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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Author: PNT Bureau
The Bhopal Metro project is advancing, with trial runs on the 7 km Subhash Nagar–AIIMS Bhopal stretch expected soon and operations targeted for July 2025. Part of the first phase, the metro spans 31 km with two lines: Orange (AIIMS to Karond) and Blue (Ratnagiri to Bhadbhada). Eight stations along this stretch, including DRM Office and AIIMS Bhopal, are nearing completion. The recently finished Habibganj rail overbridge enhances connectivity. Once operational, the metro will provide an efficient, eco-friendly transport solution, easing traffic congestion and improving access to key locations, marking a transformative step for Bhopal's urban infrastructure.
Author: PNT Bureau
The Bhopal Municipal Corporation (BMC) has initiated the 'Jhuggi Mukt Bhopal' project, a transformative urban redevelopment plan aimed at rehabilitating slum dwellers through public-private partnerships. Targeting approximately 1.5 lakh households across 388 slums covering over 650 acres, the initiative will conduct a socio-economic survey to facilitate resettlement and improve community services. Private developers will create modern housing and commercial spaces, ensuring economic sustainability and better living standards for the urban poor. The plan emphasizes inclusivity and stakeholder engagement, aiming to drive socio-economic change in Bhopal and potentially serving as a model for other cities facing similar challenges.
Author: PNT Bureau
The Central Government has approved 228 infrastructure projects worth over INR 15.88 lakh crore under the PM Gati Shakti Masterplan in the past three years, focusing on roads, railways, urban development, and oil and gas. Led by the DPIIT's Network Planning Group, all projects above INR 500 crore undergo rigorous appraisal before approval. The initiative involves 44 central ministries, 36 states/UTs, and 27 aspirational districts. Supported by the 2022 National Logistics Policy, 26 states/UTs have implemented logistics policies, with nine granting industry status to the sector. Plans to engage the private sector highlight India's push for efficient connectivity and logistics growth.
The Tower of Pisa, more commonly known as the Leaning Tower of Pisa, is far from an ordinary bell tower. This iconic structure, renowned for its unintended tilt, is one of the most recognized and visited landmarks in the world, symbolizing architectural beauty and human ingenuity.Located in the Italian city of Pisa, the tower is part of the city's cathedral complex, known as the Piazza dei Miracoli (Square of Miracles), which also includes the cathedral (Duomo), the baptistery, and the cemetery (Camposanto). The tower was originally designed as a freestanding bell tower for the cathedral, intended to stand vertically like any other bell tower. Construction of the Leaning Tower began in 1173 and continued for nearly 200 years due to interruptions caused by wars, debt, and engineering challenges. The architect of the original design is a subject of historical debate, with some crediting Bonanno Pisano and others Diotisalvi. The tower began to tilt during construction, caused by an unstable foundation of soft, sandy soil that could not properly support the structure's weight. Despite this initial flaw, construction continued, and engineers attempted to correct the tilt by building the upper floors with one side taller than the other. However, these efforts were not enough to prevent the lean, and the tower continued to tilt over the centuries. The final structure was completed in 1372, with the tower standing at a height of approximately 56 meters (183 feet) on the low side and 57 meters (186 feet) on the high side.The Leaning Tower of Pisa is characterized by its cylindrical shape and the seven bells housed within it, each tuned to a musical scale. The tower's exterior is adorned with white and gray marble, featuring intricate carvings and arcades, typical of Romanesque architecture. In modern times, efforts to stabilize the tower have been successful. Engineers have undertaken various projects to reduce the tilt and preserve the structure, including removing soil from underneath and adding counterweights. By the early 21st century, the tilt was reduced to about 4 degrees, and the tower was declared stable for at least another 200 years. Today, the Leaning Tower of Pisa remains a symbol of resilience and a testament to medieval engineering. Visitors from around the world flock to the site to admire its unique angle, climb its nearly 300 steps for a panoramic view of Pisa, and take the quintessential tourist photo pretending to "hold up" the leaning tower. Fun Fact: Galileo Galilei, the famous Italian scientist, is said to have conducted experiments on gravity and acceleration from the Leaning Tower of Pisa by dropping two spheres of different masses to observe how they fell at the same rate. This anecdote, though likely apocryphal, highlights the tower's historical significance beyond its architectural wonder.
