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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Namma Metro, Bengaluru's rapid transit system, is India’s second-longest operational metro network, spanning 76.95 km with 68 stations. Operational since 2011, it has transformed urban mobility, connecting key areas through the Purple and Green Lines. Phases 2 and 3 aim to expand the network by adding 116.65 km, including extensions to IT hubs and new lines. The metro faces challenges like delays, cost overruns, safety concerns, and operational inefficiencies. Despite these issues, Namma Metro’s increasing ridership and financial sustainability underscore its critical role in easing Bengaluru’s traffic woes and supporting the city’s economic and urban growth.
Bank of America has signed a 12-year lease for over 160,000 sq ft in Mumbai’s Powai at K Raheja Corp's Cignus Powai, marking a significant expansion and relocation of its operations. The deal, valued at INR 350 crore, includes an option to add 100,000 sq ft, raising the total to 250,000 sq ft and the rental commitment to INR 600 crore. This move aligns with the BFSI sector’s growing demand for office space in Mumbai, driven by technological advancements and metro connectivity. Bank of America plans to begin operations at the new site within 6-8 months.
The Union Ministry of Housing and Urban Affairs has received 28 proposals from 23 states for the creation of new cities, in line with the central government’s initiative to address urbanization. In February 2021, the government announced plans to develop eight new cities with an allocation of INR 8,000 crore. The 15th Finance Commission recommended funding of INR 1,000 crore per city. An expert committee was formed to finalize bid parameters, and after the North-Eastern states submitted revised proposals, 28 proposals were received. These submissions are under review by the relevant authorities.
The Capital Region Development Authority (CRDA) announced plans to invite tenders for various projects totaling INR 11,467 crore, including significant construction works in Amaravati. During the 41st CRDA meeting chaired by Chief Minister Chandrababu Naidu, approvals were granted for the construction of 360 kilometers of trunk roads costing INR 2,498 crore, along with reservoirs and gravity canals valued at INR 1,585 crore. Additionally, residential complexes for officers will be constructed with a budget of INR 3,523 crore. The Minister for Municipal Administration and Urban Development confirmed that tenders for these projects would be issued immediately, with work set to begin in January.
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A residential flat spanning 4,168 square feet sold in The North in Ahmedabad's Ambli for INR 4 crores
? A residential flat spanning 377 square feet sold in Rajshree Elegance in Ahmedabad's Sabarmati for INR 44.08 lakhs
? A residential flat spanning 647 square feet sold in Vandemataram Mahadev Lily in Ahmedabad's Maninagar for INR 44 lakhs
The Catedral Metropolitana Nossa Senhora Aparecida, also known as the Cathedral of Brasilia, is far from an ordinary church. This striking modernist cathedral, located in Brasilia, the capital of Brazil, stands as a masterpiece of contemporary architecture and a symbol of Brazilian innovation. Designed by the renowned Brazilian architect Oscar Niemeyer and completed in 1970, the cathedral is celebrated for its unique and futuristic design. Unlike traditional cathedrals, which typically feature towering spires and Gothic elements, the Cathedral of Brasilia is characterized by its hyperboloid structure, which resembles a crown or a crown of thorns. The design consists of 16 concrete columns, each weighing 90 tons, arranged in a circular pattern and connected by stained glass windows that create a stunning play of light and color within the interior. The entrance to the cathedral is an underground passage that leads visitors into the heart of the structure. This descent into the cathedral creates a sense of transition from the bustling city above to a serene and sacred space below. Upon entering, visitors are greeted by a breathtaking interior bathed in natural light filtered through the vibrant stained glass designed by Marianne Peretti. The interplay of light and shadow creates a dynamic and spiritual atmosphere that enhances the worship experience. Suspended from the ceiling of the cathedral are three large angel sculptures, designed by Alfredo Ceschiatti, which add to the sense of ethereal beauty and divine presence.
This refers to the mechanical, electrical and plumbing services in the design and construction of the building. Builders enlist firms specialising in MEP services for the construction of their building.
YEIDA's upcoming hi-tech township near Jewar International Airport has garnered significant interest, with over 34,000 registrations and brochure sales exceeding INR 3.77 crore. Located in Sector 24A, near the International Film City and MotoGP track, the project offers 451 residential plots ranging from 120 to 260 square meters at INR 25,900 per square meter. Farmers receive 17.5% of the allocation. Registration closed on November 30, and a lottery draw is set for December 27. The initiative highlights the demand for modern housing near key infrastructure, reflecting a positive trend in real estate investments in Noida's rapidly developing region.
