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Kanpur Metro: Extended service from IIT to Kanpur Central nears completion

Author : PNT Bureau
Kanpur Metro is nearing the launch of its extended service from IIT to Kanpur Central station, with a test run scheduled this month. Currently operating between IIT and Moti Jheel, the extended corridor will connect key business hubs like Naveen Market, Bada Chauraha, and Nayaganj via an underground stretch. The new service will reduce travel time from 60-75 minutes to just 30 minutes. With construction and system testing nearly complete, the Uttar Pradesh Metro Rail Corporation (UPMRC) commends the project's progress. This milestone promises improved urban mobility and reduced traffic congestion, marking a transformative step for Kanpur's infrastructure....
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Jaipur: JDA to launch new residential scheme on Kalwar Road in December

Author : PNT Bureau
The Jaipur Development Authority (JDA) is set to launch a residential scheme on December 15, 2024. The project, located on Kalwar Road in Nahri Ka Bas, will span 12 hectares and be named after Atal Behari Vajpayee. This marks the JDA's first residential scheme in four years, following the pandemic. The scheme will offer 386 plots, with reservations for LIG and EWS categories, as well as space for retail and commercial activities. Additional residential and farmhouse projects are also under consideration by the JDA....
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BBMP introduces correction module to address issues in e-khata system

Author : PNT Bureau
The Bruhat Bengaluru Mahanagara Palike's (BBMP) e-khata system has faced significant challenges since its launch in October, with only 5,324 final e-khatas issued from 22 lakh available drafts, despite 54 lakh website visits. Common issues, including data errors like misspelt names and incorrect property numbers, have hindered adoption. To address this, BBMP will introduce a correction module, enabling property owners to rectify mistakes at local revenue offices. Additionally, a new module for properties lacking khata documentation is set to launch soon. These measures aim to improve transparency and adoption, though experts highlight the need for better user support and outreach....
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Deal News

A residential flat spanning 936 square feet sold in Ravechi Heights in Raigad's Kharghar for INR 1.87 crores

• A residential flat spanning 723 square feet sold in Nisarf Hyde Park in Raigad's Kharghar for INR 1.01 crores
• A residential flat spanning 579 square feet sold in Gajra Bhoomi Gardenia in Raigad's Kalamboli for INR 82 lakhs
• A residential flat spanning 734 square feet sold in Yashraj Complex in Raigad's Kamothe for INR 70 lakhs
• A residential flat spanning 528 square feet sold in Morya Garden Residency in Raigads's Panvel for INR 49.50 lakhs
• A residential flat spanning 936 square feet sold in Ravechi Heights in Raigad's Kharghar for INR 1.87 crores

Bank Auctions

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Residential
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Nungambakkam, Chennai

Debts Recovery Tribunal is auctioning a flat in Nungambakkam, Chennai, on December 17, 2024, from 11:00 AM to 12:00 PM. Don't miss this chance to own a property in one of Chennai's most sought-after areas.

EMD: ₹ 310000

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Builders & Projects

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Signature Global reports strong growth in pre-sales, revenue, and profit for H1 FY25

Author : PNT Bureau
Signature Global (India) has posted impressive financial results for H1 FY25, reporting a net consolidated profit of INR 4.15 crore, reversing the loss from the same period last year. The company's total income surged to INR 777.42 crore in Q2 FY25, driven by successful project launches. Pre-sales grew by 217% year-on-year, and collections rose by 60%. The company also reduced its net debt to INR 10.1 billion. Chairman Pradeep Kumar Aggarwal highlighted the strong market fundamentals in Delhi NCR and the company's focus on maintaining operational efficiency and delivering sustained value....
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Pune emerges as India's second-largest co-working hub

