Sholinganallur Real Estate Surge Over 5,000 Units Coming Amid Infrastructure Concerns

Chennai

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December 20, 2024

Sholinganallur Real Estate Surge Over 5,000 Units Coming Amid Infrastructure Concerns

Sholinganallur, once primarily known as a haven for IT professionals, is undergoing a remarkable transformation. Positioned along the bustling Old Mahabalipuram Road (OMR) corridor in South Chennai, the area is witnessing an influx of high-end residential projects. By next year, over 5,000 units in high-rise buildings will be added to the market, catering to both IT and non-IT buyers. As the real estate boom accelerates, especially with enhanced metro connectivity, Sholinganallur is rapidly becoming a preferred choice for homebuyers, particularly from nearby areas like East Coast Road (ECR).

Over the past few years, the Sholinganallur real estate market has exhibited impressive growth. Between 2018 and Q3 of 2024, approximately 8,300 residential units were launched, with 69% still under construction. This surge reflects a steady demand, especially in the mid-segment price range of Rs 40 lakh to Rs 80 lakh, which accounted for 66% of new launches. However, a shift is also visible, with demand now growing for more luxurious properties priced between Rs 1 crore to Rs 2.5 crore. This upward trend signals that Sholinganallur is evolving beyond its IT-centric identity to attract a broader range of buyers.

Despite the growth, residents are voicing concerns about the local infrastructure. While Sholinganallur was integrated into the Greater Chennai Corporation 13 years ago, critical issues like inadequate water supply, sewage connections, and roads remain unresolved. “The infrastructure hasn’t kept pace with the area’s rapid development, and there’s a growing need for better sewage and water systems,” said D. Raman, President of the Confederation Sholinganallur Residents Welfare Association. Furthermore, the absence of underground power lines has caused frequent accidents, highlighting the need for urban planning reforms to match the area’s development.

From a sustainability perspective, Sholinganallur’s rapid expansion raises questions about the environmental impact of new high-rise developments. While the demand for modern, spacious apartments remains high, the challenge lies in ensuring that the local infrastructure and environment can support such growth. Urban planners must focus on integrating sustainable practices, such as eco-friendly construction materials, water conservation systems, and waste management, to ensure that Sholinganallur’s future remains balanced between development and environmental responsibility.

Sholinganallur’s real estate boom is undoubtedly a success story of urban expansion, yet the growing pains of the locality are evident. The push for more residential units must be coupled with urgent infrastructural upgrades to ensure long-term sustainability and quality of life for residents.

Bollywood Celebrities Make Headlines with Real Estate Deals in 2024

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December 20, 2024

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Bollywood Celebrities Make Headlines with Real Estate Deals in 2024

In 2024, Bollywood’s elite have once again made waves in the Indian real estate market, with several high-profile acquisitions and strategic sales. The year has witnessed a diverse range of property deals, from luxury purchases to smart asset monetisation. These moves not only highlight the growing appeal of real estate among India’s film industry icons but also reflect the shift towards real estate as a key component of wealth management for celebrities.

Veteran actor Amitabh Bachchan made headlines with the purchase of a sprawling luxury property this year. Known for his iconic status both on and off-screen, Bachchan’s move into the high-end real estate market reinforces his stature as a savvy investor. His decision is part of a broader trend where celebrities leverage their wealth to diversify into the booming luxury real estate market, which continues to see an influx of both domestic and international investors.

On the other end of the spectrum, actress Kangana Ranaut took a more strategic approach, opting to sell a prized property. This move sparked considerable media interest as it highlights the growing trend among celebrities to monetise their assets in a changing economic landscape. The sale of high-value properties allows celebrities to capitalise on their investments, while also creating room for new opportunities in both the real estate and entertainment sectors.

The real estate moves of Bollywood stars like Sara Ali Khan, who recently invested in a luxury apartment in Mumbai, reflect a larger cultural shift where younger generations of actors are also jumping on the real estate bandwagon. With Mumbai’s real estate market continuing to be a hotbed for investment, these stars are clearly tapping into the financial benefits of the industry. From a sustainability perspective, however, it is essential to note the environmental implications of luxury developments, particularly in urban spaces. As more celebrities invest in lavish properties, there is an increasing call for eco-friendly building practices that balance growth with environmental stewardship.

