With the launch of the all new ‘YOO One’ luxury property, Pune has achieved the distinction of a city with the highest number (three) of YOO branded properties in the world.
YOO entered into Pune in 2012 through YOO Pune and YOO Vilas, both projects launched by Panchshil Realty, one of the largest developers of Pune.
The YOO One is a partnership between Trebeca Developers , a leader in branded residences and largest developer of Trump branded lifestyle and design oriented place maker. Susanne Khan is the interior designer for the project.
And Now Mini Smart Cities
After the Modi government’s flagship mission of 100 Smart Cities undertaken by the Union Ministry of Housing and Urban Affairs, the central government has embarked on another mission to create mini smart cities across the country.
As part of Azadi Ka Amrit Mahotsav, the Centre will convert 27 townships owned by the Central Public Sector Enterprises (CPSEs) into mini smart cities. All these townships are owned by Maharatna companies.
According to S K jain, Joint Secretary, Department of Public Enterprises, (DPE), the work to convert two CPSE towns into mini smart cities, has already been completed. These include NTPC’s Surat Township and Bharat Electronics Limited’s Bengaluru Township. It may be mentioned that the city of Surat has twice won the ‘Best Smart City’ Award instituted by the Ministry of Housing & Urban affairs. In 2019, it was the sole winner while last year it was declared joint winner with Indore.
Delhi Makes It to Best Student Cities
Delhi and Chennai have joined the select global list of best student cities on the basis of 2023 QS Best Student Cities Rankings.
Delhi and Chennai follow Mumbai and Bengaluru which are respectively ranked at 103 and 114. The rankings of cities are decided on the basis of six parameters. These include university rankings , student mix, desirability , employer activity , affordability and the views of students
Globally, as per the 2023 rankings by QS, London has bagged the top position as the Best Student City of the world. Thanks to its host of world famous academic institutions and universities, London has remained the top favourite city for the students from all over the world.
RERA Plan to Revive Projects Worth Over Rs 78000 Crore
In a first of its kind move, the Maharashtra Real Estate Regulatory Authority is working on a plan to revive stalled and lapsed projects worth Rs 78000 crore in value.
As per this plan, out of the total of 36000 projects registered by the Authority over the last 5 years, 4500 of lapsed projects on hold due to financial problems or issues related to regulatory approvals, will be revived.
For this purpose, Maharashtra RERA has formed a dedicated team to study the issues behind stalling of housing projects and provide end-t0-end solutions for their revival.
Agri Land Price Index
The Indian Institute of Management ,Ahmedabad (IIMA), a premier management institute, in collaboration with India’s first agri land marketplace- S Farms India, has launched IIMA-S Farms India Agri Land Price Index- ISALPI.
A first of its kind of land price index- ISALPI, will record and present quality controlled data of prices of agricultural land across India. The index is particularly important in terms of benchmarking land prices in rural and semi-urban areas. It will serve as a reliable source, signalling potential conversion of agricultural land into real estate.
Unlike financial assets, developing an index for land parcels is a complex task because of visible price differences in different listings caused by a slew of factors including the market wide supply-demand dynamics. The method adopted for the preparation of ISALPI addresses the disparities and ensures accuracy.
Metro Corridors Fuel Real Estate in Tier 2 Cities
The rapid spread of metro rail network across the country, especially in Tier 2 cities is contributing to the rising fortunes of real estate, triggering increase in land prices along metro corridors.
Metro lines have become a lifeline for many cities, serving as efficient public transport system. The successful implementation of any metro corridor always has a direct impact on real estate as it leads to an increase in land value besides a change in land use and increasing densification along the corridor. Metros and monorails, for example, make significant contributions to reduce traffic congestion . Thus, projects planned in the surrounding area see an increase in urban real estate value, as consumers are willing to pay more for convenience. According to JLL ,the Metro corridors in Tier 2 cities have seen 8-10 percent rise in land prices. Empirically, depending upon the location, land use, and micro market’s overall use, the value of properties is expected to go up 10-15% from current values with the launch of a metro corridor.
Apart from metropolitan cities, the metro rail transit plays a significant role in intracity transportation, which prompted the Central Government to propose Metro Lite, Neo-Metro, and Water Metro in Tier-II cities such as Lucknow, Patna, Jaipur, Ahmedabad, Pune, Kochi, and Coimbatore, which will provide an efficient mass public transportation system. It will provide individuals with convenient mobility to go to intra-city locations .
A.Shankar, Chief Operating Officer and Head, Strategic Consulting and Valuation advisory, India, JLL says that residential, as well as commercial market, has seen a steady growth along the metro corridors in Tier-II cities, owing to increase in developments alongside the routes. On average, the landowners with land near metro corridors under construction can command a premium of 5-7% and localities already well connected with metros can command a premium of 8-10%. Additionally, it has been observed that appreciation in land value has been on a rise after the metro operation and increase on an average by 5% annually over other locations, compared to the construction and planning phase.
The prices of residential properties in South Delhi rose 15-20% in the past five to six years, while the micro-market of Corridor-I and Corridor-III in Hyderabad saw rates rise 15-20% from 2018 to the first quarter of 2022, according to an assessment made by JLL. Anna Nagar Second Avenue, Thirumangalam pockets of Chennai saw an increase in land prices closer to metro stations by 15-35%. The micro-market in Bengaluru of CBD along with a few SBD locations like Indiranagar, CMH Road, Jayanagar, Malleswaram, Yeshwanthpur, Rajajinagar, saw rates rise 8-10% as soon as the east-west and north-south corridors opened for public use.
Several new Tier 2 cities are seeing the launch of metro corridors. Patna Metro Phase 1 has begun the construction of a 32.92 km metro line in 2020. Nagpur Metro has also approved a DPR for the expansion of a 48km Metro line. Coimbatore metro is also at DPR preparation stage.As per 2022 Union Budget, Agra, Meerut, Kanpur, Ahmedabad, Kochi, Pune, and other cities will have metro services by 2025. Kochi Metro Railway Phase 2 of 118.9 km and Chennai Metro Railway Phase II of 118.9 km would both receive central funding. The Bengaluru Metro Project- Phase 2A and 2B will receive INR 14,788 crores in funding. While the Nagpur Metro Project Phase II and the Nashik Metro Project would each receive INR 5,976 crores and INR 2,092 crores.All this will greatly transform the face of Tier 2 cities, in turn fast tracking the growth of real estate in these cities.