Author : PNT Bureau
Pune has established itself as a prominent co-working hub in India, ranking second in the country for office space collaboration transactions. Between 2018 and September of this year, Pune recorded 123 transactions, driven by a rising preference among companies for flexible co-working environments over standalone offices. Knight Frank's report covering eight major metropolitan cities reveals that Pune's growing co-working market is part of a larger trend nationwide. Bangalore remains the leader, yet Pune's substantial growth highlights the city's pivotal role in India's evolving office space sector....
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Keystone Realtors reports strong net profit growth in second quarter of FY25

Author : PNT Bureau
Keystone Realtors reported a sharp increase in net profit after tax, which surged to INR 65.55 crore in Q2 FY25, up from INR 4.17 crore in the same quarter last year. However, the company's total income declined by 12.18% to INR 556.22 crore. The strong profit growth was driven by the successful launch of several new RERA projects, with a combined Gross Development Value (GDV) of INR 2,040 crore. The company also saw a notable increase in pre-sales, which more than doubled to INR 7 billion. With a low debt-to-equity ratio of 0.17, Keystone remains financially disciplined....
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Trending Project

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Roha Eva Aria

Mumbai City, India

By Roha Realty

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Law & Policy

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BBMP cracks down on over 1,500 unauthorized buildings across Bengaluru

Author : PNT Bureau
Bruhat Bengaluru Mahanagara Palike (BBMP) has flagged over 1,500 buildings constructed in violation of approved plans following a survey started on October 28. Notices are being issued to property owners to demolish these unauthorized structures. BBMP officials clarified that adhering to the Karnataka Town and Country Planning Act could take 3 to 4 months to complete the demolition process. The civic body follows a step-by-step procedure, with owners being given time to comply. Senior officials highlighted the need for a mahazar in the owner's presence before demolition, though BBMP can act quickly in dangerous situations. Unauthorized schools, hospitals, and residences make up most of the identified buildings....
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Groundwater department cracks down on non-functional rainwater harvesting systems in Noida and Greater Noida

Author : PNT Bureau
A recent inspection by the groundwater department revealed that 140 out of 164 residential societies in Noida and Greater Noida had non-functional rainwater harvesting systems, with 10 lacking the systems entirely. Only 14 societies were found to have operational systems. The Noida Authority, after meeting with the groundwater department, decided to issue notices to all societies, providing them with 15 days to comply. A joint inspection will follow, and non-compliance will result in enforcement actions....
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DTCP urges action against rampant illegal constructions in Palam Vihar

Author : PNT Bureau
The Department of Town and Country Planning (DTCP) has issued a formal reminder to various departments, urging immediate action against unauthorised buildings in Palam Vihar's C-2 Block. The illegal construction of 16 flats per plot on 11 sites has led to overcrowding and strain on local services. Despite prior directives to disconnect utilities and halt property registrations, little action has been taken. A petition has been filed in the Punjab and Haryana High Court, which is set to hear the case in December. Local residents and the RWA are calling for stronger enforcement against these violations....
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MPIDC plans new industrial zones to boost local investment in Madhya Pradesh

Author : PNT Bureau
The Madhya Pradesh Industrial Development Corporation (MPIDC) is actively identifying land parcels across the state to establish new industrial zones and clusters. This initiative aims to attract local investors to set up manufacturing facilities. MPIDC is focusing on enhancing infrastructure, with plans to build an effluent treatment plant, improve road connectivity, and ensure a reliable water supply at these zones. The state government is prioritising these developments to create a favourable environment for local industries, particularly in sectors like food processing, fabrication, and chemicals....
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Malabar Hill residents oppose BMC's plan to lease plot for private development

Author : PNT Bureau
Residents of Malabar Hill, supported by activists, are opposing the Brihanmumbai Municipal Corporation's (BMC) decision to lease a 2,432-square-metre plot near Ramabai Ambedkar Marg for private development. The plot, originally allocated for a public garden, currently hosts a disused BEST substation. Activists argue that converting the land for commercial use violates its green and heritage designation. BMC has issued a tender with a base price of INR 545 crore to fund infrastructure projects. Residents, led by activist Zoru Bathena, have submitted a letter urging BMC to restore the garden, emphasising the area's environmental and heritage significance over commercial interests....
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Telangana civic body to merge 24 municipalities within ORR by January 2025

