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: Balaji Rao
Navigating India’s real estate market involves complexities such as dealing with varied definitions of property size. Terms like carpet area, built-up area, and super built-up area are often confused, causing buyer uncertainty. The RERA Act 2016 defines carpet area as the net usable floor area, excluding external walls but including internal walls. Built-up area adds external walls and other structures, while super built-up area includes shared spaces. Despite RERA's emphasis on carpet area disclosure, sale and resale agreements often use other metrics, necessitating caution. Buyers should rely on RERA carpet area for comparisons, factoring in balconies, terraces, and parking for accurate valuation.
Author: PNT Reporter
Kolkata's first metro link to the airport is nearing completion, with trial runs for the 7-kilometre Noapara-Jai Hind stretch starting in December 2024 and an official launch set for March 2025. Part of the Yellow Line's Phase I expansion, the link aims to ease traffic congestion and provide a seamless commute for air travelers. Multi-line connectivity will enhance access from both southern and northern Kolkata, reducing dependency on taxis and private vehicles. With key infrastructure like fire doors and travelators being finalized, the project aligns with global urban mobility trends, promising enhanced transportation, tourism, and economic growth for the city.
Author: PNT Reporter
The Uttar Pradesh government, through the Yamuna Expressway Industrial Development Authority (YEIDA), has launched a township in Sector-24A, Noida, just 15 minutes from Jewar International Airport. Offering 451 residential plots of various sizes at a competitive price of INR 25,900 per square metre, the project aims to provide affordable housing and boost regional economic growth. Notably, 17.5% of the plots are reserved for farmers. The township's strategic location near Film City and the MotoGP track enhances its appeal. With registrations surpassing 34,000 and a lottery scheduled for December 27, this initiative is set to transform the area's real estate and economic landscape.
Author: PNT Reporter
Bollywood actor Shraddha Kapoor has leased a luxurious apartment in Mumbai's upscale Juhu area for a monthly rent of INR 6 lakh. The apartment, spanning 3,929 square feet, is located on the third floor of a high-end residential tower. Kapoor has paid the full rental amount for the 12-month lease term in advance. The deal, which was registered earlier this week, also includes access to four car parking spaces. Juhu remains a sought-after location for Bollywood celebrities, known for its proximity to the beach and premium amenities.Bollywood actor
A residential flat spanning 980 square feet in Merlin Ventana in Pune's Baner for INR 1.30 crores
• A residential flat spanning 828 square feet in Kalpataru Starlight (Sector 5) - Wing C in Thane's Balkum for INR 1.49 crores
• A residential flat spanning 811 square feet in Deiv Virat Grandeur in Thane's Dombivli East for INR 85 lakhs
The Sistine Chapel, located in Vatican City, is far from an ordinary place of worship. This iconic chapel, renowned for its breathtaking art and architecture, is one of the most famous cultural and religious landmarks in the world. Commissioned by Pope Sixtus IV in 1473 and completed in 1481, the chapel is named after him. It serves as both a religious sanctuary and a place of great historical significance, particularly as the site of the papal conclave, where a new pope is elected. However, it is perhaps best known for the extraordinary frescoes that adorn its ceilings and walls. The Sistine Chapel's most famous feature is undoubtedly the ceiling, painted by Michelangelo between 1508 and 1512. Originally tasked with painting twelve apostles, Michelangelo eventually took creative liberty and transformed the entire ceiling into a vast biblical narrative. Today, the Sistine Chapel attracts millions of visitors from around the world, who come to marvel at its unparalleled beauty and historical significance. It remains an active place of worship, where important ceremonies, including papal masses, are held. Fun Fact: The Sistine Chapel's ceiling was originally intended to be a simple blue sky with stars, but Michelangelo's vision transformed it into one of the greatest works of art in the world. His innovation in using the vault to tell a complex biblical narrative revolutionized the world of painting and continues to inspire artists and viewers today.
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).
State Street Corporation has leased a 250,000 sq. ft. office tower in Mumbai’s Bandra-Kurla Complex (BKC) from Brookfield Properties for over INR 350 crore. The 10-year agreement, part of the Equinox Business Park, will house State Street’s global capability center. This move highlights India's growing appeal for multinational firms, driven by a skilled workforce and favorable business conditions. With a 99% occupancy rate, Equinox Business Park hosts major tenants like Tata Communications and Mirae Asset Capital Markets. State Street’s investment underscores India’s rising prominence in global financial services and the growing demand for premium office spaces in hubs like BKC.
