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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Mumbai-based Keystone Realtors Ltd., under its Rustomjee brand, is focusing on the mid-mass residential segment for FY25, with homes priced between INR 1 crore and INR 3 crore. Chairman Boman Irani stated that 75% of Rustomjee's supply will target mid-mass and aspirational buyers. Key launches include a Thane project with a revenue potential of INR 1,700 crore and a Kasara development worth INR 300 crore. Despite a drop in Q1 FY25 profit to INR 25.53 crore, pre-sales rose 22% year-on-year to INR 611 crore. The company remains focused on redevelopment projects in Mumbai and is cautiously considering expansion into Pune.
The Goa government has retracted the Goa Town and Country Planning (Amendment and Validation) Bill, 2024, following significant opposition from cabinet members. The bill aimed to protect the Town and Country Planning department from judicial scrutiny over land conversions, sparking concerns about potential environmental harm. The decision to withdraw, announced by TCP Minister Vishwajit Rane, reflects growing tensions between development and environmental protection in Goa. This move, along with the withdrawal of three other bills, signals the government's need to reassess its approach to land use and environmental sustainability.
Unitech Ltd, an Indian real estate company, announced a consolidated net loss of INR 1,206 crore for Q1 FY25, up from INR 702.97 crore last year. Total income dropped to INR 84.04 crore from INR 91.09 crore, reflecting challenges in sales amid a competitive market. The Supreme Court's 2020 intervention, leading to a management overhaul, aimed to stabilize Unitech but has faced legal and operational hurdles. As India's real estate sector recovers, Unitech plans to restructure operations and improve project timelines, exploring partnerships to regain market confidence. The company's adaptability to these challenges will be crucial for future success.
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Lucknow, Uttar Pradesh, tops Tier 2 cities in India with a substantial 5.7 million square feet of gross leasable area (GLA) for shopping centres, surpassing Kolkata and Ahmedabad. Knight Frank India's survey reveals Lucknow's 5% share of the national retail stock and an 18.4% share of Tier 2 cities’ GLA. With a density of 1,439 square feet per thousand people and over 580 retail stores, the city blends local and international brands, driven by growing demand and improved infrastructure. Abhishek Sharma from Knight Frank emphasizes Lucknow's role as a retail hub, aligning with India's expanding Tier 2 city market
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REA India, owner of Housing.com and PropTiger, reported a 31% revenue increase in the fiscal year ending June, reaching INR 563 crore, driven by strong residential property demand. CEO Dhruv Agarwala credited this growth to the company’s innovative products, expansion in Tier-2 cities, and an app-first strategy that boosted app traffic by 45% in the latter half of the year. Part of Australia’s REA Group, REA India leverages its platforms—Housing.com , PropTiger, and Makaan.com —to offer comprehensive real estate services. The company’s strategic focus on digital engagement and emerging markets has solidified its market position.
An INR 60 lakh budget has been sanctioned for constructing a permanent bridge in Murbad's Fangulgavhan village after a Hindustan Times report highlighted the issue. The bridge will provide a lasting solution for the affected tribal community, who face severe transportation challenges during the monsoon due to a swollen stream. The district collector, Ashok Shingare, swiftly secured technical and administrative approvals, and construction is about to begin very soon. The decision follows the villagers' 15-year struggle for the bridge, recently intensified by a near-tragic incident involving a student. The project is prioritized before the upcoming assembly elections' code of conduct.
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China's property market is undergoing significant changes as cities like Zhengzhou lift price restrictions on new home sales. This trend is expected to spread, potentially leading to further price drops as developers clear inventory. The move comes as China's once-booming property sector faces a prolonged slump since 2021, affecting the broader economy. In response, Chinese leadership is granting cities more autonomy in regulating real estate markets and pledging support for unfinished projects. While these measures aim to stabilize the sector, experts warn that without substantial stimulus, the market will remain challenging. Weak buyer confidence, largely due to concerns about timely home delivery, continues to impact the industry's recovery.
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