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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The Namma Metro network is set to expand to 77 km with the upcoming 3.1-km extension of the Green Line along Tumakuru Road. Following a safety inspection by CMRS on October 3, services between Peenya Industry and Nagasandra were temporarily suspended. The new 3.14 km line includes three stations: Manjunathanagar, Chikkabidarakallu, and Madavara, expected to attract 25,000 to 30,000 additional passengers daily. While all extended Metro projects from phase II are now operational, BMRCL is also preparing to launch the Yellow Line from R V Road to Bommasandra in early 2025, facing delays due to a shortage of coaches.
At HOMETHON Property Expo 2024, key stakeholders discussed the urgent need for redevelopment in Mumbai's Metropolitan Region (MMR) to address housing shortages. Dr. Bhushan Gagrani, BMC Commissioner, emphasized redevelopment through public-private partnerships, highlighting the importance of financial viability and awareness among residents. He noted infrastructure challenges as redevelopment scales, particularly in water and sewage systems. Former Maha RERA Chair Shri Gautam Chatterjee stressed the need for knowledge dissemination and transparency, suggesting a web portal for project monitoring and dispute resolution. NAREDCO leaders advocated for reduced redevelopment premiums, especially for self-redevelopment and lower Floor Space Index (FSI) projects, to promote affordability and sustainability. The discussions highlighted collaboration, incentives, and awareness as pivotal for Mumbai's sustainable urban growth.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has identified 314 real estate projects undergoing insolvency and bankruptcy proceedings at the National Company Law Tribunal (NCLT). This listing aims to inform homebuyers and help them avoid high-risk investments. Of these projects, 56 are ongoing with a 34% average registration rate, 194 are lapsed with a 61% rate, and 64 completed projects have an 84% registration rate. MahaRERA Chairman Manoj Saunik emphasized the list’s role in safeguarding buyers and highlighted April’s district-wise listing as valuable. MahaRERA monitors these projects closely to ensure accurate information and has urged potential buyers to check this list on their portal to make safer, informed decisions about property investments.
A residential flat spanning 1,883 square feet sold in AK Hitech Taj Imperial in Raigad's Ulwe for INR 1.71 crores
? A residential flat spanning 743 square feet sold in Gajra Bhoomi Heights in Raigad's Kharghar for INR 1.28 crores
? A residential flat spanning 959 square feet sold in Tulsi Mangalam in Raigad's Kharghar for INR 1.25 crores
Encroachment occurs when a individual that is not the property owner intrudes on or interferes with the property, e.g. trespassing by way of building something that lays partially on the adjoining property or even by planting a tree with branches that hang over onto the adjoining property. An encroachment creates an encumbrance on both properties until the issue is resolved.
VTP Realty’s recent allotment event for its two WOW projects in Hinjewadi Phase 1 set a new benchmark in Pune’s real estate market. Attracting over 1,000 prospective homebuyers, the day-long event showcased the grandeur and luxury of the projects, featuring impressive designs and world-class amenities. The overwhelming response resulted in numerous bookings, highlighting the strong demand for these exclusive properties. CEO Sachin Bhandari emphasised the company’s commitment to exceeding customer expectations. VTP also engaged its global clientele through live streaming, further solidifying its leadership in the luxury real estate sector. This event transformed the landscape of property launches in Pune.
Prateek Group, a prominent real estate developer in the NCR region, has announced its investment of INR 125 crore in an affordable housing project, Prateek Aurelia, located in Siddharth Vihar, Ghaziabad. The project, aimed at EWS (Economically Weaker Sections) and LIG (Low-Income Group) families, is part of the Uttar Pradesh Government's Township Policy. The project will offer modern amenities and excellent connectivity, with booking registrations open for a limited time. This initiative is a major step toward providing quality housing solutions for low-income families in the region.
The Wadhwa Group has launched ‘Evara,’ a signature villa plot development in the Wadhwa Wise City integrated township in Panvel. These premium plots, starting from 1,600 sq. ft. and priced from INR 1.49 crore, are nestled in lush surroundings while offering easy access to Navi Mumbai and Mumbai. Residents can enjoy various amenities, including retail plazas and a sports complex, amid extensive greenery.
The Navi Mumbai Municipal Corporation's Encroachment Department, under the direction of Commissioner Dr. Kailas Shinde, took eviction action in the Turbhe division due to non-compliance with a prior notice. An inspection at Mr. Arvind Manohar Thombre's property revealed approximately 750 sq. m. of unauthorized RCC construction. Despite a notice issued under the Maharashtra Regional Planning and Town Planning Act, the construction continued. The CIDCO Authority coordinated a joint eviction campaign, utilizing heavy machinery and personnel for the removal.
The Central Government has updated its policy on the disposal of 60,000 acres of unused salt pan lands, facilitating their transfer for various national development projects such as affordable housing and renewable energy. The lands will be leased for 99 years, primarily to government entities. Significant cost reductions have been introduced, allowing land for public infrastructure at just 10% of the guideline value, while conservation projects can acquire land free of charge.
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The Rajasthan Housing Board (RHB) successfully auctioned residential and commercial properties valued at INR 142.54 crore earlier this week. The board expects to generate substantial revenue from various cities, with Jaipur contributing INR 90.70 crore. In previous phases, RHB set records for house sales, including 1,213 homes sold in just 12 days. Following a hiatus after the BJP government took power, the board has resumed auctions, promising ongoing opportunities for the public to benefit from future schemes.
