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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Renowned investor Rekha Jhunjhunwala recently bought a luxury apartment in South Mumbai's Walkeshwar area for INR 11.76 crore. The apartment, spanning 1,666 sq ft, comes with a parking slot. This adds to her previous investment in commercial spaces worth INR 739 crore. The Jhunjhunwala family's long-term investment strategy emphasizes secure assets with high yields. Despite market shifts, premium properties like this remain in demand. Rekha's extensive portfolio, valued at over INR 39,333.2 crore, solidifies her standing in the investment community, akin to her late husband. Their ownership of Ridgeway Apartments in Malabar Hills further underlines their influence in Mumbai's real estate.
? A residential flat spanning 676 square feet sold in Susharda Edifice Celestial in Bhandup West for INR 75.3 lakhs
? A residential flat spanning 498 square feet sold in Shubh Vastu Wing B & C in Badlapur for INR 38.5 lakhs
An adjustable-rate mortgage (ARM) refers to a home loan with a variable interest rate. With such loans, an initial interest rate is fixed for a stipulated period of time, after which the interest rate applicable on the outstanding balance varies. The rate is reset periodically, at yearly or even monthly intervals and is based on a benchmark or index, plus an additional spread called an ARM margin. ARMs are also called variable-rate mortgages or floating mortgages. ARMs generally have caps that limit how much the interest rate and/or payments can rise per year or over the lifetime of the loan.
Prestige Estates Projects has announced the acquisition of 62.5 acres of prime land in Indirapuram Extension, NCR for INR 468 crore to develop a large mixed-use township project spanning over 10 million square feet with a projected value of over INR 10,000 crore. The project will include residential, retail, education and recreational spaces under the Prestige Group's vision of integrated communities. This strategic land buy demonstrates the company's commitment to the NCR market and expanding its national footprint.
The incorporation of 23 areas into Pune's civic limits in 2021 is anticipated to stimulate real estate development with the impending implementation of the Unified Development Control and Promotion Rules (UDCPR). These rules are meant to offer benefits to developers and landowners by relaxing regulations and fostering high-rise constructions, especially in the city's outskirts. Local residents and leaders have long advocated for the UDCPR's implementation to ensure uniformity in construction regulations across all areas under the Pune Municipal Corporation, marking a significant step towards streamlined development.
MahaRERA recently cancelled agreements for four homebuyers in Pune who defaulted on payments totaling INR 4 crore to Gera Developments. Despite reminders, some buyers failed to meet installments deadlines, prompting the developer's appeal to MahaRERA. Five buyers settled dues, but four didn't comply, leading to cancellation. This underscores the importance of timely payments. The ruling emphasizes MahaRERA's role in ensuring fairness and compliance in real estate. It's a wake-up call for both developers and buyers to uphold their obligations. Effective communication and financial planning are vital to avoid such situations and maintain transparency in property transactions.
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Lucknow plans to merge water and house taxes, simplifying payments with distinct identification numbers. Early house tax payments by March 31st offer a 15% discount, promoting timely contributions. The executive committee approved audits of sewer lines and procured stainless steel tankers for summer water supply. Infrastructure dedications, like renaming a flyover and railway station, honour the city's heritage. These decisions reflect Lucknow's commitment to efficient tax collection and community involvement.
The Indian REITs Association (IRA), established under SEBI and the Ministry of Finance, is actively pursuing Reserve Bank of India (RBI) approval for bank borrowing, aiming to broaden funding avenues for growth. Aravind Maiya, CEO of Embassy Office Parks REIT and IRA chairman, revealed discussions with the RBI but awaits a response. Currently, REITs access capital markets via bonds and equities but lack direct bank borrowing, unlike Infrastructure Investment Trusts (InvITs). Maiya stresses the necessity of bank loans for REITs' asset-heavy nature, emphasizing a balanced funding mix. With assets exceeding INR 1.3 lakh crore, REITs eye RBI approval to diversify funding and propel sustained real estate investment growth in India.
Signpost India Limited, a prominent media and advertising company, makes waves with two groundbreaking announcements. Firstly, it secures a prime commercial property near Mumbai Airport valued at INR 54 crore, bolstering its infrastructure and connectivity. Secondly, it merges with Pressman Advertising Ltd., expanding its service offerings to include advertising, digital marketing, and public relations solutions. Led by Chairman Shripad Ashtekar, the company aims to enhance operational capabilities and solidify its industry standing. With over 150 global awards and a vision for the future, Signpost India Limited pioneers creative and sustainable advertising solutions, shaping the media and advertising landscape in India and beyond.
Prestige Estates Projects and Marriott International have joined forces for six hotel projects, marking a substantial investment in India's tourism sector. Spread across scenic locales in Goa and Karnataka, these projects will offer 801 keys, including brands like Marriott, Moxy, and Autograph Collection. With an estimated investment of INR 1000 crore, this collaboration signifies a commitment to luxury and innovation, promising to redefine hospitality standards and drive industry growth in the region.
Aster DM Healthcare plans a USD 108 million expansion in India while divesting its Gulf business. With ambitions to rank among India's top three hospital chains, Aster aims to add 1,500 beds by 2027. Despite India contributing only a quarter of its revenue, growth in the region outpaces the Gulf. Aster agreed to sell a majority stake in its Gulf business to a consortium led by Fajr Capital, distributing the proceeds to shareholders. Since the announcement, Aster's shares have surged by 32%, reflecting investor optimism. These strategic moves signal Aster's commitment to evolving in the healthcare sector while maintaining excellence in patient care.
Haworth, a global leader in workspace solutions, has announced plans for its second manufacturing plant in Sriperumbudur, India, with an investment of USD 8-10 million. Doubling the current space to 113,000 sq ft, the new facility will produce key products like Zody, Fern, and Aloha, catering to domestic and international markets. With a focus on premium seating and expanding into emerging Tier-II cities, Haworth aims to meet the growing demand while reducing import dependency. The move underscores the company's commitment to India and the broader Asia-Pacific region, enhancing its position as a preferred workspace solutions provider globally, employing over 8,000 professionals across 150+ countries.
Builders in the U.S. express heightened confidence as lower mortgage rates prompt a surge in buyer demand. With fewer builders slashing prices and over 50% offering incentives, the market outlook remains optimistic. Analysts predict an increase in single-family home starts throughout 2024, buoyed by these factors. Meanwhile, the U.S. government is set to unveil housing starts and building permits data for February, which is expected to show a rebound from January’s decline. Additionally, new home sales are anticipated to have risen for the third consecutive month in February, according to Reuters polls, with the data set for release next week.
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