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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Ulhasnagar, located in the Thane district of Maharashtra, is evolving from a densely populated township into a prime residential hub. Known for its vibrant textile industry, the area offers affordable housing and attracts a diverse population. In May, Vishwajeet Precious Phase 2 led real estate activity with 16 deals, highlighting the locality's growing appeal. Apartments in Ulhasnagar range from budget-friendly to high-end, catering to various buyer preferences. Despite its congestion, Ulhasnagar boasts a strong community spirit and excellent connectivity to Mumbai and Kalyan. With ongoing infrastructural improvements, it is becoming an increasingly attractive choice for families and professionals.
Naiknavare Developers, a Pune-based construction company, successfully handed over homes to 80 families in Mumbai's Vakola neighbourhood, Santacruz, as part of the 'Jagruti' Slum Rehabilitation Project (SRA). Initiated in December 2022, this project spans approximately 12 acres. The newly completed G+9 tower provides 80 units, each with a 300-square-foot carpet area. Future phases will include amenities like a gym, nursery school, and society office. During the key handover ceremony, Chief Guest MLA Sanjay Potnis praised the initiative. Naiknavare Developers, known for its SRA projects, aims to empower slum residents and has a robust portfolio across Pune and Mumbai.
Auris Galleria, a new shopping and business complex in Malad West, has received its Occupation Certificate (OC). Developed by Transcon Developers and Sheth Creators, the project covers 66,667.50 square feet and features 78 retail units and 29 commercial spaces, ranging from 375 to 1,238 square feet. Strategically located near Link Road and Malad Railway Station, Auris Galleria is designed for high foot traffic and easy accessibility. As part of the Auris Serenity project, it provides ample parking and a vibrant community atmosphere, positioning it as a premier destination for businesses and consumers in Malad.
? A residential flat spanning 1,890 square feet sold in Bridge Paramount in Hyderabad's Secunderabad for INR 1.14 crores
? A residential flat spanning 2,120 square feet sold in Aditya Heights in Hyderabad's Whitefields for INR 1.05 crores
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TDR certificate/ Development Rights Certificate (DRC) is a certificate issued by the competent authority to an owner or a lessee of the land on surrender of the gross ‘area’ of the land which is required for public purpose. Such ‘area’ of land must be free of cost and free from all encumbrances. The certificate comprises of the details such as FSI/FAR credit in square meters of the built-up area to which the owner or lessee is entitled, the place from where it is generated and the rate of that plot as prescribed in the Annual Statement of Rates issued by the Registration Department or other concerned department for the concerned year.
Mahindra Lifespace anticipates a fivefold increase in bookings by the financial year 2028, driven by strategic expansions and innovative projects. The company aims to use its reputation for quality and sustainability by focusing on technology integration and efficient project execution to attract a broader customer base. This projection is supported by strong market demand and Mahindra Lifespace’s commitment to delivering premium residential and commercial properties. Enhanced marketing efforts and customer-centric initiatives are also expected to play a crucial role in achieving this ambitious target. Overall, Mahindra Lifespace is poised for significant growth, reinforcing its position as a leader in the real estate sector.
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Residents of Chitra Cooperative Housing Society in Chembur celebrated paying off an INR 20 crore bank loan after independently redeveloping their building themselves. They completed construction faster and at a higher quality than offered by private builders. Originally consisting of 12 flats averaging 450 sqft each, the new 19-story tower designed by T Khareghat contains 56 flats, with each member receiving 1,150 sqft generating significant rental income. They repaid the loan within 6 months of moving in, setting an example for other housing societies undertaking redevelopment. The event was attended by housing activist Chandrashekhar Prabhu and MLA Bacchu Kadu, who was interested in understanding their novel self-redevelopment model.
Raymond, a leading textile and apparel company, is undertaking a major expansion by raising INR 25,000 crore to boost its real estate ventures and open 300 new stores by FY25. The company is also negotiating joint real estate contracts worth INR 5,000 crore, further supporting its ambitious growth plans. Through its real estate activities Raymond raised INR 25,000 crore. These strategic initiatives aim to enhance Raymond's market presence and drive significant business growth, showcasing its commitment to expanding its footprint and redefining its industry position. Through this bold expansion, Raymond is poised to achieve remarkable success and strengthen its leadership in the market.
Bihar RERA recently secured the refund of INR 14.23 lakh to two homebuyers from Aryavart Lifespaces Private Limited, following cases transferred to the Patna district administration under the Bihar and Orissa Public Demand Recovery Act, 1914. The Act allows authorities to confiscate property and issue warrants against defaulters. A meeting, led by RERA Bihar chairman Vivek Kumar Singh, focused on expediting these cases and developing a monitoring system, including a mobile app for tracking progress. Additionally, plans to auction Agrani Homes Pvt Ltd's confiscated land via an e-proc platform were discussed, aiming to reimburse aggrieved homebuyers.
