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.
Ravet, a developing suburb on the outskirts of Pune, has gained significant popularity due to its location and affordable housing options. This emerging locality offers a mix of high-rise apartments and gated communities, attracting a diverse population. Proximity to the Pune-Mumbai Expressway and the Hinjewadi IT Park makes it appealing to working professionals. In June, Om Yashodham led real estate activity with five deals, followed by Sonigara Presidency. Apartment sizes in Ravet range from 336 to 698 square feet, with prices averaging around INR 8,258 per square foot. The area continues to grow, balancing urban conveniences with a peaceful environment, making it a sought-after destination for homebuyers and investors.
Puravankara Limited plans to raise up to INR 1,000 crore through a Qualified Institutional Placement (QIP), aligning with a growing trend among Indian real estate developers. This capital will support new projects, expand operations, and bolster their financial position, including recent land acquisitions in Thane and Goa. The QIP trend has seen notable successes in 2024, with Macrotech Developers raising INR 3,281 crore and Union Bank securing INR 5,000 crore. QIPs offer rapid access to capital, reduced compliance burdens, and attract institutional investors, enhancing developer credibility and financial health. This positive trend indicates strong investor confidence and a robust outlook for the real estate sector.
Unity Small Finance Bank, backed by Centrum Financial Services and BharatPe, has secured 168,000 square feet across prime Mumbai locations for INR 393 crore. This includes a landmark INR 227 crore deal for over 70,000 square feet in Santacruz East's Unity Towers, slated as the bank's headquarters. Additionally, the bank invested INR 165.60 crore in 97,920 square feet across 20 units in Navi Mumbai's Seawoods. These acquisitions underscore Unity's commitment to expanding its footprint strategically amidst Mumbai's burgeoning office space market, positioning itself for sustained growth and leadership in India's financial sector.
? A residential flat spanning 582 square feet sold in Maitreya Orange City Park III in Nagpur's Yerkheda for INR 33 lakhs
? A residential flat spanning 684 square feet sold in Greenstone Giriraj Residency in Nagpur's Zingabai Takli for INR 25 lakhs
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.
Leading real estate developer Concorde Group has acquired a 1.6-acre land parcel on Sarjapur Road in Bengaluru for a new residential project estimated at INR 200 crores. Facilitated by Colliers India, the project will feature a high-rise building with 2 and 3 BHK apartments, integrating home automation for enhanced security and energy efficiency. A signature Evolve clubhouse will provide top-notch amenities. The prime location offers access to key IT clusters and improved connectivity with the upcoming Peripheral Road and Namma Metro expansion. This acquisition underscores Concorde's commitment to innovative, high-quality living spaces, reinforcing its position as a top real estate developer.
Godrej Properties has reached a milestone with its Godrej Woodscapes project in Whitefield-Budigere Cross, Bengaluru, selling over 2,000 homes and generating sales exceeding INR 3,150 crore (approximately USD 39 million). This project marks their most successful launch in Bengaluru and the highest sales volume and value ever for the company. This achievement, coupled with another recent launch exceeding INR 3,000 crore in sales, highlights the strong demand for residential properties in Bengaluru. With a robust pipeline of new projects in Bengaluru and plans to enter the Hyderabad market, Godrej Properties is set for continued growth in South India.
The Tamil Nadu Government announced plans to reconstruct 28,643 deteriorating flats managed by the Tamil Nadu Urban Habitat Development Board over three years. Chief Minister M K Stalin revealed that 6,746 apartments will be rebuilt in the first phase, costing INR 1,146 crore. The initial phase, starting in 2024-2025, will focus on areas in Chennai, Thanjavur, and Tiruchirapalli. Since the DMK took office, the government has prioritised housing projects, completing 29,439 flats and 1.70 lakh individual houses. Additional projects, including 79,094 apartments and 89,429 individual houses, are in progress with a total expenditure of INR 6,685 crore.
The Rajasthan Government has set up a committee to investigate single lease cases, chaired by former judge R.S. Rathore. This follows concerns about the previous committee's impartiality. The Bhajanlal government recently cleared several officials in a notable case from 2011, stating no rules were broken. The case, involving a lease to Ganapati Construction, led to arrests and legal proceedings. Despite closure attempts by the ACB, the court rejected withdrawing charges. An SLP in the Supreme Court challenges this decision. The new committee aims to provide an unbiased review of these long-standing cases, potentially impacting future handling of such matters in Rajasthan.
领英推è
Telangana Chief Minister A. Revanth Reddy visited Warangal, urging officials to draft a 'Master Plan-2050' for the city's development on par with Hyderabad. He urged expedited land acquisition for Inner and Outer Ring Roads, proposing their integration with national highways. Under the 'Smart City mission', Reddy implemented plans for an underground drainage system and drinking water pipelines. He expressed concern over escalating costs for a super-specialty hospital and called for a forensic audit. Reddy also unveiled plans for digital health cards, which aim to detail citizens' medical histories and facilitate seamless healthcare access.
Delhi-NCR (National Capital Region) stands out as the lone metro city experiencing a surge in housing sales, with a notable 6% increase in Q2 2024 compared to the previous quarter, according to Anarock Property Consultants. New project launches in the region skyrocketed by 134% in the same period, introducing approximately 17,030 units, 82% of which are luxury homes priced above INR 1.5 crore. Despite a 10% quarterly rise in property prices, reaching an average of INR 1,20,000 per square meter, NCR witnessed a robust 25% year-on-year increase. This growth underscores strong buyer demand, supported by developers focusing on quality and diverse housing options catering to various budgets and preferences.