The Supreme Court has summoned the Nagpur collector and tehsildar on December 19 over delays in resolving a dispute involving the Nirmal Nagari township's registration under MahaRERA. The developer, Nirmal Ujjwal Credit Cooperative Society Limited, faces allegations of unethical practices, unauthorized construction, and refusal to register the 944-home, 17.4-acre project, leaving buyers unable to register sale deeds. MahaRERA had fined the developer INR 6 crore, and the NMC denied a completion certificate. Represented by Nirmal Nagari Condominium, residents demand accountability and resolution. The court emphasized the urgency of safeguarding consumer rights in housing projects, setting the next hearing for December 19.
Ten months after relocating P&T Colony residents to GCDA's Mundamveli apartment complex under the Life Mission housing scheme, structural damage persists despite initial waterproofing. Residents began protests following unresolved leakages reported during May rains, demanding urgent repairs. GCDA cited design flaws and thermal expansion cracks as causes but delayed major repairs pending state technical committee approval for a INR 25 lakh proposal. Minor repair tenders are in progress, while state inspections continue. The situation highlights gaps in public housing project oversight, accountability, and maintenance. Authorities must expedite approvals, ensure durable fixes, and implement better planning to regain public trust.
The Pune Metropolitan Region Development Authority (PMRDA) has sought structural inspections of 4,883 flats built under the Pradhanmantri Awas Yojana, after multiple complaints from residents regarding issues like ceiling leaks, bathroom problems, and toilet leakages within a year of moving in. The flats, constructed for economically weaker sections and low-income groups, were handed over to beneficiaries last year. PMRDA has contacted IIT Bombay and CoEP Technical University for the inspection to ensure the safety of the buildings. Developers are working on repairs, but some issues, like lack of manpower and security removal, have raised concerns among residents.
The Bengaluru Coalition, a newly formed citizens' group, aims to address violations of building regulations and promote planned urban development in the city. Comprising resident welfare associations (RWAs), NGOs, and the Bangalore Apartments Federation (BAF), the coalition seeks to tackle issues like unauthorized constructions and improve enforcement of civic laws. Motivated by ongoing challenges and a recent building collapse in Babusapalya, it collaborates with the Karnataka High Court’s ongoing efforts to curb violations. With support from over 50 RWAs and BAF, the coalition advocates systemic reforms, educates citizens on legal recourse, and pushes for accountability to ensure sustainable urban planning.
The National Green Tribunal (NGT) East Zone bench in Kolkata has issued notices to several state authorities regarding the alleged encroachment on 18 acres of the Luna riverbed at Badapal, Kendrapada district. The notices were prompted by a petition filed by local activist Alaya Samantaray, alleging that a Jharkhand-based company engaged in the National Highway-53 expansion project had carried out unauthorised construction on the riverbed. The petition highlights concerns over the threat posed to the river’s ecosystem and its natural flow. The NGT has directed key officials to respond within four weeks.
Lieutenant Governor VK Saxena approved the reconstitution of the Delhi Building and Other Construction Workers Welfare Board. This decision will enable the government to devise a compensation scheme for workers who lost their livelihood due to the implementation of GRAP IV restrictions. The board had been inactive for several years. Saxena also emphasised the need to provide subsistence allowances to workers affected by the restrictions, using funds collected as a labour cess. He highlighted the importance of revisiting housing schemes for workers and streamlining the implementation of benefits for construction workers and their families.
The Noida Authority has flagged numerous unauthorized constructions, including multi-storey buildings, in Wajidpur village near the Yamuna floodplains, deeming them illegal. Actions against the offenders are underway, with further investigations into constructions in Kondli village. Noida Authority CEO Lokesh M has directed officials to verify construction permissions for a banquet hall and restaurant in Kondli, while also ordering the removal of unauthorized markets and the installation of boundary markers. The authority warned the public against engaging in transactions related to these illegal constructions, emphasizing that such activities violate the approved master plan and relevant laws.
Info Edge, the parent company of Naukri, filed an FIR against Rahul Yadav, founder of portfolio company 4B Networks, and others for alleged fraudulent activities involving 4B Networks’ funds. This follows arbitration proceedings initiated by Info Edge after 4B Networks failed to provide crucial financial details. Despite this, Info Edge assured no material impact on its operations. The company had previously written off its INR 276 crore investment in 4B Networks in December 2022 due to liquidity issues and high cash burn. 4B Networks, founded in 2020, operated in real estate, helping brokers and developers manage business transactions.
The Bhubaneswar Municipal Corporation (BMC) has stopped construction on a Patia apartment project after allegations of unauthorized land-use changes. The plot, initially leased for industrial purposes, was reclassified to sthitiban without proper authorization, enabling the developer to begin constructing a 33-story tower, a 29-story tower, and a clubhouse. Following a directive from the General Administration and Public Grievances department, the BMC flagged violations of the lease agreement and land classification. With ownership and legal status now in dispute, construction is suspended until a final ruling is issued. This case underscores the critical need for regulatory compliance in urban development.
