Weekend Digest - Top Stories

Weekend Digest - Top Stories

Welcome to the latest edition of?PNT Real Estate round-up! 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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| Top Stories

No property tax hike for Mumbaikars in 2024-25 as BMC maintains current rates

The Brihanmumbai Municipal Corporation (BMC) will maintain the current property tax rates for 2024–25 without implementing any revisions. This decision, influenced by past rejections of proposed hikes in 2020-21 and 2022 due to the pandemic, means property owners will not face an increase after nearly a decade. The property tax calculation currently relies on the Stamp Duty Ready Reckoner rates. Despite the lack of a rate hike, BMC collected INR 4,856 crore in 2023-24, surpassing its target of INR 4,500 crore. The BMC's cautious approach aims to balance revenue needs with citizens' financial burdens.

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Incuspaze expands in Mumbai with 57,351 sq. ft. lease at Hiranandani Light Hall

Flexible office space provider Incuspaze is expanding its footprint with a new 57,351 sq. ft. lease at Hiranandani Light Hall Business Park in Mumbai. This addition is part of a broader strategy that includes acquiring 580,000 sq. ft. in Delhi NCR and 115,000 sq. ft. in Whitefield, Bangalore. The company aims to increase its total workspace by 2 million sq. ft. over the next two years, focusing on South India. Incuspaze's expansion aligns with rising office space demand in Mumbai, where leasing activity has doubled year-over-year, highlighting the shift toward flexible work environments.

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SRA recovers over INR 700 crore in transit rent arrears, enhances measures for slum rehabilitation

The SRA is actively implementing the Slum Rehabilitation Scheme, overseeing transit rent payments to slum dwellers. With 25 nodal officers appointed to recover arrears and a new policy requiring advance payments, developers have deposited over 700 crores, aiding in the reduction of complaints. Legal proceedings under the Maharashtra Slum Areas Act have been initiated against defaulters, and an online complaint system has been launched. Additionally, an Authorised Account Officer will review pending rent issues, ensuring effective resolution and improved scheme management.

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Deloitte leases 175,000 sq ft at Prestige Trade Tower, expanding presence in Delhi-NCR

Deloitte is expanding its footprint in the National Capital Region (NCR) by leasing 175,000 square feet of office space at Prestige Trade Tower near Delhi airport. This marks Prestige Group’s first commercial project in NCR and reflects Deloitte's broader strategy to enhance its operations in key markets. The new space, part of Deloitte's recent acquisition of 1 million square feet in Bengaluru, is expected to cater to the firm’s growing needs. Despite a 16% drop in NCR's leasing activity year-over-year, Aerocity's appeal and new developments continue to attract significant investments.

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Lansum Properties acquires 3.6 acres in Kokapet for INR 200 crore for a luxury residential project

Lansum Properties has acquired a 3.6-acre land parcel in Kokapet, Bengaluru, for INR 200 crore to develop a high-end residential project. The company secured INR 250 crore in financing from IndusInd Bank for construction and project development. The luxury project will feature three and four-BHK units starting above INR 2.4 crore and will include 55 floors, benefiting from Hyderabad's unlimited floor space index regulations. Hyderabad's luxury property market is thriving, with sales for homes above INR 1 crore up 50% year-on-year, and land prices in Kokapet have nearly doubled since 2021.

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L&T seeks 181-day extension to complete Coastal Road project

Larsen & Toubro (L&T) is working on a major coastal road project involving two tunnels. Due to delays, L&T has requested an additional 181 days, extending the deadline to 30 September, to complete the remaining work. While both tunnels are operational, L&T requires extra time to finalise tasks such as integrating mechanical and electrical systems, installing tetrapods, and site clearance. The extension request cites challenges such as early partial commissioning, operational traffic, and various disruptions, including weather and utility issues. The BMC reports that 91% of the work is completed, raising concerns about a potentially rushed inauguration.

