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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Ghatkopar West, located in Mumbai's eastern suburbs, is a vibrant neighborhood known for its excellent connectivity and diverse housing options. In March, Wadhwa The Address Boulevard emerged as the top-selling building, with the closing of 7 deals. The Ghatkopar West area offers a mix of high-end luxury apartments and budget-friendly options, appealing to a wide range of homebuyers. Apartment sizes vary, from spacious units in Wadhwa The Address Boulevard to compact spaces in Hilton Enclave. With prices per square foot ranging from INR 3,667 to INR 43,911, Ghatkopar West caters to different budgets. Close to 50% of apartments sold were within the INR 1 crore range, showcasing its appeal to various segments of buyers.
Real estate developer Puravankara Group announced plans to redevelop a prestigious residential society in Mumbai's upscale Pali Hill neighbourhood. The large-scale project is estimated to have a gross development value of over INR 2,000 crore. The Bandra West area, particularly Pali Hill, has become the focal point of Mumbai's real estate scene in recent years. Along with this flagship redevelopment, Puravankara is exploring opportunities to redevelop several other housing complexes in Mumbai. The company aims to deliver over 2,000 units across major Indian cities in the current financial year through new launches and ongoing projects.
? A residential flat spanning 929 square feet sold in Sobha Lifestyle in Bengaluru's Devanahalli for INR 5 crores
? A residential flat spanning 3785 square feet sold in Mantri Espana in Bengaluru's Bellandur for INR 4.3 crores
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A GST-registered landlord is liable to pay 18% GST on commercial rental income if it exceeds 20 lac rupees per annum. The landlord can claim input tax credit (ITC) against GST paid if he meets the eligibility criteria and has maintained adequate documentation to substantiate his claim. GST is not applicable on properties leased out for charitable or religious purposes provided the rental charges are below a specific threshold.
Fractional ownership platform hBits has acquired the 44,328 square foot CyberCity Magarpatta campus in Pune. The agreement duration for Tenant 1 is 60 months and Tenant 2 is 108 months with a lock-in period of 36 months for both. Located in the prestigious Magarpatta City township, the campus will provide a INR 55 crore investment opportunity for investors and increase hBits' assets under management to INR 365 crores. The acquisition price and rental income of the asset offers a gross entry yield of 9% and expected internal rate of return of 15.15%. This expansion underscores Pune's attractiveness as a commercial real estate market.
Zeassetz, India's largest co-living rental investing platform, has partnered with real estate developer Bramhacorp to introduce a new co-living standard called "Isle of Life" in Hinjewadi Phase II, Pune. The project consists of 484 fully furnished studio apartments across two sizes priced from INR 22.9 lakhs. Each unit is designed to offer premium amenities and managed living. This expands Zeassetz's buy-to-rent portfolio and provides investors with a straightforward way to earn rental income through tenant management. Emphasizing affordability, convenience and easy rentals, the project is suitable for modern investors seeking high returns.
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Chennai emerges as a top destination for offshore multinational companies (MNCs) establishing Global Capability Centers (GCCs), surpassing traditional leaders Bengaluru and Hyderabad. Lower commercial rental rates, ample Grade A office space, and robust city infrastructure make Chennai an attractive choice. Its strong manufacturing sector, particularly in electronics and automobiles, complements offshore businesses. Bengaluru faces challenges with a global IT slowdown and layoffs, impacting office space leasing. Chennai's GCC market expands beyond IT sectors, attracting diverse industries like banking and R&D. This trend reflects a broader regional shift, with India and other Asian countries emerging as key hubs for cost-effective offshoring solutions.
The Ludhiana Improvement Trust (LIT) was ordered by the District Consumer Disputes Redressal Commission to pay INR 1 lakh in compensation to a complainant for failing to provide possession of a flat for 14 years. Despite multiple attempts by the complainant to acquire possession and reschedule installment payments, the LIT did not respond, leading to the complainant seeking legal intervention for possession, rescheduled payments, and compensation. This case underscores the importance of timely delivery and communication in real estate transactions to prevent consumer grievances and legal disputes.
The Karnataka Real Estate Regulatory Authority (KRERA) has ordered a developer to return a plot to the initial homebuyer, reversing its earlier sale to a second buyer after an eight-year delay in delivering the property. The case is regarding a plotted development by Vega Spaces called Bella Palms in Belgaum. The homebuyer had invested INR 16 lakh in 2014 but the sale deed was not signed despite him paying INR 9 lakh by 2017. After submitting a revised plan, the developer cancelled the previous allotment and sold all the plots to a third party. However, KRERA ruled in favour of the initial homebuyer, citing the contractual agreement and substantial initial payment received by the developer.
NBCC Ltd., a prominent state-owned construction company in India, achieved remarkable success in project acquisition during the 2023-24 fiscal year. With a consolidated project value of INR 23,500 crore, marking 250% increase from the previous year, NBCC demonstrated its prowess in construction and infrastructure. Chairman K P Mahadevaswamy attributed this success to the company's robust order book and emphasized their focus on redevelopment and land monetization projects. Notable wins include securing significant FAR works in Amrapali and venturing into new sectors like agri-infrastructure. With a strong order book and diversification strategy, NBCC is poised for continued growth and impact on India's construction landscape.
India Ratings and Research (Ind-Ra) forecasts stability in the residential real estate market for FY25, focusing on affordability. Despite price increases, the market is expected to grow steadily, although at a slower pace compared to previous years. Stable interest rates will support affordability and spur home-buying activity. While sales growth is projected to moderate to 8%-10% year-on-year, demand for mid-income and upper mid-income housing segments remains strong. Price hikes are expected to slow to around 5% year-on-year, maintaining affordability. However, high unsold inventory levels in premium segments pose challenges. Overall, FY25 presents a cautiously optimistic outlook for the residential real estate market.
Indian Hotels Company Limited (IHCL) reported a 27.43% YoY rise in Q4 net profit to INR 418 crore, though net profit fell 8% QoQ. Revenue rose 18% YoY to INR 1,951 crore. For FY24, net profit grew 26% to INR 1,259 crore on a 17% revenue increase to INR 6,952 crore. IHCL achieved its 'Ahvaan 2025' goals ahead of schedule and will also launch upscale hotels under the re-imagined Gateway brand, expand internationally, and invest INR 3,500 crore over 5 years. IHCL is well positioned for continued growth, having already exceeded its strategic goals.
Actor Matt Damon expands his real estate holdings with an USD 8.6 million condominium purchase at the prestigious 8899 Beverly building in West Hollywood. This 2,850-square-foot unit boasts two bedrooms, two and a half bathrooms, and panoramic views of the Hollywood Hills. Developed by Olson Kundig, 8899 Beverly offers luxurious amenities, including a 24-hour concierge, fitness center, and resort-style pool. Notably, the building promotes social equity by allocating its first floor to 15 affordable housing units. Damon's investment highlights the appeal of ultra-luxury high-rises in Los Angeles, positioning 8899 Beverly as a coveted address blending luxury, inclusivity, and convenience for high-profile residents.
Dubai announced the commencement of construction for a new terminal at Al Maktoum International Airport, slated to become the world's largest aviation hub. The ruler of Dubai emphasised its global preeminence, surpassing its counterparts with a capacity five times greater than Dubai International Airport. Sheikh Ahmed bin Saeed Al Maktoum outlined the phased trajectory of the project, aiming to accommodate 150 million passengers annually within a decade. Despite spatial constraints hindering expansion, authorities are resolute in their ambition to supplant the existing airport and establish a modern, thriving transportation hub at the heart of the city.
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