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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Launched in 2015, India’s Smart Cities Mission set out to transform 100 cities by integrating technology into urban infrastructure, services, and governance. As the mission nears its tenth anniversary, it has sanctioned over 8,000 projects worth INR 1,64,669 crore. While cities like Surat and Indore have seen improvements in waste management and transportation, challenges persist, including delays, funding constraints, and bureaucratic inefficiencies. Real estate, initially expected to boom, has experienced mixed results. Cities like Pune saw growth in property values, but areas with unfinished projects, such as Udaipur and Ranchi, have seen stagnation. For the mission to succeed, consistent execution, better coordination, and sustained investment are essential.
Survey and investigation works for Hyderabad’s Metro corridors from JBS to Medchal and Shamirpet are progressing swiftly, with studies on traffic patterns, soil conditions, and environmental impact nearing completion. Traffic surveys assess commuter trends, while soil tests ensure structural stability, with 14 tests completed on the JBS-Medchal route and 11 on JBS-Shamirpet. Environmental assessments focus on air quality, noise pollution, and biodiversity. The 24 km JBS-Medchal and 21 km JBS-Shamirpet corridors will enhance connectivity. Detailed project reports (DPRs) are expected by March-end for state approval, marking a key milestone in Hyderabad’s metro expansion efforts.
The Mumbai Housing and Area Development Board (MHADB), a division of the Maharashtra Housing and Area Development Authority (MHADA), recently conducted a clearance drive to reclaim eight acres of prime land in the Juhu-Andheri area. This action followed a Bombay High Court ruling permitting the removal of unauthorised structures, including shanties. The land was initially allocated for a Slum Rehabilitation Scheme (SRA), but a survey found that a significant portion was ineligible for rehabilitation, leading to the suspension of the No Objection Certificate (NOC) for the project. Despite legal disputes, MHADA officials proceeded with the eviction, asserting their commitment to safeguarding public land from illegal encroachments.
Zaheer Khan, accompanied by his wife Sagarika Ghatge and her brother Shivjeet Ghatge, recently bought an apartment in Lower Parel, Mumbai, for INR 11 crore. The spacious apartment, located in Indiabulls Sky, offers 2,158 sq ft of carpet area and 2,590 sq ft of built-up space. The deal involved a stamp duty of INR 66 lakh and a registration fee of INR 30,000. The transaction was completed in February 2025. The current average resale price in the project stands at INR 49,096 per sq ft.
The Vasai-Virar Municipal Corporation (VVMC) recently completed a large-scale demolition drive, razing 41 unauthorised buildings in Vasai East over 22 days. The structures, illegally constructed on land designated for a water and sewage treatment plant, were reportedly encroached upon by local land mafias. The demolitions followed a Supreme Court directive after residents failed to secure a stay order. The displaced families, mainly comprising factory workers and migrant labourers, now face severe housing crises. While the Bombay High Court has sought clarification from the state government on rehabilitation plans, only a handful of affected residents have submitted valid proof of residence.
The Economic Offences Wing (EOW) of the Mumbai police has established a special investigation team (SIT) to examine alleged financial irregularities in contracts awarded for desilting the Mithi river. The investigation, covering the period between 2005 and 2023, focuses on misappropriation of funds amounting to approximately INR 1,100 crore. Officials have identified 18 contractors involved in these projects, and three have already been summoned for questioning. The probe also extends to contracts related to sludge removal and the river’s beautification. The Brihanmumbai Municipal Corporation (BMC) has been systematically desilting major and minor nullahs, with a significant portion of the silt removal occurring before the monsoon season.
A Mumbai holiday court has remanded Hitesh Mehta, the general manager and head of accounts at New India Cooperative Bank, in police custody in connection with an alleged INR 122 crore misappropriation case. The fraud came to light during a Reserve Bank of India (RBI) audit. Mehta, who has confessed to withdrawing cash since the pandemic, is accused of diverting funds from the bank’s Prabhadevi and Goregaon branches. The Mumbai police’s Economic Offences Wing (EOW) has also arrested Dharmesh Paun, a private developer, and is searching for Unnanathan Arunachalam, an electrical contractor, for their involvement. The RBI has superseded the bank’s board and appointed an administrator to oversee operations, marking the most significant crackdown on a cooperative bank since the PMC Bank scandal.
