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.
Subscribe for daily updates.
Kothaguda, located in the western part of Hyderabad, is a rapidly developing suburban locality known for its excellent connectivity and modern amenities. The area offers a wide range of housing options, from luxurious gated communities to budget-friendly apartments, catering to diverse preferences and budgets. In April, Bollineni Bion led real estate transactions, highlighting the area's appeal to both luxury and value-conscious buyers. With its strategic location along the Outer Ring Road, proximity to schools, hospitals, and shopping centers, and a blend of urban and natural environments, Kothaguda is poised to become a prime residential hub in Hyderabad.
Bollywood singer Sonu Nigam's father, Agam Kumar Nigam, has acquired a luxurious property in the upscale Versova neighbourhood of Mumbai for a staggering sum of INR 12 crore. The apartment, situated on the 10th floor, is located along the Versova Sea Link and spans an impressive area of 2,022 square feet. Mumbai has recently seen many noteworthy transactions, including Mavjibhai Shamjibhai Patel's INR 97.4 crore apartment purchase in Oberoi 360 West, Shahid Kapoor and Mira Kapoor's INR 60 crore luxury sea-view apartment, and Anil Gupta's INR 270 crore investment in the Lodha Malabar project. These high-value deals showcase Mumbai's status as a premier destination for the country's elite seeking premium real estate investments.
Thane's real estate industry convened on June 6th for BizNet Thane 3.0, a B2B event by CREDAI MCHI Thane. Held at TipTop Plaza, the event facilitated over 100 interactions among developers, manufacturers, and service providers, showcasing trends and innovations to establish "Global Best Practices" in Thane's real estate. Highlights included Kalpataru Doors' fire safety doors and Prince Pipes' "silent pipes" technology. The event also launched the publication Thanevaibhav, aimed at guiding home seekers. BizNet Thane 3.0 fostered valuable connections and knowledge sharing, setting a foundation for future collaboration and innovation in Thane's real estate sector.
? A residential flat spanning 2,149 square feet sold in Hiranandani Fortune City - Helios in Raigad's Rasayani for INR 2.68 crores
? A residential flat spanning 4,908 square feet sold in Paradise Sai Harmony in Raigad's Ulwe for INR 45 lakhs
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.
As companies mandate return to office rules, demand for flexible workspaces is surging across major cities and tier 2 markets in India. Large enterprises, startups, and freelancers are increasingly opting for coworking and managed offices over traditional leases for their cost benefits and flexibility. Demand is coming up across sectors such as tech, IT/ITeS, professional services & consulting, health & pharma, manufacturing, food aggregators, BFSI, BPOs, GCCs, airlines and media. Major operators report 85-100% occupancy underscoring strong demand for these services. Experts attribute this trend to the ability of these workspaces to successfully fuse employee flexibility with cost benefits that bolster both individual and business performance in current market conditions.
A new report from property consultancy Anarock reveals that the number of skyscrapers over 40 floors tall in the Mumbai Metropolitan Region will grow by 34% between 2024-2030. There are currently 361 high-rise buildings in the MMR, with 154 completed so far and another 207 scheduled for completion in the next six years. Rising population levels and higher development densities permitted over the last decade are fuelling demand for tall buildings. The state government's recent reduction of premiums for additional constructed space is also encouraging more high-rise development among builders. South Central Mumbai currently has the most towers, though growth is projected across all areas in the coming years.
Chhattisgarh Chief Minister Vishnu Deo Sai addressed the public in Balod, highlighting the government's achievements during 100 days of governance and future plans post-election code of conduct. Sai emphasized the approval of 18 lakh houses under the PM Awad Yojana and a two-year bonus of INR 3,716 crore to over 12 lakh farmers. Prime Minister Narendra Modi's recent visit marked the inauguration of projects worth INR 34,400 crores across various sectors. Despite election constraints, Sai committed to addressing public demands once restrictions are lifted, focusing on infrastructure improvements and economic growth to create job opportunities and foster self-reliance.
领英推荐
PNB Housing Finance is undergoing a significant ownership transformation. US private equity giant General Atlantic and its affiliate have sold a combined 4.46% stake, totaling 58 lakh shares at INR 727.26-727.47 each, raising INR 843.79 crore. This follows Asia Opportunities V (Mauritius)'s complete exit in January 2024, where it sold its 9.88% stake for INR 2,105.86 crore. In contrast, French multinational Societe Generale has acquired 13.08 lakh shares at INR 724.55, investing INR 94.82 crore. Despite these shifts causing a 6.69% share price drop, PNB Housing Finance reported a 57% net profit increase to INR 444 crore for Q4 FY24, with total income rising to INR 1,806 crore.
India's housing market is at a turning point. Property prices are projected to rise steadily, driven by economic growth and demand for luxury homes. A Reuters poll of property experts forecasts a 6% increase in average home prices this year and next, fuelled by wealthier buyers. Luxury housing sales have surged to nearly 28% of total sales, up from 15-16% pre-pandemic. However, affordability remains a concern for first-time homebuyers, strained by rising prices and consistent interest rates, with the RBI raising rates by 250 basis points between May 2022 and February 2023. Despite government efforts, affordable housing supply lags behind demand, challenging the market's long-term sustainability.
