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 Orange Line's Phase II extension, from Ruby to Sector V, has faced delays, with the revised deadline now set for March 2025. RVNL, the implementing agency, acknowledged that an 800m viaduct gap at Chingrighata and a 125m gap at Metropolitan have hindered progress. Despite these setbacks, the project has overcome significant land hurdles and received safety approval for the Ruby-Metropolitan section. The 29km line is expected to eventually connect New Garia to the city airport, but several gaps in the viaduct, caused by land issues, have prolonged the construction process.
Nagpur has inaugurated Asia's first four-tier flyover, featuring a Metro line, vehicular flyover, railway line, and road stacked in layers near Gaddigodam Gurudwara on the National Highway. Built jointly by MahaMetro and NHAI, the 5.6-kilometre Kamptee Road flyover links LIC Square and Automotive Square, costing INR 573 crore. Completed despite challenges, it reduces travel time between Kamptee and Nagpur Airport to 20 minutes. The project highlights Nagpur's pioneering infrastructure, which enhances urban connectivity and reduces congestion. This innovative design serves as a model for multi-tiered transit solutions, influencing future urban projects across India.
Yatin Shah, co-founder of 360 ONE, has purchased a sea-view penthouse in Mumbai’s upscale Worli area for over INR 158.51 crore. The luxury duplex, spanning 10,312 sq ft across two top floors, was bought from Prime Realty LLP. The deal, valued at nearly INR 1.54 lakh per sq ft, includes significant stamp duty charges. Mumbai’s prime property market continues to perform well, driven by high demand across various segments. This sale adds to the city’s record-setting property deals, attracting wealthy individuals from diverse industries.
The Bruhat Bengaluru Mahanagara Palike (BBMP) has announced a significant policy change, halting the issuance of A and B khata certificates for sites in layouts lacking official approval from planning authorities. This move targets unauthorised developments, many on Bengaluru's outskirts, that lack essential infrastructure. The policy aims to enforce stricter urban planning regulations, ensuring that only layouts with approved infrastructure qualify for certification. Experts believe this will encourage adherence to planning protocols and potentially boost property values in authorised layouts. This policy shift is a step towards sustainable urban development, fostering organised growth and improving the quality of life for residents.
? A residential flat spanning 1,290 square feet sold in Avanti Building in Mumbai's Marine Lines for INR 6.93 crores
? A residential flat spanning 1,761 square feet sold in Indiabulls Sky Forest - A3 in Mumbai's Parel for INR 6.51 crores
Multi-Modal Logistics Park (MMLP) refers to a freight-handling facility encompassing a minimum area of 100 acres (40.5 hectares), with various modes of transport access. It comprises mechanized warehouses, specialized storage solutions such as cold storage, facilities for mechanized material handling and inter-modal transfer container terminals, and bulk and break-bulk cargo terminals. It is a type of Logistics Park where various value-added services are rendered in addition to rail/road-based transportation. The purpose of MMLP is to reduce coordination among different parties during transfer of cargo from one mode to another.
Puravankara reported a consolidated net loss of INR 17.06 crore for the latest quarter, exceeding the loss from the same period last year. However, the company recorded substantial revenue growth of 36.2%, reaching INR 519.68 crore, and achieved a 67% rise in project revenues for the first half of FY25. Key growth indicators included a 14% increase in sustenance sales, higher pricing for Purva and Provident brands, and significant land investments. The company remains focused on launching new projects with a GDV potential of INR 13,625 crore in the coming quarters.
After a 14-year hiatus, the Noida, Greater Noida, and Yamuna Expressway authorities are reviving a unified policy for land allocation across industrial, housing, and commercial sectors. Originally introduced in 2010, the plan aims to standardize eligibility criteria, lease terms, rent structures, and procedures, ensuring consistency and transparency. The initiative, led by Chief Secretary Manoj Kumar Singh, has re-engaged Sarc & Associates, initially contracted in 2010, to draft the policy. The proposal is awaiting board approval from each authority, marking a renewed commitment to creating a clear regulatory framework for businesses and investors in the region.
