Daily Real Estate Newspaper
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Ahmedabad’s Sardar Vallabhbhai Patel International Airport, which serves over 35,000 passengers daily, is set to gain direct connectivity to the city’s metro network. Gujarat Metro Rail Corporation (GMRC) has submitted a proposal for a new six-kilometre metro route, estimated at INR 1,800 crore, to the Union Ministry of Housing and Urban Affairs. This Phase-2B extension will include four stations, with the airport station designed underground to preserve its skyline. The new route will branch from Motera, near the Narendra Modi Stadium, and pass through Koteshwar and Koba. Approval for this expansion is currently pending.
The Andhra Pradesh government has initiated development plans for Amaravati, designating the Capital Region Development Authority (CRDA) as the lead agency. With funding from the World Bank and Asian Development Bank (ADB), each contributing USD 800 million, a total of USD 1.6 billion will be used for infrastructure projects. The government has set priorities for constructing trunk roads, utility systems, stormwater drainage, and flood mitigation. The CRDA commissioner has been tasked with securing additional funding, strengthening institutional capacity, and ensuring timely execution of projects, which will make Amaravati a sustainable, green, and economically vibrant capital.
The Bruhat Bengaluru Mahanagara Palike (BBMP) is addressing challenges related to the e-khata system by involving Resident Welfare Associations (RWAs) to assist residents in understanding the process of obtaining property documents online. Training programmes for RWA representatives will begin soon, empowering them to help others in the community. BBMP has already set up help desks and activated Bangalore One centers to support the final generation of e-khatas. Despite uploading 22 lakh draft e-khatas, the response has been underwhelming, with various technical and procedural challenges hindering progress. Residents have welcomed the move, but some argue that the training should have been part of the initial launch.
? A residential flat spanning 851 square feet sold in Royal Height - Building B in Thane's Kopri for INR 1.44 crores
? A residential flat spanning 873 square feet sold in Lodha Premier Fiora K in Thane's Umbharli for INR 94.75 lakhs
An asset that cannot move from one place to the other; is considered to be an immovable property. In India, real estate is considered to be an immovable property.
Brigade Enterprises has reported a 2.29% increase in net consolidated profit for Q2 FY25, with a profit after tax of INR 115.08 crore. However, its total income for the quarter dropped by 19.16% to INR 1,138.13 crore. The company has several upcoming projects, including 13 million square feet of development planned across cities like Bengaluru, Chennai, Hyderabad, and Mysuru. Brigade's pre-sales volume reached approximately 1.68 million square feet, with an increase in average sales realization. Additionally, its subsidiary, Brigade Hotel Ventures, is preparing for an IPO.
Arkade Developers reported a 9.38% decline in net consolidated profit for Q2 FY25, with a profit after tax of Rs 43.36 crore, compared to Rs 47.85 crore in the same quarter last year. The company’s net income also fell by 3.66%, amounting to Rs 203.33 crore. Despite this, Chairman & Managing Director Amit Mangilal Jain outlined strategic launches and the company’s expansion into eastern Mumbai suburbs to maintain growth. The board approved the appointment of Sumesh Mishra as an additional director, while pre-sales and collections stood at Rs 215 crore and Rs 180 crore, respectively.
Residents of Chander Kunj Army Towers in Vyttila have filed a writ petition seeking a Central Bureau of Investigation (CBI) probe into alleged irregularities in the construction of the twin towers. Following structural defects and multiple inspections deeming the towers unsafe, the Indian Institute of Science (IISc) recommended their demolition. Petitioners, including retired Army officers Major Prince Jose and Captain Erinjeri Paul, claim corruption and malpractices led to the buildings’ flaws. Despite multiple FIRs and court interventions, little progress has been made. Residents are urging swift action to prosecute those responsible and resolve the ongoing uncertainty about evacuation and compensation.
The Haryana government, under Chief Minister Nayab Singh Saini, is finalizing a scheme to provide 100 square yard plots to low-income individuals in rural areas, helping them build homes. Through the Mukhyamantri Gramin Awas Yojna, two lakh beneficiaries will soon receive plots, with 500,000 applications already submitted. Essential amenities like roads, electricity, water, and parks will accompany the plots. Financial aid for construction will be available via the Pradhan Mantri Awas Yojana (Rural). Additionally, 6,618 flats for Economically Weaker Sections (EWS) will be allocated in the first phase of a related urban housing initiative. This scheme aims to uplift rural families by ensuring safe, dignified housing and improved living standards.
The Insolvency and Bankruptcy Board of India (IBBI) proposed a set of reforms aimed at improving the insolvency resolution process for real estate companies. Key proposals include the inclusion of land authorities in the Committee of Creditors (CoC), enhanced transparency through secure online access to CoC meeting minutes, and improvements to the possession handover process for homebuyers. The IBBI also addressed issues such as cancelled land allotments and creditor representation, with the aim of making the insolvency process more efficient, transparent, and inclusive. Stakeholders have been invited to submit feedback on the proposed reforms by the end of November.