The House of Abhinandan Lodha (HoABL) has acquired the American Center in South Mumbai for over INR 56 crore. The seven-storey building, previously part of the US Consulate General, has remained vacant for a decade after the consulate moved to BKC. HoABL plans to develop the property into a luxury residential project with views of Marine Drive and Mumbai Harbour. The deal was finalised after receiving approvals from both the US and Indian governments. This acquisition adds to HoABL's growing portfolio of developments across India, with significant future revenue potential.
To address an inventory of 14,047 unsold flats since 2017, MHADA’s Konkan Board has launched a promotional campaign, setting up 29 stalls at high-footfall locations. The initiative runs until December 11, offering affordable flats under EWS, LIG, and MIG categories on a first-come, first-served basis. Key projects in areas like Virar-Bolinj and Gotheghar-Thane, near upcoming infrastructure like Navi Mumbai International Airport, are priced significantly lower than private developments. With over 11,814 applications for the ongoing lottery of 2,264 homes, MHADA aims to highlight affordability, added amenities, and strategic locations to boost sales.
The Navi Mumbai Municipal Corporation (NMMC) has classified 527 buildings as hazardous under Section 264 of the Maharashtra Municipal Corporation Act, urging mandatory structural assessments for properties over 30 years old. Building owners must obtain safety certifications from NMMC-approved engineers by March 2025 or face penalties of INR 25,000 or the annual property tax amount, whichever is higher. Urgent measures include evacuating 62 critically dangerous C-1 category buildings, slated for demolition. Other structures require varying levels of repairs. The directive highlights the need for swift compliance to mitigate safety risks, but activists stress the importance of effective enforcement to ensure public safety.
In response to worsening air quality in Mumbai, the Maharashtra Pollution Control Board (MPCB) has prohibited the establishment of new ready-mix concrete (RMC) plants within municipal corporation limits in the Mumbai Metropolitan Region (MMR). Existing plants must implement dust control measures and meet compliance requirements within three months or face penalties. New RMC plants outside city limits are subject to stringent location and operational rules, including bank guarantees and air quality monitoring. The MPCB is collaborating with civic authorities to improve air quality across the region.
The Lucknow bench of the Allahabad High Court overturned the Noida Authority's rejection of a building plan application by two landowners, Kapil Misra and another villager, for a Sector 45 plot acquired through a 2011 exchange deed. The Authority cited non-compliance with 2010 Building Regulations requiring a lease deed, undeveloped land status, and concerns over revenue. However, the court deemed the rejection "illegal," affirming the deed of exchange as a valid transfer under property laws and Article 300A. The ruling mandates a fresh hearing, reinforcing property rights, equitable regulatory interpretation, and the judiciary's role in safeguarding individuals against administrative overreach.
The Municipal Corporation of Delhi (MCD) fined violators INR 95.35 lakh in October for illegal dumping of construction and demolition (C&D) waste, part of efforts to combat Delhi’s worsening air pollution. In a report to the National Green Tribunal, the MCD highlighted measures like deploying 372 surveillance teams, designating 106 waste disposal sites, and processing 5,000 tonnes of C&D waste daily. Initiatives include 20 anti-smog guns, 195 water sprinklers, and 52 mechanical sweepers. Public involvement via the 311 app has led to over 728,000 resolved complaints. These actions aim to improve air quality and enhance Delhi’s urban environment.
The Varanasi Development Authority has introduced Geotrix software to detect and monitor illegal constructions in a 200 sq km area using satellite imagery. This advanced tool not only identifies unauthorised developments but also assists in urban planning by pinpointing new plotting zones. Experts provided training for officials on this technology, which aims to enhance urban development through digital mapping and accurate land use planning. Officials highlighted that this innovative approach will prevent illegal constructions and support systematic city development.
The Odisha Real Estate Regulatory Authority (ORERA) has announced a list of 57 real estate promoters who have failed to pay penalties exceeding INR 6 crore for breaching various provisions of the Odisha Real Estate (Regulation and Development) Act, 2016. Of the INR 6.89 crore in fines imposed on 60 developers, only INR 23 lakh has been collected so far, with just three promoters having settled their dues. ORERA was established to safeguard homebuyers' interests, but concerns about the recovery process remain, prompting calls for greater accountability and potential amendments to existing regulations.
SEBI is set to establish a self-regulatory organisation (SRO) for small and medium real estate investment trusts (SM REITs), distinct from the Indian REITs Association. SM REITs, including Property Share Investment Trust, Impact R SM REIT, and Emberstone SM REIT, focus on commercial real estate with a mutual fund-like scheme structure. The sector's trajectory hinges on the success of PropShare Platina, India’s first SM REIT IPO, aiming to raise INR 353 crore. While initial subscription has been slow, SEBI's initiative reflects efforts to support the unique requirements of SM REITs, positioning them as key players in India’s real estate market.
