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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Bollywood actor Sara Ali Khan recently purchased two office spaces in Oshiwara, Mumbai, for over INR 22.26 crores, alongside her mother Amrita Singh. This investment follows her previous acquisition of an office in the same tower last year. Several other Bollywood celebrities, including Amitabh Bachchan and Shahrukh Khan, have also invested in properties there. The trend highlights the real estate market's appeal among high-net-worth individuals in the film industry.
Varanasi is set to welcome its second rail-road bridge connecting Pt. Deen Dayal Upadhyaya Junction with the city, marking a significant infrastructure upgrade. The INR 2,642 crore project, announced by the government, will feature four railway tracks and six road lanes, making it India's largest bridge by capacity. The bridge, expected to be completed in four years, will alleviate congestion on the heavily saturated Varanasi-DDU route and replace the aging Malviya Bridge. This new structure aims to boost connectivity for pilgrims and tourists, while also creating employment and business opportunities, driving socio-economic growth in the region.
The Maharashtra state government has allowed residential properties in the dissolved PCNTDA area within PMRDA to become freehold, benefiting over 11,000 property holders. Previously leased for 99 years, these properties, mostly for workers and weaker sections, faced difficulties in securing loans and redevelopment. By paying a fee, residents can now gain legal ownership. The decision fulfils a promise by Industries Minister Uday Samant and aims to resolve long-standing issues.
? A residential flat spanning 1,308 square feet sold in Natu 9 Riviera Hills in Thane's Kalwa for INR 2.1 crores
? A residential flat spanning 809 square feet sold in Lodha Luxuria - Priva in Thane's Majiwade for INR 1.38 crores
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.
Paradigm Realty is offering exclusive festive promotions across three of its premier residential projects—Paradigm 71 Midtown in Chembur, Paradigm Anantaara in Borivali (West), and Paradigm Artteza in Santacruz (West). These offers provide significant savings and privileges for homebuyers and investors. At Artteza, luxurious 2 BHK apartments start from INR 3.51 crore, featuring air-conditioned homes and modern modular kitchens. Paradigm Anantaara offers 2 & 3 BHK residences from INR 2.14 crore, with easy payment plans, while 71 Midtown in Chembur has 1 & 2 BHK homes starting at INR 1.09 crore. Offers include low upfront payments, EMI options, and zero SDR, valid until November 30, 2024.
Shapoorji Pallonji Real Estate (SPRE) has joined forces with KREEVA, the real estate arm of the Kanodia Group, to develop a high-end residential project in Sector 46, Gurugram. The project will span 1.74 acres, offering luxury apartments tailored for discerning buyers in the National Capital Region (NCR). This venture brings together SPRE’s real estate expertise and KREEVA's vision, aiming to redefine urban living with superior design, quality construction, and world-class amenities in one of Gurugram’s most sought-after locations.
Oberoi Realty's operations committee has approved the issuance of non-convertible debentures worth up to INR 1,500 crore through private placement, as per a filing with the Bombay Stock Exchange. To secure this issuance, a first-ranking pari passu charge has been established on unsold flats in the 'Eternia' and 'Enigma' projects in Mulund (West), Mumbai, along with associated receivables and an escrow account. Additionally, the board has greenlit a proposal to raise up to INR 6,000 crore through various securities, showcasing the company’s strategy to bolster its financial position and support ongoing developments.
The Central Building Research Institute (CBRI) has declared Tower A of Chintels Paradiso uninhabitable, marking it as the eighth tower in the complex to be deemed unsafe due to significant structural deterioration from severe corrosion and poor-quality concrete. Previous audits by IIT-Delhi had already classified six other towers as unsafe, with demolition set to begin next month. Although Towers A, B, and C were initially considered safe, further assessments revealed potential issues. A spokesperson for the developer indicated that compensation or reconstruction options will be available for residents once Tower A is vacated.
MahaRERA has decided to suspend its proposed grading system for real estate projects in Maharashtra due to a lack of authority under the Real Estate Regulatory Act, 2016. Initially aimed at helping homebuyers make informed decisions, the grading system was based on four criteria related to developers' technical, financial, and legal information. Following inquiries from the Bombay High Court regarding project classification, MahaRERA had outlined a grading matrix to be updated biannually. However, senior officials have confirmed that the initiative is now on hold.
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The Bombay High Court was informed by the Maharashtra government on October 11 that the final fire safety rules for high-risk buildings in Mumbai and the entire state would be put into effect. This decision comes in the wake of the Chembur fire tragedy that resulted in seven fatalities, leading the court to demand stricter safety measures. The new amendments require high-risk buildings to install fire towers with two-hour fire resistance, evacuation lifts, and ventilated lobbies. High-rises over 90 metres must have break tanks with fire pumps every 65 metres. These regulations will be integrated into the Development Control and Promotion Regulations (DCPR) for Greater Mumbai, enhancing existing fire safety laws.
