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Chennai Metro Rail Phase 2 project gains momentum with central government support

Author : PNT Bureau
The Chief Minister of Tamil Nadu, M. K. Stalin, and Union Urban Affairs Minister Manohar Lal recently reviewed the Chennai Metro Rail Phase 2 project, which is set to cost INR 63,246 crore. The central government will finance nearly 65 per cent of this amount, including a loan of INR 33,593 crore. Currently, Phase 1 serves over 310,000 passengers daily across 54.1 km. Phase 2, once operational, will extend the network to approximately 172 km. Key officials participated in the review, highlighting ongoing efforts to expedite the project and seek funding for additional Metro projects in Coimbatore and Madurai....
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Mumbai: Bollywood star Sunil Shetty and his son Ahan Shetty purchase a INR 8 crore property in Khar West

Author : PNT Bureau
Bollywood actor Sunil Shetty and his son Ahan Shetty recently purchased a 1,200-square-foot property in Mumbai's Khar West for INR 8.01 crore through a bank auction. The transaction, finalized earlier this month, included a stamp duty of INR 40.08 lakh. Additionally, Amitabh and Abhishek Bachchan made headlines for acquiring ten apartments worth INR 24.95 crore in Mulund. The Mumbai property market continues to attract celebrities, with notable investments from stars like Sara Ali Khan and Kartik Aaryan, driven by high rental yields and capital appreciation in both commercial and residential sectors....
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New Noida project to develop over 20,000 hectares, targeting industrial and residential growth

Author : PNT Bureau
The Noida Authority plans to begin land acquisition for the New Noida project following the state government's approval of its master plan. Designed as the Dadri Noida Ghaziabad Investment Region (DNGIR), the new urban hub will span about 20 villages in Gautam Budh Nagar and 60 in Bulandshahr, addressing Noida's saturation and facilitating investment arrival into the National Capital Region (NCR). The development will occur in four phases, starting with 3,165 hectares by 2027, and will allocate 40% of the land for industrial use. This initiative is expected to enhance economic growth, particularly with the upcoming Noida International Airport in Jewar....
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Deal News

A residential flat spanning 1,042 square feet sold in Paradise Sai Mannat in Raigad's Kharghar for INR 2.33 crores

• A residential flat spanning 901 square feet sold in Shreenathji Delta Vistara in Raigad's Ulwe for INR 1.4 crores
• A residential flat spanning 699 square feet sold in Gurudeo CHS in Raigad's Kamothe for INR 93 lakhs
• A residential flat spanning 654 square feet sold in 38728 - Kamdhenu Aura in Raigad's Taloja for INR 60 lakhs
• A residential flat spanning 753 square feet sold in Shiv Kartik Classic CHS in Raigad's Kalamboli for INR 55.23 lakhs
• A residential flat spanning 1,042 square feet sold in Paradise Sai Mannat in Raigad's Kharghar for INR 2.33 crores

Bank Auctions

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Residential
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Dehat Amanat, Varanasi

Union Bank of India is conducting an auction for a flat in Dehat Amanat, Varanasi, on December 13, 2024, from 12:00 PM to 5:00 PM. This is a unique chance to invest in real estate in the historic city of Varanasi.

EMD: ₹ 490000

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Builders & Projects

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Abhishek Lodha and family transfer INR 20,000 crore stake to philanthropic foundation for social causes

Author : PNT Bureau
Real estate mogul Abhishek Lodha and his family have announced plans to transfer shares worth around INR 20,000 crore from Macrotech Developers (MDL) to the Lodha Philanthropy Foundation (LPF). This transfer of approximately 18-19% of the Lodha family's stake in MDL, inspired by the Tata Group's philanthropic model, will be used to fund social initiatives in education, women's empowerment, and sustainable urban development....
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House of Hiranandani strengthens its presence in the Mumbai Metropolitan Region

Author : PNT Bureau
The House of Hiranandani, led by Surendra Hiranandani, has announced a strategic investment of INR 12,500 crore to expand its footprint in the Mumbai Metropolitan Region (MMR) over the next two years. This initiative includes luxury developments spanning over 7.3 million square feet and key projects in Thane and Chembur. With a growing commercial portfolio and a commitment to sustainable luxury, the company aims to enhance the urban landscape and meet the rising demand for premium residential and commercial spaces in the region....
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Prestige Estates Projects strengthens portfolio with key land and equity acquisitions

Author : PNT Bureau
Prestige Estates Projects has made significant strides in Bengaluru's real estate market by acquiring 17.45 acres of land in Whitefield for INR 462 crore, set for residential development with 2.68 million sq ft of buildable area. The company has also invested in various equity stakes, including a 25% stake in K2K Infrastructure India and a 27% stake in Prestige Garden Estates, transitioning these entities into wholly-owned subsidiaries. Additionally, a 16% stake in Prestige Projects has been acquired, increasing ownership to 76%, solidifying their influence and growth potential in the sector....
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SPL expands portfolio with new mixed-use development in Undri, Pune

