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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Karnataka’s Deputy Chief Minister, D K Shivakumar, has outlined a transformative vision for Bengaluru’s metro network, aiming to extend it by 175 km by 2026. After inspecting the newly extended Nagasandra-Madavara line, Shivakumar detailed phased additions, including 30 km by 2025 and the remainder by 2026. With significant investments and collaborations—such as with the National Highways Authority of India (NHAI) and Indian Railways—the state is enhancing metro accessibility and connectivity. Infrastructure improvements include underpasses, skywalks, and parking facilities to support seamless transit. Bengaluru's growing metro ridership underscores the network’s essential role in reducing city traffic and improving commuter convenience.
A high-altitude para sports centre, the first of its kind globally, is being established in Leh, Ladakh, aimed at training para-athletes for international competitions, including the 2028 Paralympics. The Ladakh Autonomous Hill Development Council and Aditya Mehta Foundation formalised this initiative, which will offer high-altitude training to enhance stamina and resilience. Before the centre's completion, selected athletes from Ladakh will train at AMF’s Hyderabad academy. Offering training across a wide range of sports, the centre aspires to make Leh a unique para-sports hub, positioning India as a leader in inclusivity and excellence in global para-athletics.
Bollywood actor Shahid Kapoor has leased his lavish apartment in Mumbai's Three Sixty West, an exclusive development by Oberoi Realty in Worli. The 5,395 sq. ft. property, co-owned with wife Mira Kapoor, was acquired earlier this year for INR 58.6 crore. The five-year lease, registered this month, includes a tiered rental structure starting at INR 20.5 lakh per month, along with a 10-month rent-free period. Kapoor joins other Bollywood stars, like Kartik Aaryan and Ranveer Singh, in monetising premium properties amid rising demand for luxury rentals in Mumbai’s prime locations.
? A residential flat spanning 659 square feet sold in Shri 4 Taljai Hills Phase 1 in Pune's Dhankawadi for INR 71.96 lakhs
? A residential flat spanning 946 square feet sold in Shree Panache Aura in Pune's Alandi for INR 56.62 lakhs
Central Business District (CBD) is a commonly used term in commercial real estate to describe an area in the city that contains a high density of commercial, retail and business establishments, as well as government offices. CBDs usually coincide with the city centre and tend to be the central hub for the city�s transportation networks. Nowadays, CBDs have also begun to include entertainment hubs, restaurants, hotels, medical care and residential complexes.
HDFC Capital has partnered with Runwal Enterprises to develop residential projects for affordable and middle-income families across Mumbai. The collaboration involves an investment of over Rs 1,150 crore and is expected to generate a revenue potential of over USD 1 billion. HDFC Capital will provide a mix of equity and debt, supporting multiple projects in the Mumbai Metropolitan Region. This partnership aligns with HDFC Capital’s focus on sustainable housing and innovation, while also contributing to the government's 'Housing for All' initiative.
Kolte Patil Developers reported a consolidated net profit of INR 10.34 crore for Q2 FY25, rebounding from an INR 26.23 crore loss in the same quarter last year. The company’s income grew by 56.67% to INR 320.96 crore. Group CEO Atul Bohra highlighted record pre-sales of INR 770 crore, driven by strong demand, especially in the premium 24K segment. Collections reached INR 550 crore for Q2, supported by efficient project execution. Bohra expressed optimism about upcoming project launches and the sector’s growth potential, anticipating stable progress as a result of a robust project pipeline, strong cash flows, and customer trust.
1 Finance, a leading financial services institution in India, has partnered with NAREDCO Maharashtra NextGen for Excelerate 3.0. The event revealed a detailed research report on Greater Mumbai's real estate market, examining pricing trends, transaction volumes, and inventory levels. Key insights include high property prices, low affordability for the affluent middle class, and the need for regulatory reforms to improve the market. The report highlighted real estate’s role as a strong asset class, offering competitive returns compared to equities, debt, and gold. Industry leaders emphasized the importance of collaboration for addressing affordability challenges and driving sustainable urban growth.
The UPSIDA board has approved measures to annul residential land allotments in Tronica City if lease deeds are not executed within two years. Additionally, it plans to impose extension fees on allottees who fail to start construction within two years. The extension fees will increase annually and, after five years, will be based on 4% of the prevailing land rate. The Trans-Delhi Signature City, which spans 1,700 acres, has over 5,000 allottees, with some still pending execution of their lease deeds. Failure to meet deadlines will result in automatic cancellation of the allotment.