Author : PNT Bureau
The Telangana government plans to merge 24 municipalities within the Outer Ring Road (ORR) into the Greater Hyderabad Municipal Corporation (GHMC) in January 2025 as part of its effort to establish the Greater City Corporation (GCC). This merger will expand GHMC's jurisdiction from 650 square kilometres to 1,800-2,000 square kilometres. To balance infrastructure and revenue resources, officials propose creating three separate corporations, each covering 600-650 square kilometres. The integration aims to avoid jurisdictional issues and ensure financial viability by combining developed and underdeveloped areas. With a study underway to evaluate infrastructure, the GCC formation is expected to conclude by December 2025....
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Taxation & Finance

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BBMP urges property tax defaulters to clear dues by month-end under One-Time Settlement scheme

Author : PNT Bureau
The BBMP has urged property tax defaulters to clear dues under the One-Time Settlement (OTS) scheme, which offers waivers on interest and penalties and is set to expire this month. Defaulters face additional charges from December 1 if payments are not made. Across Bengaluru, over 1.6 lakh defaulters owe INR 397.3 crore in property tax arrears. In Yelahanka zone, proactive measures, including attaching 212 properties and sealing 54 establishments, have achieved 85.4% of the collection target. BBMP Chief Commissioner Tushar Giri Nath has directed officials to intensify enforcement actions, emphasizing the importance of recovering dues to improve revenue compliance....
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SEBI exempts InvITs and REITs from lock-in restrictions for employee benefit trusts

Author : PNT Bureau
SEBI has exempted InvITs and REITs from lock-in and allotment restrictions for units issued under unit-based employee benefit (UBEB) schemes, simplifying the process of acquiring and transferring units to employees. Additionally, SEBI has standardized the quarterly reporting format and directed the Bharat InvITs Association and Indian REITs Association to implement uniform compliance templates. These measures aim to enhance transparency, operational efficiency, and consistency across the sectors. By improving processes and ensuring accessible reporting, SEBI's initiatives benefit investors and employees while fostering better compliance and ease of business within the InvIT and REIT ecosystems....
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Tamil Nadu's registration department sees revenue boost following guideline value revision

Author : PNT Bureau
The revision of guideline values in Tamil Nadu has significantly boosted the state's registration department revenue, adding INR 1,222 crore in the first seven months of FY 2024-25 compared to the previous year. Revenue rose from INR 10,511 crore to INR 11,733 crore, driven by higher registration fees and increased transaction volumes. During a review meeting, Revenue and Registration Minister P. Moorthy emphasized faster processing and digitalisation to enhance efficiency and transparency. Ahead of the busy Aippasi month, token allocations were increased to manage demand at registration offices. These measures reflect the government's commitment to improving service delivery and streamlining property registration processes....
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Indore records 12.8% increase in property revenue during festive season in October

Author : PNT Bureau
Indore recorded property transaction revenue of INR 214 crore in October, a 12.8% year-on-year increase, driven by heightened activity during the festive season. Across the Indore-Ujjain division, revenue from property registrations totaled INR 376 crore, reflecting 15% growth compared to the previous year. Festivals like Navratri and Diwali played a pivotal role in boosting registrations, with Ujjain seeing a 16% rise and Dhar registering a 43% rise. Industry experts attribute the growth to the auspicious timing and ongoing infrastructure projects, such as the metro and flyovers. However, rising property prices are expected to temper further growth in the market....
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Awfis records robust growth with INR 38.67 crore profit, surpasses key milestones

