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 Mumbai Metropolitan Region Development Authority (MMRDA) has entered into a significant partnership with Brookfield, a renowned global investment firm, to accelerate infrastructure development in the Mumbai Metropolitan Region (MMR). This collaboration aims to transform MMR into a Global Economic Hub within the next five to seven years. The MoU, facilitated by MMRDA Metropolitan Commissioner Dr. Sanjay Mukherjee, has secured an unprecedented Foreign Direct Investment (FDI) of USD 12 billion (INR 103,800 crore). Additionally, MMRDA’s participation in the World Economic Forum (WEF) Annual Summit in Davos has resulted in further MoUs amounting to USD 40 billion. The agreement prioritises Metro projects, urban infrastructure, and sustainable development, supporting Maharashtra’s vision of achieving a USD 1 trillion economy while contributing to India's USD 5 trillion economic target.
The Maharashtra Government plans to construct one lakh affordable homes through MHADA over the next two years to address growing housing demand. Deputy CM Eknath Shinde announced a new state housing policy, with Mumbai identified as a key growth hub. MHADA aims to develop eight lakh homes, including rental units for working women, students, and seniors. With over 71,600 applications for 3,662 MHADA lottery homes, demand remains high. The government is also prioritizing cluster redevelopment and slum rehabilitation in Mumbai, Pune, and Thane, reinforcing its commitment to affordable housing and urban development.
Sustainable redevelopment is becoming essential as cities like Mumbai face growing housing and infrastructure demands. With real estate contributing nearly 40% of global energy consumption and 30% of greenhouse gas emissions, integrating green practices is no longer optional—it’s imperative. Energy-efficient technologies, water conservation measures, and eco-friendly materials can significantly reduce environmental impact while enhancing property value. Despite challenges like high costs and regulatory delays, government incentives and industry collaboration are driving change. Sustainable redevelopment is not just about constructing buildings—it’s about creating resilient communities and redefining urban living for a greener, more sustainable future. The time to act is now.
Cricketer Rohit Sharma and his father, Gurunath Sharma, have rented out their 1,298 sq ft apartment in Lodha Marquise, Lower Parel, for INR 2.6 lakh per month. The lease, registered on January 27, was signed with businessman Murali Krishnan Nair and includes two parking spaces. Sharma bought the property for INR 5.45 crore in 2013 and has been expanding his real estate portfolio, leasing two Bandra apartments in January 2024 for INR 3 lakh monthly. His strategic investments reflect Mumbai’s rising rental demand in luxury housing, with celebrity transactions influencing market trends in prime locations.
To ease overcrowding at Byculla Zoo, the Brihanmumbai Municipal Corporation (BMC) plans to establish a bird park in Mulund West. The proposed INR 100 crore facility, spanning four acres, has received provisional approval from the Central Zoo Authority (CZA) and is pending state approval. Designed as an extension of Byculla Zoo, it will house 24 exotic bird species, including black swans, macaws, ostriches, and hornbills. The park will feature themed enclosures, an educational space, and a dedicated healthcare facility for birds. This initiative aims to enhance urban wildlife management, promote avian conservation, and support eco-tourism in Mumbai.
The Telangana government is planning two new IT parks to expand Hyderabad’s tech footprint, similar to HITEC City. IT Minister D. Sridhar Babu announced a land allocation policy to prioritize investments generating jobs. A location study is underway, with a focus on connectivity and infrastructure. Dew Software has committed INR 100 crore for a facility creating 900 jobs. With global tech giants already established in the city, the new parks aim to attract further investment and reinforce Hyderabad’s position as a leading IT hub. The initiative is expected to generate thousands of jobs and drive economic growth.
The Indore Municipal Corporation (IMC) is undertaking 22 major road and riverside projects but faces a crisis in relocating 6,000 affected families, with only 200 flats available. Of 2,875 structures marked for road expansion, only 5-7% will be fully demolished. The IMC has received INR 511 crore under the National Mission for Clean Ganga for river rejuvenation, requiring the removal of nearly 3,000 homes. While 1,047 PMAY flats are under construction, additional housing solutions are being explored. The challenge underscores the city’s struggle to balance infrastructure growth with housing needs, prompting calls for better relocation planning.
