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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Maha Mumbai Metro (MMMOCL) has established a state-of-the-art Monsoon Control Room to safeguard the seamless operation of Metro and Monorail services during the upcoming monsoon season. The control room is equipped with cutting-edge technology, including wind velocity anemometers and CCTV cameras, enabling real-time monitoring and risk mitigation. MMMOCL has also collaborated with the MCGM disaster management department, setting up a dedicated hotline for emergency coordination. With meticulous pre-monsoon maintenance, train overhaul preparations, and track inspections, the organization is committed to providing a consistently smooth and secure journey for Mumbaikars, even in challenging weather conditions. Passenger safety and satisfaction remain the top priorities, as MMMOCL stands ready to increase Metro frequency if needed.
The Mumbai Metropolitan Region Development Authority (MMRDA) has set up a 24-hour Control Room to address various issues during the upcoming monsoon season, from June to September 2024. The Control Room aims to minimize inconveniences caused by factors such as uprooted trees, waterlogging, accidents, and traffic problems. With a team of over 300 engineers and 19 emergency response teams, the MMRDA has made comprehensive preparations, including installing water pumps, repairing drains, and coordinating with local authorities. The authority has also taken safety measures for its projects, such as the Atal Setu bridge and the Surya water supply project, to ensure continuous access and uninterrupted service.
A technical issue on the Mumbai Western Railway network has led to significant delays in local train services, forcing commuters to turn to the Mumbai Metro for their travel needs. This sudden surge in metro ridership has resulted in unprecedented overcrowding at several stations along Lines 2A and 7, particularly at Borivali, Kurar, and Rashtriya Udyan. The Mumbai Metropolitan Development Authority (MMRDA), which operates the metro, has responded by adding extra train services to alleviate the rush. This immediate action aims to provide relief to commuters affected by the disruption on the Western Railway network.
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Real estate investment trust (REIT) Nexus Select Trust, valued at INR 18,786 crore (USD 2.3 billion), is in talks to acquire Chennai's Marina Mall. This acquisition would expand their South Indian portfolio amid a post-pandemic retail sector boom. Opened in 2019, the Marina Mall offers over 600,000 sq. ft. of retail space, 150 brands, 25 food outlets, an amusement centre, and more. Nexus Select Trust aims to double its asset portfolio to 20 million sq. ft. within five years. This move highlights rising investor confidence and significant growth prospects in India's retail sector, reflected by increased mall consumption and occupancy rates.
Bhuleshwar, a historic locality in South Mumbai, is renowned for its cultural heritage and blend of traditional and modern structures. Home to iconic temples like the Mumbadevi Temple, it offers diverse housing options ranging from modest apartments to refurbished colonial-era buildings. In April, New Jawahar Mansion led real estate transactions, with resale properties dominating the market. Property sizes varied significantly, catering to different buyer preferences, with prices per square foot averaging around INR 23,995. A significant portion of sales fell within the INR 1 crore range. Bhuleshwar's strong market activity, strategic location, and rich cultural landscape make it a desirable area for both residents and investors.
Nilima Prasad Divi, daughter of Divi's Laboratories founder, Murali Divi, has purchased two properties in Hyderabad's Jubilee Hills for INR 80 crore. Each plot measures 11,043 square feet, bought at INR 40 crore apiece. This transaction highlights Jubilee Hills' premium real estate market, where land prices range from INR 25,000 to INR 35,000 per square foot. The area's exclusivity, with low-density neighbourhoods and large plots, attracts affluent buyers. This trend aligns with increased luxury real estate investments in India’s major cities, driven by the rising number of high-net-worth individuals seeking spacious, luxurious living environments.
Karan Bhagat, CEO of 360 ONE, purchased two sea-view apartments in Mumbai's Worli area for INR 170 crore, setting a new record in India's luxury real estate market. Located in the prestigious Three Sixty West project by Oberoi Realty, the deal amounts to approximately INR 1.31 lakh per square foot. The transaction, spanning 12,900 square feet and including eight parking spaces, underscores the growing demand for ultra-luxury properties in prime Mumbai locations. This record-breaking purchase highlights the city's thriving luxury real estate sector, catering to affluent buyers seeking prestigious addresses and exclusive amenities.
