30 May 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) announced that ridership on Metro Lines 2A and 7 has surpassed 100 million. Achieved within 1.5 years of its January 2023 inauguration, this milestone highlights the Metro's transformative impact on Mumbai's public transport. Lines 2A and 7, costing INR 12,000 crore, cover a 37 km corridor connecting Dahisar East, DN Nagar, and Andheri East. They significantly reduce travel time, with Dahisar to Andheri now a 25-minute ride, down from 2 hours. This improvement saves millions of travel hours, boosts economic benefits by INR 4,000 crore annually, and reduces air pollution. Enhanced safety and accessibility make the Metro a reliable choice, especially for women, seniors, and the disabled. This success highlights the importance of the Metro in decongesting Mumbai, with further expansions planned for Lines 3, 4, 5, 6, and 9.Read more

29 May 2024

Skootr, a managed office space provider in India, unveils an ambitious expansion plan to add 5 million square feet to its portfolio by FY 2028, investing INR 1,000 crore. Bengaluru takes precedence, with over 90% of new developments planned for the city, aiming to double its existing portfolio. While details on Hyderabad and NCR developments are awaited, significant investments are anticipated. Skootr's current network spans 80 offices across 20 properties in major cities. Their expansion strategy targets key micro markets, including Bengaluru, Delhi NCR, and Hyderabad, and emerging markets like Pune, Chennai, and Mumbai. This move aligns with the increasing demand for flexible workspace solutions amid evolving work trends.Read more

29 May 2024

Strata has invested INR 115.45 crore in 140,000 square feet of office space in Bengaluru's Whitefield, housing Puma India's headquarters. This marks their eighth investment in the city, highlighting Whitefield's appeal as a prime business hub. Tech giants like Wipro, Infosys, and IBM have collectively invested over INR 5,000 crore in Whitefield, while GE Healthcare and Unilever have invested significantly in healthcare and pharmaceutical facilities. The hospitality sector, with investments from Marriott and Hilton, has also surged. Strata's fractional ownership model democratizes commercial real estate investment, making Whitefield's lucrative market accessible to smaller investors.Read more

28 May 2024

The State Bank of India (SBI) has invested INR 714 crore in the World Trade Center (WTC) project in Gurugram, led by TCG Urban Infrastructure. The project, with a total cost of INR 1,211 crore, will feature 1 million sq. ft of leasable space, including 940,761 sq. ft of office and 72,407 sq. ft of retail space. TCG Urban Infrastructure will contribute the remaining INR 497 crore. This investment highlights SBI's confidence in the project's potential and aligns with the growing demand for modern office space in Gurugram. The WTC project supports the World Trade Center Association's expansion in India, enhancing trade and business connectivity.Read more

28 May 2024

Narayana Health, an Indian healthcare provider with 18 hospitals and 3 heart centers, has acquired a 1.2-acre plot in Begur Hobli for INR 169 crore (USD 2.04 million). This strategic investment in Bengaluru's emerging southern region, known for its affordable land and rapid development, indicates plans for a new hospital or specialized medical centre. With a population over 12 million and a growing demand for healthcare, Bengaluru's sector is projected to grow at 12-15% CAGR. The government's INR 5,000 crore infrastructure investment in the south enhances accessibility, making it a prime location for healthcare expansion.Read more

28 May 2024

Certus Capital's recent commitment of over INR 400 crore (USD 52 million) to three prominent projects in Chennai, Pune, and Mumbai underscores confidence in India's property market. Led by Ashish Khandelia, Certus strategically backs projects by reputable developers like Casagrand and Mittal Brothers, focusing on premium housing in prime city locations. Through its platform Earnnest.me, Certus offers individual investors access to secured debentures, providing attractive returns of around 15%. Despite rising interest rates, strong sales performance in top markets indicates sustained demand, signaling positive growth prospects for Indian real estate.Read more

27 May 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended the registration of approximately 20,000 real estate agents for one year due to their failure to obtain the mandatory Certificate of Competency by uploading it on the regulator's website by the January 1, 2024 deadline. Agents were required to undergo training, clear an examination, and register their certificate as per MahaRERA guidelines. Those who do not complete this procedure within the one-year suspension period will have their registration cancelled and be barred from practicing for six months. Earlier this year, MahaRERA had cancelled the registration of 13,785 agents for not renewing their licences. MahaRERA also announced a de-registration process for those who wished to terminate their registration as agents.Read more

27 May 2024

Malabar Hill is a prestigious residential area in South Mumbai, renowned for its scenic beauty, colonial-era architecture, and panoramic views of the Arabian Sea. This elite neighborhood offers a mix of luxurious bungalows, high-end apartments, and exclusive housing societies, attracting the city's wealthy residents. In April, Lodha Malabar topped sales with two high-value transactions, while a budget-friendly option in Damodar Bhavan also found buyers. Property sizes in the area range from compact 350-square-foot units to expansive 9,544-square-foot residences, with prices per square foot varying widely. The real estate market in Malabar Hill highlights its status as a prime location, with high demand and limited availability reflecting its continued appeal to luxury and value-conscious buyers alike.Read more

27 May 2024

JP Infra has achieved a milestone by completing and handing over two of its prominent developments, Alexa and Aviva, at its gated community North Garden City in Mira Road, well before the mandated RERA deadlines. Spread over 22 acres, North Garden City is an ecologically sustainable project featuring amenities like Miyawaki forest and over 3000 trees. Originally scheduled for completion in December 2025 and December 2026 respectively, Alexa and Aviva are now being handed over to homeowners significantly earlier than estimated, bringing them joy. This underscores JP Infra's commitment to exceeding timelines for the benefit of customers.Read more

24 May 2024

Nexus Select Trust, India's first listed retail REIT, is well positioned for expansion through strategic mall acquisitions. The REIT aims to increase its portfolio by 1-1.5 million sqft annually through deals targeting existing and new markets. It is currently evaluating the acquisition of three Grade A Hyderabad malls at a 10% capitalization rate. The REIT's portfolio currently comprises 17 malls across 14 cities with over 10 million sqft. Potential additions could be in metro or non-metro cities, building on successes in Bhubaneswar and Mangalore. The REIT will consider attractive greenfield sites or opportunities in new markets. It has reported a quarter-on-quarter growth of 36.97% in its net consolidated profit during Q4 and a 13% growth in its net operating income.Read more