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Bengaluru Namma Metro: India's second-longest network eyes growth amid challenges

PNT Reporter
Namma Metro, Bengaluru's rapid transit system, is India's second-longest operational metro network, spanning 76.95 km with 68 stations. Operational since 2011, it has transformed urban mobility, connecting key areas through the Purple and Green Lines. Phases 2 and 3 aim to expand the network by adding 116.65 km, including extensions to IT hubs and new lines. The metro faces challenges like delays, cost overruns, safety concerns, and operational inefficiencies. Despite these issues, Namma Metro's increasing ridership and financial sustainability underscore its critical role in easing Bengaluru's traffic woes and supporting the city's economic and urban growth....
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Mumbai: Bank of America leases 1,60,000 sq ft in Powai for INR 350 crore

PNT Reporter
Bank of America has signed a 12-year lease for over 160,000 sq ft in Mumbai's Powai at K Raheja Corp's Cignus Powai, marking a significant expansion and relocation of its operations. The deal, valued at INR 350 crore, includes an option to add 100,000 sq ft, raising the total to 250,000 sq ft and the rental commitment to INR 600 crore. This move aligns with the BFSI sector's growing demand for office space in Mumbai, driven by technological advancements and metro connectivity. Bank of America plans to begin operations at the new site within 6-8 months....
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India's Urban Expansion: 28 new city proposals under review by Housing Ministry

PNT Reporter
The Union Ministry of Housing and Urban Affairs has received 28 proposals from 23 states for the creation of new cities, in line with the central government's initiative to address urbanization. In February 2021, the government announced plans to develop eight new cities with an allocation of INR 8,000 crore. The 15th Finance Commission recommended funding of INR 1,000 crore per city. An expert committee was formed to finalize bid parameters, and after the North-Eastern states submitted revised proposals, 28 proposals were received. These submissions are under review by the relevant authorities....
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Amaravati: CRDA to invite tender for development projects worth INR 11,467 crore

PNT Reporter
The Capital Region Development Authority (CRDA) announced plans to invite tenders for various projects totaling INR 11,467 crore, including significant construction works in Amaravati. During the 41st CRDA meeting chaired by Chief Minister Chandrababu Naidu, approvals were granted for the construction of 360 kilometers of trunk roads costing INR 2,498 crore, along with reservoirs and gravity canals valued at INR 1,585 crore. Additionally, residential complexes for officers will be constructed with a budget of INR 3,523 crore. The Minister for Municipal Administration and Urban Development confirmed that tenders for these projects would be issued immediately, with work set to begin in January....
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Deal News

A residential flat spanning 4,168 square feet sold in The North in Ahmedabad's Ambli for INR 4 crores

• A residential flat spanning 377 square feet sold in Rajshree Elegance in Ahmedabad's Sabarmati for INR 44.08 lakhs
• A residential flat spanning 647 square feet sold in Vandemataram Mahadev Lily in Ahmedabad's Maninagar for INR 44 lakhs
• A residential flat spanning 793 square feet sold in Saral Sky in Ahmedabad's Sughad for INR 30 lakhs
• A residential flat spanning 629 square feet sold in Dev Residency-5 in Ahmedabad's Ghatlodiya for INR 25.65 lakhs
• A residential flat spanning 4,168 square feet sold in The North in Ahmedabad's Ambli for INR 4 crores

Bank Auctions

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Residential
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Dwarka, New Delhi

Punjab National Bank is holding an auction for a flat in Dwarka, New Delhi, on 27th January 2025. The auction will start at 11:30 AM and end at 3:30 PM, giving interested buyers a fixed time frame to place their bids.

EMD: ₹ 225000

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Builders & Projects

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YEIDA township near Jewar Airport attracts over 34,000 registrations ahead of lottery

PNT Reporter
YEIDA's upcoming hi-tech township near Jewar International Airport has garnered significant interest, with over 34,000 registrations and brochure sales exceeding INR 3.77 crore. Located in Sector 24A, near the International Film City and MotoGP track, the project offers 451 residential plots ranging from 120 to 260 square meters at INR 25,900 per square meter. Farmers receive 17.5% of the allocation. Registration closed on November 30, and a lottery draw is set for December 27. The initiative highlights the demand for modern housing near key infrastructure, reflecting a positive trend in real estate investments in Noida's rapidly developing region....
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Cochin: Protests escalate over unresolved structural issues in Mundamveli housing project

