Daily Real Estate Newspaper
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The Karnataka government has issued a preliminary notification to acquire land for the first stage of Metro's Phase III project. A total of 26,811 square metres of land will be acquired to build an elevated line and Metro stations between JP Nagar 4th Phase and Mysuru Road station. The project will also impact 197 private properties, including residential buildings and vacant sites. Along with this, 10,892 square metres of government-owned land will also be needed. The Phase III plan was approved earlier this year, and construction work will follow a geotechnical survey.
The Patna Metro, a INR 13,365.77 crore project overseen by the Patna Metro Rail Corporation Limited (PMRCL), aims to modernise Bihar’s capital with efficient and eco-friendly transit. Comprising two corridors spanning 32.91 km – the East-West Corridor (Danapur Cantonment to Khemni Chak) and North-South Corridor (Patna Junction to New ISBT) – the metro promises reduced congestion and shorter commutes. Funded by central and state governments, with JICA financing 60%, the project is set to launch by August 2025. This transformative initiative will boost connectivity, economic growth, and quality of life, marking Patna’s leap toward sustainable urban development.
India’s sustainable real estate is advancing through policies like the Smart Cities Mission, which has completed 6,419 projects worth INR 1.25 lakh crore. Initiatives such as ECBC, GRIHA, and LEED certifications are driving eco-friendly construction, with green-certified Grade A offices comprising 82% of new supply in 2023. Financial incentives, including GST exemptions and proposed tax benefits, aim to boost adoption. Challenges remain in smaller cities due to limited resources and awareness. However, with technology, renewable energy integration, and collaborative efforts, sustainable real estate is redefining urban growth, offering a resilient and eco-friendly future for India’s cities.
Launched in 2017, Bharatmala Pariyojana aims to revolutionize India’s highway infrastructure with 34,800 km of roadways at a cost of INR 5.35 lakh crore. By linking industrial hubs, rural areas, and border regions, it enhances connectivity and reduces logistics costs. Key projects include the Delhi-Mumbai Expressway and the India-Myanmar-Thailand Highway. With 18,714 km constructed and 26,425 km contracted as of October 2024, progress is significant despite delays due to land and environmental challenges. Future plans focus on greenfield expressways and intelligent transport systems, reinforcing Bharatmala’s role in driving economic growth and fostering regional development.
India's Union Tourism Ministry recently announced that 76 projects have been sanctioned under the Swadesh Darshan Scheme, with a total allocation of INR 5,287.9 crore, out of which 75 projects are now physically complete. The Swadesh Darshan Scheme, aimed at the development of theme-based tourist circuits, was revamped as Swadesh Darshan 2.0 for the creation of sustainable tourist destinations. Additionally, under the PRASHAD Scheme, 48 projects worth INR 1,646.99 crore are in development, and 40 projects have been approved under the Special Assistance to States for Capital Investment (SASCI) scheme. As a result, India has seen a significant rise in international tourist arrivals and foreign exchange earnings in 2023.
Prime Minister Narendra Modi recently inaugurated the much-anticipated Ken-Betwa river linking project, aiming to transfer excess water from Madhya Pradesh’s Ken River to Uttar Pradesh’s Betwa, benefiting millions in the Bundelkhand region. The project, costing an estimated INR 44,605 crore, will provide drinking water to over 6 million people across two states and irrigate 1 million hectares of farmland. Additionally, it will generate 103MW of hydropower and 27MW of solar energy.
The Maharashtra state registration department has approved a budget of INR 21 crore to digitize 2.25 lakh property records stored as photo films, some over 58 years old. With INR 10 crore allocated for the first phase, the project aims to protect aging records from damage while improving accessibility. Records from 1985–2002 are nearly 96% scanned, but older films require specialized handling. Officials estimate the digitization will take a year, with tenders expected to be cleared by January 2025. Part of a broader INR 200 crore modernization plan, the initiative will streamline property access and preserve critical legal documents for future use.
