Daily Real Estate Newspaper
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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has acknowledged technical issues with its newly launched ‘MahaCRITI’ website, causing delays and affecting real estate stakeholders. To mitigate disruptions, especially during the Diwali and Dussehra festive season, MahaRERA has decided to temporarily restore the previous website, MahaIT, effective from October 5. The rollback aims to ensure smooth operations for homebuyers, developers, and agents. Chairman Manoj Saunik held a meeting to address these concerns and urged cooperation from all parties while the older platform is reactivated to resolve the challenges.
The Bengaluru Metro's Phase 3 project has commenced, featuring geotechnical investigations critical for determining the placement of pillars and stations across 22 stations. This phase includes the 32.15-kilometre Outer Ring Road segment, known as the Orange Line, and a 12.5-kilometre stretch from Kadabagere to Hosahalli. An extended section of the Green Line is set for inspection by the Commission for Railway Safety, following successful trial runs. The project, with an extension to Madavara costing INR 298 crore, aims to significantly enhance connectivity for commuters travelling between Tumakuru and Bengaluru.
Prime Minister Narendra Modi virtually inaugurated a 3.68-km section of the Pune Metro from District Court to Swargate, marking the completion of the first phase of the project. In his speech, he criticized the previous Congress-led UPA government for delaying the metro's progress, stating that no work had been done until his administration laid the foundation in 2016. The Prime Minister also launched projects worth INR 11,200 crore and laid the foundation for the metro's extension to Katraj. He emphasized the importance of modernizing Pune's transport and infrastructure to boost urban development and connectivity in Maharashtra.
? A residential flat spanning 1,108 square feet sold in L&T Rejuve 360 - Tower A in Mumbai's Mulund West for INR 2.35 crores
Title is a legal term that refers to the ownership right to a property. Every property has a title which is created in accordance with the laws relating to immovable property such as Transfer of Properties Act, India Registration Act and Indian Stamp Act. Titles can depict ownership of both personal and real property. Personal Property is anything that does not include real estate such as appliances, furniture, antiques, artwork, etc whereas Real Property includes the physical property of real estate as well as bundle of ownership and usage rights.
Roha Realty has rebranded as Vida Realty, aiming to enhance consumer trust and personalise the home-buying experience. The name "Vida," meaning life in Spanish, reflects the company’s commitment to uplifting residents' living standards. The new logo symbolises the five elements of life and encapsulates five core commitments. Vida Realty will continue its legacy while focusing on sustainable living and modern construction techniques, including an exclusive Buy Back Guarantee, and plans to launch major projects across Mumbai.
91Springboard, a pioneer in coworking spaces in India, has opened its third hub in Hyderabad's HITEC City, increasing its total workspace to 1,40,000 sq. ft across the city. Located at Raheja Commerzone Hetero Tower, this 48,000 sq. ft hub offers customised office solutions for businesses of all sizes, blending flexible spaces with cutting-edge design and amenities. With its strategic location and exceptional services, the hub aims to cater to the evolving needs of modern enterprises and professionals while enhancing their work experience.
The National Company Law Appellate Tribunal (NCLAT) has approved Supertech’s resumption of the Doon Square project in Dehradun, following a settlement with Bank of Baroda and co-developer EBI Projects. The project, which plans to build 750 units, will be completed within 515 days, with only 150 units currently handed over. EBI Projects has made an upfront payment of INR 75 lakh, with further payments structured over the next year. Homebuyers have also consented to the project’s continuation, indicating strong stakeholder support. NCLAT noted no existing disputes, paving the way for Supertech to proceed with construction.
The police in North Goa have initiated a tenant verification drive, checking the credentials of over 40,000 tenants and housekeepers. Led by Superintendent Akshat Kaushal, the campaign aims for 100% verification of tenants, laborers, and house help, targeting new locations weekly. Special camps are set up in market areas, involving close collaboration with the public and market welfare groups. As of September 28, 27,700 helpers have been verified. Part of "Operation Raakhan," this effort enhances security, alongside increased nighttime patrols to address home invasions and other crimes, creating a safer environment across the region.