Bollywood’s real estate ventures underscore the larger trend of diversification among Indian celebrities, with the property market becoming a key component in their investment portfolios. These strategic moves, whether purchases or sales, reflect not only personal wealth management but also the growing role of real estate as a critical pillar of financial planning in the celebrity world.

NearEstate.in Revolutionises Virtual Real Estate with 1500+ Listings

Proptech

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December 20, 2024

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NearEstate.in Revolutionises Virtual Real Estate with 1500+ Listings

NearEstate.in, a trailblazing PropTech startup based in Hyderabad’s T-Hub, has achieved a significant milestone by surpassing 1500 RealView360° property listings on its immersive platform. This achievement underscores the growing demand for technology-driven solutions that enhance the property-buying experience, both in India and globally. By incorporating cutting-edge virtual reality (VR) and geospatial mapping, NearEstate.in offers a truly immersive property viewing experience that allows prospective buyers and renters to explore properties from the comfort of their own homes.

The flagship RealView360° feature enables users to virtually walk through properties, examining every detail from layout to lighting, while also exploring the surrounding neighbourhoods. This 360° view offers a more informed, detailed, and transparent way of viewing properties, which has become essential for modern buyers seeking clarity before making significant decisions. As a result, NearEstate.in is catering to the evolving needs of today’s real estate market, where consumers increasingly value convenience, transparency, and technology in their property search.

For real estate developers and agents, the platform provides a powerful marketing tool that enhances property listings and attracts a more engaged audience. The ability to offer virtual tours has proven invaluable for out-of-town buyers, international investors, and local home seekers, allowing them to explore properties remotely, saving both time and money. The immersive nature of these tours also helps listings stand out, improving conversion rates and streamlining the sales process. As NearEstate.in grows, its potential to transform real estate marketing and transactions continues to expand.

Looking towards the future, NearEstate.in is set to integrate augmented reality (AR) capabilities and predictive analytics into its platform, further enhancing the user experience. These innovations will help buyers make more data-driven decisions and create even more value for sellers. With its rapid growth and commitment to digital-first solutions, NearEstate.in is poised to play a pivotal role in the evolution of real estate exploration and transactions, creating a seamless bridge between buyers and their dream properties. Furthermore, this digital approach aligns with sustainability goals by reducing the need for physical site visits, thus lowering carbon footprints and contributing to a more environmentally conscious property market.

South India’s Real Estate Boom Amaravati, Guntur, Vijayawada on the Rise

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December 20, 2024

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South India's Real Estate Boom Amaravati, Guntur, Vijayawada on the Rise

In 2024, South India’s real estate sector is experiencing a remarkable transformation, with Amaravati, Guntur, and Vijayawada emerging as the most sought-after locations for homebuyers. According to recent insights from Magicbricks, a leading real estate portal, these cities have seen substantial year-on-year (YoY) growth in residential property searches. Amaravati led the charge with a staggering 49.1% YoY increase, while Guntur and Vijayawada followed closely with growth rates of 38.27% and 31.95%, respectively.

This surge in demand, however, has created a significant mismatch with the supply of residential properties. Data reveals a notable drop in listings across these cities—Amaravati saw a 6.7% decrease, Guntur a 22.57% drop, and Vijayawada experienced an 18.46% reduction in available properties. The resulting supply shortage has driven up residential prices across the region. As of the third quarter of 2024, Vijayawada recorded a sharp 20.06% increase in average residential prices, reaching Rs 5,759 per square foot (psf). Guntur’s prices rose by 3.27% to Rs 4,962 psf, while Amaravati saw a 3.29% hike to Rs 4,470 psf.

The growing demand in these cities reflects broader trends in South India’s urban development. Investors and homebuyers are increasingly drawn to these areas due to improving infrastructure, connectivity, and economic opportunities. In particular, the cities of Amaravati and Guntur are benefitting from the ongoing development of smart city projects, which has further boosted their appeal. This wave of growth is not only reshaping the real estate landscape but is also driving broader economic shifts within the region.

