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MahaRERA suspends licenses of 20000 unqualified real estate agents

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....
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From Luxury to Budget: Malabar Hill's real estate market caters to all

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....
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JP Infra delivers 2000 units two years ahead of schedule at North Garden City

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....
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Macrotech Developers doubles up on growth with INR 4,000 crore land acquisition

Macrotech Developers, known for the Lodha brand, is set to invest INR 3,500-4,000 crore (USD 4.3-4.9 billion) this fiscal year in acquiring land for residential projects, reflecting confidence in India's housing market. Their strategy balances owned land and Joint Development Agreements (JDAs), aiming for a 60-40 ratio. With plans to launch 17 projects, covering 10 million sq. ft, and projecting revenue of INR 12,000 crore (USD 1.5 billion), Macrotech focuses on sustainable growth and profitability. Despite a slight Q4 profit decline, their FY24 income grew, supported by a strong portfolio exceeding 110 million sq. ft. Their expansion is expected to boost job creation and stimulate economic growth, indirectly influencing affordability in the housing market....
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Brookfield India REIT announces INR 60,000 crore (USD 7.2 billion) acquisition, adding 3.3 million sq. ft. from Bharti Enterprises

Brookfield India Real Estate Trust (BIRET) announced a significant INR 60,000 crore (USD 7.2 billion) acquisition, purchasing a 50% stake in four premium commercial properties from Bharti Enterprises. These properties include the Worldmark Aerocity development in New Delhi and the Airtel Center in Gurugram, totaling 3.3 million square feet. The acquisition, financed through a preferential allotment of units, makes Bharti the second-largest unitholder in BIRET. This strategic partnership diversifies BIRET's holdings and expands its retail footprint by 1 million square feet. The deal underscores the rising importance of REITs in India, potentially spurring further investment and consolidation in the market....
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Redefining Retail Realty: Nexus Select Trust's ambitious portfolio expansion strategy

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....
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Vashi: Navi Mumbai's thriving hub

Vashi, a prominent residential and commercial hub in Navi Mumbai, offers well-organized infrastructure, diverse housing options, and excellent connectivity to Mumbai and other regions. The area is equipped with top-notch educational institutions, healthcare facilities, shopping malls, and recreational spaces, making it a self-sustaining neighborhood. In April, top-selling buildings like Prem Sagar CHS and Goodwill Mansion highlighted Vashi's thriving real estate market, with transactions dominated by developer sales. Catering to various budgets, Vashi provides both luxury apartments and budget-friendly options. Its strategic location and robust amenities make it an attractive destination for homebuyers and businesses alike....
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Beyond Basics: How lifestyle clubhouses are transforming residential developments

As homebuyers increasingly prioritize wellness, community, and experiences over conventional amenities, lifestyle clubhouses have emerged as the new pinnacle of luxury living. Spread over tens of thousands of square feet, these residential facilities offer an exhaustive array of recreational, social, educational and work-life facilities designed to cater to residents' holistic needs. Leading developers are recognizing lifestyle clubhouses as the cornerstone for elevating living standards and fostering connected communities in contemporary housing projects....
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Maha Mumbai Metro boosted voter turnout through its 'SVEEP' initiative

The Mumbai Metropolitan Region Development Authority (MMRDA) provided a 10% discount on fares to passengers using the Mumbai Metro lines 2A and 7 for voting on May 20th, 2024 Lok Sabha elections. The initiative aimed to make it more convenient for citizens to reach polling stations and fulfill their democratic duty by voting. With over 90 million annual riders, the metro network plays a key role in transit. Offering discounted fares for voters empowered more people to access booths and participate in elections. Under its SVEEP programme, Maha Mumbai Metro encouraged riders to vote through this discount. Over 1,13,414 passengers utilizing lines 2A and 7 availed of the discount by 8pm on voting day, demonstrating the initiative's role in boosting electoral participation....
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Awfis aims for INR 599 crore growth rise via IPO launch on 22nd May offering INR 364 and INR 383 price per share

