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.
Subscribe for daily updates!
State-run NBCC has proposed a three-phase plan over three years to complete 50,000 Supertech flats in the NCR across 17 projects. The cost is estimated at INR 9,500 crore, with receivables pegged at INR 16,000 crore, mainly from unsold inventory. NBCC seeks NCLAT's approval to enter as project management consultant, requiring an initial INR 100 crore. It also proposes a committee to oversee project execution and finances. NBCC's involvement, following its success with Amrapali projects, has garnered homebuyer support, especially as Supertech’s promoter faces insolvency and legal issues. NBCC will charge 8% fees and 1% marketing fees.
Noida Authority recently sealed Omaxe Buildhome’s Grand Omaxe housing society in Sector 93B due to non-payment of INR 457.8 crore in dues. The developer failed to pay 25% of the recalculated dues, approximately INR 114.4 crore, even after receiving relief under the Covid-19 relief package. Noida Authority CEO Lokesh M stated that the developer had ignored multiple notices before the property was sealed. The Authority also plans to seal unsold flats and vacant land at other projects. Of 57 defaulting projects, only 22 have accepted the rehabilitation package, with 29 developers owing around INR 6,900 crore.
Awfis Space Solutions has sold its facility management division, Awfis Care, to SMS Integrated Facility Services, a Samara Capital company, for INR 27.50 crore. The transaction, expected to close in 120 days, allows Awfis to focus on expanding its flexible workspace offerings while enhancing its financial position. Awfis aims to leverage the liquidity gained to invest in growth and innovation, optimising its return on capital. Leveraging its extensive expertise in facilities management, SMS IFS will take over the division, allowing Awfis to optimise its operations and focus on creating value for its primary stakeholders.
领英推荐
Carrefour is set to re-enter the Indian market after exiting in 2014, partnering with Dubai-based Apparel Group to launch retail stores instead of its previous wholesale model. The retailer will initially focus on North India, starting with a store in the National Capital Region in 2025, with plans for nationwide expansion. Store sizes will range from 8,000 to 30,000 square feet. This move is part of Carrefour's strategy to enter 10 new countries by 2026. It remains unclear if Carrefour will sell only food or a broader range of products.
Dholera Special Investment Region (SIR) in Gujarat is emerging as a major destination for real estate investors, drawing annual investments between INR 2,000-3,000 crore primarily from north Indian regions like Punjab, Haryana, Delhi, Gurugram, and Noida. The project is being developed through a joint initiative between the Centre and Gujarat state government and is managed by DICDL. The project is nearing completion of its first phase, which has boosted investor confidence. The partnership between Tata Electronics and Synopsys for a semiconductor plant in Dholera further highlights the area’s potential as a future hub for technological and industrial development.
Hong Kong's demand for student accommodation is surging, driven by an influx of mainland Chinese students and government efforts to double the number of non-local students. With only 38,000 government-funded hostel beds available for nearly 74,000 non-local students, the demand for accommodation is expected to reach 175,000 beds by 2028, leaving a shortage of 120,000 beds. Investors are capitalizing on this trend by converting properties into student housing, with rent prices approaching record highs. The market is thriving, with more hotels and co-living operators joining in to meet the growing demand for student accommodation.
To read the full news stories, head over to Prop News Time
Comprehensive Real Estate Expert | Healthcare, Commercial, & Residential Specialist | Driving Value Across All Property Types
1 个月Very informative