Weekend Digest - Top Stories
Welcome to the latest edition of PNT Real Estate round-up! 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 glitz and glam of Bollywood aren’t confined to the silver screen alone; it extends into the lucrative world of real estate, where many of the industry's biggest names are making savvy investments. From luxurious apartments to sprawling commercial spaces, Bollywood stars are definitely hitting all the right notes in the property market. Ajay Devgn has leased a 3,455 sq. ft. space in Andheri for INR 7 lakh monthly, while his wife Kajol leased her Powai apartment for INR 90,000. Karan Johar earns over INR 33 lakh from leasing properties, including his Bandra apartment to Imran Khan. Ranbir Kapoor earns INR 4 lakh from his Trump Towers apartment, and Salman Khan’s partnership yields INR 1 crore monthly. Kangana Ranaut’s recent office purchase reflects this growing trend among stars to secure their financial futures in real estate.
The Tamil Nadu Industrial Development Corporation (TIDCO) is set to allot parcels of land to various companies to establish their manufacturing units at the Aerospace and Defence (A&D) Park in Varapatti, Sulur taluk, Coimbatore district. TIDCO has already acquired 364.20 acres of land for the park, with 260 acres being allotted to companies under a 99-year lease. TIDCO plans to create "plug-and-play" office space at the park to accommodate startups, making it the first of its kind in Tamil Nadu. Additionally, TIDCO intends to acquire 197 acres of land adjacent to the Sulur Air Force Station to set up another A&D park for maintenance, repair, and overhaul (MRO) activities, further boosting the region's industrial and employment prospects.
The Maharashtra government has advanced plans to allocate around 180 acres of land in Madh Island, Malad (West), for various projects, including the Dharavi Redevelopment Project (DRP), led by the Adani Group. Of this, 140 acres are designated for relocating Dharavi residents ineligible for free housing, with additional land set aside for a hospital by the Aditya Birla Group, Kailash Kher’s singing academy, a temple trust, and an MLA housing society. This move is part of a broader effort to support infrastructure development, but it has sparked criticism from opposition leaders, accusing the government of favoring corporate interests over public welfare.
The Reserve Bank of India's (RBI) decision to maintain the repo rate at 6.5% for the 10th consecutive time, alongside a shift to a 'neutral' policy stance, signals potential future rate cuts based on inflation trends. This is seen as a positive development for the real estate market, particularly during the festive season, as stable interest rates are expected to keep home loan EMIs manageable. Industry leaders welcomed this stability, emphasising its importance for homebuyers and developers alike. While the RBI maintains its inflation forecast at 4.5% and GDP growth at 7.2% for FY25, it remains vigilant regarding potential risks in the non-banking financial sector.
The Mumbai Metropolitan Region Development Authority (MMRDA) plans to generate INR 656 crore by leasing three prime plots in Bandra-Kurla Complex (BKC) for vital infrastructure projects, including a clubhouse, hospital, and educational institution. The largest plot, covering 52,138 square metres, is designated for a world-class clubhouse, while additional plots will develop a hospital and an educational institute. BKC, a 19-hectare commercial hub, houses key corporate and government offices, enhancing its appeal for these upcoming projects. Over the past two decades, MMRDA has funded public initiatives by auctioning plots primarily for commercial development.
The Konkan Housing and Area Development Board, a division of MHADA, has launched a lottery for 12,626 housing units across Thane, Kalyan, and several other regions. The registration process began on October 11, 2024, with applications due by December 10. Additionally, a first-come, first-served scheme offers 11,187 units under various housing schemes. In a separate initiative, the board has reduced monthly maintenance charges for over 9,400 unit owners in the Virar Bolini colony. A COVID-19 discount and waived late fees aim to ease financial burdens, while interest rates on delayed payments will decrease starting April 2025.
On October 9, the Union Cabinet approved a major infrastructure project to construct 2,280 km of roads in Rajasthan and Punjab, with an investment of INR 4,406 crore. This initiative aims to enhance connectivity and livelihoods in remote and rural areas along the India-Pakistan border. The project focuses on improving transportation links to facilitate access to essential services like healthcare and education, reducing travel times, and integrating these regions into the national highway network. Additionally, the plan includes upgrading telecom connectivity and water supply, reflecting a shift in the government's approach to these areas as vital components of the nation.
The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has introduced reforms to protect homebuyers and enhance transparency in the real estate sector. A major change is the ban on "conditional" possession, where developers hand over incomplete properties to buyers. UPRERA now mandates that developers can only transfer possession when all promised amenities are completed. Additionally, a QR code system for each registered project has been introduced, allowing buyers to verify project details easily. UPRERA is also addressing non-compliance issues and working to revive stalled projects, further reinforcing its commitment to safeguarding homebuyer interests and promoting transparency.
Kochi Metro Rail Ltd (KMRL) will soon begin constructing two new stations—Cochin SEZ and Chittethukara—on the Phase II Pink Line, connecting JLN Stadium to Kakkanad. The land acquisition process for these stations has been approved, with a total of 0.416 hectares to be acquired. The Pink Line, featuring 11 stations, has a project cost of INR 1,957.05 crore. Construction work on Infopark station has already started, and the viaduct contract has been awarded to Afcons for INR 1,141.32 crore, with a completion timeline of 20 months.