Awfis Space Solutions, India's largest flexible workspace provider, is set to embark on a new chapter with its initial public offering (IPO) on May 22nd, 2024, aiming to raise INR 599 crore. This move highlights a strategic shift towards a "managed aggregation model" for expansion, reducing capital expenditure and risk. With 66% of existing centers operating under this model, Awfis is set for accelerated growth. The IPO targets a diverse investor base, allocating 75% to Qualified Institutional Buyers. As Awfis adapts to evolving workplace dynamics, including a surge in corporate clientele and expansion into Tier 2 cities, its IPO heralds a milestone in India's dynamic workspace sector....
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The Ghost Mall Epidemic: Challenges and opportunities in India's retail landscape

A recent report by real estate firm Knight Frank India found that the number of 'ghost malls' with over 40% vacancy has risen in the country as consumers shift to larger shopping centres and online purchases. Smaller malls averaging 100,000 sq ft are particularly at risk, with 132 on track to become ghost malls as vacancies increased to 36.2% in 2023. This comes despite the total retail space in major cities growing 238% YoY. The rise in vacant malls represents a loss of INR 6,700 crore in construction value and could negatively impact local economies and small retailers. Such a scenario offers institutional investors the chance to explore avenues for repurposing or revitalizing their retail portfolios, while developers can seize opportunities to monetize these assets through repurposing or redevelopment efforts....
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Microsoft invests INR 267 crore in Hyderabad for 48-acre data centre hub

Microsoft Corporation has significantly expanded its data centre footprint in India with a strategic land acquisition in Hyderabad, Telangana. The acquisition of 48 acres of land in the Ranga Reddy district, valued at INR 267 crore, marks a substantial investment by Microsoft in the Indian data centre market. This move reflects Microsoft's commitment to meeting the growing demand for cloud computing solutions in India. With existing data centres in Pune, Mumbai, and Chennai, the addition of the Hyderabad data centre strengthens Microsoft's ability to support its cloud services and products across the country. Moreover, Microsoft's expanding presence in Hyderabad, including potential further data centre development and investment in flexible workspaces, highlights its long-term commitment to the Indian market and its role in India's digital transformation journey....
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Embassy REIT doubles down on premium office space, invests INR 3,800 crore

Embassy Office Parks REIT (Embassy REIT) is ramping up its growth strategy with a bold investment plan of INR 3,800 crore over four years, aiming to expand its rental portfolio by 6.1 million sq. ft. This move follows its successful acquisition of prime office assets in 2021, bolstering its market presence. The focus now shifts to constructing premium office spaces, reflecting confidence in Bengaluru's demand. Concurrently, the acquisition of Embassy Splendid TechZone and plans for debt financing signal proactive expansion. With impressive financials and a sustainable approach, Embassy REIT is poised to capitalize on India's rising need for quality office spaces....
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Gachibowli: Where modern living meets dynamic growth

Gachibowli, located in the western part of Hyderabad, Telangana, has rapidly evolved into a prime residential and commercial hub. Renowned for its well-planned infrastructure and proximity to major IT parks, it offers a variety of housing options, from high-rise apartments to independent villas, catering to diverse budgets and preferences. The area is self-sustaining with excellent educational institutions, healthcare facilities, shopping malls, and recreational spaces. In April, Jains Carlton Creek was the top-selling building with 4 deals, reflecting the locality's popularity. The varied apartment sizes and prices ensure Gachibowli accommodates everyone from luxury buyers to value-conscious homebuyers. The thriving real estate activity underscores Gachibowli's status as a desirable modern urban living destination....
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DMart acquires 1.2-acre plot in Chandivali, Mumbai for over INR 117 crore

Avenue Supermarts, the parent company of DMart, continues its strategic expansion with the acquisition of a 1.2-acre plot in Mumbai's Chandivali suburb for over INR 117 crore. This move highlights DMart's unique approach of owning retail space, enhancing control over design and operations while ensuring long-term stability. This acquisition follows previous ventures, including a substantial investment in a Pune distribution center and acquiring a cold chain logistics company. With 367 supermarkets nationwide and a net profit of INR 2,536 crore in FY24, DMart's focus on ownership sets a new standard in the retail sector, challenging traditional leasing models and driving aggressive growth....
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MahaRERA announces detailed regulations for retirement and senior citizen housing projects

