07 Feb 2025

Sunny Leone, actress and entrepreneur, has expanded her business portfolio by purchasing an office space for INR 8 crore in Veer Signature, a premium commercial project in Oshiwara, Mumbai. The property spans 1,905 sq ft of carpet area and includes three parking spaces, with a stamp duty payment of INR 35.01 lakh and registration fees of INR 30,000. Registered in February 2025, the office was acquired from Aishwarya Property and Estates. Veer Signature has attracted Bollywood stars like Amitabh Bachchan and Ajay Devgn, reflecting the growing trend of celebrity investments in Mumbai's commercial real estate.Read more

06 Feb 2025

The Maharashtra government is intensifying its push under the Pradhan Mantri Awas Yojana (PMAY), focusing on landless and homeless beneficiaries. At a Konkan Division review meeting, Minister Jayakumar Gore emphasised swift approvals and transparent beneficiary lists at Gram Panchayat offices. Chief Minister Devendra Fadnavis is overseeing construction speed and quality. Additionally, self-help groups are being strengthened for livelihood support. Minister Yogesh Kadam stressed physical inspections to ensure timely fund distribution. The government is also evaluating tribal and pilgrimage development schemes, aiming for comprehensive rural progress through efficient resource management and community involvement.Read more

06 Feb 2025

The 22nd Thane Property Expo 2025, hosted by CREDAI MCHI Thane, is set to take place from 7 to 10 February 2025 at Highland Gardens on Kolshet Road, Thane (W). It is a premier event showcasing over 100 real estate projects from renowned developers alongside financial institutions offering attractive loan options. The exhibition aims to provide prospective homebuyers with a seamless property-buying experience, featuring exclusive discounts, expert guidance, and a range of residential and commercial properties. With networking opportunities and financing solutions available in one place, the event is a must-visit for those looking to invest in real estate in Thane and its surrounding areas.Read more

06 Feb 2025

The MHADA redevelopment project for its 33-acre Kala Chowkie layout faced a major setback as no bids were submitted, prompting a fourth deadline extension. The plan aimed to rehabilitate 3,410 tenements, promising residents larger homes (minimum 635 sq ft) and commercial tenants bigger spaces with a INR 5 lakh corpus fund. However, developers proposed smaller units (508 sq ft) than initially promised, affecting interest. The 55:45 sale-rehabilitation model was also not enticing enough for bidders. The lack of response highlights feasibility concerns, and MHADA may need to reassess incentives to attract developers and ensure urban renewal success.Read more

05 Feb 2025

The Karnataka Housing Board (KHB) has set a minimum price of INR 88 lakh for a two-bedroom apartment in its upcoming Surya Nagar 1st Phase project in Bengaluru. This marks a significant increase from prices four years ago, attributed to rising land values and construction costs. Officials position the development as a competitively priced luxury project compared to private sector offerings. The complex, featuring 90 units, is located five kilometres from Bommasandra Metro Station. While some view the pricing as a shift from KHB's traditional focus on affordability, others see it as an adaptation to market trends. The project's reception among buyers remains to be seen.Read more

05 Feb 2025

Arkade Developers has acquired a four-acre land parcel in Goregaon West, Mumbai, from Aspen Properties and their joint venture partners, Kamanwala Housing Construction, for a total consideration of INR 165 crore. The company has paid INR 9.9 crore in stamp duty for the acquisition. The land is currently leased to Filmistan and is expected to yield over five lakh sq ft of saleable area, generating an estimated revenue of INR 2,000 crore. Additionally, the company has expanded its presence in Western Mumbai with three redevelopment projects in Andheri East, Malad West, and Borivali West, collectively spanning approximately five acres and anticipated to generate INR 2,150 crore in turnover. Arkade Developers also reported a 24% increase in sales bookings and a 16% growth in collections over the past nine months.Read more

05 Feb 2025

The developer of Chintels Paradiso in Gurugram's Sector 109 has commenced the demolition of six residential towers deemed unsafe by the district administration. The demolition began with Tower H, initially through manual dismantling, with mechanical demolition expected to follow. This decision follows a structural audit ordered after a 2022 incident where a ceiling collapse in Tower D led to casualties. The entire demolition process is anticipated to take around six months. Meanwhile, the developer is seeking approvals to reconstruct the towers, and discussions continue regarding the fate of the remaining three towers, with homeowners demanding rent compensation and project transparency.Read more

04 Feb 2025

The Haryana government has allotted 4,533 residential plots of 100 square yards each to beneficiaries in 20 districts under the Mukhyamantri Gramin Awas Yojana 2.0. The initiative, aimed at improving rural housing for the underprivileged, aligns with the central government's vision of housing for all. Beneficiaries will also receive financial aid for home construction, ensuring comprehensive support. Districts like Ambala, Gurugram, Hisar, and Panipat are among those benefiting. The program will be implemented in phases, creating jobs and uplifting rural living standards. This scheme underscores Haryana's commitment to poverty alleviation and rural development.Read more

04 Feb 2025

India's affordable housing supply has dropped by 36% in two years, from 3,10,216 units in 2022 to 1,98,926 in 2024, as per PropEquity. The top nine cities, including NCR, Mumbai, and Hyderabad, face significant shortages as developers shift towards luxury housing. NCR saw just 2,672 affordable units in 2024, while Hyderabad recorded a 69% drop, with only 13,238 units. In contrast, luxury housing supply rose by 48%. Experts estimate a need for 1.5 crore homes in tier-1 cities over five years and urge government incentives like tax cuts for developers and home loan rebates for buyers to address the crisis.Read more

04 Feb 2025

In 2024, NCR achieved a record 12.7 mn sq-ft of office-leasing, with the average deal-size rising 29% YoY to 40,025 sq-ft. Gurugram remained dominant, leasing 7.65 mn sq-ft, driven by DLF Cyber City and Udyog Vihar, while Noida saw a 48% rise, leasing 3.92 mn sq-ft, boosted by sectors like 62 and Greater Noida Expressway. India-facing businesses led demand, constituting 44%, followed by flex spaces at 29%. Average rents increased by 3% to INR 88/sq ft/month, with CBD Delhi being the priciest. The hybrid work model and demand for quality spaces spurred leasing growth.Read more