Daily Real Estate brief from PNT
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Nexus Select Trust plans to acquire R City mall for its REIT expansion
Blackstone-backed Nexus Select Trust, the only mall focused REIT in India, is planning to add the R City Mall owned by Runwal Developers in Mumbai to its REIT portfolio. Runwal recently made a Rs 1000 crore buyout of Singapore's GIC stake and acquired full ownership of the mall. Nexus Seawoods in Navi Mumbai stands as Nexus Trust's only Mumbai asset and is thus seeking investment in premium malls like R City and enhancing their amenities, aligning with its strategy of strengthening Grade-A mall acquisitions across MMR. Anarock Retail's 2023 report ranks MMR Grade-A mall rentals, averaging Rs 358 – 396 per sq ft, as the highest among major cities.
• A residential flat spanning 1374 square feet sold in Neelam Senroofs Phase 3 in Mulund East for INR 2.27 Crores
• A residential flat spanning 2951 square feet sold in Neo Residency in Khopoli for INR 1.5 Crores
Under the provisions of section 21 to 31 of the Maharashtra Regional and Town Planning Act, 1966, local governing bodies must prepare a draft development plan showing the proposed land use and public facilities as per future population for areas covered under their jurisdiction. These plans are then approved by the Urban Development Department of the Government and referred to as Development Plans for the region.
DLF's Privana South sets new records with Rs 7,200 crore pre-launch sales
Real estate giant DLF reported a remarkable achievement, selling over 1,000 luxury housing units in its pre-launch phase for the Privana South project in Gurugram. The sales, totaling Rs 7,200 crore, were completed within three days, showcasing high demand. Covering 25 acres in Sectors 76 and 77 of Gurugram, the upscale community offers 1,113 well-thought-out premium homes. DLF emphasized its commitment to high-rise luxury developments and strategic positioning near Southern Peripheral Road, NH-48, Dwarka Expressway, and Central Peripheral Road. This success follows DLF's similar feat in March 2023, underscoring sustained demand for its upscale offerings.
Vihang Group's Rs 850 crore plan to reshape Thane's skyline
Thane-based Vihang Group is set to invest over Rs 850 crore in four real estate projects spanning 5 million sq ft to meet the housing demands of Thane. Emphasizing a revenue potential exceeding Rs 2,000 crore, the developments aim to offer aspirational living for millennials. Vihang Group, committed to sustainability, plans to fund the projects through a mix of equity, working capital, and customer advances, targeting completion by 2027. With 80% focused on residential spaces and 20% on lifestyle, hospitality, and education, the initiative aligns with the evolving preferences of Thane's housing market, marking a strategic expansion.
Bombay High Court rejects plea for height relaxation in Chembur building
Saffron Co-operative Housing Society, a developer based in Mumbai, filed a petition to ease aviation height restrictions, but the Bombay High Court rejected it, citing the indisputable nature of aviation safety regulations. In response to a petition submitted by a society member, the Brihanmumbai Municipal Corporation (BMC) withheld the occupancy certificate owing to non-compliance. Justices Gautam Patel and Kamal Khata delivered the court's verdict. The ruling mandates the developer and the housing society to reduce the building's height by 11.06 meters within six months to align with aviation safety requirements and other planning regulations.
Investcorp plans to transform India's warehousing landscape
Investcorp, a Bahrain-based investment firm, aims to revolutionize India's warehousing industry with an upcoming India-focused fund. Gaurav Sharma, head of India Investments, highlights plans to boost investments through partnerships with developers, mirroring their success with NDR Warehousing. With Rs 1,000 crores already invested, an additional $100 million investment has been planned to double its warehousing allocation in 12-18 months. Beyond warehousing, Investcorp is eyeing the residential segment and educational infrastructure to expand its influence in these sectors. The firm's strategic expansion into warehousing signals a transformative shift in India's logistical infrastructure.
