Periyar Nagar Government Hospital To Be Bigger in 2025

 Construction of news buildings for the govt hospital at Periyar Nagar is expected to be completed by March 2025. The expansion will increase the bed capacity from 300-827, besides offering additional healtcare servtices that will significantly improve access for about 15 lakh residents. Established in 1986 as a 100-bed facility, the Madras Medical College-affiliated  facility was intended sygeries to ease overcrowding at Rajiv Gandhi Govt General Hospital https://www.tn.gov.in/ta/detail_contact/4422/4 ( RGGGH ). In 2021, height of the Covid-19 pandemic, it was upgraded to a300-bed facility. Besides maternity services, patients come to the hospital for laparoscopic appendectomy, hernia repair, removal pf gallbladder stones, skin grafting, and other plastic surgeries. 

The hospital aims to become an organ havest centre and start PG Courses, said around of medical education, Dr J Sangumani. The hospital, which currently has around 20 doctors and 23 nurses, has requested additional stagg. RGGGH deam Dr E Theranirajan said the upgraded facility will have more staff. 

An Upgraded hopsital will provide most secondaty care services closer to home free of cot. 

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DMART buys land in Mumbai's Chandivali 

Avenue Supermarkets that owns and operates the DMart https://www.dmartindia.com/ supermarkets chain gas purschased a 1.2-acre plots in Mumbai's Chandivali suburb for over Rs 117 crore, as the company continues to acqurie properties as part of it's growth strategy. The land currently houses a ground-plus one industrial structure.The plot falls under the industrial zone and the compony is looking to develop it s either a retail shopping centre or a commerical building. Apart from the existing floor space index ( FSI ) https://fsi.nic.in/ available on the plot, the company has purchased 2.5 additional FSI, or permission to develop 26,000 sqft, from the civic authority.

The billionaire Radhakishan Damani promotes company has paid a stampduty of Rs 7.03crore for the transaction that was registered on May 6, accroding to documents accessed through real estate data analysis platform CRE Matrix https://www.crematrix.com/

Avenue Supermarkets and Damani did not respond to emails seeking comment till the time of going to press. The company management had last year told analysts that it was planning to mantain its target of opening 40 outlets in financial year, as store expansions has been a key focus area for the retailer. Avenue Supermarkets opened its first store in 2002 in the Powai suburb of Mumbai.It currently operates stores in Maharashtra, Gujarat, Andhara Pradesh, Madhya Pradesh, Karanataka, Telanagana,Chhattisgarh, the National Capital Region, Tamil Nadu, Punjab and Rajasthan. The Mumbai-headquartered company owns brands like DMart https://www.dmartindia.com/, DMart Minimax  , DMart Premia, DHomes, and Dutch Harbour. 

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Aadhar Housing Finance IPO subscribed 1.48 times

The initial public offering https://www.ipindia.gov.in/ (IPO) of Aadhar Housing Finance https://aadharhousing.com/, which is backed by private equity major Blackstone, received 1.48 times subsciption on Thusrday, the second day of bidding. The Rs,3000 crore IPO got bid for 10,35,89,316 shares against 7,00,89,373 shares on offer,according to NSE data. Qualified Institutional Buyers https://www.angelone.in/finance-wiki/market-entities/qualified-institutional-buyers-qibs  (QIBs) portion received 2.05 times subscription while the quota for non-institutional investors got subscription while the quota for non-institutional investors got subscribed 1.9 times. The Retail Individual Investors ( RIIs) part received 94 percent subscription. 

 The IPO of Adhara Housing Finance is a combination of fresh issue of equity shares worth Rs 1,000 crore and an OFS (Offers for Sale) of Rs 2,000 crore by promoter BCP Topco VII Pvt Ltd, an affiliate of Blackstone Group Inc. Currently, BCP Topco holds a 98.72per cent stake in Aadhar Housing Finance. The three day IPO has a price range of Rs 300-315 a share. Aadhar Housing Finance Ltd on Tuesday said it has mobilised Rs 898 crore from anchor investors. 
The company benefits from the resources, relationships and expertise of Blackstone, one of the world's leading investment firms. ICICI Securities https://www.icicibank.com/, Citigroup Global Markets Indiahttps://www.citigroup.com/global , Kotak Mahindra Capital Company https://www.kotak.com/en/home.html, Nomura Financial Advisory and Securities https://www.nomuraholdings.com/company/group/asia/nfaspl.html (India), and SBI https://www.sbicaps.com/Capital Markets are the manager to the offer.
 