The Securities and Exchange Board of India (SEBI) announced plans to auction 22 properties from seven companies, including Pailan Group, Vibgyor Group, and GBC Industrial Corp Group, on July 8, 2024. Other firms to be auctioned are Tower Infotech Group, Waris Group, Teacher’s Welfare Credit and Annex Infrastructure India Ltd. This auction is part of SEBI's efforts to recover funds that these companies illegally collected from investors. The properties, lined up for sale, represent a significant step in SEBI's crackdown on fraudulent activities in the market. The auction proceeds will compensate affected investors, demonstrating SEBI's commitment to market integrity.
Texas-based Ashton Gray Investments has opened a Bengaluru office to cater to India's burgeoning investor community. With over 200 Indian investors already in their portfolio, Ashton Gray aims to provide access to stable US real estate markets for discerning Indian investors. The expansion reflects the company's commitment to India and its vision of fostering long-term relationships. Ashton Gray's proven track record, highlighted by successful exits and promised returns, underscores its dedication to shared success. The Bengaluru office marks a strategic move to empower Indian investors with opportunities for financial growth and stability in the US real estate market.
As Prime Minister Modi prepares for a third term, the real estate sector, India’s second-largest employment generator, anticipates continued government support. Over the past decade, the Modi administration has significantly advanced affordable housing, constructing over 4 crore homes under the Pradhan Mantri Awaas Yojana (PMAY). The interim budget includes an additional 2 crore houses under the PMAY-U scheme. Experts project the Indian real estate market will be worth INR 65,000 crore (USD 7.92 billion) by 2040. To sustain growth, industry leaders call for policy reorientation, tax rationalization, and improved financing methods. In FY23, home sales reached INR 3.47 lakh crore (USD 42 billion), a 48% year-on-year increase.
India has ranked among the top five global destinations for land and development site investments in Q1 2024, as reported by Colliers. Since 2018, investment interest has surged past USD 23 billion, driven by factors such as economic growth projected at 7.2%, and an anticipated GDP crossing USD 5 trillion soon. Institutional investors are attracted to Grade A office spaces and residential complexes that offer immediate returns. Additionally, partnerships with local developers for developmental assets, priced at INR 50 lakh per hectare and INR 7,000 per sq. ft., are on the rise. Smaller cities are also seeing increased investments due to robust infrastructure development plans worth INR 80 lakh crore (USD 1 trillion) over the next five years.
CRISIL's recent report forecasts a significant boost in recovery rates for stalled residential projects in India, with ARCs expected to see a 500-700 basis points increase by March 2025, raising recovery rates from 11% to 16-18%. This improvement is driven by a revived real estate market, regulatory amendments by the Insolvency and Bankruptcy Board of India (IBBI), and favorable market conditions. The streamlined resolution process and robust demand in major housing segments offer a lifeline to homebuyers and investors, potentially turning troubled projects into profitable ventures.
The Municipal Corporation of Delhi (MCD) is actively revitalising urban spaces through the AMRUT 2 scheme. Progress includes 14 out of 38 projects, focusing on water bodies, green areas, and sewerage management. Notable achievements include work on 12 water bodies and advancements in sewerage projects. Efforts to accelerate project completion are underway, with emphasis on transforming water bodies into recreational areas. Challenges have hindered some projects, but plans for decentralised sewage treatment plants and additional funding demonstrate MCD's commitment to enhancing Delhi's liveability and sustainability.
The Greater Noida Industrial Development Authority (GNIDA) demolished illegal structures in Tusyana village, reclaiming approximately 75,000 square metres of land worth an estimated INR 150 crore. Acting on the CEO's directives, bulldozers cleared ongoing unauthorised construction by local colonisers attempting to develop an illegal colony. The authority warned against land-grabbing, instructing vigilance and action against encroachments. Officials cautioned the public against investing in unauthorised colonies and advised verifying details with GNIDA before purchasing land in Greater Noida to avoid legal issues and unplanned development.
Blackstone, a US private equity firm, has struck a $740 million deal to purchase 1,750 new rental homes from British housebuilder Vistry. This move highlights a trend of institutional investors focusing on the UK's rental housing market. The shift comes as commercial property demand wanes, with soaring borrowing costs and remote work reducing the need for office space. This isn't Blackstone's first deal with Vistry; they previously acquired over 2,800 homes for mixed-use. The new homes, located mainly in southeast England, will be managed by Leaf Living. This investment aims to address the UK's shortage of quality rental housing and boost rental inventory swiftly.
The Bank of Canada's recent 0.25% rate cut aims to stimulate the economy by reducing borrowing costs. However, experts caution against expecting an immediate surge in new home construction. While lower rates could ease project financing, deeper issues like red tape, material costs, and labour shortages still hinder construction. Past trends suggest rate cuts don't always lead to immediate increases in construction activity. Developers may remain cautious due to ongoing challenges. While the rate cut offers long-term potential, significant changes in the housing market are likely to unfold gradually as developers navigate current obstacles.
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