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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Promoters of Macleods Pharmaceuticals, Girdharilal and Banwarilal Bawri along with Rajendra Agarwal, through Agarwal Holdings, recently acquired a 3,600 sq ft bungalow in Vile Parle, Mumbai for INR 101 crore. With stamp duty and registration fees, the total cost reached INR 106 crore. This adds to their extensive property portfolio in Juhu, amounting to over INR 518 crore in the last three years. Macleods Pharma, established in 1989, operates globally in various therapeutic areas. Their real estate ventures indicate strategic diversification beyond pharmaceuticals. This mirrors a broader trend in Mumbai's luxury housing market, attracting both domestic and international investors seeking lucrative opportunities beyond traditional sectors.
? A residential flat spanning 682 square feet sold in Ecohomes La Grace in Andheri East for INR 1.64 crores
? A residential flat spanning 699 square feet sold in Rustomjee Athena in Majiwade for INR 1.3 crores
A co-operative housing society is a legal entity that can own one or more residential buildings. Membership is granted by way of a share purchase and share-holders are given the legal right to occupy a housing unit within the society. The Maharashtra Co-operative Societies Act 1960 provides a comprehensive framework for registration, membership, incorporation of duties and privileges of cooperative societies throughout Maharashtra.
LTI Mindtree is doubling its presence in Chennai's L&T Innovation Campus, adding 600,000 sq. ft to accommodate 10,000 IT professionals. Amidst Chennai's booming office market, characterized by record-breaking leasing activity, the expansion reflects the growing demand from the tech and BFSI sectors. With vacancy rates dropping by 3.7 percentage points year-on-year to 16.3% by the end of 2023, Chennai's office market becomes even more attractive for expansion-seeking businesses. Such expansions not only signal business growth but also contribute to the city's evolving economic landscape amidst rising demand for office space.
In Mumbai, housing societies are bypassing legal transfer fee caps of INR 25,000 by demanding up to INR 30 lakh as 'voluntary donations' for flat transfers in affluent areas like South Mumbai. This widespread practice, criticized as 'arm-twisting' by experts, aims to bolster societies' infrastructure funds, despite legal constraints. Advocates highlight the adverse impact on sellers, who often pay hefty sums to expedite transactions, amidst calls for regulatory adherence and fairness in the property market. Critics argue for transparency and equitable contributions from all members to address maintenance costs without overburdening individual transactions.
The Bombay High Court has directed questions at the Anjuna-Caisua panchayat concerning the delay in sealing 175 illegal structures situated in no-development and coastal regulatory zones. The panchayat has cited challenges in locating and sealing these structures and has requested assistance in addressing the issue. The court's scrutiny comes amid increasing concerns over illegal constructions in environmentally sensitive areas. Authorities are urged to take swift action to ensure compliance with regulations and preserve the integrity of these zones. Criticizing the panchayat's delays and excuses, the court has demanded a status report.
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The Jammu & Kashmir government has mandated the registration of all real estate projects with the newly established Real Estate Regulatory Authority (RERA) before commencement of work, following the J&K Real Estate (Regulation and Development) Rules, 2020. J&K RERA commenced operations on January 18, 2024, under the leadership of Satish Chandra. This initiative aims to enhance transparency and accountability in the real estate sector, aligning with the national framework of the Real Estate (Regulation and Development) Act, 2016, and bolstering consumer confidence in the region's real estate market.
hBits, a fractional ownership platform, ventures into Bengaluru's tech hub with the acquisition of Vaswani Centropolis, a commercial building in the Central Business District. The property, valued at INR 54.72 crore, offers a gross entry yield of 9% and an anticipated internal rate of return of 15.6%. With a lease duration of 30 + 30 months and a tenant lock-in period of 24 months, the acquisition expands hBits' assets under management to INR 310 crore. This move aligns with hBits' goal of catering to the increasing demand for real estate investments, particularly from non-resident Indians, targeting an AUM of INR 1000 crore by FY25.
In Gurgaon, a hotbed of real estate activity, developers eagerly acquired prime land parcels through high-profile auctions led by HSIIDC. Recent transactions totaling INR 500 crore underscore the robust demand for residential properties in Haryana. Sector 80 emerged as a key development area, attracting significant land acquisitions. Prominent developers like Eldeco and Trehan Iris have announced plans for luxury projects, reflecting the city's growing allure. The surge in acquisitions and upcoming launches in Gurgaon and Delhi-NCR point to a promising outlook for the real estate sector in the area.
Jogeshwari West continues to assert its status as a bustling and thriving locality within Mumbai's western suburbs. January witnessed a flurry of real estate activity, underscoring the area's popularity among homebuyers and investors alike. With an equal mix of developer sales and resale transactions, the neighborhood demonstrates its appeal to a diverse range of buyers. From Vision Heights to Hill Park Tower and beyond, the variety of residential options cater to different preferences and budgets. As Jogeshwari West evolves with modern developments while retaining its traditional charm, it remains a dynamic and sought-after destination for those seeking convenience, accessibility, and a vibrant living environment in the city of Mumbai.
Indore's property market faces potential shifts as the district evaluation committee proposed adjustments to property rate guidelines for the upcoming fiscal year. With possible increases of up to 100% across 49 localities and an average rise of 17.7% in over 2000 locations, the revisions aim to reflect changing market dynamics. Stakeholder feedback is invited before finalizing the guidelines, emphasizing transparency. The inclusion of new developments shows a proactive approach towards urban expansion. While the changes could impact stamp duty costs and buyer interest, they're subject to revision based on public input.
Based on the recent draft notification issued by the Bruhat Bengaluru Mahanagara Palike (BBMP), property tax in Bengaluru is proposed to be calculated based on the guidance value of the property per square foot per year. However, there are concerns raised by stakeholders, particularly the Karnataka Home Buyers' Forum, regarding the fairness and accuracy of this method. They argue that relying solely on the guidance value may not accurately reflect the true value of properties or consider individual circumstances, such as the actual usage of the property and its amenities. Thus, the proposed method suggests a departure from previous tax assessment practices in Bengaluru.
Prime Minister Narendra Modi inaugurated mega infrastructure projects in Gujarat, including the Sudarshan Setu Bridge, connecting Okha mainland to Beyt Dwarka island, the longest of its kind in India. He virtually launched medical facilities in 23 states, emphasising his government's development pace, inaugurating 200 health infrastructure projects worth INR 11,500 crore, and five AIIMS across various states. Modi highlighted India's swift progress, inaugurating seven AIIMS in 10 days, contrasting past delays. He emphasised his commitment to stop corruption and propel India to the fifth-largest economy, promoting both spiritual heritage and modern development, amidst opposition and historical challenges.
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