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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Santacruz East, a vibrant neighborhood in Mumbai's western suburbs, is known for its diverse population and robust infrastructure. Home to educational institutions, hospitals, and shopping complexes, it offers a blend of urban convenience and pockets of greenery. The area has seen significant real estate growth, with high-rise developments catering to various buyer preferences. In May, Atmiya Centria Phase 2 led real estate activity, followed by transactions in Prabhat Residency and Navratnamala Apartment. Prices ranged from INR 65 lakhs to INR 7.6 crores, reflecting the locality's appeal to both value-conscious and high-end buyers. With excellent connectivity and a dynamic community, Santacruz East continues to attract families and professionals.
Amazon is significantly expanding its presence in Bengaluru, leasing over 1.1 million square feet of office space from Sattva Group. Located at Sattva Horizon business park near Bengaluru International Airport, the new 11-story building will accommodate over 7,000 employees and be operational by mid-2025. This lease follows Amazon's other major property deals in India, securing over 1.45 million square feet across Bengaluru, Gurugram, and Hyderabad. Additionally, Amazon Web Services plans a USD 12.7 billion investment in Indian cloud infrastructure by 2030, emphasizing the company's long-term commitment to India’s digital and economic growth.
PNB Housing Finance's board is considering issuing non-convertible debentures (NCDs) worth up to INR 10,000 crore. This move underscores the increasing reliance on NCDs in India's housing finance sector. NCDs provide companies with capital without diluting equity, appealing for expansion and growth. Recently, Indiabulls Housing Finance raised INR 200 crore, while LIC Housing Finance and Can Fin Homes also leverage NCDs. For PNB Housing Finance, the successful issuance could mean more competitive home loan rates, broader product offerings, and improved operational efficiency. This strategic initiative highlights the sector's shift towards NCDs for sustainable financial growth.
? A residential flat spanning 1,101 square feet sold in Maxx Glory in Nagpur's Beltarodi for INR 55.9 lakhs
? A residential flat spanning 1,135 square feet sold in Pushkar Signature in Nagpur's Shree Nagar for INR 50.82 lakhs
Fair Market Value or FMV refers to the price set for selling or purchasing an asset in theopen market. Financial institutions like NBFCs and Government organisations use Fair Market Value while assessing the valuation of collateralized or taxed assets.
Raymond Realty has secured the redevelopment rights for MIG VI CHS Ltd in Mumbai's prime Bandra East neighborhood. This 2-acre project is estimated to generate revenue exceeding INR 2,000 crore. It marks Raymond Realty's fourth project in Mumbai, reinforcing its strategic expansion in the city. The redevelopment aligns with Raymond Limited's broader growth plans in the Mumbai Metropolitan Region (MMR), complementing their ongoing 100-acre development in Thane, projected to generate INR 25,000 crore. This move underscores Raymond's shift from textiles to real estate, promising significant new revenue streams in the coming years.
MoEngage, a US-based customer engagement platform, is expanding its Bengaluru operations by leasing an additional 450 seats at 315Work Avenue, doubling its space to 45,000 square feet. This move underscores the growing trend of businesses opting for co-working spaces for flexibility and scalability. 315Work Avenue provides customized, modern workspaces that cater to MoEngage's needs, enhancing employee productivity. Manas Mehrotra, Founder of 315Work Avenue, emphasized their commitment to client satisfaction. This expansion reflects India's booming demand for co-working spaces, projected to comprise 20% of the office market by 2030, driven by the need for adaptable and cost-effective work environments.
Brigade Enterprises is ramping up its investment in residential projects, planning to spend INR 1,200-1,500 crore annually on land acquisitions. The company has around 16 million square feet of planned development, with 12.5 million square feet dedicated to residential projects in major cities. This move follows a 14% rise in housing sales in early 2024, driven by demand for luxury apartments. Brigade also plans to expand its hospitality and commercial portfolios, including 1,000 new hotel rooms and 2 million square feet of office space. This diversified approach aims to capitalize on the booming real estate market in India.
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WeWork India is investing INR 400 crore annually to expand its flexible workspace offerings across India's top 7-8 cities. This capital expenditure plan aims to add nearly 2 million square feet of office space each year, responding to the growing demand for flexible work environments. Recently, WeWork India entered the Chennai market with a 130,000 square feet workspace in the Guindy industrial corridor, expanding its presence to eight cities. The funding for this expansion will come from internal resources and strategic partnerships, including co-funding with landlords and revenue-sharing agreements. WeWork India's diverse offerings include co-working spaces, private offices, and managed office solutions, catering to a broad range of business needs.
The Confederation of Real Estate Developers Association of India NCR (CREDAI-NCR) is promoting a regulation aimed at expediting project completion and handover of flats in Noida. Under this regulation, if developers apply for an Occupation Certificate (OC) or Completion Certificate (CC) and don't receive a response within a specific timeframe, the certificate is considered "deemed approved." This clause addresses delays in obtaining OC/CCs, benefiting both developers and homebuyers. While not a panacea, it offers a potential solution to streamline processes and promote efficiency in Noida's real estate market, ensuring adherence to regulatory guidelines while facilitating faster project completions.
