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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The state government has appointed the Mumbai Metropolitan Region Development Authority (MMRDA) as the New Town Development Authority (NTDA) for the proposed 'Third Mumbai,' located around the Navi Mumbai end of the Mumbai Trans Harbour Link (MTHL). The MMRDA is now tasked with preparing planning proposals and development regulations for this 324 sq km area, which includes 124 villages. This strategic move aims to position Third Mumbai as a sustainable greenfield business hub, fostering job creation and economic growth. With smart city amenities and integrated residential areas, this development aligns with the state's commitment to improving urban living and driving economic expansion.
The Uttar Pradesh government has approved two ambitious master plans for Noida and the Yamuna Expressway Industrial Development Authority (YEIDA), aiming to transform the region into a major industrial and residential hub over the next 15 years. The Noida Master Plan 2041 focuses on the expansion of the Dadri-Noida-Ghaziabad Investment Region (New Noida), covering 80 villages and accommodating 6 lakh residents, with significant land allocation for industrial, residential, and green spaces. The YEIDA Master Plan spans 226 villages, with a focus on expanding the Noida International Airport and developing aviation-related industries. Additional highlights include a logistics hub, Olympic Park, and international investment zones like a ‘Korean City’ and ‘Japanese City.’
The recent sale of a luxury bungalow in Sunder Nagar, New Delhi, for approximately INR 96 crore highlights the growing trend in India’s luxury real estate market. The property, owned by businessmen Sunil and Ravi Sachdev, underscores Sunder Nagar's status as a sought-after address for high-profile residents. According to CBRE, luxury home sales, priced above INR 4 crore, surged by 38% in 2024, with Delhi-NCR leading the market. This shift towards premium living reflects changing lifestyle preferences, stable economic conditions, and growing affluence. As demand for upscale properties rises, the luxury segment is expected to continue flourishing.
• A residential flat spanning 588 square feet sold in Ashar Axis in Thane's Majiwade for INR 1.18 crores
• A residential flat spanning 625 square feet sold in Hiranandani Estate - Goldcroft in Thane's Kavesar for INR 86 lakhs
FSI, also referred to as FAR (Floor Area Ratio), is a ratio of the total built-up area to the total area of the plot. It measures the total built-up area that can be constructed on a parcel of land.
Ceratec Group and Chaitanya Developers have launched Tower 108, a premium 108-meter-tall commercial project in Balewadi, Pune. Strategically located near the Pune-Bangalore Expressway and Balewadi Stadium, Tower 108 offers over 400,000 sq. ft. of office and showroom space across 26 floors, accommodating 450 office units. Designed with sustainability in mind, the tower features energy-efficient infrastructure, modern amenities like a gym, cinema, and conference rooms, and extensive security measures. With excellent connectivity, including an upcoming metro station nearby, Tower 108 aims to redefine Pune's commercial landscape, offering an inspiring workspace for businesses. The project reflects Ceratec’s commitment to quality, innovation, and sustainability.
Kolte-Patil Developers Ltd. (KPDL) reported its highest-ever quarterly sales of INR 770 crore for Q2FY25, with the premium 24K segment contributing 30%. Sales volumes reached 1.03 million square feet, driven by flagship projects like Life Republic. Average realisations increased by 16% year-on-year to INR 7,472 per square foot. Collections totalled INR 550 crore for the quarter and INR 1,162 crore for H1FY25. CRISIL upgraded KPDL’s ratings, reflecting financial strength. KPDL’s growth is fuelled by strong sales, premium project success, and disciplined financial management, positioning it for continued success in Pune, Mumbai, and Bengaluru.
The Delhi High Court has directed Ansal Properties and Infrastructure Ltd. to maintain the status quo on its unencumbered assets following a petition by Debenture Trustee Vistra ITCL. This order, aimed at enforcing a previous Arbitral Tribunal ruling requiring security of INR 503 crore, prohibits any dealings with these assets. A follow-up hearing is scheduled for January 2025 to assess further developments in the case.