Aadhar Housing Finance, just two weeks after its listing on May 15th, announced a 43% year-on-year increase in net profit for Q4 FY24, reaching INR 202 crore compared to INR 141 crore last year. Total income rose by 25% to INR 673 crore, reflecting robust business activity. Aadhar's assets under management (AUM) grew 236% year-on-year to INR 21,121 crore, focusing on the economically weaker section (EWS) with an average loan size of INR 10 lakh. The company’s strategic growth and recent IPO success underscore its commitment to affordable housing in India.
In May 2024, property registrations in Mumbai's municipal region surged 22% year-on-year to 12,000 units, driven by robust housing demand, according to Knight Frank India. This growth led to a 24% rise in state revenue, reaching INR 1,034 crore. Residential units constituted 80% of these registrations. The market has seen consistent year-on-year growth for ten months since August 2023, with high-value properties, particularly those above INR 1 crore, comprising a significant portion of sales. Central and Western suburbs were the most popular, accounting for over 75% of registrations. Knight Frank expects this positive trend to continue, supported by strong economic growth and favorable interest rates.
Pune-based EFC (I) Ltd., a provider of flexible workspaces with integrated fit-out solutions, reported a remarkable 1,537% increase in net consolidated profit after tax, reaching INR 63.17 crore for the fiscal year ending March 31, 2024 (FY24), up from INR 3.86 crore the previous year. Total sales surged by 3,126% to INR 428.78 crore, compared to INR 104.06 crore in FY23. This impressive growth is driven by the rising demand for flexible workspaces among startups and small businesses in India. EFC (I)'s integrated approach, combining office space and fit-out solutions, positions them uniquely in this expanding market.
India's manufacturing sector is rapidly ascending, emerging as a favored destination for multinational corporations seeking to decentralize from China. The country's proactive governmental measures, including the influential "Make in India" initiative and Production Linked Incentive (PLI) schemes, have catalyzed this shift. With a burgeoning demand for light manufacturing and warehousing spaces, sectors like engineering, automotive, electronics, and white goods are experiencing exponential growth. India's allure lies in its vast and youthful population, burgeoning domestic market, improved infrastructure through initiatives like the Delhi-Mumbai Industrial Corridor, and investor-friendly policies. The surge in foreign direct investment heralds a new era of confidence in India's manufacturing prowess, setting the stage for further expansion and global prominence.
A recent JLL report forecasts a 45 million sq. ft. surge in organized retail space across Mumbai, Delhi NCR, Bengaluru, Hyderabad, Pune, Kolkata, and Chennai by 2028. This transformative shift to experience-centric retail caters to today's consumer looking for more than just shopping. Expect mega malls exceeding 1 million sq. ft. and two monumental projects surpassing 2.5 million sq. ft. in Delhi NCR. Driven by global influences and investor interest, these developments promise a diverse mix of stores, entertainment zones, and dining experiences. With lease-based models allowing curated offerings, a new era of retail awaits, offering a dynamic and immersive shopping journey.
The Brihanmumbai Municipal Corporation (BMC) recently demolished a 50-year-old bakery in Byculla, Mumbai, occupying 500 square meters of land owned by the civic body. The bakery, which had been operating in the Kamathipura area since 1974, was allegedly hindering the redevelopment process of the area. Despite being provided an alternate location in Goregaon by the BMC, the bakery owner continued to use both premises, leading to a legal battle. The court ultimately ruled in favour of the BMC, allowing the demolition to proceed under the supervision of 25 BMC officials and 20 police officers. The civic body has already issued a letter of intent for the redevelopment of the 3,400 square meter area, which includes 117 tenants, ensuring the creation of a 22-story rehabilitation wing, a 35-storey sale tower, and a new public playground. This case sets a precedent for the BMC's renewed efforts to reclaim illegally occupied plots across Mumbai for public benefit.
RAK Properties has launched Raha Island in Mina Al Arab, a luxury development featuring retail spaces, marinas, beach clubs, and leisure options. This aligns with a regional real estate boom highlighted by projects like Emaar's Address and Aldar's Nikki Beach. Raha Island will offer 2.5 km of public beaches and a water transit system. It aims to enhance Al Khaimah's appeal for luxury living and tourism, contributing to the emirate's strategy to attract diverse investors and visitors.
The US housing market is slowing down, with the Federal Housing Finance Agency (FHFA) reporting only a 0.1% rise in house prices in March 2024, down from a 1.2% increase in February. Rising mortgage rates, now around 7%, are making homeownership less affordable. Despite the slowdown, prices are still up 6.7% year-over-year, compared to 7.1% in February. The ongoing shortage of available homes continues to support high prices, but existing home sales have dipped. The market is entering a period of adjustment as rising rates and low inventory create a complex landscape.
To read the full news stories, head over to Prop News Time