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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Author: PNT Bureau
The 14-kilometer Purple Line metro project in Kolkatta is expected to be completed by late 2028 or early 2029. The arrival of tunnel-boring machines (TBMs) is expected in December, with operations beginning by March 2025. The project received a boost with the Ministry of Defence’s approval to relocate BC Roy Market for Esplanade station construction. A temporary structure for traders is being built, and work is ongoing for the Esplanade station. Additionally, 100% of trees affected by the project will be transplanted. Meanwhile, a two-day trial will test shifting services from Dum Dum to Noapara on the Blue Line.
Author: PNT Bureau
The Uttar Pradesh Cabinet has approved transformative projects to enhance connectivity, infrastructure, and renewable energy. Key initiatives include the 17.435-km Aqua Metro Line extension from Noida to Greater Noida, jointly funded by the central and state governments, and the incorporation of 80 villages into the Kanpur Development Authority under the Chief Minister Urban Expansion Scheme. Additionally, INR 3,000 crore has been allocated for urban development, and a Guarantee Redemption Fund of INR 8,170 crore has been established to ensure financial stability. Bundelkhand will see renewable energy growth with an 800 MW solar plant in Chitrakoot, boosting sustainable development in the state.
Author: PNT Bureau
Nippon Life India Asset Management has acquired 52,162 sq. ft. of office space in One Lodha Place, Lower Parel, Mumbai, for INR 486 crore. The deal, registered last week, includes two floors and exclusive signage rights for the 29th and 30th floors of the 36-floor commercial tower. Nippon Life plans to relocate its headquarters from Peninsula Business Park to this premium location, reflecting a strategic investment in Mumbai's thriving business district. This transaction underscores the resilience of demand for high-quality commercial spaces in the city, aligning with Nippon Life’s growth trajectory and bolstering its corporate presence in a key financial hub.
? A residential flat spanning 1065 square feet in Reserve Grove in Palghar's Virar for INR 49.50 lakhs
? A residential flat spanning 683 square feet in Sigrun Splendor in Palghar's Vasai for INR 40 lakhs
Himeji Castle, also known as the White Heron Castle, is a majestic and well-preserved feudal castle located in Himeji, Hyogo Prefecture, Japan. Built on a hilltop, the castle's white exterior, achieved through a traditional Japanese plastering technique called "shikkui," gives it the appearance of a white heron in flight. The castle complex comprises a network of 83 buildings, including multiple defense systems, making it the largest surviving castle in Japan. It is a UNESCO World Heritage Site and a symbol of Japan's rich cultural heritage.The castle's design features advanced defensive systems and ingenious protection devices dating back to the early 17th century. It is a masterpiece of wooden construction, combining function with aesthetic appeal through its elegant appearance and the subtlety of the relationships between the building masses and the multiple roof layersFun Fact: Himeji Castle has never been attacked or demolished throughout its long history, unlike many other castles in Japan. This remarkable feat is a testament to its strategic design and the resilience of its builders.
A RERA registration number is a number provided by the RERA authorities to a project upon successful registration with the body. One project may have multiple RERA registration numbers. This number can be used to view the progress of the project on the corresponding RERA website.
Author: PNT Bureau
In a heartwarming initiative, Habitat for Humanity India and Max Estates handed over 25 new homes to families in Aakera village, Rewari, Haryana. The project, aimed at providing dignity and security through housing, marked a significant milestone as families celebrated moving into their long-awaited homes. At the ceremony, Anand Kumar Bolimera, National Director of Habitat for Humanity India, and Sahil Vachani, Vice Chairman of Max Estates, emphasized the transformative impact of affordable housing. Phase two, set in Bhudla village, will bring 25 more homes by November 2025, showcasing the power of partnerships in uplifting communities.