• A residential flat spanning 810 square feet sold in L&T Seawoods - West Manor in Thane's Nerul for INR 1.98 crores
• A residential flat spanning 1,240 square feet sold in Gagangiri Park in Thane's Waghale Estate for INR 1.5 crores
Foreclosure is a legal process that allows lenders to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property.
Author: PNT Bureau
The Odisha government has distributed allotment letters to 116 beneficiaries under its Affordable Housing Project (AHP) for slum dwellers. Housing and Urban Development Minister Krushna Chandra Mahapatra led the event, highlighting the state’s commitment to improving living conditions for the urban poor. Beneficiaries were allotted homes in Chandrasekharpur, Nilamadhab Awas, and Barunei Enclave through a transparent lottery system. Projects include essential amenities and aim to uplift low-income families in Bhubaneswar. With over 2,600 houses planned in Chandrasekharpur alone, the initiative represents a significant step in slum redevelopment and addressing urban housing shortages in Odisha's capital city.
Author: PNT Bureau
The luxury housing market in India has surged, with average home ticket sizes across top cities rising by 23% to INR 1.23 crore in H1 FY25, per Anarock data. While unit sales dipped by 3% to 2,27,400, the total sales value jumped 18% to INR 2,79,309 crore. NCR led the growth with a 56% increase in ticket size to INR 1.45 crore, despite a slight drop in units sold. Bengaluru and Hyderabad also saw ticket sizes rise by 44% and 37%, respectively. This highlights strong demand for high-end properties, driven by affluent buyers and the sector's resilience post-pandemic, signalling continued growth in luxury real estate.
Author: PNT Bureau
The E-Aasthi system, launched in March 2023 to prevent fraud in property transactions, has faced severe criticism due to delays and allegations of corruption. Citizens in Hubballi reported waiting 8-9 months for certificates, lost files, and demands for bribes from officials, causing financial strain and disruption to personal plans. HDMC commissioner attributed the delays to technical challenges with integrating E-Aasthi and Kaveri software, leading to high rejection rates for applications. Assurances have been made to streamline the process, aiming to reduce waiting times to 2-3 days within a week. However, citizens remain skeptical about whether these measures will resolve the persistent issues effectively.
Author: PNT Bureau
The Uttar Pradesh government has signed a MoA with the Ministry of Housing and Urban Affairs (MoHUA) to launch the second phase of the Prime Minister Awas Yojana (Urban) (PMAY-U 2.0). This phase aims to build 1 crore permanent homes for urban families, addressing the growing housing demand, especially for economically disadvantaged groups. Kuldip Narayan, Joint Secretary of the 'Housing for All' program, highlighted the success of PMAY-U 1.0, which built 90 lakh homes. Amrit Abhijat, Principal Secretary of Uttar Pradesh’s Urban Development Department, emphasized the scheme’s focus on marginalized groups and its goal of fostering inclusive growth and improved living conditions.
Author: PNT Bureau
In line with a court order dated 9th October (PIL No. 155/2021), Navi Mumbai Municipal Corporation (NMMC) is launching a special campaign from 25th November to 4th December 2024 to remove unauthorized banners and hoardings across its jurisdiction. Violations, including expired permissions, will result in penalties and removal costs recovered from offenders. Citizens are warned against erecting unauthorized banners, as legal action will follow under the Maharashtra Prevention of Defacement of Property Act, 1995. Suggestions or complaints can be submitted through NMMC offices, the Grievance Redressal Portal, My NMMC app, or WhatsApp. Commissioner Dr. Kailas Shinde urges public cooperation.