PNT Reporter
Ten months after relocating P&T Colony residents to GCDA's Mundamveli apartment complex under the Life Mission housing scheme, structural damage persists despite initial waterproofing. Residents began protests following unresolved leakages reported during May rains, demanding urgent repairs. GCDA cited design flaws and thermal expansion cracks as causes but delayed major repairs pending state technical committee approval for a INR 25 lakh proposal. Minor repair tenders are in progress, while state inspections continue. The situation highlights gaps in public housing project oversight, accountability, and maintenance. Authorities must expedite approvals, ensure durable fixes, and implement better planning to regain public trust....
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Supreme Court summons Nagpur officials over registration dispute in Nirmal Nagari Project

PNT Reporter
The Supreme Court has summoned the Nagpur collector and tehsildar on December 19 over delays in resolving a dispute involving the Nirmal Nagari township's registration under MahaRERA. The developer, Nirmal Ujjwal Credit Cooperative Society Limited, faces allegations of unethical practices, unauthorized construction, and refusal to register the 944-home, 17.4-acre project, leaving buyers unable to register sale deeds. MahaRERA had fined the developer INR 6 crore, and the NMC denied a completion certificate. Represented by Nirmal Nagari Condominium, residents demand accountability and resolution. The court emphasized the urgency of safeguarding consumer rights in housing projects, setting the next hearing for December 19....
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Pune: PMRDA approaches IIT Bombay and CoEP for structural audits of flats built under the PMAY scheme

PNT Reporter
The Pune Metropolitan Region Development Authority (PMRDA) has sought structural inspections of 4,883 flats built under the Pradhanmantri Awas Yojana, after multiple complaints from residents regarding issues like ceiling leaks, bathroom problems, and toilet leakages within a year of moving in. The flats, constructed for economically weaker sections and low-income groups, were handed over to beneficiaries last year. PMRDA has contacted IIT Bombay and CoEP Technical University for the inspection to ensure the safety of the buildings. Developers are working on repairs, but some issues, like lack of manpower and security removal, have raised concerns among residents....
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Trending Project

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Bellanza Phase 2 - Wing D, E, F At The Prestige City

Mumbai City, India

By Prestige Mulund Realty Private Limited

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Law & Policy

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Bengaluru: RWAs and NGOs join hands to tackle unauthorized constructions and advocate reforms

PNT Reporter
The Bengaluru Coalition, a newly formed citizens' group, aims to address violations of building regulations and promote planned urban development in the city. Comprising resident welfare associations (RWAs), NGOs, and the Bangalore Apartments Federation (BAF), the coalition seeks to tackle issues like unauthorized constructions and improve enforcement of civic laws. Motivated by ongoing challenges and a recent building collapse in Babusapalya, it collaborates with the Karnataka High Court's ongoing efforts to curb violations. With support from over 50 RWAs and BAF, the coalition advocates systemic reforms, educates citizens on legal recourse, and pushes for accountability to ensure sustainable urban planning....
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Kolkata: NGT issues notices over alleged encroachment on Luna riverbed in Kendrapada

PNT Reporter
The National Green Tribunal (NGT) East Zone bench in Kolkata has issued notices to several state authorities regarding the alleged encroachment on 18 acres of the Luna riverbed at Badapal, Kendrapada district. The notices were prompted by a petition filed by local activist Alaya Samantaray, alleging that a Jharkhand-based company engaged in the National Highway-53 expansion project had carried out unauthorised construction on the riverbed. The petition highlights concerns over the threat posed to the river's ecosystem and its natural flow. The NGT has directed key officials to respond within four weeks....
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Delhi reconstitutes welfare board to support construction workers affected by GRAP IV

PNT Reporter
Lieutenant Governor VK Saxena approved the reconstitution of the Delhi Building and Other Construction Workers Welfare Board. This decision will enable the government to devise a compensation scheme for workers who lost their livelihood due to the implementation of GRAP IV restrictions. The board had been inactive for several years. Saxena also emphasised the need to provide subsistence allowances to workers affected by the restrictions, using funds collected as a labour cess. He highlighted the importance of revisiting housing schemes for workers and streamlining the implementation of benefits for construction workers and their families....
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Noida Authority cracks down on illegal constructions in Wajidpur and Kondli villages

