Real Estate News Updates for April 21
Welcome to the latest edition of?ETRealty's daily newsletter,?RealtyDigest! Through this especially curated newsletter, we aim to provide the latest real estate and allied industries' news, views, market trends, reports, video interviews and much more to help you navigate the world of real estate. Subscribe and Stay Tuned for daily updates!
------------------------------------------------------------------------
Realty developer Prestige Estates Projects has entered into an agreement to execute an over 1 million sq ft housing society redevelopment project with nearly Rs 6,000 crore revenue potential in Mumbai’s plush Worli locality.
The Shivshahi society redevelopment project involves 192 tenements spread over 3.3 acres opposite the GlaxoSmithKline Pharmaceuticals property on Dr Annie Besant Road in central Mumbai.
The redevelopment project has been stuck for more than a decade as the earlier developers could not execute the project due to several reasons including disagreements with the society members.
MahaRERA has fined 12 developers, who had issued advertisements of their projects in newspapers, without mentioning its registration numbers, Rs5.8 lakh.
After taking cognisance of the advertisements, MahaRERA issued ss moto notices to the promoters 54 projects in the state. Its officials will now monitor project advertisements on social media platforms too and developers, who advertise on there without MahaRERA registration numbers, will be penalised.
The fine amounts imposed on the 12 developers vary. One was fined Rs10,000 for publishing an advert, which mentioned the registration number in a small font. Of the 12 developers, one is from Mumbai, while the rest are from Pune, Nashik and Aurangabad.
Certus Capital, an institutional real estate investment and advisory firm, has invested Rs 80 crore in a premium residential project being developed by Techno Group, Fortune Realty and Gala in Mumbai’s Worli locality.
The project Aakasa, located in the proximity of the upcoming Ritz Carlton Hotel, is estimated to have revenue potential of over Rs 350 crore based on the ongoing property rates in the vicinity. The proposed development has already secured all major approvals including from the Maharashtra Real Estate Regulatory Authority (MahaRERA).
Certus Capital’s investment will be utilised towards financing the construction of the project. With this transaction, the realty investment firm has invested over Rs 100 crore in this micro-market over the last six months.
Goldman Sachs sold about 5 lakh shares in PNB Housing Finance through open market transactions on Thursday. Meanwhile, Nippon India Mutual Fund has bought some stakes.
According to the bulk deals data available with the exchanges, Goldman Sachs Mauritius Fund has offloaded a 0.29% stake, and Nippon India MF has picked up the same.
The transaction was executed at a weighted average price of Rs 133.
PNB Housing Finance is majority public owned, but domestic fund houses have a meagre 1.85% stake in the company. Foreign portfolio investors own 24.2%, with holdings by Investment Opportunities V Pte and General Atlantic Singapore Fund.
It's time to collaborate for planning better cities: D Thara, additional secretary, Housing ministry
We all target to build signature buildings, it's time we think towards building signature lives. There is a need for all, the government, the private sector, and the smaller builders, to work together towards coming out with efficient solutions for building efficient by-laws, said D Thara IAS, additional secretary, Ministry of Housing and Urban Affairs.
She was speaking at PHDCCI's real estate summit 2023 held in New Delhi.
"In the recent budget the government has increased the allocation of Rs 16,000 crore for the Smart Cities mission to building smart cities in India. This is a great opportunity for all builders to come forward and change the way Indians live. It is time to collaborate for planning and deliver projects which take care of the blue and green infrastructure. The bigger builders should mentor the smaller builders to reduce errors and deliver quality projects," said Thara.
--------------------------------------------------------------------------------
This is a condensed version of?ETRealty?Newsletter! Get the full version by?subscribing here!
-------------------------------------------------------------------------------
www.etrealty.com?is an online resource for the latest news, analysis, and insights on the Indian real estate market. Our website provides comprehensive coverage of the real estate sector, including residential and commercial properties, infrastructure developments, and regulatory updates.
Follow us here for more updates!
LinkedIn:?https://www.dhirubhai.net/company/et-realty/
Twitter:?https://twitter.com/Realty_Et
Facebook:?https://www.facebook.com/ETRealty
Instagram:?https://www.instagram.com/et.realty/