Daily Real Estate Newspaper
Welcome to the latest edition of PNT Real Estate Daily! 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 from around the world.
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As India braces for a new government, the real estate sector eagerly awaits policies and reforms. Stakeholders anticipate measures that stimulate growth, foster transparency, and promote sustainability. From developers to industry associations, a unified call resonates for policy stability, infrastructure development, affordable housing support, streamlined regulations, tax reforms, and sustainability initiatives. Voices from organizations like NAREDCO Maharashtra, CREDAI-MCHI, and CCI Projects underscore the industry's pivotal role in India's economic landscape. With optimism, the sector looks to collaborate with the new government to chart a course towards growth and prosperity.
Mumbai's luxury apartment market is booming, driven by a growing domestic demand for high-end living and a limited supply of prime properties. Bollywood star Shahid Kapoor and his wife recently bought a sea-view apartment for over INR 60 crore in the prestigious Three Sixty West project in Worli. This is Kapoor's second purchase in the same tower, following a duplex he bought in 2018 for INR 58.57 crore. His latest acquisition spans 6,176 square feet with three car parking spaces. The trend reflects increased interest from celebrities and business tycoons in Mumbai's luxury real estate, further boosting the market.
Tridhaatu Realty, a Mumbai-based developer, has launched Tridhaatu Morya, a housing project focused on environmental sustainability. Unveiled on World Environment Day (June 5, 2024), the project aims to create eco-friendly living spaces. Co-founder Govind Krishnan Muthukumar emphasized their commitment to minimizing environmental impact and maximizing energy efficiency. Tridhaatu Morya features energy-efficient HVAC systems, smart technologies, solar panels, water-saving fixtures, and rainwater harvesting. The development uses eco-friendly building materials and promotes biodiversity with native plants. Additional features include an Organic Waste Converter and a sewage treatment plant. This project sets a benchmark for sustainable practices in real estate.
• A residential flat spanning 5,253 square feet sold in Panchshil Yoo Villas in Pune's Wagholi for INR 8 crores
• A residential flat spanning 3,944 square feet sold in Godrej River Royale in Pune's Mahalunge for INR 6.29 crores
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Deemed conveyance is a legal remedy provided to cooperative housing societies in Maharashtra that have failed to secure a conveyance deed from the developer. Under the deemed conveyance scheme, introduced in 2008, if a developer fails to transfer the ownership of land to a co-operative housing society within a specified period, the society can apply to the competent authority for deemed conveyance. A deemed conveyance order has the same effect as a conveyance deed.
Manasum Group, one of India's fastest-growing senior living brands, has introduced "Banyan" at Godrej Royale Woods in North Bengaluru. This serene sanctuary for seniors offers a unique blend of luxury, comfort, and holistic wellness, setting a new benchmark for retirement homes in India. Strategically located just a 5-minute drive from the KIAL airport toll, Banyan features ready-to-move-in 1 & 2 BHK residences starting from INR 60 lakh onwards, designed to cater to the discerning needs of today's seniors. Spanning 13 acres, the Banyan project comprises 191 residences, while the Godrej Royale Woods project has a total of 1,678 units and features over 1,000 trees. Banyan's commitment to holistic living is evident through its comprehensive range of amenities aimed at ensuring the physical, emotional, and social well-being of its residents.
Sameera Group and Vedaanta Senior Living have partnered to develop senior living projects in Chennai, Bengaluru, and Vellore, with an investment of INR 500 crore to create 1,000 senior homes over five years. This collaboration combines Sameera's expertise in real estate development with Vedaanta's senior care knowledge to address the rising demand for high-quality, affordable senior living solutions in South India. The first project in Kancheepuram will set the standard for future developments, aiming to provide superior living environments for seniors.
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Paranjape Schemes, a leading real estate developer in Pune, has successfully handed over 1,000 units across their projects in Blue Ridge Township, Forest Trails Township, and Wakad, covering a total carpet area of 450,000 square feet. This achievement underscores the brand's commitment to delivering quality homes to their customers. With these new additions, the company's presence in Pune has grown significantly, with over 5,000 units already delivered in Groves (Blue Ridge) and more than 2,000 residences in Athashri (Forest Trails). The company's premium project, The Broadway in Wakad, has also received a great response in the previous phase. These newly completed units are a testament to the company's dedication to exceptional execution and unwavering quality standards, solidifying its efficiency and reliability in the real estate sector.
Prestige Estates, an Indian real estate developer, aims for a 25-30% increase in pre-sales, building on a record INR 72,104 crore in FY24. With a strong launch pipeline of 59.2 million square feet and a potential gross development value of INR 75,910 crore, the company is optimistic despite challenges like project approval delays and competition in new markets such as Mumbai and Delhi. Expansion into NCR and diversification into offices, retail spaces, and hospitality are key strategies. However, significant investments and rising debt levels, with a net debt of INR 77,790 crore and a net debt-to-equity ratio of 0.66, pose financial challenges.