Homebuyers of SDS NRI Township in Sector 26A are protesting an additional INR 10 lakh demand per homeowner by developer SDS Infracon for farmers’ compensation. Buyers argue the charge is unjustified and stems from the builder’s delayed payments. SDS Infracon cites a Supreme Court ruling in its defense, while YEIDA has promised to review the matter. Around 1,450 buyers are affected, with many awaiting essential services and plot registrations. The dispute underscores persistent real estate challenges, with buyers demanding infrastructure development, financial relief, and government intervention to prevent undue cost burdens in such projects.
The Odisha Real Estate Regulatory Authority (ORERA) has fined a developer INR 1 crore for accepting bookings without obtaining the mandatory registration certificate. The case, initiated by ORERA, highlights violations of the Odisha Real Estate (Regulation and Development) Act, 2016. Despite receiving approval from the Cuttack Development Authority in 2015, the developer applied for ORERA registration in 2017 but obtained it only in 2019 due to compliance issues. With construction delays persisting beyond the June 2022 deadline, ORERA enforced the penalty, reinforcing stricter oversight to protect homebuyers.
The Rajasthan government is set to digitize land records in 10 municipalities across the state through the 'Naksha' project, which will involve digital mapping using drone surveys. This initiative is part of the 'Digital India Land Record Modernization' program, which has been ongoing since 2008. The project aims to enhance transparency, simplify access to land information, and help resolve land disputes. Additionally, it is expected to aid in urban planning by providing accurate property demarcations and digital records. Other states have also adopted similar initiatives, showcasing the broader trend of modernizing land record management across India.
The Telangana government has initiated a LiDAR survey covering 2,050 sq km of Hyderabad, including the GHMC area and regions up to the outer ring road. Inspired by the 'One Map Gurgaon' initiative, the project aims to consolidate infrastructure data into a single platform for better urban planning. The survey will map roads, water supply, electricity, and emergency services, aiding in disaster management and revenue collection. A mobile app will integrate this data for public and administrative use. The initiative aligns with Hyderabad’s rapid growth, ensuring efficient governance and infrastructure development.
Madhya Pradesh's local bodies are gaining autonomy and driving urban development, with Chief Minister Mohan Yadav highlighting the success of the 'Mukhya Mantri Jankalyan Abhiyan.' He emphasized financial independence as key to growth, praising Indore for maintaining its top cleanliness ranking for seven years. Urban Housing Minister Kailash Vijayvargiya stressed decentralization and self-reliance through improved taxation. Indore Mayor Pushyamitra Bhargav noted the city’s rapid progress under Yadav’s leadership. With support from the 73rd and 74th constitutional amendments, local bodies are set to expand their roles, including managing housing projects, further accelerating urban development across the state.
Starting February 18, 2025, the Bokaro district administration held special revenue camps across all halkas to address ongoing land-related issues. The initiative follows grievances raised during Janta Darbar sessions, especially difficulties with the JharBhoomi portal. The camps will assist residents in correcting online Jamabandi records, processing mutations, and addressing land transfer issues due to succession or partition deeds. The move aims to simplify land management processes and offer direct support to residents, with officials encouraging citizens to bring necessary documents for efficient resolution.
Kalpataru Projects International (KPI) reported a Q3 FY24 net profit of INR 139.59 crore, a 3% decline year-on-year, despite a 17% revenue growth to INR 5,742.76 crore. The company secured INR 820 crore in new orders in Q4, pushing its total order book to INR 61,429 crore, up 19% YoY. KPI reappointed Manish Mohnot as MD & CEO for three years, pending shareholder approval. The company, active in 75 countries, faces a net debt of INR 2,694 crore but remains focused on infrastructure growth across power transmission, water supply, and urban mobility.
BBMP is launching an initiative to deliver draft khatas to property owners in Bengaluru, aiming to make it easier for residents to obtain their e-khata certificates without needing to visit civic agency offices. The initiative, which is expected to launch soon, targets 23 lakh residents who have not yet accessed their property records due to technical challenges or lack of awareness. While the delivery of draft khatas will improve accessibility, challenges with the final issuance of e-khatas remain.