Author: PNT Bureau
Madhya Pradesh has revolutionised property registration with Sampada 2.0, a cutting-edge digital platform introduced in 2024. Offering office-based, remote, and faceless registration options, it eliminates manual intervention through AI and GIS integration. The platform ensures accurate property identification, real-time data synchronization, and instant document delivery via WhatsApp and email. Complemented by Cyber Tehsil, which automates land mutation processes, Sampada 2.0 addresses longstanding challenges in property registration. It integrates seamlessly with critical databases, reducing delays and fraud risks. Madhya Pradesh’s citizen-centric approach, backed by investments in digital infrastructure and local talent, sets a new benchmark for ease of living and governance.
Author: PNT Bureau
The Tamil Nadu government has changed its building rules to allow taller industrial buildings in Transit-Oriented Development (ToD areas). These buildings can exceed height limits if the road is at least 30 metres wide and the plot size is 4,000 square metres or more, with Airport Authority approval. The goal is to encourage industrial and commercial growth by supporting modern, vertical factories and increasing Floor Space Index (FSI) limits for such projects. Industrial parks and dormitory housing for workers will benefit from revised rules.
Author: PNT Bureau
Residents of Bengaluru’s Horamavu, Hoysalanagar, and Jayanthinagar are opposing the construction of residential quarters near Jayanthinagar Lake’s buffer zone, citing safety and structural concerns. Initiated by the Rajiv Gandhi Housing Corporation for economically weaker sections, the project has faced delays and transparency issues, with no visible project details onsite. Residents propose alternative uses for the land, such as a park or community centre, benefiting local citizens. Additionally, they seek the development of a park near Jayanthinagar Government School, emphasising sustainable development over questionable construction projects. The community urges the BBMP to prioritise public welfare and address their concerns promptly.
Author: PNT Bureau
The Gujarat government has unveiled the draft Annual Statement of Rates for 2024, popularly known as the Jantri rates, for public review until December 20. This document is crucial for determining the market value of land and properties in the State. The updated rates are expected to be implemented in January 2025. Following a doubling of jantri rates in April 2023, a comprehensive survey was conducted across urban and rural areas to ensure accurate land valuations. Chief Minister Bhupendra Patel has acknowledged farmers' requests for increasing the rates due to inadequate land acquisition compensation. Public feedback will be considered before finalizing the rates.
Author: PNT Bureau
Star Housing Finance Limited (Star HFL) reported outstanding financial results for Q2 FY25, showcasing a 62% year-on-year growth in Assets Under Management (AUM) to Rs. 517.84 crore and a 60.56% rise in interest income. The company maintained a healthy Net Interest Margin (NIM) of 7.47% and achieved a 78.28% increase in pre-tax profit (PBT) to Rs. 3.94 crore. Asset quality remained strong with a GNPA ratio of 1.56%. Star HFL secured Rs. 70 crore in funding to support expansion and continues to meet affordable housing finance needs across multiple states, focusing on underserved economically weaker sections and low-income groups.
Author: PNT Bureau
The National Company Law Tribunal (NCLT) has approved Mahindra Homes' capital reduction proposal, following a special resolution from its equity shareholders. This decision involves the cancellation of specific Series B and C equity shares held by global investment firm Actis and Mahindra Lifespace Developers. With approximately INR 214 crore received from homebuyers classified as current liabilities, Mahindra Homes assures that the reduction will not disrupt operations or project timelines, especially under RERA compliance. The ruling underscores the significance of clear communication with stakeholders, particularly homebuyers, in maintaining trust within the real estate sector.
Author: PNT Bureau
Enviro Infra Engineers Limited has officially launched its initial public offering (IPO), open for subscription until November 26, 2024. The company aims to raise INR 650.43 crore, with a price band set between INR 140 and INR 148 per share. The offering includes a fresh issue of 38,680,000 shares and an Offer for Sale (OFS) of 5,268,000 shares by promoters. Prior to the IPO, Enviro Infra secured INR 194.7 crore from anchor investors. With a strong financial track record, the company plans to use the proceeds for working capital, project funding, and general corporate purposes, positioning itself for continued growth in the wastewater management sector.
