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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Kochi Metro Rail Ltd (KMRL) will soon begin constructing two new stations—Cochin SEZ and Chittethukara—on the Phase II Pink Line, connecting JLN Stadium to Kakkanad. The land acquisition process for these stations has been approved, with a total of 0.416 hectares to be acquired. The Pink Line, featuring 11 stations, has a project cost of INR 1,957.05 crore. Construction work on Infopark station has already started, and the viaduct contract has been awarded to Afcons for INR 1,141.32 crore, with a completion timeline of 20 months.
Ahead of the Maharashtra Assembly elections, Chief Minister Eknath Shinde has announced that light motor vehicles will be exempt from toll fees at five Mumbai toll booths starting midnight, October 15. This decision aims to benefit over 600,000 daily commuters, particularly light vehicles. The toll exemption is expected to enhance the real estate market in suburbs like Thane, Airoli, and Vashi, making them more attractive to homebuyers.
The Lucknow Development Authority (LDA) has streamlined its property mutation process to address delays and meet the 60-day completion mandate. Key changes include allowing the property section to verify online fee payments directly, assigning specific responsibilities to officials and implementing a more efficient workflow. The new system involves rapid assignment of applications, timely reviews by planning assistants, and quicker decision-making by property officers. For inheritance cases, a streamlined publication and review process has been established. These improvements aim to reduce processing times, enhance efficiency and provide better service to property owners acquiring residential or commercial properties in LDA schemes.
? A residential flat spanning 902 square feet sold in Hiranandani Estate - Cardinal in Thane's Kavesar for INR 2.65 crores
? A residential flat spanning 1,157 square feet sold in Oberoi Forestville - Phase 1 in Thane's Kolshet for INR 2.04 crores
As per Section 55 of the Registration Act 1908, four types of indexes are to be made and maintained by the registering officers. Index I & II - these are prepared for the transfer of immovable properties with the use of instruments such as conveyance deed, sale deed, gift deed, leave and license agreement, etc, Index III is prepared for the execution of a Will and Index IV is prepared for other miscellaneous instruments such as documents related to moveable properties.
DLF, India’s largest real estate firm by market capitalization, is preparing to launch its most expensive project, DLF The Dahlias, on Golf Course Road in Gurugram. Featuring 400 residences priced from INR 80,000 per square foot, the average cost per apartment is expected to be around INR 100 crore. With a projected sales value of INR 34,000 crore, the project is set to surpass DLF's Camellias, another high-end development in the area. The Dahlias is anticipated to rival Mumbai's luxury projects, marking a new benchmark in India's luxury real estate market, attracting high-net-worth individuals to the NCR region.
Arvind SmartSpaces Limited (ASL), part of the Lalbhai group, has announced a joint development agreement for a new residential project on ITPL Road, Bengaluru, covering 4.2 lakh square feet with a revenue potential of INR 600 crore. This move reflects ASL’s strategy to tap into Bengaluru’s thriving real estate market, driven by its status as an IT hub and growing population. Kamal Singal, MD & CEO, highlighted the company's strong growth prospects with a cumulative business potential of INR 1,010 crore for the year. ASL’s expansion into key markets like Bengaluru positions it well for continued success in India's resurgent real estate sector.
Puravankara reported pre-sales of INR 1,331 crore in Q2-FY25, a rise from INR 1,128 crore in Q1, with total pre-sales of INR 2,459 crore in H1-FY25. Customer-collections reached INR 1,033 crore in Q2, up 18% year-on-year, INR 1,998 crore for H1, up 27%. Average-price-realisation increased by 9% to INR 8,697 per sq-ft The company acquired 5.75 million sq-ft of saleable-land in Mumbai, Bengaluru, and Goa with a potential GDV of over INR 10,000 crore. It signed a JDA for a 1.95-acre plot in Electronics City and entered South Mumbai’s luxury market.