Author: PNT Bureau
The Indian rental market witnessed a 7.4% quarter-on-quarter (QoQ) rise in Q3 2024, with average rents hitting INR 35.8 per square foot, according to Magicbricks’ latest report. Chennai saw the sharpest increase at 22.2%, followed by Delhi and Thane with 11.4% and 10.9% growth, respectively. Mumbai remained the most expensive rental market at INR 86.50 per square foot. Despite rental demand rising by 2%, supply declined by 6.7%, creating a demand-supply imbalance. Gross rental yields averaged 3.62%, with Ahmedabad leading at 3.9%, reflecting strong urban housing demand.
Author: PNT Bureau
During its recent 'Pradhikaran Diwas,' the Lucknow Development Authority (LDA) received 41 applications concerning mutation, property transfers, and illegal constructions. Among these, 13 cases were resolved immediately, highlighting LDA’s commitment to swift grievance redressal. A significant complaint by Sanjay Kesarwani, a Rakabganj resident, alleged illegal encroachment on his allocated plot in Ramnagar under the Aishbagh Yojana. In response, LDA Vice Chairman Prathemesh Kumar directed officials to inspect the site and submit a report within a week. The initiative reinforces LDA's dedication to resolving disputes and protecting citizens' property rights through transparency and accountability in urban governance.
Author: PNT Bureau
The Greater Hyderabad Municipal Corporation (GHMC) demolished a five-storey building in Gachibowli for being constructed without proper permissions. Built on a 50-square-yard plot, the structure posed safety risks after excavation on an adjacent plot damaged its pillars. The neighbouring plot owner failed to meet setback requirements, prompting a police case. GHMC is consulting legal experts to take further action against the building's owner, who had been paying utility bills despite lacking approvals. This incident underscores the challenges of unauthorised constructions in Hyderabad, with authorities pledging stricter enforcement of building norms to ensure safety in the city’s rapidly expanding areas.
Author: PNT Bureau
A Mumbai Sessions Court upheld the conviction of Premal Parekh and Neha Parekh, directors of Brajesh Construction Pvt Ltd, for failing to deposit INR 43.4 lakh in tax deducted at source (TDS) within the stipulated period. The Income Tax Department initiated the case, leading to a magistrate court sentencing the duo to three months of imprisonment and a fine of INR 5,000. The court dismissed their appeal, citing insufficient evidence to justify delays, despite claims of financial difficulties. It emphasized that statutory obligations cannot be excused without substantial proof, reinforcing the necessity of timely compliance with tax regulations to ensure corporate accountability.
Author: PNT Bureau
In response to criticism over delays in building permission approvals, the Hyderabad Metropolitan Development Authority (HMDA) has set a deadline for officers to clear applications within 10 days. A special drive has been launched to reduce pending applications older than 30 days, with positive results already observed. From June to October, HMDA received 1,884 applications, marking a 396 increase compared to the previous year. The disposal of applications has also risen by 14%, showcasing improved efficiency. HMDA Metropolitan Commissioner Sarfaraz Ahmad expressed confidence that these measures would continue to improve the approval process and address concerns from developers and builders.
Author: PNT Bureau
The Calcutta High Court granted an interim stay on the demolition of alleged illegal constructions in Mandarmoni, West Bengal, following a petition from the Mandarmoni Hoteliers' Association. The petitioners contested a demolition notice issued by the West Bengal Coastal Zone Management Authority (WBCZMA), arguing that the absence of a published Coastal Regulatory Zone (CRZ) made the demolition order legally invalid. Justice Amrita Sinha suspended the enforcement of the notice until December 13, pending further review. The court directed respondents to submit reports by December 4, with petitioners allowed to reply by the next hearing on December 10.
Author: PNT Bureau
The Telangana Waqf Board is facing significant challenges, with over 75% of its properties encroached upon and more than 3,500 legal cases underway to reclaim approximately 55,000 acres of land worth billions of rupees. The board claims ownership of over 77,000 acres across the state, but only 22,000 acres are free from litigation. Contributing factors include outdated land records by the revenue department, occupation by squatters, and delays in issuing necessary gazette notifications. As the Waqf (Amendment) Bill 2024 looms, Waqf officials worry about the potential requirement to prove land ownership, complicating their reclamation efforts.