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UP-RERA mandates training for 7,000 agents: 3-day course to address skill gaps and ethics

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has introduced a mandatory three-day training program for all 7,000 registered real estate agents to tackle skill and ethical issues. Agents must complete the course within a year or risk losing their registration. The training will cover the Real Estate (Regulation and Development) Act, relevant rules, and client interaction best practices. UP-RERA aims to enhance professionalism and trust in the real estate sector. The initiative, supported by training institutes, is expected to improve service quality and accountability in real estate transactions.

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Delhi to implement NGDRS for property registrations by January 2025

Delhi's Lieutenant Governor V.K. Saxena has announced that all properties in the city will be registered with the National Generic Document Registration System (NGDRS) by January 2025. Already implemented in all 22 sub-registrar offices, the NGDRS has registered 231,000 properties, aiming to simplify registration, enhance transparency, and reduce fraud. This digitised system allows online management of registration tasks, quick document retrieval, and integration with various municipal systems, including the Delhi Development Authority (DDA) and Municipal Corporation of Delhi (MCD), streamlining the property registration process and improving service efficiency.

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NMMC intensifies crackdown on illegal constructions with INR 30,000 penalty

The Navi Mumbai Municipal Corporation (NMMC), led by Commissioner Dr. Kailas Shinde, has ramped up its demolition efforts against unauthorised constructions. Recent actions targeted several illegal buildings across sectors, including Sector-04 Airoli, Vashi village, and Karave Gaon, resulting in the demolition of structures and fines totaling INR 30,000. Despite previous notices, the construction continued, prompting NMMC to employ heavy machinery for effective enforcement. Key officials, including Assistant Commissioners and Junior Engineers, were actively involved. The NMMC plans to maintain these rigorous measures to enforce compliance and uphold urban planning standards.

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New UP-RERA guidelines simplify reporting and encourage developer transparency

UP-RERA has introduced new guidelines for Quarterly Project Reports (OPRs), allowing developers to submit reports without incurring late fees after uploading the Occupation or Completion Certificate. This aims to ease pressure on developers while ensuring compliance. However, all pending OPRs must be filed before applying for project registration extensions. UP-RERA will alert developers if OPRs are overdue, with late fees re-imposed if not addressed. These updates aim to enhance transparency and accountability, fostering better communication between developers and homebuyers, and ultimately leading to a more reliable housing market in Uttar Pradesh.

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DDA launches Sasta Ghar housing scheme 2024: 34,000 affordable flats starting at INR 11.5 lakh

In a key meeting chaired by Lieutenant Governor VK Saxena, the Delhi Development Authority (DDA) introduced the Sasta Ghar Housing Scheme 2024, offering 34,000 affordable flats starting at INR 11.5 lakh for LIG and EWS families. The initiative includes flats in Ramgarh Colony, Siraspur, Loknayakpuram, Rohini, and Narela. Additionally, the DDA announced the General Housing Scheme 2024, the Dwarka Housing Scheme 2024 with e-auction flats, and several community development measures. These steps aim to improve housing access and living conditions across Delhi, benefiting economically disadvantaged residents.

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Independence Day 2024: Siddha Sejal and Chandak Group unveil exclusive offers for homebuyers

As India celebrates 77 years of Independence, the real estate sector is buzzing with special offers from developers, reflecting strong homebuyer confidence. Siddha Sejal Group and Chandak Group are leading the charge with compelling deals on premium projects. Siddha Sejal Group's ALTAIRE COLLECTION at Siddha Sky in Sion NX is offering smartly designed residences with a 77% discount on stamp duty & registration rates. Chandak Group’s 'Forever Homes Fiesta' provides attractive discounts across four prime projects. These offers make luxury living more accessible, allowing aspiring homeowners to secure their dream homes at unbeatable prices, while celebrating the spirit of freedom and prosperity.

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MMRCL begins construction on Mumbai Metro 11, connecting Wadala to Regal Cinema

The Mumbai Metro Rail Corporation (MMRCL) has started preliminary work on the Metro 11 underground corridor connecting Wadala to Regal Cinema, involving a geo-technical survey crucial for the Detailed Project Report. This revised route, passing through Byculla, Bhendi Bazar, and Crawford Market, aims to better serve high-density areas and commercial districts. Expected to cost INR 16,000 crore, the project will reduce reliance on buses and taxis in congested areas, offering a more efficient transportation alternative. The Japan International Cooperation Agency (JICA) is prepared to discuss funding once approvals are in place, marking a significant step in enhancing Mumbai’s infrastructure.