The government-appointed board of directors at Unitech Group has issued a stern warning to homebuyers who are defaulting on payments, indicating that construction of their flats could be halted and allotments canceled if payments are not made promptly. After nearly a decade of stalled construction, work has resumed on several Unitech projects across cities like Noida, Gurgaon, and Bhubaneswar. However, inconsistent payment compliance is hindering progress. For example, projects in Greater Noida have seen only a fraction of the demanded payments, with some buyers opting to pay penalties rather than dues. Unitech has urged defaulting homebuyers to settle outstanding amounts or face severe consequences.
The Enforcement Directorate (ED) recently uncovered properties valued at over INR 200 crore during raids across 15 locations in Delhi and Gurugram, related to an investigation into Vatika Limited. The company is accused of failing to deliver promised commercial units and assured returns to over 400 investors. The ED seized incriminating documents and digital devices during the operation. Vatika Group had taken loans exceeding INR 5,000 crore, with a significant portion waived by Indiabulls. The investigation, based on FIRs filed in 2021, exposes issues in the real estate market and underscores the need for reforms to safeguard investors.
The Noida Authority plans to hire a consultant to oversee land assembly activities, assisting in direct land purchases and legal acquisitions under the Land Acquisition Act. With the city rapidly expanding, around 200 hectares of land are projected for assembly, though this may change as development continues. The consultant will handle all aspects of land acquisition, from identifying parcels to managing legal and administrative processes. This move underscores the Authority’s focus on addressing the growing demand for land, ensuring infrastructure projects are executed efficiently to support the city's development.
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The Pune Housing and Area Development Board, a regional unit of MHADA, has opened the registration and application process for the sale of 6,294 housing units. These homes are spread across Pune, Pimpri-Chinchwad, Solapur, Kolhapur, and Sangli districts. The lottery offers units under various schemes, including the first-come, first-served and Pradhan Mantri Awas Yojana schemes. The government is also planning to expand affordable housing in areas like Alandi and Shirur, with redevelopment projects in old MHADA colonies. The online lottery for these units is scheduled in the coming weeks.
The Maharashtra Housing and Area Development Authority (MHADA) has reduced the charges for additional areas beyond the permissible limits of old residential tenements, setting the new rate at 110% of the Ready Reckoner rate. This decision aims to alleviate the financial burden on tenants, many of whom have faced challenges affording the previous charge of 125%. Sanjeev Jaiswal, Vice President and CEO of MHADA, highlighted that this adjustment is intended to accelerate the rehabilitation process for tenants in old cessed buildings, addressing a significant backlog of unresolved cases.
The Allahabad High Court has stayed the Noida Authority's denial of construction permits to Satya Homes Pvt Ltd and others, instructing the Authority to reconsider the applications following proper legal procedures. The court highlighted that blanket restrictions without valid justification were not permissible. A fresh site inspection is to be conducted in November, with a report due by mid-November, allowing affected parties to raise objections before the next hearing scheduled for December.
The World Bank has revised India's economic growth forecast for the fiscal year ending in March 2025 to 7%, up from 6.6%, driven by recovering agricultural output and rising private consumption. The Reserve Bank of India (RBI) has retained its GDP growth forecast at 7.2%, adjusting quarterly estimates slightly. Despite inflation concerns, the RBI remains optimistic, focusing on domestic drivers of growth. The IMF also raised its growth forecast to 7%, reflecting improved consumption prospects, especially in rural areas. Both institutions see positive trends supporting India’s economic resilience amidst external challenges.
Residential transactions in Mumbai Metropolitan Region (MMR) saw a 7% year-on-year increase in the September quarter of 2024, with 52,745 transactions registered. The total value of sales grew by 10%, reaching INR 48,409 crore. Godrej Properties led the developers in home sales value, with Godrej Reserve in Kandivali topping the list of projects. Meanwhile, Conceptual Advisory Services led in unit sales with their Suraksha Smart City project in Vasai. Peripheral areas, like Kalyan-Dombivli, dominated low-to-mid range transactions, while premium properties saw rising demand in suburbs closer to Mumbai. This growth is expected to continue during the festive season.
