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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ICICI Prudential Life Insurance Company secures its largest back-office facility with a lease of over 252,000 square feet at Mumbai's Mindspace IT park in Malad West. The deal, spanning four floors for five years, marks one of India's largest office lease transactions of 2022. Monthly rent of INR 2.3 crore, escalating annually by 4%, is agreed upon. This expansion from their decade-long Malad East office will occur in two phases. Additionally, they gain access to 231 parking slots. Mindspace, managed by K Raheja Corporation, offers diverse commercial and industrial spaces across India. Amidst growing IT demand, Mindspace's robust performance cements its status in India's commercial rental market.
? A residential flat spanning 805 square feet sold in Mahavir Sheetal Dhara in Kamothe for INR 65.20 lakhs
? A residential flat spanning 661 square feet sold in Thakur Galaxy in Boisar for INR 34.25 lakhs
A fa?ade refers to the front or exteriors of a building. A facade can serve many purposes such as adding to the aesthetics of the property, establishing a theme, protecting or supporting the building structure, and conserving energy.
Godrej Properties secured a three-acre land parcel in Hyderabad's Kokapet, enhancing its total booking value to INR 4,800 crore. The acquisition offers a potential of 1.2 million sq. ft., primarily for premium residential apartments. Positioned strategically near Kokapet's Outer Ring Road junction, the location provides easy access to key areas and amenities. C Earlier, the company acquired 12.5 acres in Rajendra Nagar, anticipating revenues of INR 3,500 crore. It recently also secured a Noida land parcel with a projected revenue potential of INR 3,000 crore.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has revealed that approximately 35-50% of conciliations between homebuyers and developers have been successful, out of over 1,200 cases handled since 2018. Chairman Ajoy Mehta commended the process for its efficiency and low appeal rates, with around 50% of cases resolved through conciliation. Out of 1,231 cases, 1,061 have concluded, with ongoing success rates within the 35-50% range. While complaints are addressed by MahaRERA, the conciliation forum encourages cooperation for improved success rates, emphasizing dialogue and mutual understanding. Effective dispute resolution mechanisms like MahaRERA's Conciliation Forum enhance trust and confidence in the real estate sector, benefiting all stakeholders and fostering industry growth.
The Tamil Nadu Real Estate Regulatory Authority (TN RERA) Appellate Tribunal has directed House of Hiranandani to register its multi-tower township project as a unified real estate entity, emphasizing compliance with RERA regulations. This decision, prompted by the ongoing nature of the project despite its initiation before the enactment of RERA, aims to ensure transparency and accountability in large-scale residential developments. By mandating the registration of the entire township as a single project, the tribunal seeks to streamline administrative processes and protect the interests of homebuyers. This reflects a commitment to regulatory compliance and fairness in the real estate sector.
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India's luxury market booms as High Streets lead the charge with over 600,000 sq. ft. leased in 2023
Luxury retail in India is booming, with a surge in high-end brand leasing activity nationwide. CBRE and PHD Chamber of Commerce report a doubling of leasing activity on high streets in 2023, reaching over 0.3 million sq. ft., while malls saw tripled activity, leasing over 0.24 million sq. ft. Standalone stores also flourished, leasing over 0.1 million sq. ft., reflecting a 200% year-over-year growth. Fuelled by a burgeoning middle and upper class, luxury retail is expanding beyond major metros like Delhi and Mumbai, reaching new cities like Chandigarh and Ahmedabad. Despite the rise of online shopping, physical flagship stores remain crucial, leveraging technology to enhance customer experiences.
DLF Ltd, a prominent real estate developer, sold a 4.67-acre plot in Chennai's Guindy area to Cholamandalam Investment and Finance Company Ltd for INR 735 crore. This strategic move suggests a surge in demand for office space in the city. DLF's decision to monetize the landholding aligns with its ambitious plans to launch projects worth nearly INR 80,000 crore. For Cholamandalam Investment and Finance, a subsidiary of the Murugappa Group, this acquisition presents an opportunity for expansion, potentially leading to the development of a new corporate office in the prime Guindy location. This deal underscores Chennai's growing importance as a commercial hub, promising further growth in the real estate sector.
Tata Motors, India's leading manufacturer of commercial and passenger vehicles, has signed a Memorandum of Understanding with the Government of Tamil Nadu to explore establishing a new vehicle manufacturing facility in the state. The proposed investment of INR 9,000 crore could generate up to 5,000 jobs. If established, it would be Tata Motors' first plant in Tamil Nadu and second in South India. The MoU signing was witnessed by Chief Minister M.K. Stalin and aims to further attract investment to Tamil Nadu's thriving automobile industry centered in Chennai.
Hyatt Hotels plans to open seven new hotels across India by 2024, adding over 1,100 rooms. This is part of Hyatt's goal to grow its portfolio in Southwest Asia to more than 55 hotels by 2024. Hyatt has seen strong growth in India recently and aims to capitalize on the rising domestic tourism market. The expansion will feature new Hyatt Regency, Hyatt Place and Hyatt Centric properties. Hyatt also plans to introduce its Unbound Collection brand in India after renovating the Noor-Us-Sabah Palace in Bhopal.
The Maharashtra state cabinet approved acquiring a 9,420.55 sq meter plot in Ayodhya for Maharashtra Bhavan at INR 67 crore. This aims to provide devotees comfortable accommodation near the Ram Temple. Additionally, INR 67.14 crore was sanctioned for a state guesthouse in Ayodhya. The proposed plot is strategically located near NH 27 and the airport and is 7.5 km away from the Ram Janmabhoomi Temple. This move, coinciding with the Ram Temple's opening, signifies a political endeavor by the state to capitalize on the temple's significance.
The state cabinet approved a proposal of INR 24,000 crore for unconditional government guarantees for Mumbai Metropolitan Region Development Authority (MMRDA). This facilitates loans from Rural Electrification Corporation (REC) and Power Finance Corporation (PFC) for various MMR infrastructure projects. REC offers INR 30,593 crore for Metro Line 8, with the government guaranteeing INR 12,000 crore. PFC's INR 50,301 crore loan covers projects like the Orange Gate Freeway-Marine Drive tunnel, with an INR 12,000 crore guarantee. Additionally, MMRDA secured a INR 850 crore loan and INR 19 crore grant from Germany's KFW for Mumbai's Regional Urban Infrastructure Improvement Programme.
Greystar, a prominent U.S. property firm, is ramping up its European real estate investment to over 1.4 billion euros this year. At the MIPIM event in Cannes, Executive Director Mark Allnutt highlighted shifting investor behavior, noting increased willingness to divest assets amidst market repricing. Greystar eyes opportunities in France and Germany following recent price drops, with deals already secured in Paris and Berlin. With 16 billion euros in European assets, the company aims to exceed prior investment figures, focusing on apartments and student housing to meet rising rental demand. Analysts watch closely as Greystar navigates dynamic market conditions, poised for strategic expansion.
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