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 superstar Amitabh Bachchan recently purchased two apartments in a premium project in Borivali, Mumbai, for nearly INR 7 crore. This follows his son Abhishek's acquisition of six apartments in the same building. The purchase highlights a trend of celebrities investing in Mumbai's suburbs. Amitabh's broader strategy includes a 10,000 sq. ft. plot in Alibaug for over INR 10 crore and another in Ayodhya for INR 14.5 crore. His diverse portfolio also features commercial units in Oshiwara, leased to Warner Music India, generating significant rental income. These investments demonstrate his strategic approach to real estate.
Godrej Properties is expanding its presence in Pune with the acquisition of an 11-acre land parcel in Hinjewadi, a prime IT hub. This new project will feature mixed-use development, including housing and retail, with a potential of 2.2 million square feet and an estimated revenue of INR 1,800 crore. This move highlights Godrej Properties' confidence in Pune's real estate market, driven by its strong IT sector, educational institutions, infrastructure development, and pleasant climate. Their strategy includes a recent debut in Hyderabad and is supported by robust financial performance, despite a minor GST demand challenge.
Homebuyers and developers in Maharashtra are keenly awaiting the Union Budget 2024-25, anticipating measures to stimulate growth, enhance stability, and increase housing affordability. Industry leaders emphasise the need for tax relief, streamlined approval processes, and support for affordable housing. Key proposals include raising tax deductions under Sections 80C and 24(b), implementing a single-window clearance system, and expanding the SWAMIH stress fund. Other recommendations involve revising the GST structure, simplifying FDI norms, and boosting infrastructure investment. These measures are expected to drive demand, unlock new development regions, and ensure long-term sector sustainability.
? A residential flat spanning 1,445 square feet sold in Lodha Palava Lakeshore Greens - Serenity A in Thane's Khoni - Antarli for INR 1.45 crores
? A residential flat spanning 871 square feet sold in Regaliaa Swastik Regalia in Thane's Kavesar for INR 1.04 crores
Eviction is the civil process wherein a landlord legally removes a tenant from their rental property. This usually occurs when the terms of the rental agreement have been breached or in other situations as permitted by law.
The Chennai Metropolitan Development Authority (CMDA) plans to launch affordable co-working spaces in CIT Nagar, Anna Nagar, and Kolathur. These centres will offer high-speed internet, dedicated workstations, meeting rooms, and libraries, targeting middle-income employees, young professionals, and startups. With an investment of INR 30 crore, the facilities aim to reduce costs for users and revitalise urban areas. The CMDA plans to investigate public-private partnerships to ensure effective and sustainable operations. The initiative is well-received, provided it maintains standards akin to those of private co-working spaces, aiming to bolster the city's economic and urban development.
Ajmera Realty & Infra India Ltd. reported a 36 percent increase in sales bookings, reaching INR 306 crore in the first quarter of this fiscal year, driven by strong demand. This marks a rise from INR 225 crore in the same period last year. Director Dhaval Ajmera credited the growth to the successful launch of 'Ajmera Vihara' in Mumbai. The company is optimistic about its future, with a substantial pipeline of seven new projects estimated at INR 4,300 crore. Ajmera Realty specialises in luxury and mid-luxury residential projects, boasting substantial development potential in Mumbai's premier locations.
In Gurugram, Emaar India faces allegations of selling a 1.2-acre plot in Heritage One society, Sector 62, designated as a green belt, to Polestar Private Ltd. for INR 8.1 crore under the guise of a school site. Polestar claims Emaar provided misleading documents, resulting in an FIR against Emaar for cheating and criminal conspiracy. The Gurugram police are investigating, while Emaar denies wrongdoing. This case underscores the necessity for rigorous due diligence and verification of land use approvals to safeguard real estate investments.