The Prayagraj Development Authority (PDA) has implemented a 10% price cut on unsold flats in Kalindipuram and Naini, aiming to boost sales after previous initiatives failed to attract buyers. This decision follows a board meeting focused on Master Plan 2031, which will expand the urban area to include 1,200 new villages, increasing the PDA’s jurisdiction from 309 to 398 square kilometres. The residential zone will expand from 36% to 46%, while the commercial area will increase from 2.04% to 4.57%, addressing the growing demand for housing and development in the region.
The Ghaziabad Development Authority (GDA) is set to acquire 541.1 hectares across eight villages for the new Hamnandipuram township. To prevent land price inflation and protect local farmers, the GDA will restrict land transactions, discouraging purchases by outsiders. The affected villages include Nagla Firoj, Mohanpur, Morta, and others. An official notification is expected soon. The township, estimated to cost INR 10,000 crore, will focus on sustainable technologies, including AI-driven water management, solar energy, and resource conservation. This project aims to modernize Ghaziabad, boosting housing, infrastructure, and economic opportunities while maintaining environmental balance.
Starting in November, managing committee members of cooperative housing societies in Maharashtra can handle complaints online via the upgraded Sahakar Samvad portal, eliminating the need to visit the deputy registrar’s office. The portal, which has recorded 4,629 complaints since its launch, will allow members to file grievances and access orders issued after hearings. Aimed at enhancing transparency and efficiency, the platform will soon make final orders publicly available. Despite its success, some users have reported delays and mismanagement. The state cooperation department is addressing these concerns through platform improvements and enforcing standardized timelines for complaint resolution.
The Indore district administration has received 2,444 applications for leases on populated land under occupancy rights during a recent camp held at tehsil offices. This initiative allows residents from 29 villages, incorporated into the municipal limits in 2014, to secure long-term leases, facilitating property transactions and access to loans. The lease applications require various documents for verification, aimed at addressing issues faced by landowners in selling properties or obtaining loans due to lack of formal registration.
During a press conference marking 100 days of the Modi government, Union Housing and Urban Affairs Minister Manohar Lal Khattar announced that under the second phase of the Pradhan Mantri Awas Yojana (PMAY) Urban (U), states are now required to contribute financially. This mandate aims to ensure smoother implementation, addressing challenges from the first phase. PMAY-U 2.0 seeks to build an additional one crore houses for urban poor and middle-class families. Khattar also highlighted the government's metro expansion efforts, with India now boasting the third-largest metro network globally. These initiatives reflect the government's commitment to improving urban living standards.
The demand for Grade A office spaces in India's top six cities grew by 23% in the first three quarters of 2024, reaching 46.7 million sq ft of leasing activity, according to a Colliers report. Bengaluru and Hyderabad led the market, with Bengaluru recording its highest-ever quarterly leasing at 6.3 million sq ft. Supply growth matched this momentum, with 14.4 million sq ft of new completions in Q3 2024. Key sectors driving demand included Technology and BFSI, while large-sized deals dominated leasing activity. Despite high demand, vacancy rates remained steady at around 17%, indicating a balanced market.
On September 27, the Greater Chennai Corporation (GCC) council approved a 6% property tax increase, backed by the Dravida Munnetra Kazhagam (DMK) but opposed by the CPI, CPI(M), VCK, and AIADMK. Dissenting members criticised the tax hike for burdening working-class residents, staging a walkout during the council meeting. The increase, applied uniformly to all property categories, follows a three-year gap since the last adjustment in 2022. The GCC also introduced a 1% penalty for late payments and a 5% incentive for early payments to encourage timely compliance. The hike is expected to take effect in the October–March tax cycle.
The Rail Land Development Authority (RLDA) has invited bids for the construction of a Commercial Tower at Thane Railway Station as part of the Station Area Traffic Improvement Scheme (SATIS - East). The project, under the Smart City Mission, aims to develop a Multi-Modal Transit Hub to improve mobility and reduce congestion. The eight-story tower will include food courts, green office spaces, parking, and public transport facilities. Located in Thane’s commercial core, the project seeks to enhance urban growth. The fully equipped tower will integrate civil works, modern infrastructure, and green spaces, connected to the metro and local transport systems.
