Daily Real Estate Newspaper
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In a notable step towards expediting Mumbai’s infrastructural advancements, the MMRDA, led by Commissioner Dr. Sanjay Mukherjee, collaborated with traffic authorities to secure 17 pending permissions for nine major projects. Key approvals include permissions for Metro Lines 2B, 6, 7A, and 9, the Sewri-Worli Connector, the Missing Link Flyover, and more. These permissions, facilitated by a strategic meeting with Joint Commissioner of Police (Traffic) Anil Kumbhare, mark a significant milestone for seamless project execution. The approvals will help realise the vision of #MumbaiInMinutes, enhancing the city’s public transport and connectivity.
The Mumbai Metropolitan Region Development Authority (MMRDA) has opened a new 180-metre signal-free road linking the SEBI Building to Avenue-5, significantly improving traffic flow in the bustling Bandra Kurla Complex (BKC). Completed in just 3.5 months, the project reduces congestion at key junctions and provides seamless connectivity for commuters from the Eastern Express Highway (EEH). The road’s initial three lanes are now operational, with the remaining three set to open soon. This development underscores MMRDA’s commitment to enhancing urban mobility and supporting BKC’s status as a global business hub.
Author: Vidhi Sangoi
The Indore Metro is a cutting-edge mass rapid transit system currently under construction in Madhya Pradesh’s largest city. Designed to alleviate traffic congestion and promote sustainable mobility, its first phase centers on the 33.53 km Yellow Line loop with 29 stations. Developed by the Madhya Pradesh Metro Rail Corporation Limited (MPMRCL), the project incorporates both elevated and underground sections, modern CBTC signaling, and air-conditioned trains for passenger comfort. Though delayed by the pandemic and logistical hurdles, trial runs have begun on a 5.9 km priority stretch. Expected to open partially in early 2024, the Indore Metro aims to revitalize urban travel, enhance connectivity, and improve quality of life for residents.
Author: Vidhi Sangoi
The Guwahati Metro project is an ambitious plan to introduce a modern rapid transit system to Assam’s largest city. Envisioned with four corridors and 54 stations spanning over 61 kilometres, it aims to address escalating traffic congestion and offer a more efficient public transport alternative. Initial costs are estimated at around INR 16,850 crore. While the state government approved a Detailed Project Report (DPR) in 2016, subsequent policy changes led to revisions and further studies, leaving the initiative still in the planning phase as of December 2024. If successfully implemented, the Guwahati Metro could significantly improve travel experiences and support sustainable urban development.
The World Bank has approved a USD 800 million loan to develop Amaravati, an ambitious new city in Andhra Pradesh, India. The funding will support the creation of a climate-resilient, well-managed urban growth center. Amaravati, expected to be part of a broader metropolitan region with Vijayawada and Guntur, will be designed to accommodate 3.5 million people by 2050. The project is set to attract significant private-sector investment and will focus on building sustainable infrastructure, including roads, public transport, and flood-mitigation systems. The World Bank is also working with the Asian Development Bank to finance the city's initial phase.
The National Green Tribunal (NGT) has directed the Union Ministry of Environment, Forest and Climate Change (MoEFCC) to inspect Noida's Okhla Bird Sanctuary for unauthorised construction following a petition alleging illegal activities, including permanent structures by the divisional forest officer. While NOIDA confirmed that a dismantled road project was discontinued, the tribunal ordered a detailed investigation to verify any ongoing violations. The MoEFCC representative must submit a report within eight weeks. This directive underscores the NGT’s commitment to preserving ecologically sensitive areas like the sanctuary, a critical habitat for migratory birds, ensuring accountability and strict adherence to environmental protections.
The Odisha government has instructed Revenue Divisional Commissioners and District Collectors to ensure the protection of tribal land rights in scheduled areas. Citing the Odisha Scheduled Areas Transfer of Immovable Property (OSATIP) Regulation, 1956, the authorities were reminded of the prohibition on transferring tribal land to non-tribals. This follows criticism of the previous government's 2023 decision, which temporarily allowed such transfers. The directive emphasises prompt restoration of illegally occupied tribal land and mandates thorough field inspections by officials. However, delays in resolving cases under OSATIP remain a significant concern, with thousands of cases still pending.