Aditya Birla Real Estate has reported a remarkable turnaround for Q2 FY25, posting a net profit of INR 2.82 crore, compared to a net loss of INR 32.87 crore in the same quarter last year. Total income surged by 30.26% to INR 1,138.08 crore, driven by increased demand and successful project launches. Key acquisitions include a 10-acre site in Worli, Mumbai, with a gross development value of INR 14,000 crore, and a five-acre plot in Gurugram valued at INR 1,400 crore. This growth, along with a stable financial position, highlights the company's resilience and potential for future expansion in India's recovering real estate market.
Revenue Minister Ponguleti Srinivasa Reddy recently announced plans to distribute 3,500-4,000 Indiramma housing units per constituency across Telangana's 119 assembly constituencies by October-end. The government aims to provide 20 lakh housing units to eligible poor families over four years, regardless of caste, religion, or political affiliation. During a housing document distribution event, the minister mentioned seeking central funding under Pradhan Mantri Awas Yojana.
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Union Rural Development Minister Shivraj Singh Chouhan emphasized the importance of digitally updated land records for optimizing resources and helping policy-making during the inauguration of an international workshop on modern surveying technologies. He announced the government's push for digitization under the Digital India Land Records Modernization Programme (DILRMP) and highlighted a pilot project, NAKSHA, aimed at creating urban land records in over 100 cities within a year, followed by a nationwide survey in five years. Chouhan noted that aerial photography and GPS technology would enhance land surveys, while Manoj Joshi confirmed the Survey of India as the technical partner for these initiatives.
The Enforcement Directorate (ED) has attached assets valued at INR 335 crore belonging to the Unitech Group and a related company under the Prevention of Money Laundering Act (PMLA). This action follows FIRs filed by the Delhi Police and the CBI, as well as a Supreme Court order for a thorough investigation into alleged money laundering. The Chandra brothers, promoters of Unitech, are accused of illegally diverting INR 7,612 crore from homebuyers and investors. The attached assets include land rights across multiple cities, and the investigation has led to a total of 1,288 domestic and overseas assets worth INR 1,593.36 crore being seized.
The Bombay High Court at Goa has expressed alarm over the rising incidence of illegal constructions, warning that unregulated development threatens the state's natural beauty and residents' quality of life. During a recent hearing, Chief Justice Devendra Kumar Upadhyaya and Justice B P Deshpande called for immediate government intervention, suggesting legislative measures to combat the issue. Advocate General Devidas Pangam acknowledged local authorities' inaction despite multiple circulars aimed at curbing illegal activities. Experts emphasize the need for a sustainable growth plan, urging collaboration among government bodies, communities, and environmental organizations to protect Goa’s environment and heritage from unchecked development.
The Supreme Court has empowered the board of directors managing Unitech Ltd, allowing them to seek police assistance against disruptions on the company's properties. This decision supports the board's efforts to address the ongoing issues of over 12,000 homebuyers impacted by the firm's struggles. Initially intervening in January 2020, the court granted the Union Ministry of Corporate Affairs management control of Unitech, appointing retired IAS officer Yudvir Singh Malik to lead recovery efforts. The court’s recent ruling enables the board to approach authorities for support, shield them from legal actions, and facilitate commercial decisions to generate revenue. Unitech’s situation underscores broader challenges in India's real estate sector, emphasising the need for improved accountability and transparency.
The stamps and registration department has proposed a 25-30% increase in circle rates for residential areas, 10% for industrial, commercial, and IT sectors, and 15% for farmland, marking the first revision in five years. This adjustment will raise property prices and stamp duty costs for buyers, aligning them with current market trends, especially in Noida and Greater Noida where property values have surged. Circle rates, used to calculate stamp duty, remained unchanged from 2020 to 2023 due to the pandemic's impact on the real estate sector. The proposed revisions aim to reflect the rising real estate prices, ensuring fair taxation and supporting market growth.