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INR 500 crore renovation for Mumbai’s Siddhivinayak temple ahead of Ganesh festival

Mumbai’s Siddhivinayak Temple will receive a INR 500 crore upgrade to improve facilities for devotees during the Ganesh festival. Spearheaded by local politicians, the plan includes enhanced access via Mumbai Metro Line 3, new pathways, widened roads, and removal of nearby unauthorized structures. Vendors will be relocated, and new amenities like expanded shoe racks and restrooms will be added. Modern upgrades will feature new signage, Wi-Fi, and CCTV. The renovations aim to accommodate the temple’s 40,000 daily visitors and enhance their festival experience.

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Delhi High Court appoints arbitrator in INR 14 crore dispute involving Yuvraj Singh and real estate firm

The Delhi High Court has appointed Mukesh Gupta, an advocate and former Vice Chairman of the Central Administrative Tribunal, as the arbitrator in a legal dispute between former cricketer Yuvraj Singh and Brilliant Etoile Private Limited. The case involves allegations of privacy violations and delays in delivering a INR 14 crore apartment in Hauz Khas. Singh claims the builder failed to meet quality standards and improperly used his image after a promotional agreement expired. The arbitration, under the Delhi International Arbitration Centre's guidelines, will address all factual and legal arguments raised by both parties.

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Maharashtra's new logistics policy targets INR 30,573 crores in revenue and 500,000 jobs

Maharashtra's new Logistics Policy aims to transform the state into a global logistics hub, targeting INR 30,573 crores in revenue and 500,000 jobs over the next five years. The policy seeks to reduce logistics costs from 14-15% of GDP to 10-11%, supported by the development of 10,000 acres of infrastructure. Key initiatives include the International Mega Logistics Hub in Navi Mumbai-Pune, costing INR 1,500 crores, and the Nagpur-Wardha National Mega Logistics Hub. With a focus on sustainability and technological integration, the policy also supports private investment and MSMEs, enhancing the state’s competitive edge.

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Nitco Ltd sells 16,250 sqm Kanjurmarg East land to Runwal for INR 232 crore

Nitco Ltd has sold a 16,250 square meter (approximately four acres) land parcel in Kanjurmarg East, Mumbai, to Runwal Group for INR 232 crore. This strategic location benefits from excellent connectivity, near the Eastern Express Highway, Jogeshwari-Vikhroli Link Road, and Kanjurmarg Railway Station, with upcoming Metro Lines set to enhance its value further. The sale reflects high demand for prime Mumbai real estate and underscores Nitco Ltd’s focus on optimizing its asset portfolio. Runwal Group, with 14 ongoing projects in Mumbai, sees significant potential in this rapidly developing area.

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Pradhan Mantri Awas Yojana-Urban 2.0: A giant leap towards housing for all in India

The Union Cabinet's approval of Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0, led by Prime Minister Narendra Modi, is a significant move towards providing affordable housing for all in India. With an investment of 10 lakh crore, including INR 2.30 lakh crore in government assistance, the scheme aims to benefit one crore urban poor and middle-class families over the next five years. Industry leaders have lauded the initiative for its potential to improve living standards, boost the real estate sector, create jobs, and drive economic growth. The scheme builds on the successes of its predecessor and sets new standards for urban development.

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The Phoenix Mills accquires land in Coimbatore at INR 370 crore for a new retail project

Astrea Real Estate Developers, a subsidiary of The Phoenix Mills (PML), has acquired 9.03 acres of land in Coimbatore for INR 370.17 crore, marking PML's second retail project in Tamil Nadu. The acquisition involved purchasing equity in several entities and direct land purchases. PML holds a 67.1% stake in Astrea, with Reco Zinnia holding 32.9%. The project is part of PML's strategy to expand its retail portfolio in major Indian cities. The development is expected to enhance Coimbatore's retail landscape, following the success of Phoenix MarketCity and Palladium in Chennai.

