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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Jitendra Mehta of CREDAI MCHI Thane anticipates significant strides in India's 'Housing for All' initiative with the upcoming budget. Mehta emphasizes the need for GST set-offs on redevelopment projects to ease tax burdens and enhance project viability. Improved infrastructure funding in cities like Thane could further spur housing accessibility and affordability. The real estate sector awaits policy incentives that could bolster investor and buyer confidence. With hopes high for targeted measures, industry leaders envision the budget as a catalyst for robust growth in Thane's real estate market and nationwide.
Bollywood star Abhishek Bachchan's recent investment in six luxury apartments at Oberoi Sky City, Borivali, underscores the area's burgeoning real estate appeal. With a total area of 4,894 sq. ft on the 57th floor, the transaction values each sq. ft at INR 31,498. This move aligns with Borivali's transformation into a premier residential destination, anchored by Oberoi Realty's expansive 25-acre development. The addition of Sky City Mall and a forthcoming JW Marriott Hotel enhances the area's allure, attracting high-profile buyers like Bachchan. His investment could set a precedent for future luxury developments in Mumbai's evolving real estate landscape.
Commissioner Dr. Kailas Shinde of Navi Mumbai Municipal Corporation (NMMC) has directed all departments to be proactive in maintaining the city's cleanliness. He stressed the importance of each employee contributing to Navi Mumbai's reputation as a clean city. Dr. Shinde outlined expectations for the 'Swachh Survekshan 2024' action plan, emphasising the need for dynamic action and citizen participation. He recommended cleanliness campaigns, waste classification projects, and educating students. Dr. Shinde also instructed keeping the Sion Panvel highway clean, implementing a scholarship scheme, and creating a dashboard for daily reviews. These directives aim to ensure a cleaner and more organised Navi Mumbai through community involvement.
• A residential flat spanning 1,196 square feet sold in Kundan Eternia Phase 1 in Pune's Ghorpadi for INR 1.15 crores
• A residential flat spanning 1,367 square feet sold in Gandhi Silvanus Apartment in Pune's Pashan for INR 1.05 crores
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Jaiprakash Associates Ltd. (JAL), a major real estate developer in India, is entangled in a debt crisis amounting to INR 16,000 crore with its lenders, causing uncertainty for homebuyers invested in JAL's projects. The company has proposed a one-time settlement (OTS) involving an upfront payment of INR 200 crore and the balance within 18 weeks, but lenders are skeptical of its viability. This dispute, amid ongoing insolvency proceedings initiated by ICICI Bank in September 2018, risks project delays or cancellations. The upcoming hearing on July 3rd will be pivotal in determining the fate of JAL’s projects and providing clarity for affected homebuyers.
Last month, the Maharashtra Real Estate Regulatory Authority (MahaRERA) directed developer Nirmal Lifestyle to refund INR 66 lakh to buyer Amrithanand Salian for failing to deliver a flat on time. Despite the absence of a specific possession date in the allotment letter, MahaRERA considered the project registration deadline (June 30, 2016) on its website as binding. This ruling underscores RERA's role in safeguarding homebuyers' rights, ensuring developers adhere to promised timelines. The case highlights the importance of due diligence in verifying project details and agreements to mitigate risks for prospective buyers in Maharashtra's real estate market.
Belagavi City Corporation (BCC) is embroiled in a controversy over missing property documents and mismanagement of assets worth crores of rupees. The issue has forced BCC to launch a survey to locate and identify its properties. Allegations of document theft and corruption have surfaced, with over 95 BCC properties leased or rented out, and many leases expired or unpaid, resulting in INR 26 crore in outstanding dues. Corporators and MLA Abhay Patil demand a high-level investigation, highlighting the potential for large-scale corruption. BCC officials are taking measures to address these concerns and ensure transparency.
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Homebuyers in Bhubaneswar can finally register their apartments after a two-year suspension. The Bhubaneswar Development Authority (BDA) has started verifying projects and recommending them for deed registration. This follows the Orissa High Court's 2022 directive to verify crucial documents like occupancy certificates and fire safety clearances, addressing concerns raised by a petition. The new Odisha Apartment (Ownership and Management) Act 2022 empowers the BDA to ensure compliance, streamlining the process. While this development brings relief, public awareness about the new regulations remains essential to prevent fraud and protect homebuyers.
The Ghaziabad Municipal Corporation (GMC) is intensifying efforts to collect INR 19.1 crore in unpaid property taxes from 2,900 defaulters across five zones, following a revenue shortfall in the 2023-24 financial year. Defaulters include residential properties, hotels, and industrial units. GMC has begun issuing notices and may halt essential services like garbage collection and water supply for non-payment. Since August, the GMC has digitised the tax payment process, enabling residents to pay online. While INR 28.9 crore has been recovered from 1,562 defaulters, GMC aims to collect the remaining dues to fund vital services and infrastructure improvements in Ghaziabad.
