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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Maharashtra's new Logistics Policy aims to transform the state into a global logistics hub, targeting INR 30,573 crores in revenue and 500,000 jobs over the next five years. The policy seeks to reduce logistics costs from 14-15% of GDP to 10-11%, supported by the development of 10,000 acres of infrastructure. Key initiatives include the International Mega Logistics Hub in Navi Mumbai-Pune, costing INR 1,500 crores, and the Nagpur-Wardha National Mega Logistics Hub. With a focus on sustainability and technological integration, the policy also supports private investment and MSMEs, enhancing the state’s competitive edge.
Nitco Ltd has sold a 16,250 square meter (approximately four acres) land parcel in Kanjurmarg East, Mumbai, to Runwal Group for INR 232 crore. This strategic location benefits from excellent connectivity, near the Eastern Express Highway, Jogeshwari-Vikhroli Link Road, and Kanjurmarg Railway Station, with upcoming Metro Lines set to enhance its value further. The sale reflects high demand for prime Mumbai real estate and underscores Nitco Ltd’s focus on optimizing its asset portfolio. Runwal Group, with 14 ongoing projects in Mumbai, sees significant potential in this rapidly developing area.
The Union Cabinet's approval of Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0, led by Prime Minister Narendra Modi, is a significant move towards providing affordable housing for all in India. With an investment of 10 lakh crore, including INR 2.30 lakh crore in government assistance, the scheme aims to benefit one crore urban poor and middle-class families over the next five years. Industry leaders have lauded the initiative for its potential to improve living standards, boost the real estate sector, create jobs, and drive economic growth. The scheme builds on the successes of its predecessor and sets new standards for urban development.
Astrea Real Estate Developers, a subsidiary of The Phoenix Mills (PML), has acquired 9.03 acres of land in Coimbatore for INR 370.17 crore, marking PML's second retail project in Tamil Nadu. The acquisition involved purchasing equity in several entities and direct land purchases. PML holds a 67.1% stake in Astrea, with Reco Zinnia holding 32.9%. The project is part of PML's strategy to expand its retail portfolio in major Indian cities. The development is expected to enhance Coimbatore's retail landscape, following the success of Phoenix MarketCity and Palladium in Chennai.
? A residential flat spanning 727 square feet sold in Kailash Tower in Palghar's Nalasopara East for INR 57.25 lakhs
? A residential flat spanning 800 square feet sold in Samudra Darshan CHS in Palghar's Naigaon for INR 47 lakhs
A junction box, also known as a J-box is a wall-mounted unit that contains all the electrical connections in a house. It serves as the communal meeting spot for electrical wires, where they connect before moving on throughout the house. These boxes protect the electrical connections from external forces and inhabitants of the house from accidental electric shocks. A J-box is usually made up of plastic or metal, wall mounted and concealed behind an access panel.
The Delhi Development Authority (DDA) has issued possession letters to homebuyers of over 1,000 flats at Golf View Condos in Dwarka 19B, marking progress after project delays. To ensure quality, DDA has increased its workforce and assigned assistant engineers to each tower. A joint inspection will follow the possession letter issuance, with DDA staff addressing any identified issues. The DDA has also extended the final payment deadline by one month for delayed towers I, J, K, and L, underscoring its commitment to customer satisfaction and timely delivery.
After years of delays, the Sabarmati Riverfront Development Corporation Limited (SRFDCL) in Ahmedabad is advancing with the development of four strategic plots along the Sabarmati Riverfront. With base prices set at INR 23,676 per square metre for the western plots and INR 19,982 per square metre for the eastern plots, SRFDCL aims to unlock the area’s real estate potential. The initiative, part of a larger plan to develop 17 plots over 149,000 square metres, is expected to boost Ahmedabad’s urban landscape, enhancing public spaces and driving future investments.
Brigade Enterprises, a leading Bengaluru-based property developer, has reported a strong financial performance for the first quarter of fiscal year 2025. The company's consolidated revenue, including other income, increased by 62% to INR 1,113 crore, driven by a significant contribution from its real estate segment. The company's profit after tax also saw a significant jump, reaching INR 80.53 crore, up from INR 21.89 crore in the corresponding quarter of the previous fiscal year. The company's diverse portfolio, spanning real estate, leasing, and hospitality, has helped it capitalize on emerging opportunities, and its recent land bank acquisitions position it well for future growth.