Ahead of the Maharashtra Assembly elections, Chief Minister Eknath Shinde has announced that light motor vehicles will be exempt from toll fees at five Mumbai toll booths starting midnight, October 15. This decision aims to benefit over 600,000 daily commuters, particularly light vehicles. The toll exemption is expected to enhance the real estate market in suburbs like Thane, Airoli, and Vashi, making them more attractive to homebuyers.
The Lucknow Development Authority (LDA) has streamlined its property mutation process to address delays and meet the 60-day completion mandate. Key changes include allowing the property section to verify online fee payments directly, assigning specific responsibilities to officials and implementing a more efficient workflow. The new system involves rapid assignment of applications, timely reviews by planning assistants, and quicker decision-making by property officers. For inheritance cases, a streamlined publication and review process has been established. These improvements aim to reduce processing times, enhance efficiency and provide better service to property owners acquiring residential or commercial properties in LDA schemes.
Maha Mumbai Metro Operations Corporation Ltd. has unveiled a groundbreaking WhatsApp-based ticketing service, aimed at enhancing commuter convenience and efficiency. Inaugurated by women commuters during the Navratri celebrations, this service is available on Metro Lines 2A and 7. It enables passengers to purchase tickets effortlessly through WhatsApp, fostering digital adoption and promoting eco-friendly practices. Commuters can generate multiple tickets in one transaction, making group travel even more convenient.
Prime Minister Narendra Modi has praised the achievements of the PM Gati Shakti National Master Plan for Multimodal Connectivity, which has significantly enhanced infrastructure efficiency over the past three years. Launched in October 2021, the initiative integrates various infrastructure schemes from different ministries and state governments, improving seamless movement of goods and addressing supply chain bottlenecks. The plan has identified numerous infrastructure gaps and aims to develop sustainable solutions, ultimately fostering entrepreneurship and innovation across India.
Chief Minister Mohan Yadav inaugurated the “Sampada-2.0” project, a new technology-driven system for e-registration and e-stamping of property documents in Madhya Pradesh. The initiative aims to simplify the property registration process, allowing citizens to complete transactions online from within the state, outside it, or even abroad. This digital system is designed to save time, reduce unnecessary fees, and eliminate corruption. Yadav emphasized that “Sampada-2.0” aligns with Prime Minister Modi’s vision of making daily life easier through technology, and he expressed confidence that this innovation will set a benchmark for the entire country.
• A residential flat spanning 1,291 square feet sold in Wadhwa The Nest Wing A in Mumbai's Andheri West for INR 4.65 crores
• A residential flat spanning 1,064 square feet sold in HDIL Metropolis Residencies in Mumbai's Andheri West for INR 3.25 crores
• A residential flat spanning 697 square feet sold in Belmont Celestia in Pune's Yerawada for INR 62.3 lakhs
• A residential flat spanning 796 square feet sold in Infini Jagtap City Building F in Pune's Charholi Budruk for INR 57.48 lakhs
• A residential flat spanning 1,013 square feet sold in RR Jai Residency in Palghar's Vasai East for INR 68.79 lakhs
• A residential flat spanning 756 square feet sold in Shantee Roman Residency 2 in Palghar's Naigaon for INR 49.5 lakhs
• A residential flat spanning 902 square feet sold in Hiranandani Estate - Cardinal in Thane's Kavesar for INR 2.65 crores
• A residential flat spanning 1,157 square feet sold in Oberoi Forestville - Phase 1 in Thane's Kolshet for INR 2.04 crores
• A residential flat spanning 963 square feet sold in Kalpana The Olympia in Raigad's Panvel for INR 1.2 crores
• A residential flat spanning 805 square feet sold in Tharwani Palladian in Raigad's Kharghar for INR 92.97 lakhs
Sole ownership can be characterized as ownership by an individual or entity legally capable of holding the title. The most common sole ownership is held by single men and women, and married men or women who hold property apart from their spouse, and businesses that have a corporate structure allowing them to invest in or hold interest in real estate.
Joint tenancy occurs when two or more people hold title to real estate jointly, with equal rights to enjoy the property during their lives. If one of the partners dies, their rights of ownership pass to the surviving tenant(s) through a legal relationship known as a right of survivorship. Tenants can enter into a joint tenancy at the same time. This usually occurs through a deed.
Fractional ownership is when the cost of procuring an asset is divided amongst multiple individuals, each getting a share. All the benefits derived from the asset such as income and usage rights are divided pro rata between all shareholders. Fractional ownership is common in the purchase of high value purchases such as private jets, vacation homes, luxury cars, etc. When considering an investment opportunity involving fractional ownership it is important to take note of factors such as the management company's reputation, specifications of the asset, and the potential appreciation.
As per Section 55 of the Registration Act 1908, four types of indexes are to be made and maintained by the registering officers. Index I & II - these are prepared for the transfer of immovable properties with the use of instruments such as conveyance deed, sale deed, gift deed, leave and license agreement, etc, Index III is prepared for the execution of a Will and Index IV is prepared for other miscellaneous instruments such as documents related to moveable properties.
The Malmatta Patrak or the Property Card is an extract obtained from the urban land records register of the Government of Maharashtra. It is recognised as a record-of-right, certified by the government and is considered an important proof of ownership. It contains details of the history of ownership of the land and the encumbrances attached to it. This card can be obtained from the city survey officer or downloaded from the official government website for land records.