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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Chennai Metro Rail Limited (CMRL) has allocated INR 154 crore for land acquisition, primarily for a 1.1 km stretch along Coimbatore-Sathyamangalam Road. A detailed land survey covering 35 km across two corridors will assess underground utilities using advanced mapping technologies. Land acquisition challenges on Avinashi Road and utility relocation remain key concerns. Drawing from Chennai Metro's experience, authorities are holding stakeholder discussions to resolve disputes and streamline approvals, ensuring the successful execution of the project.
Mumbai Metro Rail Corporation Limited (MMRCL) is looking to monetize land parcels in Byculla, Marol, Mahim, and Dharavi totaling around 12,491 square meters. These plots, located along the Mumbai Metro Line 3 route, could be developed through joint ventures, public-private partnerships (PPPs), or direct sales. The program is consistent with MMRCL's objective to optimize land usage and produce revenue for metro construction. Previously, MMRCL sought to auction a 4.2-acre site in Nariman Point, but the offer was withdrawn due to the Reserve Bank of India's (RBI) interest in purchasing the land. Financial bids for the next effort are anticipated this week, with advisors overseeing the process to guarantee the best use of these sites.
The Yamuna Expressway Industrial Development Authority (YEIDA) has introduced a new payment plan, allowing property owners to pay 65% additional farmers' compensation in four installments instead of a lump sum. This move aims to ease financial strain while encouraging timely construction. YEIDA also approved 20 acres for a medical college in Sector 17, 100 electric buses to improve transit, and a uniform industrial plot allotment policy. Measures to address delayed construction include a nine-month extension for 25,000 allottees. Additionally, YEIDA will develop women's hostels and repair 25 roads to enhance connectivity. These steps reinforce YEIDA’s commitment to regional growth and infrastructure development.
The Department of IT, Electronics, and Communication is reviving plans for a hybrid IT park in Porvorim under a public-private partnership (PPP) model. Through Goa Information Technology Development Corporation (GITDC), the park will be developed on a Build Lease Operate Transfer (BLOT) basis, with 12,455 sqm of land allocated for the project. A market study will assess demand from IT firms and startups. The facility will feature modern office spaces, commercial zones, and recreational areas. After a failed loan attempt in 2021, the government is now focusing on private sector investment to establish Porvorim as a key IT hub.
The Bangalore Development Authority (BDA) has announced a 24-month timeline for asphalting inner roads in Nadaprabhu Kempegowda Layout (NPKL), despite claims that 80% of the work is complete. Residents, already facing years of delays, question the extended deadline. Similar infrastructure delays plague Peripheral Ring Road and Kempegowda International Airport Expansion, raising concerns over Bengaluru’s urban planning. With over 12 million citizens, the city’s infrastructure struggles continue, prompting calls for faster project execution. Election pressure may accelerate progress, but skepticism remains.
A special one-day drive to clear South Goa’s backlog of unauthorized construction regularization petitions saw a poor response, with only 183 applicants attending out of 1,246 pending cases. Of the 96 cases processed, only 34 were approved. Despite efforts, 1,150 applications remain unresolved, highlighting slow progress. The initiative follows a January 2025 drive aimed at expediting approvals. The state government has set a March 2025 deadline to resolve 5,500 cases, but low participation and inefficiencies raise concerns. A more effective strategy, including better communication and streamlined processes, may be needed to meet the deadline.
Ahmedabad’s CID (crime) branch has arrested Raman Patel, owner of Popular Builders, for his alleged involvement in a decades-old land scam. The case stems from a 2024 complaint by Kanu Thakor, who accused Patel and others of fraudulently acquiring his ancestral land in Makarba using forged documents, including a fake death certificate. Investigations revealed that the land transfer in 1986 was illegal, as the deceased had passed away in 1980. Patel, who has a history of legal troubles, is in police custody until March 11. Authorities aim to uncover a larger land scam network through this case.
The Calcutta High Court has directed Darjeeling municipality to prohibit unauthorized construction on Mall Road while hearing a case against alleged illegal development. The municipality defended its actions, stating that the current work is part of a Gorkhaland Territorial Administration (GTA)-funded beautification project, including road expansion and hawker relocation. However, the petitioner presented an RTI response suggesting GTA was constructing a structure near Sunflower Hotel. The court has now ordered GTA’s inclusion in the case and requested a detailed project report. The final ruling will determine if the redevelopment aligns with legal requirements.
The Greater Ludhiana Area Development Authority (GLADA) conducted an eviction drive in Sector 40, Chandigarh Road, removing illegal occupants from three low-income group flats. These flats were part of a court case over unauthorized occupancy. GLADA initially built 319 flats, of which 82 were illegally taken over. After previous evictions, only three units remained occupied, which were cleared by breaking locks and sealing the flats. This effort is part of GLADA’s wider crackdown on illegal housing and encroachments. The authority continues to issue warnings and demolish unauthorized settlements, ensuring that government housing is used lawfully and benefits rightful beneficiaries.