The Lucknow Development Authority (LDA) has initiated the demolition of illegal constructions in Akbarnagar, targeting shops and houses built without permits. Affected residents are being relocated to Vasant Kunj, with LDA officials, including VP Indramani Tripathi, facilitating the move. The demolition, focused on vacated buildings, is under strict security and CCTV surveillance. While alternative housing is provided, residents face challenges such as a relocation fee of INR 8,000 and higher-floor apartments. The LDA is working to address these issues, aiming to balance planned development with resident well-being.
India's economic growth is projected to drive a surge in housing demand, with experts forecasting a requirement for 100 million new dwelling units by 2030. Rising household incomes and a burgeoning population are key factors contributing to this demand. Abhishek Lodha, CEO of Macrotech Developers Ltd., anticipates that increasing homeownership opportunities and upgrades will fuel demand further. Prime Minister Narendra Modi's infrastructure and housing initiatives are expected to amplify this growth, potentially adding over USD 906 billion to India's economy. Despite challenges, including scaling up construction activity, India's real estate sector remains optimistic about its long-term growth prospects.
A recent report by Housing.com highlights a significant trend in India's real estate market: Tier-2 cities are experiencing a surge in interest from homebuyers and investors, driven by economic diversification, rising consumer demand, and a post-pandemic relocation trend. Dhruv Agarwala, Group CEO of Housing.com, notes that cities like Kochi, Jaipur, Goa, and Chandigarh are leading the charge, now outperforming the top eight metros by 88 points on the Property Buy Index. Property values in premium locations of these cities are approaching those of Delhi and Mumbai, with impressive year-on-year growth of 10-15%. Additionally, rental yields in Goa reach as high as 8%, compared to 2-3% in major metros, attracting significant investor interest. Online searches for homes priced above INR 2 crore have increased by 121% in Tier-2 cities, highlighting their growing importance and potential in the real estate market.
Mumbai's commercial real estate market is seeing a significant shift towards single-owned and managed properties, driven by higher returns, operational efficiency, and greater tenant satisfaction. Data from CRE Matrix highlights that single-owned assets in key Indian markets like Mumbai, Pune, Bengaluru, and Chennai offer rental yield advantages of up to 32% over strata properties. For instance, Pune's South West region shows an 18% higher rental yield for single-owned properties, with Chennai's Southern Suburbs seeing a 32% advantage. Experts emphasize the benefits of proactive management and tenant experience in single-owned properties, predicting continued investor preference for this model.
Haryana is easing urban property transactions by eliminating no-objection certificates (NOCs) for selling agricultural land in urban areas. Announced by Urban Local Bodies Minister Subhash Sudha, the new rules impact 2,52,000 properties, allowing direct registration without NOCs and exempting owners from property taxes or development fees. Additionally, 6,85,000 urban colony properties can now be sold with self-certification. Regularization of 741 colonies and 705 small land patches facilitates transactions for over 1.71 lakh and 1,200 properties respectively. These measures streamline processes, reduce bureaucracy, and enhance transparency, benefiting millions of property owners across the state.
The massive Dharavi Redevelopment Project, led by Adani Group's Dharavi Redevelopment Project Private Ltd (DRPPL), faces a roadblock in Sector 5 due to ongoing fee negotiations with the Maharashtra Housing and Area Development Authority (MHADA). The transfer of Sector 5, which includes five buildings for 942 rehabilitated tenants, has stalled. Key negotiation points include INR 183.57 crore in interest, an INR 17.24 crore land fee, and other waivers, totaling over INR 665 crore. MHADA has proposed these waivers to the state government. A swift resolution is crucial for the project's progress and for improving living conditions for thousands of Dharavi residents.
Tembo Global Industries, a leader in metal product manufacturing and fabrication, has secured a major contract worth INR 98.50 crores through its joint venture, PES JV, for an offshore jetty construction project in the Maldives. This achievement reinforces the company's commitment to excellence and innovation. Tembo Global Industries, known for its diverse portfolio including Pipe Support Systems, Fasteners, and HVAC systems, continues to deliver high-quality, tailored solutions. Directors Sanjay J. Patel and Shabbir Merchant emphasise the importance of this contract in showcasing their expertise and dedication to outstanding results for their clients.
Amid China's real estate turmoil, Dexin faces liquidation, echoing Evergrande's fate. Dexin, based in Zhejiang, accrued a massive debt of USD 8.9 billion. Defaults on payments triggered its downfall, culminating in a winding-up petition from China Construction Bank. This event underscores broader sectoral challenges, with firms like Country Garden and Shimao also under pressure. China's economy, heavily reliant on real estate, faces uncertainty as the government intervenes to stabilize the industry. Dexin's liquidation highlights the magnitude of the crisis and its potential implications for China's economic trajectory.
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