Author: PNT Bureau
The Brihanmumbai Municipal Corporation (BMC) has unveiled a list of major property tax defaulters, collectively owing INR 222 crore. The BMC warns that failure to pay within the specified timeframe could lead to property seizure and auction under the Mumbai Municipal Corporation Act. Property owners are given 90 days to settle their bills, with follow-up actions including demand letters and final notices. This is the second list of major defaulters released by BMC in a week. The top defaulters include HDIL Ltd and Kamala Mills Ltd, among others. The BMC is focusing on those who can pay but have not, threatening further legal action for noncompliance.
Author: PNT Bureau
Chamarajanagar district, once considered underdeveloped, has seen a significant rise in land prices, with rates now ranging from INR 22 to INR 26 lakh per acre within a 25-km radius. This surge is attributed to investments from NRIs, Gulf returnees, and buyers from Kerala and Tamil Nadu, driven by improved agricultural conditions and state land reforms. Agricultural land prices have increased due to better groundwater levels and conservation initiatives. Additionally, industrial development and proximity to Mysuru and Nanjangud have boosted real estate prices. However, the rising costs have made it challenging for middle-class families to afford property.
Author: PNT Bureau
Institutional investments in Indian real estate are set to surpass 2023 levels, with USD 4.7 billion invested in the first three quarters of 2024 alone, marking 87% of the previous year’s total inflows. A report by Colliers attributes this growth to robust performance in office, industrial, warehousing, and residential sectors. The office sector is poised for record absorption, driven by global capability centres and domestic demand, while the residential market sees strong end-user sales. Increased domestic capital and investment from countries like Singapore, Canada, and the USA are boosting the sector. Redevelopment projects in the residential segment are particularly gaining traction.
Author: PNT Bureau
The Gujarat government has proposed revised land rates for 2024, highlighting significant increases across the state. In Ahmedabad’s Bodakdev area, rates for open plots in TP Scheme No. 50 have surged sixfold, rising from INR 10,700 per square meter in 2011 to INR 58,000–60,000 per square meter. Other areas like Thaltej, Gota, and Makarba have seen rates climb two to six times. These revisions aim to address disparities from the 2011 update, such as inconsistent pricing along Drive-In Road.
Author: PNT Bureau
The Nashik Municipal Corporation (NMC) reported that 60% of its property tax revenue, amounting to INR 140 crore so far in the ongoing financial year, was collected through online payments. This marks an increase from the previous year's 50%. The civic body introduced several tax rebates, including a 1% discount for online payments and additional incentives for early annual payments. These measures proved effective, enabling the NMC to collect INR 106 crore in the first quarter alone. With a target of INR 250 crore for the current financial year, NMC remains optimistic about meeting its goal.
Author: PNT Bureau
Mahindra World City Developers (MWCDL), a subsidiary of Mahindra Lifespace Developers (MLDL), has partnered with Sumitomo Corporation and Mahindra Industrial Park Chennai (MIPCL) to expand the existing industrial park in Tamil Nadu. The project, branded as 'Origins by Mahindra,' will see an investment of approximately INR 225 crore from the joint venture partners. This expansion aims to enhance the 307-acre park by acquiring additional land and developing infrastructure to foster a modern industrial ecosystem. MLDL holds an 89% stake in MWCDL, while MWCDL owns 60% of MIPCL, with Sumitomo Corporation holding the remaining 40%.