Maharashtra Real Estate Regulatory Authority (MahaRERA), the housing regulatory body in Maharashtra, has announced detailed regulations for retirement and senior citizen housing projects. These guidelines cover key aspects like building design, kitchens, bathrooms, green building practices, accessibility features, and safety and security measures. This makes MahaRERA the first housing regulator in India to introduce provisions specifically for senior living communities. With the notification, these regulations have been implemented in Maharashtra with immediate effect. Developers must now ensure any project marketed as senior or retirement housing meets these physical specifications....
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Aadhar Housing Finance makes a successful stock market debut

Aadhar Housing Finance, a prominent affordable housing finance company in India, saw its shares listed on the stock exchanges on May 15 at INR 314.3 per share, marginally below its issue price of INR 315. Prior to listing, the stock traded at a premium of INR 50 in the unlisted market. Valued at INR 3000 crore, the company's IPO comprised a fresh issue of INR 1000 crore and an offer for sale of INR 2000 crore by Blackstone affiliate BCP Topco. The issue was oversubscribed 26 times, underscoring strong investor demand. Most proceeds will fund future lending while expanding financial inclusion....
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Chandivali: Mumbai's vibrant real estate gem

Chandivali, located in Mumbai's western suburbs, has become a popular choice for both homebuyers and businesses due to its rapid development and diverse housing options. With high-rise apartments, gated communities, and independent houses, there's something for everyone's budget and preference. The area's connectivity to major business hubs and amenities like schools, hospitals, and shopping centers make it self-sufficient. In April, Amaryllis Towers and Plaza were the top-selling buildings, showcasing Chandivali's popularity. Apartments ranged from compact 225 square feet to spacious 944 square feet, with prices per square foot varying from INR 8,889 to INR 32,606. Chandivali's appeal lies in its blend of modern living, excellent connectivity, and affordability, making it a thriving real estate hub in Mumbai....
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DLF Privana West sells out within 3 days valued at INR 5590 crores

DLF recently announced the successful sellout of its luxury residential project DLF Privana West in Gurugram valued at INR 5590 crores within just 3 days. Located in Sectors 76 and 77, the 12.572-acre project is part of the larger 116.296-acre DLF Privana community. It offers amenities like multiple car parks per unit against the backdrop of the Aravali Range and an upcoming safari park. Spread across 5 towers, it has 795 residences including 4 BHK apartments and penthouses designed for privacy with no overlapping views. Aakash Ohri, the joint managing director and chief business officer of DLF Home Developers, highlighted substantial interest from NRIs and reiterated DLF's commitment to building an integrated luxury living ecosystem....
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MahaRERA floats draft regulation for quality assurance in real estate projects

MahaRERA has proposed that realty developers provide an annual self-declaration of their projects' quality assurance based on multiple parameters such as structural design, stability, testing, quality of input material, quality of workmanship and various other crucial aspects. The Draft Regulation for Project's Quality Assurance is aimed at setting standards for processes, material and minimising the occurrence of defects and trouble for homebuyers. It is proposed that during the initial phases, abiding by the new regulations will be optional. Once the transition phase is over, it will become mandatory for all the developers to follow. The draft is available on MahaRERA's website for public feedback until May 23. Suggestions on the draft can be sent on suggestions.maharera@gmail.com....
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Blackstone, Bain Capital and Temasek eye controlling stake in Haldiram Snacks

Three major private equity firms - Blackstone, Bain Capital and Temasek Holdings - are exploring acquiring a controlling 51% stake in Indian snacks giant Haldiram Snacks Food Pvt Ltd at a valuation of USD 8-10 billion. This would be one of India's largest PE deals in the consumer segment. The firms are conducting due diligence and the deal structure is being worked out. The goal is to eventually list the company to cash out. Earlier, Tata Group's consumer unit was in talks to buy this stake. The present deal follows the merger of Haldiram's Nagpur and Delhi divisions, which was approved by the Competition Commission of India last year. The Haldiram deal marks the growing attractiveness of India's consumer sector to global investors....
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Godrej & Boyce's Vikhroli Land: A trillion-dollar opportunity in Mumbai's Real Estate