Noida Authority has filed a complaint with Delhi Police's Economic Offences Wing (EOW) against developers Shubhkamna Buildtech and IVR Prime Developers for failing to clear outstanding dues and misusing funds collected from homebuyers. The developers allegedly created third-party rights by selling flats but diverted the proceeds without settling their financial obligations. Shubhkamna Buildtech owes over INR 165 crore, while IVR Prime Developers has outstanding dues exceeding INR 660 crore. Additionally, a recovery notice of INR 57.6 crore has been issued against Sethi Buildwell for failing to comply with the state government’s rehabilitation policy for stalled projects. Authorities have taken legal action and instructed the district magistrate to recover dues through a recovery certificate, reinforcing their commitment to protecting homebuyers' interests.
The West Bengal Real Estate Appellate Tribunal has ruled against Yes Bank’s attempt to seize apartments from nine homebuyers in the Ideal Exotica project, New Alipore, due to the developer's loan default. The buyers, who had already taken possession of the flats, sought protection under the West Bengal Real Estate Regulatory Authority (WBRERA). The tribunal upheld WBRERA’s decision, establishing that the provisions of RERA take precedence over the SARFAESI Act, thereby preventing the bank from taking possession or auctioning the properties. This verdict is seen as a crucial precedent safeguarding homebuyers' rights against financial institutions' recovery measures.
The Uttar Pradesh Housing and Urban Planning Department has introduced standardised regulations for assessing, levying, and collecting various fees associated with building approvals. The newly framed rules, which include impact fees, development permit fees, building permit fees, and inspection fees, have been officially notified. The Ghaziabad Development Authority (GDA) has released the details of these regulations, which are aimed at streamlining and standardising fee structures across all development authorities. The impact fee applies when a higher land use activity is planned over an area designated for lower land use, with fees calculated using specified coefficients. Developers have welcomed the move, stating that it will eliminate arbitrary charges and bring transparency to the fee collection process.
The Lucknow Development Authority (LDA) has issued final notices to owners of 81 apartments, instructing them to remove unauthorised structures within 15 days. Originally, a demolition order was passed in 2009 under the Uttar Pradesh Town Planning and Development Act, but it was never enforced. A PIL filed in 2012 brought the issue back into focus, and a recent High Court ruling has now directed authorities to act. Advocate Prince Lenin highlighted the court’s firm stance, while LDA Secretary Vivek Srivastava stated that failure to comply would lead to demolition at the owners’ expense.
The Department of Town and Country Planning (DTCP) recently issued show-cause notices to 650 property owners in DLF-2 for illegal construction and conducting commercial operations in residential areas. The action follows a large-scale survey prompted by a Punjab and Haryana High Court order. The survey covered 15,000 properties across DLF-1 to DLF-5, with violations found in over 4,000 properties. The department has warned owners to rectify the violations or face strict penalties, including demolition and sealing drives. The effort aims to curb the growing misuse of residential properties in Gurgaon for commercial purposes.
Embassy Office Parks REIT (Embassy REIT) has reported a 31.19% drop in its net consolidated profit for the quarter ended December 31, 2024. Profit after tax stood at INR 158.19 crore, down from INR 229.90 crore in the same quarter the previous year. Despite this, the company's net operating income (NOI) increased by 9% year-on-year to INR 829 crore. Embassy REIT raised INR 1,000 crore in debt and saved interest costs by approximately 70 basis points. The board announced distributions totaling INR 5,592.57 million for the quarter. The company leased 1.1 million sq ft of space and achieved a portfolio occupancy of 90%, with key markets like Bengaluru, Mumbai, and Chennai seeing strong demand for office space.
Aditya Birla Housing Finance Ltd (ABHFL) has raised INR 830 crore through Non-Convertible Debentures from the International Finance Corporation (IFC) to expand housing finance access, particularly for low- and middle-income groups. A key focus is on homeownership for women and support for MSMEs, especially women-led businesses. CEO Pankaj Gadgil called the funding a milestone for financial inclusion, while IFC’s Wendy Werner emphasized its role in economic empowerment. With assets of INR 23,236 crore as of September 2024, ABHFL aims to strengthen its outreach, aligning with national goals of gender equality and sustainable economic growth.
