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 Thane Municipal Corporation (TMC) has unveiled a INR 5,645 crore budget for 2025-26, prioritizing road repairs, public transport, and urban infrastructure. Key projects include the Balkum-Gaimukh Coastal Road (INR 3,364.62 crore) and the Thane-Borivali Tunnel (INR 16,600.40 crore), aimed at easing congestion and cutting travel time. The launch of 160 electric buses (INR 57 crore) and construction of nine metro foot overbridges further improve mobility. Other major initiatives include flyovers on Ghodbunder Road, Eastern Freeway extension (INR 2,900 crore), and an elevated road on the Eastern Express Highway (INR 1,275 crore). These developments will significantly enhance connectivity, reduce congestion, and boost Thane’s infrastructure.
Rajasthan is driving industrial expansion and economic growth through strategic initiatives, aiming to become a USD 350 billion economy in five years and achieve "Viksit Rajasthan 2047". The "Rising Rajasthan" Global Investment Summit (Dec 2024) secured INR 30 lakh crore (USD 400 billion) in MoUs, with major investments in renewable energy, including Tata Power’s INR 1.2 lakh crore pledge. The government is focusing on land banks for industrial zones, infrastructure development, and digital services. With 17% GDP growth projected and FDI inflows of INR 1.97 trillion (2019-2024), Rajasthan is emerging as a key investment hub with global partnerships.
The Brihanmumbai Municipal Corporation (BMC) has issued an INR 85 crore tender for the operation and maintenance of the Mumbai Coastal Road Project over five years. Responsibilities include firefighting systems, patrolling, towing, lane marking, and signage upkeep. While critical systems like tunnel ventilation, SCADA, and UPS will remain under the current contractor for two more years, they will later be integrated into the new contract. Additionally, BMC has partnered with Tata Sons to enhance road dividers along a 4.4 km stretch and is seeking CSR support for open space development. These efforts aim to enhance Mumbai’s key transport infrastructure and public spaces.
Bollywood actor Akshay Kumar has reportedly sold his apartment in Borivali East, Mumbai, for INR 4.35 crore. The property, situated in Oberoi Realty’s Sky City project, spans 1,073 sq. ft. and includes two dedicated car parking spaces. This transaction was registered earlier this week, attracting a stamp duty of INR 26.1 lakh and registration charges amounting to INR 30,000. Market data has shown that Sky City continues to perform strongly, with 208 sale registrations between March last year and this February, amounting to INR 818 crore. Notably, Amitabh Bachchan and Abhishek Bachchan were reported to have acquired multiple units in the same project last year.
The Kolkata Municipal Corporation has eased building regulations to assist small plot owners in colonies and on Thika land. These changes reduce mandatory open space requirements and expedite approvals within 15 days. Plots ranging from 300 to 2,100 square feet can now accommodate three-storey buildings. The revised policy significantly lowers approval fees, promoting legal compliance and safer construction. Owners must collaborate with licensed professionals, while KMC inspectors will oversee site work. By streamlining approvals and enforcing safety standards, the initiative curbs illegal construction, enhances urban planning, and fosters responsible development while ensuring secure and efficient use of limited land.
Tata Power Renewable Energy Limited (TPREL) has formalised an MoU with the Andhra Pradesh government to develop up to 7GW of renewable energy projects, including solar, wind, and hybrid systems. This initiative, valued at approximately INR 49,000 crore, is set to be one of the state's largest renewable energy investments. The projects will span the districts of Kadapa, Kurnool, Anantapur, and Prakasam, and are expected to generate around 33,000 jobs. This collaboration aligns with Andhra Pradesh's Integrated Clean Energy Policy, aiming to establish over 160GW of renewable energy, thereby advancing the state's sustainable energy goals.
The Supreme Court has declined to halt the Dharavi redevelopment project in Mumbai, currently undertaken by Adani Properties Pvt Ltd. The court issued notices to the Maharashtra government and Adani Properties following a petition by Seclink Technologies Corporation, which challenged a previous Bombay High Court decision upholding the project's tender process. Seclink, initially the highest bidder in 2018, had its tender scrapped, leading to Adani's successful bid in 2022. Seclink offered to increase its bid by 20%, but the court did not stay the project. Adani has commenced work, employing around 2,000 people. The Supreme Court has directed Adani to process all project-related payments through a single bank account, with the next hearing scheduled for the week of May 25.