Sustainability, however, remains a crucial aspect of this rapid urban development. As these cities expand, ensuring that the growth is both environmentally and socially sustainable is key. Real estate developers and local authorities must focus on green building standards, efficient waste management, and eco-friendly infrastructure to ensure that the cities remain livable and resilient in the face of rapid population growth. While the economic boom in these cities is promising, long-term sustainability must be prioritised to avoid potential strain on resources and infrastructure. As urbanisation continues to surge, the focus on sustainable development will be pivotal in balancing growth with environmental responsibility.

Role of Diversity and Inclusivity in Real Estate Workplaces

Commercial

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December 20, 2024

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Role of Diversity and Inclusivity in Real Estate Workplaces

The real estate sector has long been associated with high-value assets and strategic development. However, as the industry evolves, there is a growing recognition that success is increasingly tied to the people behind the projects. Diversity and inclusivity have become integral components of a thriving workplace, enabling companies to foster innovation, productivity, and employee satisfaction.

As companies within the real estate industry expand their operations, they are increasingly prioritising the human element. A diverse workforce not only reflects the dynamic nature of the market but also provides fresh perspectives, critical to addressing the evolving needs of clients and stakeholders. According to industry surveys, companies that prioritise diversity are 35% more likely to outperform their competitors in terms of profitability and value creation. Gender equality, ethnic diversity, and inclusive hiring practices are just some of the ways in which real estate firms are building a better workplace environment, focused on collaboration, creativity, and growth.

Creating inclusive environments goes beyond hiring diverse talent. It is about embedding inclusivity into the company culture. This means fostering an atmosphere where all employees feel valued, respected, and supported. Real estate leaders are increasingly recognising that inclusivity leads to higher employee retention, improved team dynamics, and a stronger sense of loyalty. A sense of belonging is vital for employee well-being, and as research suggests, happier employees are more productive, directly impacting business outcomes.

Sustainability in the workplace is also a critical facet of this shift. In the context of real estate, sustainability is not just about green buildings but also about fostering sustainable, inclusive workspaces. Companies are realising that a diverse and inclusive workforce contributes to long-term sustainability goals, from creating equitable opportunities to designing workspaces that cater to diverse needs. As urban centres expand and modernise, the push for diversity and inclusivity in real estate is crucial, ensuring a better future for the industry and society.

NGT Forms Panel to Investigate Illegal Groundwater Extraction in Delhi’s Kamla Nagar

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December 19, 2024

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NGT Forms Panel to Investigate Illegal Groundwater Extraction in Delhi's Kamla Nagar

The National Green Tribunal (NGT) has taken swift action by forming a panel to investigate allegations of illegal groundwater extraction in north Delhi’s Kamla Nagar. This move comes after a plea was filed claiming that two individuals, involved in the construction of large-scale commercial buildings on Bungalow Road, were illegally extracting groundwater using borewells.

In its order on December 11, 2024, the NGT bench, led by Justice Prakash Shrivastava and expert member A Senthil Vel, emphasized the need to ascertain the facts surrounding this issue. The tribunal appointed a joint committee, consisting of representatives from the Central Pollution Control Board (CPCB) and the Delhi Jal Board (DJB), to conduct a thorough investigation. The committee has been tasked with visiting the site, determining the number of borewells installed, and verifying whether the required permissions from competent authorities were obtained for groundwater extraction. The committee is expected to submit its findings within six weeks. The NGT’s order also directs responses from various concerned authorities, including the Delhi Pollution Control Committee (DPCC), the sub-divisional magistrate of Burari, MCD, the Central Groundwater Authority, and the Central Groundwater Board. Additionally, the Roop Nagar police station has been instructed to provide their inputs on the matter.

This case highlights growing concerns about unsustainable groundwater use in urban areas, particularly in high-density construction zones. The NGT’s proactive stance underscores its commitment to ensuring environmental protection and the responsible management of natural resources. As the investigation progresses, the findings could have significant implications for the regulation of groundwater extraction in Delhi, especially as urbanization continues to intensify. The NGT’s focus on both private and governmental responsibility in such matters signals a stronger commitment to safeguarding Delhi’s water resources and curbing environmental exploitation.

