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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Mumbai's housing market is booming. New home registrations rose 17% in May 2024 compared to last year, with a strong demand for mid-sized apartments (500-1,000 sq. ft). This hot market is fueled by rising incomes, a potential post-pandemic preference for city living, and overall economic stability. Experts point to strong buyer confidence and favorable interest rates as reasons for the growth, with stamp duty collections jumping over 19% as well. While property prices might be rising, the continued increase in sales suggests this growth is likely to stay, creating a positive environment for potential homebuyers in Mumbai.
Real estate investment trust (REIT) Nexus Select Trust, valued at INR 18,786 crore (USD 2.3 billion), is in talks to acquire Chennai's Marina Mall. This acquisition would expand their South Indian portfolio amid a post-pandemic retail sector boom. Opened in 2019, the Marina Mall offers over 600,000 sq. ft. of retail space, 150 brands, 25 food outlets, an amusement centre, and more. Nexus Select Trust aims to double its asset portfolio to 20 million sq. ft. within five years. This move highlights rising investor confidence and significant growth prospects in India's retail sector, reflected by increased mall consumption and occupancy rates.
? A residential flat spanning 5,781 square feet sold in Tricity Stellar in Thane's Panchpakhadi for INR 9 crores
? A residential flat spanning 7,803 square feet sold in Hiranandani Estate Riviera in Thane's Kavesar for INR 95 lakhs
The ‘Saat-Baara-Utara’ is the regional term for 7/12 Extract Document in Maharashtra. The document is maintained by the Revenue Department of the state for the purpose of tax collection. It is issued by the Tehsildar or the concerned land authority. It is an important indicator of the legal status and includes information pertaining to the ancestral history of the land, i.e., past disputes, litigations, court orders, etc. For agricultural land, this extracts also records the types of crop grown on the land in the past.
Truliv, Tamil Nadu's largest co-living startup and a subsidiary of DRA Homes, achieved 250% revenue growth in FY 2023-2024, reaching INR 16 crore. The company aims to add 3,500 more beds in FY 2024-2025 to maintain its market leadership. Truliv's success is driven by its build-to-suit designs, premium amenities, and technology-driven processes. Operating at full capacity, its 22 properties and 7 holiday homes cater to millennials and young professionals. With a 95% occupancy rate and strategic expansion plans in western and southern markets, Truliv targets a INR 50 crore topline in FY 2024-2025. The startup secured USD 1.5 million in pre-seed funding in June 2023.
Bengaluru-based Century Real Estate plans to bring a substantial portion of its land holdings to market, aiming to generate INR 2,100 crore in sales during FY 2024-25. This move follows a successful year with a 121% growth in residential sales bookings. Managing Director Ravindra Pai highlighted that they are nearing completion on key projects, enabling them to focus on new developments in Bengaluru. The company boasts a 96% sell-out rate for residential inventory since FY24 began, reflecting strong demand. Century Real Estate's plan will introduce over INR 7,200 crore worth of new inventory this year, indicating confidence in Bengaluru's real estate sector.
Sattva Group introduces Sattva Green Groves, a 45-acre development in Nelamangala, Bengaluru, featuring 750 villa plots. This project emphasizes open spaces and community living, with landscaped gardens and dedicated zones for all ages. The central clubhouse includes amenities like a swimming pool, gym, multipurpose hall, and library. Strategically located, Green Groves offers easy access to the airport and city via Nelamangala Road and the upcoming STRR project. Catering to the trend of plotted developments, Sattva Green Groves balances modern living with natural beauty, making it an attractive investment for discerning homeowners.
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Karnataka's Real Estate Regulatory Authority (RERA) has issued a significant ruling, ordering a developer to hand over the possession of common areas to the homeowners' association in a south Bengaluru project. The developer, Mahendra Homes Pvt Ltd, had obtained the occupancy certificate and completed the project, but failed to form an association as mandated by the RERA Act. The authority found that the developer charged unreasonable maintenance costs and threatened to disconnect essential services. Despite the execution of a Deed of Declaration, the developer did not complete several promised amenities and failed to provide individual electricity meters. RERA has now ordered the developer to complete the pending work and transfer the common areas to the association, addressing the persistent issues affecting homeowners in the state.