Godrej & Boyce owns 3,400 acres of land in Vikhroli, Mumbai valued at INR 80,000 crore. Godrej Construction and Godrej Properties have partnered to develop this land, with potential to generate over INR 3 trillion in residential property sales. The companies intend to continue the partnership even after the split in the Godrej group. They have already partnered on the Godrej Platinum and Godrej Vistas projects totalling over 1 million sq ft. Future plans could see development of 100 million sq ft of real estate on the land, which offers proximity to Mumbai and potential for sustainable, high-quality developments....
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Max Estates announces major residential development project in Gurugram

Max Estates Limited, the real estate arm of Max Group, has announced plans to develop an intergenerational housing project spread over 18.23 acres in Gurugram. The project will have a gross development value of over INR 9,000 crore and a developable area of 4 million square feet. It will be developed as an intergenerational community with senior living facilities operated by Antara Senior Living. This consolidation of over 30 acres in sector 36A will allow Max Estates to capitalize on infrastructure upgrades on Dwarka Expressway, a prime luxury residential market. The two projects in Gurugram together imply a combined GDV potential of over INR 13,000 crore from developing an area exceeding 6.4 million square feet....
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Nerul's well-planned infrastructure and connectivity make it a hotspot for homebuyers

Nerul, situated in Maharashtra's Navi Mumbai region, has become a sought-after destination for homebuyers and businesses due to its well-planned infrastructure and excellent connectivity. Boasting a variety of housing options, including high-rise apartments and gated communities, Nerul caters to diverse preferences and budgets. The area is self-sufficient with top-notch educational institutions, healthcare facilities, and recreational spaces. In April, '19 East' emerged as the top-selling building. Developer sales dominated transactions, showcasing Nerul's appeal across different segments. With apartment sizes ranging from 243 to 2,782 square feet, Nerul caters to individuals and families alike. The surge in real estate activity underscores Nerul's status as a thriving hub, offering modern urban living with convenience and comfort....
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Aadhar Housing Finance Ltd. to launch INR 3,000 crore IPO on May 8th

Aadhar Housing Finance Ltd. is set to launch its IPO on May 8th, 2024, with a combined offering of INR 3,000 crore, comprising fresh shares and an offer for sale by promoter Blackstone. The IPO offers investors a chance to participate in the growth of affordable housing finance in India. With a focus on economically weaker and low-to-middle-income customers, Aadhar plans to utilize IPO proceeds to expand lending operations and improve financial inclusion. Despite the positive outlook, questions linger about responsible lending and technological advancements in serving their diverse customer base....
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Manchanda of Den Network's, MMT founder Deep Kalra, and Gurnani make high-profile apartment purchases at The Camellias in Gurugram

Prominent figures including MakeMyTrip founder Deep Kalra, Den Networks' Sameer Manchanda, and entrepreneur CP Gurnani and family have purchased luxurious residences in The Camellias, Gurugram. Transactions totaling over INR 127.58 crore highlight the project's appeal to high-profile individuals seeking prestigious living spaces. With spacious apartments ranging from 7,430 to 10,813 sq. ft., The Camellias offers opulent amenities and a vibrant community atmosphere conducive to business connections. These acquisitions underscore the development's status as a premier residential address in the National Capital Region, epitomizing luxury and sophistication....
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Janhvi Kapoor invites guests to Chennai Family home for Airbnb's 'Icons' experience

Airbnb's new "Icons" program grants guests access to the iconic Kapoor family home in Chennai, fulfilling the late actress Sridevi's dream of transforming it into a luxurious hotel. Applications open on May 9th, offering lucky winners a free stay for two, selected through a random process based on their connection to the Kapoor family. Janhvi Kapoor will personally host a tour, sharing family stories, and guests will enjoy South Indian cuisine, immersing in the Kapoor family's heritage. The program reflects Airbnb's confidence in the Indian market, catering to travelers seeking unique experiences beyond traditional accommodation. Other celebrity homes worldwide are also part of the program, offering extraordinary stays and memorable moments....
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Discovering Hebbal: Bengaluru's vibrant residential and commercial hub

