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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Brigade Enterprise Limited (BEL) is set to launch a significant residential project in West Bengaluru, facilitated by Knight Frank India. This project, spanning 1.2 million square feet on an 8-acre land parcel, addresses the growing demand for quality housing in the area. The project has a projected sales value of INR 1,100 crore (USD 163 million). West Bengaluru's strong infrastructure, including a 30 km metro line and proximity to major highways and industrial areas, makes it an attractive location. With a surge in demand for high-end properties and rising property prices, this development aligns with the city's growth and expansion plans.
Enforcement Directorate, Lucknow Zonal Office seized property worth INR 31 crore belonging to Shine City Group, including movable properties and immovable properties. Based on 554 first information reports registered by Uttar Pradesh Police, the ED initiated an investigation that revealed that the accused individuals duped the public with a ponzi-scheme and collected funds. These funds, collected under the guise of real estate investments, were used by associates to purchase several assets, including agricultural lands anonymously. Currently, the ED has arrested seven accused and confirmed their involvement in the crime during custodial interrogation.
Maharashtra's cooperative banks can now provide loans to housing societies for self-redevelopment, a move announced by Deepak Tawre, State Commissioner of Cooperation. This decision benefits nearly 1,000 proposals in Mumbai, Thane, and Pune. Previously stalled by lack of funding and clear RBI guidelines, the new directive requires banks to perform due diligence, ensuring secure and transparent processes. This initiative is particularly significant for older societies, allowing them greater control over redevelopment and supporting urban renewal efforts. By facilitating these loans, Maharashtra addresses the urban housing crisis while promoting efficient land use and independence for housing societies.
Pristine Logistics & Infraprojects, a prominent Indian logistics company, has caught the attention of global investment firms. Global Infrastructure Partners (GIP), backed by BlackRock, holds a 57% stake in Pristine and is looking to exit. A.P. Moller Capital has emerged as the frontrunner to acquire this majority stake for around USD 500 million, reflecting confidence in Pristine's growth potential. Other entities, including Midrail LLC and an EQT-Temasek joint venture, are also vying for the stake. Founded in 2008, Pristine has rapidly expanded, operating logistics parks and owning substantial assets. The company has been consolidating the industry, acquiring firms like Sical Logistics. Pristine's planned IPO was shelved as global investors showed interest. The Indian logistics sector's appeal has driven this investor interest in Pristine, positioning it as a key player in the evolving ecosystem.
The Rail Land Development Authority (RLDA) is redeveloping Nagpur Railway Station in Maharashtra to transform it into a modern transportation hub capable of accommodating up to 98,000 passengers daily. The project includes creating dedicated arrival and departure areas, connecting platforms via separate foot over bridges, and constructing a spacious 108-meter-wide concourse with amenities and retail options. The west side will feature a multi-level plaza with a 3,420 sqm parking area, while the east side will have separate arrival and departure buildings with a 13,250 sqm unified basement for parking. The project is 33% complete and aims to preserve the station's heritage while modernizing its functionality. Completion is expected by December 2025.
New Zealand is tackling its housing shortage with a comprehensive plan to streamline regulations, reduce construction costs, and increase affordable housing supply. With a significant housing shortfall exacerbated by a growing population, the government aims to create a more equitable market. Key measures include simplifying the building consent process, incentivizing developers to build cost-effective housing, and prioritizing sustainability. This initiative, highlighted by the national median house price reaching NZD 1,044,000 (USD 724,320), aims to ease market pressure, lower property prices, and stimulate economic growth through increased construction activity.
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