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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DB Realty, now Valor Estate Limited, struck a significant land lease deal with the BMC, providing 186.52 acres near Mira Road Railway Station for the coastal road project. The BMC will pay an annual rent of INR 248 crore for three years, extendable up to five. Beyond supporting the project, the land holds vast development potential of over 50 million sq. ft. Its strategic location near the railway station and the upcoming coastal road makes it prime for future integrated township development, potentially reshaping Mira Road's real estate landscape. This win-win agreement sets the stage for transformative urban development in Mumbai's outskirts.
? A residential flat spanning 750 square feet sold in Lodha Bellissimo Mulund Project Tower 1 in Mulund East for INR 1.91 crores
? A residential flat spanning 270 square feet sold in Lokhandwala Laxmi Niwas CHS in Byculla for INR 38 lakhs
An Occupancy Certificate (OC) is a document that certifies that a building has been constructed and developed as per the approved plans and complies with all the necessary safety norms and regulations. The certificate is issued by the local municipal authority after construction is completed, and serves as proof that the building is ready for occupancy. It is illegal to occupy a flat in a building which has not received an Occupancy Certificate.
Ajmera Realty & Infra India Ltd recently secured credit facilities of INR 500 crore from Standard Chartered Bank and ICICI Bank, earmarked for their Ajmera Manhattan project in Mumbai's Wadala area. A notable portion of INR 200 crore will be used to partially prepay a loan from HDFC Bank. The deal, achieved on favourable terms due to Ajmera Manhattan's strong performance, underscores the company's financial reliability and commitment to a 5x growth vision. With a focus on reducing corporate debt by 90 percent within three years, the company aims to leverage internal accruals for this purpose. Ajmera Manhattan's high booking reflects the robust demand along the Sewri-Wadala belt, boosted by infrastructure developments like the Mumbai Trans-Harbour Link.
The Sri Kurumba Educational and Charitable Trust, founded by PNC Menon and Sobha Menon, is making substantial contributions to philanthropy through its Sobha Community Home Project, "Griha Sobha 2024." This initiative aims to provide free housing to 220 women-led underprivileged families in Palakkad district, addressing the widespread issue of inadequate housing in India. The recent inauguration event marked a significant milestone, with the handover of keys for the first set of 100 homes, and the foundation stone laid for an additional 120 homes as part of the commitment to offer a total of 1000 homes to women from resource-limited families.
According to Odisha Real Estate Regulatory Authority (ORERA), promoters seeking registration for real estate projects must now furnish a comprehensive self-declaration. This declaration necessitates the inclusion of detailed information regarding their past and ongoing housing ventures, among other projects. ORERA's directive underscores the importance of transparency in the real estate sector, aiming to enhance accountability and protect consumer interests. The move aligns with broader efforts to regulate the industry and ensure fair practices, marking a significant step towards promoting trust and confidence among stakeholders
In a recent operation, Mumbai police arrested 12 individuals and charged 53 others for unlawfully trading homes designated for those affected by the city's airport expansion project. The crackdown followed reports of illegal activities during a housing distribution event in Andheri, where over 400 people had gathered. Authorities uncovered fake documents and apprehended individuals involved in the unlawful sale of flats. The incident sheds light on challenges in properly distributing housing for displaced residents, highlighting the need for stringent enforcement measures.
Dadar, a vibrant locality in Mumbai, witnessed a bustling real estate market in January, with 26 apartments sold across 17 buildings. Resale transactions dominated, comprising over half of the sales, while developer sales accounted for nearly one-third. Ruparel Luminare and Bombay Realty Island City Center (ICC) led sales, each closing three deals. The most expensive apartment, sold in ICC, fetched INR 8.35 crores, while the most affordable option was in Mohan Naik CHS at INR 32.5 lakhs. Apartments ranged from 160 to 2,072 square feet, with rates per square foot varying from INR 12,000 to INR 52,200. Approximately 46% of flats sold were in the 1-500 square feet range, with significant sales in other size categories. One-third of sales were below INR 1 crore, 42% fell between INR 1 crore and INR 5 crore, and 23% were in the 5 crores to 10 crores range.
Zolo Stays, India's leading co-living space, has introduced 'Zolo Diya,' a female-only co-living property in Bengaluru, coinciding with International Women's Day this year. Supported by prominent investors, the initiative aims to empower women through safe, inclusive living spaces. With half of the property already occupied, Zolo Diya prioritizes safety, comfort, and community for its residents. Featuring meticulously crafted amenities and dedicated female staff, it offers a nurturing environment for women to thrive. The official launch event included empowering speeches from female leaders, emphasizing the transformative impact of Zolo Diya on communal living for women.
The Andhra Pradesh government plans to withdraw the 2016 land acquisition notification for 4,300 acres in Amaravati due to litigation issues. The move, promised by the YSRCP before the last elections, aims to address farmer opposition and fulfil campaign pledges. CRDA and Guntur district administrations are tasked with completing the withdrawal process before election notifications. However, this decision sparks controversy as it affects the Amaravati master plan and recent high court rulings. Despite initial notifications, only 180 acres were acquired by 2019, with most farmers obtaining stay orders against acquisition.
The Bombay High Court has directed the Department of Dairy Development to promptly repair and reconstruct internal roads in the Aarey Milk Colony area, covering approximately 37 kilometres within the eco-sensitive zone of Sanjay Gandhi National Park. Urged by petitions from residents and NGOs, the court emphasized balancing infrastructure needs with wildlife preservation. A court-appointed committee recommended urgent repairs, focusing on a critical 1.5-kilometer stretch. The BMC was instructed to provide updates on previously handed-over road segments. The court stressed compliance with environmental regulations and allocated funds, urging swift action and streamlined procurement processes. This collaborative effort underscores a commitment to sustainable development in Aarey Milk Colony.
The Nagpur Municipal Corporation (NMC) has completed trials for its first construction and demolition (C&D) waste recycling plant at Bhandewadi dumping yard, set to process 150 metric tonnes daily. Operated by Hyderabad C&D Waste Pvt Ltd, the plant will produce five bio-products from C&D waste. It aims to cater to government agencies, individuals, and private organisations. The NMC has approached various government departments for using the by-products in development projects. The plant, operational for 20 years, will charge INR 414 per metric tonne, with fines for illegal dumping. Its inception aligns with NMC's policy to curb pollution and promote resource reuse, benefiting both public and private sectors.
Abu Dhabi Investment Authority's (ADIA) subsidiary has invested in Cheyne Capital's ninth round of fundraising for its European real estate debt fund, called Cheyne Real Estate Credit Holdings. The size of ADIA's latest investment was undisclosed but this brings its total commitment in the fund to 650 million pounds. Cheyne Capital focuses on lending against commercial real estate in Europe through senior loans, subordinated debt, and commercial mortgage backed securities (CMBS). Rising interest rates are negatively impacting property values and loan renewals, attracting Gulf sovereign investors to higher return private credit deals. ADIA and other Gulf funds are increasing allocations to private credit as an alternative asset class.
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Could I know more about it? Best... KS Goud (Director and Coach) Hyderabad More about the project video: https://www.youtube.com/watch?v=QEfeO76Q7Ss