State-owned telecom giants BSNL and MTNL are accelerating the monetization of their valuable land assets, worth over INR 1 lakh crore, by prioritizing sales to government organizations. This is because selling to government entities is a cleaner and smoother process. This strategic move aims to revive the ailing telecom firms, which have already received substantial government revival packages. While the land monetization process has been slow, the companies are now taking proactive steps, including creating a dedicated website for property listings and engaging with central and state authorities. Property consultants view this as a significant opportunity in the current real estate market scenario, particularly for assets present in prime commercial and residential locations across major Indian cities.
TARC Ltd, a leading real estate developer, has reported a consolidated net loss of INR 51.73 crore for the quarter ended March, despite achieving a record sales booking of INR 1,612 crore in the 2023-24 fiscal year. The company's total income declined by 92% during the fourth quarter, and it recorded a net loss of INR 77.44 crore for the full fiscal year. However, TARC Ltd remains confident in its ability to exceed its presales guidance of INR 5,000 crore in FY2025, driven by its robust pipeline and ongoing developments, particularly in the luxury residential segment in Delhi and Gurugram. The company has launched successful projects like TARC Kailasa and TARC Tripundra, which have received a positive market response.
In a significant real estate transaction, Godrej & Boyce Manufacturing Company has sold an office spread over nearly 58,500 sq ft across two floors in the Godrej One commercial complex in Vikhroli, Mumbai, to its sister company, Godrej Industries, for INR 157 crore. The sale includes exclusive access to 75 car parking slots. The existing lease of the 9th-floor office space to Simpliwork Offices has been transferred to Godrej Industries. This move aligns with the recent ownership realignment within the Godrej Group, where Jamshyd Godrej and his family will oversee the Godrej Enterprises Group, while Nadir Godrej will lead the Godrej Industries Group. The transaction highlights the group's strategic restructuring and its focus on streamlining operations and asset management.
Shriram Properties (SPL) posted a 27% rise in net consolidated profit, reaching INR 20.12 crore in Q4 FY24, up from INR 15.84 crore last year. Total income surged 109.6% to INR 358.37 crore, reflecting robust business activity. The company expanded its portfolio, acquiring Shriprop Malls, Shrivision Projects, and SPL Homes. FY24 sales hit 4.59 million sq. ft., worth INR 2,362 crore, a 28% year-on-year increase. SPL's cost of debt fell to 11.6%, with a net debt ratio of 0.35:1, showcasing financial discipline. Investors are optimistic about SPL’s growth prospects given its strategic acquisitions and strong financial performance.
India's Global Capability Centres (GCCs) are experiencing a remarkable surge, with a 17% year-on-year increase in office space leasing to 22.5 million square feet in the financial year 2023-24. The growth is primarily driven by sectors like Engineering and Manufacturing, BFSI, and Technology, with GCCs accounting for a 29% share of total office leasing in the last quarter. Geographically, Bengaluru, Hyderabad, and Delhi NCR lead the GCC expansion. India's strategic focus on digital technology, coupled with its competitive talent and rental costs, are instrumental in attracting global players to establish and expand their GCC presence in the country. The report projects India to host over 1,900 GCCs by 2025, with a professional talent pool exceeding 2 million.
Dubai's real estate market has hit a new milestone with the sale of a villa for AED 61.5 million in the Al Wasl District. Developed by Nordic by fäm Real Estate Development, this villa is the highest-priced property ever sold in the district. Al Wasl District offers prime freehold villas close to iconic landmarks like the Burj Khalifa. Nordic by fäm's villas, priced up to AED 76 million, feature minimalist Scandinavian designs. This sale highlights the growing appeal of luxury properties in Dubai, with Nordic by fäm planning further high-quality projects worth AED 1 billion.
China Vanke has sold a Shenzhen land plot for USD 309.18 million, over 27% less than its 2017 purchase price, to raise funds amid short-term liquidity pressure due to China's real estate sector crisis. The plot was bought by Vanke's largest shareholder, state-owned Shenzhen Metro, and Baishuoyinghai. This sale, reflecting shareholder support, aims to free up capital from non-core assets. Vanke plans to boost cash flow with bank financing and asset disposals worth over 30 billion yuan. Recently, Vanke secured a 20 billion yuan syndicated loan led by the Industrial and Commercial Bank of China. Fitch Ratings downgraded Vanke's ratings to 'BB-' with a negative outlook due to weaker-than-expected sales.
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