Bengaluru civic body targets a property tax collection of Rs 4,500 crore
Chief Commissioner Tushar Giri Nath of Bruhat Bengaluru Mahanagara Palike (BBMP) outlined an extensive tax collection strategy. This approach includes identifying commercial properties via the Bescom database, tax recovery from businesses, strict review of self-assessment affidavits, and sealing non-compliant properties. The efficacy of these measures is evident in the notable increase in tax collections, surpassing the previous fiscal period. The BBMP is optimistic about reaching the targeted Rs 4,500 crore in property tax collections by March, attributing this projection to dedicated efforts and initiatives aimed at addressing tax defaulters and ensuring compliance.
LIC approves investment in housing finance through RMBS
Life Insurance Corporation of India (LIC) has received approval from its board to invest in a new company, promoted by the National Housing Bank (NHB), focusing on residential mortgage-backed securities (RMBS). LIC plans to acquire up to 10% equity stake in the NHB-promoted entity through equity contributions in one or more tranches. RMBS considered a safer investment, involves debt-based assets backed by interest from residential loans. Additionally, LIC increased its stake in Asian Paints on January 1, 2024. The board also approved a revised policy on auditor selection. The move highlights LIC's strategic involvement in the housing finance sector.
Abhinandan Lodha Group and Leela Palaces to develop luxury hotels worth Rs 2000 crore in Ayodhya
Abhinandan Lodha Group and Leela Palaces join forces to build Rs 2000 crore hotel in India's historic and cultural cities containing Ayodhya, Amritsar, Benares, Shimla, and Vrindavan, kickstarting a plan for luxury hotels in culturally significant Indian cities. The Ayodhya Hotel, situated near the Shri Ram Janmabhoomi Temple, will cover five acres by the Sarayu River. Leela Palace has collaborated in designing and co-owning the property, marking their first joint luxury project. This initiative aligns with the boost for tourism anticipated in Ayodhya. The partnership signals a redefinition of luxury hospitality, aiming to offer an exceptional experience while honoring Ayodhya's heritage.
MTHL set to drive travelling time down by 80% and property prices up by 40%
Mumbai Trans Harbour Link (MTHL), a 21.8 km bridge connecting Sewri in Mumbai to Navi Mumbai's Chirle is set to open soon. It is hailed as a game-changer because the travelling time is set to cut down from 2 hours to just 20 minutes. With smarter technology like Orthotropic Steel Decks being used, MTHL will be accommodating 70,000 cars/day at 100 km/h. Beyond speed, it's also a real estate game-changer as Navi Mumbai property values are projected to rise by 35-45%. At Rs 250 for a one-way trip, it's a steal for Mumbai-Navi Mumbai travellers. MTHL isn't just a bridge—it's Mumbai's next real estate bestseller, redefining living and investment opportunities.
Expert panel favors repair for Malabar Hill reservoir
A committee advised repairing Mumbai's aging Malabar Hill Reservoir, crucial for the city's water supply, in an interim report presented to BMC Commissioner Iqbal Singh Chahal. The recommendations suggest targeted fixes rather than costly reconstruction, pending the final report. Chahal emphasised making wise decisions that strike a balance between finances and infrastructure needs. The final report will outline repair specifics, guiding budget allocations and setting precedents for future projects. Locals welcomed the repair approach, foreseeing minimized disruptions. This strategy ensures structural integrity, demonstrating Mumbai's commitment to sustainable urban development.
Bundelkhand transformation: BIDA's plan for 35,000 acres of growth
Chief Minister Yogi Adityanath has suggested a revolutionary plan for Bundelkhand, based on the remarkable economic recovery of Noida. The newly formed Bundelkhand Industrial Development Authority (BIDA) will lead an ambitious plan, backed by substantial investments and strategic projects. Land acquisition in Jhansi, coupled with the Bundelkhand Expressway and UP Defence Corridor, sets the stage for a transformative industrial hub. Yogi's vision positions Bundelkhand on a path similar to Noida's triumph, marking a defining moment in the region's economic landscape.
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