Afcons Infrastructure, part of the Shapoorji Pallonji Group, plans a INR 4,000 crore pre-listing sale ahead of its initial public offering (IPO) scheduled for October. The IPO, estimated between INR 7,000-8,000 crore, coincides with major listings like Hyundai India and Swiggy. The fresh fundraising of INR 1,250 crore will support debt repayment and equipment purchases. Demand from institutional investors may lead to an increased issue size. The offering is crucial for promoter Goswami Infratech to meet bondholder commitments. Afcons will follow Sterling and Wilson Renewable Energy as the SP Group’s second IPO.
The Indian residential real estate market has marked a historic improvement, with inventory overhang decreasing to 22 months in the June quarter, down from 34 months a year earlier. This reflects strong demand, particularly in regions like Gurugram and Ahmedabad, where significant reductions in unsold inventory have been noted. Overall, unsold units have declined by 2% year-on-year, highlighting the market's adaptability. Key markets like the Mumbai Metropolitan Region and Pune continue to see substantial unsold stock due to new launches, indicating a responsive market to consumer demand.
The Yamuna Expressway Industrial Development Authority (YEIDA) is set to establish its first Software Technology Park in Sector 28, covering 100 acres and aimed at IT and IT-enabled services companies. Earlier this week, Chief Minister Yogi Adityanath announced that the IT sector would receive industry status, granting various benefits to IT firms. YEIDA is also discussing plots with major Indian IT companies, including Infosys and Wipro. Additionally, a scheme for 20 mixed-use land plots will be launched during the upcoming Navratri festival, integrating industrial, residential, commercial, and essential facilities.
The Karnataka Government launched a draft Global Capacity Centres (GCC) policy aiming to generate USD 50 billion in economic output and attract 500 new GCCs by 2029, creating 350,000 jobs. The policy focuses on establishing Global Innovation Districts, with state-of-the-art technology parks in Bengaluru and beyond. Key features include incentives for anchor investors, customised packages for mega projects, and a Centre of Excellence for AI in Bengaluru. The policy emphasizes expanding the GCC ecosystem outside Bengaluru through recruitment support and infrastructure incentives. It aims to strengthen Karnataka’s position as a global hub for innovation and business transformation.
Piramal Pharma Solutions, the contract development and manufacturing division of Piramal Pharma Ltd, is investing USD 80 million (around INR 670 crore) to expand its Lexington facility. The expansion, set for completion by early 2027, will add 24,000 square feet of manufacturing space, advanced machinery, and a new laboratory. This will more than double production capacity from 104 to over 240 batches annually and create 40 new jobs. The facility focuses on sterile injectable drugs, supporting the company's antibody-drug-conjugate program. With the injectables market projected to surpass USD 20 billion by 2028, the expansion positions Piramal for significant growth.
Brickworks, Australia's largest brick manufacturer, announced a full-year loss primarily due to impairments in its property and building products segments, with a non-cash charge of AUD 135 million linked to its Austral Masonry and Brickworks North America divisions. In response to declining demand, the company reduced production, delaying the benefits of investments and plant optimizations. CEO Mark Ellenor noted a cyclical downturn in building activity, with residential approvals at a decade low. Brickworks reported a statutory net loss after tax of AUD 118.9 million for the year ending July 31 but still declared a final dividend of 43 cents per share.
UK Government targets 1.5 million homes with focus on large-scale new towns amid planning challenges
The UK government plans to build 1.5 million homes in five years to address the housing crisis, focusing on large developments like new towns. Historically successful post-war new towns, such as Milton Keynes, contrast with recent delays like Northstowe, where infrastructure issues stalled progress. Larger developments, making up 38% of permitted units, face prolonged planning times, sometimes exceeding 11 years, as seen in Ebbsfleet Valley. While new towns can offer substantial housing and infrastructure, they encounter significant barriers. Smaller developments and infill projects may offer quicker solutions by utilising existing land and infrastructure while larger projects remain under planning scrutiny.
New home sales in the U.S. showed resilience in August, with 716,000 units sold annually, surpassing expectations despite a slight decline from July. This represents a 9.8% increase from August 2023. The housing market, while affected by Federal Reserve rate hikes, has been supported by limited existing home supply. The Fed's recent rate cut and declining mortgage rates now averaging 6.1% for 30-year fixed mortgages, down from 7.2% a year ago could further boost the market. With homeowners reluctant to sell due to higher rates, buyers have turned to new construction. The median sales price was USD 420,600, slightly lower than July's figure.
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