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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India's real estate market is experiencing a boom post-COVID, with rising demand and pricing. Builders are leveraging celebrity purchases in metro cities like Mumbai, Bengaluru, and Delhi to attract buyers, touting these deals as unique selling points. The allure of living near stars stems from a false sense of familiarity and perceived social advantage, fuelled by public access to their personal lives. However, stars often bring challenges: heightened security, paparazzi, large entourages, and frequent visitors. While living near a celebrity may seem appealing, buyers should weigh the potential drawbacks of such proximity, valuing peace and community well-being over other perceived advantages.
The Bombay High Court has mandated municipal corporations, councils, and urban local bodies in Maharashtra to integrate their websites with the MahaRERA portal within three months. This integration aims to enable real-time verification of commencement and occupation certificates, addressing concerns over forged documents and unauthorised constructions. The directive stems from a PIL highlighting non-compliance in Kalyan and Ambernath. Pending integration, authorities must upload these certificates within 48 hours of issuance. This move aligns with the RERA Act's provisions, ensuring transparency and protecting homebuyers by curbing fraud. The state government must ensure complete compliance to foster a secure real estate ecosystem.
The Gujarat government is developing master plans to protect 23 eco-sensitive zones (ESZs) while promoting sustainable development. These plans will outline specific guidelines for construction, agriculture, and economic activities across 771 villages within the zones. Key components include ecological resource mapping, sustainable tourism frameworks, waste management protocols, and water conservation measures. Local stakeholders, such as village panchayats and environmental experts, are actively involved in the process. District-level committees will monitor compliance and implementation. Despite challenges, particularly in Gir, the government aims to balance conservation with local development aspirations, offering alternative livelihoods and addressing human-wildlife conflicts through these initiatives.
? A residential flat spanning 1,251 square feet sold in Dosti Mezzo 22 in Mumbai's Sion for INR 4.57 crores
? A residential flat spanning 991 square feet sold in L&T Island Cove in Mumbai's Mahim for INR 3.88 crores
A sale is a complete out-and-out transfer of ownership of a property (with all its rights and liabilities) from one person (or more) to another (or more) in exchange for a consideration, i.e. money. As per Section (17) of the Registration Act 1908 registration of a sale is mandatory when the value of the immoveable property exceeds INR 100/-. If a property is transferred for something other than money, the transaction is referred to as an exchange and not a sale.
A Jodhpur Park-based real estate developer has been ordered to refund INR 55.2 lakh to Shyamali and Arindam Mitra for failing to deliver six plots in the 'Kalyani City Enclave' project near Kalyani Expressway. The Real Estate Appellate Tribunal (REAT) upheld an earlier ruling by the West Bengal Real Estate Regulatory Authority (WBRERA), which found the developer guilty of failing to execute and register deeds and unilaterally canceling agreements without valid reasons. In addition to the refund, the developer must pay interest and INR 20,000 in legal costs. This case underscores the critical role of regulatory bodies like WBRERA in safeguarding buyer rights and promoting accountability in the real estate sector. It highlights the need for thorough due diligence and legal scrutiny by buyers, while also encouraging more consumers to assert their rights against unethical practices.
Suraj Estate Developers Ltd. reported an 88% increase in consolidated net profit for Q2 FY24, reaching INR 31.8 crore compared to INR 16.96 crore in the same period last year. Total income rose to INR 109.63 crore, reflecting steady demand for residential and commercial spaces, particularly in South-Central Mumbai, where the company maintains a strong market presence. With 42 completed projects spanning 10.47 lakh square feet and 13 ongoing developments, the company is poised for continued growth. Driven by rising homeownership preferences, low interest rates, and government incentives, the real estate sector shows promising signs of recovery. Suraj Estate Developers plans to capitalize on these trends through sustainable building practices, portfolio diversification, and market expansion, ensuring resilience in an evolving industry.
Parsvnath Developers Ltd reported a widened consolidated net loss of INR 128.03 crore for Q2 FY24, compared to INR 74.85 crore in the same quarter last year. The company's total income dropped significantly to INR 48.37 crore from INR 117.67 crore a year earlier, reflecting challenges such as rising construction costs, regulatory hurdles, and subdued property sales amid inflation and higher interest rates. The company is focusing on completing existing projects and improving cash flow by streamlining operations and reducing costs. Analysts highlight the need for Parsvnath to innovate, explore affordable housing, and adopt eco-friendly practices to adapt to volatile market conditions.
The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Raheja Developers after flat buyers of the Shilas project in Gurgaon claimed delays despite paying over 95% of the sale price. Buyers were promised possession by 2014, but the company cited "force majeure" for delays, which the tribunal rejected. With debts of INR 112.90 crore owed to buyers, the NCLT appointed Manindra K. Tiwari as the Interim Resolution Professional to oversee the process. This case underscores growing accountability in India’s real estate sector and highlights buyer frustrations over project delays and unmet obligations by developers.