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No construction at Jaypee Wish Town as YEIDA,

Over 20,000 homebuyers waiting for their flats in Jaypee Wish Town for over a decade now have their eyes set on the National Company Law Appellate Tribunal verdict on a petition filed by the Yamuna Expressing Authority https://yamunaexpresswayauthority.com/ ( YEIDA ) challenging an NCLT order approving the insolvency resolution submitted by Suraksha Group for the Jaypee Infrated Limited http://jaypeeinfratech.com/ ( JIL ). 

YEIDA approached the appellate tribunal after the NCLT on March 7 last year rejected its claim seeking Rs 1,689 crore for payment of additional compensation to formers. The NCLT had limited the sum to Rs 10 Lakh considering YEIDA as an operational creditor. 

 In 2011, lands in the district of Gautam Budh Nagar were procured at the rate of a mere Rs 880 per sqm. In 2024, the lands are being allotted at a substantially higher rate of Rs 25,900 per sqm, displaying an increase of over 2,800% in market valu. Noida International Airport at Jewar, the linking of the Yamuna Expressway with the Delhi-Mumbai Expressway and the Dedicated Freight Corridor. 

YEIDA also found a reduction of the additional compensation amount of Rs 1,689 crore. Suraksha proposed a deduction od Rs 143 crore stating Noida Authority has paid additional compensation to farmers. 

In 2020-2021, the toll collection was Rs 334.18 crore, which rose to Rs 380.03 crore in 2021-2022. In the last financial year ( 2022-2023 ), the toll collection was Rs 428.91 crore. 
 

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Microsoft buyers land in Hyderabad  for Rs 267cr to build data centre 

The property was purchased from the land aggregator, Sai Balaji Developers, located in Ranga Reddy district, as per the document shared by Propstack, a data analytics firm.

 Microsoft's https://www.microsoft.com/en-in Hyderabad data centre region is an addition to its existing network of three regions in India - Pune, Mumbai, and Chennai - which have been operational for the past five years. Microsoft had also acquired two more land parcels in Hyderabad for the data centre business.

 Microsoft currently operates an India Development Centre (IDC) https://www.idc.com/ out of Hyderabad spread over 54-acre apart from Bengaluru and Noida. The IDC has played a pivotal role in the development and progression of Microsoft's technological offerings, such as Azure, Windows, Office, and Bing. Separately, over the past two years, the organisation has been increasing its presence in the flexible office space segment throughout the country.
 

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Housing Market Booms As Credit Soars

The Indian housing sector is experiencing a significant upswing, with credit outstanding reaching an all-time high of Rs 27.23 lakh crore in March 2024. This surge, according to the Reserve Bank of India's https://www.rbi.org.in/ (RBI) data on 'Sectoral Deployment of Bank Credit https://rbi.org.in/Scripts/Data_Sectoral_Deployment.aspx,' represents a nearly Rs 10 lakh crore increase over the past two fiscal years. 

Pent-up Demand Drives Growth

Experts from both the banking and real estate sectors attribute this growth to a robust revival in the residential property market post-COVID-19 pandemic. Suppressed demand from the past two years is finally being realised, leading to a surge in home-buying activity. 

Data Unveils Housing Loan Growth

The RBI data reveals a substantial rise in housing credit outstanding, encompassing both priority sector housing and regular housing loans. In March 2024, the credit outstanding stood at Rs 27.22 lakh crore, a significant increase from Rs 19.88 lakh crore in March 2023 and Rs 17.26 lakh crore in March 2022.

Commercial Real Estate Sees Uptick

The data also indicates a rise in credit extended towards commercial real estate. In March 2024, the credit outstanding for this sector reached Rs 4.48 lakh crore, compared to Rs 2.97 lakh crore in March 2022.

Increased Property Launches and Sales Fuel Loan Growth

Samir Jasuja, CEO and MD of a leading real estate data and analytics firm, offers another perspective. He emphasises the significant increase in property launches and sales over the past two fiscal years as a primary reason for the rise in housing loans. Major Tier-1 cities have witnessed substantial price appreciation, ranging from 50 per cent to 100 per cent since FY 2021, contributing to a larger average loan size per property. Jasuja expects the housing loan segment to maintain its upward trend as the demand for residential real estate remains strong.