The National Green Tribunal (NGT) is reviewing the Uttar Pradesh government’s plan to cut 33,776 trees for the Kanwar route project from Muradnagar to Purkaji. Initially approved for 112,722 trees, the revised figure followed an investigation by a joint committee formed in August. An interim report revealed that 17,607 trees had already been removed. The NGT has directed the state to confirm compliance with the UP Protection of Trees Act, 1976, and clarify the status of plants and bushes excluded from the count. The Tribunal also demanded an affidavit from the Additional Chief Secretary of Environment to ensure transparency and adherence to legal standards.
The district registrar had instructed registered societies and RWAs in the city to submit their audit returns on time, warning that failure to do so could result in deactivation or cancellation of registration. This was in response to widespread non-compliance with the HRRS Act, 2012, which mandates financial statements, audit reports, and AGM minutes be submitted within six months after the financial year's end. Many societies had failed to meet these requirements, causing internal disputes. The move was welcomed by RWAs, who saw it as a step toward eliminating defunct societies and promoting transparency in governance.
The Rajasthan High Court has directed the state government to respond to a PIL challenging unregulated multi-storey construction in previously inhabited colonies, focusing on a 17,000 sq. m. plot at Old Malviya Nagar in Jaipur. The petitioner, Badal Verma, alleged misuse of government land near Gandhinagar Judges' Residence under the guise of redevelopment, claiming a potential revenue loss of INR 1,400 crore. Plans for six 18-19 floor towers include commercial activities along a prime road valued at INR 73,000 per sq. m. The case highlights concerns over urban redevelopment practices and government accountability, with the court’s intervention signaling heightened scrutiny of high-value land use and public resource management.
Build Nivesh LLP (formerly Labdhi Nivesh LLP) has successfully closed its first real estate Alternative Investment Fund (AIF) with a robust investor response, leveraging 100% of its green-shoe option. This brings the fund's total corpus to INR 40 crore, with an additional INR 40 crore committed for future investments. Now part of BUILD Capital, Build Nivesh is focused on financing real estate projects in the Mumbai Metropolitan Region (MMR) and has strategic plans to partner with Labdhi Lifestyle Limited. This AIF closure empowers the BUILD platform to offer innovative financing solutions to developers in MMR, filling a critical industry need.
The Bombay Stock Exchange (BSE) has approved the Draft Red Herring Prospectus (DRHP) for Nisus Finance Services Co. Limited, paving the way for an initial public offering (IPO). The move will allow Nisus Finance to expand its capital structure, enhance its infrastructure, and further develop financial services hubs in key global markets. With plans to issue a combination of fresh equity and an offer for sale, the IPO aims to bolster Nisus Finance’s footprint in real estate financing and fund management. Key financial players, including Beeline Capital and Skyline Financial, are involved in the IPO's orchestration.
Eldeco Housing & Industries recorded a 29.64% decline in net profit for Q2 FY25, with profits at INR 4.51 crore, while total income rose significantly to INR 36.38 crore, marking a 95% increase year-on-year. Chairman Pankaj Bajaj attributed the profit drop to the revenue mix of current projects, though the company continues its expansion, recently acquiring an additional 3.84 acres for a new township. With 65 acres aggregated, Eldeco expects the upcoming project to generate over INR 600 crore in revenue, targeting a launch early next year.
Uttar Pradesh has introduced a draft policy to streamline land allocation for group housing projects across three industrial development authorities. The policy aims to prevent defaulters and companies linked to defaulting promoters from participating in bids. The move seeks to recover approximately INR 40,000 crore in dues. It outlines eligibility, lease terms, and financial criteria to ensure only viable developers qualify. Notably, applicants must have a net worth of at least INR 30 crore for plots up to 1 lakh sqm, increasing for larger plots. The draft also proposes measures for transparent bidding, land transfer policies, and handling delays.
Nexus Select Trust reported a 56.16% decline in net-profit for Q2-FY25, with profit-after-tax at INR 1,102.36 million compared to INR 2,514.62 million in the same quarter last year. Net-operating-income reached INR 3,713 million, a 5% year-on-year increase, while total-income rose 3.48% to INR 5,762.79 million. Distributions of INR 3,040.61 million (INR 2.007/ unit) were declared. CEO Dalip Sehgal highlighted resilient-performance, with 18% consumption-growth in October-2024 and expected acquisitions of 1.3 million sq ft in H2-FY25. Debt-cost decreased by 10 bps, with NAV at INR 147.04 per-unit.