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| Deal News

A residential flat spanning 2,312 square feet sold in Ekta Elitus in Mumbai's Santacruz West for INR 11.33 crores

? A residential flat spanning 3,220 square feet sold in Midcity Shikhar A in Mumbai's Andheri West for INR 7.74 crores

? A residential flat spanning 1,147 square feet sold in L&T Crescent Bay - T2 in Mumbai's Parel for INR 4.4 crores

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A residential flat spanning 1,059 square feet sold in Tata Serein Phase 2 - Tower 3 in Thane's Pokharan Road for INR 2.59 crores

? A residential flat spanning 1,596 square feet sold in Lodha Golflinks in Thane's Nilje for INR 1.8 crores

? A residential flat spanning 948 square feet sold in Lodha Amara Tower 49 and 50 in Thane's Balkum for INR 1.59 crores

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A residential flat spanning 1,661 square feet sold in Pride Purple Park Grandeur Phase II in Pune's Baner for INR 3 crores

? A residential flat spanning 1,147 square feet sold in Sigma One Society in Pune's Kothrud for INR 2.19 crores

? A residential flat spanning 967 square feet sold in Kunal The Canary Phase 3 in Pune's Balewadi for INR 1.38 crores

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A residential flat spanning 931 square feet sold in Nisarg Hyde Park in Raigad's Kharghar for INR 1.35 crores

? A residential flat spanning 1,024 square feet sold in Maitri Planet in Raigad's Kharghar for INR 1.2 crores

? A residential flat spanning 699 square feet sold in Dynamic Enclave in Raigad's Kamothe for INR 70.5 lakhs

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A residential flat spanning 678 square feet sold in Imperial Exotica in Palghar's Vasai West for INR 77.64 lakhs

? A residential flat spanning 727 square feet sold in Kailash Tower in Palghar's Nalasopara East for INR 57.25 lakhs

? A residential flat spanning 800 square feet sold in Samudra Darshan CHS in Palghar's Naigaon for INR 47 lakhs

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| Trending Project

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| Property Dictionary

Double Glazed Unit or Window

A double glazed unit refers to a sealed unit consisting of two panes of glass, a metal spacer that runs between the two panes on the periphery, and an inert gas or nitrogen-filled cavity between the two panes of glass. These units are most commonly used for windows. The cavity in the unit should filled with a gas that is completely moisture-free, as otherwise it can condense into droplets and obscure the view. The gap serves to provide both heat and sound insulation.

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Gypsum Board

Gypsum board, commonly known as drywall, prefers to a building material used for walls, ceilings and partition systems in residential and commercial units. It is a panel made of calcium sulphate dihydrate (gypsum), typically extruded between thick sheets of facer and backer paper. Gypsum boards are light weight, fire resistant, economic, offer sound insulation and can be used to create a monolithic surface for interiors.

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Plywood

Plywood is a form of engineered wood that is manufactured by binding or fixing resin and wood fibre sheets together. Thin layers or “plies” of wood veneer that are glued together with adjacent layers having their wood grain rotated up to 90 degrees to one another. Different tree species and glues are used to create different final products, and in all cases, they are finished with a bonding process that involves heat and pressure. Plywood has low moisture content, making it easy to use outdoors. It is also economic to procure, making it a popular material to use for interiors in India.

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Modular Kitchens

Modular kitchens are kitchens that can be assembled using individual units. Each unit can be personalised to suit your needs, appliances and incorporate the latest technology. These units are then fitted to form the skeleton of the new kitchen. The biggest advantage of modular kitchens are that they can be assembled and reassembled, making it easier to move into different homes. In contrast, civil kitchens have cabinets that are permanently built into the space, making it impossible to dismantle later.

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Junction Box (J-Box)

A junction box, also known as a J-box is a wall-mounted unit that contains all the electrical connections in a house. It serves as the communal meeting spot for electrical wires, where they connect before moving on throughout the house. These boxes protect the electrical connections from external forces and inhabitants of the house from accidental electric shocks. A J-box is usually made up of plastic or metal, wall mounted and concealed behind an access panel.

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