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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Bandra West, an upscale suburb in Mumbai, is known for its blend of old-world charm and modern amenities, attracting many Bollywood celebrities. The neighborhood's vibrant culture and nightlife, with numerous cafes, restaurants, and boutiques, make it highly desirable. In May, Ashiana and Sagar Tarang Apartments led the real estate market, each closing two deals, while resale transactions dominated. Apartment sizes varied significantly, catering to diverse preferences and budgets, with prices per square foot ranging from INR 15,289 to INR 60,000. Bandra West remains a top choice for both affluent and value-conscious buyers, offering a high quality of life.
OYO introduces its inaugural luxury property in Dubai, the Palette Royal Reflections Hotel and Spa, aiming to cater to the rising influx of Indian tourists expected to surpass 100,000 in 2024. Positioned to provide a premium yet affordable experience, OYO's strategic expansion into the Middle East strengthens its 200-property strong presence in Dubai. This move underscores OYO's evolution from budget to upscale offerings, leveraging its global footprint of over 1.5 million rooms. With Dubai as a top destination for Indian travelers, OYO's venture aligns with market trends favoring accessible luxury, potentially impacting the hospitality and real estate sectors positively.
The Navi Mumbai Municipal Corporation (NMMC) kept its property tax collection centers open on the weekend of June 29-30, 2024, ahead of the first half of the fiscal year's deadline. This initiative led to a successful collection of INR 10.19 crore. Saturday saw INR 5.83 crore collected, while Sunday brought in INR 4.36 crore. NMMC officials, including Deputy Commissioner Sharad Pawar, facilitated the process. This revenue will fund various civic services, enhancing residents' quality of life. Commissioner Dr. Kailas Shinde thanked citizens for timely payments and encouraged others to contribute. Inquiries can be directed to Additional Commissioner Sunil Pawar at [email protected].
? A residential flat spanning 1,075 square feet sold in Hiranandani Verona CHS in Mumbai's Powai for INR 4.08 crores
? A residential flat spanning 999 square feet sold in Wadhwa Dukes Horizon in Mumbai's Chembur for INR 3.81 crores
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.
Poonam Prabhu has been awarded INR 4.2 crore in compensation by the Karnataka Real Estate Regulatory Authority (KRERA) after Embassy One Developers failed to deliver her luxury apartment on time. Ms. Prabhu purchased the apartment for INR 7.8 crore in 2016, with an expected handover date in 2018. However, the apartment remained incomplete as of June 2024. KRERA ordered the developer to compensate for the delay and imposed additional interest for further delays. Embassy Group has challenged this decision in the Karnataka High Court, obtaining a temporary stay. This case emphasises the importance of RERA in safeguarding homebuyers' rights and ensuring project accountability.
The Ghaziabad Development Authority (GDA) is set to audit its lands and properties, aiming to facilitate new residential and commercial projects on vacant lands. With properties worth over INR 1,000 crores in Indirapuram alone, the audit will identify the status of unused and encroached lands, paving the way for development. The Land Acquisition Department will gather detailed information, which will be digitised for streamlined decision-making. This initiative will also address pending legal disputes, boosting investor confidence. The audit aligns with urban development and sustainability goals, promising new infrastructure and a more organised use of resources for Ghaziabad's future growth.
A Mumbai court has ruled in favour of Our Lady of Immaculate Conception Church in Borivali West, safeguarding a 1,309 square metre plot earmarked for a public park adjacent to Mandapeshwar Caves. The Brihanmumbai Municipal Corporation (BMC) sought the land using Transferable Development Rights (TDR), but the church, a registered charity, insisted on fair monetary compensation instead. Justices Girish Kulkarni and Arun Pednekar supported the church's stance, emphasising that TDR can only be offered with landowner consent under the Maharashtra Regional Town Planning Act. This verdict sets a precedent for land acquisition disputes, stressing the need for fair compensation and respecting landowners' rights amid urban development challenges.
Godrej Capital, with INR 10,700 crore in AUM as of FY24, aims for a 59-68% increase to INR 17,000-18,000 crore by fiscal year-end. This ambitious growth, driven by their new affordable housing loan offerings, marks a strategic shift. Currently, their portfolio is 45% home loans and 55% SME loans; the balance is expected to shift to 40% home loans and 60% SME loans. Catering to lower-income individuals, Godrej Capital aims to make homeownership more accessible, aligning with rising demand and increasing competition in the affordable housing sector, promising broader options and better loan terms for consumers.
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India's economic landscape post-pandemic shows a notable decline in household savings, dropping from 78% to 61% of GDP by FY23. Concurrently, household borrowing has risen, reaching 5.8% of GDP, signaling increased consumer spending and capital formation through investments like housing and vehicles. In contrast, corporations are saving more, with financial corporation savings hitting 2.8% of GDP, driven by strong profits. This trend underscores a shift towards corporate deleveraging and increased reliance on internal funds for expansion, supporting growth in sectors like manufacturing and infrastructure amidst ongoing government spending efforts to bolster economic recovery.
Established in 2021, the National Bank for Financing Infrastructure and Development (NaBFID) is disrupting India's infrastructure loan market with competitive rates and long-term financing capabilities for up to 30 years. NaBFID's recent landmark deal of INR 79,000 crore with NHAI's InvIT showcased their ability to offer lower interest rates, challenging traditional lenders like SBI. Despite its smaller loan portfolio compared to public sector banks, NaBFID's strategic focus and potential government support position it as a pivotal player in India's infrastructure development, expected to drive economic growth through critical investments across the nation.