The Telangana Real Estate Regulatory Authority (TG RERA) fined developers T Madhusudhan Reddy and Sree Ram Reddy INR 19.8 lakh for failing to deliver promised amenities in the TMR Marvel villa project at Macha Bolarum. Resident N Sravanthi filed a complaint after essential infrastructure, including water supply, street lights, and a compound wall, remained incomplete despite assurances. She also incurred INR 2 lakh for additional safety measures. TG RERA ordered the developers to complete the pending work and rectify water and drainage issues immediately. This ruling reinforces TG RERA’s role in protecting homebuyers and ensuring developer accountability in real estate projects.
Uttarakhand’s Pauri district removed 95 illegal encroachments in Kalagarh as part of a campaign to reclaim government land. Chief Minister Pushkar Singh Dhami reaffirmed strict action against unlawful occupants, emphasising cultural and demographic preservation. Over 5,000 acres have been reclaimed, following stringent land laws. The Uttarakhand Assembly recently passed a land reform bill. The administration aims to strengthen security, law enforcement, and cultural integrity through strict legal enforcement, ensuring government land remains protected for future generations while maintaining Uttarakhand’s historical and demographic balance.
The Jaipur Police is upgrading its Nazar App to allow tenants to register and use key security features, improving safety for rented properties. Initially designed for homeowners, the app previously lacked tenant access. The update will enable tenants to register domestic workers, receive security alerts, and track elderly residents at home. Landlords must first register their properties, after which tenants can gain access upon police approval. The upgrade is underway, with officials ensuring smooth implementation. This move aims to enhance residential security and make safety measures more inclusive for Jaipur’s growing tenant population.
The Karnataka High Court has ruled that stamp duty recovery actions under Section 46A of the Karnataka Stamp Act, 1957, must be initiated within five years of document registration, except in cases of fraud, collusion, or willful misstatement. The ruling came after BC Prasad and his son challenged a 2010 notice demanding INR 98,500 in unpaid stamp duty for a 1995 General Power of Attorney (GPA). The court deemed the 15-year delay unlawful, reinforcing timeliness in financial recoveries. This aligns with similar Delhi and Maharashtra rulings ensuring government actions adhere to strict timelines, preventing undue legal disputes.
BNP Paribas has leased a 3,497 sq. ft. office at Maker Maxity, BKC, at INR 811 per sq. ft. per month, totaling INR 17 crore over five years. This deal reinforces BKC's status as India’s most expensive commercial hub. The lease includes three parking spaces and a 5% annual rent escalation. Tesla recently secured a INR 881 per sq. ft. lease at Maker Maxity, marking another high-profile transaction. BKC, Mumbai’s central business district (CBD), houses global giants like Apple, Netflix, Amazon, and Pfizer, along with key financial institutions and government offices, solidifying its status as India’s premier corporate hub.
The Ulhasnagar Municipal Corporation (UMC) has significantly boosted property tax collections through its Abhay Yojana scheme, which offers a 100% interest waiver for defaulters. On the last day alone, INR 16 crore was collected, bringing the 11-day total to INR 42 crore. Major contributions came from companies like Amar Dye (INR 7.7 crore) and ESIS Hospital (INR 1.49 crore). With property tax arrears exceeding INR 900 crore, UMC hopes to collect more before the March 18 deadline. While effective, the scheme has faced criticism for favoring defaulters over regular taxpayers. Similar rebate schemes have been used in Mumbai, Pune, and Nagpur.
The Raipur Municipal Corporation (RMC) has intensified its crackdown on property tax defaulters, sealing Anand Restaurant in Zone 10 for failing to pay INR 5.92 lakh in dues since 2019-20. Despite multiple notices, the owner did not respond, prompting action under Commissioner Abinash Mishra’s directive. The move serves as a warning to other defaulters, reinforcing the city's commitment to tax recovery. RMC has also conducted door-to-door tax collection and updated property tax assessments to improve compliance. The municipality vows continued enforcement to ensure timely payments, strengthen revenue collection, and maintain financial order.
The New Delhi Municipal Council (NDMC) has intensified its crackdown on property tax defaulters, attaching 13 properties in Connaught Place due to unpaid dues. Despite prior notices, owners failed to respond, prompting action under Section 100(1) of the NDMC Act. Five owners have since paid INR 6 crore, but de-attachment requires a written commitment to clear all dues by March 31. NDMC aims to recover INR 200 crore from 3,200 defaulters. Property owners dispute the "comparable rent method" for tax assessment, calling for a unified tax policy aligning NDMC with MCD’s "unit area method" for fairness and transparency.
