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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Tata Projects, the construction arm of Tata Group, has inked a lease for 120,000 square feet of office space in Mumbai's Powai suburb, signaling its expansion plans. The deal, spread over two floors in Cignus Powai tower, accommodates around 1,000 employees, with potential for further growth. With a five-year lease term and lock-in period, Tata Projects is set to pay INR 86 crores in rentals. Developed by K Raheja Corp, Cignus Powai is adjacent to luxury hotels, enhancing its appeal. Powai's emergence as a commercial hub, fueled by connectivity and diverse amenities, reflects broader trends reshaping India's commercial real estate landscape.
? A residential flat spanning 472 square feet sold in Ekveera Darshan in Asalpha for INR 61 lakhs
? A residential flat spanning 600 square feet sold in Gajra Bhoomi Tower Goregaon in Kharghar for INR 91 lakhs
Fixed-rate mortgage refers to a home loan that has a fixed interest rate for the entire term of the loan. Once locked in, the interest rate does not fluctuate with market conditions. Borrowers who want predictability and/or who tend to hold property for the long term tend to prefer fixed-rate mortgages. Fixed-rate mortgages may be open or closed with specific terms or may run for a length of time agreed upon by the lender and borrower.
Tusker Workspace Pvt Ltd, operating BHIVE coworking spaces, leased seven commercial units totaling over 62,000 sq ft in Adani Realty's Inspire BKC complex in Mumbai's Bandra Kurla Complex (BKC). The lease, at INR 1.39 crore per month for five years, includes stamp duty and registration charges. The agreement, signed on March 2, 2024, includes a 15% escalation clause after three years. Inspire BKC offers unique features like 4.2 mt floor to ceiling height and a triple layer fa?ade system, catering to evolving tenant preferences in commercial real estate. This deal signifies a shift in traditional office spaces to adapt to changing needs.
The Delhi government has initiated data collection to develop unauthorized colonies, focusing on solid waste management, road conditions, borewells, and sewer conditions. Multiplicity of agencies has been a hurdle, prompting data collection by agencies across Vidhan Sabha-wise jurisdictions. With over 30% of Delhi's population residing in illegal colonies, the government aims to regularize and redevelop 1,731 of them. Additionally, the Delhi Development Authority's PM Uday Yojana has received 4.75 lakh applications for ownership rights, though challenges like high fees and limited benefits persist. Efforts include simplifying procedures and enhancing infrastructure, with INR 900 crore allocated for upgrades in 2024-25.
In Kolkata, the KMC buildings department has cracked down on six illegal buildings near a collapsed site in Azhar Molla Bagan. One dangerously tilting structure faces imminent demolition, while efforts are on to locate three others showing signs of instability. Promoters will face hearings at the civic headquarters, with potential demolition orders for unsafe portions. Residents face uncertainty over the fate of their homes, especially those tilting towards neighbouring buildings. Mayor Firhad Hakim reaffirms zero tolerance for illegal constructions, highlighting the urgent need to address the proliferation of such buildings to prevent future tragedies.
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The Bengaluru consumer court reprimanded Sri Lakshmi Constructions for breaching contract terms in a Vasantha Vallabha Nagar apartment purchase. The builder, accused of failing to provide covered car parking, sewage treatment, BWSSB connection, and rainwater harvesting, was ordered to rectify these deficiencies and compensate the complainant with INR 20,000 for mental distress, plus litigation costs. The complaint arose from purchasing a 2 BHK flat in 2021, with subsequent dissatisfaction over inadequate amenities. Despite the builder's argument against the complainant's consumer status, the court held them accountable, emphasizing their failure to fulfill obligations, particularly regarding parking arrangements.
The auction of RINL (Vizag Steel Plant) land plots in the port city by the National Land Monetization Commission (NLMC) garnered keen interest from bidders, including NRIs. Held on March 14 and 15, the auction attracted 220 participants, resulting in the sale of 72 land plots or blocks totaling 29,270 square yards for INR 243 crore. While 63 plots and 9 blocks were sold, the remaining properties will be auctioned in Phase II. The plots, ranging from 129 to 5350 square yards, fetched prices between INR 70,200 and INR 85,800 per square yard, reflecting the demand for well-located properties in Visakhapatnam.
Mukesh Harilal Mehta faced a tax ordeal over his IT return for 2014-15, seeking a deduction under Section 54 for reinvesting long-term capital gains in property. Despite initial denial by the assessing officer due to a builder's error in flat allocation, the Income-tax Appellate Tribunal (ITAT) deemed Mehta eligible for exemption. Section 54 encourages property investment by offering tax breaks. The ITAT's ruling underscores fair consideration of taxpayers' claims amid external factors like builder mistakes. This landmark decision not only sets a precedent but also clarifies Section 54 deductions amidst builder errors, ensuring equitable treatment for taxpayers.
WeWork India enters Chennai, leasing 1.3 lakh square feet in Olympia Cyberspace, set to open in June 2024. This reflects the rising demand for flexible workspaces nationwide. With 54 locations and over 90,000 desks across seven cities, including a strong presence in southern India, WeWork is strategically strengthening its footprint. Olympia Cyberspace's prime location meets Chennai's growing real estate demand. Partnering with Olympia Group, this venture blends modern architecture with Chennai's dynamic energy. Since 2017, WeWork India has led the flexible workspace trend, spanning 8 million square feet across 54 locations nationwide.
CIDCO has launched a scheme to sell 243 shops in Navi Mumbai's Ulwe node, aiming to bolster economic activity and provide opportunities for small and medium businesses. With Ulwe's rapid urbanization and strategic location near transit networks and the Mumbai Trans Harbour Link, the area presents promising prospects for business growth. CIDCO's Vice Chairman emphasized the scheme's significance for local entrepreneurs, urging them to seize the opportunity to stimulate economic growth and job creation. Interested parties can register for the auction until April 13, showcasing CIDCO's dedication to fostering business growth and economic development in Navi Mumbai.
Developers are rushing to meet soaring demand for warehouse space in India, driven by economic growth and supply chain diversification away from China. Projects like the Greenbase industrial park, backed by Blackstone, are expanding to accommodate companies shifting base from China. With India's infrastructure improvements and favorable market conditions, developers like Panattoni and Prologis are investing heavily. However, land acquisition complexities pose challenges, with surging prices and ownership disputes delaying projects. Despite hurdles, India's warehouse leasing market is thriving, attracting global players and signaling a significant shift in the country's industrial landscape.
Swiss Life, following a trend observed by German insurer Allianz, reduced its property portfolio value by 1 billion francs in 2023. Despite this adjustment, the company achieved a net profit of 1.11 billion francs for the year, largely driven by its insurance business. However, Swiss Life Asset Managers faced challenges, experiencing declines in both fee revenue and operating results. This mirrors a broader trend in the industry, where companies are reassessing their property portfolios amidst market fluctuations.
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