Ather Energy, a prominent electric scooter manufacturer, is set to establish a new INR 2,000 crore manufacturing facility in Maharashtra's Aurangabad Industrial City. This strategic move aims to scale up production to one million electric vehicles and battery packs annually, creating approximately 4,000 jobs. Maharashtra's supportive ecosystem and infrastructure, including the Samruddhi Expressway, attracted Ather Energy, reinforcing the state's position as a hub for automotive innovation. The expansion aligns with India's push towards electric mobility, driven by government incentives and rising fuel costs, signaling robust growth prospects for the EV industry in the country.
India Infrastructure Finance Company Ltd (IIFCL), renowned for financing large-scale infrastructure projects totaling INR 13.8 trillion in 2023-24, is now eyeing affordable housing. Facing challenges like slim profit margins and high financing costs, IIFCL aims to make affordable projects viable by offering competitive interest rates and fostering public-private partnerships. Discussions with states like Andhra Pradesh, Tamil Nadu, and Gujarat highlight potential collaborations. Experts see IIFCL's involvement as pivotal, potentially enhancing affordability through strategic financing and leveraging government-private synergies. With government incentives already in play, IIFCL's entry promises to boost housing availability and affordability across India.
Radisson Hotel Group has announced a significant expansion in India, signing agreements for 10 new hotels, bringing their total to over 180 properties in the country. This expansion includes entry into five new markets: Jawai, Sagar, Yavatmal, Ooty, and Kozhikode. A standout addition is a new Radisson Blu in Udaipur, featuring a unique location overlooking the Nathdwara cricket stadium. This expansion strategy balances entering new markets and reinforcing presence in existing ones, reflecting Radisson's commitment to meeting the growing demand for high-quality accommodations as India becomes a key player in the global travel industry.
Goa's Public Works Department has begun connecting homes on Kadamba Plateau to its water network, laying a 4-5 km pipeline since 2021. Nearly 200 houses now have water access, with ongoing efforts to extend connections to residential complexes. Challenges include elevational issues requiring additional overhead tanks for complexes and upgrades to Opa's water treatment plants. Lack of prior planning by builders led to reliance on private borewells, straining existing infrastructure. Options like a new 10 MLD treatment plant at Opa are considered, needing substantial investment. While individual homes benefit, timelines for complex connections remain unclear amid efforts to address water demand and elevation challenges.
Mumbai's iconic 211-acre Mahalaxmi Racecourse is set for transformation as the Maharashtra government divides the land between RWITC and BMC. RWITC retains 91 acres for horse racing with a 30-year lease extension, while BMC gains 300 acres, including coastal road land, for a sprawling central park akin to global counterparts. Reactions vary, with some applauding new green space and others wary of partial privatisation. BMC plans a world-class garden, ensuring RWITC pays nominal rent and event fees. The decision highlights Mumbai's challenge in balancing public needs, historical significance, and commercial interests, urging transparency in future developments.
India's commercial real estate is embracing sustainability with a focus on green buildings. These eco-friendly structures integrate smart technologies and recycled materials, reducing energy consumption by up to 30% and cutting water use in half. Beyond environmental benefits, green buildings command higher rental premiums, increase occupancy rates, and slash operating costs by 15%. With 61% of new developments already green-certified, and projections for 65% by 2026, India leads in sustainable commercial real estate. This shift, driven by tenant demand and government support, promises a future where business growth goes hand-in-hand with environmental responsibility.
Indian Railways is set for significant infrastructure expansion with a proposed 39% increase in this year's budget for new railway lines, aiming to boost connectivity and regional development. The government targets 100,000 kilometres of new lines by 2047, reflecting a strong growth strategy. Concurrently, the implementation of the indigenously developed Kobach Automatic Train Protection system enhances passenger safety. Successfully trialled on a 250-kilometre stretch, Kobach will be deployed across 10,000 kilometres, prioritising routes with high traffic. This dual approach underscores Indian Railways' commitment to modernization and safety, ensuring a future of improved connectivity and operational efficiency.
Hong Kong's property market is cooling after a rise in activity following the removal of purchase restrictions in February 2024. The elimination of additional stamp duties initially boosted home sales and increased prices by 0.5% in April. However, prices dropped by 1.2% in May, indicating a shift. Contributing factors include an oversupply of unsold properties, the highest in 20 years, and high interest rates making mortgages expensive. Experts predict a further 5% to 10% price decline for the rest of 2024, with Knight Frank and S&P anticipating continued downward pressure due to these market conditions.
Global investment giant Blackstone has acquired UK mid-market hotel chain Village Hotels for GBP 850 million (INR 10,200 crore). This acquisition, which includes 33 hotels across regional cities and suburban areas, reflects increasing investor interest in the recovering hospitality sector. Village Hotels offers amenities like fitness centres, restaurants, and co-working spaces, catering to business and leisure travellers. This purchase adds to Blackstone's UK hospitality portfolio, including the 2021 acquisition of Bourne Leisure. With over 80 hotels now under management, Blackstone aims to leverage its expertise to further develop Village Hotels and capitalise on the sector's growth as travel demand rises.
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