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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Ashiana Housing has signed a memorandum of understanding (MoU) to develop a senior-living-project on approximately 12.5 acres along Kanakpura Road, Harohalli, Karnataka. The project, entered with three land-owning individuals, will feature an estimated saleable-area of 11 lakh square feet, with a joint development agreement anticipated within six months. Additionally, Ashiana Housing has agreed to lease 20 acres in the social infrastructure zone of Mahindra World City, Jaipur, for a group housing project. This development, with Mahindra World City (Jaipur), has an estimated saleable area of 20 lakh square feet, and a lease deed will be finalised within 90 days.
H-RERA has directed prominent developers, including Raheja Developers, Ramprastha Developers, Tashi Land Developers, and Sunrays Heights, to deliver long-overdue flats to their buyers within 90 days, along with annual interest payments of approximately 11% for the delays. The regulatory body uncovered cases where buyers had paid substantial sums, some reaching INR 1 crore, but faced significant delays. Orders were issued for immediate handover and compensation, with warnings of legal action if developers fail to comply. The cases highlight the ongoing challenges in property delivery timelines within Gurugram's real estate sector.
The Municipal Corporation of Delhi (MCD) has launched a digital portal for zonal inspectors to submit daily inspection reports, aiming to improve property tax collection and expand the taxpayer base. The portal will track new taxpayers, property visits, and support weekly reviews of inspectors. To enhance transparency and continuity, the reports will include property details and issues impacting tax payments. This year, MCD has set ambitious collection goals and geo-tagged thousands of properties, with plans to make geo-tagging mandatory from the next financial year. MCD’s recent initiatives address previous shortfalls in tax collection, aiming for a more efficient system.
Blackstone, the global asset manager, is reportedly seeking acquisitions in India’s hotel sector, with the Chennai Hilton and a partially constructed Marriott near Bengaluru airport among its targets. Each property is valued between INR 300-400 crore, aligning with Blackstone's optimistic outlook on Indian hospitality. Ventive Hospitality, jointly promoted by Blackstone and Panchshil Group, recently filed for an IPO to raise INR 2,000 crore, strengthening its position. While the Chennai Hilton faces financial challenges, the Marriott property is awaiting final construction. Both hotels, if acquired, would strategically enhance Blackstone’s hospitality portfolio in India.
Kanpur has dropped to the B category in the Smart City Mission ranking after scoring 8 out of 10 in the September state review meeting. Delays in projects and missed deadlines were flagged as major issues. Several projects remain incomplete due to pending approvals and halted construction. The District Magistrate has urged faster completion of these projects. The nodal officer has promised to resolve obstacles. This ranking drop highlights the need for stronger management of Kanpur’s Smart City projects.
Australia's housing market is cooling, particularly in Sydney and Melbourne, where home prices declined by 0.1% and 0.26% in October, respectively, according to CoreLogic data. National prices increased by 0.3%, driven by growth in more affordable regions like Perth and Adelaide. Factors such as rising housing listings, cautious buyer behavior, and persistent high-interest rates—currently at 4.35%—are contributing to this trend. While some analysts anticipate potential interest rate cuts by early 2025, others urge caution in borrowing practices. The shifting landscape underscores the need for buyers to navigate affordability amid evolving market conditions.
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