Developers in Mysuru are voicing frustration over an eleven-month delay in project approvals by the Mysuru Urban Development Authority (MUDA), causing financial strain and stalled housing developments. Key issues include a vacant chairman position, election-related delays, and ongoing MUDA scam controversies. More than 100 layout projects are on hold, impacting both developers and homebuyers. The Confederation of Real Estate Developers’ Associations of India (CREDAI) is urging the chief minister and urban development minister to expedite approvals. As the backlog grows, there are fears of a potential housing crisis and stunted economic growth in the region.
The Municipal Corporation of Gurgaon (MCG) has fined two residential societies on Golf Course Road Extension a total of INR 35,000 for non-compliance with Solid Waste Management (SWM) regulations. The fines include INR 25,000 for one society and INR 10,000 for the other. Inspections revealed failures in composting wet waste and recycling dry waste. Both societies were also found lacking waste processing units. The MCG has granted a 20-day period for compliance, warning of further penalties if regulations are not met. This action is part of MCG’s broader effort to enforce stricter waste management practices in the rapidly urbanizing city.
The Union environment ministry has issued a draft notification to expand Ecologically Sensitive Areas (ESAs) in the Western Ghats, now covering 1,461 square kilometres and impacting 108 villages—up from the previous proposal of 99 villages. This fourth draft opens a 60-day public feedback window, inviting input from stakeholders. The Goa state government had urged a restriction to 63 villages, citing economic concerns, particularly over a proposed ban on mining in these areas. The final decision will weigh environmental protection against local economic impacts, highlighting the ongoing challenge of balancing conservation with livelihood needs.
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The Chandigarh Housing Board (CHB) faces severe challenges, with over 15,000 allottees owing more than INR 65 crore in unpaid dues. Despite efforts, the CHB struggles with enforcement, as unauthorised occupations and subletting plague its 18,138 small flats, including 2,000 Affordable Rental Housing Complexes (ARHCs). A recent survey revealed 1,117 flats in illegal use, highlighting the board's inefficiency. Political opposition and slow legal processes further hinder the CHB’s ability to manage its housing stock effectively, raising concerns over its role in providing affordable housing in Chandigarh.
In response to recent floods in Pune and Pimpri Chinchwad, Chief Minister Eknath Shinde has called for urgent improvements to flood management systems. He emphasised the need to increase river flow capacity, enforce strict measures against obstructions, and accelerate slum rehabilitation. Shinde proposed establishing meteorological stations and an early warning system in flood-prone areas. He also announced plans for a Blue Flood Line survey for permanent rehabilitation and urged immediate humanitarian aid for victims. These steps aim to enhance living conditions and prevent future flooding disasters in the region.
Brookfield India Real Estate Trust (Brookfield India REIT) reported a net profit after tax of INR 37.35 crore for Q1 FY25, reversing last year’s loss. The total income rose to INR 590.19 crore, up 84.01% from last year. Adjusted net operating income grew 94%, and operating lease rentals increased by 99%. The trust declared a distribution of INR 2,160 million (INR 4.50 per unit). Brookfield India REIT acquired a 50% stake in a Delhi-NCR commercial portfolio for INR 12,280 million. It achieved gross leasing of 242,000 square feet, targeting 87%-89% occupancy by FY 2025.
Godrej Properties Ltd. (GPL) has emerged as the highest bidder in an e-auction by the Greater Noida Industrial Development Authority (GNIDA), securing two prime land parcels for INR 842 crore. The acquisitions, totalling approximately 17.5 acres in Sector Sigma III and Sector 12, offer a development potential of 3.75 million square feet. These sites are expected to generate over INR 5,000 crore in revenue from premium residential projects. This move highlights GPL’s strategic expansion in the National Capital Region (NCR) and aligns with market trends favoring integrated living environments. The company aims to leverage Greater Noida’s growth potential and enhance its presence in the region.
Shadowfax Technologies, an e-commerce logistics firm backed by Flipkart, plans to launch an Initial Public Offering worth INR 2,500-3,000 crores, aiming for a valuation of INR 5,000-8,000 crores. Founded in 2015, Shadowfax competes with Delhivery, Ecom Express, and others, delivering 1.5 million orders daily across 2,500 locations. It raised USD 50 million in a Series E round, bringing total funding to USD 230 million. In FY 2022-23, Shadowfax's revenue grew by 43% to INR 1,415 crores, while losses decreased. The IPO market for startups in India is growing, with seven listings this year.