The Thane Municipal Corporation recently launched a significant demolition drive, targeting illegal structures and extensions built by popular hotels and resorts in the eco-sensitive Yeour hills. Prompted by complaints from the Indian Air Force and local tribal communities, the drive dismantled approximately 1.42 lakh square feet of unauthorised constructions, equivalent to three football fields. The demolished establishments, including Lalala Bar and Bombay Duck, were reportedly co-owned by prominent figures in Thane. This action, applauded by local residents and environmental activists, aims to address security risks, reduce public nuisance, and protect the fragile ecosystem of the Yeour Hills.
Homeowners in Malad's Tagore Park CHSL face uncertainty after the National Company Law Tribunal (NCLT) ruled their land is part of Housing Development and Infrastructure Ltd. (HDIL)'s insolvency proceedings. HDIL, owing over INR 8,138 crore, had rights to develop the land under a 2014 agreement. Despite the setback, protections under MOFA and RERA offer some hope. The CoC, managing HDIL’s debts, will consider the society's rights when forming a resolution plan. This highlights the need for thorough due diligence in redevelopment projects and the importance of robust consumer protection laws.
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The Uttar Pradesh cabinet approved the UP NIRMAN Bill-2024, aiming to attract significant investment and propel the state towards a one trillion-dollar economy. The Bill proposes the creation of four Special Investment Regions (SIRs) across the state's geographical areas, leveraging a 20,000-acre land bank. This move, already implemented in Gujarat, Rajasthan, Karnataka, will decentralize power to promote cluster development. Additionally, the cabinet sanctioned an MoU with India Trade Promotion Organisation and MSME to build convention centers in Lucknow and Varanasi. Moreover, 2,200 teachers, dismissed by Supreme Court order, will be temporarily reappointed on honorarium in non-government-aided secondary schools.
The Delhi High Court recently overturned Punjab and Sind Bank's decision to retract a INR 120 crore one-time settlement offered to Ambience Pvt Ltd for a Noida residential project, citing it as arbitrary. The court emphasised that once accepted, such settlements constitute a binding contract. Justice Mini Pushkarna deemed the bank's actions unclear and unsubstantiated, nullifying their cancellation letter and ordering return of securities. The court upheld Supreme Court laws, affirming the settlement terms as final. Ambience, part of a multiple bank arrangement, settled debts with P&S Bank but faced withdrawal alleging non-disclosure to PNB.
The Mangaluru City Corporation (MCC) plans to conduct a 3D Digital Twin Drone Survey and will appoint a consultant to oversee it. This survey aims to aid city development, build a detailed database, generate revenue, and also provide other services. The GIS-based decision support system will enhance basic facilities, ease residents' lives, and boost revenue while improving transparency and disaster management. The survey will also create a web-based 3D reality mesh model for property tax collection, flood monitoring, and land use management. The MCC finance committee is reviewing the proposal before the next council meeting and will commence the survey soon.
The West Bengal government has ended temporary tax breaks for the real estate industry, including a 2% reduction in stamp duty and a 10% decrease in the circle rate, which were introduced in October 2021 to aid pandemic recovery. These breaks, extended multiple times, expired on June 30th, 2024. The real estate industry, led by Sushil Mohta of CREDAI West Bengal and Merlin Group, expressed disappointment, highlighting that these breaks significantly boosted the sector and state revenue. Mohta urged the government to reconsider, suggesting further reductions in stamp duty and circle rate revisions. Despite concerns, the industry remains hopeful due to increasing urbanisation and rising disposable incomes.
The Greater Noida Authority is auctioning five plots of land to raise at least INR 500 crore (approx. USD 61.7 million USD) and create around 8,000 new apartments. The online auction begins on July 2nd, with 99,000 square metres available across plots ranging from 3,999 to 30,470 square metres. Highlighting Greater Noida's green spaces, infrastructure, and NCR connections, the Authority aims to attract developers. Registration ends on July 23rd, with final document submissions due by July 29th. Successful bidders will gain immediate land possession, potentially transforming the city's housing landscape.