The Bihar state cabinet has approved several initiatives, including a scheme providing INR 1 lakh to landless families to purchase homestead land directly from private sellers. This approach addresses the challenge of private landowners’ reluctance to sell at below-market rates, ensuring housing security for more families. Additionally, the cabinet increased the dearness allowance for government employees from 50% to 53%, effective July 1, to offset rising living costs. Rural infrastructure will benefit from the Rural Roads Strengthening Programme and INR 814 crore allocated for elevated roads and bridges. Investments in education and skill development, including new ITIs and a residential school, further highlight the government’s commitment to holistic development.
The Telangana Real Estate Regulatory Authority (TG RERA) has fined Buildox Private Limited INR 1.6 lakh and ordered the refund of INR 2 lakh to a buyer for promoting and accepting payments for an unregistered project, ‘The Continent,’ in Kondapur. The buyer, Sharath, filed a complaint after discovering the project lacked approvals and the land was under litigation. Buildox denied involvement but failed to provide evidence or comply with interim orders. TG RERA ruled the company violated Section 3 of the Real Estate Act, mandating the refund within 15 days. The case highlights the importance of transparency and regulatory compliance in real estate
The Haryana Real Estate Regulatory Authority (H-RERA) has directed Pareena Infrastructures to hand over possession of delayed units in the Micasa housing project, Gurgaon, within 30 days, providing relief to buyers waiting over four years. The ruling also mandates the developer to pay an annual interest of 11.1% for delayed possession and execute conveyance deeds within 90 days after dues are cleared. The order, prompted by a buyer’s complaint, found the developer in breach of contract. H-RERA’s decision reinforces accountability in the real estate sector and serves as a precedent for ensuring timely delivery and safeguarding consumer interests.
The Supreme Court of India has sought a detailed report on pending housing projects in the National Capital Region (NCR), addressing concerns from home buyers affected by project delays and subsidy scheme issues. Under the scheme, banks disbursed loans to builders, but delays left buyers paying EMIs without receiving their properties. The court, led by Justices Suryakant and Ujjal Bhuyan, is investigating transactions between builders, banks, and buyers, while also reviewing project progress. Earlier, the Supreme Court halted aggressive recovery actions against buyers. This inquiry aims to enhance transparency and accountability in the housing sector, potentially offering relief to affected buyers.
The Ayodhya Nagar police have filed FIRs against landlords Harisingh Yadav and Manoj Kumar Gupta for failing to complete mandatory tenant verifications, as required by Bhopal Police directives under Section 163 of the Bhopal Nagar Seva Samiti regulations. This initiative, led by Police Commissioner Harinarayanachari Mishra, aims to enhance city security by ensuring landlords provide tenant details through a police portal or local stations. Tenant verification helps prevent criminal activities and improve law enforcement response. Authorities urge landlords to comply to avoid penalties and contribute to public safety, aligning with broader national efforts to enhance urban security.
The Maharashtra Coastal Zone Management Authority (MCZMA) has directed the Raigad district collector to investigate alleged violations of Coastal Regulation Zone (CRZ) guidelines in Prime Minister’s Awas Yojana (PMAY) projects in Navi Mumbai. The NarConnect Foundation lodged a complaint, citing construction near sensitive ecological zones like mangroves and mudflats in Mansarovar and Kharghar. Satellite images and photographs suggest non-compliance with environmental clearances that mandate a 50-metre mangrove buffer zone and a 100-metre setback from the creek.
The Hubballi-Dharwad Municipal Corporation (HDMC) achieved a record INR 100 crore property tax collection within seven months of FY25, marking the highest in its history. Innovative measures such as online payments, doorstep collections, and extended tax concessions played a pivotal role in reaching this milestone. Despite challenges, including financial strain and criticism from local leaders, HDMC’s people-friendly approach proved transformative. With the potential to generate INR 250 crore annually, HDMC’s success underscores the importance of efficient tax collection strategies.
India's construction sector has faced a significant cost rise, with residential construction expenses rising by 11% yearly as of October 2024. Labour costs, which constitute over a quarter of total construction expenses, have increased by 25% annually and 150% over five years, outpacing material price fluctuations. Developers are addressing these challenges by enhancing budgets, diversifying supply chains, and investing in automation and workforce training. Despite cost pressures, the sector continues to evolve with the adoption of circular economy principles to enhance efficiency and sustainability. This approach ensures resilience while balancing rising costs with the delivery of high-quality, modern projects.
The Reserve Bank of India (RBI) has released its Report on Municipal Finances, analyzing the fiscal health of 232 municipal corporations from 2019-20 to 2023-24. It highlights the need for boosting non-tax revenues, such as user charges for water, sanitation, and waste management, to strengthen municipal finances and improve public services. Non-tax revenues already contribute significantly, accounting for 66.5% of municipal income from sources like market fees, parking charges, and registration fees. The report emphasizes adopting digital tools like GIS mapping and payment systems to enhance revenue collection efficiency and plugging leakages.