The Greater Hyderabad Municipal Corporation (GHMC) has sanctioned a INR 8,440 crore budget for FY 2025-26, prioritizing infrastructure development and essential services. With INR 2,654 crore allocated under the H-CITI initiative for urban infrastructure, the budget emphasizes technological upgrades, eco-friendly projects, and improved public services. Despite challenges in revenue generation, the budget projects a INR 445 crore surplus, offering financial flexibility. GHMC plans to enhance community engagement and promote sustainable urban growth through investments in green spaces and public transport, aiming to make Hyderabad a more livable and investment-friendly city.
The Vadodara Municipal Corporation (VMC) has demolished unauthorized extensions of a bungalow in the Tandalja area as part of its efforts to enforce building regulations. Despite prior notices and complaints from residents, the illegal structures, including extensions and a washroom, remained unapproved. The move reflects VMC's broader crackdown on unauthorised constructions in the city, highlighting concerns over safety and urban planning violations. While some residents supported the action for ensuring compliance, others called for leniency and more time for the owners to rectify the violations. Amid rising cases of unauthorized constructions, VMC plans to implement stricter penalties and awareness campaigns to promote adherence to building laws and maintain the integrity of Vadodara's urban development.
The Rajasthan government is advancing two flagship projects, the Unity Mall and the Rajasthan Mandapam, to promote local products and economic growth. Located near Jaipur Airport, the Unity Mall has secured INR 200 crore, including INR 100 crore from the Union finance ministry, to showcase ODOP and GI-tagged products. Covering 15,000 square meters, it will also host training and promotional events. The Rajasthan Mandapam, inspired by Delhi’s Bharat Mandapam, will span 40,000 square meters to position Rajasthan as a convention hub. RIICO, managing both projects, expects Unity Mall construction to start in February 2025, promising economic and cultural revitalization.
The Goa Chamber of Commerce and Industry (GCCI) expressed concerns over the state revenue department’s steep increase in minimum land rates for Mormugao taluka, ranging from 597% to 2,857%. GCCI President Shrinivas Dempo called the rates excessive and misaligned with market realities, particularly for regions like Sancoale, now equated with prime areas such as Dona Paula and Assagao. He warned of adverse effects on land sales, government revenue, and local affordability. The GCCI recommended revising rates to INR 15,000 per square meter for Vasco and INR 10,000 per square meter for Chicalim, Dabolim, and Sancoale to ensure fairness and sustainability.
Private equity investments in India's real estate sector reached USD 4.3 billion in 2024, a 10% year-on-year growth, according to Savills India. Foreign institutional investors drove the majority of this growth, contributing 88% of the inflows. The industrial and logistics segment emerged as the primary beneficiary, securing USD 2.3 billion, or 54% of the total investment. Other sectors, including residential and alternative investments like data centres, are also gaining traction. Savills anticipates investments to grow further in 2025, projected to hit USD 4.5–5 billion.
Lotus Developers Ltd, founded by Anand Pandit in 2003, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an IPO worth INR 800–1,000 crore. The pre-IPO placement attracted Bollywood icons like Amitabh Bachchan, Shah Rukh Khan, Ajay Devgan, and Hrithik Roshan, alongside investors like Ashish Kacholia. Specialising in ultra-luxury real estate, the company operates in Mumbai’s premium markets, focusing on redevelopment and land acquisitions. Known for catering to elite clients, Lotus aims to use IPO proceeds for expansion and operational improvements. Its high-profile investor base underscores strong confidence in its growth and market positioning.
Ghaziabad has achieved a 77% recovery rate for recovery certificates (RCs) issued to defaulting developers by UP RERA, marking the lowest pendency rate (23%) in Uttar Pradesh. Of 699 RCs worth INR 204.47 crore, 365 valued at INR 94.31 crore remain pending. In contrast, GB Nagar recovered INR 405.03 crore but faces a 72.21% pendency. Challenges include developers’ out-of-district addresses, delaying enforcement. Despite fewer projects than GB Nagar, Ghaziabad’s focused efforts benefit homebuyers, setting a benchmark for RC recoveries in the state. Moving forward, the city aims to further reduce pendency and enhance regulatory compliance.
