16 Apr 2024

Godrej Properties Ltd. (GPL) celebrated a remarkable achievement with their project, Godrej Zenith in Gurugram's Sector 89, recording sales of over 1,050 homes valued at INR 3,000 crore (USD 370 million). This milestone underscores the increasing demand for quality housing in Gurugram. As GPL's largest residential development in the city, Godrej Zenith's success paves the way for future projects in Gurugram, with launches planned in Sector 103, Sector 43, and Sector 54 in FY25. GPL's strong sales performance extends nationwide, with significant sales figures in Gurugram, Mumbai, and Noida, indicating a positive outlook for the real estate market.Read more

15 Apr 2024

The Haryana Real Estate Regulatory Authority (HRERA) has rejected an application by Godrej Developers and Properties LLP seeking extension of registration for their Godrej Air Phase 4 housing project in Sector 85, Gurugram. The original registration granted in 2018 was valid till 2023. However, deficiencies were observed in the extension application regarding project details and documents. Despite reminders by the authority, the deficiencies were not rectified. In February 2024, HRERA issued a final notice and has now rejected the application. It has also warned against third-party rights and advised caution for people to make any bookings. Godrej Developers said they are responding to queries and will make representations to set aside the order.Read more

12 Apr 2024

Gameskraft, an online gaming company, purchased an 8.61-acre plot of land in Gurugram, Haryana, for INR 90 crore. Documents revealed the transaction's completion on March 11, 2024, with Gameskraft Technologies Private Limited paying stamp duty of INR 6.3 crore and a registration fee of INR 50,005. The land, designated as agricultural, is situated in Balola village within Gurugram district's Wazirabad sub-tehsil. Despite legal challenges, Gameskraft reported a profit of INR 1,061.86 crore for the fiscal year 2022-23, marking a 14.1% increase. Additionally, the company contested a notice in the Karnataka High Court, resulting in its dismissal in May 2023.Read more

09 Apr 2024

The Municipal Corporation of Gurugram (MCG) has enforced self-certification of property tax data for all property transactions, including sale, purchase, lease, and rental registrations at the revenue department office. This decision, made in a recent review meeting chaired by MCG Commissioner Narhari Singh Banger, aims to ensure accuracy in property owners' data such as names, plot size, and address, consequently leading to precise tax bill generation. Property owners can self-certify their data via the government portal property.ulbharyana.gov.in, provided they clear any outstanding dues and obtain a no-objection certificate (NOC).Read more

PNT Reporter

04 Apr 2024

Sobha Developers Limited expands its footprint in Gurugram by acquiring Bengaluru-based BNB Builders for INR 29.5 crore. This strategic move aims to capitalize on Gurugram's growing real estate demand, particularly among businesses and young professionals. Sobha gains access to 2.03 acres of prime land in Sector 106, allowing potential development of luxury apartments or office spaces. Despite facing tax assessment orders totaling INR 45.8 crore, Sobha remains focused on project delivery and assures stakeholders of uninterrupted operations. Analysts view this acquisition as a diversification strategy to tap into Gurugram's market potential.Read more

PNT Reporter

15 Mar 2024

Welspun One, a prominent industrial real estate developer, recently sealed the sale of a substantial warehousing project in Gurugram for INR 900 million (approximately USD 11 million). This transaction underscores the escalating interest of both domestic and global investors in India's logistics sector. The project, spanning a vast 2.9 lakh sq. ft., strategically located near major highways, enjoyed full occupancy leased to a leading third-party logistics (3PL) player, showcasing Welspun One's proficiency. The company's innovative warehousing Alternative Investment Fund (AIF), amassing over INR 900 million, regulated by SEBI, facilitates local investor engagement in the burgeoning warehouse market.Read more