The Noida Authority sold 149 plots in FY24, securing INR 1.03 lakh crore in investment commitments, surpassing their target of INR 90,000 crore. The plots were allotted across housing, IT/ITES, industrial, and commercial sectors, with major companies like County Group, Godrej Properties, Max Estates, IKEA, Uflex, Dixon, and Experion Developers among the buyers. The projects are expected to create approximately 440,000 jobs in the next three years. Work has begun on 50 plots, with the remainder starting soon. A report has been submitted to the Uttar Pradesh government, which plans a groundbreaking ceremony to launch these projects. Progress will be tracked via government portals.
Mumbai's Brihanmumbai Municipal Corporation (BMC) collected INR 4,856 crore in property tax for FY 2023-24, the lowest in two years and below the previous year's INR 4,994 crore. Despite surpassing its INR 4,800 crore target, delays in issuing tax bills and staffing shortages due to Lok Sabha elections hindered collections. Controversy over a proposed 17.5% tax hike and subsequent bill revisions further impacted efforts. K/East ward led with INR 463 crore, while B ward collected the least at INR 33 crore. The BMC has not raised property taxes since 2015, balancing revenue generation and public sentiment remains critical.
State-owned construction firm NBCC Ltd. reported a 26% increase in consolidated net profit for the quarter ending March 2024, reaching INR 136.08 crore compared to INR 108.4 crore in the same period last year. The company's income from operations for the 2023-24 fiscal year rose to INR 10,432.63 crore, marking a 17% year-on-year growth. NBCC operates in project management consultancy (PMC) and real estate, benefiting from India's focus on infrastructure development. With government-backed projects exceeding INR 10,000 crore, NBCC's strong financial performance suggests a promising future in the booming infrastructure sector.
Hilton, a global hospitality leader with over 6,800 hotels, plans to triple its presence in India within 5-7 years. Currently operating 24 hotels across five brands, Hilton aims to expand to 75-100 hotels in top Indian markets. The strategy includes introducing the Curio Collection and Waldorf Astoria brands. A strong focus on food and beverage (F&B) aims to boost F&B revenue from 35% to 45%, targeting the INR 5 trillion wedding and conference market. Expansion into tier-2 and tier-3 cities is also planned, leveraging rising disposable incomes. This ambitious growth requires significant investment, emphasizing Hilton's confidence in India's hospitality sector.
Hyderabad's prominent IT park, Waverock, has changed ownership once again. A joint venture between Shapoorji Pallonji Group and Allianz Real Estate (SPREF II) exited their investment in the property, selling it for approximately INR 2,200 crore. Waverock, a Grade-A IT SEZ located in Gachibowli, spans 2.4 million square feet and houses major tech companies like Apple. This transaction, involving a new joint venture of global institutional investors, including GIC and Xander Group, marks Waverock's third ownership change in recent years. The deal underscores the continued attractiveness of India's real estate market and Hyderabad's thriving IT sector.
India's ambitious infrastructure development plans are facing a significant challenge, with nearly 40% of projects running behind schedule, leading to cost overruns. A government report reveals that out of 1,873 projects, 779 are delayed, causing a cost overrun of INR 5 trillion, increasing total project costs from INR 26.9 trillion to INR 31.9 trillion. This situation raises concerns for banks and NBFCs, which have loaned INR 26.9 trillion for these projects. The delays disrupt the repayment cycle, prompting the RBI to propose stricter guidelines for project loans. Despite these issues, infrastructure loans have grown by 30% over the past five years.
British Land forecasts 3-5% annual rental increases as UK commercial property values stabilise following pandemic-induced decreases. The corporation recorded a 3% decrease in property portfolio value to GBP 8.7 billion for the fiscal year ended March 2024, with a small 0.2% dip in the second half. Retail park prices rose 2.7%, while office complexes fell 5.3%. Despite a bleak forecast, British Land's underlying profit increased 2% to GBP 268 million, helped by high occupancy and robust leasing. Shares advanced 0.7% amid cautious optimism.
In response to new stimulus measures, several Chinese cities have lowered down payments and mortgage loan interest rates to revitalise the sluggish property market. Hefei and Wuhan reduced down payments for first-time homebuyers to 15%, while second-time buyers experienced reductions to 25%. Some banks in Wuhan and Changsha also cut interest rates. These steps, along with the central bank's new lending facility for affordable housing, aim to stabilise the property sector. However, analysts caution that, despite these positive measures, the market's recovery will be gradual due to lingering buyer hesitancy and selective funding support for developers.
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