14 Jan 2025

The Nagpur Improvement Trust (NIT) plans to redevelop its Sanskrutik Sankul building on North Ambazari Road into a 13-storey mixed-use complex, combining commercial and residential spaces. The project, executed under a Public-Private Partnership (PPP) model, will be constructed on a one-acre plot adjacent to the MahaMetro Aqua Line, benefiting from a higher Floor Space Index (FSI). The developer has agreed to pay a premium of INR 120.46 million, with construction costs estimated at INR 200 million. The complex will feature parking, commercial spaces, a banquet hall, a starred hotel, and residential units. NIT will retain two floors for office use, with shopkeepers compensated and relocated.Read more

14 Jan 2025

Mumbai's office space leasing hit a milestone of 12.1 million sq. ft in 2024, with the October-December quarter alone contributing 5.6 million sq. ft, fueled by the BFSI sector (45%), flexible space operators (15%), and research and consulting firms (11%), according to CBRE. Nationally, office leasing across nine major cities reached a historic 79 million sq. ft, marking a 16% YoY growth. Green-certified office spaces saw robust demand, making up 56% of leasing activity in Q4. With sectors like BFSI and technology driving demand, Mumbai accounted for 15% of India's total office space absorption, solidifying its role in shaping market trends.Read more

14 Jan 2025

The Supreme Court is reviewing proposals from two developers - Oberoi Realty Ltd and Valor Estate Ltd (formerly DB Realty Ltd), for Sahara's Versova property redevelopment while demanding a deposit of INR 1,000 crore from each. This step aims to address Sahara's outstanding liabilities of INR 10,000 crore, part of the INR 25,000 crore owed as per a 2012 directive. The court emphasised there is no restriction on Sahara selling its properties, including through joint ventures, to meet financial obligations. While INR 15,000 crore has been deposited in the SEBI-Sahara Fund, the dispute over the remaining amount continues, and the court is pressing for faster resolution.Read more

13 Jan 2025

The Mumbai Metropolitan Region (MMR), which includes Greater Mumbai, has seen a 5% annual growth in residential property prices in 2024, with a weighted average price of INR 8,277 per sq. ft., according to a recent Knight Frank India report. Central and South Mumbai led this growth with price appreciations of 8% and 7%, respectively. While properties priced above INR 50 lakh accounted for a significant portion of transactions, a notable shift was observed towards the INR 1 crore to INR 2 crore segment. The city's residential sales in the INR 20 crore to INR 50 crore category grew by 143%, reflecting robust demand for premium housing. This growth was bolstered by transformative infrastructure projects like the Mumbai Coastal Road and Metro Lines, enhancing connectivity and boosting market confidence.Read more

13 Jan 2025

East Bengaluru's residential market witnessed an 87.4% YoY surge in supply, driven by a 33.6% increase in capital appreciation and an 11.4% rise in rents, according to Magicbricks. Budigere Cross led the growth with a 190% rise in supply and a 48% increase in property values, followed by Whitefield (91.35%), HSR Layout (83.3%), and Sarjapur (75%). The surge is fueled by infrastructure upgrades, including connectivity via Old Madras Road, Outer Ring Road, and Namma Metro. Premium housing demand surged, with INR 10,000 psf properties comprising 37% of the demand. East Bengaluru continues to solidify its position as a prime residential hub.Read more

13 Jan 2025

Residential projects under construction in India's major cities recorded remarkable price growth in 2024, with Gurugram's New Gurugram micro-market seeing a 55% year-on-year increase, according to Savills India. Other hotspots included Bengaluru (25% appreciation), North Goa (16%), and Mumbai (10%). Noida's premium segments also showed robust growth, with up to 16% increases in some areas. The luxury housing market flourished, with Gurugram adding 16,140 new units, a 150% jump. Rising construction and land costs, coupled with strong demand for spacious homes, fueled the trend. Stable interest rates from the RBI further bolstered buyer confidence, indicating sustained momentum in India's real estate market.Read more

10 Jan 2025

Maharashtra's Deputy Chief Minister Eknath Shinde, who also oversees the housing ministry, reviewed the department's progress and revealed plans to build 100,000 homes for mill workers. He emphasized that the state's new housing policy should focus on affordability, sustainability, and environmental friendliness. He also addresses the need for accelerating stalled redevelopment projects, particularly in Mumbai. Shinde also mentioned that Maharashtra will be the first state to introduce a housing policy for senior citizens. Various housing initiatives, including those for students, women workers, and workers in general, are underway.Read more

10 Jan 2025

The Noida Authority has directed Suraksha Realty to take over the maintenance of Jaypee Kosmos after the developer's subsidiary ceased operations on January 1, 2025. The maintenance services, including housekeeping and security, had been suspended, and residents were left without support. Despite proposals from Suraksha to hand over maintenance to the apartment owners' association, the Noida Authority determined that the project was far from complete. The residents raised concerns about incomplete infrastructure and the lack of green spaces, and Suraksha was instructed to provide a comprehensive breakdown of common areas for verification.Read more

10 Jan 2025

The Department of Town and Country Planning (DTCP) has uncovered violations in around 7,500 of the 15,000 houses surveyed across DLF Phases 1 to 5. The issues include illegal construction and commercial activities such as guest houses and paying guest accommodations in residential buildings. The survey is part of a broader crackdown following a petition by Resident Welfare Associations (RWAs) in DLF City. While the DTCP has sealed properties found violating norms, enforcement challenges persist. Further actions are expected after a hearing in the Punjab and Haryana High Court on January 10.Read more

10 Jan 2025

With Navi Mumbai International Airport (NMIA) nearing full-scale operations by mid-2025, the long-delayed Navi Mumbai Airport Influence Notified Area (NAINA) project has regained focus. Spanning 94 villages, NAINA's development plan is being implemented via Town Planning Schemes (TPS), with CIDCO addressing illegal constructions, engaging landowners, and initiating infrastructure projects worth INR 2,550 crore. Land-pooling offers landowners 40% of developed land to minimize displacement, encouraging cooperation. TPS 1 and 2 are ready for property transfers, while others are under review. The project, crucial for Navi Mumbai's growth, depends on sustained collaboration and proactive measures to unlock its full potential as a thriving urban and investment hub.Read more