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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Bengaluru-based real estate major Brigade Group has announced plans to invest INR 400 crores to develop an office complex called Brigade Tech Boulevard in Chennai. Spread across two towers on Pallavaram-Thoraipakkam Radial Road, the project will have a leasable area of 8.36 lakh square feet. This is Brigade Group's next commercial launch in Chennai after the successful completion of World Trade Center on Old Mahabalipuram Road. Brigade Tech Boulevard will feature world-class specifications and sustainability features to cater to the growing demand from IT/ITeS, engineering, automotive and banking sectors in Chennai's diverse office market.
? A residential flat spanning 578 square feet sold in Om Satyam Tulip in Nagpur's Godhani for INR 25.37 lakhs
? A residential flat spanning 418 square feet sold in Sdpl Aashray Beltarodi in Nagpur's Beltarodi for INR 22.17 lakhs
A faucet is a device used for controlling the flow of water from a tank, such as a drum or pipe. Faucets are usually made of brass, as it is a practically strong metal that does not corrode. The external surface of the faucet can be anything from chrome, gold plate, to a baked enamel or powder coat finish.
Godrej Properties reported its highest ever quarterly and annual booking sales in Q4 and FY24. Booking value in Q4 grew 135% to over INR 9,500 crore while FY24 bookings grew 84% to more than INR 22,500 crore. This was backed by strong demand for new project launches in NCR and Mumbai and an improved product mix. The company surpassed its booking target for FY24 and has gained market share over competitors. With continued growth planned in key markets and expansion to Hyderabad, Godrej Properties is well positioned for further sales growth under the leadership of MD Gaurav Pandey.
DevX, a managed office space provider, is set to double its footprint in the next two years, eyeing tier-2 and tier-3 cities amidst the rise of remote and hybrid work models. With centers in major cities like Mumbai and Delhi, DevX aims to cater to the demand for flexible office spaces in smaller cities like Udaipur, Raipur, and Jaipur. Additionally, international expansion into Dubai and Singapore aligns with the trend of global capability centers. Umesh Uttamchandani, DevX's co-founder, sees immense potential in India's smaller cities and aims to unlock it by providing flexible workspace solutions. With recent funding and innovative initiatives like partnering with Deakin University for an India campus in GIFT City, Gujarat, DevX is poised to meet the evolving needs of businesses and professionals beyond traditional metropolitan hubs.
Piramal Enterprises has invested over INR 500 crores in various real estate projects of Puravankara Group. The strategic partnership encompasses commercial and residential developments in cities like Bengaluru, Goa, etc. Notable projects include 800,000 sq ft of commercial space in Bengaluru and 1.5 million sq ft of residential properties in Goa. Puravankara Group is a leading developer with a portfolio spanning major cities. The partnership signifies both companies' commitment to high-quality projects catering to evolving customer needs.
The National Company Law Appellate Tribunal (NCLAT) has rejected the insolvency plea filed by four homebuyers of Parsvnath Landmark Developers' project in Delhi called La Tropicana Khyber Pass. The plea was rejected on technical grounds as the number of petitioners was less than the threshold of 100 or 10% of total allottees, as required under the Insolvency and Bankruptcy Code. While the total allottees in the project were 488, only four had filed the plea. The homebuyers had obtained an order from RERA directing the developer to refund the amount but it was not complied with. However, NCLAT did not consider them a separate class of financial creditors and upheld their status as allottees.
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The Brihanmumbai Municipal Corporation (BMC) has set a deadline of May 25th for property tax payments totaling INR 3,195 crore from the last fiscal year. Failure to meet this deadline may result in penalties, typically a percentage of the outstanding amount. To assist over 5 million property owners, BMC has launched an awareness campaign and extended office hours. Separately, businesses failing to display Marathi or Devanagari signage will face double property tax charges from May 1st. Timely tax payments are crucial for BMC to provide essential services to Mumbai's 20 million residents, ensuring a better city for all.
