PNT Reporter

Mohan Exports, the parent company of the Mohan Group, has acquired 27,000 square feet of office space in DLF Horizon Centre, Gurgaon from Hero Cycles for Rs 80.66 crore. DLF, a major company in leasing office space, had been selling office floors to families and businesses between 2014 and 2019 but has since focused on building a rental portfolio. Mohan Exports paid Rs 5.64 crore in stamp duty.Read more

Following the implementation of new jantri rates on April 15, the Ahmedabad Municipal Corporation (AMC) has received an influx of applications for plan approval. The AMC authorised 325 projects and collected Rs 290 crore in fees in the first 11 days of the month. This amount comprises revenue from plan approval fees and purchased FSI, and it is the most ever earned in a single month under this heading.Read more

PNT Reporter

Synopsis: Ludhiana property owners will now get notifications from civic officials to pay their outstanding debts. In a few localities, officials have already begun to serve notices. They will strive to recover outstanding amounts from defaulters in the next two months Over 3.55 lakh tax returns were filed last year. Those who have not paid their taxes will be subject to a 20 percent penalty and 18 percent yearly interest charge.Read more

PNT Reporter

Last week, the Noida Authority raised the prices of plots meant for residential, group housing, and institutional purposes by a range of 6% to 10%. The rates for flats constructed by the Authority or commercial properties rented by it however remained unchanged. The decision to increase the land rates was sanctioned during the Authority's board meeting, headed by Manoj Singh, the Chairperson of the Authority and the Commissioner of Infrastructure and Industrial Development.Read more

PNT Reporter

Birla Estates, the real estate development arm of the Aditya Birla Group, has acquired a prime land parcel in the upmarket residential area of Walkeshwar in South Mumbai, marking its entry into the super luxury real estate market. The company plans to redevelop the property into a luxury residential development with sea views, expected to generate revenue of over ?600 crore. This acquisition follows the strong response to Birla Estates' luxury project in Worli and is part of the company's growth plans.Read more

PNT Reporter

The Pune property market had its biggest monthly stamp duty collection in March 2023, indicating a 20% increase from February. The increase in sales of houses costing Rs 50 lakh or more and the shift towards larger residences contributed to the growth. Primary and secondary residential transactions accounted for 76% of all property registrations, with Central Pune having a higher percentage of transactions. Micro markets in Pune's north, south, and east held a smaller percentage of residential sales during the month.Read more

SEBI has approved Nexus Select Trust's IPO, a retail-focused real estate investment trust sponsored by private equity firm Blackstone, which includes a fresh issue of Rs1,600 crore and an offer of sale from Blackstone and other smaller holders. The REIT's portfolio includes 17 malls, two hotels, and three office buildings, and proceeds from the IPO will be used to pay down debt. The trust offers high net worth individuals, family offices, and institutional investors access to a diversified portfolio of alternative assets such as private equity, real estate, infrastructure, and private debt.Read more

PNT Reporter

The CBRE India report titled “Indian Real Estate – Betting on a Capital Future” revealed that real estate developers and investors bought nearly 6,800 acres of land in India between 2018 and 2022 for more than USD 12.2 billion to develop greenfield real estate projects. Majority of the land was acquired after January 2021, with residential and mixed-use land parcels making up almost 60% of the total land investments, followed by office developments, industrial, and logistics. Mumbai, Bengaluru, Hyderabad, and Chennai were the cities with the most land acquisition activity.Read more

PNT Reporter

BGH Properties, a subsidiary of the Aditya Birla Group, has purchased the Sunny Ville bungalow on Carmichael Road in South Mumbai for over Rs 220 crore. The bungalow has a total constructed area of nearly 19,000 sq ft and is located close to Jatia House, another property owned by the Aditya Birla Group. The rise of luxury skyscrapers in the area has led to several bungalows making way for high-rise buildings.Read more

PNT Reporter

JM Financial Home Loans is in talks with IndoStar Capital Finance for a potential merger of their home finance businesses, which focus on the affordable housing market. The discussions are non-binding and subject to due diligence and negotiation of commercial terms. The combined entity could benefit from synergies in operations, distribution, and technology, enabling it to provide more efficient services to customers. The potential merger could have a significant impact on the affordable housing market in India, which has been witnessing strong growth due to the government's push to provide housing for all.Read more