The Bangalore Development Authority (BDA) received a significant relief from the High Court, which allowed a review petition filed after a 12-year delay and stayed a 2012 order concerning a five-acre property in Kengeri, Bengaluru. The BDA argued that the original petitioner, R Arunachalam, had misrepresented his ownership and concealed the sale of part of the land before filing the petition. The court acknowledged that the BDA's delayed review petition could be excused, given the circumstances. Additionally, the BDA presented evidence of sale deeds from 2004-2006, showing the land's division before the original petition was filed in 2011.
The Chennai Metropolitan Development Authority (CMDA) has introduced new deadlines for 11 departments to issue no-objection certificates (NOCs) to fast-track building approvals. Nine departments must provide their NOCs within 30 days, while three will have 15 days. If a department misses the deadline, the NOC will be automatically granted. Experts believe this move will streamline the approval process, boost residential development, and attract investment to Tamil Nadu. The directive aims to address the city's growing housing demands and promote a more transparent and efficient real estate market.
The Gujarat government is set to implement the central government's Liquid Waste Management Rules, 2024, aimed at addressing wastewater management challenges in residential societies, urban areas, and industries. Residential societies using over 5,000 litres of water daily or exceeding certain pollution thresholds will be classified as bulk users and required to register with the CPCB. Key provisions include extended user responsibility (EUR) for wastewater treatment and reuse, with specific recycling targets for both new and existing societies. Industries, particularly in sectors like textiles, are also required to meet wastewater reuse targets. Stakeholders highlight the need for government support to meet these ambitious goals.
The Haryana government has introduced a senior citizen housing policy to create organized and secure living spaces for the ageing population. Permitted exclusively in residential zones, projects will range from 0.5 to 10 acres and include essential facilities like medical rooms, dining halls, recreation areas, 24-hour ambulance service, and nursing care. Security features include CCTV and trained guards, with power backup mandated for critical areas. Projects must adhere to strict guidelines, including a 12-meter road access and a maximum Floor Area Ratio (FAR) of 225. Monitoring committees and an online grievance portal ensure compliance and transparency. This policy reflects the state’s commitment to addressing the needs of senior citizens through modern, secure housing solutions.
The Lucknow Development Authority (LDA) has opened an e-auction portal for over 300 properties, offering residential and commercial spaces in prime areas of Lucknow. Registration is open until December 11, and the e-auction will take place on December 16. The available properties include housing plots, schools, hotels, and mixed-use spaces. Notably, Basant Kunj Yojna’s Sector-H residential plots start at INR 32,955 per square meter. The LDA expects a strong response and hopes to match the success of its last auction, which generated INR 515 crore.
B L Kashyap & Sons Limited (BSE: 532719 NSE: BLKASHYAP) has reported strong financial results for Q2 FY2024-25, with standalone revenue of INR 275.67 crore and PAT of INR 10.87 crore. Consolidated revenue for the half-year ending 30th September 2024 rose by 8.33% to INR 631.66 crore, while PAT grew by 34.97% to INR 29.63 crore. The company secured INR 381 crore in new orders during Q2 FY2025 and recorded an 18% growth in its order book, reaching INR 3,546 crore. The company remains focused on pursuing high-margin projects and expanding into key sectors like residential, railway infrastructure, and healthcare.
WeWork India reported robust growth in FY24, with a 26.7% rise in revenue, driven primarily by increased membership fees. Despite a 7.6% reduction in losses, the company demonstrated resilience through improved efficiency and operational strategies. Although non-operating income and a strong EBITDA contributed to this success, challenges remained with rising expenses in depreciation and finance costs. With substantial cash reserves and an enhanced EBITDA margin of 64.42%, WeWork India’s financial performance reflects both its strengths and areas for continued growth.
Noida saw a record 16,500 property registrations in October, marking a nearly 70% increase in stamp duty revenue compared to last year. The festive seasons of Navratri and Diwali played a significant role in this surge, as families tend to invest in property during this auspicious time. The revenue department collected Rs 513.4 crore in October, surpassing its target. Data for the first seven months of the 2024-25 fiscal year reveals a 51% achievement of its annual target, with a shortfall of Rs 313.2 crore against the target set for the period.
Godrej Properties has reported a 2% rise in net debt for the September quarter, reaching INR 7,572 crore as it intensifies land acquisition efforts to fuel future growth. To support its expansion, the company plans to raise up to INR 6,000 crore through equity and debt securities. With a strong sales performance already in FY24, Godrej Properties achieved INR 13,800 crore in bookings by mid-year, setting its sights on a INR 27,500 crore target. This strategic move underscores Godrej’s commitment to strengthening its presence across key Indian markets.
