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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Homebuyers in the National Capital Region (NCR) could soon see progress on stalled projects by Supertech, which owes INR 8,000 crore to banks and development authorities. Facing significant delays and legal issues, Supertech has submitted a revival plan to the Uttar Pradesh government. The plan seeks to resume construction on approximately 15,000 undelivered homes and restart registry processes for completed projects to generate cash flow. Supertech’s proposal includes recalculating dues based on "zero periods" and selling unused land parcels. The success of this plan depends on approvals from authorities and cooperation from lenders, offering a potential lifeline to homebuyers.
Uttar Pradesh Chief Minister Yogi Adityanath has pushed for the swift implementation of the Online Registration Rules 2024, emphasising the transition to an online system for stamps and registration. This initiative aims to simplify the registration process for rent agreements across property types by restructuring stamp fees and ensuring transparency. Phase 1 will focus on e-registration through government agencies and RERA-approved builders, with digital capture of parties' details for efficient processing. Phase 2 will extend to RERA-approved institutions, integrating Aadhaar for digital documentation and verification, aiming to eliminate the need for physical presence at registry offices and enhance overall operational efficiency while safeguarding against tampering.
The GST Council's recent decision to waive Goods and Services Tax (GST) on rentals below INR 20,000 per month is set to ease financial burdens for tenants in apartments and co-living spaces. Effective for stays exceeding 90 days, this exemption clarifies tax obligations and is expected to stimulate demand in the co-living sector. Experts anticipate reduced rental costs will benefit tenants and spur growth in student housing and co-living segments. While stakeholders applaud the move, they advocate for broader exemptions to further bolster affordability in India's urban rental markets, potentially fostering a more dynamic housing ecosystem across cities.
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Bangalore's logistics sector gets a boost as CJ Darcl Logistics leases 125,000 sq ft of warehousing space from IndoSpace. The nine-year agreement, located in IndoSpace's Narasapura Industrial and Logistics Park, strategically enhances CJ Darcl's operational capabilities. This partnership leverages IndoSpace's extensive network across 11 cities, offering CJ Darcl access to efficient logistics infrastructure crucial for expanding their Warehousing and Distribution (W&D) services. The move underscores Bangalore's role as a key logistics hub in India, supporting economic growth and meeting growing demand for high-quality logistics solutions amid rising e-commerce activity.
A luxurious Taj Amer hotel in Jaipur could be demolished after the Nahargarh Wildlife Sanctuary's eco-sensitive zone (ESZ) monitoring committee ordered its removal. Allegedly occupying a protected zone, the hotel, managed by Kanha Hotels and Spa Pvt Ltd, faces accusations of illegal construction. The National Board for Wildlife rejected the hotel's application in February 2024, and operations began in 2023. Despite claims of having necessary approvals, the committee's order calls for action by the Jaipur Development Authority. This case highlights the need for strict adherence to environmental regulations when developing in ecologically sensitive areas.
The Dharavi Redevelopment Project, managed by Dharavi Redevelopment Project Pvt. Ltd. (DRPPL), aims to transform a 600-acre slum in Mumbai into a modern urban area. To support this massive effort, DRPPL has requested 15 acres of land in Bandra Kurla Complex from the Mumbai Metropolitan Region Development Authority (MMRDA) for machinery storage. They have also secured 27.57 acres from the Railway Land Development Authority and are seeking 12 acres currently used by Brihanmumbai Electric Supply and Transport (BEST). The Maharashtra government proposes an additional 283.4 acres of salt pan land. The project, though logistically challenging, promises improved living conditions for 1.2 million residents.
China's efforts to revive its property market are showing mixed results. While Beijing and Shanghai saw a 27.7% and 8.1% increase in daily used-home transactions in May 2024 compared to April, smaller towns continue to face challenges. These disparities highlight concerns about the market's long-term stability and its impact on China's USD 18 trillion economy. In May 2024, China implemented measures including reduced mortgage rates and lower down payments to stimulate demand and stabilize property prices. Despite improvements in major cities, smaller towns with populations under 1 million are experiencing declining year-on-year sales, attributed to oversupply and developer financial uncertainties. Analysts anticipate a gradual recovery but caution that persistent issues in smaller cities could prolong the market's "L-shaped" recovery trajectory.
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