PNT Reporter

25 Mar 2024

YEIDA's recent e-auction of eight institutional plots on March 14, 2024, surpassed expectations, generating INR 37.12 crore, exceeding the initial bid value by INR 5.65 crore. The auction attracted bids for nursing homes, a corporate office, and a senior secondary school, totaling an estimated investment of INR 86 crore. This is anticipated to create job opportunities for approximately 600 individuals, contributing to regional growth. YEIDA's efficient e-auction process underscores its appeal as an investment hub, aligning with ongoing projects like Jewar Airport and Film City, promising a dynamic business landscape.Read more

PNT Reporter

25 Mar 2024

Guwahati Municipal Corporation (GMC) Mayor Mrigen Sarania announced a 10% rebate on property taxes for those who pay within the first two months of the next fiscal year, aiming to boost timely payments and city development. This incentive, revealed during the inauguration of a new bus queue shelter in Dispur, Guwahati, applies to property owners settling taxes between April 1st and May 31st. Last year's similar initiative aimed to prompt residents to fulfill their obligations promptly. GMC recently issued over 50 warrants against tax defaulters, totaling over INR 2 crore, resulting in settlements and legal actions. Additionally, GMC is enhancing public transportation by installing 45 new bus queue shelters with amenities such as Wi-Fi and CCTV cameras, costing approximately Rs 3.15 crore.Read more

PNT Reporter

25 Mar 2024

The Panvel Municipal Corporation has amassed INR 283 crore in property taxes this fiscal year, with a total of INR 569 crore collected till March 2nd week. With the fiscal year concluding in two weeks, further increments are anticipated. This achievement accompanies the corporation's record-breaking single-day collection of over INR 2.25 crore. Proactive measures, including issuing pre-seizure notices to property owners and establishing nine recovery units, underscore the corporation's dedication to effective governance and financial integrity.Read more

22 Mar 2024

The coworking sector in India, particularly in Mumbai and Gurugram, has experienced significant growth, with rental rates increasing by 27% and 19% respectively since FY20. Cities like Delhi, Bengaluru, and Noida also witnessed notable growth in flexible workspace rentals. Coworking spaces now contribute 18% to total office supply in major cities, with predictions indicating aggressive expansion to 100-140 million square feet by 2030. Despite pandemic challenges, funding in coworking remained high, and with 70% of companies adopting hybrid work models, demand is projected to surpass traditional offices by 2030. The trend extends to hotels and F&B outlets, indicating a promising future for India's coworking culture.Read more

PNT Reporter

22 Mar 2024

Maharashtra extends its Stamp Duty Amnesty Scheme until June 30, 2024, offering relief to homeowners facing penalties for underpaid or unpaid stamp duty. The scheme allows rectifying past mistakes and reducing penalties, which can accumulate at a steep 2% per month, reaching up to 400% of the unpaid amount. Divided into two schedules based on document signing dates, it covers a wide range of property transactions. Homeowners can apply online or offline, consulting a property lawyer for guidance. Seize this opportunity to save money and avoid higher penalties later.Read more

21 Mar 2024

Residential real estate platform NEOLIV, led by former Godrej Properties' CEO Mohit Malhotra, aims to raise USD 150 million for its inaugural fund within 12 months. The fund, Inliv Real Estate Fund, targets middle-income residential properties in Mumbai and Delhi regions, along with plotted opportunities in tier-II cities. NEOLIV has secured INR 300 crore for the fund's first phase, with plans to swiftly deploy capital into 3-4 projects initially, and 8-10 projects overall. Backed by 360 ONE, the company envisions timely deployment of funds, emphasising partnerships with ultra-high net worth individuals and family offices for sustained growth and quality housing development.Read more

PNT Reporter

21 Mar 2024

An exciting opportunity has emerged to own a property adjacent to Amitabh Bachchan's iconic residence, Jalsa, in Mumbai's upscale Juhu area. Deutsche Bank is auctioning a bungalow with a starting price of INR 25 crore (approximately USD 3 million), offering over 3,000 square feet of indoor and outdoor space. Despite its allure, prospective buyers must heed caution as the property is being auctioned under the SARFAESI Act due to loan default. Thorough due diligence is advised as buyers must navigate existing legal issues. The auction, attracting HNIs and MSME directors, is slated for March 27, 2024, promising a potentially lucrative investment opportunity with careful consideration.Read more

PNT Reporter

21 Mar 2024

The Mysore Urban Development Authority (Muda) faces a financial hurdle in funding new development projects, prompting an ambitious plan to auction 200 premium sites and houses, aiming to generate INR 400 crore. Criticism from the Mysore Realtors' Association suggests Muda's reliance on selling existing plots reflects its financial strain. Muda clarifies that cancelled allotments to private developers are now up for auction, some of which have seen staggering value increases. The auction process awaits encumbrance certificates, and Muda seeks clarity on conducting it during elections. With limited land for new layouts and challenges in joint ventures, Muda views auctions as a crucial revenue source but faces concerns over long-term development sustainability.Read more

PNT Reporter

20 Mar 2024

Luxury retail in India is booming, with a surge in high-end brand leasing activity nationwide. CBRE and PHD Chamber of Commerce report a doubling of leasing activity on high streets in 2023, reaching over 0.3 million sq. ft., while malls saw tripled activity, leasing over 0.24 million sq. ft. Standalone stores also flourished, leasing over 0.1 million sq. ft., reflecting a 200% year-over-year growth. Fuelled by a burgeoning middle and upper class, luxury retail is expanding beyond major metros like Delhi and Mumbai, reaching new cities like Chandigarh and Ahmedabad. Despite the rise of online shopping, physical flagship stores remain crucial, leveraging technology to enhance customer experiences.Read more

PNT Reporter

20 Mar 2024

DLF Ltd, a prominent real estate developer, sold a 4.67-acre plot in Chennai's Guindy area to Cholamandalam Investment and Finance Company Ltd for INR 735 crore. This strategic move suggests a surge in demand for office space in the city. DLF's decision to monetize the landholding aligns with its ambitious plans to launch projects worth nearly INR 80,000 crore. For Cholamandalam Investment and Finance, a subsidiary of the Murugappa Group, this acquisition presents an opportunity for expansion, potentially leading to the development of a new corporate office in the prime Guindy location. This deal underscores Chennai's growing importance as a commercial hub, promising further growth in the real estate sector.Read more