The Calcutta High Court ruled that tenants of private land acquired for the Joka-BBD Bag Metro corridor are entitled to compensation, even if landowners have already been paid. Justice Aniruddha Roy emphasized tenants’ rights under Section 9 of the 1978 Act, which includes "any person interested in the land." The ruling stemmed from a land acquisition dispute near the Nepalese Consulate in Kolkata. The court upheld the acquisition, citing the public importance of the metro project while ensuring "just and appropriate compensation" for tenants. This decision reinforces tenant rights and highlights the complexities of balancing public infrastructure needs with legal entitlements.
The Telangana government has introduced the Record of Rights (RoR) bill to address long-standing issues stemming from the Dharani portal, including appeals, land record corrections, and succession disputes. Key amendments to the Bhu Bharati Act empower revenue officers, simplify processes, and allow applicants to track their requests via mobile devices, enhancing transparency. Over 9.24 lakh pending applications are set to be resolved, including 18 lakh acres in Part B land, granting farmers access to Rythu Bandhu benefits. By addressing land disputes and enabling the registration of Sada Bainamas, Telangana aims to streamline land administration and improve property transaction accuracy statewide.
The Municipal Corporation of Gurugram (MCG) enforcement team imposed a penalty of INR 500,000 on a builder for violating the construction ban under the Graded Response Action Plan (GRAP) Stage 4 in Sector 113. Despite the ongoing ban, construction continued at the site. The team halted work immediately and warned the project head to comply with the regulations. Additionally, a penalty of INR 5,000 was imposed on a motorcycle service center in Wazirabad for littering. Residents have expressed concerns that construction continues unchecked, contributing to worsening air pollution.
The Bombay High Court dismissed a plea challenging the Adani Group's tender for the INR 23,000 crore Dharavi Redevelopment Project, clearing the way for one of India’s largest urban renewal initiatives. The project, in partnership with the Maharashtra government, promises sustainable living for over one million Dharavi residents, offering new flats with improved amenities and in-situ rehabilitation for eligible tenants. Despite controversies, the project adheres to government resolutions and ESG standards.
The Delhi High Court has ruled that tenants cannot dictate how landlords use their property, supporting an elderly couple seeking the eviction of a tenant. The case involved an 80-year-old war veteran and his 76-year-old wife, who needed their property for medical staff and caregivers due to severe health issues. Despite the tenancy ending in 2003, the tenant refused to vacate, arguing the landlords had sufficient space. Justice Tara Vitasta Ganju overturned a lower court's ruling, acknowledging the couple's dire medical needs supported by substantial evidence. The tenant was given six months to vacate, reaffirming landlords’ rights to use their property as they see fit.
Maharashtra's Ready Reckoner (RR) rates are set to become more accurate as the Geographic Information System (GIS) mapping of land parcels nears completion. The Maharashtra Remote Sensing Application Centre (MRSAC) has finalized rural mapping and completed 50% of urban and influence zones. GIS mapping will replace the current subjective process by integrating precise geospatial data, offering clearer insights into property values. This will aid in setting RR rates for 2024, reflecting accurate market conditions and benefiting citizens and evaluators. The updated system will use cadastral maps, population data, and infrastructure developments to establish RR rates, ensuring transparency and reducing arbitrary rate assignments.
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The Mizoram government collected INR 8.58 crore in stamp duties and land registration fees in the first eight months of FY24, reflecting steady growth following the Indian Stamp (Mizoram Amendment) Bill, 2024, which raised stamp duty from 1% to 3%. This hike targets diverse transactions like land purchases, mortgages, and gifts, aiming to boost state development funds. Key initiatives include plans for a revenue court to address land disputes, expanding the online tax payment system statewide, and digitising land records via the new Record of Rights (RoR). These measures enhance transparency, streamline processes, and support urbanisation and infrastructure growth, positioning Mizoram for increased investment and efficient land management.
Nashik Municipal Corporation (NMC) has successfully collected INR 40 crore of the INR 600 crore in property tax arrears through its amnesty scheme, which began on October 1. The scheme, offering significant penalty waivers, has proven effective, with INR 13 crore collected in the past three weeks alone. Defaulters who settle by December 31 can avail of up to a 95% penalty reduction, while those paying in January are eligible for an 85% waiver. Despite a slow response in 2021, this year’s scheme is seeing better participation, and NMC expects to collect an additional INR 25-30 crore before the scheme ends on January 31.
The Gujarat Real Estate Regulatory Authority (GujRERA) will implement new banking rules from January 1, 2025, requiring developers to maintain three separate bank accounts for each project. These accounts—RERA collection, retention, and transaction—will ensure financial transparency and proper fund utilization. The RERA retention account, holding 70% of collected funds, is designated for construction and land costs, with withdrawals requiring certified progress documentation. Auto-sweep transfers will distribute funds in a 70:30 ratio to retention and transaction accounts. Banks are restricted from issuing cheque books, debit cards, or online services for the collection account. Non-compliance can result in penalties up to 5% of project costs, reinforcing accountability in Gujarat’s real estate sector.
