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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Whitefield, a rapidly developing IT and residential hub in eastern Bangalore, has become a prime real estate destination. With its robust infrastructure, excellent connectivity, and abundant social amenities, Whitefield attracts professionals and families seeking a comfortable lifestyle amidst the growing tech ecosystem. In May, Carmel Heights led the real estate market with the highest number of deals, followed by Prestige Palms and Amrutha Heights. The locality offers diverse housing options, from luxury apartments to budget-friendly choices, catering to a wide range of preferences and budgets. Whitefield's thriving real estate market underscores its appeal as a vibrant and sought-after locality.
Navi Mumbai Municipal Corporation (NMMC) honours Rajarshi Chhatrapati Shahu Maharaj's 150th birth anniversary with a special lecture on his educational vision. Abhijit Kamble, BBC Marathi Editor, will discuss Shahu Maharaj's pioneering reforms in free and compulsory education, particularly for women. The event, part of NMMC's "Vicharvedh" series at Dr. Babasaheb Ambedkar Memorial Auditorium, Sector 15, Airoli, aims to highlight Shahu Maharaj's legacy and his belief in education as a catalyst for societal progress. Open to the public, the lecture starts at 6:30 pm, offering attendees an insightful tribute to a visionary leader's enduring impact.
The Mumbai Metropolitan Region Development Authority (MMRDA) has clarified that recent cracks found on the Mumbai Trans Harbour Link (MTHL) bridge are limited to the approach road from Ulwe towards Mumbai. Discovered during a routine inspection on June 20th, 2024, these minor asphalt surface cracks pose no threat to the main bridge structure. Repairs by contractor M/s Strabag are underway and expected to conclude within 24 hours, ensuring no traffic disruptions. The MMRDA reaffirms its dedication to the safety and quality of the MTHL project through ongoing inspections and prompt maintenance.
A recent report by Maharashtra's Real Estate Regulatory Authority (MahaRERA) reveals that out of 1350 registered projects, only 195 have established a mandatory Complaint Redressal Cell as of August 2023. This shortfall means many homebuyers lack a dedicated channel to address issues such as construction delays or amenities discrepancies. MahaRERA emphasizes the importance of these cells in fostering transparency and customer trust. They urge developers to promptly set up these cells, ensuring grievances are handled efficiently. For prospective homebuyers in Maharashtra, verifying the presence of a Complaint Redressal Cell is crucial for ensuring smoother issue resolution and transparency in real estate transactions.
Chief Minister Eknath Shinde presented a cheque for INR 50 lakh to the family of Rakesh Yadav, a laborer trapped with a JCB near Versova Creek. The financial aid was provided at the CM's residence in Thane, attended by Yadav’s immediate family and senior officials from MMRDA and L&T. The cheque included INR 35 lakh from L&T and INR 15 lakh from insurance. Additionally, Rakesh’s brother, Durgesh, was offered a job at L&T. Despite 17 days of rescue efforts, Rakesh remains unlocated. The aid aims to support the family during this tragic time, highlighting the commitment to worker welfare.
Vashi Public Hospital in Navi Mumbai has emerged as a frontrunner in adopting the Ayushman Bharat Digital Mission (ABDM), a government initiative aimed at revolutionising healthcare access and efficiency through digital tools. Mr. Dipti Gaur Mukherjee, CEO of the National Health Authority (NHA), recently visited the hospital to witness demonstrations of key functionalities such as Abha App Registration, Instant Token Generation, and Quick Retrieval of Medical Records. Dr. Kailas Shinde, Commissioner of the Navi Mumbai Municipal Corporation (NMMC), announced plans to computerise all hospital operations, highlighting benefits like reduced waiting times, improved care coordination, and portability of medical records. Mr. Mukherjee commended the NMMC's efforts and expressed support for further ABDM expansion. The visit also showcased Navi Mumbai's environmental initiatives, emphasising a holistic approach to a healthier future.
