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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One month into the initial operation of Metro 3’s Aqua Line, connecting Aarey JVLR to Bandra Kurla Complex, ridership has topped 600,000, with an average of 20,000 daily commuters. The 12.44-km stretch saw its highest ridership on the first Sunday after launch, with 27,108 passengers. Key routes include Bandra Kurla Complex to Marol Naka and SEEPZ to Marol Naka, where intersecting lines have also boosted traffic. Nine trains currently run at 7.30-minute intervals, soon to be reduced to 6.40 minutes if demand holds. Upcoming retail spaces and the National Common Mobility Card launch by December 2024 will enhance commuter convenience further.
The Delhi Development Authority (DDA) will begin bookings for over 2,500 newly constructed flats under the second phase of the Sasta Ghar Housing Scheme on November 14. Designed for economically weaker sections (EWS) and lower-income groups (LIG), the flats are priced from INR 11.5 lakh, with various offerings across locations like Rohini, Dwarka, and Narela. Following the successful first phase, the DDA aims to meet the rising demand for affordable housing. The initiative includes enhancements to local amenities, with plans for green spaces and maintenance by local municipal bodies, promoting a healthier living environment for residents.
The Rail Land Development Authority (RLDA) has announced the bidding process for 23 premium commercial units at the Commercial Complex in Gomti Nagar, Lucknow, through a Mega E-Auction. Interested bidders can download e-bid documents until November 12, 2024, with online applications due the same day. The complex features two G+4 towers, modern amenities, and excellent connectivity to key locations, making it an attractive investment opportunity as Gomti Nagar evolves into a significant commercial hub.
The recently announced Haji Ali Improvement Plan aims to enhance accessibility and safety at Mumbai's iconic Haji Ali shrine. Managed by the Public Works Department (PWD), the first phase will focus on strengthening the existing pathway to the shrine, which usually becomes inaccessible during high tide. The pathway will be widened and elevated by 1.5 metres above high tide levels, with stonework and safety railings added to ensure stability and security. The project’s first phase costs INR 20.10 crore, with a one-year completion timeline. Future phases, led by the BMC and MMRDA, will include beautification, parking improvements, and facilities for hawkers and visitors.
The Andhra Pradesh government is reigniting hopes for residents in Nellore district by fast-tracking the establishment of a new airport near Dagadarthi. Approximately 1,379 acres of land have been earmarked for this project, with efforts underway to acquire the remaining land. Chief Minister Chandrababu Naidu has convened meetings with key officials to ensure completion of new airport initiatives within three years. The Dagadarthi airport, a long-awaited development, received preliminary approval in 2016. With industrial growth anticipated in the region, local officials highlight the airport's potential to significantly enhance economic prospects and connectivity.
The Greater Visakhapatnam Municipal Corporation (GVMC) is partnering with the International Finance Corporation (IFC) to create the Eco-Vizag Green City Action Plan (GCAP), which aims to integrate climate mitigation strategies into local initiatives. The draft plan proposes 42 measures across key sectors, including energy, transportation, and waste management, with a potential 30% reduction in greenhouse gas emissions by 2034. High-impact initiatives include promoting electric vehicles and enhancing building codes. GVMC plans to refine the draft with input from local stakeholders, positioning the GCAP as a vital part of its broader Eco-Vizag campaign for sustainable development.
BMRCL has secured the necessary permissions to start commercial operations on the Green Line's newly extended route between Nagasandra and Madavara, with an inauguration expected midweek, followed by full services the next day. BMRCL's Chief PRO, BL Yeshwanth Chavan, stated that preparations are underway, including finalizing schedules and assigning staff at three new stations. The delayed opening had caused frustration among commuters, resulting in overcrowding at Nagasandra station. The new extension, part of Phase II, has been eagerly awaited by the public for seven years, and it is set to improve connectivity in the area.
Gaurav Trehan, CEO of KKR India, recently purchased a luxurious sea-view apartment at Morena House on Carmichael Road, Mumbai, from JSW Realty, marking one of India’s highest-value residential transactions. The upscale property spans over 5,000 sq. ft., includes exclusive amenities, and reflects ongoing demand for premium real estate in Mumbai. This acquisition aligns with recent trends in Mumbai’s high-end property market, which continues to see growth, especially in prime areas like South and Central Mumbai, popular among affluent buyers and corporate executives.
The Supreme Court upheld the Bombay High Court's decision rejecting CIDCO's proposal to relocate a sports complex from Ghansoli to Nanore village in Raigad. The court stressed that Mumbai’s play areas should not be urbanised and that the proposed relocation lacked proper consideration of local needs. CIDCO's decision to repurpose the land for a residential project instead of a sports facility was criticised as arbitrary and illegal. The Supreme Court's ruling reinforces the importance of preserving designated public spaces for sports in Mumbai, ensuring that urban development does not infringe on such areas critical for public welfare.