PropShare Platina’s IPO, India’s first Small and Medium Real Estate Investment Trust (SM REIT) scheme, will be listed on the Bombay Stock Exchange (BSE) Today. The IPO was subscribed 1.2 times, with strong demand from non-institutional investors. The funds raised will be used to acquire the Prestige Tech Platina office building in Bengaluru, offering a stable lease agreement with a US-based tech company. The listing marks a significant step for the REIT sector in India, expected to offer new investment opportunities and capital growth potential.
The 42nd NAREDCO-Knight Frank Real Estate Sentiment Index for Q3 2024 shows steady optimism in India’s real estate sector. While the Current Sentiment Score dipped slightly to 64, the Future Sentiment Score rose to 67, reflecting confidence in upcoming prospects. Residential markets remain robust, with 62% expecting price increases and 40% foreseeing higher sales. The office market is equally strong, with 76% predicting improved leasing and 73% anticipating rent hikes. Developers’ optimism grew, with their Future Sentiment Score rising to 65, while financial institutions maintained a steady 68. The sector benefits from stable interest rates and GDP growth projections of 7.2%, reinforcing long-term growth potential.
Alta Capital, the Indian partner of Singapore-based Hillhouse Investments, has acquired a 2.5 million square foot leased warehousing portfolio from IndoSpace for approximately USD 100 million. IndoSpace, India’s largest industrial and logistics real estate operator, owns over 58 million square feet across 11 cities, backed by global investors like Everstone and CPPIB. The acquired assets, located in Pune and Sri City, cater to blue-chip tenants in manufacturing, e-commerce, and 3PL sectors. This deal, Alta Capital’s second core investment in the sector, highlights growing global interest in India’s logistics market and aims to expand Alta’s portfolio to over 11 million square feet.
A new report by Knight Frank, HDFC Capital, and Brigade REAP highlights PropTech's transformative role in India's real estate sector, projecting investments to grow at a 15% CAGR from USD 6 billion in 2023 to USD 16 billion by 2030. Representing 6% of Indian startups, PropTech positions India 6th globally in funding and top global PropTech deals. With real estate contributing 7.3% to GDP, leaders stress technology's role in addressing housing affordability, urbanization, and sustainability challenges. Infrastructure expansion, such as national highways and ESG-certified developments, complements PropTech adoption, enhancing connectivity, sustainability, and affordable housing access for the growing urban workforce.
The Survey of India has completed a comprehensive drone survey covering approximately 550 square kilometers of Delhi, representing over one-third of the city. This initial phase included the Yamuna O Zone and 66 unauthorized colonies, with images shared with the Delhi Development Authority (DDA) and the Municipal Corporation of Delhi (MCD). The survey aims to identify encroachments on DDA land, assess structures, and facilitate their removal. Following a tripartite agreement, the DDA plans to overlay cadastral maps on drone images to monitor land status and ensure compliance with regulations, ultimately enhancing land management and resource utilization across various departments.
GMDA’s plan to revamp the 11-km stretch connecting IFFCO Chowk to Dwarka Expressway remains stalled, despite its approval in October 2022, due to land encroachments and limited availability. Narrowed sections, particularly in Basai, and illegal property extensions have hampered progress. The project aims to ease traffic in old Gurgaon with features like a grade separator, improved footpaths, on-street parking, and a utility duct. However, demolition resistance and land shortages for a parallel rail overbridge have caused delays. Without a clear timeline, residents face ongoing congestion and rising project costs, underscoring the need for swift resolution.
As Germany pushes for decarbonisation and electric heating becomes the norm, energy-inefficient homes are losing value. Oil and gas-powered properties, particularly older ones in need of refurbishment, are becoming less popular, widening the price gap with energy-efficient residences. Cities such as Mannheim plan to phase out gas networks by 2035, forcing owners to modify houses or risk losing their investments. Mark Carney has cautioned that obsolete homes may become "stranded assets." Tenants in older rental buildings face significant expenditures, whereas modern constructions prioritize efficiency. This trend emphasizes the growing relevance of sustainable homes in the German real estate industry.
British house prices saw their sharpest annual growth in two years, rising 3.7% in November 2023, according to Nationwide. Monthly gains of 1.2% marked the largest jump since March 2022, defying high borrowing costs. Economists attribute the surge to the Bank of England's recent rate cut and changes to stamp duty rules announced by Chancellor Rachel Reeves. Despite affordability challenges and policy shifts, experts anticipate continued market strength, supported by steady economic recovery and government initiatives to address housing supply shortages.
To read the full news stories, head over to Prop News Time