Author : PNT Bureau
Awfis Space Solutions reported a net profit of INR 38.67 crore for Q2 FY25, a turnaround from last year's INR 4.34 crore loss. The company saw a 40.31% rise in total income, reaching INR 301.95 crore. With a 73% exit-month occupancy rate and 84% in centres over 12 months, demand for flexible workspaces remains strong. Awfis now operates over 150,000 seats across 224 centres, on track to meet its target of 135,000 operational seats by March 2025. CEO Amit Ramani credited the company's asset-light model for its success in optimising returns while minimising risks....
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IITL strengthens real estate presence with AIF launch and housing finance venture

Author : PNT Bureau
Industrial Investment Trust (IITL) is launching a Category I Alternative Investment Fund (AIF) with a target corpus of INR 500 crore, focusing on real estate projects in tier 1 and tier 2 cities. This strategic move aims to tap into high-growth urban centres, offering attractive returns for investors. Additionally, IITL is introducing a housing finance company to support homebuyers, further bolstering its presence in the real estate sector. In FY 2024, IITL reported an 18.6% year-on-year profit growth, with net profits of INR 51 crore. These initiatives reflect IITL's robust financial health and commitment to driving India's real estate growth....
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Financial News

Hospitality & Retail

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IHG Hotels & Resorts to expand luxury presence in India with Vignette Collection and InterContinental brand

Author : PNT Bureau
IHG Hotels & Resorts is accelerating its expansion in India, focusing on luxury offerings with the introduction of its Vignette Collection brand. Known for its mid-market brands like Holiday Inn, IHG aims to cater to the growing demand for premium hospitality. Currently operating 52 hotels in India, IHG plans to strengthen its luxury portfolio, including the upcoming InterContinental in Kodaikanal by 2028. With luxury brands like Six Senses already in its portfolio, IHG's Managing Director, Haitham Mattar, emphasises the segment's potential. This strategic move reflects IHG's adaptability to evolving consumer preferences and positions it as a key player in India's hospitality sector....
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Infrastructure

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Kerala: City Corporation to begin construction of housing for vulnerable communities in Muttathara

Author : PNT Bureau
The City Corporation's Thanal Housing project is set to provide secure housing for 136 disabled families from Vikalanga Colony in Muttathara, marking a milestone in improving living conditions for the community. Revised as a two-storey design after addressing objections and obtaining Airport Authority clearance, the INR 20 crore project will begin construction in January, led by Uralungal Labour Construction Co-operative Society (ULCCS). Additionally, 102 displaced fishermen families from Valiyathura will be housed in a new 400-flat complex under the 'Punargeham' project. These initiatives aim to uplift vulnerable communities by offering dignified housing and improved living standards, showcasing the state's commitment to social welfare....
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Kerala: Delays in compensation for landowners threaten Karamana-Kaliyikkavilai road project in Balaramapuram

Author : PNT Bureau
Landowners in Balaramapuram are frustrated by delays in compensation for properties acquired for the Karamana-Kaliyikkavilai road widening project. While the Kerala Infrastructure Investment Fund Board (KIIFB) is set to release INR 102 crore, financial delays have stalled progress, leaving 80 landowners unpaid. Despite INR 40 crore already disbursed, the total compensation needed is INR 97 crore. The project, aimed at creating a 30.2-metre-wide four-lane road, faces uncertainty as landowners threaten protests. The district administration cites financial constraints as the primary cause of delays, prompting calls for swift action to ensure timely compensation and the project's completion for regional connectivity....
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Iconic Building

Jetavanaramaya, Anuradhapura, Sri Lanka

The Jetavanaramaya Stupa is an ancient Buddhist reliquary monument located in the UNESCO World Heritage city of Anuradhapura, Sri Lanka. Built by King Mahasena of Anuradhapura in the 3rd century CE, it was initially the tallest stupa in the world, standing at 122 meters (400 feet). Although its original height has been reduced to 71 meters (233 feet) due to erosion, it remains one of the most significant and impressive architectural achievements in Sri Lankan history. The stupa is believed to enshrine a part of the belt worn by Gautama Buddha and is sacred to both Theravada and Mahayana Buddhists. Fun Fact: The Jetavanaramaya Stupa was built using bricks that could withstand a load of 166 kg, which was a significant engineering feat considering the technology available at the time. The construction of the stupa required the labor and intelligence of hundreds of skilled workers, who took about 5 years to complete the massive structure ...

