19 May 2023

SEBI has proposed new rules for online platforms offering fractional ownership of real estate assets, aiming to protect small investors. The move calls for standardization, independent valuation, and increased transparency to prevent potential mis-selling. Under the proposed regulations, these platforms would need to register under the Regulatory Framework for Micro, Small, and Medium REITs, establishing separate trustees, sponsors, and investment managers. The proposal is the first step towards formulating new rules to govern this burgeoning sector.Read more

PNT Reporter

18 May 2023

The Noida Authority has allocated Rs 500 crore for acquiring new land, even as over 550 hectares are yet to be reclaimed from encroachers. The Authority is surveying unused "dumped" land parcels across sectors for their potential use, while also pursuing legal avenues to recover disputed land. Efforts are underway to reclaim land from non-functional industrial and IT units. The Authority has also regularized land for eligible farmers to prevent future encroachments. Despite the challenges, the Authority has managed to secure Rs 40,000 crore in investments so far.Read more

PNT Reporter

18 May 2023

In a significant surge, foreign institutional investments in Indian real estate rose three-fold to $26.6 billion in the 2017-22 period, primarily driven by the USA and Canada, reveals a report by Colliers India. The report credits structural and policy reforms fostering transparency and easy business operations for this uptick. Despite a dip in domestic investments, India's favourable demographics, deep digital talent pool, progressive policies, and infrastructure advancements have all contributed to making it an attractive choice for global investors.Read more

PNT Reporter

18 May 2023

The Capital Region Development Authority (CRDA) has allocated an additional 268 acres of land to meet the demand for house sites in the districts of Guntur and NTR. This comes on top of the previously allocated 1,134 acres. The decision was made in response to requests from the district collectors who identified insufficient land to accommodate all applicants. The allocation includes 168 acres for NTR district and 100 acres for Guntur district. The state government aims to distribute the house sites to the needy this week, improving their living conditions.Read more

PNT Reporter

17 May 2023

A four-year-old girl sustains severe injuries after falling off the balcony of a high-rise building in Andheri East, Mumbai. The housing society had removed the protective glass panels from the balcony for renovation, failing to follow proper safety procedures. The girl's father has filed a complaint against the contractor responsible. The police have arrested multiple individuals, including the builder and contractor, for negligence. While undergoing treatment at Holy Spirit Hospital, the young girl's recovery journey begins.Read more

17 May 2023

Jupiter Hospital, a leading Mumbai-based healthcare chain, has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for a substantial Rs 900-1,100 crore Initial Public Offering (IPO). The IPO, which includes a fresh issue of Rs 615 crore and an offer for sale of 44,50,000 shares, is intended to fund the hospital's network expansion and debt reduction efforts. Promoters, including Dr. Ajay Thakker, Dr. Ankit Thakker, and Western Medical Solutions LLP, will retain their current stakes.Read more

PNT Reporter

17 May 2023

Noida and Greater Noida authorities are contemplating a co-developer policy to resolve the longstanding issue of incomplete housing projects. The proposed policy would allow new firms to invest in and complete these projects, provided they clear nearly INR 40,000 crore in land dues. This move could bring relief to many homebuyers who have been waiting for a decade for their homes. The policy, initially suggested by the Confederation of Real Estate Developers Association of India, also includes potential incentives for developers prioritizing clearing the dues.Read more

PNT Reporter

17 May 2023

Panchkula residents are facing a grave issue as construction and demolition waste continues to accumulate in vacant areas throughout the region. The Municipal Corporation's indifference to the violations has allowed violators to go unpunished, resulting in the city's transformation into a wasteland. Despite the corporation's resolution to impose fines and provide designated disposal areas, the response from individuals and entities has been lacklustre. The lack of accountability and action from the civic body has caused dissent among the locals, who feel let down by their elected representatives.Read more

PNT Reporter

16 May 2023

Greater Chennai Corporation (GCC) is imposing hefty fines, over Rs.20 lakh monthly, to enforce proper debris disposal as part of their management strategy. Amidst rampant construction and demolition, property owners are held responsible for their waste. The city generates around 500 tonnes of debris daily, which is now managed by a hired private contractor. The contractor collects waste from designated dump sites and transports it to processing centres, where it's turned into reusable resources like sand. This initiative balances Chennai's rapid urban development with environmental sustainability.Read more

PNT Reporter

16 May 2023

In response to concerns over open space policies, local residents of Mumbai have written an open letter to Chief Minister Eknath Shinde, Deputy Chief Minister Devendra Fadnavis, and BMC Chief IS Chahal. The letter, made public on last week, calls for rigorous enforcement of the city's open space policy to prevent misuse, and for the maintenance and caretaking of public spaces to become a mandatory duty of the BMC.Read more