ED Raids Agra Real Estate Businessman’s Home Over Fraud Allegations

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December 19, 2024

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ED Raids Agra Real Estate Businessman's Home Over Fraud Allegations

The Enforcement Directorate (ED) raided the residence of Agra-based real estate businessman Prakhar Garg on Wednesday morning as part of an ongoing investigation into a Rs 9 crore fraud case. The raid took place at his home in Asha Villa, Dwarka Puram, under the jurisdiction of Hariparvat police station.

The ED team arrived early at 7 am, seizing important documents, laptops, and computers, which are now under scrutiny. Interestingly, Prakhar Garg, who is facing 25 fraud cases, was not present at his residence during the raid. A police officer on site confirmed that the ED’s investigation was ongoing, and no one was permitted to enter or exit the premises during the operation. The raid is linked to a fraud case filed two months ago involving Rs 9 crore, which follows a series of financial mismanagement allegations against Garg. This is not the first time Garg has attracted attention for legal issues. In October 2022, he was arrested by Agra police in a fraud case filed by lawyer Anurag Gupta. The case, originally filed in August 2021, accused Garg of misappropriating Rs 2.5 crore that was given to him for business purposes. Despite making profits, Garg allegedly failed to return the money, with a bounced cheque further fueling the allegations.

Prakhar Garg had previously made headlines in 2021 when he pledged a massive Rs 510 crore donation to the Vrindavan Corridor project, a high-profile venture. His legal troubles, however, seem to overshadow his business activities, with the ED’s ongoing investigation likely to uncover further details regarding the fraud claims. The raid signifies the intensification of the legal proceedings against Garg, whose business dealings are under close examination by authorities. The ED’s action comes as part of a broader effort to clamp down on fraudulent activities in the real estate sector and hold business figures accountable for financial misconduct. As the investigation unfolds, more details are expected to emerge, shedding light on the extent of Garg’s involvement in financial malpractices and the possible legal repercussions he faces.

Telangana Government Unveils New RoR Bill to Address Issues with Dharani Portal

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December 19, 2024

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Telangana Government Unveils New RoR Bill to Address Issues with Dharani Portal

Dharani portal since its introduction four years ago, the Telangana government has introduced a new Record of Rights (RoR) Bill. This move aims to address the concerns of farmers and landowners who have been facing challenges with land records management. The government has identified 10 key issues, including appeals in revenue courts, prohibited land parcels, corrections in land records, mutations, succession, and other related matters, and has incorporated them into the new bill.

One of the major concerns has been the backlog of over two lakh applications related to Dharani issues, many of which were pending in the revenue department. Additionally, lakhs of acres of land were placed on the prohibited list, preventing land transactions. Farmers often had to navigate bureaucratic hurdles, such as repeatedly visiting district collectorates and the Chief Commissioner of Land Administration (CCLA) offices for even minor corrections. The new Bhu Bharati Bill, part of the RoR Bill, seeks to streamline the process by incorporating new clauses, delegating powers to revenue officials, and reviving provisions from previous laws. These changes aim to resolve nearly all of the issues tied to the Dharani portal. The government has emphasized the introduction of a new appellate mechanism at various levels, allowing applicants to track the status of their applications directly through their mobile phones.

Revenue Minister Ponguleti Srinivas Reddy highlighted that one of the key focuses of the bill is resolving issues related to Part B land entries, which cover around 18 lakh acres. These land entries, which had digital signatures from revenue officials, were not receiving pattadar passbooks or access to subsidies like Rythu Bandhu. Once the issues are resolved, these farmers will be eligible for their passbooks and input subsidies. Previously, the process to correct land records on the Dharani portal could only be done through a court order. The new bill introduces provisions to correct errors in land records, including resolving disputes between private parties for Part B lands. Additionally, the bill aims to address complaints related to succession and mutation of properties. Under the existing system, auto mutation occurred immediately after land sales, gifts, or inheritance, without sufficient checks for fraud. The new RoR Bill allows tahsildars to initiate an inquiry into suspected fraud before processing the mutation.