Garuda Construction and Engineering's IPO has received overwhelming demand, being oversubscribed by 7.55 times by the close of the share sale. A total of 15.03 crore bids were placed against the 1.99 crore shares on offer, with Retail Individual Investors (RIIs) and non-institutional investors showing strong interest. The company raised INR 75 crore from anchor investors earlier this week, with a price band of INR 92-95 per share. The IPO size is estimated at INR 264 crore, with INR 100 crore earmarked for working capital. The Mumbai-based construction firm, with an order book of INR 1,408.27 crore, has seen consistent financial growth.
The Uttar Pradesh State Industrial Development Authority (UPSIDA) has announced a significant e-auction for 43 industrial and commercial plots across the state. Set to facilitate bidding in regions like Bareilly, Jalaun, and Prayagraj, these plots are intended for various business uses, including warehousing and hotels. Additionally, industrial plots in Amethi and other areas will be available, contributing to industrial growth in Uttar Pradesh. The application process began on Friday, with reserve prices established for the plots. Interested bidders must pay fees by October 17, and the e-auction is scheduled for October 25.
JLL's latest report underscores Chennai's dramatic transformation in the real estate sector over the past 25 years, highlighting a remarkable 75-fold increase in office space primarily fuelled by the IT sector and the rise of Global Capability Centres (GCCs). Currently, the state commands a 12% share of India’s GCC market, with a notable 15% presence in the Banking, Financial Services, and Insurance (BFSI) sector. Siva Krishnan of JLL India remarked on the city's evolution from a manufacturing hub to a diversified economic powerhouse, emphasizing that ongoing infrastructure advancements and strategic policies position Chennai to leverage emerging trends in technology and urban living.
This year’s wedding season is proving exceptional for the hospitality industry, with luxury hotels across India witnessing high demand and full bookings. International chains like Shangri-La, Radisson, Hyatt, and Hilton are launching specialized wedding services to cater to the growing trend of destination weddings. Major properties, including Noormahal Palace and Wyndham locations, are fully booked for auspicious dates in November and December. Hotels are introducing tailored packages, resulting in increased rates and high occupancy. With more than 4.8 million weddings expected across the country, the industry is set to see significant growth this season.
The Sabarmati Riverfront Development Corporation Ltd (SRFDCL) has revised its request for proposals (RFP) for the sale of development rights for two prime riverfront plots, extending the submission deadline from 15 October to 22 October. Key changes include a reduction in the financial eligibility criteria, lowering the required average annual turnover from INR 284 crore to INR 170 crore, and allowing residential project experience to qualify bidders. These adjustments aim to attract a broader pool of participants. The auction on 23 October will be a critical milestone in transforming the Sabarmati Riverfront into a dynamic urban space.
Officials in Pune announced that the possession of new facilities will be handed over gradually in a phased manner, featuring world-class infrastructure including spacious courtrooms and amenities for staff and litigants. In a recent cabinet meeting, the naming of the subway and flyover on the Katraj-Kondhwa stretch of national highway in Pune after RSS sarsanghchalak Balasaheb Deoras was approved. This proposal was made by the Pune Municipal Corporation at the request of the Pune Medical Services and Research Foundation, recognising Balasaheb Deoras as the third sarsanghchalak of the Rashtriya Swayamsevak Sangh.
In Mulund East, Mumbai, the 60-acre vacant land from a former octroi naka and garbage dump has inspired local residents of Hari Om Nagar to advocate for new infrastructure projects. The community, led by the Hari Om Nagar Apex Body Federation (HONAFE), is pushing for an AIIMS hospital, a bus terminus, and a cultural and sports center. With over 2,000 signatures gathered, they aim to enhance local services, improve healthcare access, and ease transportation challenges. Despite existing government allocations, the community plans to present their proposals to authorities, hoping to bring meaningful development for 80,000 to 100,000 residents.
Hong Kong’s property market, one of the most expensive globally, has seen home prices plummet 26.6% from their 2021 peak, hitting their lowest levels since 2016. This decline is driven by higher mortgage rates, an outflow of skilled workers, and a weak economic outlook. The office sector is also under significant pressure, facing record-high vacancies and a 40% drop in rents since 2019, according to real estate consultancy Savills. With the current office vacancy rate at 14.8%, Savills predicts it will rise to 17% by 2027, highlighting the ongoing challenges in both residential and commercial property markets.
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