Thane, part of the Mumbai Metropolitan Region (MMR), is experiencing a rise in demand for affordable luxury residential projects. Improved infrastructure, better connectivity, and a preference for lifestyle amenities drive this trend. Developers like Prescon Group and JP Infra Mumbai Pvt. Ltd. are meeting this demand by offering premium living at competitive prices. According to PropEquity, Thane saw 26,702 units sold in Q1 CY'24, with a predicted 9% rise in sales for April-June 2024. Thane's strategic location, developed infrastructure, and thriving commercial environment make it an attractive destination for modern homebuyers seeking a balance of lifestyle and affordability.
The Navi Mumbai Municipal Corporation (NMMC) launched a proactive deep cleaning campaign on June 22nd, 2024, along the Sion-Panvel Highway. Led by Municipal Commissioner Dr. Kailas Shinde, the initiative aimed to enhance cleanliness standards across the city. Residents from Belapur, Nerul, Turbhe, and Vashi joined NMMC officials, sanitation workers, and students from the National Service Scheme (NSS) in a concerted effort. The campaign, focusing on the Belapur to Vashi stretch, included a collective pledge and hands-on cleaning drive, emphasising public involvement in maintaining a cleaner environment. This collaborative effort sets a precedent for future initiatives to promote civic responsibility and environmental stewardship in Navi Mumbai.
Navi Mumbai Municipal Corporation (NMMC) Commissioner Dr. Kailas Shinde is pushing for immediate use of market buildings constructed by the NMMC. He inspected several market sites, emphasising cleanliness, improved facilities, and better accessibility. At Diwalegaon, he called for permanent toilets and a cleanliness campaign. In Sanpada and Vashi, he suggested structural changes for better ventilation and convenience for vendors and customers. Dr. Shinde also reviewed the NMMT bus terminus construction, urging the installation of benches and completion of leased office spaces. His initiative aims to enhance market functionality and public hygiene in Navi Mumbai.
Vikhroli West, located in the eastern suburbs of Mumbai, is rapidly developing into a prominent residential and commercial hub. Known for its high-rise apartments, gated communities, and corporate offices, the area boasts excellent connectivity through major roads and the suburban railway network. In May, significant real estate activity was observed, with Lodha Vikhroli ASPI Project 1 leading sales. The locality offers diverse housing options catering to a wide range of buyer preferences and price points. With its strategic location, ample amenities, and pockets of greenery, Vikhroli West is becoming an attractive destination for families and professionals seeking a modern lifestyle.
Navi Mumbai's youth are making a difference through a special coastal clean-up campaign. 70 students from Tejaswa Career Academy enthusiastically participated, aligning with the municipal commissioner's call for increased public involvement in cleanliness efforts. The campaign was overseen by local officials, including Dr. Kailas Gaikwad and Shri. Sunil Pawar. Students joined residents, sanitation workers, and officers to collect significant waste from the Ghansoli Palm Beach area. This collaborative effort showcases the power of community engagement in maintaining a clean and healthy environment. Dr. Shinde's initiative is proving successful, with Navi Mumbai's youth leading the way towards a more sustainable city.
The Navi Mumbai Municipal Corporation (NMMC) hosted "????????" at the Bharatratna Dr. Babasaheb Ambedkar Memorial in Airoli, highlighting Chhatrapati Shahu Maharaj's progressive educational reforms. Mr. Abhijit Kamble, BBC Marathi Editor, emphasised Shahu Maharaj's implementation of free and compulsory education, promotion of women's education, support for marginalised communities, significant budget allocation, and establishment of hostels for underprivileged children. NMMC Commissioner Dr. Kailas Shinde lauded the series' success in attracting over 2.5 lakh visitors. The event underscored the enduring relevance of Shahu Maharaj's educational vision and the importance of education in fostering a harmonious society.
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India's Life Insurance Corporation (LIC) is poised to unlock INR 50,043-58,384 crore (USD 6-7 billion) through the sale of its prime real estate holdings across major cities. This strategic move aims to bolster shareholder returns amidst slowing market share growth. LIC's extensive portfolio includes iconic properties like Delhi's Jeevan Bharti building and Kolkata's LIC building, valued conservatively at INR 50,000-60,000 crore but potentially worth INR 2.5-3 lakh crore. Challenges abound, from determining fair market values for properties never previously sold to navigating legal complexities. Nevertheless, this initiative underscores LIC's focus on streamlining operations, enhancing financial health, and prioritizing its core insurance business.
