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.
Subscribe for daily updates.
The Meerut Metro, integrated into the Delhi–Meerut Regional Rapid Transit System (RRTS), is a transformative urban transit project in Uttar Pradesh, set to modernize public transportation in Meerut. Covering 37 km with 25 stations across two phases, it combines local metro services with seamless regional connectivity to Delhi and Ghaziabad via the 82.15-km RRTS corridor. The project aims to cut travel times, reduce congestion, and promote eco-friendly transit. With an estimated cost of INR 11,540 crore, it leverages shared infrastructure and advanced technology under the 'Make in India' initiative. Scheduled for completion by June 2025, the metro is expected to drive economic growth, urban development, and environmental sustainability.
The future of Chandigarh’s metro project remains uncertain due to concerns over financial feasibility and ridership levels. Estimated at INR 24,142 crore, including escalation and taxes, the metro’s operational costs are projected to rise significantly. Union Minister Manohar Lal Khattar highlighted that Chandigarh’s ridership may not justify such expenses, prompting consideration of alternatives like a ‘Pod Taxi’ system, which aligns with the city’s heritage and infrastructure. While Phase 1 of the metro has been approved, delays are likely as the Unified Metro Transportation Authority evaluates financial sustainability. Authorities aim to identify cost-effective transport solutions to address Chandigarh’s traffic challenges.
Ujjain is set to establish its first Information Technology (IT) Park, developed as a plug-and-play facility for technology firms and startups. Spread over more than 2 hectares, the project, overseen by the Madhya Pradesh Industrial Development Corporation (MPIDC), involves an estimated investment of INR 48 crore and aims to create over 500 direct jobs and 1,000 indirect opportunities. Scheduled for completion by 2025, the IT Park will feature incubation centers, research facilities, and designated spaces for startups. MPIDC has already received enthusiastic proposals from investors and plans further expansions in the park’s second phase.
Maharashtra Chief Minister Devendra Fadnavis recently announced the implementation of unique identity (UID) markers for infrastructure projects to enhance operational efficiency and transparency. Similar to the Aadhaar system, UIDs aim to eliminate redundancies, ensure budget discipline, and streamline project planning, addressing issues like cost overruns highlighted in a 2018 CAG report. Additionally, all project details will be integrated into platforms like the PM Gatishakti portal for better tracking. The government also plans to unify welfare programs on a single IT platform to resolve inefficiencies in benefit delivery. Complementing these reforms, the 'E-cabinet' initiative will digitize cabinet operations, underscoring Maharashtra's commitment to technology-driven governance for equitable growth and transparency.
The Ranchi Municipal Corporation (RMC) has unveiled an ambitious urban redevelopment plan for 2025, focusing on improving roads, traffic flow, and public cleanliness. A comprehensive physical survey will categorize roads across 53 city wards into four conditions—“Good” to “Very Poor”—to prioritize repairs. Parks, monuments, and public spaces will receive upgrades, supported by cleanliness drives to enhance the city’s appeal. To decongest roads, RMC will implement stricter measures against encroachments and traffic violations. Within three days, a report on roads, sidewalks, and drainage will be submitted for government approval. The initiative reflects RMC's commitment to creating a cleaner, more organized, and livable Ranchi.
The Department of Town and Country Planning (DTCP) in Gurugram has cancelled the occupation certificates (OCs) for 81 houses in DLF Phase 5 for breaching building codes, zoning laws, and approved plans. These properties, originally designated for the economically weaker section (EWS), were found to have exceeded construction limits, with some buildings extending to five or six floors instead of the approved three or four. Many were also being used for illegal commercial purposes. This move follows an earlier survey by the district town planner, which led to notices and sealing actions for over 100 houses.
The Bombay High Court has temporarily halted the distribution of 80 transit apartments in MHADA's Bombay Dyeing Mill redevelopment project, providing relief to over 35 former mill workers. The workers alleged irregularities, including "double allotments," and claimed only six of the 11 buildings on the site were allocated to them, violating Development Control Regulations. The petitioners demanded all 240 apartments in the current construction be reserved for workers, citing a lengthy waiting list. This case underscores the ongoing housing struggles of Mumbai's mill workers, who have sought accommodations since the mills' closure. The court will review the matter in February 2025 to ensure compliance with housing regulations.
The Karnataka cabinet's recent decision to create a separate Dharwad Municipal Corporation has been hailed as a victory by the residents who have been advocating for it for over a decade. The apolitical movement led by the Agitation Committee for Separate Dharwad Municipal Corporation, supported by local organisations and political parties, has finally succeeded. This decision is expected to enhance civic amenities in Dharwad. Previous demands, including a 2021 meeting with former Chief Minister Bommai, have been long-neglected, but now, the creation of a new corporation promises significant improvements, especially in terms of infrastructure and development.
Property transactions in Bengaluru faced significant delays at the start of the year due to confusion over the transfer of 90 sub-registrars. Disputes over positions and conflicting court orders disrupted operations at several sub-registrar offices, with some officers lacking necessary system login IDs. This led to backlogs and halted registrations, causing inconvenience for buyers and sellers. The state government, advised by the Advocate-General, issued login IDs to the newly transferred officers, but resistance from incumbents further complicated the situation. Authorities are working to resolve the issue promptly, highlighting the need for better management of government employee transfers to prevent disruptions in critical public services.
The Thane Municipal Corporation (TMC) has issued show cause letters to 39 builders for failing to follow air pollution control regulations. If the builders fail to respond satisfactorily, their construction efforts may be halted. Earlier this week, TMC reviewed its air pollution control measures, which included fines for infractions, the installation of air quality monitoring systems, and tight debris management restrictions. The TMC has also issued fines on various vehicles and companies that violated pollution standards, proving its commitment to reducing air pollution in the city.
