PNT Reporter

10 Dec 2024

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.Read more

PNT Reporter

10 Dec 2024

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.Read more

PNT Reporter

10 Dec 2024

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.Read more

PNT Reporter

09 Dec 2024

State Street Corporation has leased a 250,000 sq. ft. office tower in Mumbai's Bandra-Kurla Complex (BKC) from Brookfield Properties for over INR 350 crore. The 10-year agreement, part of the Equinox Business Park, will house State Street's global capability center. This move highlights India's growing appeal for multinational firms, driven by a skilled workforce and favorable business conditions. With a 99% occupancy rate, Equinox Business Park hosts major tenants like Tata Communications and Mirae Asset Capital Markets. State Street's investment underscores India's rising prominence in global financial services and the growing demand for premium office spaces in hubs like BKC.Read more

PNT Reporter

09 Dec 2024

Mumbai's property registrations rose by 5% year-on-year in November 2024, with 10,216 units registered compared to 9,736 the previous year, according to Knight Frank India. The premium segment saw significant growth, with properties priced at INR 2 crore and above comprising 23% of registrations, up from 17% in 2023. Stamp duty collections surged 30%, reflecting increased transactions in high-value properties. Industry experts attribute this trend to affluent buyers' preference for spacious, high-quality homes that offer better long-term value.Read more

PNT Reporter

09 Dec 2024

The House of Abhinandan Lodha (HoABL) has acquired the American Center in South Mumbai for over INR 56 crore. The seven-storey building, previously part of the US Consulate General, has remained vacant for a decade after the consulate moved to BKC. HoABL plans to develop the property into a luxury residential project with views of Marine Drive and Mumbai Harbour. The deal was finalised after receiving approvals from both the US and Indian governments. This acquisition adds to HoABL's growing portfolio of developments across India, with significant future revenue potential.Read more

PNT Reporter

09 Dec 2024

To address an inventory of 14,047 unsold flats since 2017, MHADA's Konkan Board has launched a promotional campaign, setting up 29 stalls at high-footfall locations. The initiative runs until December 11, offering affordable flats under EWS, LIG, and MIG categories on a first-come, first-served basis. Key projects in areas like Virar-Bolinj and Gotheghar-Thane, near upcoming infrastructure like Navi Mumbai International Airport, are priced significantly lower than private developments. With over 11,814 applications for the ongoing lottery of 2,264 homes, MHADA aims to highlight affordability, added amenities, and strategic locations to boost sales.Read more

PNT Reporter

06 Dec 2024

RDB Primarc Techno Park LLP, an affiliate of the Primarc & RDB Group, has agreed to acquire the business operations of DLF Techpark 1 from DLF Infocity Developers for around INR 638 crore on a slump sale basis. The deal covers both the property and its related business services, including rental, property management, and fit-out. The IT park, located in Kolkata, spans 1.49 million square feet of leasable space. JLL facilitated the transaction, with Fox & Mandal advising RDB Primarc, while Shardul Amarchand Mangaldas & Co and PwC represented DLF.Read more

PNT Reporter

06 Dec 2024

India's luxury housing market is booming, driven by growing demand for exclusivity, enhanced lifestyles, and premium living spaces. Despite global economic challenges, affluent buyers continue to invest in high-end properties, with top cities like Mumbai, Delhi-NCR, and Bengaluru leading sales. CREDAI-MCHI data shows an 18% rise in total sales value in FY 2024-25, even as unit sales dipped by 3%, indicating a preference for higher-value homes. Developers are responding with bespoke projects, including villas, holiday homes, and premium apartments, blending modern design, functionality, and luxury. The segment's growth reflects evolving buyer aspirations and confidence in luxury real estate as a long-term investment.Read more

PNT Reporter

06 Dec 2024

The bidding deadline for the QUAD project in Technopark Phase-IV has been extended for the third time, now set for December 18. The project aims to select a private co-developer to build an 8 lakh sqft IT building at Pallipuram. The deadline had previously been extended due to a lack of bidder participation. Despite these delays, Technopark officials remain optimistic about securing a qualified co-developer by the new deadline. Meanwhile, Technopark has started planning the construction of a separate 8.5 lakh sqft building, which will be managed directly by the park. The project has a budget of INR 1,600 crore, with work anticipated to begin soon after the new bids are evaluated.Read more