Author : PNT Bureau
Shriram Properties Limited (SPL) has signed a Joint Development Agreement for a six-acre land parcel in Undri, Pune, to develop a mixed-use project featuring over 650 apartments and retail/commercial spaces. With a total saleable area exceeding one million square feet, the project has an estimated revenue potential of INR 700-750 crore and is expected to launch in H2 FY25. SPL also plans to secure rights for an additional eight acres primarily for retail and commercial development....
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Trending Project

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Shree Vighnaharta Datta Niwas CHS

Mumbai City, India

By Shree Vighnaharta Lifespace

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Law & Policy

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Bengaluru: BBMP launches city-wide survey to curb violations in under-construction buildings

Author : PNT Bureau
The Bruhat Bengaluru Mahanagara Palike (BBMP) initiated a citywide survey of under-construction buildings last week, in response to a recent tragic incident in Babusapalya that claimed nine lives. Under the direction of Deputy Chief Minister D. K. Shivakumar, BBMP chief commissioner Tushar Giri Nath announced that if any illegal constructions or violations of sanctioned plans are found, work will be halted, and demolition orders will be issued. The BBMP aims to ensure the safety of buildings by inspecting for violations, substandard materials, and encroachments on protected land, with property owners bearing the cost of any necessary demolition....
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Indore Municipal Corporation focuses on affordable housing under PMAY

Author : PNT Bureau
The Indore Municipal Corporation has received approximately 8.5 hectares of land for affordable housing construction under the Pradhan Mantri Awas Yojana (PMAY) 2.0. IMC Commissioner Shivam Verma noted the government's target to complete these projects by 2029. Collector Asheesh Singh has allocated land in Limbodagari and Palakhedi for this purpose. The initiative aims to address housing shortages and includes a provision for renting flats at affordable rates, catering to residents unable to purchase. The corporation is committed to delivering quality homes within the five-year timeframe....
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Local bodies to take charge of MUDA-approved layouts in Mysuru

Author : PNT Bureau
Mysuru Development Authority (MUDA) has decided to transfer the maintenance of all its developed and approved layouts to local government bodies, including urban and rural councils. MUDA chairman G Lakshmikantha Reddy confirmed this decision during a recent meeting, emphasising that these bodies will now manage the layouts instead of MUDA. This shift follows a previous move by former Deputy Commissioner KV Rajendra, who decentralised khata issuing authority to local entities. Local bodies will also have the power to collect property and other taxes, enabling them to provide essential amenities effectively....
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District administration announces new regulations for lift registration in Noida

Author : PNT Bureau
The district administration of Noida has mandated that building owners and Resident Welfare Associations (RWAs) register their lifts within six months as part of the UP Lift Act. Chaired by the district magistrate, a new panel will meet quarterly to review compliance and address concerns. Owners failing to meet the norms will face fines and potential suspension of lift operations. Additionally, lift manufacturers must also register, and operators are required to maintain an accident logbook. Complaints regarding lift accidents can be filed with the local administration, leading to investigations and possible legal action....
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Taxation & Finance

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India's luxury real estate market sees 37.8% sales growth in 2024

Author : PNT Bureau
India's luxury real estate market is booming, with sales of high-end homes above INR 4 crore rising by 37.8% in the first nine months of 2024. Cities like Delhi-NCR, Mumbai and Hyderabad are seeing strong demand. This growth is driven by high-net-worth individuals (HNIs) and wealthy buyers looking for premium amenities and exclusive living spaces. Developers are responding by creating luxury-focused projects to meet this interest. Real estate remains a popular investment in India, with many viewing luxury homes as stable, long-term assets....
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Mahindra Lifespace reports reduced net loss in Q2 FY25 amid strong H1 pre-sales and collections

Author : PNT Bureau
Mahindra Lifespace Developers reported a net-loss of INR 13.99 crore in Q2-FY25, a significant improvement from the INR 29.76 crore loss in Q2-FY24. Consolidated-income decreased by 37.9% to INR 15.96 crore. Despite a muted quarter, the company achieved INR 397 crore in pre-sales and INR 459 crore in collections. A strategic agreement was reached for a 26% equity-stake in Ample Parks MMR, with an INR 20.05 crore investment over three years. H1-FY25 saw strong performance with INR 1,415 crore in pre-sales, 77% growth, and land-leasing of 34.9 acres for INR 163.2 crore....
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Phoenix Mills Q2 profit drops 4.34% amid growth in revenue and strategic acquisitions