Furthermore, the new bill expands the scope of the RoR Act, 2020, which previously applied only to agricultural land. The bill now includes Abadi land (land set aside for dwelling purposes) and Gram Kantam (village lands), allowing them to be registered. The introduction of these provisions, along with a clause to regularize Sada Bainamas (land sale transactions on plain paper), is expected to resolve over 9.24 lakh pending applications. The Telangana government is hopeful that the new Bhu Bharati Act will offer a comprehensive solution to longstanding land issues and improve land records management, ultimately benefiting farmers and landowners across the state.

Excavation for Commercial Building Causes Cave-In Near Navi Mumbai Highrise

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December 19, 2024

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Excavation for Commercial Building Causes Cave-In Near Navi Mumbai Highrise

Navi Mumbai, excavation work for a commercial building under construction triggered a cave-in near Mangal Tower, a residential high-rise in Sector 15, CBD-Belapur, on Tuesday night. The collapse of the drive-in area left residents panicked, with many rushing out of their apartments for safety.

According to Ranesh Kokate, the Fire Officer for CBD-Belapur, the rescue teams responded swiftly upon being alerted about the cave-in. “Upon receiving information about the road collapse, our rescue team immediately reached the location,” Kokate said. The cave-in caused visible cracks in the drive-in road within the Mangal Tower premises. As a precautionary measure, all residents were evacuated immediately to ensure their safety. The excavation work was being carried out by the developer of an adjacent commercial building, and it was found that the cave-in did not affect the structure of Mangal Tower itself. The NMMC’s engineering team conducted an inspection and confirmed that the building remained structurally sound. However, some residents chose to leave the building, locking their apartments and moving to relatives’ homes for added security.

Somnath Kekan, the additional town planning officer for NMMC, explained that the town planning department had summoned the VJTI team to conduct a thorough inspection and prepare a technical report to determine the exact cause of the cave-in. Once the report is received, the developer responsible for the excavation will be served with a notice, and legal action will follow.

This incident has raised concerns over the safety of excavation and construction work near residential areas, prompting local authorities to review safety protocols. While the building itself has been declared safe, the impact on residents’ peace of mind cannot be ignored. The situation highlights the need for stricter oversight and precautionary measures in the construction of commercial buildings, particularly when they are in close proximity to residential complexes. As authorities continue their investigation, it is expected that stricter guidelines for excavation work will be put in place to prevent similar incidents in the future.

Private Equity Investment in Indian Real Estate Soars by 32% in 2024

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December 19, 2024

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Private Equity Investment in Indian Real Estate Soars by 32% in 2024

Indian real estate has witnessed a remarkable surge in private equity (PE) investments, with $4.15 billion flowing into the sector in the calendar year 2024. This marks a significant 32% increase compared to the previous year, reflecting growing investor confidence across multiple segments of the market. The latest data from real estate consultancy Knight Frank India highlights that this influx of capital is largely driven by strong growth in the warehousing and residential segments.

The warehousing sector has emerged as a clear leader, attracting 45% of the total PE investments, amounting to $1.87 billion. This growth is indicative of the increasing demand for logistics and distribution centres as e-commerce and retail activities continue to expand. The residential sector, once facing challenges in post-pandemic recovery, has bounced back strongly, more than doubling its investment intake to $1.18 billion in 2024. This surge is a direct result of rising end-user demand, with homebuyers increasingly showing interest in affordable and mid-range housing projects.

The office segment, which has traditionally been a steady performer, accounted for 26% of the total private equity investment, amounting to $1.1 billion. Despite the challenges posed by remote working trends, the sector remains resilient, with continued demand for Grade A office spaces in key urban centres. As the economy rebounds, the demand for office spaces is expected to stabilise further, with a focus on flexibility and modern work environments.

The growing interest in these sectors is not only a sign of economic recovery but also a reflection of a shift towards more sustainable investments. The rise in demand for warehousing solutions, particularly those designed with energy-efficient features and green building practices, aligns with global trends of incorporating sustainability into real estate development. As the Indian real estate market expands, it is crucial for stakeholders to continue emphasising environmentally responsible projects that promote energy conservation and reduce carbon footprints, ensuring that future growth is both profitable and sustainable.

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