Author: PNT Bureau
The Brihanmumbai Municipal Corporation (BMC) is ramping up efforts to recover outstanding property tax dues from major defaulters as revenue continues to decline. Over the past decade, the BMC has attached 3,322 properties valued at INR 3,438 crores. The highest dues, amounting to INR 880 crores, are concentrated in areas like Prabhadevi and Worli. Recently, notices were sent to ten defaulters owing INR 600 crores, warning of property auctions if debts are not settled. The BMC is adopting a strict approach, including asset auctions, to ensure compliance and recover funds.
Author: PNT Bureau
Delhi’s Khan Market ranks 22nd globally in Cushman & Wakefield’s Main Streets Across the World report, leading India’s high-street retail with annual rents of USD 229 per square foot and 7% year-on-year growth. Competitive demand underscores India’s robust retail sector. Regionally, Khan Market rose to 23rd in Asia-Pacific, surpassing Bangkok and Manila’s major high streets. Delhi-NCR also features Connaught Place and Galleria Market among India’s top retail hubs. Driven by strong economic growth and evolving consumer preferences, the country’s retail landscape continues to thrive, with premium locations like Khan Market maintaining their global and regional significance.
Author: PNT Bureau
The Noida Authority has commenced a land survey for the Dadri-Noida-Ghaziabad Investment Region (DNGIR), or New Noida, to facilitate land acquisition and development. Spanning 209.11 sq. km across 80 villages in Gautam Budh Nagar and Bulandshahr, the project will be executed in four phases, with the first phase targeting 3,165 hectares by 2027. Part of the Delhi-Mumbai Industrial Corridor (DMIC), the DNGIR Master Plan 2041 allocates 40% for industrial use, 13% for residential, and 18% for green spaces. Enhanced connectivity via road, rail, and the upcoming Noida International Airport is expected to drive economic growth and infrastructure development.
Author: PNT Bureau
On November 17, Ranchi Municipal Corporation (RMC) conducted a large-scale anti-encroachment operation in Harmu Housing Colony, following a directive from the Jharkhand High Court. The focus was on clearing unauthorized structures, especially meat and fish stalls, near local temples. City manager Ambuj Singh explained that the drive was carried out to comply with the court's order and improve traffic flow. RMC had given encroachers a 24-hour notice, with some vendors agreeing to vacate, while others protested. Displaced vendors were offered alternative space at Janta Bazaar. The operation marks RMC’s effort to enforce court orders and regulate public spaces effectively.
Author: PNT Bureau
During a recent review in Ladakh, Power Minister Manohar Lal Khattar announced a survey to identify homeless individuals under the PM Awas Yojana, aiming to ensure adequate shelter for all. He praised the performance of local power and housing departments and highlighted the potential for solar energy with a 13 GW solar plant in progress. Khattar also discussed financial support for street vendors and emphasized waste management and worker safety goals. He directed officials to expedite project reports for water and sewage systems while assuring that additional power demands during winter will be met by the Government of India.
Author: PNT Bureau
The September 2024 Portuguese Housing Market Survey by RICS and Confidencial Imobiliário highlights stability and growth in the property sector. House price momentum surged, with a net balance rising from +10% in August to +24% in September, and sales expectations increased by 10 percentage points. Idealista reported a 9.4% annual house price rise through October, with Faro leading major cities at 4.1%. Demand for luxury homes and second residences, particularly in the Algarve, remains strong, driven by local and international buyers. Portugal ranked 16th globally for house price growth, reflecting its resilience and attractiveness in the global market.
Author: PNT Bureau
China reported a 22.9% decline in land sales revenue for the first ten months of 2024, reflecting ongoing challenges in its property sector. Reduced land acquisitions by cash-strapped developers have strained local government finances, prompting the introduction of a 10 trillion yuan (USD 1.4 trillion) debt relief package. Authorities are also using local government special bonds to redevelop idle land, aiming to revitalise stalled projects and stimulate economic activity. While these measures provide temporary relief, concerns remain over the long-term sustainability of local government funding and the structural challenges in the property market, which significantly impacts China’s broader economy.
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