PNT Reporter
The Noida Authority has flagged numerous unauthorized constructions, including multi-storey buildings, in Wajidpur village near the Yamuna floodplains, deeming them illegal. Actions against the offenders are underway, with further investigations into constructions in Kondli village. Noida Authority CEO Lokesh M has directed officials to verify construction permissions for a banquet hall and restaurant in Kondli, while also ordering the removal of unauthorized markets and the installation of boundary markers. The authority warned the public against engaging in transactions related to these illegal constructions, emphasizing that such activities violate the approved master plan and relevant laws....
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Info Edge files FIR against 4B Networks' founder over fraud allegations

PNT Reporter
Info Edge, the parent company of Naukri, filed an FIR against Rahul Yadav, founder of portfolio company 4B Networks, and others for alleged fraudulent activities involving 4B Networks' funds. This follows arbitration proceedings initiated by Info Edge after 4B Networks failed to provide crucial financial details. Despite this, Info Edge assured no material impact on its operations. The company had previously written off its INR 276 crore investment in 4B Networks in December 2022 due to liquidity issues and high cash burn. 4B Networks, founded in 2020, operated in real estate, helping brokers and developers manage business transactions....
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Bhubaneswar: BMC halts Patia apartment project over unauthorised land use

PNT Reporter
The Bhubaneswar Municipal Corporation (BMC) has stopped construction on a Patia apartment project after allegations of unauthorized land-use changes. The plot, initially leased for industrial purposes, was reclassified to sthitiban without proper authorization, enabling the developer to begin constructing a 33-story tower, a 29-story tower, and a clubhouse. Following a directive from the General Administration and Public Grievances department, the BMC flagged violations of the lease agreement and land classification. With ownership and legal status now in dispute, construction is suspended until a final ruling is issued. This case underscores the critical need for regulatory compliance in urban development....
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Taxation & Finance

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RBI maintains repo rate at 6.5%, offering stability to the real estate sector

PNT Reporter
The Reserve Bank of India (RBI) decided to maintain the repo rate at 6.5% during its 5th bi-monthly meeting for FY25, marking the 11th consecutive pause. The RBI adopted a neutral stance to control inflation while supporting economic growth. Along with this decision, the Cash Reserve Ratio (CRR) was reduced to 4%, injecting INR 1.16 lakh crore into the banking system. Real estate industry leaders welcomed the move, highlighting its positive impact on buyer confidence, home loan rates, and project funding, while urging further government incentives and infrastructure measures....
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PropShare Platina's IPO to be listed on BSE today after strong investor response

PNT Reporter
PropShare Platina's IPO, India's first Small and Medium Real Estate Investment Trust (SM REIT) scheme, will be listed on the Bombay Stock Exchange (BSE) Today. The IPO was subscribed 1.2 times, with strong demand from non-institutional investors. The funds raised will be used to acquire the Prestige Tech Platina office building in Bengaluru, offering a stable lease agreement with a US-based tech company. The listing marks a significant step for the REIT sector in India, expected to offer new investment opportunities and capital growth potential....
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Naredco-Knight Frank Q3 report reveals rising confidence in real estate sector

PNT Reporter
The 42nd NAREDCO-Knight Frank Real Estate Sentiment Index for Q3 2024 shows steady optimism in India's real estate sector. While the Current Sentiment Score dipped slightly to 64, the Future Sentiment Score rose to 67, reflecting confidence in upcoming prospects. Residential markets remain robust, with 62% expecting price increases and 40% foreseeing higher sales. The office market is equally strong, with 76% predicting improved leasing and 73% anticipating rent hikes. Developers' optimism grew, with their Future Sentiment Score rising to 65, while financial institutions maintained a steady 68. The sector benefits from stable interest rates and GDP growth projections of 7.2%, reinforcing long-term growth potential....
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Financial News

Warehousing & Logistics

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Alta Capital acquires 2.5 million sq ft warehousing portfolio from IndoSpace for USD 100M

PNT Reporter
Alta Capital, the Indian partner of Singapore-based Hillhouse Investments, has acquired a 2.5 million square foot leased warehousing portfolio from IndoSpace for approximately USD 100 million. IndoSpace, India's largest industrial and logistics real estate operator, owns over 58 million square feet across 11 cities, backed by global investors like Everstone and CPPIB. The acquired assets, located in Pune and Sri City, cater to blue-chip tenants in manufacturing, e-commerce, and 3PL sectors. This deal, Alta Capital's second core investment in the sector, highlights growing global interest in India's logistics market and aims to expand Alta's portfolio to over 11 million square feet....
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Infrastructure

