Daily Real Estate Newspaper
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While heavy rains have disrupted local train services and flooded roads across Mumbai, the Metro has emerged as a dependable travel option for commuters. Mumbai Metro Lines 2A and 7 have maintained impressive punctuality and increased capacity to meet the monsoon season's demands. Unlike local trains and roads, which often face disruptions due to heavy rains, the Metro operates seamlessly. Its elevated infrastructure protects it from flooding, ensuring uninterrupted service even during the wettest months. This reliability makes the Metro a preferred choice for Mumbaikars seeking a safe and secure travel experience during the monsoon. The Metro's popularity is evident in its high ridership, with over 141,949 passengers on July 8th, 2024, facilitated by 282 services.
The Mumbai Metropolitan Region Development Authority (MMRDA) has reissued six infrastructure tenders aimed at improving Thane's connectivity. These projects, valued between INR 2.25 crore and INR 12.98 crore, include coastal roads, creek bridges, and elevated corridors. Originally announced pre-2024 Lok Sabha elections, the tenders were cancelled due to technical issues on the National Informatics Centre portal and have now been reissued with modifications. Key changes include reducing the defect liability period from five to two years. Construction periods range from 30 to 48 months, including time for approvals and accounting for monsoons. The bid submission deadline is July 12, with a pre-bid meeting scheduled at MMRDA's BKC office.
Bollywood star Aamir Khan has expanded his Mumbai real estate portfolio with a new INR 9.75 crore apartment in Bella Vista Apartments, Pali Hill. This acquisition adds to his existing holdings in the area, reflecting his strategic investment in prime residential properties slated for redevelopment. Khan's proactive approach aligns with ongoing urban rejuvenation initiatives in Pali Hill, where significant redevelopment projects are underway. His investments not only underscore confidence in Mumbai's property market but also position him as a key player in shaping the city's luxury real estate landscape, contributing to its evolving skyline and prestige.
? A residential flat spanning 1,016 square feet sold in Dosti West County - Dosti Tulip in Thane's Balkum for INR 1.61 crores
? A residential flat spanning 949 square feet sold in Olivia Prime in Thane's Panchpakhadi for INR 1.3 crores
A contract of sale or an agreement to sell is a document prepared by both parties which entails the mutually agreed upon terms by which the sale will take place. As per the Transfer of Property Act 1882, a contract of sale or an agreement to sell in itself does not created any interest in or charge on the property mentioned in the contract. Therefore, an actual sale and an agreement to sell are two distinct concepts.
Puravankara has acquired a 7.26-acre land parcel in Hebbagodi, Bengaluru, with a saleable area of 7.5 lakh sq ft and a potential gross development value (GDV) of over INR 900 crore. Additionally, it announced a 12.75-acre land acquisition in Thane and Mumbai, with a GDV of INR 5,500 crore. Its subsidiary, Provident Housing, bought landowner shares in Provident Botanico and Provident Capella for INR 165 crore and INR 86 crore, respectively, adding a GDV of INR 1,550 crore. The group plans to launch 14 million sq ft in FY25, focusing on development and land replenishment.
Ganga Realty will invest INR 1,200 crore in the Anantam residential project in Sector 85, Gurugram. The project spans 5.29 acres and will feature three G+59 storey towers with 524 units of 3 and 4 BHK apartments, priced from INR 16,500 per sq ft. Funded through internal accruals and customer advances, the project aims for a INR 2,000 crore sales target. Located near the Dwarka Expressway and IGI Airport, Anantam will include luxury amenities, smart home features, and sustainable technologies. Completion is expected in five years, offering "tallest luxury towers" in Gurugram and in Delhi.
The Bombay High Court has urged the Brihanmumbai Municipal Corporation (BMC) to address the shortage of burial grounds for Sunni Muslims in Govandi-Deonar. Responding to a petition, the BMC assured the court of ongoing efforts to meet the demand. The court ordered the development of three identified plots by year-end, located next to Deonar colony, at Rafi Nagar, and near Hindustan Petroleum Corporation Limited. BMC Commissioner Bhushan Gagrani confirmed land allocation and development plans. Additionally, a private firm, Oswal Agro Mills Ltd, agreed to provide a plot in Anik village. The BMC is working to finalize land possession and development.
Ahead of the assembly election, the state government has initiated a significant redevelopment project in Mumbai's Kamathipura, historically a red-light district with many old buildings. A government resolution promises a free 500-square-foot apartment to landowners and tenants under Regulation 33(9) of DCPR-2034. Landowners receive additional flats based on plot size. The Kamathipura Punarvikas Samiti had long advocated for this change due to financial constraints. MHADA, appointed as the nodal agency, conducted a survey and appointed a project management consultant.
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The Pune Municipal Corporation (PMC) has begun demolishing 15 illegal properties along DP Road, from Mhatre Bridge to Karvenagar, in compliance with a recent Bombay High Court ruling. The court denied interim relief to property owners who had reconstructed structures despite previous demolitions. The properties, including marriage halls and eateries, were demolished to uphold environmental standards. PMC officials, noting past legal challenges, underscored their commitment to executing court orders and preserving the green belt area. This action marks a continuation of efforts to curb unauthorised constructions and maintain ecological balance in the city.
Demand for Grade-A office space in India has risen sharply, with leasing activity reaching 84.1 million square feet in FY24, up 7% from previous years. Global Capability Centers (GCCs) are driving this surge, leasing 22.5 million square feet as of FY24, with projections to hit 40-45 million square feet by 2025. Despite initial challenges, including a 14.5% vacancy rate and increasing office space supply, Real Estate Investment Trusts (REITs) remain optimistic, aiming for over 90% occupancy in their portfolios. Analysts foresee potential growth, buoyed by a recovering IT sector and government policies favoring commercial space conversions from SEZs.