MahaRERA has decided to halt its proposed grading system for real estate projects in Maharashtra, citing that the Real Estate Regulatory Act, 2016, does not empower it to implement such a system. Designed to help buyers make informed choices, the grading was to evaluate projects on technical, financial, legal, and project overview parameters, updated biannually. The decision follows opposition from developers and concerns about legal complications. In 2023, the Bombay High Court questioned whether MahaRERA could rate developers to aid buyer decisions. Since 2017, MahaRERA has registered 47,400 projects, completed 15,600, and resolved 17,900 complaints.
The Department of Town and Country Planning (DTCP) has begun issuing occupation certificates (OCs) for stilt plus four floor buildings constructed without approved plans after a year and a half delay. A government order in February 2023 had restricted four-storey buildings without proper permissions, leaving over 100 structures incomplete. In response, the Haryana government introduced a regularization policy in July, allowing buildings to secure OCs with an additional fee. Processing faced delays due to a High Court stay, which was lifted last month, allowing DTCP to resume on a priority basis. This progress has brought relief to property owners awaiting compliance and recognition for their investments.
The Telangana Real Estate Regulatory Authority (TGRERA) has directed Bhrigu Infra to refund INR 20 lakh, plus 10.85% interest, to a complainant after the company failed to register a villa plot in the buyer's name despite payment. The project, "Bird of Paradise" in Shamshabad, was marketed with an HMDA approval letter, but Bhrigu Infra cited land disputes for non-delivery. Additionally, TGRERA imposed a penalty and ordered the company to cease all unregistered project sales, signaling a firm stance on regulatory compliance and buyer protection.
The Town and Country Planning (TCP) department has approved 52 applications for a change of zone in Goa, enabling reclassification of 140,000 sqm for settlement and commercial use. Key applicants include developers like Magnitude Homes and Prestige Acres, but most are small landowners with plots under 512 sqm. A 30-day period for public objections is now open. Areas like Sarvona-Bicholim and Arambol-Pernem are set for reclassification, contributing to infrastructure growth. Following TCP's scrutiny, these changes await further recommendations from the Goa Town and Country Planning Board. This move, under Section 39A, is intended to amend planning areas for settlement and warehousing purposes, supporting Goa’s development plans.
The Ghaziabad Development Authority (GDA) raised INR 58 crore in a single day through an auction of residential and commercial properties. Major contributions came from the Karpuripuram and Indirapuram housing schemes, with revenue earmarked for the development of Harnandipuram township. The success of the auction reflects growing investor interest in Ghaziabad, driven by improving infrastructure and connectivity. GDA's revenue projections for the Indirapuram Extension scheme are over INR 285 crore. The increased property sales signal a positive trend in Ghaziabad’s real estate market, with ongoing urban development initiatives expected to sustain demand.
The Asia-Pacific office market will grow significantly by 2025, as Colliers reports a 10.7% year-over-year demand increase in Q3 2024. Strong leasing in India, New Zealand, and Singapore, where growth exceeded 30%, drove demand for Grade A office space to reach 2.2 million square metres. India led the region, accounting for 70% of demand, with Bengaluru and Hyderabad capturing over half of the Grade A absorption. Meanwhile, competitive rents and diverse occupier interest further strengthened India’s position. Asia-Pacific markets anticipate supply growth, yet experts expect rental rates to remain steady as supply and demand reach equilibrium.
Indore has implemented a second increase in property guidelines this financial year, impacting 469 existing locations and 111 new colonies. Notable hikes include a 600% rise in Mhow and up to 250% at other sites. The revisions are expected to boost government revenue, with the target for the current fiscal year set at INR 3,150 crore. While higher property values could stimulate real estate activity, concerns about affordability are rising, particularly for first-time homebuyers. The trend highlights Indore’s growing importance due to improved infrastructure and urban development, signalling both opportunities and challenges for the local real estate market.