Author : PNT Bureau
Phoenix Mills reported mixed financial results for Q2 FY25, with a 4.34% decline in consolidated net profit to INR 290.64 crore, while total income grew by 5.34% to INR 955.06 crore compared to the same quarter last year. The company increased its paid-up equity share capital by INR 35.75 crore through employee stock options and bonus share issuance. Additionally, through its subsidiary Astrea Real Estate Developers, Phoenix Mills acquired six companies for INR 290.10 crore, making them step-down subsidiaries. These acquisitions and capital structure changes indicate the company's strategic expansion efforts despite the profit decline....
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Indian office space market set to absorb over 70 million sq. ft. in 2024, driven by tech and BFSI sectors

Author : PNT Bureau
According to Savills India, the office space market in India is expected to absorb over 70 million square feet this year, with demand reaching 55.1 million square feet from January to September-a 30% year-on-year increase. Major cities like Bengaluru, Delhi-NCR, and Mumbai accounted for 66% of total leasing activity, with large deals constituting 50%. Despite a slowdown in new completions, vacancy rates dropped to 15.5%. Bengaluru led with 6.2 million square feet absorbed in Q3 2024, while Delhi-NCR saw a remarkable 92% increase in absorption. Overall, the market is driven by technology, BFSI, and flexible workspace sectors....
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Financial News

Infrastructure

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Mumbai: Deonar landfill reclamation for Dharavi project faces high costs and environmental hurdles

Author : PNT Bureau
The Deonar landfill, Mumbai's oldest, has accumulated 2 crore metric tonnes of waste over 311 acres since 1927, reaching heights comparable to a 12-story building. With 124 acres designated for the Dharavi Redevelopment Project (DRP), clearing this section-containing 80 lakh metric tonnes of waste-will be a challenging task. The estimated cleanup will take 6-7 years and cost over INR 1,000 crore. The BMC plans to employ bio-mining to treat the waste. However, environmental concerns like leachate pollution and the need for clear responsibilities for containment measures add complexities, underscoring the need for coordinated efforts and substantial funding....
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Ahmedabad Municipal Corporation to relocate Narmada Trunk line at a cost of INR 5.29 crore

Author : PNT Bureau
The Ahmedabad Municipal Corporation has discovered a vital Narmada trunk line beneath a commercial plot in Chandkheda, currently on the market. Construction on this land is prohibited under TP Scheme No. 76/B, prompting the civic body to approve a INR 5.29 crore relocation plan. An AMC official attributed the issue to a past error by the Ahmedabad Urban Development Authority, which laid the line in 2003 without proper land designation. Additionally, the AMC plans to extend the Narmada drinking water supply to Chandkheda and surrounding areas, utilizing savings from the Jaspur-KD Hospital line project for the trunk line's relocation....
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Iconic Building

Doge's Palace, Venice, Italy

The Doge's Palace in Venice, Italy is a stunning example of Venetian Gothic architecture located in St. Mark's Square. Built in the 14th century, it served as the residence of the Venetian ruler, known as the Doge, and housed the city's government for centuries. The palace features a mix of architectural styles, with the older parts showcasing Byzantine influences and the newer sections reflecting the Renaissance period. Its iconic facade, adorned with pink marble and intricate carvings, appears to change color throughout the day due to the shifting light. The palace is now a museum that offers visitors a glimpse into the city's rich history through its stunning interiors, including the lavishly decorated halls, the Golden Staircase, and the famous Bridge of Sighs. Fun Fact: The Doge's Palace is famous for its unique architectural feature: the color of its facade changes depending on the time of day due to the light. The palace's pinkish hue, achieved through the use of pink marble, i ...

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Property Dictionary

Appreciation

Appreciation refers to an increase in the value of an asset over time, such as a stock, bond, currency, or real estate. For example, the term capital appreciation refers to an increase in the value of a property which can occur for several reasons including increasing demand or weakening supply, or as a result of changes in inflation or interest rates. Appreciation is the opposite of depreciation, which refers to a decrease in value of an asset over time.

International News

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UK government launches GBP 5 billion initiative to expand affordable housing

Author : PNT Bureau
The UK government has launched a new housing package, targeting the delivery of up to 5,000 affordable social homes. Backed by GBP 500 million in additional funding, this initiative brings the country's total housing investment to over GBP5 billion. The package aims to boost housing supply, support infrastructure to combat river pollution, and introduce a 5-year rent settlement for social housing. The Chancellor of the Exchequer, Rachel Reeves, stressed the importance of this effort, indicating that it addresses both the nation's housing crisis and the economic barriers faced by many....
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Malaga cracks down on short-term rentals to combat housing crisis and support residents

Author : PNT Bureau
Malaga is banning new short-term tourist rentals in 43 neighborhoods to address the rising housing costs fueled by tourism. This measure, following similar moves by cities like Barcelona, targets neighborhoods where over 8% of homes are used as short-term rentals. High rents and limited long-term housing have led residents to blame platforms like Airbnb and the influx of foreign remote workers. Malaga has 40,000 holiday rental beds compared to 14,000 in hotels, showing the dominance of the short-term rental market. Mayor De la Torre also seeks permission to introduce a tax on holiday rentals to fund social housing programs....
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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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