Long-Term Optimism for Housing Market

The Indian real estate sector, which supports over 200 ancillary industries like cement and steel, has witnessed a resurgence in demand since 2022. This follows a period of over a decade characterised by subdued sales and stable prices. While disruptions caused by RERA (Real Estate Regulation and Development Act), GST https://www.gst.gov.in/ (Goods and Services Tax), and demonetisation impacted the sector, the renewed emphasis on homeownership post-pandemic has fueled a comeback. Industry experts even anticipate the sector to reach a landmark USD one trillion milestone by 2030.

Realtors Seek Increase in Tax Benefits

Real estate industry bodies like CREDAI and NAREDCO are lobbying the government to further boost housing demand by increasing tax sops on home loans. They propose raising the deduction allowed on home loan interest payments from the current Rs two lakh to Rs five lakh.

Long-Term Outlook Remains Positive

The long-term outlook for the housing market appears bright, with industry experts expecting the credit growth trend to continue alongside strong demand for residential real estate. Realtors believe the sector is likely in the second or third year of a long-term upcycle. 

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New Pamban Bridge construction in full swing 

Exciting developments are underway in Rameswaram as the construction of the new Pamban Bridge is in full swing. This monumental project, undertaken by the Southern Railway https://sr.indianrailways.gov.in/, promises to revolutionize transportation infrastructure in the region and beyond.Spanning an impressive 2,070 meters (6,790 ft), the new Pamban Bridge will stand as India’s first vertical lift sea bridge, representing a significant milestone in engineering and innovation. With an estimated cost of Rs 550 crores, this state-of-the-art structure is poised to redefine connectivity and accessibility along the southern coast of India. The bridge will feature 100 spans across the sea, with 99 spans measuring 18.3 meters and one span extending to 72.5 meters. This innovative feature ensures seamless passage for larger ships beneath the bridge, facilitating smoother navigation and enhancing maritime traffic efficiency.

Beyond its functional advantages, the new Pamban Bridge represents a triumph of modern engineering, integrating cutting-edge techniques and materials to enhance durability and longevity. The meticulous planning and execution of the project are evident in the procurement and assembly of all electromechanical equipment, paving the way for successful trial runs and eventual operational readiness.

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Builders in Germany to strike in latest blow to troubled construction sector

Among other things, the deal proposed a raise of 250 euros per month from May 1,2024, with a further increase on April1,2025, of 4.51% in eastern Germany. 

The German Construction sector faces its first nationwide strike since 2002 after employes rejected a deal on Friday that independent negotations had hoped would slove their dispute overthe wages of some 930,000 workers. 

Now we strike, massively," Robert Feiger, head of the IG BAU union, said in a statement. 

Shortly before, employers had said they could not accept the arbitrated deal, which had been accepted by the union in the late April. Among other things, the deal proposed a raise of 250 euros per month from May 1,2024, with a further increased  on April 1,2025. 

Germany's construction sector is already struggling with a rapid rise in interest rates and costs, putting an end to a years-long surge fuelled by low rates and strong demand. 

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Shriram Properties acquires four acre land parcel in Bengaluru 

Shriram Properties https://www.shriramproperties.com/contact-us will develop a residential project encompassing around four lakh sqft of aggregate seleble area. 

This project has revenue potential of over Rs 250 crore. Shriram Properties (SPL) has acquired a four acre land parcel in Chandapura, near Electronic City, Bengaluru. The company will develop a  residental project encompassing around four lakh lakh sq ft of aggregate saleable area, comprising approximately 350 apartments. This project has revenue potential of  over Rs 250 crores and is expected to be develop over the next three years. It is expected to launch during  the current financial year. SPL has a pipeline of 47 projects with 51 million sq ft of saleable area, including 25 ongoing projects with aggregate saleable area of 23.5 million sq ft as of March 31, 2024.
 

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Bengaluru’s Mantri group tells SC it has given possession in its delayed project, but flats don’t have an OC.

Supreme Court https://www.sci.gov.in/  hearing, Bengaluru-based developer Mantri Castles Private Ltd told the apex court that it had offered possession to buyers of flats in its delayed Mantri Serenity project. On April 30, the Supreme Court (SC) took cognisance of the issue based on submissions made by Senior Counsel Bishwajit Bhattacharyya, who is representing the homebuyers. 