According to CareEdge Ratings, India's listed real estate companies are expected to see strong growth in FY25, with pre-bookings forecast to exceed INR 1,30,000 crore and collections surpassing INR 80,000 crore, reflecting a 15-20% increase from FY24. Stable credit profiles, asset-light growth, and a low debt-to-collection ratio signal healthy financials for major players. Housing demand is projected to grow 10-15%, driven by a preference for premium units and rising property prices. Established developers benefit from early-stage bookings, while smaller developers face challenges securing initial funding. This trend underscores strong performance among major developers and ongoing market expansion.
Chalet Hotels is expanding its portfolio with new acquisitions in Bengaluru, Goa, and Rajasthan, as part of its strategy to diversify and capture leisure market opportunities. Currently owning 10 hotels across six cities, the company plans to add over 1,000 rooms in new and existing properties. With sustained demand and projected growth in revenue per available room, Chalet remains committed to high returns. Recently, Chalet reported a 20 per cent rise in revenue but a quarterly net loss due to reversed tax benefits. The company remains financially strong, with internal accruals supporting growth and reduced debt levels.
Oberoi Hotels & Resorts is set to enter the UK market with a luxury property in London’s Mayfair as part of Grosvenor’s expansive South Molton development. With construction underway and full completion expected by 2027, this mixed-use development will feature the hotel alongside office, residential, and retail spaces. This project, marking a significant international step for Oberoi, aligns with the brand’s ongoing expansion beyond its existing portfolio in India, Morocco, Egypt, Saudi Arabia, Indonesia, and Mauritius.
In a strategic move to strengthen its presence in the industrial and logistics (I&L) sector, Macrotech Developers Ltd., has acquired Bain Capital’s stake in three digital infrastructure entities under the Lodha Industrial and Logistics Park (LILP) brand for INR 307 crore. This acquisition aims to fuel Lodha’s annuity income growth and bolster its digital infrastructure capabilities. The acquisition builds on a previous purchase from Ivanhoe Warehousing India Inc., marking a significant step in Lodha's digital infrastructure strategy.
The Greater Visakhapatnam Municipal Corporation (GVMC) is launching a pilot project using drones to monitor building plan compliance and detect unauthorised constructions. This initiative, which will begin in Zone II (Madhurawada, Kommadi), aims to streamline the identification of structural violations and could potentially increase GVMC’s revenue by INR 100 crore through better property reassessment and taxation. Drones will replace traditional methods, offering precise geo-referenced data and real-time aerial footage to identify violations. The project also introduces a Vacant Land Tax (VLT) scheme to encourage landowners to utilise vacant plots, further boosting municipal revenue.
Europe is facing a severe housing crisis, with nearly a quarter of citizens considering emigration for more affordable living. Ireland is one of the hardest-hit, with 33% of residents planning to move abroad. A survey found 20% of Europeans are struggling to meet housing costs, rising to 37% who are just coping. Ireland's limited housing supply is strained by an influx of tech companies, driving up rents. Rising mortgage costs also squeeze homeowners. Without action to boost housing, Ireland's economic gains risk being offset by a new wave of emigration, as residents seek more affordable lives overseas.
Blackstone is close to finalising a USD 3.4 billion acquisition of Retail Opportunity Investments Corp (ROIC), a leading U.S. shopping centre owner. ROIC, which owns 93 centres mainly leased to supermarkets and drugstores, reported a 13.8% rent increase in the latest quarter, benefiting from strong demand in the retail sector. With U.S. shopping centre vacancies near historic lows, ROIC has become a highly attractive target for buyout firms like Blackstone. If completed, this acquisition will further expand Blackstone’s substantial real estate portfolio in the U.S.
CapitaLand Investment (CLI) has secured a SGD 131 million investment from Japan's Daibiru Corporation, enhancing its CapitaLand India Growth Fund 2 (CIGF2) and raising its funds under management to over SGD 1 billion. Daibiru now holds a 25% stake in the SGD 525 million fund, which targets Grade A business parks in India’s key cities. Mitsubishi Estate Co. holds a 50% stake, while CLI retains a sponsor position as part of its asset-light strategy. The investment also gives Daibiru a 25% stake in International Tech Park Chennai, Radial Road.
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