19 Aug 2024

IDFC First Bank has leased 1.64 lakh square feet at Commerze III, Goregaon East, for INR 3.85 crore per month, marking a major expansion. The lease, covering floors 22 to 25, is valued at INR 34 crore in security deposits and includes 165 parking slots. With a rent of INR 233 per sq ft and a 15% escalation after three years, the agreement reflects the rising demand for premium office space in Mumbai. The lease registration, with a stamp duty of INR 74.65 lakh, signals a rebound in the commercial real estate market as businesses adapt to new workspace needs.Read more

19 Aug 2024

Billionaire entrepreneur Yohan Poonawalla and his wife, Michelle, have purchased a 30,000 sq. ft mansion in Cuffe Parade, South Mumbai, with an investment between INR 400 crore and INR 750 crore. The mansion, to be named "Poonawalla Mansion," will serve as their secondary residence. Yohan, known for his roles in the Poonawalla Engineering Group and Poonawalla Stud Farms, and Michelle, leading MYP Design Studio, plan to infuse modern luxury with historical charm. This acquisition underscores the rising value of luxury real estate in South Mumbai, joining other elite investors in the area.Read more

19 Aug 2024

BHIVE Workspace has leased 42,000 square feet in Brigade Metropolis, Bengaluru, boosting its seating capacity to over 1,200. This follows last year's acquisition of space on the same floor and is part of BHIVE's strategic expansion to meet rising demand for flexible workspaces. The company plans to increase its managed office space by one million square feet this fiscal year, aiming for a revenue of INR 348 crore. As Bengaluru's coworking sector grows, BHIVE's expansion aligns with the city's shift towards hybrid work models and flexible office solutions.Read more

19 Aug 2024

The Delhi Development Authority (DDA) has launched its Dwarka Housing Scheme 2024, offering 173 premium flats priced between INR 1.28 crore and INR 2.5 crore. These upscale units will be allocated through an e-auction process, enhancing transparency and competitive bidding. Alongside this, the DDA will introduce the Sasta Ghar Housing Scheme 2024, providing around 34,000 affordable flats starting at INR 11.5 lakh. Additionally, about 5,400 apartments under the General Housing Scheme 2024 will cater to various income groups, with prices starting at INR 29 lakh. This multi-faceted approach aims to address Delhi's diverse housing needs.Read more

16 Aug 2024

Astrea Real Estate Developers, a subsidiary of The Phoenix Mills (PML), has acquired 9.03 acres of land in Coimbatore for INR 370.17 crore, marking PML's second retail project in Tamil Nadu. The acquisition involved purchasing equity in several entities and direct land purchases. PML holds a 67.1% stake in Astrea, with Reco Zinnia holding 32.9%. The project is part of PML's strategy to expand its retail portfolio in major Indian cities. The development is expected to enhance Coimbatore's retail landscape, following the success of Phoenix MarketCity and Palladium in Chennai.Read more

16 Aug 2024

The Union Cabinet's approval of Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0, led by Prime Minister Narendra Modi, is a significant move towards providing affordable housing for all in India. With an investment of 10 lakh crore, including INR 2.30 lakh crore in government assistance, the scheme aims to benefit one crore urban poor and middle-class families over the next five years. Industry leaders have lauded the initiative for its potential to improve living standards, boost the real estate sector, create jobs, and drive economic growth. The scheme builds on the successes of its predecessor and sets new standards for urban development.Read more

16 Aug 2024

Maharashtra's new Logistics Policy aims to transform the state into a global logistics hub, targeting INR 30,573 crores in revenue and 500,000 jobs over the next five years. The policy seeks to reduce logistics costs from 14-15% of GDP to 10-11%, supported by the development of 10,000 acres of infrastructure. Key initiatives include the International Mega Logistics Hub in Navi Mumbai-Pune, costing INR 1,500 crores, and the Nagpur-Wardha National Mega Logistics Hub. With a focus on sustainability and technological integration, the policy also supports private investment and MSMEs, enhancing the state's competitive edge.Read more

16 Aug 2024

Nitco Ltd has sold a 16,250 square meter (approximately four acres) land parcel in Kanjurmarg East, Mumbai, to Runwal Group for INR 232 crore. This strategic location benefits from excellent connectivity, near the Eastern Express Highway, Jogeshwari-Vikhroli Link Road, and Kanjurmarg Railway Station, with upcoming Metro Lines set to enhance its value further. The sale reflects high demand for prime Mumbai real estate and underscores Nitco Ltd's focus on optimizing its asset portfolio. Runwal Group, with 14 ongoing projects in Mumbai, sees significant potential in this rapidly developing area.Read more

15 Aug 2024

The Delhi High Court has appointed Mukesh Gupta, an advocate and former Vice Chairman of the Central Administrative Tribunal, as the arbitrator in a legal dispute between former cricketer Yuvraj Singh and Brilliant Etoile Private Limited. The case involves allegations of privacy violations and delays in delivering a INR 14 crore apartment in Hauz Khas. Singh claims the builder failed to meet quality standards and improperly used his image after a promotional agreement expired. The arbitration, under the Delhi International Arbitration Centre's guidelines, will address all factual and legal arguments raised by both parties.Read more

15 Aug 2024

The Mumbai Metro Rail Corporation (MMRCL) has started preliminary work on the Metro 11 underground corridor connecting Wadala to Regal Cinema, involving a geo-technical survey crucial for the Detailed Project Report. This revised route, passing through Byculla, Bhendi Bazar, and Crawford Market, aims to better serve high-density areas and commercial districts. Expected to cost INR 16,000 crore, the project will reduce reliance on buses and taxis in congested areas, offering a more efficient transportation alternative. The Japan International Cooperation Agency (JICA) is prepared to discuss funding once approvals are in place, marking a significant step in enhancing Mumbai's infrastructure.Read more