Author: PNT Bureau
Ambience Mall Gurugram has proudly unveiled DIOR’s first boutique in Delhi-NCR, marking a new era of luxury retail in the region. The store showcases DIOR’s exclusive private collections alongside its iconic beauty, skincare, and fragrance ranges. Designed with signature elegance, the boutique offers an immersive experience for fashion enthusiasts. Arjun Gehlot, Director of Ambience Group, highlighted that DIOR’s presence reinforces the mall’s status as the premier luxury destination in NCR. This milestone strengthens Ambience Mall’s position as a hub for high-end retail, drawing a discerning clientele from across the region.
Author: PNT Bureau
The Neopolis IT township project in Thiruvananthapuram, a major initiative under the Union Ministry of Housing and Urban Affairs, is set to be officially launched, with Prime Minister Narendra Modi scheduled to unveil the INR 1,000 crore project. This development is part of the Outer Area Growth Corridor (OAGC) and will focus on aerospace, electronics, software, and IT sectors. It will include residential complexes, shopping malls, recreational areas, and five-star hotels, creating a self-sustaining urban ecosystem. The project will be executed through a Special Purpose Company (SPC), involving multiple stakeholders, and is expected to drive technological innovation and economic growth in the region.
Author: PNT Bureau
Construction sites in Gomtinagar Extension, Kanpur Road, and old city areas of Lucknow are flouting National Green Tribunal (NGT) guidelines, leading to rising air pollution and health risks. Mandatory measures like covering materials, using dust barriers, and cleaning vehicles are being ignored, particularly in areas like Omaxe City, Transportnagar, and Khadra. Residents report respiratory issues, especially among children and the elderly, while experts warn of severe health risks from fine dust particles. Authorities have pledged stricter inspections and penalties to ensure compliance. The issue highlights the need for immediate enforcement to protect public health and the environment.
Author: PNT Bureau
Louis Vuitton's New York City flagship store is under renovation, concealed by a facade resembling its iconic trunks, crafted with detailed elements like engraved rivets and chrome hardware. A nearby temporary store at 6 East 57th Street offers four retail floors, a chocolate shop, and the brand’s first U.S. café. The space features warm interiors and a 16-metre atrium showcasing trunk-inspired sculptures by OMA's Shohei Shigematsu, clad in signature Louis Vuitton materials. This transition blends innovation with tradition, maintaining Louis Vuitton's heritage and strong brand identity while the flagship store undergoes a renovation expected to double its size.
Author: PNT Bureau
Country Garden, once China’s top real estate developer, has submitted preliminary terms for an offshore debt restructuring plan to avoid liquidation. The company defaulted on USD 11 billion in offshore bonds last year and faces a crucial Hong Kong court hearing on January 20, 2025. The proposal includes revised cash flow projections, weaker than prior estimates, and options like haircuts for bondholders and debt-to-equity swaps. This reflects broader struggles in China’s property sector, with declining investments and new home prices. Securing creditor support is critical, as the outcome may set a precedent for other developers amid a faltering recovery in the industry.
Author: PNT Bureau
CapitaLand Investment, a major real estate investment manager from Singapore, is acquiring a 40% stake in SC Capital Partners Group (SCCP) for USD 209 million. This deal will increase CapitaLand’s assets under management by USD 11 billion, with a significant portion of SCCP’s portfolio located in Japan, which is a key growth market for CapitaLand. The acquisition will strengthen CapitaLand’s presence in Asia-Pacific and expand its capabilities as a global real estate manager. CapitaLand plans to buy the remaining 60% of SCCP over the next five years. The deal is expected to be completed by the first quarter of 2025.
Author: PNT Bureau
Single-family home construction in the U.S. dropped 6.9% in October 2024 to an annualized rate of 970,000 units, affected by Hurricanes Helene and Milton in the South and persistently high mortgage rates. While multifamily starts rose 9.8%, overall housing starts fell 3.1% month-on-month. New housing supply remains constrained, with inventory levels similar to 2008, as rising borrowing costs continue to challenge affordability. Builders are prioritizing clearing backlogs, but experts warn that high rates may limit recovery, keeping the housing market under pressure in the near term.
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