The Noida Authority has issued notices to 13 real estate developers, demanding settlement proposals for their outstanding dues, which total over INR 8,510.69 crore, including interest and penalties. The major developers involved are ATS Group (INR 7,786.06 crore), Supertech Group (INR 3,064.72 crore), and Logix Group (INR 1,113.24 crore). This move aims to resolve the longstanding issue of flat registration, crucial for ownership and financial leveraging. A recent Uttar Pradesh government order incentivises developers to clear dues by waiving interest and penalties, potentially easing financial strains for both developers and homebuyers. The coming weeks are critical for the success of this initiative.
The Karnataka government has addressed concerns over reports of selling 25,000 acres around Bengaluru for development. Emphasising balanced economic growth, the government clarified that land sales are not planned. Instead, they aim to increase non-tax revenue from sectors like mining, urban area advertising, and naming rights for public projects. Improving tax compliance and monetizing non-strategic assets without outright land sales are key strategies. The government plans to enhance private land value through infrastructure projects and develop idle government land to generate income. Collaborating with global consultants, they seek private investment for industrial townships, ensuring transparency and sustainable development for Bengaluru.
Sobha Ltd. is launching a rights issue to raise INR 2,000 crore, aimed at reducing debt and financing new projects. The issue, from June 30th to July 4th, offers 6 new shares for every 47 held, priced at INR 1,651 each. The funds will be used for land acquisition, equipment purchase (INR 210 crore), construction costs (INR 212.35 crore), and debt repayment (INR 905 crore). Sobha plans to expand beyond South India and Delhi-NCR, entering Mumbai's luxury market with projects worth INR 658.58 crore. The initiative supports Sobha's goal of increasing annual sales bookings to INR 30,000 crore in five years.
A recent Magicbricks Propindex report reveals a 15.2% surge in prices for under-construction properties across 13 major Indian cities during the June quarter (April-June 2024). This increase surpasses the rise in ready-to-move-in property prices, indicating growing buyer confidence in the real estate market's long-term potential. Notably, cities like Gurugram, Delhi, and Noida saw substantial demand growth. The report also highlights an 11.7% increase in the supply of under-construction properties, the fastest growth in residential supply in the past 24 months. Prospective buyers should conduct thorough research and consult reputable agents to navigate this dynamic market effectively.
Lucknow has made a significant environmental stride by completing the demolition of over 1,320 illegal structures along the Kukrail River, clearing 24.5 acres. The Lucknow Development Authority (LDA) led this initiative to address flood risks and restore the river's ecosystem. Over 1,800 displaced families were relocated using the Pradhan Mantri Awas Yojana scheme. The state government plans to invest INR 73 crore in developing an eco-tourism hub on the cleared land, promoting job creation, tourism, and environmental awareness. This project exemplifies the balance between urban development and environmental conservation.
The Indian government has unveiled a monumental infrastructure initiative with a massive INR 22 lakh crore investment aimed at constructing and upgrading 30,600 kilometres of roads by 2031-32. This ambitious plan focuses on three strategic areas: building 18,000 kilometres of expressways and high-speed corridors to link major cities and industrial hubs, decongesting 4,000 kilometres of national highways around urban centres, and constructing strategic and border roads to enhance connectivity and national security. With private sector participation expected to cover 35% of costs, the plan leverages public-private partnerships (PPPs) to expedite implementation. This initiative aims to transform India's transportation sector, boost economic activities, and reduce logistics costs, promising significant benefits for businesses and consumers alike.
Authorities in Gurgaon and Faridabad have initiated a crucial step in safeguarding the ecologically sensitive Aravali hills by launching demolition drives this week. Nearly 800 unauthorised structures, including farmhouses and banquet halls, are slated for removal under the Punjab Land Preservation Act's Section 4, which designates these areas as protected forest land. A landmark Supreme Court ruling has reinforced this protection, impacting villages like Anangpur, Ankhir, Lakkarpur, and Mewla Maharajpur in Faridabad. The comprehensive drive involves satellite imagery, drone mapping, and ground verification to ensure no illegal structures evade scrutiny. Property owners with pre-1980 constructions may seek exemptions with documented evidence, emphasising compliance with environmental laws amidst ongoing demolition efforts.
Frankfurt's 186-metre Trianon skyscraper faces uncertain future amid EUR 10 trillion property crisis
The Trianon skyscraper in Frankfurt, a 186-metre tall landmark with 45 floors of office space, faces an uncertain future after its owner, Geschaeftshaus am Gendarmenmarkt, filed for insolvency. Housing major tenants like the Bundesbank and Deka, the building's fate is unclear amidst Germany's largest property crisis in a generation. With the property market, valued at over EUR 10 trillion, hit by rising interest rates and a shift towards remote work, demand for office space has plummeted. The Trianon’s situation underscores the need for landlords and developers to adapt, potentially exploring mixed-use developments or flexible workspace options to meet changing demands.
Shimao Group, a Chinese developer operating in over 60 cities, is negotiating a restructuring deal for its USD 11.5 billion offshore debt. The revised offer includes increased upfront payments to creditors, aiming to secure support amidst China's real estate downturn. With new home prices falling sharply and defaults rising, the market instability complicates negotiations. Shimao's ability to reach a deal by their looming deadline will determine their future and could impact global real estate markets. The outcome highlights broader challenges in China's real estate sector, pivotal for the economy and millions employed within it.
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