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 National Capital Region Transport Corporation (NCRTC) plans to develop commercial and residential hubs along the Delhi-Meerut Namo Bharat corridor, utilizing 90+ hectares of land across Duhai, Modipuram, Ghaziabad, and Meerut. The project includes malls, office spaces, rental housing, and hospitals, aligning with Transit-Oriented Development (TOD) principles. A Project Management Unit (PMU) will oversee execution. With the corridor’s 82-km stretch set for full completion by 2025, NCRTC aims to boost real estate, improve mobility, and generate non-fare revenue, following global models like Hong Kong’s MTR and Singapore’s MRT.
Bengaluru is undergoing a major infrastructure overhaul to improve urban mobility, reduce congestion, and enhance economic growth. The state government has increased BBMP’s annual grant from INR 3,000 crore to INR 7,000 crore, with a Special Purpose Vehicle (SPV) ensuring efficient project execution. Key projects include tunnel roads (INR 19,000 crore), a 40.5 km double-decker flyover (INR 8,916 crore), and a 98.6 km metro expansion. The Bengaluru Business Corridor (INR 27,000 crore) aims to boost commercial activity, while major industrial investments include Foxconn’s INR 6,970 crore mobile plant and a Japanese Industrial Park. These initiatives will redefine Bengaluru’s urban and economic landscape.
A record-breaking luxury apartment sale in Mumbai’s Juhu area saw Paresh and Avni Shah purchase a 9,863 sq. ft. unit in Avalon Tower for INR 106 crore, marking a price of over INR 1 lakh per sq. ft. The transaction reflects Mumbai’s booming high-end real estate market, with the tower’s completion set for 2028. Similar luxury sales have been recorded across India, including a INR 75 crore penthouse in Delhi, an INR 80 crore villa in Bengaluru, and a INR 45 crore apartment in Chennai. Rising demand for luxury homes signals strong investment potential in India's real estate sector.
Federal Bank has appointed Vidya Balan as its first-ever brand ambassador, marking a strategic move to enhance its national presence. CEO KVS Manian emphasized that Balan’s values align with the bank’s principles, making her an ideal choice. She praised the bank’s ‘Human at the Core, Digital to the Fore’ approach, highlighting its commitment to customer service and innovation. The collaboration will span television and digital campaigns to strengthen brand engagement. This initiative supports Federal Bank’s broader strategy to enhance financial services while promoting women’s empowerment and inclusivity in the banking sector.
GMR Airports has raised its stake in Delhi International Airport Ltd (DIAL) to 74% after acquiring a 10% share from Germany’s Fraport for USD 126 million. The transaction was completed following regulatory approvals and necessary conditions. GMR has steadily increased its control over DIAL since the airport’s privatisation in 2006, while Fraport’s exit aligns with its shift away from Indian operations. IGI Airport has undergone significant expansion, with future projects aiming to boost its passenger capacity. The move strengthens GMR’s position in airport infrastructure, both in India and globally, though its stock price dipped slightly post-announcement.
Union Minister Manohar Lal Khattar reviewed Bihar’s urban development projects and expressed satisfaction with their progress. Key initiatives discussed included Pradhan Mantri Awas Yojana (PMAY), AMRUT, Patna Metro, and PM eBus Sewa. The government aims to meet PMAY’s housing goals within five years, while a 6.2-km Patna Metro stretch is set to open by August 2025. Bihar will receive 500 electric buses to improve public transport. Additionally, Rs 269.44 crore has been allocated for waste management under Swachh Bharat Mission 2.0. These efforts aim to enhance housing, transport, and sanitation, improving urban living conditions in the state.
The National Green Tribunal (NGT) has rejected a Bhubaneswar real estate developer’s appeal against a show-cause notice issued by the State Environment Impact Assessment Authority (SEIAA), Odisha, for environmental violations in a housing project in Kalarahanga. SEIAA flagged non-compliance with Environmental Clearance (EC) norms, including improper DG stack height installation. The ruling halts Phase III construction (17 towers of 21 stories each) and warns of possible EC revocation. The NGT reaffirmed that challenging a show-cause notice is legally invalid, reinforcing strict environmental compliance for large-scale real estate projects.
