04 Jun 2025

ICRA has upgraded Macrotech Developers Limited's (MDL) long-term credit rating to "[ICRA] AA (Stable)' from "[ICRA] AA- (Positive)' and reaffirmed its short-term rating at '[ICRA] A1+.' The upgrade reflects MDL's rising operational cash flows and improved leverage, with total debt reduced to INR 7,088 crore as of March 2025, down 8% year-on-year. The gross debt-to-CFO ratio improved to 1.09x from 1.49x. MDL's diversified portfolio-spanning residential, office, retail, and warehousing-supports stable cash flows, with warehousing and retail segments poised for stronger growth. The developer leads Mumbai and Thane's residential markets, having delivered over 100 million sq. ft. by March 2025, and holds a 4,080-acre land bank. Its robust 85 million sq. ft. project pipeline and strong liquidity buffer further enhance its credit profile. The rating upgrade highlights MDL's financial strength, diversification strategy, and resilience amid market risks.Read more

04 Jun 2025

County Group, a prominent real estate developer in the National Capital Region, has acquired a 13.3-acre land parcel in Wave City, Ghaziabad, for approximately INR 400 crore. This strategic investment aims to develop 1,000 residential units across four apartment configurations, totaling 3 million square feet. The Wave City project, spanning over 4,200 acres along NH-24, has witnessed increased demand, with property prices appreciating by nearly 30% in the past year. The region's connectivity and infrastructure developments, including the operational Hindon Airport and the upcoming Jewar International Airport, further enhance its appeal to investors and homebuyers.Read more

04 Jun 2025

Apple India has leased an 8,000 sq. ft. retail space at the upcoming Phoenix Mall of Asia in North Bengaluru, with an annual rental of INR 2.09 crore over a 10-year term. The deal includes a 15% rent escalation every three years and a revenue-sharing clause starting at 2%, rising to 3%. The Hebbal-based mall, developed by Phoenix Mills Ltd and Canada Pension Plan Investment Board, offers Apple a prime retail platform in Bengaluru, complementing its recent store launches in Mumbai and Delhi. The move aligns with Apple's strategy to deepen its direct presence in India, as Foxconn nears completion of a major iPhone manufacturing facility at Devanahalli, set to produce 20 million units annually. Together, these developments highlight Apple's integrated retail-manufacturing approach in India, supporting the government's PLI-driven electronics manufacturing ecosystem and tapping into the country's fast-growing smartphone market.Read more

03 Jun 2025

Prestige Estates Projects Ltd reported an 82% YoY drop in consolidated net profit to INR 25 crore in Q4 FY25, down from INR 140 crore. Total income also fell to INR 1,589.3 crore from INR 2,232.5 crore. For FY25, net profit declined to INR 467.5 crore (from INR 1,374.1 crore), with total income dropping to INR 7,735.5 crore. Amidst this downturn, the Bengaluru-based developer announced a strategic joint venture with Valor Group to co-develop a 1.5 million sq. ft. premium commercial office project in Andheri West, Mumbai, with an estimated Gross Development Value (GDV) of INR 4,500 crore. Both companies will hold equal 50% stakes, with Prestige investing INR 504 crore via an SPV. The project aims to strengthen Prestige's presence in Mumbai's thriving commercial real estate market and drive future growth.Read more

03 Jun 2025

AU Small Finance Bank has acquired an 11-storey office building in Bandra (East), Mumbai, for INR 371 crore from Earthworth Constructions, with an additional INR 22.26 crore paid in stamp duty. The 74,577 sq. ft. property, featuring two basements and 98 parking spaces, will serve as the bank's new corporate headquarters. This is the largest outright office space purchase by a financial institution in 2025. The acquisition follows AU's merger with Fincare Small Finance Bank, expanding its network to over 2,350 touchpoints across 25 states, serving more than 10 million customers. The bank has also applied to transition into a universal bank. The move reflects AU's strategy to consolidate operations and strengthen its Mumbai presence, signalling a trend among financial institutions towards owning prime commercial real estate. The property's location along the Western Express Highway offers key connectivity advantages.Read more

03 Jun 2025

The NCW Prime Offices Fund, a joint venture by Nuvama Asset Management and Cushman & Wakefield, has acquired Prius Platinum, a premium Grade A office building in South Delhi's Saket District Center. The 0.3 million sq. ft. property was purchased from a Kotak Alternate Asset Managers-led consortium, which had acquired it in 2021 via the Insolvency and Bankruptcy Code (IBC) process for INR 450 crore. The building has since undergone significant upgrades, including ESG-focused enhancements, achieving a 95% occupancy rate with a five-year WALE and strong lock-in periods. The NCW Prime Offices Fund recently raised INR 1,700 crore and targets a corpus of INR 3,000 crore. Its investment focus is on developing Grade A+ 'Offices of the Future' across India's top commercial hubs-NCR, Bengaluru, Mumbai, Pune, Chennai, and Hyderabad-aligned with evolving corporate workspace trends and sustainable development practices.Read more

03 Jun 2025

Mumbai-based Kanakia Group has entered into a strategic joint venture with US-headquartered Hines and Japanese conglomerates Mitsubishi Estate and Sumitomo Corporation to develop a premium 1.5 million sq ft office complex at Bandra Kurla Complex (BKC), Mumbai. This collaboration will see Kanakia provide the land parcel, while Hines, MEC, and Sumitomo step in as institutional investors and development partners. The project, spread over 3 acres, is set to feature not only office spaces but also F&B and retail elements. This marks a major milestone in Hines' expansion in India and strengthens its long-term strategic presence in Mumbai.Read more

03 Jun 2025

Pharma tycoon Leena Gandhi Tewari made headlines recently for paying an incredible INR 639 crore for two duplex apartments with a view of the sea in Mumbai's affluent Worli neighborhood. The acquisition, inclusive of stamp duty and GST, brought the total transaction value to approximately INR 703 crore, establishing it as the most expensive residential property deal in India to date. Located within the ultra-premium Naman Xana tower, the 22,572 sq. ft. apartments reflect a growing trend among ultra-rich individuals particularly from the pharma sector towards high-end residential investments in the financial capital.Read more

03 Jun 2025

Vizianagaram district, Andhra Pradesh, faces delays in completing nearly 6,924 of 11,000 Pradhan Mantri Awas Yojana (PMAY) homes. Despite additional government funding, many beneficiaries have not begun construction. Authorities suspect some recipients already own homes and have ordered verification visits to cancel ineligible allotments. At a recent review meeting, District Collector Dr. B.R. Ambedkar highlighted slow progress, especially in Bobbili and Vizianagaram urban areas, citing issues like water shortages and borewell theft. Officials were directed to operationalise borewells within two days and launch door-to-door awareness campaigns on available financial support. Daily construction targets and weekly progress reviews have also been mandated. Additionally, 4,096 new housing applications and 2,500 manual applications will undergo eligibility verification. The district aims to ensure timely completion of PMAY homes and deliver affordable housing to all eligible beneficiaries through focused verification and improved infrastructure.Read more

02 Jun 2025

The Bengaluru-based managed workspace provider Simpliwork Offices has leased roughly 1.32 lakh square feet across two commercial buildings in the city: Sumadhura Capitol Towers and Pardhanani Wilshire III. The move comes as the demand for flexible, high-performance workspaces continues to surge among enterprises. Currently managing about 4.5 million sq ft, the company aims to nearly double its portfolio to 9-9.5 million sq ft over the coming two years. Founded in 2018, Simpliwork operates over 85 centres across major Indian cities including Mumbai, Pune, and Hyderabad.Read more