Shapoorji Pallonji Real Estate, the property development arm of the Shapoorji Pallonji Group, is preparing to raise INR 4,000 to 5,000 crore through an initial public offering (IPO). This move follows the success of Afcons Infrastructure's IPO and is part of the group’s efforts to streamline its operations and reduce its debt. The funds raised will go towards lowering liabilities within both the real estate arm and the promoter-level debt. With a robust pipeline of projects in major cities like Mumbai, Pune, Bengaluru, and Kolkata, the company is positioning itself for future growth.
TVS Emerald has acquired a 12-acre prime land parcel on Chennai’s Radial Road, marking one of the city’s largest real estate transactions in two years. The project, spanning 2.5 million square feet, promises to generate INR 2,800 crore in revenue. This strategic acquisition reinforces the company’s focus on growth and market leadership in Chennai and Bengaluru. TVS Emerald, a subsidiary of TVS Holdings, has a robust portfolio, having delivered 3.6 million square feet of residential projects and having 8.6 million square feet under development. The move aligns with its vision to create world-class properties in high-demand locations.
Jagdish Naresh Master, a renowned stock market trader, has purchased a 7,139 sq. ft. apartment on the 60th floor of Oberoi Three Sixty West, Worli, for INR 106 crore, at INR 1.50 lakh per sq. ft. His wife, Urjita Master, acquired a flat on the 59th floor for INR 105 crore last month, showcasing their preference for luxury real estate. Jagdish paid INR 3.97 crore in stamp duty, adhering to differential stamp duty norms. These high-value transactions highlight Mumbai’s thriving luxury real estate market, driven by demand for premium homes in prime locations, reinforcing the city’s position as India’s top property investment hub.
The Indian housing market witnessed mixed trends in 2024, with a 4% drop in sales volume across seven major cities, attributed to delays in regulatory approvals and election-related slowdowns, as per a report by Anarock. However, the sector saw a significant 16% increase in sales value, reaching INR 5.68 lakh crore, driven by a 21% rise in average housing prices. Cities like Bengaluru and the Mumbai Metropolitan Region experienced minor sales growth, while others, such as Kolkata and Chennai, saw double-digit declines. The report from Anarock highlights price appreciation and growing unit sizes as key factors mitigating the impact of reduced sales.
The Lucknow Development Authority (LDA) plans to begin registration for 1,617 residential plots in its ambitious 103-acre education city project on Mohan Road shortly. The project is expected to start in late January, pending approval from RERA. This world-class educational hub, inspired by international standards in cities like Dubai and Qatar, will feature an international university and state-of-the-art infrastructure. The first phase will include plots ranging from 400 to 3,200 sq ft across four sectors. In addition, the development will offer group housing plots, green spaces, and 18 large parks in Sector 4. Plot prices are anticipated to range between INR 3,500 and INR 4,000 per sq ft.
New single-family home sales in the U.S. grew by 5.9% in November, reaching a seasonally adjusted annual rate of 664,000 units, according to the Commerce Department. This marks an 8.7% year-on-year increase, recovering from October's hurricane-impacted slowdown. However, rising mortgage rates, averaging 6.72%, and economic uncertainty, including the Federal Reserve's cautious monetary stance and inflation concerns, pose challenges. Experts predict potential affordability issues if rates and home prices continue to climb. While the rebound signals resilience, market dynamics suggest buyers should act promptly to secure favorable conditions amidst shifting economic policies and evolving housing trends.
• A residential flat spanning 771 square feet sold in Godrej Bayview (Vashi) in Thane's Vashi for INR 3.13 crores•
A residential flat spanning 610 square feet sold in Bhoomi Lakescape in Thane's Kavesar for INR 1.04 crores
3D printing in construction involves adding material layers via computer-controlled processes to create 3D structures. 3D printers are helpful for both on-site construction and off-site manufacturing of components that can be assembled later. The printer receives dimensions from a software program and builds the structure on a platform using materials such as cement, plastic, or liquid metals.
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