The Ministry of Finance has approved the release of additional funds for six months until September 2024 to complete around 3.5 million homes under the Pradhan Mantri Awaas Yojana-Gramin (PMAY-G) rural housing scheme. This move will enable the government to fulfil existing commitments under the program, which aims to provide housing for all rural citizens by 2024. No new approvals will be permitted beyond the original target of 29.5 million homes set for the scheme due to the model code of conduct currently in place for general elections.
Blue Owl Capital is expanding its real estate financing business by acquiring Prima Capital Advisors for USD 170 million. The deal is expected to close in the second or third quarter of 2024 and follows Blue Owl’s recent acquisition of Kuvare Asset Management for USD 750 million. While the Prima deal is smaller, TD Cowen analysts believe it will enhance Blue Owl’s value. Blue Owl’s stock has risen nearly 32% this year, outperforming major asset managers Blackstone and BlackRock, giving the firm flexibility for further acquisitions.
Edelweiss Alternatives has made a significant move in the Indian infrastructure sector by acquiring 100% ownership of L&T Infrastructure Development Projects Limited (L&TIDPL). This strategic acquisition expands its portfolio, integrating seven operational roads and one power transmission asset across India. With assets spanning 4,400 lane kilometres of roads and 960 kilometres of power transmission lines, this acquisition bolsters Edelweiss Alternatives' infrastructure holdings to 26 projects. Their combined portfolio generates an estimated annual revenue of INR 3,000 crore, positioning them as a key player in the market. This move reflects their commitment to providing value for investors and underscores their expertise in infrastructure investment.
The Savills India report highlights an increase in private equity (PE) investment in Indian real estate, totaling over USD 10.7 billion across nearly 100 deals from 2021 to 2023. This marks a significant increase of over 25% annually, with Asian investors, particularly from Singapore, Japan, and Hong Kong, driving much of the investment growth. The office sector has attracted the most significant share of funds, followed by industrial and warehousing sectors. Additionally, there's a notable trend of PE investors diversifying into land deals, particularly in Mumbai and Tier II cities. This influx of investment bodes well for the future growth and development of the Indian real estate market.
A Cushman & Wakefield report revealed promising trends in India's retail sector for Q1 2024. The report indicated that Ahmedabad experienced strong leasing activity, with rental hikes of 20-30%. Bengaluru's prominent high streets saw a rental appreciation of around 10% per quarter, while Chennai witnessed a surge in high street leasing volume. Delhi-NCR's key high streets in Gurugram and South Delhi saw rental growth of up to 10% year-over-year. Hyderabad reported high demand for both malls and high streets, with rental increases of 15-25%. Kolkata saw modest growth in leasing activity, and Mumbai anticipated new mall openings in suburban areas. Pune experienced a significant increase in mall leasing and high street rentals. Overall, the retail market in India appears robust and poised for further growth in 2024.
The newly opened NaMo Grand Central Park in Thane is one of India's largest urban parks, spread over 25 acres. Inspired by the iconic Central Park in New York and Hyde Park in London, it features four themed gardens, a lake, amphitheater, children's play areas, and walking/jogging trails. The park aims to provide city residents access to nature and green space while also hosting cultural events. In its first two months it has attracted large crowds despite some challenges in transportation access and addressing specific needs across all ages.
Phuket emerges as the world's largest leisure-branded residential market, surpassing USD 2.3 billion in branded properties. The shift from tourism to real estate is evident, with developers like Laguna Phuket focusing on branded real estate over hotels. Singaporean KP Ho's Banyan Group leads this trend with a USD 2 billion lifestyle-led real estate project. Despite lower Chinese tourism, Phuket's hotel market saw a 20-30% increase in room rates, boosting profits. Rising land prices necessitate mixed-use developments. Thai banks resumption of lending to greenfield projects, is driving the blend of hospitality and real estate.
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