25 Dec 2024

The Yamuna Expressway Industrial Development Authority (YEIDA) has made significant progress in executing registries for industrial plots, with 1,400 out of 3,040 plots registered so far. This rise in registry completions has been largely driven by the increased interest in the region following the announcement of the Noida International Airport. The registry process, which had been slow until 2022, is now gaining speed, and the completion of these formalities is expected to fuel the operationalisation of several key industrial parks like the Apparel Park, Toy Park, and Medical Devices Park, potentially transforming the region's industrial landscape in the next few years.Read more

25 Dec 2024

The Pune Municipal Corporation (PMC) has successfully recovered over INR 34 crore from property tax defaulters in the past fortnight by using music bands. These bands play loud music outside properties of defaulters, mostly commercial establishments, to shame them into settling their dues. The defaulters have not paid taxes for periods ranging from one year to ten years. Despite sending recovery notices, many owners had failed to respond, prompting this unconventional approach. PMC continues its efforts to meet a property tax revenue target of INR 2,600 crore for the 2024-25 fiscal year.Read more

PNT Reporter

24 Dec 2024

TVS Holdings Ltd has announced that its real estate subsidiary, TVS Emerald Ltd, will acquire two subsidiaries, Radial (Phase II) IT Park Pvt Ltd and Radial (Phase III) IT Park Pvt Ltd, for over INR 575 crore. The acquisition involves purchasing 100 per cent equity shares and compulsorily convertible debentures of the two companies, with the deals valued at INR 234.33 crore and INR 342 crore, respectively. Expected to be completed by the end of 2024, these acquisitions will enhance TVS Emerald's market presence and capabilities, aligning with its growth objectives.Read more

24 Dec 2024

Chief Minister Bhupendra Patel has reviewed over 5,300 objections and suggestions regarding Gujarat's proposed jantri rate revisions, which aim to increase property transaction costs. Despite significant opposition from property buyers, developers, and real estate associations citing concerns about affordability and market stability, the government has maintained the January 20, 2025, deadline for submissions. The revisions, the first in several years, could significantly impact lower and mid-range property markets.Read more

24 Dec 2024

Embassy Office Parks REIT (Embassy REIT) has raised INR 1,000 crore through five-year non-convertible debentures (NCDs) at a 7.73% interest rate. The proceeds will be used to refinance existing debt, saving approximately 70 basis points in interest. The offering attracted strong investor participation, including 12 investors, with 55% demand from existing stakeholders and contributions from mutual funds, pensions, and insurance sectors. Rated 'AAA/Stable' by CRISIL and CARE, the NCDs reflect Embassy REIT's financial stability. Talwar Thakore & Associates acted as legal counsel for the transaction, which enhances Embassy REIT's financial flexibility and reinforces its reputation in the investment market.Read more

24 Dec 2024

Airoli, a rapidly growing locality in Navi Mumbai, is set to experience significant real estate growth, with its housing stock expected to exceed 1.85 lakh units by 2030. This increase is driven by ongoing and upcoming infrastructure projects, such as the Airoli-Katai Naka freeway and the Navi Mumbai International Airport, enhancing connectivity and accessibility. The area offers a diverse range of housing options, from affordable to mid-range, making it attractive to both homebuyers and investors. With its proximity to key business hubs, educational institutions, healthcare, and shopping centres, Airoli is becoming a prominent residential and business district in the Mumbai Metropolitan Region.Read more

PNT Reporter

23 Dec 2024

The Tamil Nadu Vanigar Sangangalin Peramaippu, a traders' federation, has urged the removal of the 18% GST on commercial property rent, citing post-pandemic financial strain on businesses. At a meeting in Trichy, they opposed a 6% annual hike in property taxes and trade license fees, which they say disproportionately affect small traders. The federation passed 14 resolutions, including calls for monthly electricity billing and fairer taxation on readymade garments and solid waste fees. A protest is planned in New Delhi in March 2025, and further discussions will take place on May 5, 2025. Traders demand urgent government action to ease burdens.Read more

PNT Reporter

23 Dec 2024

The Bangalore Development Authority (BDA) has introduced a new rule requiring flat buyers to pay a one-year maintenance fee upfront, effective December 2024. The fee, set at 1% of the flat's sale price, ensures smoother maintenance of infrastructure in residential complexes until Residents' Welfare Associations (RWAs) are established. If RWAs are not formed within a year, BDA will continue collecting the fees. The policy addresses challenges like unpaid fees and unsold flats, with over 2,000 flats currently affected. Private agencies hired for sales will charge a 3% service fee. The initiative aims to ensure better services and financial stability.Read more

PNT Reporter

23 Dec 2024

NES, the data centre arm of TCC, leased its 4 MW IT capacity facility in Hinjewadi, Pune, to a leading data centre company. Completed in just four months, the facility supports high-density racks and advanced IT needs, showcasing NES's technological expertise and operational excellence. Its strategic location in Pune's IT hub added to its appeal. Managing Director Umesh Sahay praised the achievement, highlighting the industry trust and NES's commitment to innovation. This milestone marks NES's strong entry into the data centre sector, positioning it as a key player in delivering top-tier, scalable IT solutions for the future.Read more

PNT Reporter

23 Dec 2024

Institutional investments in Indian real estate soared by 51% in 2024 to a record USD 8.87 billion, surpassing the 2007 peak, according to JLL India. Foreign investors contributed 63% of inflows, while domestic participation rose to 37%, reflecting growing local interest. The residential segment led with 45% of investments, followed by office spaces (28%) and warehousing (23%). REITs attracted USD 800 million, tripling 2023 levels. Despite a 17% dip in office investments, Qualified Institutional Placements (QIPs) are expected to drive future capital raising. Robust demand and strong economic performance have positioned Indian real estate as a global investment hotspot.Read more