The Indore Municipal Corporation (IMC) recently conducted demolition drives in Khajrana and Nipania, targeting illegal constructions. In Khajrana, a three-story building and an unauthorized commercial structure were demolished due to lack of permits, despite prior warnings. In Nipania, illegal encroachments at Tanya Resort, including a clubhouse and pool, were removed. IMC officials emphasized that these actions followed repeated notifications ignored by property owners. This reflects IMC's ongoing efforts to enforce zoning regulations and prevent unplanned development, as demonstrated by past demolitions in Chhoti Khajrani and Khajrana Main Road. The IMC aims to ensure adherence to municipal norms for better urban planning.
The Kolhapur Municipal Corporation (KMC) recovered INR 19 crore in property taxes through an 80% fine concession scheme that benefited 12,000 residents. The initiative, aimed at clearing overdue payments, granted INR 11.83 crore in concessions and helped KMC move toward its INR 101 crore annual tax collection target. Similar schemes in Pune and Bengaluru have boosted municipal revenues, highlighting their effectiveness in improving tax compliance. With urbanization rising, municipalities are focusing on digital platforms to streamline payments, ensuring long-term revenue growth for essential civic projects.
The Ahmedabad Municipal Corporation (AMC) has sealed 2,338 properties across the city in a major property tax recovery drive, collecting INR 90.57 lakh in a single day. The southwest zone saw 466 properties sealed, recovering INR 32.70 lakh, while 1,872 properties in the eastern zone contributed INR 57.87 lakh. Property owners failing to pay taxes face water and sewer disconnections. However, complaints about wrongful sealing on Ashram Road have surfaced. Other cities like Bengaluru and Gurgaon have also strengthened tax collection efforts, with AMC planning a 5% annual tax hike and digitized payment systems for transparency.
Tata Katcon Exhaust Systems has leased 77,800 sq ft of industrial space in Chakan, Pune, from Malpani Group for 10 years, starting this month. This follows Tata Toyo Radiator’s similar lease last year. The rental is INR 29 per sq ft, with a five-year lock-in. Malpani Group is expanding its industrial park footprint, adding 3 million sq ft in Chakan. India’s industrial park demand is rising due to industrial growth, government incentives like Make in India and PLI schemes, and infrastructure improvements under PM Gati Shakti, boosting demand for well-connected industrial spaces.
Bollywood actor Shakti Kapoor has sold his Juhu apartment for INR 6.11 crore, as per property registration documents. The 881 sq. ft. apartment in Silver Beach Heaven Co-operative Society was bought by Bengaluru-based Satish Venkatesh and Archana Taneja. The transaction was registered earlier this week, with a stamp duty of INR 36.66 lakh. This sale follows Kapoor and his daughter Shraddha Kapoor’s recent purchase of a luxury apartment worth INR 6.24 crore in Piramal Mahalaxmi South Tower, Mumbai. Juhu remains a top choice for Bollywood celebrities, offering premium amenities and strong connectivity.
The Securities and Exchange Board of India (SEBI) has permitted all non-banking financial companies (NBFCs), including housing finance companies (HFCs), to invest in security receipts (SRs) issued by Asset Reconstruction Companies (ARCs). This decision expands the pool of qualified buyers, previously limited to select NBFCs. The move is expected to enhance liquidity in the distressed asset market. However, SEBI has imposed conditions to prevent defaulting promoters from regaining access to these assets. The decision follows recommendations from a 2021 RBI committee, which proposed broadening investment eligibility in ARCs.
The Knight Frank – NAREDCO Real Estate Sentiment Index for Q4 2024 highlights a measured optimism in India’s real estate sector, despite a slight decline in sentiment scores. The current and future sentiment indices fell to 59 from 64 and 67 in the previous quarter, respectively, yet remain in the optimistic zone. The residential market outlook remains positive, with expectations of rising prices and sales, though confidence in new launches has weakened. The office market continues to exhibit strength in leasing, supply, and rent. However, economic uncertainties, including revised GDP projections and rupee depreciation, have led to a more cautious investment outlook.
Bhutani Infra has taken control of the first phase of Bhutani Bayview International Film City in Noida, a 230-acre project with an investment of INR 1,510 crore. With state-of-the-art production facilities, a dedicated film university, and convenient access to Noida International Airport, the plan aims to make Noida a global hub for filmmaking. A distinctive 250-acre emblem visible from space will emphasize India's cinematic identity, while the initiative corresponds with the Uttar Pradesh government's Film Policy 2023, which will create over 50,000 jobs. It will also incorporate sustainable commercial and hospitality areas, creating new standards in real estate and entertainment infrastructure.
The Chandigarh Housing Board (CHB) has received 6,300 applications for its self-financing housing scheme in Sector 53, a significant rise from 178 applications in 2018-19. The scheme offers 372 flats across HIG, MIG, and EWS categories, with revised prices ranging from INR 53 lakh to INR 1.65 crore, making them more affordable than previous offerings. This pricing strategy aligns with trends seen in Mumbai (MHADA) and Delhi (DDA), where reducing prices boosted demand. The Sector 53 scheme’s success highlights the importance of flexible pricing in making affordable housing more accessible, setting a model for future urban housing projects.
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.
? A residential flat spanning 580 square feet sold in Neel Park in Raigad's Old Panvel for INR 90.4 lakhs
? A residential flat spanning 468 square feet sold in Space Enclave in Raigad's Karanjade for INR 70 lakhs
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