As India braces for a new government, the real estate sector eagerly awaits policies and reforms. Stakeholders anticipate measures that stimulate growth, foster transparency, and promote sustainability. From developers to industry associations, a unified call resonates for policy stability, infrastructure development, affordable housing support, streamlined regulations, tax reforms, and sustainability initiatives. Voices from organizations like NAREDCO Maharashtra, CREDAI-MCHI, and CCI Projects underscore the industry's pivotal role in India's economic landscape. With optimism, the sector looks to collaborate with the new government to chart a course towards growth and prosperity.
Mumbai's luxury apartment market is booming, driven by a growing domestic demand for high-end living and a limited supply of prime properties. Bollywood star Shahid Kapoor and his wife recently bought a sea-view apartment for over INR 60 crore in the prestigious Three Sixty West project in Worli. This is Kapoor's second purchase in the same tower, following a duplex he bought in 2018 for INR 58.57 crore. His latest acquisition spans 6,176 square feet with three car parking spaces. The trend reflects increased interest from celebrities and business tycoons in Mumbai's luxury real estate, further boosting the market.
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Tridhaatu Realty, a Mumbai-based developer, has launched Tridhaatu Morya, a housing project focused on environmental sustainability. Unveiled on World Environment Day (June 5, 2024), the project aims to create eco-friendly living spaces. Co-founder Govind Krishnan Muthukumar emphasized their commitment to minimizing environmental impact and maximizing energy efficiency. Tridhaatu Morya features energy-efficient HVAC systems, smart technologies, solar panels, water-saving fixtures, and rainwater harvesting. The development uses eco-friendly building materials and promotes biodiversity with native plants. Additional features include an Organic Waste Converter and a sewage treatment plant. This project sets a benchmark for sustainable practices in real estate.
? A residential flat spanning 949 square feet sold in Vaishanavi Serene in Bengaluru's Anantpura for INR 72.92 lakhs
? A residential flat spanning 1,299 square feet sold in Land Capital Calista in Bengaluru's Atturu for INR 71.5 lakhs
? A residential flat spanning 5,781 square feet sold in Tricity Stellar in Thane's Panchpakhadi for INR 9 crores
? A residential flat spanning 7,803 square feet sold in Hiranandani Estate Riviera in Thane's Kavesar for INR 95 lakhs
? A residential flat spanning 2,2581 square feet sold in Godrej RKS in Mumbai's Chembur for INR 9.6 crores
? A residential flat spanning 3,464 square feet sold in Tanishkaa Vikrant in Mumbai's Ghatkopar East for INR 9,35 crores
? A residential flat spanning 5,253 square feet sold in Panchshil Yoo Villas in Pune's Wagholi for INR 8 crores
? A residential flat spanning 3,944 square feet sold in Godrej River Royale in Pune's Mahalunge for INR 6.29 crores
The 7/12 extract is a document that displays details about a said piece of land such as survey number, total area, boundaries, and ownership history. It is a combination of two forms; Form 7 which contains details of the land owners and his rights and Form 12 which lists specifics about the land type and usage.
The ‘Saat-Baara-Utara’ is the regional term for 7/12 Extract Document in Maharashtra. The document is maintained by the Revenue Department of the state for the purpose of tax collection. It is issued by the Tehsildar or the concerned land authority. It is an important indicator of the legal status and includes information pertaining to the ancestral history of the land, i.e., past disputes, litigations, court orders, etc. For agricultural land, this extracts also records the types of crop grown on the land in the past.
A Conveyance Deed is a legal document that records the transfer of ownership from the builder-promoter to the co-operative housing society upon formation of the later. According to the Maharashtra Ownership Flats Act (MOFA) 1963, the builder must transfer the ownership of land and building to the co-operative housing society within four months of formation of the society. It is a critical document that establishes the rightful ownership of the co-operative housing society for redevelopment projects.
Deemed conveyance is a legal remedy provided to cooperative housing societies in Maharashtra that have failed to secure a conveyance deed from the developer. Under the deemed conveyance scheme, introduced in 2008, if a developer fails to transfer the ownership of land to a co-operative housing society within a specified period, the society can apply to the competent authority for deemed conveyance. A deemed conveyance order has the same effect as a conveyance deed.
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