The Ahmedabad Municipal Corporation (AMC) is considering the introduction of a fee for transferring names on property tax records for new commercial and residential units. The proposal suggests that the builder's name will appear first on the property tax bill before the buyer's name is registered after the sale deed. This would allow the AMC to charge a name transfer fee once the property is sold and Building Use (BU) permission has been granted. However, no official decision was made during the recent meeting, though a resolution is expected soon.
The Securities and Exchange Board of India (SEBI) is set to auction 26 properties of HBN Dairies & Allied Ltd in February 2025 to recover funds raised through illicit collective investment schemes. The auction, with a reserve price of INR 83.26 crore, follows a Supreme Court order in May 2024 allowing SEBI to sell the assets. These properties are spread across various states, including Delhi, Gujarat, Maharashtra, Punjab, Madhya Pradesh, and Chhattisgarh. The sale will be conducted online, with Quikr Realty and C1 India assisting in the process. This auction is part of SEBI’s ongoing efforts to recover over INR 1,136 crore raised illegally by HBN Dairies.
Phoenix Mills reported a 2.02% increase in net profit for Q3 FY25, reaching INR 350.93 crore, despite a 1.47% decline in total income to INR 1,005.52 crore. The company divested its subsidiary Janus Logistics for INR 47.93 crore as part of its restructuring strategy. Commercial office income grew 7% to INR 53 crore, with EBITDA rising 17% to INR 33 crore. Over nine months, commercial revenue increased 12% to INR 158 crore. While total revenue dipped, the company's focus on commercial real estate and strategic asset management positions it for steady growth in the evolving real estate sector.
Dubai’s real estate market set new benchmarks in 2024, with total sales transactions reaching 168,405 and a record AED 423.36 billion in transaction value. This marked a 30% increase in value and a 40% rise in transaction volume, demonstrating strong investor confidence. The off-plan market dominated with 63% of total transactions, while the secondary market also showed steady growth. Luxury real estate thrived, with a 63% rise in high-value transactions and record-breaking property resales. As Dubai looks ahead to 2025, the market is expected to stabilise, supported by population growth, new residential units, and the launch of the Smart Rental Index.
AT&T has secured USD 850 million by selling 74 underused central office properties to Reign Capital in a sale-leaseback deal. The telecom giant will lease back only necessary space, aligning with its transition away from legacy copper networks, set to phase out by 2029. The move unlocks capital while maintaining service continuity. AT&T’s stock rose 0.7% following the announcement, reflecting investor confidence. Funds from the deal will support fiber and 5G expansion, enhancing efficiency and reducing maintenance costs. This restructuring reinforces AT&T’s push towards next-generation connectivity while streamlining real estate assets for long-term financial and operational growth.
The real estate sector in the UAE is witnessing rapid growth, with Ras Al Khaimah emerging as an attractive hub for investors. The launch of Phase 2 of Manta Bay by Major Developers on Al Marjan Island reflects the rising demand for premium residential properties. This surge in interest, strengthened by high-profile projects like Wynn Al Marjan Island Resort, strengthens the emirate’s position as a promising destination for long-term investment. Experts highlight the importance of not just location but also property readiness for monetisation. Fully furnished units, as seen in Manta Bay, are making it easier for international investors to enter the market and generate income quickly. Furthermore, there is an increasing need for high-quality design elements to enhance investment appeal and rental potential.
The Lanseria Smart City, envisioned as South Africa’s first airport-centric smart city for 500,000 residents, remains largely undeveloped years after its announcement. Initially introduced in 2007 as Cradle City and later highlighted in President Cyril Ramaphosa’s 2020 State of the Nation Address, the project aimed to create a modern, sustainable urban hub with advanced infrastructure and technology. However, as of October 2024, progress has been slow, with only a R320 million water treatment plant under construction and limited visible infrastructure beyond Lanseria International Airport. While some business developments are planned, much of the area remains open land with growing informal settlements, raising concerns about the project's long-term viability.
? A residential flat spanning 957 square feet sold in Empire Estate in Pune's Chinchwad Gaon for INR 75 lakhs? A residential flat spanning 1,269 square feet sold in Pune's Pashan for INR 58.22 lakhs
Free Hold land is one which is “free from hold” of any entity besides the owner. The owner owns the building and the land upon which it has been built in perpetuity.
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