GIC Housing Finance reported substantial profit growth for Q2 FY25, with net profit reaching INR 36.52 crore, up 20.97% from INR 30.19 crore in the same period last year, reflecting strong operational performance. Despite this, total income declined slightly to INR 265.70 crore, down 1.66% from INR 270.19 crore due to sectoral and market changes. The company's net worth stands at INR 1,880.55 crore, with a debt-equity ratio of 4.60 and debt comprising 81.47% of assets, typical for housing finance. With a 13.74% net profit margin, GIC Housing Finance demonstrates resilience and efficiency, showcasing its potential for continued growth in a competitive market.
Reliance Retail has temporarily closed several Centro department stores as part of a repositioning strategy to focus on its in-house brands and labels. Originally converted from Future Group's Central outlets, Centro stores are undergoing a remodelling process. Brands have been asked to retrieve inventory as Reliance explores a shop-in-shop model featuring its own and partnered brands, including Gap and Superdry. The closures come amid a slowdown in retail expansion and a 3.5% decline in quarterly revenue, attributed to weak demand in fashion and lifestyle. Despite challenges, Reliance remains focused on technology-driven efficiencies to strengthen its market leadership
Prime Minister Narendra Modi will unveil development projects worth over INR 6,640 crore on the birth anniversary of tribal freedom fighter Birsa Munda, marking Janjatiya Gaurav Diwas in Jamui, Bihar. The initiatives, including housing, healthcare, education, and infrastructure, aim to uplift tribal communities. Highlights include 10 Eklavya Model Residential Schools, 23 mobile medical units, 300 Van Dhan Vikas Kendras, and housing for over 116,000 families under tribal-focused schemes. Modi will also inaugurate museums and research institutes dedicated to tribal heritage. These efforts emphasise the government’s commitment to sustainable and inclusive growth, integrating tribal communities into India’s development framework.
Gujarat International Finance Tec-City (GIFT City) has launched the GIFT International Fintech Institute (GIFT IFI) and the GIFT International Fintech Innovation Hub (GIFT IFIH), supported by the Asian Development Bank. These initiatives aim to position GIFT City as a global leader in fintech education, innovation, and startups. The GIFT IFI will provide industry-aligned training, while the GIFT IFIH will support fintech startups with resources and mentorship. The programmes, led by Ahmedabad University, IIT Gandhinagar, and UC San Diego, will commence in January 2025, fostering talent and accelerating fintech solutions to reshape the financial landscape.
The recent rental of a luxury villa in Dubai’s Umm Al Sheif area for AED8.5 million over two years highlights the city’s rising demand for premium, ready-to-move properties. This 24,000 sq ft residence, managed by f?m Living and f?m Lux for ultra-high-net-worth clients, sets a new record in the exclusive western Dubai community. With the UAE expected to welcome 6,700 additional millionaires by 2024, the ultra-luxury villa market faces limited supply. According to DXB Interact, sales of properties over AED10 million grew significantly in 2023, with luxury property resale transactions surging over 25%, reflecting Dubai’s strong appeal among affluent buyers.
In October, home sales in Toronto's Greater Toronto Area (GTA) surged by 14%, marking the biggest monthly rise since December last year, as per the Toronto Regional Real Estate Board. October saw 6,390 homes sold, up from 5,707 in September, with average home prices increasing by 1.5% to CAD 1.13 million. New listings dropped by 6.8% after a previous rise, attributed to high interest rates which had deterred buyers. With the Bank of Canada's recent rate cuts expected to drive market activity, GTA sales were up 44.4% year-on-year, suggesting a return of buyer confidence in the market.
Texas faces a worsening housing shortage, with a 2022 deficit of 320,000 homes, up from 306,000 in 2021, despite high construction rates. Rising housing costs have impacted affordability, with median home prices increasing nearly 40% from 2019 to 2023. Houston exemplifies the state’s challenges, with demand outpacing supply despite 66,000 new units built in 2022. Nationwide, every state has housing underproduction, and Texas’ shortage threatens economic growth. Up For Growth’s report calls for targeted policies to boost affordable housing through incentives, zoning reform, and infrastructure investments to ensure Texas remains viable for residents and economic expansion.
Saudi Arabia faces a major housing shortage with research showing over 115,000 new homes needed annually until 2030 to meet demand. This is driven by the government's 70% homeownership target and high youth population seeking their own homes. Knight Frank estimates 825,000 units will be required 2024-2030. To address this, Saudi Arabia launched a comprehensive housing program in 2018, including the Sakani initiative which has facilitated over 800,000 contracts. Mortgage finance has also surged five-fold. Supply-side measures include streamlining approvals and the National Housing Company's community plans for 300,000 units by 2025. In total, over 1.04 million new homes are planned or under construction by 2030.
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