Housing sales in India’s top 30 tier 2 cities saw a 13% decline in the July-September 2024 quarter, while new launches dropped by 34%, according to a report by Prop Equity. Sales fell to 41,871 units, down from 47,985 in the same period last year, and new launches dropped to 28,980 units. The west zone, including cities like Ahmedabad, Vadodara, and Surat, accounted for 72% of total sales. While cities like Sonepat and Panipat faced significant declines, Bhopal saw a 268% surge in new launches, indicating mixed performance across regions. These trends highlight the need for market adaptability to navigate evolving conditions.
The Pimpri Chinchwad Municipal Corporation (PCMC) is intensifying efforts to register unregistered properties, issuing notices to 52,787 owners identified during a comprehensive property assessment survey. Over 200,000 properties lack registration, with 4,261 owners responding by paying dues. PCMC has completed geo-sequencing for 855,000 properties and employed drones for effective identification. Utilising QR codes on notices, residents can file objections online, enhancing accessibility. Currently, PCMC has 630,000 registered properties, collecting INR 977 crore in property taxes for FY 2023-24. The initiative aims to increase annual tax revenue to INR 1,500 crore, improving city infrastructure and services.
Elan Group has raised INR 1,200 crore from Kotak Real Estate Fund, part of Kotak Alternate Asset Managers, to fuel its growth in Gurugram’s real estate market. This investment will support ongoing and future projects, including Elan The Presidential in Sector 106 and Elan Imperial in Sector 82, where contracts worth INR 2,000 crore have been awarded to Leighton Asia for construction. Akash Kapoor, Director of Elan Group, sees this as a major milestone, bolstering their presence in a competitive market. This partnership reflects the growing demand for quality housing and strategic collaborations in the booming Gurugram real estate sector.
Raymond Lifestyle is set to hire around 9,000 workers as it plans to open 900 new stores over the next three years. The company has recently spun off its lifestyle division to attract more investment and improve capital access. Amid challenges in major apparel production hubs like Bangladesh, Raymond is also boosting its factory workforce to enhance garmenting capacity. The firm is experiencing increased inquiries from global clients, with a focus on expanding into the fast fashion sector, inspired by the success of Tata Group-owned Zudio.
After the successful launch of three housing schemes in Jasola, the Delhi Development Authority (DDA) has unveiled a detailed plan for improving civic services across Pockets 9A, 9B, and 6. The year-long project involves maintaining 320 HIG flats, desilting sewer lines, and addressing sanitation concerns. Additionally, DDA will repair and upgrade roads, drains, and footpaths in the area, addressing long-standing complaints about waterlogging and inadequate maintenance. With a budget of INR 3.3 crore, the plan also includes pedestrian walkway construction and repairs on Church Road, heavily impacted by traffic to the local sewage treatment plant.
Aldar has partnered with Mandarin Oriental to introduce 228 luxury residences on Abu Dhabi’s Saadiyat Island, marking the first Mandarin Oriental-branded homes in the city. These high-end residences, launching later in 2024, will feature exquisite design and renowned Mandarin Oriental service. Situated in the Saadiyat Cultural District, they offer views of the Zayed National Museum and proximity to major cultural landmarks like the Louvre Abu Dhabi. The collaboration highlights the growing demand for branded residences in the region, promising a blend of luxury, culture, and convenience, set to redefine premium living in Abu Dhabi.
China's residential property prices faced their steepest drop since May 2015 in September, declining by 5.8% year-on-year, worsening the ongoing challenges in the real estate sector. This marks the fifteenth consecutive month of price declines, with a 0.7% month-over-month drop in September mirroring August's figures. Despite the government's efforts to revitalise the market through supportive measures, including lower mortgage rates and easing home purchase restrictions, the slump continues to impact the economy significantly. Recent initiatives, such as expanding the "white list" of eligible projects and increasing bank lending, aim to stabilise the struggling sector.
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