The Supreme Court recently delivered a verdict affirming the constitutional right to property under Article 300-A of the Constitution. It highlighted the importance of ensuring individuals receive adequate compensation when their land is acquired by the government. The case involved the Bengaluru-Mysuru Infrastructure Corridor Project, where landowners had been deprived of compensation for over 22 years due to delays by the Karnataka Industrial Areas Development Board. The Court directed the Special Land Acquisition Officer to reassess the compensation based on market value as of 2019 and emphasized the need for prompt action in such cases.
The promoter group of Metro Brands has expanded its luxury real estate investments, acquiring three sea-view apartments in Mumbai's iconic Palais Royale tower for over INR 243 crore. Located on the 61st and 62nd floors, the apartments span over 23,000 square feet and rank among India’s most expensive, priced at INR 1.05–1.07 lakh per square foot. This follows a recent family purchase of two units in the same tower for INR 162 crore. Funded by their September sale of a stake in Metro Brands for INR 749.7 crore, the transactions underscore the enduring demand for Mumbai's ultra-luxury real estate among affluent buyers.
Property registrations in Mumbai's city municipal area showed a modest increase in December, reaching 12,415 units, compared to 12,285 in the same period the previous year. Residential properties accounted for 80% of the total registrations. The total number of property registrations in 2024 stood at over 141,000 units, marking a rise from the previous year’s 126,937. Shishir Baijal, Chairman and MD of Knight Frank India, emphasized the resilience of Mumbai's property market, highlighting strong demand, particularly for premium homes, and its importance as a long-term investment and economic driver.
The Pune Municipal Corporation (PMC) has announced a new initiative to disconnect water supply from properties with unpaid property tax dues. The action will target both residential and commercial properties, with a particular focus on residential ones. The drive, which began on January 2, 2025, aims to recover significant revenue, with a target of INR 2,600 crore for the current fiscal year. To supplement their efforts, the PMC has also launched a music band initiative that has already raised INR 60 crore in a month. Legal advice is being sought to ensure that the measures taken comply with the law.
Private equity (PE) investments in Indian real estate surged to an impressive USD 4.2 billion in 2024, reflecting a 32% year-on-year growth. The warehousing sector led with 45% of total investments, surpassing the office sector for the first time since 2017, while residential investments doubled. Mumbai retained its position as the top investment destination. This growth was driven by strong investor confidence, robust demand in e-commerce and residential markets, and supportive government policies. The trends signal a promising outlook for Indian real estate, fueled by domestic and foreign capital inflows.
The Bengaluru Development Authority (BDA) has outlined plans for the development of six new residential layouts as part of the Peripheral Ring Road-2 (PRR-2) project. To support this initiative, the BDA will acquire approximately 3,000 hectares of land from both government and private sources across various villages in Bengaluru’s outskirts. The project aims to address the city’s growing demand for housing by creating 50,000 new residential sites. Landowners will receive compensation under a 40:60 ratio, with 40% paid as developed plots in the new layouts while the remaining 60% will be monetary compensation. The development is expected to improve urban infrastructure, alleviate housing shortages, and stimulate the real estate market.
Maharashtra's Rural Development Department (RDD) will launch a 100-day housing initiative from January 1 to April 10, 2025, focusing on providing affordable homes to economically disadvantaged groups. The plan prioritizes land allocation for landless beneficiaries, expediting approvals, and timely fund disbursements. Incomplete housing projects will receive special attention, while Lok Adalats will address disputes efficiently. To overcome resource constraints, the RDD will establish sand and land banks and collaborate with stakeholders, including NGOs, cooperatives, and technical institutions like IITs. This initiative builds on lessons from past housing schemes and aims to ensure timely, inclusive, and sustainable housing solutions for Maharashtra's rural poor.
Chandigarh MC to sell Shivalik Enclave land worth INR 195 crore to raise funds for a housing project
To address financial challenges, the Chandigarh Municipal Corporation (MC) plans to sell a 6.8-acre land parcel in Shivalik Enclave, Manimajra, valued at approximately INR 195 crore at current collector rates. Proceeds will fund a housing project with apartments and a retail center. Following a ground survey and verification process, the land is undergoing zoning, a step expected to take six months. The potential revision of collector rates could further boost the sale price. This move aligns with the MC's history of leveraging land sales for urban development, as seen in the Uppal Housing (2005) and JW Marriott (2006) projects.
The Lucknow Development Authority has extended its deadline for flat registrations to March 31, 2025 offering prospective buyers more time to purchase homes in city housing projects. Currently, 2,170 flats are available across 22 LDA housing societies. The largest number of vacancies is in Kabir Apartment (1,043 units), followed by Ratan Lok (179 units), Ashlesha Apartment (132 units), and Srishti and Smriti Apartments (122 units). Other complexes have varying numbers of available units ranging from 1 to 121 flats. Interested buyers can get detailed information from the LDA website or office.
• A residential flat spanning 608 square feet sold in Om Dhananjay Square in Palghar's Virar West for INR 50 lakhs
• A residential flat spanning 381 square feet sold in Inspiration SG Krishna Solitaire - 1 in Palghar's Palghar Town for INR 27.77 lakhs
Configuration refers to the arrangements of different elements in a particular form or combination. In real estate, configuration refers to the arrangement of different rooms in a single unit (flat).
To read the full news stories, head over to Prop News Time