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 Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has decided to implement three important policy decisions taken by the Maharashtra Real Estate Regulatory Authority (MahaRERA). These include making QR code display, real estate agent certification, and option for deregistration of non-viable projects. MahaRERA's success in benefiting homebuyers through transparent governance prompted other states to emulate its initiatives. UP-RERA's adoption of these policies aims to increase transparency and protect homebuyers, just as MahaRERA has done successfully.
? A residential flat spanning 670 square feet sold in Heritage Saniya City in Vasai East for INR 22.08 lakhs
? A residential flat spanning 723 square feet sold in Balaji Angan in Kharghar for INR 80 lakhs
Reinforced Cement Concrete (RCC) is a composite building material that consists of structural concrete and a reinforcing material such as steel. The tensile strength of steel and the compressive strength of concrete work together to sustain stresses over considerable spans. The reinforcing steel can be in the form of rods, bars, or mesh. The invention of reinforced concrete in the 19th century revolutionized the construction industry, and concrete became one of the world’s most common building materials.
Runwal Group introduces Skydeck residences in Runwal Pinnacle, offering panoramic city views and luxury amenities. With towers among the tallest in Mumbai's eastern suburbs, the project features meticulously designed 1, 2, and 3 BHK apartments. Private decks are available above the 40th floor, redefining high-rise luxury living. Residents enjoy top-notch recreational facilities, including a 2-level clubhouse and a Jain temple. The project's prime location and excellent connectivity make it a desirable address in Mumbai.
The Maharashtra Cabinet has given its approval to a INR 5,000 crore plan to construct housing complexes for around 80,000 workers left without homes after the closure of 58 textile mills in Mumbai in the 1980s. The government will provide INR 3,000 crore as subsidy while the BMC will contribute INR 1,500 crore. Most housing will be built in the Mumbai Metropolitan Region but those wanting homes elsewhere can also apply. The cabinet's decision was crucial to implement the long-pending plan to fulfill the government's promise of free housing for all displaced former mill workers.
Pune Municipal Corporation (PMC) has announced initiatives aimed at addressing the city's housing needs, especially for its transient population. With a focus on affordability, PMC will introduce rental housing projects, starting with Baner. Additionally, plans include affordable housing and slum rehabilitation in Gultekdi. The administration is also revising charges for approval of Gunthewari projects to encourage participation. Notably, PMC targets a significant revenue increase from building permissions, signaling a proactive approach to urban development.
Chennai's office market is booming, with global firms leasing over half of its 87 million sq. ft office space. STEM talent and competitive rates drive its appeal, with E&M sector leaders like American semiconductor firms and European oil companies. BFSI leasing, mainly by American firms, is on the rise. Modern developments and strong public transport facilitate even office distribution, notably in OMR Zones. 2023 saw record leasing of 10 million sq. ft, with 6.4 million sq. ft new supply, 38% green-certified. Top developers like DLF and Xander Group drive large-scale developments exceeding 1 million sq. ft, bolstering Chennai's position in India's office market.
Prime Minister Narendra Modi recently inaugurated the 29-kilometer Dwarka Expressway, focusing on the Gurugram section to ease Delhi-Gurugram traffic. The eight-lane elevated expressway connects Dwarka in Delhi to Gurugram's Kherki Daula toll plaza, promising reduced travel time. Analysts foresee a 10-15% property price surge along the corridor, attracting developers and buyers. Well-connected to key areas, the expressway is anticipated to spur economic growth with over 51,500 units launched between 2013 and Q1 2023. With its potential to alleviate congestion and boost connectivity, the Dwarka Expressway signifies a significant infrastructural leap for Delhi-NCR.
Welspun One, a prominent industrial real estate developer, recently sealed the sale of a substantial warehousing project in Gurugram for INR 900 million (approximately USD 11 million). This transaction underscores the escalating interest of both domestic and global investors in India's logistics sector. The project, spanning a vast 2.9 lakh sq. ft., strategically located near major highways, enjoyed full occupancy leased to a leading third-party logistics (3PL) player, showcasing Welspun One's proficiency. The company's innovative warehousing Alternative Investment Fund (AIF), amassing over INR 900 million, regulated by SEBI, facilitates local investor engagement in the burgeoning warehouse market.
Reliance Brands Limited has bought LensCrafters' India business from DLF Brands, adding to its eyewear portfolio ahead of its IPO. LensCrafters, which is recognized for its prescription eyewear, entered India in 2020 and operates largely in the United States of America. This is Reliance's second relationship with Luxottica-owned eyewear businesses, following the acquisition of Sunglass Hut in 2022. With a focus on increasing its retail services, Reliance hopes to capitalise on India's booming consumer market and improve its position as a retail industry leader, paving the way for further growth and innovation.
The Brihanmumbai Municipal Corporation (BMC) is in the final stages of launching girders to connect the Coastal Road with the Bandra Worli Sea Link (BWSL) as part of the Mumbai Coastal Road Project (MCRP). The girder launching process, utilising barges from Abu Dhabi, faces challenges due to shallow waters and bedrock density at Worli. The design includes 'bow-string' bridges to accommodate the fishing community's navigation needs. Eight girders, each 120 metres long, will bridge the 850-metre gap, with assembly happening onsite. The project's completion timeline remains uncertain due to ongoing logistical and environmental considerations.
The Uttar Pradesh Government is spearheading the development of a new city, the New Agra Urban Centre, near Agra off the Yamuna Expressway. Spanning 10,500 hectares, this ambitious project aims to accommodate the region's growing urbanization and population rise. The Yamuna Expressway Authority (YXPA) has initiated the master planning process, focusing on transportation connectivity, environmental impact assessments, and sustainable development. Strategically located near the upcoming Noida International Airport, projected to boost tourism, the New Agra Urban Centre seeks to complement this growth by enhancing tourism facilities and promoting economic development. The project underscores a commitment to green industries and holistic development, promising transformative growth and economic prosperity for the region.
The Economic and Social Research Institute (ESRI) warns the Oireachtas Committee on Budgetary Oversight that Ireland's housing prices are on an upward trajectory due to insufficient investment and rapid population growth, resulting in a demand-supply imbalance. Owner-occupied houses have decreased from 79% in 1991 to 66% presently, while average rents in Dublin have soared to EUR 2,102. Ireland's low housing investment, ranked among the lowest in the EU in 2022, exacerbates the crisis. The ESRI calls for increased housing supply targets in light of population growth trends. The crisis disproportionately affects low and moderate-income individuals, escalating homelessness and rent/mortgage burdens. Business and productivity sectors are impacted, with businesses considering relocation due to housing costs, potentially undermining Ireland's competitiveness in attracting foreign investment.
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