Several prop-tech startups have recently secured funding, including Truva, a Mumbai-based real estate tech firm that raised USD 3 million in a round led by Stellaris Venture Partners. Notable individual investors, such as Myntra founder Mukesh Bansal and Curefoods founder Ankit Nagori, also participated. Founded in 2023, Truva offers a platform with detailed property listings, financing help, and features like natural light scores and 3D tours. The investment will support team expansion, product development, and scaling operations. Since its launch, Truva has facilitated transactions worth over INR 30 crore and plans to expand beyond Powai and Bandra.
The long-awaited handover of Indirapuram from the Ghaziabad Development Authority (GDA) to the Ghaziabad Municipal Corporation (GMC) is approaching, following a joint survey to assess infrastructure needs. The GMC has requested INR 365 crore for the transfer, citing necessary upgrades to roads, drainage, and lighting, while the GDA disputes this. The process, stalled since 2016, was delayed further by the election code of conduct. Additionally, the GDA's recent urban development policies include establishing TOD zones and revising hotel construction bylaws, aiming to enhance infrastructure and boost local tourism.
The Uttar Pradesh government is launching Harnandipuram, a new 541-hectare residential township, to address rising housing demand in the Noida-Ghaziabad area. Approved by the Ghaziabad Development Authority (GDA), this INR 5,000 crore project, dubbed "Naya Ghaziabad," will create 5,000 housing units and alleviate pressure on current markets. Positioned near major roads and the Delhi-Meerut RRTS, the township promises enhanced connectivity and affordable housing. The development aims to prevent unauthorized colonies and boost local infrastructure. Real estate experts see Harnandipuram as crucial for Ghaziabad’s growth, integrating residential, commercial, and social facilities.
Gujarat International Finance Tec-City (GIFT City) has joined forces with the National Forensic Sciences University (NFSU) to establish a Centre of Excellence (CoE) in Corporate Forensics. This MoU, signed by Tapan Ray of GIFT City and Dr. JM Vyas of NFSU, focuses on international arbitration, fraud investigation, and cybersecurity. The CoE will develop training programs, facilitate faculty exchanges, and host workshops to address the growing need for expertise in these fields. This strategic partnership aims to bolster the skills of professionals and support GIFT City's growth as a global financial hub.
Foreign investment in China's commercial real estate is declining as investors face challenges amid government-imposed borrowing restrictions and market volatility. MSCI data reveals a 13% drop in investments, totalling USD 3.3 billion in the first half of 2024. While Japan experienced a 35% decline, it remains the Asia Pacific leader with USD 3.7 billion. Singaporean investors increased their activity, investing approximately 6.9 billion yuan (USD 1 billion), while U.S. investments were significantly lower. As China's real estate market grapples with instability, highlighted by Evergrande's collapse, investors are exploring sustainable opportunities and niche areas to mitigate risks.
China Evergrande Group is embroiled in a legal battle as Vanward seeks to liquidate Guangzhou Kailong Real Estate, a key subsidiary, over a 200 million yuan (USD 27.9 million) investment dispute. The move follows a December 2022 arbitration ruling favoring Vanward, which Kailong has ignored. Despite Evergrande's assertion that Kailong's potential bankruptcy won’t impact its main unit Hengda, the situation reflects broader financial distress. The company, with USD 300 billion in liabilities, faces increased scrutiny amid deteriorating market confidence and additional bankruptcy proceedings for its electric vehicle division. The outcome could significantly impact China’s real estate sector and economy.
Halifax data reveals a 2.3% annual increase in British house prices for July, the highest growth since January. Monthly prices rose by 0.8%, exceeding expectations of 0.3%. The rise is attributed to a recent Bank of England rate cut to 5% and renewed market optimism following the Labour Party's election victory and its planned housing reforms. Despite these positive trends, the ongoing housing supply shortage and affordability issues pose challenges. With a 33% chance of further rate cuts, market conditions remain fluid, impacting future housing affordability and investment decisions.
Melbourne is grappling with a severe youth homelessness crisis, as 15,271 individuals under 19 sought assistance in the 2023 financial year, the highest in Australia. Victoria's overall figure of 18,828 children highlights the widespread nature of the problem. The western suburbs of Melbourne are particularly affected, with rising rental costs and economic instability worsening the situation. Local advocates, including Kate Colvin and Deborah Di Natale, call for immediate action to address overwhelmed services and systemic failures. The crisis underscores the need for enhanced support and sustainable housing solutions to protect the city’s vulnerable youth.
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