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 recently announced Haji Ali Improvement Plan aims to enhance accessibility and safety at Mumbai's iconic Haji Ali shrine. Managed by the Public Works Department (PWD), the first phase will focus on strengthening the existing pathway to the shrine, which usually becomes inaccessible during high tide. The pathway will be widened and elevated by 1.5 metres above high tide levels, with stonework and safety railings added to ensure stability and security. The project’s first phase costs INR 20.10 crore, with a one-year completion timeline. Future phases, led by the BMC and MMRDA, will include beautification, parking improvements, and facilities for hawkers and visitors.
The Andhra Pradesh government is reigniting hopes for residents in Nellore district by fast-tracking the establishment of a new airport near Dagadarthi. Approximately 1,379 acres of land have been earmarked for this project, with efforts underway to acquire the remaining land. Chief Minister Chandrababu Naidu has convened meetings with key officials to ensure completion of new airport initiatives within three years. The Dagadarthi airport, a long-awaited development, received preliminary approval in 2016. With industrial growth anticipated in the region, local officials highlight the airport's potential to significantly enhance economic prospects and connectivity.
The Greater Visakhapatnam Municipal Corporation (GVMC) is partnering with the International Finance Corporation (IFC) to create the Eco-Vizag Green City Action Plan (GCAP), which aims to integrate climate mitigation strategies into local initiatives. The draft plan proposes 42 measures across key sectors, including energy, transportation, and waste management, with a potential 30% reduction in greenhouse gas emissions by 2034. High-impact initiatives include promoting electric vehicles and enhancing building codes. GVMC plans to refine the draft with input from local stakeholders, positioning the GCAP as a vital part of its broader Eco-Vizag campaign for sustainable development.
? A residential flat spanning 1,017 square feet sold in Topaz Park in Pune's Wakad for INR 1.05 crores
? A residential flat spanning 1,028 square feet sold in Pride Wellington F G in Pune's Charholi Budruk for INR 1.02 crores
A Construction-linked Plan (CLP) is a flexible payment method for under construction flats. The buyer initially pays a predetermined down payment, after which all subsequent pre-determined payments are made in instalments that are linked to the progress of construction.
Cities in Uttar Pradesh are racing to finalise their master plans using GIS technology by the December 31 deadline to qualify for financial aid from central government schemes. Out of 59 AMRUT towns, 30 have received approval, leaving 29 scrambling. The Ministry of Housing and Urban Affairs emphasises integrating "blue and green infrastructure" for sustainable urban living. The upcoming AMRUT phase will focus on smaller towns, ensuring broad access to urban services. As local officials face challenges in refining plans, collaboration among stakeholders is crucial for timely submissions, marking a pivotal step towards sustainable urban development in the state.
The Uttar Pradesh government is taking action against homebuyers in Greater Noida West for unauthorised groundwater extraction, issuing notices to residents of Amrapali Leisure Valley society where many have installed borewells. A penalty of INR 5 lakh is planned for the developer, Amrapali Leisure Valley Developers Private Limited, due to violations. Local authorities found that 50 villa owners have set up borewells without the necessary no-objection certificates (NOCs). While the apartment owners' association claims the developer is responsible, residents are frustrated by perceived superficial government enforcement. The issue highlights ongoing challenges in water management amid rapid urban development.
The Bombay High Court ruled that promoters of a Santacruz East housing society cannot proceed with additional construction based solely on a general clause in the Flat Purchase Agreement. Justice Sharmila Deshmukh emphasised that under the Maharashtra Ownership Flats Act (MOFA), 1963, explicit, informed consent from all flat buyers is mandatory for any construction beyond the original plan. The court dismissed the promoters’ claim to retain Floor Space Index (FSI) rights, ruling they cannot bypass legal obligations to gain additional development rights. This judgement reinforces MOFA’s provisions, ensuring transparency and protecting flat owners' rights in housing development projects.
The Mormugao Municipal Council (MMC) has decided to regularise 544 housing structures allocated to municipal workers under the Economically Weaker Sections (EWS) Housing Scheme in New Vaddem, marking a historic step in Goa. Transport Minister Mauvin Godinho presented the proposal, aimed at providing legal recognition and property rights to residents who have occupied these homes for decades. This initiative not only enhances the residents' quality of life but also supports affordable housing efforts for low-income families. By adhering to the original development plans, the MMC sets a precedent for other municipalities in Goa to address housing needs systematically.
The Madhya Pradesh High Court has ruled that once a land dispute is filed in a civil court, revenue courts cannot continue proceedings on the same matter. This decision arose from a case involving landowners Abhishek Nigam and Amresh Shrivastava, who faced jurisdictional conflicts after appealing to both revenue authorities and civil courts. The court emphasised the precedence of civil suits over revenue court proceedings, clarifying the legal process for land disputes. This ruling not only affects the current parties but also sets a precedent for future cases, potentially streamlining resolutions in land ownership conflicts across Madhya Pradesh.
In a long-running eviction dispute, the Bombay High Court upheld the orders of the Small Causes Court to return an 800 sq ft flat in Dadar to the landlord, the late Dilipkumar Purandare. The rent for the spacious flat was INR 396.75 monthly and the State did not pay rent arrears from 1 December 1989. The court ruled that while mathematical precision is not expected in regular rent payments, the State cannot avoid paying the monthly rent for years during the pendency of the eviction suit, as per the Maharashtra Rent Control Act. Rejecting the State's and Mumbai Police Commissioner's appeals, the High Court directed them to hand over vacant possession of the flat by 30 November, ending the 20-year-old battle over the government-occupied premises.
