28 May 2025

The Prayagraj district administration has initiated stringent recovery actions against more than 2,000 beneficiaries of the Pradhan Mantri Awas Yojana (PMAY) who received financial assistance but failed to construct their homes. The defaulters include 1,507 rural beneficiaries under PMAY-Gramin and 504 urban beneficiaries under PMAY-Urban. Notably, nearly 470 urban beneficiaries received financial aid almost six years ago but have yet to commence construction. The administration is preparing to issue Recovery Certificates (RCs) from the respective tehsils to reclaim the misused public funds.Read more

28 May 2025

Century Real Estate, one of South India's major property developers, raised INR 1,850 crore in debt funding to strengthen its presence in Bengaluru's thriving residential and commercial property sectors. The funding round, led by Ares Asia and SC Lowy, will support both ongoing and upcoming developments. Ares Asia committed INR 1,600 crore in two instalments, while SC Lowy contributed INR 250 crore. This capital boost aligns with Century's broader strategy to capture rising market demand, particularly in the Grade A commercial and residential segments.Read more

28 May 2025

Google IT Services India Pvt Ltd has renewed its lease for 870,000 sq ft of office space at Bagmane Capital Business Park in Bengaluru, reinforcing its long-term commitment to India's digital economy. The five-year lease covers two towers Kyoto East and West along the Outer Ring Road, with monthly rent set at INR 7.5 crore and a 15% escalation after the first and third years. Google also deposited over INR 38 crore as security. One of 2025 largest commercial leasing deals, the renewal signals Bengaluru's continued importance as a tech hub. It follows Google's broader real estate expansion across India, including major leases in Gurugram and Whitefield.Read more

27 May 2025

German-based IT services company Nagarro Enterprise Services Pvt Ltd has leased a massive 7 lakh sq ft of office space in Udyog Vihar, Gurugram marking one of the city's most significant commercial property deals in recent months. The lease spans 12 years with a three-year lock-in clause, at a monthly rent of INR 2.90 crore. The property, developed by Chimera Developers LLP, includes basement areas, five levels of parking, and upper office floors. With a rent escalation clause of 12% every three years and an INR 10 crore security deposit, the agreement reflects Nagarro's long-term operational commitment in India.Read more

27 May 2025

Real estate giant DLF is set to invest INR 10,000 crore across the current and following financial year to develop high-end office spaces and premium shopping malls, aiming to scale up its rental income significantly. With a commercial portfolio of 45 million square feet yielding over INR 5,000 crore annually, DLF is actively constructing new assets across Gurugram, Chennai, Delhi and Noida, driven by robust corporate and retail demand. Through strategic joint ventures with GIC and Hines, and backed by AAA credit ratings, the company plans to capitalise on India's cost-efficient Grade A++ commercial real estate segment.Read more

27 May 2025

In a strategic move reflecting a broader family business reorganisation, Analjit Singh, founder of Max Group, has transferred ownership of a prime 2,140-square-metre bungalow on APJ Abdul Kalam Road in Lutyens' Delhi to Vstar Ventures for INR 152 crore. Both entities are owned by Singh, with the transaction executed through Delhi Guest Houses Pvt Ltd. Sahil Vachani, Vice Chairman and Managing Director of Max Estates and Singh's son-in-law, represented Vstar Ventures in the deal. The transfer, which includes a stamp duty and corporation tax payment of INR 11.7 crore, is part of a previously disclosed family settlement and does not involve any listed entities within the Max Group.Read more

27 May 2025

The Goa Housing Board (GHB) has initiated a strategic shift by forming joint ventures with private developers for upcoming residential and commercial projects. This move aims to enhance construction quality and generate revenue for acquiring new properties, thereby expanding affordable housing options for Goans. Chairman Jit Arolkar emphasized that the GHB's investment would be limited to land, with private partners contributing to construction and project completion. This approach is expected to yield an additional 20% profit for the board, supplementing earnings from its own developments.Read more

26 May 2025

The Maharashtra Housing and Area Development Authority (MHADA) has taken control of the long-delayed redevelopment of the Parvati Building in South Mumbai. Approved back in 2013, the project remained incomplete due to failed developer appointments and non-payment of rent to displaced tenants. Earlier this week, MHADA informed the Supreme Court of its decision to proceed under Section 91-A of the MHADA (Amendment) Act, 2020. The agency will now manage the redevelopment directly and ensure interim housing or rental compensation for affected residents, potentially setting a precedent for other stalled projects across the city.Read more

26 May 2025

The Delhi Development Authority (DDA) recently introduced the 'Apna Ghar Awaas Yojana 2025', a major housing initiative that will provide 7,500 flats spread across Narela, Loknayakpuram, and Siraspur. The scheme offers a range of flats in categories such as Economically Weaker Section (EWS), Lower Income Group (LIG), Middle Income Group (MIG), and High Income Group (HIG), with discounts of 15% to 25% depending on the category. Bookings are scheduled to open soon on a first-come, first-served basis. This move is expected to further the DDA's long-standing commitment to affordable housing, especially for marginalised sections of Delhi's population.Read more

26 May 2025

DLF Cyber City Developers Ltd (DCCDL), the joint venture between real estate major DLF and Singapore's sovereign wealth fund GIC, reported an 11% year-on-year rise in office rental income to INR 3,874 crore, driven by strong workspace demand and rental escalations. The retail rental segment also saw a 6% uptick, reaching INR 880 crore. With a massive 43 million sq ft of operational space, DCCDL continues to anchor DLF's commercial real estate strategy. Net profit rose sharply by 46% to INR 2,461 crore, bolstered by a one-time gain of INR 431 crore from an IT Park sale in Kolkata.Read more