A Bengaluru consumer court has ordered CanFin Homes Ltd to return property documents to a borrower, C Sathyanathan, who had fully repaid his loan. Sathyanathan cleared a loan of INR 60 lakh in 2018, but the company failed to return his documents, citing an unpaid penalty. After reviewing the case, the court found CanFin Homes guilty of service deficiency and ordered them to pay compensation totalling INR 1.3 lakh, along with INR 100 per day until the documents are returned. The company has 45 days to comply with the court’s directive.
The Ahmedabad town planning committee has approved significant modifications to the Makarba TP scheme 204, allowing development permissions for plots as small as 300 square metres in the R3 zone. The scheme, which covers 1,121.19 hectares and includes land for various purposes, will reserve 11.7% of plots for residential and commercial sales. The changes come amidst ongoing controversies regarding past corruption allegations linked to settlement agreements benefiting VVIP landowners.
Institutional investments in Indian real estate surged by 45 per cent to nearly USD 1.15 billion during the July to September period, driven by high demand for premium homes and offices, as reported by Colliers. The office segment alone attracted USD 616.3 million, significantly outperforming last year's figures. The residential sector also saw a 40 per cent increase in investments, while the industrial and warehousing sectors faced a sharp decline. Domestic investments remained robust at USD 0.5 billion, with consistent institutional flows indicating strong investor confidence in the market.
Piramal Capital & Housing Finance (PCHFL), a subsidiary of Piramal Enterprises, recently sold its immovable property in Santacruz East, Mumbai, for INR 187 crore to Shoquba Realty. The company also raised USD 150 million through a global bond sale, with a yield of 7.80 per cent due for repayment in 3.32 years. Earlier this week, PCHFL secured USD 300 million from a sustainability bond issuance, achieving a 0.87 per cent improvement in pricing compared to previous bonds issued in July 2024. These moves highlight PCHFL’s focus on optimising its asset portfolio and sustainable financing.
A recent CBRE report forecasts that the office leasing market will reach 70 million square feet in 2024 across nine major cities in India. From January to September, these cities saw a gross absorption of 53.8 million square feet, a 19% year-over-year increase. Bengaluru led in absorption at 30%, followed by Delhi-NCR and Hyderabad at 14% each. Supply additions were primarily driven by Bengaluru, Hyderabad, and Pune, contributing 63% of the total. In the third quarter alone, leasing hit 19 million square feet, with 15.3 million square feet of new developments completed, primarily from Hyderabad, Bengaluru, and Kochi.
M3M Group, a leading luxury real estate developer, has successfully repaid INR 2,473 crore of its debt between April 2023 and August 2024, showcasing its strong financial discipline and commitment to maintaining a healthy balance sheet. The group has repaid a significant portion of its accumulated debt to lenders, leading to a substantial reduction in its outstanding debt from INR 3,726 crore to INR 1,302 crore as of August 2024. This achievement was made possible through successful project deliveries, efficient cost management, and robust sales momentum, which have enabled the company to generate sufficient cash flows to repay its debts. With 56 projects across various segments, the group has already delivered all projects launched before 2019, and construction is progressing swiftly on the remaining projects.
Residents of Surya Nagar colony in Shaikpet have decided to withhold property tax payments due to inadequate civic services, intending to redirect these funds towards neighbourhood improvements. Despite being an award-winning HUDA layout, the area now suffers from poor infrastructure, including pothole-ridden roads and sewage issues. Community leaders are prepared to fund necessary repairs themselves if local authorities remain unresponsive. The GHMC has allocated INR 70 lakh for new road construction, with work expected to begin soon.
The Brihanmumbai Municipal Corporation (BMC) is planning to acquire a 22-acre site at Film City in Goregaon to set up a casting yard and a boring machine for a tunnel linking Mulund and Goregaon. This initiative will involve cutting down approximately 700 trees, prompting opposition from environmentalists. Film City, adjacent to Sanjay Gandhi National Park, is a wildlife haven. The project has yet to receive final approvals, and concerns have been raised regarding deforestation and prior commitments to compensatory afforestation. The planned 6.3-kilometre tunnel aims to cut travel time significantly, with a completion target set for October 2028.
The recently launched Phase I of the Aarey to BKC metro line opened smoothly earlier this week, attracting over 15,500 passengers on its first day. The Marol to BKC segment, benefiting from connections to other metro lines, saw significant usage. While initial ridership included many joyriders, traffic increased during peak hours. Commuters reported reduced travel times and appreciated the infrastructure. However, issues like poor mobile connectivity, lack of escalators, and last-mile access remain concerns. Tickets are available at INR 10 through various methods.
Facing a significant rise in office vacancies, Canary Wharf is transforming its empty spaces into hotels and other uses as part of a revitalization initiative. With a vacancy rate soaring to nearly 17%, the Canary Wharf Group plans to modernise buildings, enhance green areas, and respond to the changing demands of businesses and residents. Although some industry experts remain sceptical about hotel viability, the area is set to feature over 1,000 hotel rooms by early 2025, signalling a shift in focus from traditional office use to diverse, vibrant spaces.
Hong Kong's property market is facing significant challenges, with commercial land sales on hold for the seventh consecutive quarter due to high office vacancy rates and low demand. Development Secretary Bernadette Linn indicated that the government might fall short of its housing targets, with home prices dropping 26.6% since 2021. While private home prices have declined for four straight months, banks have responded to economic pressures by cutting their lending rates. The office sector is particularly hard hit, experiencing record vacancies and a 40% drop in rents since 2019, with projections indicating further increases in vacancy rates.
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