India’s real estate market in 2024 saw a major shift, with Tier 2 and 3 cities emerging as key players in land acquisitions (44% of 3,294 acres) and housing demand. According to a report published by Liases Foras, sales surged 23% YoY to 6,81,138 units, with the market valued at INR 7.5 trillion (43% growth). Luxury housing dominated (71% of sales value), with 1–2 crore units rising by 52% and ultra-luxury homes (above 2 crore) growing by 73%. Infrastructure projects like Gati Shakti are fueling growth, especially in affordable housing hubs like Ahmedabad, Pune, and Indore. With INR 22.5 trillion market value, Tier 2 and 3 cities are now central to India’s real estate expansion.
Delhi-NCR has emerged as the leading housing market in 2024, surpassing Mumbai and Hyderabad, driven by a remarkable 66% surge in sales value in Gurugram alone, as per PropEquity. The region’s total sales value has grown by 63% to INR 1.53 lakh crore, crossing the INR 1 lakh crore threshold for the first time. In contrast, Mumbai recorded INR 1.38 lakh crore with a modest increase, while Hyderabad experienced a decline. The report highlighted robust infrastructure development, increased corporate presence, and employment opportunities as key drivers of demand in Delhi-NCR, especially in high-value housing.
Ahmedabad is witnessing rapid growth in skyscraper construction, with a new 150-metre commercial tower planned near Nirma University, set to become the city’s tallest building. This development is part of a larger trend of vertical expansion, driven by regulatory changes that have increased the Floor Space Index (FSI) in key areas. The Ahmedabad Municipal Corporation (AMC) has approved 23 buildings over 100 metres, while the Ahmedabad Urban Development Authority (AUDA) has cleared six, with more under review. Other cities like Surat, Gandhinagar, and Vadodara are also seeing high-rise projects. With ongoing policy support and rising demand, Ahmedabad is emerging as a skyscraper hub in Gujarat.
India’s senior population is projected to grow from 157 million in 2024 to 346 million by 2050 (20.6% of the population), driving demand for modern senior living communities. A CREDAI-KPMG report highlights the rise of organised senior housing, with South India leading (62% of projects), particularly in Coimbatore, Bengaluru, and Chennai. Unlike traditional care homes, new-age senior living spaces focus on independent living, wellness programs, and medical support. The global senior living market, valued at USD 190 billion in 2020, is set to reach USD 375 billion by 2030, with India emerging as a key player. Increased investments, urban connectivity, and government policies are further boosting the sector.
A Development Plan refers to a document prepared by local authorities detailing the use of land and the public facilities to be made available in an area as per the current policies and proposals. It consists of a written statement accompanied by maps. In India, Development Plans are a state subject. Town planning authorities under each state or province asses growth rates, identify areas suitable for specific development and allocate budgets. Each Metropolitan city has an agency responsible for executing the DP for the city. For example, in Mumbai, Mumbai Metropolitan Region Development Authority (MMRDA) is responsible for executing the DP.
China is considering removing the price limits on local governments purchasing unsold apartments to accelerate clearing excess housing stock, as per Bloomberg. The world’s second-largest economy faces a prolonged property crisis, with home prices expected to decline further despite government interventions. Currently, purchases are capped at the cost of affordable homes in the same area, but lifting this ceiling would ease developers' financial strain and grant officials more pricing flexibility. Last year, China took unprecedented steps to stabilize the sector, including urging local governments to buy unsold properties from debt-laden developers. This move aims to further support struggling real estate markets.
Blackstone has raised USD 8 billion for its Real Estate Debt Strategies V fund, signaling a real estate market recovery. The fund will focus on North America, Europe, and Australia, targeting loan acquisitions and new lending opportunities. Cities like New York, London, and Toronto are witnessing a surge in office leasing, driven by financial institutions and tech firms expanding their footprints. While Blackstone's office exposure is now below 2%, its shift toward real estate debt investments minimizes risk while capitalizing on demand for premium office spaces in major global markets.
? A residential flat spanning 999 square feet sold in Evershine Classique in Palghar's Vasai East for INR 87 lakhs
? A residential flat spanning 535 square feet sold in Shantee Flamingo Residency in Palghar's Vasai East for INR 61.42 lakhs
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