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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MahaRERA is set to hold its 5th online exam for real estate agents on July 29th at 24 centers across Maharashtra, with 5,260 candidates participating. This mandatory certification ensures agents are well-versed in the Real Estate (Regulation and Development) Act, safeguarding homebuyer interests. Registrations of over 20,000 agents were recently suspended for non-compliance. MahaRERA Chairman Ajoy Mehta emphasises the crucial role of agents in providing accurate information to homebuyers, highlighting the importance of training and certification. To date, 19,403 individuals have completed training, with 9,295 passing?previous?exams.
Godrej Properties has acquired Transfer of Development Rights (TDR) certificates worth INR 50 crore for their upcoming project in Sector 43, Gurgaon. This innovative move, commonly used in Mumbai, allows Godrej to add 300,000 sq ft of built-up space, significantly increasing the project's revenue potential to INR 900 crore. TDR certificates, issued as compensation to landowners for public development, provide additional building rights that can be sold to developers. This acquisition highlights Godrej Properties' commitment to the Gurgaon market, which saw a 473% sales increase in FY24, and sets a precedent for future developments in the area.
Ronit Roy, renowned Bollywood actor, has made headlines with his recent acquisition of a luxurious 4,259-square-foot apartment in Mumbai's prestigious Versova area for INR 18.94 crore (USD 2.3 million). Located on the 20th floor of an upcoming high-rise, the apartment offers stunning views of Mumbai's coastline and includes four parking spaces. The transaction, marked by a significant stamp duty payment of INR 1.13 crore, underscores Mumbai's robust real estate market, which has seen continuous growth amid rising mortgage rates and sustained economic stability. Roy joins a cohort of Bollywood celebrities investing in Mumbai's prime properties, reflecting both a penchant for luxury living and savvy financial foresight.
VP Nandakumar, CEO of Manappuram Finance Ltd, has made a notable entry into Mumbai's luxury real estate market with the purchase of a sea-facing apartment on Carter Road for INR 41.25 crore. The 4,500 square foot property will serve as a residence for his son, marking the family's first investment in Mumbai's high-end real estate. Facilitated by NoBroker, a proptech company specializing in luxury properties, this transaction underscores the increasing role of technology in the market. It also highlights Mumbai's appeal to diverse buyers, including entrepreneurs and business leaders, beyond the usual Bollywood celebrities.
? A residential flat spanning 1,415 square feet sold in Hiranandani Estate - Springhill in Thane's Kavesar for INR 2.55 crores
? A residential flat spanning 957 square feet sold in Lodha Amara Tower 46 in Thane's Balkum for INR 1.57 crores
The carpet area of a flat refers to the actual useable space within a property. It represents the area on which one can place a carpet. The Real Estate (Regulation and Development Act, 2016) describes carpet area as the net useable floor area of an apartment, excluding the area covered by external walls, areas under service shafts, exclusive balcony or verandah area and open terrace area, but includes the area covered by the internal partition walls of the apartment.
Ashiana Housing, renowned for senior living projects, is set to expand its portfolio, developing 2.5 to 3 million square feet across India in the financial year 2024-25. The expansion includes new ventures in existing markets like Chennai, Pune, Gurugram, Jaipur, Jodhpur, Jamshedpur, and Bhiwadi, and entering new ones like Bengaluru and Panvel. The company is introducing kid-centric housing in Jaipur and Gurugram, with units priced around INR 75 lakh to INR 3.5 crore. Additionally, a new senior living project, Ashiana Swarang, will launch in Chennai, offering 450 units priced between INR 75 lakh and INR 1.8 crore. Ashiana Housing aims to achieve INR 2,000 crore in sales for the fiscal year 2023-24.
Good news for nearly 500 homebuyers of the 3C Lotus City project in Noida: construction can finally begin after years of delays due to a legal dispute. The Yamuna Expressway Industrial Development Authority (YEIDA) and the new developer, ACE Infracity Developers Private Limited, have resolved a long-standing case pending before the National Company Law Appellate Tribunal (NCLAT). The project, launched in 2012 on 100 acres, faced delays due to farmers' demands for increased compensation. With a revised plan reducing ACE's land dues from INR 506 crore to INR 299 crore and addressing farmers' compensation, construction is set to resume, bringing relief to homebuyers.