Municipal authorities, in coordination with HYDRAA, demolished illegal commercial structures at the Anuhar Morning Raga apartments in Manikonda municipality's Alkapur Township. Residents of 38 apartments had complained for three years about the unauthorised conversion of ground-floor residential spaces into commercial areas, including bank strong rooms, which compromised structural integrity and safety. Despite multiple warnings and notices, the builder ignored demolition orders. The action, initiated after inspections revealed zoning violations and safety risks, restored the building's residential purpose and was welcomed by residents. The demolition underscores the importance of adhering to zoning laws and serves as a warning against unauthorized modifications, reaffirming authorities' commitment to community safety and regulatory compliance.
The National Company Law Tribunal (NCLT) has recently approved the demerger scheme of Raymond Ltd, enabling the separation of its real estate business into a new entity, Raymond Realty. Effective from 1st April 2025, the transfer of real estate assets to Raymond Realty will allow for more focused management and attract strategic investors. Shareholders of Raymond Ltd will receive one equity share in Raymond Realty for each share they hold. Post-demerger, Raymond Realty will be listed on the Bombay Stock Exchange and National Stock Exchange. The scheme has received regulatory approvals and is set to enhance growth and operational efficiency for the companies.
Sattva Group has secured an 8.5-acre land parcel in Bengaluru's Export Promotion Industrial Park (EPIP) from a high-net-worth individual for INR 300 crore. It was previously occupied by global healthcare company Novo Nordisk India. The site offers a built-up area of 188,000 square feet, with future development potential of up to 1.2 million square feet and a 35 MW data centre. This acquisition strengthens Sattva's presence in Bengaluru's commercial real estate sector. The deal highlights growing developer interest in Bengaluru, particularly for properties with future growth potential. The company is also preparing for a REIT listing.
Earlier this week, Maharashtra's Chief Minister, Devendra Fadnavis, expressed his gratitude to the Central Government for approving 6.5 lakh houses under the Pradhan Mantri Awas Yojana (PMAY) and disclosed plans to further increase this allocation by 13 lakh. The approval will provide homes to around 20 lakh out of the 26 lakh people who have registered for the scheme. Union Agriculture Minister Shivraj Singh Chouhan also congratulated the state for the initiative, underscoring the government's ongoing commitment to the "Housing for All" mission. This continued effort is aimed at addressing the increasing demand for housing in rural areas.
ITC Ltd is consolidating its hospitality presence by acquiring additional stakes in Oberoi (EIH) and Leela (HLV) hotels, increasing its shareholding to 16.13% in EIH and 8.11% in HLV. These acquisitions, executed via its subsidiary Russell Credit Ltd., underscore ITC’s commitment to the premium hospitality segment. ITC is also demerging its hotel business into a standalone entity, ITC Hotels Ltd., effective January 1, 2025, allowing focused growth in the hospitality sector. Shareholders will receive 60% of ITC Hotels’ equity shares, with ITC retaining 40%. The restructuring aims to enhance shareholder value and streamline operations, positioning ITC Hotels for independent expansion in India’s luxury hospitality market.
Chinese property developer Kaisa announced shareholder approval for issuing $4.8 billion in mandatory convertible bonds as part of its debt restructuring plan. Shareholders also approved issuing $26.9 million in shares as a work fee to Citicorp International. Kaisa, which defaulted on $12 billion in offshore bonds in 2021, is addressing liabilities, including loans and yuan-denominated securities. Holding the second-largest offshore debt among Chinese developers after Evergrande, Kaisa aims to secure creditors' approval for the plan in a December court hearing in Hong Kong. The bond issuance strengthens Kaisa's financial stability, supports restructuring, and enhances job security and growth opportunities for employees.
? A residential flat spanning 933 square feet sold in Omkar Alta Monte - Wings B, D and Signet in Mumbai's Malad East for INR 2.19 crores
? A residential flat spanning 626 square feet sold in Kanakia Future City - F in Mumbai's Powai for INR 2.09 crores
Grading is the process of reshaping land at a construction site. This can include raising or lowering ground levels, adding or removing slopes or levelling the ground surface. Grading is a critical step in the construction cycle, as it can impact the stability of the foundation as well as the overall appearance of the finished project.
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