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.
Subscribe for daily updates.
Bandhan Bank expands its footprint in Mumbai's commercial heart, BKC, securing 12 office spaces in INS Tower for INR 135.64 crore. This strategic move aims to elevate its Mumbai corporate office, replacing the current Platina tower location. Real estate experts note a slight premium due to high demand for Grade A spaces in the BFSI hub, with monthly rentals exceeding INR 50 per sq ft. The acquisition involves four sellers and grants exclusive access to 31 car parking slots. This expansion aligns with Bandhan Bank's growth strategy, evidenced by its robust financial performance and workforce expansion, reaffirming its commitment to key financial sectors.
? A residential flat spanning 401 square feet sold in Shivam Galaxy in Psivali for INR 36.5 lakhs
? A residential flat spanning 417 square feet sold in Raj Urbania in Ambarnath for INR 22.55 lakhs
Affordable Rental Housing Complexes( ARHCs) is a sub-scheme under the Pradhan Mantri Awas Yojana – Urban (PMAY-U) scheme, initiated by the Ministry of Housing & Urban Affairs. It aims to provide affordable rental housing to urban migrants and poor. The ARHCs will comprise of a mix of single bedrooms and dormitory style units along with common facilities and amenities. These spaces will be leased for a minimum period of 25 years. Under the ARHC scheme, government funded vacant houses will be converted to ARHCs and new structures will be erected on available vacant land for this purpose which will managed through Public Private Partnership or Public Agencies.
Godrej Properties Ltd (GPL), a prominent Indian real estate developer, has taken a proactive and customer friendly approach in tackling the problems concerning the Godrej Summit project in Gurugram. Following concerns over construction quality, over 100 homeowners recently opted for a buyback offer extended by the company. In addition, GPL is said to have earmarked INR 155 crore for repairs, addressing chloride-related corrosion in concrete. The company has extended repair deadlines to ensure a thorough completion by December 2024 under the guidance of IIT Delhi. GPL has vowed to prioritize resident satisfaction, engaging with residents and collaborating with experts to ensure project quality and safety.
DRA Homes, a prominent real estate developer in Chennai, unveils a strategic investment plan of INR 2000 crore for FY 2024-25, with a INR 500 crore commitment for Chennai's development. Funding will be sourced from equity, internal accruals, family offices, and structured debt. Targeting the mid-segment market, the company plans to introduce commercial developments, villas, and layout stocks. Over the next 3-4 months, projects spanning 1.2 million sq ft will be launched, projecting a turnover of INR 750 crore. Ranjeeth Rathod, MD of DRA Homes, emphasises confidence in Chennai's real estate potential amid robust commercial and residential demand, supported by accolades for excellence and innovation.
The Uttar Pradesh State Government, guided by recommendations from a committee led by former Niti Aayog member Amitabh Kant, is streamlining flat registration in projects where developers accept recalculated dues under a rehabilitation plan. Special Sunday camps aim to hasten registration, aiding about 40 projects in Noida and Greater Noida. The deal offers a two-year interest and fine waiver on COVID-related dues upon 25% upfront payment. Officials anticipate a boost in revenue collection, aiming for INR 4,728 crore from Noida alone. However, only 13 of 57 developers have responded positively, prompting a deadline extension. Proactive measures aim to enhance developer participation and revenue, aligning with rehabilitation goals.
Under Chief Minister Siddaramaiah's leadership, the Karnataka Government has unveiled a holistic plan to revamp Bengaluru, positioning it as a premier urban centre. Key initiatives include digitizing property tax records for all 20 lakh properties, aiming for a 'record' tax collection of INR 4,300 crore in the current fiscal year. To plug tax leaks, strategies have been devised, while additional revenue streams are to be targeted through revised advertisement policies and a premium Floor Area Ratio (FAR) policy. Infrastructure enhancements focus on road development, traffic decongestion, and the transformation of the Peripheral Ring Road (PRR) into the Bengaluru Business Corridor under a PPP model. Sustainability efforts include establishing captive solar parks, reinforcing Bengaluru's image as an eco-conscious metropolis.
Affordable Housing Finance Companies (AHFCs) witnessed a remarkable resurgence in growth during FY23, expanding by 27% year-over-year, as per a CareEdge Rating report. Forecasts suggest a sustained growth trajectory, with a projected 29% growth in FY24 and a further 30% in FY25 for AHFCs. Despite elevated costs and margin pressures, asset quality remains stable with a GNPA ratio around 1.2%. The report also anticipates a rise in the non-housing segment share to 27% by March 31, 2024, amidst high competition.
Walmart, the global retail giant, plans to triple its sourcing from India, targeting USD 10 billion per year by 2027. At the Walmart Growth Summit, the company emphasized supporting Indian MSMEs and entrepreneurs, already training 50,000 individuals under its Walmart Vriddhi initiative. CEO Doug McMillon and President Kathryn McLay highlighted India's potential, aiming to contribute to its USD 4 trillion economy. The summit facilitates global market access for Indian manufacturers, focusing on diverse categories. Walmart's partnerships in India, including Flipkart and initiatives like Flipkart Wholesale, PhonePe, and Walmart Global Tech India, showcase a holistic approach to fostering growth and innovation.
OYO properties & Homes is branching out into the sports hospitality market, choosing 100 properties in 12 locations, including Bangalore, Chennai, and Delhi. The change is intended to accommodate major sporting events by offering players, referees, and spectators end-to-end solutions. OYO provides a variety of lodging alternatives, customised packages, and group booking choices with an emphasis on quality and creativity. The company also intends to offer transportation, catering, and round-the-clock support via control rooms at event locations. This strategic growth, which demonstrates OYO's dedication to seamless and inclusive hospitality, comes after successful participation in significant sporting events in 2023.
The Maharashtra Government has allocated INR 145 crore from the district planning committee to develop infrastructure in rural towns of Nashik like Sinnar, Manmad, Bhagur, and others. An additional comprehensive plan of INR 813 crore for the district's development has been approved for fiscal year 2024-25. This funding aims to address critical infrastructure needs and promote balanced development across urban and rural areas, reflecting the government's commitment to enhancing the region's overall growth and prosperity.
America's office market is experiencing notable changes, with Morgan Stanley analysts predicting further price declines due to ongoing challenges, primarily driven by remote work trends. Office property prices have already dropped by about 20% from their peak, with vacancies reaching record highs. Concerns also arise from the impending debt refinancing in the commercial real estate sector, posing additional hurdles. As distress mounts, stakeholders must adapt to evolving dynamics and seek innovative solutions to navigate the challenges ahead.
NTT Ltd., a leading IT infrastructure company, announces its inaugural data centre campus in Paris, spanning 14.4 hectares with a capacity of 84 MW across three centres. Located strategically near digital infrastructure, the site in Le Coudray-Montceaux and Corbeil-Essonnes signifies Paris's importance in NTT's global expansion. CEO Doug Adams highlights collaboration with local entities and the site's significance in meeting rising data demands. Logistics Capital Partners facilitated site acquisition and will aid in development. This move aligns with global expansion plans amid growing data needs, complementing recent ventures in the US and India, showcasing NTT's substantial investment exceeding USD 10 billion.
To read the full news stories, head over to Prop News Time