13 Mar 2024

Signature Global has planned to revolutionise Gurugram's real estate with upcoming projects spanning 8-10 million sq. ft. Strategically located in key sectors like 71, 84, and along Sohna Road, the company emphasizes affordability, pricing mid-income homes at INR 1-1.5 crore and upper mid-income at INR 4-5 crore. Despite a reported loss last fiscal year, they target INR 11,000-12,000 crore worth of projects by 2026, investing INR 1,000-1,200 crore annually for land acquisition. With strong sales performance and a robust pipeline, Signature Global has aimed to reshape Gurugram's real estate landscape, focusing on mid-income and upper mid-income segments.Read more

11 Mar 2024

Cricketer Virat Kohli has leased out 12 office spaces in Gurugram to Mynd Integrated Solutions for an annual rental of around INR 1 crore. Kohli's lease agreement includes 37 parking slots and a nine-year lease term with a 5% annual rent escalation. The deal, executed through Kohli's brother Vikas, marks the latest in a growing trend of Bollywood stars and celebrities investing in commercial real estate. Experts attribute this trend to the high rental yields offered by commercial properties compared to residential ones. In recent years, other celebrities such as Salman Khan, Amitabh Bachchan, and Ajay Devgn have also acquired commercial properties.Read more

08 Mar 2024

Signature Global, a prominent real estate developer, has achieved remarkable success with the sale of over 1,000 luxury flats in its latest project near Dwarka Expressway, Gurugram, fetching over INR 3,600 crore. The 'DE LUXE-DXP' project, offering diverse units, witnessed overwhelming demand, reflecting growing affluence and aspirations among consumers. With a commitment to quality and customer satisfaction, Signature Global's strong market positioning and successful sales highlight the robust demand for premium residential properties in Gurugram.Read more

04 Mar 2024

In Gurgaon, a hotbed of real estate activity, developers eagerly acquired prime land parcels through high-profile auctions led by HSIIDC. Recent transactions totaling INR 500 crore underscore the robust demand for residential properties in Haryana. Sector 80 emerged as a key development area, attracting significant land acquisitions. Prominent developers like Eldeco and Trehan Iris have announced plans for luxury projects, reflecting the city's growing allure. The surge in acquisitions and upcoming launches in Gurgaon and Delhi-NCR point to a promising outlook for the real estate sector in the area.Read more

01 Mar 2024

Smartworks, a New Delhi-based co-working firm, secures 100,000 square feet of office space in Gurugram's RK Four Square Complex, accommodating up to 1,000 desks. Priced at INR 20,000 per month per desk, this move caters to rising demand for flexible office solutions. The expansion aligns with Smartworks' mission to provide innovative workspace solutions across India, supported by recent funding boosts. The co-working sector, as projected by Vestian, anticipates substantial growth, reaching 81 million square feet by 2025.Read more

29 Feb 2024

ASK Property Fund announces a INR 120 crore investment in TREVOC's luxury housing project in Gurugram, enhancing its prime location and revenue prospects. TREVOC will contribute INR 80 crore to the venture, underlining their commitment to crafting a unique living space. The investment, drawn from ASK Real Estate Special Opportunities Fund IV, underscores ASK Property Fund's focus on high-potential micro markets in India's top 6 cities. With over 175 residential units spread across a two-acre plot, the project anticipates an aggregate revenue potential of INR 800 crore over five years, signaling confidence in Gurugram's real estate landscape and the luxury housing sector's growth.Read more

29 Feb 2024

Amid prolonged delays in Gurugram's affordable housing projects, the Department of Town and Country Planning (DTCP) has stepped up its actions. Directives have been issued to developers of 50 projects to submit comprehensive status reports, emphasizing adherence to timelines. Concerns over sluggish progress have prompted DTCP to convene a review meeting with developers, aiming for compliance with licensing terms and project milestones. Escalation to higher authorities is planned for unresolved delays. Simultaneously, the Municipal Corporation of Gurugram (MCG) is cracking down on property tax defaulters, sealing properties and disconnecting utilities. Despite challenges, these proactive measures signal a concerted effort to address housing delays and boost revenue collection, fostering optimism among stakeholders.Read more