Hebbal, situated in Bengaluru's northern region, is a rapidly growing residential and commercial area known for its proximity to Kempegowda International Airport. In March, L&T Raintree Boulevard emerged as the top-selling building, with various options available for homebuyers. From luxurious apartments in Crown Aura to budget-friendly choices in Anand Nilaya, Hebbal caters to diverse budgets and preferences. The area offers a mix of housing options, including spacious homes and compact living spaces. With prices per square foot ranging from INR 930 to INR 46,932, Hebbal accommodates different budgets. Close to 52% of apartments sold fell within the INR 1 - 2 crore range, appealing to a large segment of buyers....
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Eldeco and HDFC Capital announce INR 850 crore boost for Indian housing platform

Eldeco Infrastructure and Properties Ltd (EIPL), a prominent real estate developer in North India, has joined forces with HDFC Capital Advisors Ltd to strengthen their collaborative platform aimed at housing projects nationwide. With an investment of INR 350 crore, the platform's total size now stands at INR 850 crore. This investment will fuel the development of group housing and plotted development projects, focusing on Tier 1 cities like Delhi and Gurugram, alongside Tier 2 cities such as Ludhiana, Sonipat, and Goa. EIPL's successful utilization of previous funds in diverse locations emphasizes its execution capabilities. The joint platform anticipates a cumulative revenue potential of INR 8,000 crore across 17 projects, with early launches in Panipat, Sonipat, Rishikesh, and Kasauli demonstrating strong initial demand. The partnership between Eldeco and HDFC Capital represents a step...
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Awfis and TBO Tek get SEBI nod for IPOs, Awfis targets INR 160 crore while TBO Tek aims for INR 400 crore

Awfis Space Solutions Ltd. and TBO Tek Ltd. have received the green light from the Securities and Exchange Board of India (SEBI) to proceed with their Initial Public Offerings (IPOs). Awfis plans to raise INR 160 crore through a combination of fresh equity shares and existing shares, while TBO Tek aims for a substantial INR 400 crore IPO. This IPO wave extends beyond them, with NBCC Ltd.'s record-breaking INR 23,500 crore worth of new projects and WeWork India's potential IPO. This trend reflects optimism in real estate, driven by rising demand for flexible workspaces and affordable housing. Successful IPOs not only attract investments but also stimulate employment opportunities and promote homeownership, shaping India's real estate landscape positively....
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WeWork India targets IPO after Embassy Group takes full ownership for INR 2,900 crore

WeWork India, a prominent player in shared office space, is gearing up for an IPO within 18 months following Embassy Group's acquisition of the remaining 27% stake for INR 1,700 crore. This acquisition, combined with a planned divestment of 40% to investors for INR 1,200 crore, positions WeWork India strongly. Despite the complete ownership shift, Embassy Group aims to retain a 60% stake, ensuring control while accessing fresh capital. WeWork India's robust financial performance, with a 40% revenue increase and 90% EBITDA rise in FY24, highlights its appeal. Managing over 90,000 desks across 8 million square feet, their diverse clientele strategy sets them apart. Ambitious expansion plans targeting key cities align with the co-working market's projected INR 13,000 crore value by 2025. Transitioning to a franchise model further enhances operational independence and brand leverage, strengt...
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Priyanka Chopra's family leases bungalow in Pune to co-living startup for INR 2 lakh monthly rent

Priyanka Chopra's brother Siddharth Chopra and mother Madhu Chopra have leased one of their bungalows located in Koregaon Park, Pune to The Urban Nomads Community Private Limited, a co-living and co-working startup. As per the lease agreement signed on March 21st, the bungalow spanning a plot size of 3754 sqft will be rented for INR 2 lakh per month along with a security deposit of INR 6 lakh paid by the firm. Priyanka Chopra is known for her real estate investments and had recently sold two penthouses in Mumbai and commercial properties in Andheri....
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