RMZ Corp has agreed to sell One Paramount tech park in Chennai to Singapore's Keppel for INR 2,100 crore. The deal boasts an 8.6 per cent cap rate, the highest recently. The 2.4 million sq ft complex, jointly owned by RMZ Corp and CPP Investments, was 66 percent leased last year. This sale aligns with Keppel's focus on emerging markets like India. In 2023, foreign investors contributed INR 3.6 billion to India's real estate, accounting for 67 per cent of total inflows. The transaction highlights India's appeal in the commercial office sector, attracting Asian financial institutions and sovereign wealth funds for income-yielding assets and development partnerships.
The National Highways Authority of India's Infrastructure Investment Trust plans to raise INR 2,000-3,000 crore through bonds for highway acquisitions. This follows NHIT's INR 1,500 crore bond issue in October 2022. NHIT aims to acquire road assets worth INR 15,000-20,000 crore in 2024-25, building on its INR 16,200 crore acquisition last year. The trust now manages 15 toll roads spanning 1,525 km across nine states. NHAI has identified 33 road stretches totalling 2,741 km for monetisation in 2024-25, with a potential value of INR 53,000-60,000 crore according to Icra. This initiative underscores India's ongoing focus on infrastructure development and efficient asset management.
Purplle, backed by investors like Premji Invest and Manipal Group's Ranjan Pai, has raised significant funding, boosting its valuation to USD 1.3 billion. CEO Manish Taneja plans to use the primary capital for technology and offline retail experiments to expand operations. The funding round reflects a trend of large investments this fiscal year, signalling a recovery for fast-growing firms after limited funding periods. Insiders hint at potential additional funding, pending finalisation. Purplle's success underscores growing investor confidence in the consumer sector and highlights its strategic focus on tech-driven retail expansion in Tier II and III cities.
Whiteland Corporation has partnered with Marriott International to develop "Westin Residences Gurugram," the first standalone Westin Residences in India. Situated on a 20-acre site along Dwarka Expressway in Sector 103, Gurugram, the project will offer approximately 674 luxury units in its first phase, launching in Q2 of the current financial year. The total investment for the project exceeds INR 5,000 crore, with an estimated sales value of over INR 15,000 crore. Homes will range from 235 to 386 sqm, with prices starting around INR 5 crore. This landmark project, managed by Marriott, aims to redefine luxury living in Gurugram.
Architect Hafeez Contractor, enlisted by the Brihanmumbai Municipal Corporation (BMC), aims to revamp Mumbai’s Mahalaxmi Racecourse into a 700-acre green space. Initially proposing an elevated racetrack, Contractor finalized a 120-acre public park plan. The project includes a cycling/jogging track linking the Mumbai Coastal Road and Haji Ali via an underpass. Additionally, spiral walkway ramps will connect green spaces from Worli to Colaba, creating a contiguous green area. Contractor, who worked pro bono, aims to enhance Mumbai’s greenery. The Maharashtra Cabinet approved the plan, preserving the racecourse's heritage, renewing a lease for 91 acres for Royal Western India Turf Club.
The Karnataka Government is pushing for Central Government approval of two key phases of the Bangalore Metro Rail project. Phase three, costing INR 15,611 crore, awaits Union Urban Development Ministry clearance, while Phase 3A, the 37 km Hebbal-Sarjapur line, estimated at INR 28,405 crore, needs final approval despite state government consent. Additionally, the government seeks approval for the Mekedatu drinking water project and the development of Bangalore International Airport into an Air Cargo Complex. Chief Minister Siddaramaiah also emphasized the need to upgrade state highways and complete various infrastructure projects to enhance connectivity and economic growth across Karnataka.
The Central Government has extended the Smart Cities Mission deadline to March 31, 2025, in response to Telangana Chief Minister A Revanth Reddy's request. During his visit to the national capital, Reddy met with Union Minister for Housing and Urban Affairs Manohar Lal Khattar to advocate for the extension. The extension aims to ensure the completion of ongoing projects, particularly in Warangal and Karimnagar, where significant work is underway. The Centre emphasized that no new projects will be sanctioned, and funds for existing projects will be released on a first-come, first-served basis until September. The original deadline was June 2025.
Dubai's summer heat poses a challenge for landlords, but a tenant-focused approach can ensure consistent occupancy. Key strategies include prioritising apartments near public transport, maintaining quiet surroundings, and offering in-building gyms. Fully furnished units with efficient air conditioning and regular pest control are essential. Interior design improvements, such as pops of color and modern, space-saving furniture, enhance appeal. Colife, a Dubai-based property management company, suggests that apartments meeting these criteria can command 15% higher rents. By understanding tenant preferences, landlords can keep their properties occupied and profitable during?the?summer.
Climate change poses a stark reality for homeowners in Australia and New Zealand, where coastal and bushland properties face escalating risks. Rising sea levels, frequent flooding, and intensified bushfires threaten the value and insurability of millions of homes. In New Zealand, 20% of houses sit on floodplains, highlighting widespread vulnerability. Meanwhile, in Australia, climate risks could erase AUD 800 billion from the housing market by 2030. Insurance premiums are soaring, with predictions that 1 million homes in Australia could be uninsurable by the same year. Future buyers must prioritize location resilience, while governments and insurers must strategize to safeguard homeownership from climate-induced financial peril.
To read the full news stories, head over to Prop News Time