The Securities and Exchange Board of India (SEBI) has introduced regulations for Small and Medium Real Estate Investment Trusts (SM REITs), offering small investors a new avenue into the real estate market. Unlike existing fractional ownership platforms, SM REITs will adhere to stricter rules, ensuring investments are made in completed, leased properties and providing clear cash flow management. With a minimum investment of INR 10 lakh, SM REITs make real estate more accessible, allowing investors to choose specific schemes and receive regular updates. This move promises to democratise real estate investment while maintaining transparency and security for investors.
Mumbai is set to gain a massive new central park, but the approval process has sparked controversy. The Brihanmumbai Municipal Corporation (BMC) has acquired a 120-acre plot from the iconic Mahalaxmi Racecourse to develop a 300-acre "world-class Mumbai Central Public Park," including 175 acres from the Mumbai Coastal Road project. The Royal Western India Turf Club (RWITC) will retain 92.6 acres for horse racing but must seek BMC approval for a modern clubhouse. Despite the park's potential to increase green space in densely populated Mumbai, the project faces opposition from the Shiv Sena (Uddhav Thackeray faction) and concerns over the historic racecourse's future. Balancing heritage preservation with urban living improvements is crucial for the project's success.
The Mumbai Metropolitan Region Development Authority (MMRDA) proposes a new link to ease traffic at Bandra Kurla Complex (BKC) connector and BKC One Junction. The link will connect Plot C-80 to Plot C-79, running below the BKC connector from SEBI building to Avenue 5 and Avenue 3. This signal-free route aims to distribute traffic across three alternative routes, improving flow and reducing congestion. It will enhance connectivity for vehicles from the BKC connector to key locations like the National Stock Exchange and Mumbai Cricket Association. The estimated construction cost is INR 3.97 crore, with bids due by July 19.
A recent study by Parcl Labs raises concerns about a possible price correction in Florida's housing market, driven by an imbalance between supply and demand. Analysing data from 1,000 U.S. housing markets, the study identifies thirteen of the top fifteen markets at risk for price drops are in Florida. Cities like Pensacola and North Port have seen significant increases in new listings (+52% and +50%, respectively) alongside decreases in buyer demand, signalling a potential softening in home prices. Price cuts are also on the rise across Florida, suggesting shifting market dynamics post-pandemic. As market conditions evolve, both buyers and sellers should monitor these trends closely.
Singapore's private home prices increased by just 1.1% in Q2 2024, down from 1.4% and 2.8% in the previous quarters, reflecting a cooling market. The first half of 2024 saw a total price rise of 2.5%, lower than the 3.1% in H1 2023 and 4.2% in H1 2022. Landed properties drove the increase with a 1.8% rise, while city fringe areas saw 2.2% growth. Resale transactions hit 3,344 units in Q2, up from 3,066 in Q1. Analysts predict a 1-5% price growth for 2024, with revised new home sales estimates of 5,500-7,000 units.
Capgemini is set to launch a new facility in Chennai, investing INR 1,000 Crores over three years. The six lakh square feet campus, housing around 5,000 seats, aims for completion by 2027. It will feature high-tech equipment as well as recreational amenities to enhance employee wellbeing and create a dynamic work environment. Sustainability is a key focus, with efficient technology and environment friendly practices. Tamil Nadu's Industries Minister supports the project, which aligns with the state's economic goals. Capgemini has also pledged INR 3 crores for local school improvements, highlighting its commitment to local talent and community welfare.
New research by YOPA reveals a striking trend in England's housing market. The East of England tops the list for overall sales volume, with nearly 3.9 million homes sold over the past five years. However, London boroughs lead in market activity by turnover rate. Tower Hamlets shows a 43.1% turnover rate, with Hackney, Lambeth, and Wandsworth following. Norwich stands out outside the capital with a 31.2% turnover rate. This study highlights the significant local variations in market activity, crucial for homeowners and buyers understanding property values and making informed decisions.
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