The Nagpur bench of the Bombay High Court has ruled that tenants in illegally constructed buildings cannot challenge demolition notices issued under Section 53 of the Maharashtra Regional and Town Planning (MRTP) Act, 1966. The court dismissed a petition by tenants opposing the Nagpur Municipal Corporation’s (NMC) demolition order, emphasizing that only property owners have the right to contest such actions. Citing previous rulings, the bench reaffirmed that illegal constructions must be removed and tenants cannot obstruct lawful municipal actions. This judgment strengthens urban planning regulations and reinforces municipal authority over unauthorized developments.
The Pune Cantonment Board (PCB) is drafting new building bylaws for its civil and bungalow areas, following directives from the Directorate General of Defence Estates (DGDE). Similar efforts are underway in Khadki and Dehu Road cantonments. Currently, civil pockets have an FSI of 1, and bungalow areas have 0.5, with residents advocating for higher limits. Despite a 2015 Ministry of Defence (MoD) directive for bylaw updates, approvals are still pending. A proposed merger with municipal corporations could shift building control away from the military, making it a sensitive issue. The final decision rests with the state government and MoD.
The Maharashtra government has issued a final notification allowing the conversion of leasehold and Class II occupancy land to freehold by paying a premium of up to 25% of Annual Statement Rates (ASR). Residential landholders must pay 15% of ASR for freehold ownership. This move grants full property rights and boosts state revenue. However, stakeholders have raised concerns over exclusions, procedural hurdles, and a short application window ending December 31, 2025. The policy affects nearly two million families living on such lands for decades. Calls for amendments and extended timelines continue to ensure fair access to freehold conversion.
The Panchkula Municipal Corporation (MC) has proposed regularizing illegal colonies by offering 1-marla residential plots at 2004 collector rates to families living there for over 20 years. This plan targets settlements like Rajiv Colony and Indira Colony, ensuring residents retain their homes legally. A similar initiative is proposed for Beed-Ghaggar village, with land in Chandimandir suggested as compensation for forest land use. Additionally, four neglected residential colonies may be transferred to the MC for better maintenance. These efforts align with broader trends in Indian cities like Delhi and Mumbai, where authorities are addressing unauthorized settlements through legalization and infrastructure improvements.
The Karnataka government has introduced the Micro Loan and Small Loan (Prevention of Coercive Actions) Bill, 2025, absolving borrowers from repaying loans taken from unregistered microfinance institutions (MFIs) and mandating the return of securities collected by such lenders. This move follows rising concerns over predatory lending and harassment, highlighted by tragic incidents like a borrower’s suicide in Haveri. Karnataka’s microfinance sector, supporting over 10 million individuals, has grown rapidly, but aggressive debt collection has led to calls for stronger regulation. While the Bill protects borrowers, analysts stress the need for broader governance reforms to balance accessibility with ethical lending practices.
Maharashtra’s economy is poised for a 7.3% growth in 2024-25, outpacing the national average, as highlighted in the recently released Economic Survey of Maharashtra 2024-25. The state's key sectors, including agriculture, services, and industry, are projected to witness substantial expansion. Nominal GSDP is estimated to rise to INR 45.31 lakh crore, reflecting consistent economic progress. On the fiscal front, revenue receipts and expenditures are both on an upward trajectory, underscoring sound financial management. Additionally, banking indicators, including deposits, credit, and priority sector lending, highlight strong financial activity in the state.
The Nashik Municipal Corporation (NMC) has intensified efforts to recover pending property tax dues by issuing notices to defaulters. Over 2,000 notices have already been sent, urging recipients to clear outstanding payments within 15 days. Despite the NMC collecting INR 237 crore so far, it still falls short of its INR 250 crore target. Earlier, the civic body introduced an amnesty scheme offering up to 95% penalty waivers, which led to the recovery of INR 60 crore. However, with over 1.5 lakh defaulters still owing INR 250 crore, the administration is now escalating recovery measures, warning of stricter actions, including property confiscation, for non-payment.
