resolution professional involved in insolvency proceedings against the previous developer, the court directed BMC and MHADA to process the society's development proposal, marking a crucial step towards reconstruction and bringing hope to the residents of Kherwadi.
The government unveiled a new housing initiative in the Union interim budget for 2024–25, aiding the middle class in owning homes. Finance Minister Nirmala Sitharaman revealed the plan, aiming to assist those renting or in slums to buy or build homes. While specifics are pending, PM Narendra Modi hinted at it, focusing on interest relief and bank loans. The Ministry of Housing's budget sees a 12% increase, drawing industry praise. However, concerns linger about fund utilization. Amidst reductions in certain schemes, the focus on affordable housing and rural initiatives remains strong, reflecting the government's commitment to inclusive development.
In January, Mumbai's property market witnessed a 21% surge in registrations compared to the previous year, driven by heightened housing demand. Despite a slight dip from December 2023, this marked the highest January tally in 12 years. Residential units constituted 80% of registrations, contributing to a revenue collection of INR 746 crore in stamp duty, up 8% year-on-year. Rising income levels and a positive sentiment towards homeownership fueled this growth, with properties priced above INR 1 crore showing resilience against market headwinds. While smaller properties saw a shift in demand, central and western suburbs remained hotspot areas, reflecting the market's enduring appeal.
CapitaLand India Trust (CLINT) plans to acquire three industrial facilities at OneHub Chennai, India, in a deal valued at approximately INR 268 crore (USD 43.2 million). The forward purchase agreement with Casa Grande Group includes funding for project land lease and development. CLINT will fund in three phases, acquiring upon completion, with Phase 1 expected by the first half of 2025. This expands CLINT's industrial presence in Chennai amid growing demand. The move aligns with CLINT's strategy to diversify and capitalize on India's industrial growth. Notably, CLINT's portfolio includes two business parks, three industrial facilities, and a data center in Chennai.
Afcons Infrastructure, the construction arm of the Shapoorji Pallonji Group, plans to launch a INR 1,000-1,500 crore IPO to boost visibility and growth. The IPO's focus is on expansion rather than capital needs. Investment bankers include Axis Capital Markets, IIFL Securities, and SBI Capital Markets. The move aligns with government emphasis on infrastructure and favourable market conditions. Afcons' order book exceeds INR 30,000 crore, with domestic and international projects. Its FY23 net profit was INR 411 crore, and it anticipates 13-15% revenue growth in FY24. Notable projects include the Chenab Bridge and tunnelling for the Mumbai-Ahmedabad high-speed rail link. Vision 2027 outlines growth plans.
LIC Housing Finance reports exceptional third-quarter financial performance, with net profit more than doubling from INR 480 crore to INR 1,163 crore year-on-year. Total revenues surged to INR 6,792 crore, mainly driven by increased interest income. Despite the strong showing, the company prudently provisioned INR 50.32 crore for investments in Alternate Investment Funds (AIFs) in compliance with RBI guidelines. Notably, the Capital Adequacy Ratio improved to 19.77%, indicating strengthened financial resilience. LIC Housing Finance's strategic decisions and adaptability underscore its resilience and promise a positive outlook. These results cement its stature as a key player in the mortgage lending sector, fostering investor trust and ensuring steady growth.
The Indian Hotels Company Limited (IHCL) is poised to exceed its target of 300 hotels in its portfolio ahead of schedule, with plans to achieve this milestone within the next three to four months. Bolstered by a robust financial performance for the quarter ending December 31, 2023, IHCL reported an 18% increase in operating revenue and profit after taxes, attributed to effective asset management and business model innovation. With 85 hotels in development and strong cash reserves, IHCL anticipates sustained growth, particularly in domestic tourism, with a strategic focus on spiritual destinations. Market response to IHCL's Q3FY24 results has been overwhelmingly positive, reflected in a surge in stock price and optimistic outlook for double-digit revenue growth in FY25, underpinned by portfolio expansion and management contracts.
The Brihanmumbai Municipal Corporation (BMC) has terminated a INR 1,600 crore contract with Roadway Solutions India Infrastructure Ltd (RSIIL) for the concretization of 97 km of roads in Mumbai's island city due to the contractor's failure to initiate work. BMC has introduced a fresh tender, valued at INR 1,363 crore, for the concretization of 235 roads in the island city. Despite RSIIL contesting the termination in court, BMC reiterated its decision and mandated a penalty of INR 64.6 crore, along with the forfeiture of deposits. The project aligns with BMC's goals of enhancing Mumbai's infrastructure.
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