India's hospitality sector experienced strong growth in Q3 2024, with Revenue Per Available Room (RevPAR) rising 10.8% YoY and 2% over the previous quarter, driven by increased corporate travel. Cities like Hyderabad, Chennai, and Mumbai led with RevPAR growth of 23.6%, 17.7%, and 16.8%, respectively. The quarter saw 96 branded hotel signings (10,686 rooms), with 80% in Tier II/III cities like Tirupati and Udaipur, reflecting growing demand beyond metros. With stable occupancy rates, rising Average Daily Rates (ADR), and upcoming festive and business travel, the sector is poised for continued growth, signaling a strong recovery and expanding opportunities in emerging markets.
The Himachal Pradesh High Court has directed the closure of 18 loss-making hotels operated by the Himachal Pradesh Tourism Development Corporation (HPTDC) by November 25, 2024, citing unsustainable operations and financial losses. Staff from the closed properties will be reassigned. The ruling follows a petition about unpaid dues to retired employees, highlighting HPTDC’s struggles with profitability and financial management. The court emphasized that the closures aim to reduce the financial burden on the state’s treasury and redirect resources towards more viable ventures to promote sustainable tourism growth.
In a bid to curb illegal construction in the Aravalis, the Sohna Municipal Council demolished eight unauthorised structures on 10 acres at the Ansal Aravali Retreat in Raisina. This marked the third demolition drive in the area this year, targeting buildings violating the 1992 Aravali notification that prohibits non-forest activities on protected land classified as 'gair mumkin pehad.' Despite repeated actions, illegal structures persist, with an estimated 800 unauthorised developments identified across Gurgaon and Faridabad. Environmentalists stress that periodic demolitions are insufficient, urging stronger enforcement and sustainable measures to protect the ecologically sensitive Aravalis from further encroachment.
NBCC (India) Ltd. has partnered with the Income Tax Department to construct "Pratyaksha Kar Bhawan" in Kanpur, a project valued at INR 263 crore. This facility, including a residential complex and a multi-story training unit, will enhance tax administration in the region and is slated for completion in 30 months. NBCC also secured contracts for redevelopment projects in Mumbai, worth INR 136 crore, and interior works for GAIL’s office in Delhi, valued at INR 50 crore. These initiatives highlight NBCC’s growing role in public infrastructure development, driving urban modernisation, employment, and economic activity, while strengthening its position in the construction sector.
The Indore Municipal Corporation (IMC) has cleared illegal extensions from 63 houses in Tigariya Badshah's Nandbagh area to facilitate a 30-metre road widening project aimed at improving traffic flow. Despite prior notices, many residents failed to comply, prompting a demolition drive supported by over 200 IMC staff, police, and heavy machinery. Public announcements and voluntary removals eased the process. This initiative reflects IMC's commitment to addressing unauthorised constructions hindering infrastructure projects. As Indore continues its urbanisation, adherence to building regulations and resident cooperation will be vital for achieving sustainable city development and maintaining urban planning standards.
FCC, led by Mexican billionaire Carlos Slim, transferred key assets, including cement plants and stakes in Realia and Metrovacesa, into its new subsidiary, Inmocemento, in October. This move aims to streamline FCC’s operations while allowing Inmocemento to focus on cement production and real estate development. FCC shareholders received proportional shares in Inmocemento, ensuring a direct stake in its growth. Slim, who controls 88.9% of FCC through direct and indirect holdings, will play a pivotal role in Inmocemento’s strategy. With an IPO price of 4.25 euros per share, the listing is expected to gauge confidence in Spain’s real estate and cement sectors.
China's property market is under significant strain, with investment plunging 10.3% year-on-year in the first ten months of 2024, deepening from a 10.1% drop recorded up to September. Property sales by floor area fell 15.8%, slightly better than the 17.1% decline earlier, hinting at a potential slowdown in the rate of decline. New construction starts declined sharply by 22.6% year-on-year, while developers saw funds raised dip by 19.2%, intensifying financial pressures amid tighter regulations and reduced buyer confidence. Government intervention, such as easing mortgage restrictions or supporting developers, is anticipated, but balancing market stability with growth remains critical for recovery.
The U.S. Supreme Court has declined to review a challenge to New York City’s rent stabilisation laws, upholding regulations that limit rent increases and protect tenants from eviction. These laws, affecting nearly one million apartments, were established in 1969 to address the city’s affordable housing crisis and were strengthened in 2019 with enhanced tenant protections. Landlord groups argued the laws violate the Fifth Amendment’s "takings clause," claiming they undermine property rights and investment returns. Despite these concerns, tenant advocates maintain the laws are crucial for preventing displacement and ensuring housing stability. This decision solidifies the framework governing New York's rental market.
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