Chandigarh’s real estate market is set for a major shift with proposed collector rate hikes, increasing by up to four times depending on property type and location. Residential sector rates may rise by 42%-128%, while rural residential plots could see a 316% hike. Commercial properties in rural areas face a 438% increase, and industrial land rates in Phases 1 and 2 may jump 32%. Agricultural land rates will now vary by location instead of uniform pricing. These steep hikes could reshape investments and land valuation, significantly impacting buyers, sellers, and developers in Chandigarh’s real estate market.
Bollywood actor and producer Priyanka Chopra Jonas has sold four residential apartments in Andheri West’s Lokhandwala Complex for INR 16.17 crore. Among these, a duplex spanning the 18th and 19th floors fetched INR 6.35 crore. The deals were executed by her mother, Madhu Chopra, and registered earlier this week, incurring a cumulative stamp duty of INR 84.47 lakh. This follows her previous real estate sales in the same area, including two apartments to filmmaker Abhishek Chaubey for INR 6 crore in late 2023 and a commercial property for INR 7 crore earlier that year.
Unlike previous years, Ahmedabad Municipal Corporation (AMC) has yet to announce its annual property tax interest waiver scheme, leading to uncertainty among taxpayers. Meanwhile, AMC’s South West Zone sealed 477 properties, recovering INR 41 lakh in a single day, while illegal constructions at Gurukrupa Estate were demolished. The western zone saw a 5.95% drop in tax revenue, attributed to reassessment delays. Other cities like Nagpur and Ulhasnagar have introduced penalty waiver schemes to boost tax compliance. The delay in AMC’s announcement could impact revenue collections as taxpayers wait for possible rebates.
The Slum Rehabilitation Authority (SRA) in Mumbai has invited applications for the empanelment of developers to undertake redevelopment projects under its jurisdiction. Application forms will be available from 7th March to 21st March 2025 at the SRA office in Bandra (East). Developers must submit detailed documentation, including project experience, financial turnover, and manpower availability. Empanelled developers will be responsible for tasks such as site demarcation, transit arrangements, construction, and obtaining necessary approvals. The selection process ensures that only competent developers are enlisted, with annual revisions to maintain high standards.
The Konkan Housing and Area Development Board (MHADA) has launched the sale of school and multispecialty hospital plots in Shirdhon and Khoni, Kalyan, through an online tender process closing on March 18, 2025. These plots are part of large-scale townships with over 18,000 EWS and LIG units under Pradhan Mantri Awas Yojana (PMAY). Located near the Virar-Alibaug Multimodal Corridor and Katai-Badlapur Pipeline, these projects aim to integrate residential, educational, and healthcare facilities. This model follows Nanded City (Pune) and Gaur Yamuna City (UP), promoting self-sustained urban development with essential infrastructure.
Zoning is a type of planning control tool used to regulate the use of land in a particular area. It is used when creating Development Plans for a region. This tool allows authorities to stimulate or slow down development in specific areas, regulate property markets and ensure complementary use of land. It also helps in defining density by way of FSI / FAR. Each state may have its own method of zoning.
|International News
The U.S. Securities and Exchange Commission (SEC) has informed employees that the Trump administration plans to terminate leases for its Los Angeles and Philadelphia offices, according to an internal email obtained by Reuters. The move, driven by the General Services Administration (GSA), aims to optimize federal office space and reduce costs. While the SEC insists there will be no staff reductions, concerns remain about the relocation and workspace arrangements. The GSA is also evaluating a potential lease termination in Chicago, though financial penalties could hinder the process. Further updates are awaited from the SEC and GSA regarding these closures.
In February 2025, the Greater Toronto Area (GTA) housing market saw a sharp decline, with home sales dropping 28.5% from the previous month and 27.4% year-over-year to 4,326 units. Home prices also fell for the third consecutive month, with the price index reaching CAD 1,063,300, down 1.5% month-over-month. New listings decreased 24.3% from January but remained 5.4% higher than February 2024. High interest rates, cautious buyers, and economic uncertainties have slowed market momentum. Despite these challenges, analysts hope for stabilization if borrowing costs remain low and government policies support economic recovery.
? A residential flat spanning 618 square feet sold in Lodha Amara Tower 47 and 48 in Thane's Balkum for INR 1.12 crores
? A residential flat spanning 889 square feet sold in Shanti The Cennet in Thane's Nilje for INR 1.02 crores
To read the full news stories, head over to Prop News Time