Keystone Realtors Limited (Rustomjee Group) has acquired an 88-acre land parcel in Kasara, Thane for INR 91 crores, marking its entry into plotted development. This move caters to the rising demand for second homes away from urban areas. The project will feature approximately 500 plots across 1.5 million square feet, offering luxury living in a scenic mountain setting. Planned to launch in Q2FY25, the project aligns with Rustomjee’s strategy to diversify its portfolio and improve profitability. Chairman Boman Irani emphasised the company’s focus on innovation, quality, and meeting customer needs, aiming to set new industry standards in real estate.
The Vadodara Municipal Corporation (VMC) faces scrutiny over its Basic Services to the Urban Poor (BSUP) housing schemes due to significant structural issues. The Kishanwadi housing project, consisting of 94 blocks and 3,008 houses, has 24 blocks declared dilapidated, affecting 896 homes. Built between 2010 and 2012, these houses showed defects from the first monsoon season, including leaks and falling plaster. VMC claims poor maintenance by residents, while residents blame substandard construction. Safety concerns heightened after a ceiling collapse in Jambuva resulted in a fatality.
The Yamuna Expressway Industrial Development Authority dropped its appeal before the National Company Law Appellate Tribunal against an order that allowed Ace Infracity’s bid for Three C Homes. This step resulted from developers’ approval to compensate farmers. In January 2021, the YEIDA had canceled the land allotment that was challenged by Three C Homes before NCLT. In January 2023, the court restored land allotment and approved the resolution plan proposed by developers in June 2023. During the bid approval, the court noted that the developers had been approved by the Committee of Creditors, a decision that YEIDA challenged.
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The Haryana Real Estate Regulatory Authority (HRERA) has imposed a INR 5 crore penalty on Vatika Ltd for failing to register its Vatika India Next project within the mandated time frame under the Real Estate (Regulation and Development) Act 2016. Despite obtaining a licence in 2013, the developer did not register the project within three months of the Act's notification in 2017. HRERA's chairman, Arun Kumar, emphasised the importance of timely registration for ongoing projects, clarifying that registration is compulsory for projects without completion certificates before 2016. Vatika Group has acknowledged the penalty and committed to compliance with regulatory decisions, citing challenges with project details due to road development issues.
The Supreme Court recently stayed a Gujarat High Court order to reclaim 108 hectares of grazing land allotted to the Adani Ports near Mundra port in 2005. The stay came after the Adani Ports appealed, arguing the High Court’s decision violated natural justice by not hearing their counsel. The High Court's order followed a PIL by Navinal villagers, who claimed the land was a vital community resource. The state had promised additional grazing land, but it did not materialise, prompting legal challenges. Adani Ports contended that substantial investments and compensation were already made, and reversing the order would cause irreparable harm.
Under Chief Minister Vishnu Deo Sai, the Chhattisgarh State Government plans to provide houses to over 47,000 homeless families identified in last year's socio-economic survey. Conducted from April 1 to 30, the survey covered 59.79 lakh families and revealed 47,090 homeless ones. These families, missing from the 2011 SECC's permanent wait list, will receive housing under the Mukhyamantri Awas Yojana (Rural). Registration for the scheme is extended to March 31, 2027. Additionally, the cabinet mandated all state departments to procure through the Centre's GeM portal, ending purchases via the Chhattisgarh State Industrial Development Corporation to curb corruption. These actions demonstrate the government's commitment to addressing homelessness and enhancing procurement transparency.
India's real estate market saw a significant shift in investment focus during Q1 FY25, with warehousing attracting USD 1.5 billion, marking a 14% YoY growth. A major deal between Reliance Retail, ADIA, and KKR drove this rise, accounting for 71% of all PE deals. This contrasts with Q1 FY24, where office spaces dominated with USD 1.4 billion in investments. Multiple cities, including Hyderabad, Bengaluru, Pune, and MMR, saw investor activity totaling USD 436 million. The trend highlights the growing importance of logistics and e-commerce, reflecting an evolving market dynamic in Indian real estate.
Sanofi's Indian subsidiary is selling its 150,000 sq ft Powai headquarters, acquired in 2013 and occupied in 2015, for around INR 250 crore as part of its asset monetisation strategy. The company has leased a new office in Vikhroli for Sanofi Consumer Healthcare, recently demerged to operate independently. This move supports future growth and operational needs. Managing Director Rodolfo Hrosz emphasised Sanofi's commitment to India, highlighting plans to launch one or two new products annually. The Indian office market is booming, with a record 33.5 million sq ft leased in the first half of the year, reflecting strong demand and economic resilience.