Flexible workspace provider Smartworks has secured SEBI approval to launch an IPO, including a fresh issue worth INR 550 crore and an OFS of 6.76 million shares. Operating 41 centres across 13 cities with 8 million sq ft and 180,000 seats, the company reported FY24 revenue of INR 1,039 crore, a 46% YoY growth. Long-term investor Keppel Ltd. has invested USD 29 million since 2019. Smartworks plans to use IPO proceeds for loan repayments and corporate purposes, alongside a potential INR 110 crore pre-IPO placement. This move supports its expansion, including a new 35,000 sq ft centre in Singapore.
SEBI has approved Murali Malayappan, CMD of Shriram Properties, to indirectly acquire a 70.86% stake in Shriram Properties Holdings Pvt. Ltd. (SPHPL), raising his holding in SPHPL from 20% to 91.19%. Currently, Malayappan holds 0.08% in Shriram Properties, while SPHPL owns 27.72% of the small-cap firm with a market cap of INR 1,874 crore. SEBI exempted the acquisition from open offer requirements, as it does not change the company’s control or affect public shareholders. Post-approval, Shriram Properties’ shares rose 2.41% to close at INR 110 on the NSE.
The Bruhat Bengaluru Mahanagara Palike (BBMP) has issued a preliminary notification to acquire around 143 properties, including 94 buildings, to widen a 2.4-km stretch of Gunjur-Varthur Main Road in Gunjur village. The project aims to enhance the existing 30-meter road between Gunjur Lake and Vinayaka Theatre, part of State Highway 35. This road is one of 14 slated for development under the Revised Master Plan for 2025, with a total of 25 km planned for improvement. BBMP officials stated that the land acquisition will be compensated through transferable development rights.
Mumbai Metro has partnered with the ‘Toilet Service App’ to improve cleanliness and accessibility of toilets at 30 metro stations on the Metro 7 and 2A corridors. The app provides real-time information on toilet availability and condition, allowing passengers to easily locate and use facilities. It also enables passengers to report issues, ensuring prompt action is taken. Metro staff can monitor and maintain cleanliness through the app. Passengers can download the app by scanning a QR code at the stations. This initiative enhances hygiene standards and improves the overall commuter experience, focusing on convenience and passenger satisfaction.
The Kerala Coastal Zone Management Plan (KCZMP) is set to transform Ernakulam’s coastal and backwater regions by introducing more flexible construction regulations. Ten locales have been designated as urban panchayats, permitting residents to build and renovate their homes and structures. Commercial projects, however, still require approval from the Kerala Coastal Zone Management Authority (KCZMA). Updated maps for these areas are now accessible online. While many residents are optimistic about their new construction opportunities, villages like Pallipuram and Kuzhupilly remain restricted under CRZ IIIA, leaving some concerns about the clarity and implementation of the new regulations.
Dubai’s real estate market remained active in November, with 13,502 property sales valued at AED40 billion. Apartment sales surged by 31.2% in volume, reaching AED19.9 billion, while villa and plot sales declined. The average property price rose by 8.8%, reflecting steady growth. The market’s overall performance continues to demonstrate strength, driven by investor confidence and economic growth. High-value properties and off-plan sales, including Vida Residences and Greenridge, led the market in both volume and value. Developer sales outpaced re-sales, with properties priced above AED5 million making up 8% of total sales.
China-based developer Kaisa has announced plans to hold a shareholder meeting to gain approvals for its USD 12.27 billion debt restructuring agreement. The agenda includes discussions on issuing USD 5 billion in senior notes and USD 4.8 billion in convertible bonds, alongside resolving a USD 26.9 million work fee share issue. The following day, the developer will seek court permission in Hong Kong to hold a creditors’ vote. Kaisa, the second-largest offshore debt issuer among Chinese developers, has faced financial struggles since defaulting on USD 12 billion of offshore bonds in late 2021.
Dutch pension fund ABP recently announced the acquisition of a Euro 2.7 billion (USD 2.84 billion) mortgage portfolio managed by Dutch lender NIBC. The portfolio consists of mortgage loans granted to approximately 10,000 households in the Netherlands over the past five years. The acquisition brings ABP's total Dutch mortgage portfolio to over Euro 7.3 billion. ABP's Chairman, Harmen van Wijnen, expressed that the investment is a significant step forward, offering attractive yields with low risk and improving financing options for Dutch homebuyers. The deal was made with an unnamed investor advised by Goldman Sachs.
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