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Delhi: Survey of India completes drone mapping of 550 sq km in Delhi for land oversight

PNT Reporter
The Survey of India has completed a comprehensive drone survey covering approximately 550 square kilometers of Delhi, representing over one-third of the city. This initial phase included the Yamuna O Zone and 66 unauthorized colonies, with images shared with the Delhi Development Authority (DDA) and the Municipal Corporation of Delhi (MCD). The survey aims to identify encroachments on DDA land, assess structures, and facilitate their removal. Following a tripartite agreement, the DDA plans to overlay cadastral maps on drone images to monitor land status and ensure compliance with regulations, ultimately enhancing land management and resource utilization across various departments....
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Gurugram: Revamp of key road connecting IFFCO Chowk to Dwarka Expressway faces delay

PNT Reporter
GMDA's plan to revamp the 11-km stretch connecting IFFCO Chowk to Dwarka Expressway remains stalled, despite its approval in October 2022, due to land encroachments and limited availability. Narrowed sections, particularly in Basai, and illegal property extensions have hampered progress. The project aims to ease traffic in old Gurgaon with features like a grade separator, improved footpaths, on-street parking, and a utility duct. However, demolition resistance and land shortages for a parallel rail overbridge have caused delays. Without a clear timeline, residents face ongoing congestion and rising project costs, underscoring the need for swift resolution....
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Iconic Building

Frauenkirche Dresden

The Frauenkirche (Church of Our Lady) in Dresden, Germany, is far from an ordinary church. This stunning Baroque masterpiece, with its impressive dome and elegant design, stands as both a symbol of the city’s resilience and a testament to the grandeur of 18th-century architecture. Originally constructed between 1726 and 1743 by architect George Bähr, the Frauenkirche was built to honor the Virgin Mary and to serve as a Lutheran place of worship. Its striking exterior is characterized by a massive, sweeping dome that towers above the city, often described as one of the most beautiful Baroque domes in Europe. The church’s facade is adorned with intricate stone carvings and features a harmonious blend of curves and straight lines, a hallmark of Baroque style. The interior of the Frauenkirche is equally awe-inspiring. The vast, open space is filled with exquisite details, including beautiful frescoes, ornate altars, and delicate stucco work. The church’s main altar and pulpit are ...

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Proptech

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PropTech investments in India to reach USD 16 billion by 2030

PNT Reporter
A new report by Knight Frank, HDFC Capital, and Brigade REAP highlights PropTech's transformative role in India's real estate sector, projecting investments to grow at a 15% CAGR from USD 6 billion in 2023 to USD 16 billion by 2030. Representing 6% of Indian startups, PropTech positions India 6th globally in funding and top global PropTech deals. With real estate contributing 7.3% to GDP, leaders stress technology's role in addressing housing affordability, urbanization, and sustainability challenges. Infrastructure expansion, such as national highways and ESG-certified developments, complements PropTech adoption, enhancing connectivity, sustainability, and affordable housing access for the growing urban workforce....
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Property Dictionary

MEP Services

This refers to the mechanical, electrical and plumbing services in the design and construction of the building. Builders enlist firms specialising in MEP services for the construction of their building.

International News

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British house prices surge in November amid surprising market resilience

PNT Reporter
British house prices saw their sharpest annual growth in two years, rising 3.7% in November 2023, according to Nationwide. Monthly gains of 1.2% marked the largest jump since March 2022, defying high borrowing costs. Economists attribute the surge to the Bank of England's recent rate cut and changes to stamp duty rules announced by Chancellor Rachel Reeves. Despite affordability challenges and policy shifts, experts anticipate continued market strength, supported by steady economic recovery and government initiatives to address housing supply shortages....
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Germany: Energy-inefficient homes lose value amid decarbonisation push

PNT Reporter
As Germany pushes for decarbonisation and electric heating becomes the norm, energy-inefficient homes are losing value. Oil and gas-powered properties, particularly older ones in need of refurbishment, are becoming less popular, widening the price gap with energy-efficient residences. Cities such as Mannheim plan to phase out gas networks by 2035, forcing owners to modify houses or risk losing their investments. Mark Carney has cautioned that obsolete homes may become "stranded assets." Tenants in older rental buildings face significant expenditures, whereas modern constructions prioritize efficiency. This trend emphasizes the growing relevance of sustainable homes in the German real estate industry....
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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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