Navi Mumbai Municipal Corporation (NMMC) celebrated the 10th International Yoga Day on June 21, 2024, with a vibrant event themed "Yoga for Self and Society." Held at the CIDCO Exhibition Center, the highlight was the "Yoga Mantra" program, drawing a large crowd including civic leaders like Dr. Kailas Shinde, Municipal Commissioner, and local MLAs. This event aimed to highlight yoga's dual benefits for physical well-being and civic responsibility, integrating messages from the "Swachh Bharat Mission." The NMMC's commitment to regular yoga sessions underscores their holistic approach to fostering community health and environmental stewardship in Navi Mumbai.
On June 24, 2024, Navi Mumbai Municipal Corporation (NMMC) Commissioner Dr. Kailas Shinde conducted a surprise inspection of all departments at the NMMC headquarters. Accompanied by Deputy Commissioner Shri. Sharad Pawar, Dr. Shinde emphasised punctuality, proper document storage, and cleanliness. He directed the activation of the CCTV control room and improvements in emergency management procedures. Dr. Shinde also advocated for the publicising of Swachh Survekshan and Majhi Vasundhara Abhiyaan messages. These measures aim to create a more efficient, people-oriented administration across all NMMC offices.
? A residential flat spanning 2,407 square feet sold in Prestige Ocean Towers - North in Mumbai's Kalbadevi for INR 16.85 crores
? A residential flat spanning 2,078 square feet sold in Supreme Elysia in Mumbai's Santacruz West for INR 12 crores
? A residential flat spanning 1,093 square feet sold in Nyati Equinox 1 in Pune's Bavdhan for INR 1.19 crores
? A residential flat spanning 1,107 square feet sold in Lodha Kharadi Pune Phase 1 Tower 1 to 4 in Pune's Wagholi for INR 1.15 crores
? A residential flat spanning 1,093 square feet sold in Nyati Equinox 1 in Pune's Bavdhan for INR 1.19 crores
? A residential flat spanning 1,107 square feet sold in Lodha Kharadi Pune Phase 1 Tower 1 to 4 in Pune's Wagholi for INR 1.15 crores
? A residential flat spanning 996 square feet sold in Siddhivinayak The Orien in Raigad's Kalamboli for INR 1.05 crores
? A residential flat spanning 1,040 square feet sold in Seth Narayan Park in Raigad's Kharghar for INR 95 lakhs
? A residential flat spanning 1,059 square feet sold in Vaishnavi Serene in Bengaluru's Anantapura for INR 78.82 lakhs
? A residential flat spanning 1,178 square feet sold in Emerald Classic in Bengaluru's Ejipura for INR 70 lakhs
An Expression of Interest (EOI) cheque, also known as an Earnest Money Deposit or Good Faith Deposit, is a sum of money a buyer pays a seller to express a genuine interest and commitment towards purchasing a particular property. It is usually made after both parties are in agreement on the general terms of sale but before any formal signing of an agreement takes place.
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.
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.
Fixed-rate mortgage refers to a home loan that has a fixed interest rate for the entire term of the loan. Once locked in, the interest rate does not fluctuate with market conditions. Borrowers who want predictability and/or who tend to hold property for the long term tend to prefer fixed-rate mortgages. Fixed-rate mortgages may be open or closed with specific terms or may run for a length of time agreed upon by the lender and borrower.
An adjustable-rate mortgage (ARM) refers to a home loan with a variable interest rate. With such loans, an initial interest rate is fixed for a stipulated period of time, after which the interest rate applicable on the outstanding balance varies. The rate is reset periodically, at yearly or even monthly intervals and is based on a benchmark or index, plus an additional spread called an ARM margin. ARMs are also called variable-rate mortgages or floating mortgages. ARMs generally have caps that limit how much the interest rate and/or payments can rise per year or over the lifetime of the loan.
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