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Property Dictionary

Transfer of Properties Act 1882

The Transfer of Property Act 1882 is an Indian legislation which regulates the transfer of property in India. It contains specific provisions regarding what constitutes a transfer and the conditions attached to it.

International News

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Dubai's property market records AED 116.8 billion in Q3 2024, driven by off-plan sales

Author : PNT Bureau
In Q3 2024, Dubai's real estate market showed strong growth, recording over 47,300 transactions worth AED 116.8 billion. The completion of around 7,000 residential units was led by Jumeirah Village Circle, with high demand for larger apartments. Off-plan transactions, which reflect investor confidence, accounted for 71% of the total volume. Jumeirah Village Circle led in transaction volumes, while Dubai Hills Estate dominated sales value. Significant investment from both local and international investors has solidified Dubai as a premier real estate destination, further enhancing the property market's upward trend and minimizing the need for future speculation....
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British housing market sees record October prices, slower growth anticipated in 2024

Author : PNT Bureau
In October, British house prices reached a new record, rising by 0.2% from September, the smallest increase in three months. Prices were up 3.9% year-on-year, the slowest growth since July. The average house price hit 293,999 pounds, surpassing the previous record set in June 2022. Despite high interest rates, prices have been upheld since mid-2022. The Bank of England's anticipated slower interest rate cuts and the government's tax hike on homebuyers may dampen demand. House prices are expected to continue rising but at a more modest pace throughout the rest of 2024 and into 2025....
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Philippine resort sets Guinness Record with massive chicken-shaped building in Campuestohan

Author : PNT Bureau
In Campuestohan, Negros Occidental, Philippines, the world's largest chicken-shaped building stands at 34.93 metres tall within the Campuestohan Highland Resort. Designed by Ricardo Cano Gwapo Tan, inspired by the Philippines' game fowl industry, the 15-room building includes all the modern amenities like air conditioning and large TVs. Tan, who bought the resort's land in 2010, created this landmark to symbolise the local strength and leave a lasting impression. Completed on 8 September 2024, it holds a Guinness World Record. Alongside the giant chicken, the resort features a wave pool, themed attractions, Bonita huts, and dinosaur figures, drawing many tourists....
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Sweden considers relaxing mortgage rules to aid new homebuyers amidst high household debt

Author : PNT Bureau
A Swedish government commission has recommended loosening mortgage rules to improve housing access, especially for first-time buyers. Current rules, aimed at reducing financial risks, set borrowing limits and strict repayment terms, which critics say hinder new buyers. The commission proposed raising the borrowing cap to 90% of a property's value and easing repayment for large loans, while also adding a cap on loans relative to income. The government will consider these adjustments in the spring....
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Home Loan Rates

For Salaried For Self-Employed
Bank RLLR From (%) To (%) From (%) To (%)
SBI Term Loan 9.15 8.5 9.65 8.5 9.65
HDFC Bank -- 8.75 9.95 8.75 9.95
Canara Bank 9.25 8.5 11.2 8.55 11.25
ICICI Bank -- 9.25 9.9 9.4 10.05
Kotak Mahindra Bank -- 8.75 9 8.75 9
Punjab & SindBank 8.45 8.5 10 8.55 10
Bank of Baroda 9.15 8.4 10.6 8.4 10.6
Federal Bank -- 8.8 10.25 10.2 10.3
IndusInd Bank -- 8.35 10 8.35 10
Bank of Maharashtra 9.3 8.35 10.4 8.45 10.9
Punjab National Bank 9.25 8.4 10.1 8.9 10.6
Bandhan Bank -- 9.16 13.33 9.16 13.33
RLLR - Repo Linked Leading Rate
* Last updated on 03-10-2024
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