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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CapitaLand India Trust (CLINT), a Singapore-based real estate investment trust, has completed the acquisition of BlueRidge 3 Phase 1, a 1.4 million square feet multi-tenanted IT Special Economic Zone (SEZ) project in Pune's Hinjawadi, for approximately INR 773 crore. This strategic move bolsters CLINT's presence in Pune's thriving IT market, complementing their existing aVance Hinjewadi SEZ acquired in 2017. BlueRidge 3 Phase 1, already leased to prominent multinational companies, offers a work-live-play environment with proximity to key infrastructure developments like the upcoming metro and Navi Mumbai's international airport. With this acquisition, CLINT expands its portfolio to approximately 21 million square feet, positioning itself to capitalize on Pune's burgeoning IT sector and India's economic growth trajectory.
Townships are self-sustaining communities built on large land parcels that offer several amenities and services. Built to create the feeling of a mini city within a city, mixed townships generally comprise of residential complexes, office buildings, medical care, education institutes, restaurants, malls and retail units. Residents of townships enjoy common amenities that may include but are not limited to parks, gymkhanas, clubhouses, recreation centres and more. Townships aim to foster a sense of community living while providing convenience. Initially built on the outskirts, townships are now becoming increasing common within major metro cities.
Signature Global, a prominent real estate developer, has achieved remarkable success with the sale of over 1,000 luxury flats in its latest project near Dwarka Expressway, Gurugram, fetching over INR 3,600 crore. The 'DE LUXE-DXP' project, offering diverse units, witnessed overwhelming demand, reflecting growing affluence and aspirations among consumers. With a commitment to quality and customer satisfaction, Signature Global's strong market positioning and successful sales highlight the robust demand for premium residential properties in Gurugram.
In a significant move, the Department of Town and Country Planning (DTCP) has initiated the issuance of NOC for illegal colonies. The DTCP had issued a notification on October 4, 2023, to regularise 21 colonies spanning approximately 186 acres of prime land across various villages including Gurgaon, Manesar, Sohna, Pataudi, and Farrukhnagar. The regularisation aims to bring these previously unauthorised colonies under legal purview, offering residents formal recognition and access to essential services. This initiative signifies a step towards better urban planning and governance in Haryana, addressing long-standing concerns regarding informal settlements and land regularisation.
In a recent office directive, promoters have been instructed to submit project-related documents, including registration, extensions, and modifications, to the UP-RERA Head Office in Lucknow. This order outlines that the delivery can be made either in person or via postal service. The move aims to centralize project documentation processes and ensure compliance with regulatory standards. To expedite matters, documents for complainants in NCR regions will be handled at the Regional Office in Greater Noida. Sanjay Bhoosreddy, chairman of UP-RERA, emphasizes the importance of timely document delivery for efficient resolution of matters.
Sion East, nestled in Mumbai, epitomizes a vibrant blend of residential and commercial spaces, boasting dynamic markets and cultural diversity. Renowned for its amenities and accessibility, the locality is a prime living destination. January witnessed 18 apartment transactions across 10 buildings, split between developer sales and resale. Dosti Mezzo 22 and Kings My Home led the sales, with Vaibhav Pinnacle showcasing the highest-priced apartment at INR 7.5 crores. Prices ranged from INR 11,000 to INR 39,000 per square foot, with a weighted average of INR 24,267. Most transactions occurred within the INR 1-5 crore range, while some fell below INR 1 crore, with one notable sale exceeding INR 10 crores.
Chhatrapati Sambhajinagar Municipal Corporation (CSMC) recently introduced an innovative seven-star rating policy to promote eco-friendly practices and women’s empowerment while easing residents' tax burden. Starting from the upcoming financial year, residents can enjoy up to a 10% concession in property tax by adhering to sustainable actions such as using e-vehicles, segregating garbage, planting trees, registering properties under female family members' names, using solar power, implementing rainwater harvesting, and paying taxes online. Beyond tax benefits, the initiative aims to foster environmental consciousness, technological advancement, and gender equality. This policy showcases the municipality's commitment to a greener, more equitable future, setting an example for urban centres worldwide.
Santoni, the renowned Italian bespoke shoe company, is set to expand its presence in India with two new luxury boutiques planned for Mumbai and Hyderabad by 2026. Spearheaded by Luxerati Retail Pvt. Ltd, Santoni's partner in India, this expansion initiative involves an investment of approximately 15 crore. With a growing luxury market in India, Santoni's strategic move reflects confidence in the country's potential and aligns with the increasing demand for high-end footwear.
CIDCO has been appointed as a special planning authority for coastal districts along Maharashtra's west coast. Former BMC commissioner Subodh Kumar will lead a high-level advisory board to develop a plan for sustainable development, employment, and eco-friendly tourism in the Konkan region. CIDCO must ensure environmental protection, non-conventional energy generation, and inclusive development. Offices will be set up in each district for plan approval. The advisory board will create a vision document, engage stakeholders, and propose provisions for development. CIDCO will collaborate with an international agency for execution. The focus is on economic growth, tourism promotion, and employment generation while conserving the environment and wildlife.
Nagpur aims to achieve net-zero emissions by 2050 through India's first Zero Carbon Buildings Action Plan (ZCBAP), contributing to India's net-zero emission goal by 2070. The plan covers public, commercial, and residential buildings, focusing on reducing greenhouse gas emissions through building material choices, design, construction, management, and deconstruction strategies. Nagpur's buildings accounted for a significant portion of the city's energy consumption and greenhouse gas emissions. Developed by Nagpur Smart and Sustainable City Development Corporation Ltd (NSSCDCL) and Nagpur Municipal Corporation (NMC), in collaboration with various organizations, the plan emphasizes stakeholder engagement for a comprehensive and effective approach to sustainability.
In 2023, Germany witnessed a significant 27% decline in building permits for apartments, signalling challenges in the construction and real estate industry. Factors such as high building costs and financing difficulties contributed to this downturn. Previously a key driver of the economy, the sector now faces uncertainties, with declining demand impacting employment and economic output. Moving forward, concerted efforts are required to address these challenges and stimulate growth in the German real estate market
China has started 'Project Whitelist', which allows city governments in China to recommend residential projects to banks for financial support. Launched recently, the initiative has been embraced by 276 cities across 31 provinces, proposing about 6,000 real estate projects for consideration. By February 28, commercial banks had approved loans exceeding 200 billion yuan ($27.81 billion) for eligible ventures. The mechanism aims to coordinate financing efforts between city authorities and financial institutions to meet project requirements and boost the housing market. It signifies a concerted effort to stabilize and support China's property sector amid economic challenges.
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