About 48 homebuyers from the delayed project had approached the SC after the developer failed to offer possession between 2015 and 2019.

The company told the court on April 2, 2024, that letters of possession had been issued to all buyers, yet several had not taken possession of their flats.

Buyers had initially moved the National Consumer Disputes Redressal Commission (NCDRC) https://ncdrc.nic.in/ when the developer did not deliver their homes within the promised timeframe. Based on the NCDRC's advice, 48 buyers who had booked flats between 2013 and 2016 for Rs 75-95 lakh, approached the Supreme Court.

"Homebuyers have still not been given possession despite having paid about 100 percent of the amount. The court directs that the concerned flats/property/premises be handed over to the appellants within one week," the order dated November 7 said.

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Greater Chennai Corporation identifies 25 hospota where construction debris gets dumped regularly

Those responsible, including private parties and government contractors responsible for laying roads and constructing storm-water drains, have been heavily fined, says GCC Commissioner J. Radhakrishnan. Construction debris continues to be dumped in many public places across the city, with the Greater Chennai Corporation (GCC)  identifying 25 hotspots. 

GCC Commissioner J. Radhakrishnan said repeated dumping of debris was taking place mainly in parks and their vicinities and near Metro Rail stations. “Debris continues to be dumped in the pathways behind Arupadai Veedu Murugan temple in Besant Nagar Valmiki Nagar in Thiruvanmiyur.

Construction debris continues to be dumped in many public places across the city, with the Greater Chennai Corporation (GCC) https://chennaicorporation.gov.in/gcc/ identifying 25 hotspots.

GCC Commissioner J. Radhakrishnan said repeated dumping of debris was taking place mainly in parks and their vicinities and near Metro Rail stations. “Debris continues to be dumped in the pathways behind Arupadai Veedu Murugan temple in Besant Nagar. This has been going on since 2018. Initially, they were dumping small amounts, but now, they dump large amounts of debris,” said G. Surendran, a resident of the area.

The debris was temporarily cleared for laying a road, which itself is a violation, he says. “If the road is laid, heavy vehicle movement will begin and debris may be dumped in several places inside the area,” he said.

Valmiki Nagar in Thiruvanmiyur is another hotspot.

The rise in real estate development has also been cited as an issue by many. According to the Confederation of Real Estate Developers’ Associations of India (CREDAI), Chennai Chapter, the real estate market has seen a boom after seven years across the State, including Chennai.

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Housing Loan: How to Choose the right home loan lender. 

Selecting the appropriate home loan lender is a vital step in the home-buying process. It can  influence not just the interest rate you receive, but also the overall cost, simplicity, and transparency of the transaction. However, it’s important not to rush into making this decision. Instead, take the time to secure quotes from a few lenders to compare interest rates, fees, and terms.

The factors to consider when deciding on the right lender for your needs.

1.Verify the lenders credibility: 

lender’s credibility, reputation, and history is essential before relying on them to finance your home.

2. Examine interest rate: 

Interest rates and loan terms are key aspects to consider when selecting a home loan lender, as they play a significant role in determining the affordability of your home purchase.

3. Check the loan Terms: 

The loan conditions and repayment alternatives offered by various lenders. Seek out flexibility in terms of the duration of the loan, enabling you to select a repayment period that aligns with your financial abilities

4. Pay attenction to the paperwork: 

Being aware of the necessary documents in advance enables you to gather everything efficiently. Familiarizing yourself with the lender’s approval process helps set realistic expectations. You will gain insight into the qualifications they look for, credit score prerequisites, and the expected timeframe for approval.

5. Factors in the expanses: 

Each lender may have different fee structures, such as origination fees, appraisal fees, and closing costs, so it is important to compare these costs among potential lenders. By doing so, you can fully comprehend the financial impact of the loan.

6. Transparenc Matters: 

When selecting a lender for a home loan, it is important to be mindful of any unforeseen expenses that certain lenders may impose following approval. The lender should openly provide all loan terms, flexibility options, available loan products, and necessary documents. This allows you to compare offers accurately and select the loan that best aligns with your needs.

Selecting the appropriate lender for your home loan is critical and can have enduring effects on your financial well-being. By adhering to these guidelines, you can identify a trustworthy lender to assist you in achieving your homeownership aspirations.

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