Renowned Marathi singer, music director, and filmmaker Avadhoot Gupte, along with his wife Girija, recently acquired a high-end apartment in Khar West, Mumbai for INR 7.75 crore. The property, located in Rustomjee Paramount, covers a carpet area of 126.14 sq. m. and includes three dedicated parking spaces. Known for its luxurious amenities and connectivity, Khar West has become a preferred destination for elite buyers, with nearby conveniences such as prestigious schools, premium retail outlets, and proximity to the international airport. The trend of celebrity investments in the Bandra area has been strong, as seen with recent purchases by other prominent figures like Ranveer Singh and Deepika Padukone. Gupte, celebrated for his contributions to the Marathi music and film industry, continues to expand his presence within Mumbai’s elite property landscape.
The Telangana government has initiated the Metro Rail Project Phase II, covering a total of 116 km, including a significant stretch from Shamshabad Airport. While field surveys are ongoing for this section, the remaining five corridors totalling approximately 76.4 km will be taken up immediately. Emphasising the project's importance in reducing traffic congestion and pollution in Greater Hyderabad, officials highlighted the successful completion of Phase I. The government has also reassessed and revised the Phase II proposals based on experiences from the first phase.
The Urban Development and Housing (UDH) department of Rajasthan is set to resume drafting a new township policy after a two-month pause, with plans to present the draft in the upcoming assembly session. A committee of officials was established to create the draft, and feedback was actively sought from various societal sectors. Although deadlines for suggestions were extended, progress had stalled until a new directive was issued recently. The new policy aims to address contemporary urban needs and align with updated regulations established since 2010.
CIDCO’s ‘My Preferred CIDCO Home’ housing scheme has seen high interest, with nearly 70,000 applications submitted for 26,000 homes in Navi Mumbai. Open until mid-November, the scheme offers affordable housing for the Economically Weaker Section (EWS) and Low-Income Group (LIG), with an INR 2.5 lakh subsidy available for eligible EWS applicants. The initial phase of CIDCO’s broader plan to construct 67,000 homes, this project enables applicants to prioritise their preferred locations across key nodes and includes a structured three-phase process for registration, booking, and allocation.
Rahul Krishna Vaidya, the Indian Idol Season 1 runner-up, recently acquired a luxurious apartment valued at INR 9 crores in Mumbai's sought-after Bandra West neighbourhood. His new residence is located within DLH Signature, a high-end project by DLH Group that features expansive 3 BHK, 4 BHK, and 5 BHK units across a 1.25-acre site. Bandra West has become a preferred location for celebrities, with stars like Sunil Shetty, Ranveer Singh, and sports personalities such as KL Rahul also investing in the area. Vaidya’s purchase underscores Bandra’s appeal, combining prestige, connectivity, and high-profile neighbours.
? A residential flat spanning 3,261 square feet sold in Forum Serendipity At BKC in Mumbai's Bandra East for INR 12.5 crores
? A residential flat spanning 2,158 square feet sold in Joy Legend Wing A in Mumbai's Khar for INR 11.65 crores
? A residential flat spanning 1,017 square feet sold in Topaz Park in Pune's Wakad for INR 1.05 crores
? A residential flat spanning 1,028 square feet sold in Pride Wellington F G in Pune's Charholi Budruk for INR 1.02 crores
? A residential flat spanning 648 square feet sold in Rutu Enclave in Thane's Kasarvadavali for INR 73 lakhs
? A residential flat spanning 780 square feet sold in Swastik Park CHS in Thane's Kolshet for INR 73 lakhs
? A residential flat spanning 1,007 square feet sold in Indiabulls Greens - 2 in Raigad's Panvel for INR 89.5 lakhs
? A residential flat spanning 668 square feet sold in Amrut Dhara in Raigad's Kalamboli for INR 49.5 lakhs
Preferential location charge is a premium charged for superior features in a flat. These features can include but are not limited to sea views, park views, higher floors, corner flats, terrace access flats, etc. PLC charges can be calculated on a square foot basis or a slab rate.
A Construction-linked Plan (CLP) is a flexible payment method for under construction flats. The buyer initially pays a predetermined down payment, after which all subsequent pre-determined payments are made in instalments that are linked to the progress of construction.
Global Capability Centres (GCCs), also known as global in-house centres or captives (GICs), are offshore centres established by firms to provide various services to their parent organisations. These centres operate as internal organisations within the global corporate structure, providing specialised capabilities such as IT services, research and development, customer support, and other business tasks. GCCs and GICs are critical in leveraging cost efficiencies, accessing talent pools, and encouraging collaboration between parent businesses and their offshore affiliates.
A data centre is a physical room, building or facility that houses IT infrastructure for building, running, and delivering applications and services, and for storing and managing the data associated with those applications and services. Data centres have evolved in recent years from privately-owned, tightly-controlled on-premises facilities housing traditional IT infrastructure for the exclusive use of one company, to remote facilities or networks of facilities owned by cloud service providers housing virtualized IT infrastructure for the shared use of multiple companies and customers.
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