27 Feb 2024

Smiti Agarwal, director at Wesbok Lifestyle Pvt Ltd and spouse of V Bazaar CMD Hemant Agarwal, secures a sprawling apartment at The Camellias by DLF, Gurugram, for Rs 95 crore. The opulent 10,813 sq. ft space comes with five parking spots. The transaction, completed on January 18, 2024, underscores the allure of prime properties in the region while the recent surge in property values at The Camellias echoes a broader trend across DLF's Golf Links projects. With 15% of buyers upgrading from nearby complexes. It marks a milestone in Delhi-NCR's upscale real estate market, reshaping luxury living standards in Gurugram.Read more

23 Feb 2024

Godrej Properties Ltd (GPL), a prominent Indian real estate developer, has taken a proactive and customer friendly approach in tackling the problems concerning the Godrej Summit project in Gurugram. Following concerns over construction quality, over 100 homeowners recently opted for a buyback offer extended by the company. In addition, GPL is said to have earmarked INR 155 crore for repairs, addressing chloride-related corrosion in concrete. The company has extended repair deadlines to ensure a thorough completion by December 2024 under the guidance of IIT Delhi. GPL has vowed to prioritize resident satisfaction, engaging with residents and collaborating with experts to ensure project quality and safety.Read more

22 Feb 2024

Haryana's Real Estate Regulatory Authority (H-Rera) has issued a stern warning to banks in Gurugram against allowing developers to withdraw funds from the regulator's accounts in violation of prescribed norms. In a letter dated Feb 12, H-Rera emphasised non-compliance with the Real Estate (Regulation and Development) Act 2016, where developers must deposit 70% of collected funds into separate accounts for specified project expenses. The authority stressed the importance of banks ensuring compliance and notified developers of potential penalties, including up to 5% of the project's cost, for violations.Read more

09 Feb 2024

Rikant Pittie, co-founder of EaseMyTrip, made headlines with his purchase of a INR 99.34 crore commercial property in Gurugram's Sector 32. The property spans 4,050 square meters near Rajiv Chowk and boasts a built-up area of 1,00,429 square feet. Pittie, known for transforming his teenage travel agency into EaseMyTrip.com, has become a major player in online travel. EaseMyTrip has seen remarkable growth and remains profitable since its inception in 2008. Pittie's latest acquisition reflects his commitment to expanding his business empire.Read more

23 Jan 2024

Bangalore-based real estate developer Sobha Ltd has completed a Rs 121 crore payment to Gurgaon-based Chintels India Pvt Ltd for land within their joint venture project, Sobha International City. This involves two separate land parcels, 2 acres and 5.8 acres, with a stamp duty payment of approximately Rs 8.5 crore. The transaction follows Sobha's record-breaking performance in Q2 2023. The deal includes the transfer of a commercial portion of the licensed land and a plot initially allocated for the clubhouse. Despite controversies surrounding Chintels India's Chintels Paradiso project, the recent land transfer is unrelated, emphasizing the continued collaboration in real estate development in the National Capital Region.Read more

17 Jan 2024

The revision of circle rates in Gurugram, initially slated for January 1, is now expected to be implemented from February 1, with a proposed 30-80% increase across property categories. The Haryana government's draft proposal, released for public review in December, outlines significant hikes in circle rates for various areas, including Golf Course Road and Farrukhnagar. Deputy Commissioner Nishant Yadav emphasized that the rate adjustments aim to bridge the gap between circle rates and market prices, with the final rates based on property registry amounts in 2023.Read more

11 Jan 2024

Real estate giant DLF reported a remarkable achievement, selling over 1,000 luxury housing units in its pre-launch phase for the Privana South project in Gurugram. The sales, totaling Rs 7,200 crore, were completed within three days, showcasing high demand. Covering 25 acres in Sectors 76 and 77 of Gurugram, the upscale community offers 1,113 well-thought-out premium homes. DLF emphasized its commitment to high-rise luxury developments and strategic positioning near Southern Peripheral Road, NH-48, Dwarka Expressway, and Central Peripheral Road. This success follows DLF's similar feat in March 2023, underscoring sustained demand for its upscale offerings.Read more