Vridhi Home Finance, an innovative housing finance company, has raised INR 310 crore in equity funding from Norwest Venture Partners, Elevation Capital, and its founders. This follows an earlier USD 18 million investment from Elevation in October 2023. Established in 2022, Vridhi has expanded to 51 branches across five states and boasts INR 200 crore in assets under management. The new capital will enable the company to enter new markets and improve its digital onboarding system for home loans, targeting underserved self-employed individuals in small towns, with loan amounts ranging from INR 3 lakh to INR 45 lakh.
The Centrum Group is set to complete the sale of its housing finance subsidiary, Centrum Housing Finance, by the end of the fiscal year. Currently negotiating with multiple investors, the company is considering either a full sale or a partial stake monetisation, focusing on valuation discussions. Centrum aims for a valuation between INR 1,200 crore and INR 1,300 crore, which is lower than its parent company, Centrum Capital's market capitalisation. With a net worth of INR 450 crore and assets of INR 1,500 crore, the subsidiary has seen strong growth, including a 61% revenue increase to INR 868 crore. The final decision on the sale is expected soon and could significantly impact the burgeoning housing finance market in India.
The Noida Authority is taking a firm stance to recover INR 1,578 crore in outstanding rent from licensed and leased properties after rejecting a proposed one-time settlement scheme. Instead of negotiating, the authority will issue final notices to 49 defaulting entities, including government departments and banks, warning of potential property sealing for non-compliance. This decision underscores the authority's commitment to accountability amid pressures from state oversight committees. Previous settlement schemes had limited success, highlighting ongoing challenges in resolving unpaid dues. The authority's approach reflects a broader trend in India's real estate sector toward stricter regulatory enforcement and transparency.
Rhenus Group, a global logistics provider, is enhancing its operations in India by focusing on smaller towns to meet the growing demand for efficient logistics solutions. Since entering India via a joint venture in 2010, the company has expanded its service offerings, which include transport, warehousing, customs clearance, and value-added services. With a strong workforce and extensive global presence, Rhenus aims to support key sectors such as automotive and healthcare, positioning itself to respond effectively to the evolving needs of various industries.
The Uttar Pradesh government has announced plans to transform Agra into a "solar city," following Ayodhya's lead. The initiative includes installing 2,000 solar streetlights and 161 rooftop solar power plants (over 25 KW each) on government buildings. Newly constructed Sulabh toilets will also feature solar panels. In the first phase, Agra will see 600 solar streetlights and 50 mini masts. Aligned with the PM Surya Ghar Yojana, the scheme targets 1.3 lakh rooftop solar installations in Agra. The program offers subsidies, providing 60% support for systems up to 2 kW and 40% for 2–3 kW systems, aiming to make solar energy affordable and reliable.
The Rail Land Development Authority (RLDA) has launched the bidding process for 23 commercial units in Gomti Nagar, Lucknow, aiming to utilise railway land for economic growth. Located in a developing business district, the four-story complex near key landmarks will be auctioned via a Mega E-Auction on November 12, 2024. Bidders can access documents from October 9, enhancing transparency. The modern facilities include earthquake resistance, double-basement parking, and central air conditioning, making it attractive for investors. This initiative aligns with urban redevelopment trends, fostering local commerce and job creation while supporting Lucknow’s transformation into a modern city.
India’s top private port operators, JSW Infrastructure and Adani Ports & SEZ, are advancing INR 80,000 crore expansion plans to capitalise on anticipated trade growth. JSW Infra aims to boost capacity from 170 mtpa to 400 mtpa by FY2030, with significant projects in Odisha, Karnataka, and Maharashtra. Meanwhile, Adani Ports, targeting a 33% market share, plans a capacity increase from 627 mtpa, focusing on both domestic and global expansions, including in Vietnam and Dar es Salaam. Both companies are eyeing logistics and digitalisation to enhance efficiency, reflecting a strategic drive to meet India’s rising demand for maritime infrastructure by 2030.
Hongkong Land Holdings, headquartered in Singapore, is winding down its build-to-sell division to focus exclusively on investment properties in key Asian markets. The company expects to generate approximately USD 6 billion from this divestment, which will be reinvested into its flagship mixed-use projects in Hong Kong, Singapore, and Shanghai. Aiming for a twofold increase in underlying profit by 2035, Hongkong Land plans to diversify its geographical presence and limit reliance on any single city for profit. Additionally, it intends to recycle up to USD 10 billion in capital to fuel further growth and optimization.
Sydney’s housing market continues to break records, with the latest Domain data showing median house prices reaching USD 1,655,000 in the September quarter, marking a seventh consecutive quarterly gain. Unit prices also climbed, hitting USD 815,300. Sydney’s home prices now outstrip Canberra’s, Australia’s second-most expensive city, by over USD 573,400. A recent CBA analysis shows housing affordability in Sydney is at its lowest on record, and PropTrack identifies New South Wales as the least affordable state in Australia. Rising rents add further strain, with median house rents up 49% since 2019. These affordability pressures are expected to persist with Sydney’s projected population growth.
The British housing market showed unexpected resilience in October, with house prices rising by 0.196%, a slowdown from September's 0.6% increase. Year-on-year, prices grew by 2.4%, though below expectations. Nationwide's chief economist, Robert Gardner, noted that declining borrowing costs could boost market activity. Anticipated interest rate cuts and an impending end to a temporary tax incentive for homebuyers in March 2025 may further stimulate demand. However, fluctuations in activity are expected to be moderate. The ongoing shortage of housing supply remains a critical challenge, underscoring the need for continued government efforts to enhance market stability.
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