TA Associates led the acquisition of a significant minority stake in Vastu Housing Finance Corp, along with existing investors like the International Finance Corporation. The stake, purchased for approximately INR 23,340 crore (USD 400 million), values Vastu at INR 10,000 crore, with an additional USD 75 million in primary capital infusion. Founded in 2015, Vastu, backed by Multiples Alternate Asset Management and others, operates over 230 branches across 13 states. The partnership aims to accelerate Vastu's growth in affordable housing, small business loans, and vehicle finance, reinforcing its market position and expansion plans in India.
At GMDA’s board meeting, the board is scheduled to discuss projects including flyovers, Southern Peripheral Road (SPR) redevelopment, water treatment capacity expansion, electric buses, and 10,000 CCTV cameras. The board will present an INR 2,887 crore budget for FY 2024–25 and seek approval for INR 3,500 crore in projects from Chief Minister Nayab Singh Saini. Key proposals include the INR 634 crore redevelopment of Tau Devi Lal Stadium and the signal-free elevated corridor for SPR. GMDA also plans to procure 200 electric buses under the PM e-Sewa scheme and invest INR 1,400 crore to upgrade the city’s water supply and drainage infrastructure.
Travellers seeking luxury in Goa will soon have a new option. The Indian Hotels Company Limited (IHCL), known for its Taj Hotels, is partnering with Bharat Realty Venture to build a 170-key Taj property on 17 acres of beachfront land in Anjuna, North Goa. This will be IHCL's sixth Taj Hotel in Goa, offering spacious accommodations with breathtaking views of the Arabian Sea. The resort will feature diverse culinary options, a J Wellness Circle spa, and North Goa's largest dining area with outdoor grounds, ideal for social gatherings and weddings. This addition marks a significant milestone for Goa's vibrant hospitality scene.
Bengaluru Airport City Limited (BACL) is set to transform the area around Kempegowda International Airport (KIA) into a sprawling 45 million square feet commercial and hospitality hub by 2038. This development will prioritise commercial office spaces, with nearly 2 million square feet dedicated to Global Capability Centres (GCCs) by 2026, attracting major corporations and multinational companies. The transit-oriented design, featuring two metro stations within the city, promises a 20% premium in rental rates. Additionally, a 2.5-kilometre underground tunnel is planned to improve connectivity, linking the eastern and western parts of the city and enhancing access from the Whitefield IT corridor. This project aligns with Bengaluru's broader trend of office space expansion, with the city's stock expected to reach 330-340 million square feet by 2030, driven by strong IT and BFSI sectors.
New data from the 2022 census reveals a surprising statistic: Germany has approximately 1.9 million vacant apartments, accounting for 4.3% of all housing units. Despite widespread housing challenges, over half of these units have been vacant for more than a year, suggesting maintenance issues. Major cities like Hamburg and Berlin show higher vacancy rates, reflecting faster turnover. Owners' intentions vary, with 24% planning renovations and 7% considering selling. Addressing this paradox will require strategies to encourage renovations, streamline construction, and balance housing supply to meet growing demand effectively.
Riyadh, Saudi Arabia's capital, has been ranked among the top 15 fastest-growing cities globally by Savills, a leading real estate advisor. This rapid ascent is driven by the kingdom's Vision 2030 plan, which aims to diversify the economy and reduce dependence on oil. With 67% of its 36 million population under the age of 35, Riyadh boasts a young workforce that bolsters economic potential. Foreign investment in Riyadh surged, with a net inflow exceeding USD 2.5 billion in Q1 2024, and over 180 foreign companies established regional headquarters in the city in 2023. Riyadh's strategic location and focus on economic diversification position it for continued growth and investment opportunities.
In Riyadh, Saudi Arabia, the iconic Red Palace is set to become the world's first ultra-luxury hotel within a former royal residence. Spanning 365,000 square feet, this historic edifice will offer guests a royal experience, complete with artifacts from King Saud's reign and spa treatments featuring traditional ingredients. Boutique Group, the project's developer, aims to blend historical charm with modern luxury. Partnering with Sommet Education, they are training a local workforce to support Saudi Arabia's $800 billion tourism goal. With its prime location and cultural significance, the Red Palace promises an unparalleled stay when it opens in 2025.
New Zealand's government plans regulatory changes to increase home construction, set housing growth targets, enable urban expansion, and promote development around transport routes. Despite a drop from 2021 peak prices, housing affordability remains low, making it a key political issue. Housing Minister Chris Bishop attributes high costs to restrictive regulations. The new measures will support mixed-use developments and abolish apartment size restrictions. The opposition Labour Party supports increasing housing but raises concerns about building standards and agricultural land loss. The government aims to balance housing supply growth with quality and environmental sustainability to improve affordability and boost the economy.
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