07 Jan 2025

For the first time, the Sabarmati Riverfront will witness a mixed-use development project that combines residential apartments and commercial spaces. The Sabarmati Riverfront Development Corporation Limited (SRFDCL) has invited proposals for the sale of development rights for a strategically located 5,710 sq m plot near Keshav Nagar on the river's western bank. The project will include commercial spaces up to four floors and residential units above, with a height cap of 52.17m. The base price for the rights is INR 128.80 crore, with bids closing by the end of January 2025. The project is expected to be completed within four years.Read more

06 Jan 2025

The Indiramma housing scheme is offering beneficiaries the flexibility to design their homes. The government will provide INR 5 lakh in financial assistance for constructing up to 400 sq ft, including a mandatory kitchen and toilet. Those wishing to expand beyond 400 sq ft can use personal funds. In its first phase, nearly 5 lakh eligible land-owning families will benefit. Ongoing surveys are verifying land and applicant details, with over 35 lakh of 80 lakh applications already reviewed. The state has pledged to support applicants denied central funding and is exploring options for material procurement assistance. The scheme emphasizes empowerment, autonomy, and housing accessibility.Read more

06 Jan 2025

Vibha Shanghvi, part of Sun Pharmaceuticals' promoter group, has purchased two luxury apartments in Mumbai's Worli for INR 130 crore. Located in the under-construction Naman Xana tower, the properties span 6,458 and 5,813 sq. ft., priced at INR 65 crore each, with rates exceeding INR 1 lakh per sq. ft. The high-profile acquisition reflects Mumbai's thriving luxury real estate market, driven by strong demand and high-net-worth buyers. Recent similar transactions, including one by Barnsley Football Club's owner, highlight the growing appeal of upscale properties in South Mumbai. Analysts anticipate continued momentum in the city's premium real estate segment.Read more

06 Jan 2025

The redevelopment of Mata Ramabai Ambedkar Nagar and Kamgar Nagar, key slum pockets along Mumbai's Eastern Express Highway, has faced delays despite earlier commitments. Over three months after former Chief Minister Eknath Shinde distributed rental cheques to residents, progress remains stalled due to the Mumbai Metropolitan Region Development Authority (MMRDA) not receiving possession of the required land. The Slum Rehabilitation Authority (SRA) attributes the delay to ongoing valuation processes overseen by a government committee. The project, initiated to rehabilitate 16,575 households and generate commercial opportunities, now faces uncertainty as administrative hurdles persist.Read more

06 Jan 2025

Nearly 4,000 families residing in Jaypee Greens Kosmos, Noida, face a challenging situation as the maintenance agency, JAL-FMG, announced plans to cease operations, including housekeeping and security services. The apartment owners' association (AOA), set up in 2022, is unable to assume responsibility due to a lack of financial transfers and unresolved issues, including incomplete infrastructure and unpaid dues by the developer. Residents are concerned about potential disruptions to water and electricity supply. Meanwhile, Suraksha Realty Ltd, responsible for completing the project, has also failed to mobilise necessary resources as per its resolution plan. A mediation meeting involving the Noida Authority, the developer, and the AOA is expected soon to address the impasse.Read more

03 Jan 2025

The Delhi Development Authority (DDA) announced multiple housing initiatives, including a 25% discount on flats for construction workers, auto and cab drivers, women, and other disadvantaged groups. These flats are located in Narela, Siraspur, and Loknayak Puram. Another scheme, the DDA Special Housing Scheme 2025, offers 110 flats in premium localities like Vasant Kunj and Dwarka. Additionally, the DDA approved changes to land use in Shakurbasti and introduced modifications for setting up fuel stations and policies for EWS unit disposal. The schemes aim to provide affordable housing and cater to various societal needs.Read more

03 Jan 2025

WeWork India has leased 1.26 lakh sq ft across three floors in the Lightbridge commercial tower, Andheri East, Mumbai, with operations commencing in August 2025. The INR 1.38 crore monthly rental over the five-year lease underscores WeWork's strategic expansion in flexible workspaces amid rising demand for hybrid work models. The Lightbridge tower, a joint project by Gamma Constructions and Srishti Group, highlights the sector's resilience, with flexible operators accounting for 20% of new leases in India. WeWork's portfolio now spans over 8 million sq ft across 62 locations, cementing its role in reshaping India's commercial real estate market.Read more

03 Jan 2025

Shriram Properties Limited (SPL) has sold a 3.9-acre land parcel on Chennai's GST Road for INR 93 crore to a prominent South Indian healthcare and educational group. This land, previously designated for retail development, is located near SPL's fully operational 4 MSF office complex and a 2 MSF residential project, Shriram Park 63. The sale aligns with SPL's strategy to divest non-core assets and redirect funds towards its core focus on mid-market and mid-premium residential projects in cities like Bengaluru, Chennai, and Kolkata.Read more

03 Jan 2025

Dharavi Redevelopment Project Pvt Ltd (DRPPL), responsible for the redevelopment of Dharavi, Asia's largest slum in Mumbai, has rebranded as Navbharat Mega Developers Pvt Ltd (NMDPL). The change has been approved by both the company's board of directors and the Ministry of Corporate Affairs. NMDPL is a joint venture between the Government of Maharashtra and the Adani Group. While the Adani Group holds an 80% stake, the Maharashtra government retains a 20% share. The rebranding aims to distinguish the company from the Dharavi Redevelopment Authority (DRP), the state government agency overseeing the project. In November 2022, Adani Properties won the rights to lead the INR 20,000-crore project.Read more

02 Jan 2025

In 2024, apartment sales in Greater Mumbai and Thane saw a slight decline, with Greater Mumbai experiencing a 3% drop and Thane a 6% drop compared to the previous year. However, Navi Mumbai saw a significant growth of 23%. The Mumbai Metropolitan Region (MMR) as a whole recorded sales of 1,55,335 units, with Greater Mumbai contributing to 69% of these sales. The report from Anarock Property Consultants also noted a reduction in new supply, particularly in Mumbai and Navi Mumbai, while Thane saw a slight decline in new launches. Additionally, the region's unsold stock saw a reduction, particularly in Greater Mumbai.Read more