Weekend Digest- Trending Stories
Welcome to the latest edition of?PNT Real Estate Recap! 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.
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Mahindra Lifespace anticipates a fivefold increase in bookings by the financial year 2028, driven by strategic expansions and innovative projects. The company aims to use its reputation for quality and sustainability by focusing on technology integration and efficient project execution to attract a broader customer base. This projection is supported by strong market demand and Mahindra Lifespace’s commitment to delivering premium residential and commercial properties. Enhanced marketing efforts and customer-centric initiatives are also expected to play a crucial role in achieving this ambitious target. Overall, Mahindra Lifespace is poised for significant growth, reinforcing its position as a leader in the real estate sector.
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Bihar RERA recently secured the refund of INR 14.23 lakh to two homebuyers from Aryavart Lifespaces Private Limited, following cases transferred to the Patna district administration under the Bihar and Orissa Public Demand Recovery Act, 1914. The Act allows authorities to confiscate property and issue warrants against defaulters. A meeting, led by RERA Bihar chairman Vivek Kumar Singh, focused on expediting these cases and developing a monitoring system, including a mobile app for tracking progress. Additionally, plans to auction Agrani Homes Pvt Ltd's confiscated land via an e-proc platform were discussed, aiming to reimburse aggrieved homebuyers.
Texas-based Ashton Gray Investments has opened a Bengaluru office to cater to India's burgeoning investor community. With over 200 Indian investors already in their portfolio, Ashton Gray aims to provide access to stable US real estate markets for discerning Indian investors. The expansion reflects the company's commitment to India and its vision of fostering long-term relationships. Ashton Gray's proven track record, highlighted by successful exits and promised returns, underscores its dedication to shared success. The Bengaluru office marks a strategic move to empower Indian investors with opportunities for financial growth and stability in the US real estate market.
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ESR Group, a leading Asia-Pacific real estate developer, has acquired an additional 27 acres of land in Oragadam, Chennai, augmenting its existing industrial and logistics park to 107 acres. This expansion enables the development of an additional 2.5 million square feet of warehousing and industrial space, totaling an investment of over INR 276 crore (USD 33 million). Positioned strategically within the Oragadam-Sriperumbudur industrial cluster, the park aims to bolster Tamil Nadu's industrial landscape. ESR's commitment extends beyond infrastructure to creating a sustainable ecosystem, integrating green building practices to support environmental stewardship and enhance operational efficiencies for businesses in the region.
Phoenix Mills Limited plans to expand with a third mall in Thane, Mumbai Metropolitan Region (MMR), as well as a potential hotel. It also aims to extend its Phoenix MarketCity Mall to Bengaluru. Phoenix Mills now operates two properties: Phoenix Palladium in Lower Parel, Central Mumbai, which houses a St Regis Hotel and a residential tower, and Phoenix MarketCity in Kurla, Mumbai. These additions seek to capitalise on Thane's growth and Bengaluru's dynamic market, expanding retail and hospitality options while driving economic growth and employment.
The Municipal Corporation of Delhi (MCD) is actively revitalising urban spaces through the AMRUT 2 scheme. Progress includes 14 out of 38 projects, focusing on water bodies, green areas, and sewerage management. Notable achievements include work on 12 water bodies and advancements in sewerage projects. Efforts to accelerate project completion are underway, with emphasis on transforming water bodies into recreational areas. Challenges have hindered some projects, but plans for decentralised sewage treatment plants and additional funding demonstrate MCD's commitment to enhancing Delhi's liveability and sustainability.
Blackstone, a US private equity firm, has struck a $740 million deal to purchase 1,750 new rental homes from British housebuilder Vistry. This move highlights a trend of institutional investors focusing on the UK's rental housing market. The shift comes as commercial property demand wanes, with soaring borrowing costs and remote work reducing the need for office space. This isn't Blackstone's first deal with Vistry; they previously acquired over 2,800 homes for mixed-use. The new homes, located mainly in southeast England, will be managed by Leaf Living. This investment aims to address the UK's shortage of quality rental housing and boost rental inventory swiftly.
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