Gujarat International Finance Tec-City (GIFT City) in India plans to launch real-time dollar settlement for financial transactions by early 2025. This innovation aims to eliminate delays currently caused by differing time zones and banking systems, enhancing business efficiency and attractiveness for foreign investors. GIFT City, established in 2015 by Prime Minister Narendra Modi, aims to rival global financial centers by offering streamlined transactions. This move coincides with rising foreign interest in India, bolstered by potential inclusion of Indian sovereign bonds in JPMorgan Chase & Co's index. The initiative aligns with global trends towards faster cross-border payments, promising significant economic benefits for India.
Mumbai's real estate market recorded its highest property registrations in 12 years, with 11,443 properties registered in June 2024, contributing over INR 986 crore to the state treasury, as reported by Knight Frank India. This represents an 11% year-on-year increase in registrations and a 15% rise in revenue compared to June 2023. A notable shift in buyer preferences emerged, with 46% of registrations for apartments between 500 and 1,000 sq ft. The central suburbs gained popularity, capturing 42% of the market share. This growth reflects strong buyer confidence and Mumbai's resilient real estate market.
Piramal Capital and Housing Finance Limited (Piramal Housing Finance) has received its first investment grade rating of Ba3 from Moody's Investors Service, reflecting moderate creditworthiness and financial health. Since acquiring Dewan Housing Finance in 2021, Piramal Housing Finance has significantly diversified its loan portfolio. As of March 2024, retail loans, including mortgages, loans against property, and car financing, represent 79% of their assets under management (AUM), up from 34% in March 2022. With an estimated total AUM of INR 1,00,000 crore, retail loans account for INR 79,000 crore, while legacy real estate investments make up 21%. The company aims to further reduce real estate exposure and enhance profitability.
Global investment firm KKR is acquiring a controlling stake in Baby Memorial Hospital (BMH), a Kerala-based multispecialty hospital chain. The deal, reportedly worth 2,500 crore for a 70% stake, aims to support BMH's expansion across India. Founded in 1987, BMH currently operates 1,000 beds in Calicut and Kannur, offering services across 40 medical specialties. KKR's investment, made through its Asian Fund IV, aligns with its healthcare sector focus in Asia Pacific. The partnership will leverage KKR's expertise to accelerate BMH's growth, improve healthcare accessibility, and potentially lead to both organic expansion and acquisitions. This move highlights the increasing interest of global investors in India's growing healthcare market.
The Mumbai Metropolitan Region Development Authority (MMRDA) has secured over INR 850 crore from the German development bank KfW and will raise an additional INR 365 crore for urban infrastructure projects. These funds will support sustainable initiatives like green corridors, waste management, and renewable energy. KfW previously approved a 545-million-euro loan for Mumbai's Metro lines 4 and 4A. This agreement marks the largest financing sanctioned to an Indian entity. MMRDA, responsible for Mumbai's infrastructure, is developing a 337 km metro network, the longest being constructed simultaneously by a single agency, aiming to improve connectivity and reduce congestion.
The Royal Western India Turf Club (RWITC) and the Brihanmumbai Municipal Corporation (BMC) have been locked in negotiations for nearly five months over the future of the Mahalaxmi racecourse. While the RWITC members approved a deal in January, the proposed agreement has faced hurdles, with the club returning a modified version to the BMC for approval. Amid the uncertainty, the BMC chief's public statements about taking over the racecourse have raised concerns among RWITC members, walkers, and joggers. With the proposed plan involving the conversion of 120 acres into a public park and the remaining 91 acres handed to the RWITC, the club's members are frustrated by the lack of transparency from the managing committee. Adding to the complications is the looming state assembly elections, which have raised fears that a change in government could derail the entire process.
The Delhi Metro Rail Corporation (DMRC) is making significant progress on its fourth-phase expansion project despite challenges from the COVID-19 pandemic and administrative delays. Anuj Dayal, DMRC's Principal Executive Director, reported that over 50% of work on all three priority corridors is complete, with substantial advancements in tunnelling on the Aerocity-Tughlakabad and Janakpuri West-RK Ashram Marg lines. The Phase 4 section from Janakpuri West to Krishna Park Extension is nearing completion, slated to open by August. They expect to operationalize the entire Majlis Park-Maujpur corridor by next year, with further phases aiming for completion by 2026.
The U.S. housing market shows signs of cooling as construction spending dipped by 0.1% in May, with single-family homebuilding seeing the largest decline at 0.7%. Rising mortgage rates have made home buying more expensive, contributing to this slowdown. The Commerce Department's report indicates a shift from the robust growth seen earlier this year, driven by increased housing supply and the largest inventory of previously owned homes since August 2022. While public construction projects and non-residential structures show mixed trends, the overall slowdown may offer some relief to potential buyers priced out in recent years.
Saudi property developer Dar Global intends to invest USD 300 million in luxury housing projects across New York, Miami, and Los Angeles. CEO Ziad El Chaar aims to finalise their first US project by year-end, emphasising equity financing and potential debt issuance. The firm targets selling half of the homes to international buyers, differing from US-focused firms like the Trump Organisation and Kushner Companies. El Chaar acknowledged potential collaboration interest with these entities but noted their market focus divergence. Dar Global’s expansion into the US underscores their growth strategy in high-end residential markets amid global investment ventures.
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