The Nashik Municipal Corporation’s (NMC) budget for 2025-26 features an outlay of INR 3,053.31 crore, marking an increase from previous years. Property tax hikes for new residential, commercial, and industrial properties, along with tripled development charges, are designed to boost revenue. A revised tax system for rental properties will reduce the financial burden on owners, while mandatory licence fees for shops and industries will bring in additional income. The NMC has significantly reduced its liabilities, allocated funds for transport services and ward development, and plans to establish nine clinics to enhance healthcare access.
The Securities and Exchange Board of India (SEBI) has proposed revisions to financial disclosure norms for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). These changes, aimed at enhancing transparency and investor protection, require REITs and InvITs to provide detailed financial statements in their offer documents, regardless of their operational tenure. Additionally, SEBI suggests removing the option of condensed financial statements and making quarterly reporting on fund utilisation mandatory. The net borrowing ratio must also be disclosed in financial reports. Public feedback on these proposals has been invited, with submissions open through an online platform till March 7.
Tamil Nadu Chief Minister M.K. Stalin emphasized the state's commitment to sustainable housing and urban planning at the FAIRPRO 2025 real estate exhibition. He announced master plans for 136 cities, including Coimbatore, Madurai, and Tiruchirappalli, while the CMDA is working on Chennai’s third master plan. With Tamil Nadu’s urban population at nearly 48%, the state is streamlining building approvals through a single-window system, cutting approval time from 180 days to 64-90 days. Plans include nine satellite townships around Chennai, a INR 250 crore shoreline revitalization project, and improved transport hubs to support balanced urban growth.
Earlier this week, Finance Minister Nirmala Sitharaman handed over keys to homebuyers in the MMR, marking the completion of 50,000 homes under the SWAMIH Fund. Established in 2019, the fund aims to revive stalled residential projects and provide relief to distressed homebuyers. By the end of 2021, it had already committed to funding over 300 distressed projects in cities like Delhi, Noida, and Bengaluru. Managed by SBI Ventures Ltd. and sponsored by the Ministry of Finance, it has become India’s largest social impact fund in the real estate sector, successfully contributing to economic growth and the housing market.
The Delhi Urban Shelter Improvement Board (DUSIB) has started the process of shortlisting firms to repair over 2,400 flats in northwest Delhi's Savda Ghevra. These flats, built nearly a decade ago under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM), will be used to house slum dwellers currently living in various JJ bastis across the capital. The repairs, estimated to cost approximately INR 14.75 crore, will be completed in two phases, with the first 1,000 flats set to be ready within three months. The relocation initiative aligns with Delhi's broader urban development goals, including reducing overcrowding and improving access to essential services. The project is expected to contribute to long-term social and economic upliftment in these communities.
India’s commercial real estate sector saw strong growth in 2024, with Global Capability Centres (GCCs) leasing 22.5 million square feet, accounting for 31% of total transactions. Bengaluru led with 9.33 million sq. ft., followed by Hyderabad (5.06 million sq. ft.) and Chennai. Large office spaces dominated, with 50 deals exceeding 100,000 sq. ft. Government support for GCCs and India’s skilled workforce continue to attract global firms. While Chennai saw a 48% drop in GCC leasing, it remains a key market. With stable rents and a strong ecosystem, India’s commercial real estate market is set for sustained expansion.
Dubai’s ultra-luxury property market is expected to maintain its upward momentum in 2025, driven by strong demand, limited availability, and an influx of high-net-worth individuals (HNWIs). Over the past decade, sales of luxury villas and apartments priced above AED 15 million have surged, reaching AED 71 billion in 2024, marking a 688% increase since 2015. Despite ongoing construction, only a limited number of high-end properties will be available in the coming years, keeping supply tight. Developers are adapting to market trends by prioritising boutique, exclusive projects while international brands continue to attract global investors. As competition intensifies, strategic planning and premium offerings will be crucial for sustained growth.
? A residential flat spanning 611 square feet sold in Balaji Aqua in Thane's Kalyan for INR 88.89 lakhs
? A residential flat spanning 623 square feet sold in Thane's Dombivli East for INR 81.5 lakhs
Fractional ownership is when the cost of procuring an asset is divided amongst multiple individuals, each getting a share. All the benefits derived from the asset such as income and usage rights are divided pro rata between all shareholders. Fractional ownership is common in the purchase of high value purchases such as private jets, vacation homes, luxury cars, etc. When considering an investment opportunity involving fractional ownership it is important to take note of factors such as the management company's reputation, specifications of the asset, and the potential appreciation.
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