Bhutani Infra has bought the 'Logix City Centre' in Noida for an estimated INR 1,000 crore, which includes renovation expenses. The 1.2 million square foot project comprises retail spaces, offices, and a hotel. CEO Ashish Bhutani confirmed the purchase from PAG and the Logix group promoters, and the property will now be rebranded as 'Bhutani City Centre 32.' This acquisition strengthens Bhutani Infra’s portfolio in the Delhi-NCR commercial market and reflects its strategy to offer integrated spaces that combine work, leisure, and lifestyle. The move aligns with the company’s vision to meet the evolving demands of modern consumers.
Retail leasing across India’s top eight cities saw a minor 1% decline, totaling 1.63 million square feet in the July-September period, compared to the previous year. Main streets dominated leasing activity, accounting for 68% of the total leased space. The demand for retail space in cities like Delhi-NCR, Bengaluru, Chennai, and Kolkata led to a significant increase in rental rates, while malls faced quieter leasing due to limited supply. Despite e-commerce growth, physical stores continue to thrive, with a shift towards spaces offering a blend of shopping, lifestyle, and entertainment experiences.
Earlier this month, the Department of Town and Country Planning (DTP) conducted a two-day demolition drive across unauthorised colonies in Gurugram, removing illegal structures spanning 30 acres. The operation focused on Gwal Pahari, Bhondsi, and Alipur villages. Key actions included the demolition of colonies, under-construction buildings, boundary walls, and road networks. DTP Enforcement head Manish Yadav emphasised the importance of verifying property legality before making investments, highlighting the drive’s role in sending a strong message to those involved in illegal construction.
Tamil Nadu: CM Stalin inaugurates 'Muthalvar Padaippagam,' appoints DRA Homes for project management
Tamil Nadu Chief Minister M.K. Stalin inaugurated "Muthalvar Padaippagam," a new initiative supporting youth and women empowerment. This flagship program aims to provide coworking and learning spaces, focusing on opportunities for competitive exam candidates and entrepreneurs. The Chennai Metropolitan Development Authority (CMDA) awarded the facilities management contract to DRA Homes, with Managing Director Ranjeeth Rathod receiving recognition at the event. DRA Homes’ experience in co-living management, through its subsidiary Truliv, played a crucial role in this selection. Rathod expressed gratitude, emphasizing DRA’s commitment to supporting the project’s goals. Developed for INR 2.85 crore, the Kolathur facility accommodates 40 coworkers and 50 students, aiming to foster inclusive growth.
The National Association of Realtors reports a significant shift in the housing market, particularly for first-time buyers. The median age of first-time homebuyers has increased to 38, up from 35 in 2023, and their market share has dropped to 24%. Affordability challenges, rising home prices, and mortgage rates are contributing to this decline. Although household incomes have risen, the effects of the pandemic housing boom have made it harder for younger generations to enter the market, causing many to delay or rethink their plans for homeownership.
To meet the increasing demand from Indian students studying abroad, Gradding, a top Indian education consultancy, is developing a global portfolio of Purpose Built Student Accommodation (PBSA). Over the next three years, Gradding will add 3,000 new rooms across the USA, UK, Canada, Germany, and Australia, providing affordable, student-centered housing options. With rising numbers of Indian students seeking quality education overseas, Gradding’s initiative addresses a vital need for safe, tailored accommodations, enabling students to focus on their studies without housing concerns.
Skanska reported third-quarter earnings below forecasts, with operating profit rising to SEK 1.3 billion, short of the SEK 1.67 billion expected. This was due to a slow property market recovery and SEK 0.3 billion in impairment charges. The company’s construction order backlog hit a record high, reflecting a strong pipeline, though challenges remain in its BoKlok housing segment. Skanska plans to integrate BoKlok into its residential development by 2025. With central banks easing rates, future performance depends on market recovery and Skanska’s ability to adapt, supported by robust growth in core construction activities and a high order intake.
Segro, a British warehousing firm, announced the acquisition of six logistics properties owned by Tritax EuroBox in Germany and the Netherlands for EUR 470 million. This deal is part of an agreement with Brookfield Asset Management, which is in the process of acquiring Tritax EuroBox for GBP 1.1 billion. The assets being sold to Segro generate around EUR 23 million in rent and comprise 370,000 square meters of logistics space, complementing Segro's existing portfolio. The transaction comes after Brookfield outbid Segro in the race to acquire Tritax EuroBox.
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