The NCDRC has ordered Godrej Projects to refund over INR 4 crore to homebuyers due to the builder's failure to deliver promised amenities, including a 24-metre-wide road, even after seven years. Despite the builder's claims of ongoing construction efforts, the Commission held it accountable for not fulfilling its commitments. Homebuyers are now entitled to seek refunds with penal interest, reinforcing their rights in such circumstances.
The Taurus Downtown Trivandrum project is encountering major obstacles as the High Court has quashed a writ petition from Dragonstone Realty. This decision reinforces an NGT ruling that revoked the project's environmental clearance and imposed a penalty of INR 15 crore. The NGT's action followed an appeal by environmental activist Thomas Lawrence, and Dragonstone Realty is now seeking legal advice to challenge the judgment, potentially delaying the project further.
SEBI is set to auction 15 properties owned by Mangalam Agro Products, Sumangal Industries, and Falkon Industries India as part of its recovery efforts following violations of regulatory norms. Quikr Realty will assist in the auction, which will feature properties from these companies and others, including Ravi Kiran Realty India and Purusattam Infotech Industries. Bidders are advised to conduct independent inquiries regarding the properties before placing bids.
The Indian office space market is set to surpass a record-breaking 80 million square feet of gross leasing by the end of 2024, according to a Cushman & Wakefield report. In the third quarter alone, leasing surged by 66%, reaching 24.8 million square feet across eight major cities, marking the second-highest quarterly volume ever. This growth, driven by Global Capability Centres (GCCs), highlights India's growing status as a key outsourcing hub. Low vacancy rates and robust demand suggest that this momentum will continue, potentially driving rental prices higher.
Capital India Finance Ltd (CIFL), a small-cap NBFC specializing in MSMEs, has sold its housing finance subsidiary, Capital India Home Loans Limited (CIHL), to Weaver Services Private Limited for INR 267 crore. Weaver, backed by former HDFC employees, plans to secure up to INR 800 crore in funding from private equity firms to finance the acquisition. CIFL aims to realign its focus on core businesses, with CEO Pinank Jayant Shah stating that the sale will bolster capital for growth. After regulatory approvals, Weaver will launch innovative home loan products targeting self-employed individuals in Tier 2 and Tier 3 towns, emphasizing financial inclusion for women borrowers.
In the first half of 2024, private equity (PE) investments in the Indian real estate sector dropped 4% to $2.3 billion, mainly due to reduced investments in office properties. Global factors like high interest rates and political tensions impacted foreign investments, affecting overall PE activity. However, investments remained stable due to a major warehousing deal involving Reliance, ADIA, and KKR, which made up 67% of total investments. Industrial and logistics assets attracted 67% of all investments, significantly surpassing office and residential sectors at 17% each, while foreign investors accounted for 87% of the total investments.
Thailand’s Dusit Hotels and Resorts is returning to India with the opening of dusitD2 Fagu, a luxury retreat near Shimla, scheduled for December 2024. The resort will include 80 rooms that integrate modern amenities with local traditional features, catering to tourists seeking rest, wellness, or adventure. DusitD2 Fagu, located near Shimla Airport and accessible from major Indian towns, is the brand's first hotel in India. The company intends to expand further, with four other properties slated to open in Karnataka by 2026. This move underlines Dusit's plan to capitalize on India's growing demand for luxury hospitality experiences.
Ulhasnagar's civic chief, Vikas Dhakne, has ordered the demolition of a 16-storey building named Jhalak due to its significant encroachment on a designated Development Plan (DP) road. The structure, which was to house 65 residential flats and four commercial shops, violated urban planning regulations. Ganesh Shimpi, assistant municipal commissioner, confirmed that preparations, including police security, are underway to execute the demolition within a week. Despite earlier warnings from former UMC commissioner Aziz Sheikh, the developer, Naresh Wadhwani, failed to rectify the encroachment, which covers 80% of the building. The decision, while praised by activists for upholding planning standards, has shocked buyers who now face the loss of their investments.
Dubai's real estate sector is set for continued growth, with a projected 90,000 new homes entering the market over the next two years. In 2024 alone, 99,779 units are expected, close to surpassing 2023's record of 101,654 units launched. f?m Properties CEO Firas Al Msaddi highlighted the sector's robust expansion ahead of The Game Changers - Dubai Real Estate Summit. Challenges like procurement delays and shipping costs are pressuring developers, but strong demand and consistent project launches are keeping momentum. Key areas for property delivery include Jumeirah Village Circle and Business Bay. The summit will provide insights on navigating this fast-growing market.
Kronos Homes, an Iberian developer renowned for its design-focused properties, has transformed Flamingos Salgados in Algarve, Portugal, into 58 luxurious residences set to launch in October 2024. Located near Praia dos Salgados beach and Salgados Golf Club, the 4-star development offers a pool, communal gardens, lounge, reception, and security. Each home features a private balcony, underground parking, and is fully furnished, with prices starting at EUR 330,000. With 40% of units already reserved, Flamingos Salgados appeals to buyers and investors seeking chic, ready-to-move properties in a stunning location. Kronos Homes emphasizes architecture and sustainability, cementing its role in enhancing Portugal’s real estate landscape.
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