20 Jan 2025

Macrotech Developers, operating under the Lodha brand, has acquired a 20-acre land parcel in Bengaluru for a housing project with a gross development value (GDV) of INR 2,800 crore. The acquisition includes both outright purchases and a joint development agreement. This marks the company's fifth project in Bengaluru, a market it entered a few years ago. The firm has recorded a 20% growth in sales bookings for the 2023-24 financial year and aims to achieve a target of INR 17,500 crore in the current fiscal year.Read more

20 Jan 2025

K Raheja Corp Real Estate Pvt Ltd, a prominent Mumbai-based developer, has purchased a 5.75-acre land parcel in Kandivali East's Ashok Nagar for INR 466 crore, as per documents accessed via CRE Matrix. The acquisition, finalised recently, involved a stamp duty payment of INR 3.17 crore. The company has paid INR 210 crore as a deposit, with a five-year timeline to obtain necessary approvals from the Brihanmumbai Municipal Corporation (BMC). This deal is part of K Raheja Corp's consistent efforts to strengthen its presence in Mumbai's real estate market.Read more

17 Jan 2025

Hyderabad's Grade A office space market faces rising vacancy rates, projected to reach 24-24.5% by March 2026, up from 14.1% in March 2023, according to ICRA. Despite a 14% CAGR in office supply between FY 2017-2024, demand, driven primarily by IT and financial services, remains constrained at 9-12 million sq. ft. annually. Key areas like Hitech City are maintaining stable vacancies at 9.5-10%, while Gachibowli and the Financial District may see vacancies soar to 25-30%. As Hyderabad's share of India's office supply grows from 15% to 17%, stakeholders must adapt to tenant preferences for sustainable, tech-enabled spaces in a competitive market.Read more

17 Jan 2025

Property owners in DLF City, Gurugram, particularly in phases 1-5, face scrutiny for widespread illegal construction and unauthorized commercial activities. The Department of Town and Country Planning (DTCP) has identified violations in 4,183 properties, issuing 1,138 notices so far, with a January 31 deadline for compliance. Key violations include unauthorized multi-story buildings and misuse of residential properties for paying guest accommodations and guesthouses. Despite DTCP efforts, legal obstacles and court stays on 167 cases have hindered enforcement. With the Punjab and Haryana High Court set to review the case on January 15, stricter enforcement and compliance are critical to preserving residential zoning integrity.Read more

17 Jan 2025

Oberoi Realty has been appointed by Mumbai's Slum Rehabilitation Authority to redevelop a 2.5-acre Bandra Reclamation parcel owned by MHADA. The project grants the developer 3.2 lakh sq ft of RERA carpet area as free-sale entitlement under the city's Development Control Regulations. Known for its premium location near the Bandra-Worli Sea Link and Bandra-Kurla Complex, Bandra remains a prime hub for residential and commercial projects. This initiative aligns with Mumbai's urban renewal strategy to replace slum settlements with organized urban spaces. Alongside this, Oberoi Realty announced a luxury residential and resort development spanning 81 acres in Alibaug, further expanding its premium portfolio.Read more

15 Jan 2025

The Punjab government has purchased 167 flats in Purab Premium Apartments, Sector-88, Mohali, to provide accommodation for IAS, IPS, PPS, and other administrative officers. These apartments are categorised based on officers' rankings, and rent will be paid by the occupants. The total cost of the purchase is INR 1,00,48,50,000, with an initial payment of INR 38,85,42,000 already made, including additional charges. The remaining amount can be paid either in a lump sum within 60 days or through eight half-yearly installments with interest. Deputy Commissioner Aashika Jain confirmed the allotment and noted that the initiative addresses a long-pending housing demand from officials.Read more

15 Jan 2025

Union Agriculture Minister Shivraj Singh Chouhan virtually inaugurated 50,000 houses under the Pradhan Mantri Awas Yojana-Gramin (PMAY-G) in Assam, a project valued at INR 650 crore. This initiative is part of Assam's progress toward completing nearly 19 lakh homes out of a 20-lakh target for marginalized families. The event also included the distribution of agricultural machinery to boost rural productivity under schemes like NFSM and MOVCD-NER. Chouhan announced expanded PMAY-G eligibility criteria to include more beneficiaries and inaugurated market and storage infrastructure in Kamrup and Hojai. These efforts underscore the government's commitment to transforming rural livelihoods in Assam.Read more

14 Jan 2025

The Nagpur Improvement Trust (NIT) plans to redevelop its Sanskrutik Sankul building on North Ambazari Road into a 13-storey mixed-use complex, combining commercial and residential spaces. The project, executed under a Public-Private Partnership (PPP) model, will be constructed on a one-acre plot adjacent to the MahaMetro Aqua Line, benefiting from a higher Floor Space Index (FSI). The developer has agreed to pay a premium of INR 120.46 million, with construction costs estimated at INR 200 million. The complex will feature parking, commercial spaces, a banquet hall, a starred hotel, and residential units. NIT will retain two floors for office use, with shopkeepers compensated and relocated.Read more

14 Jan 2025

Mumbai's office space leasing hit a milestone of 12.1 million sq. ft in 2024, with the October-December quarter alone contributing 5.6 million sq. ft, fueled by the BFSI sector (45%), flexible space operators (15%), and research and consulting firms (11%), according to CBRE. Nationally, office leasing across nine major cities reached a historic 79 million sq. ft, marking a 16% YoY growth. Green-certified office spaces saw robust demand, making up 56% of leasing activity in Q4. With sectors like BFSI and technology driving demand, Mumbai accounted for 15% of India's total office space absorption, solidifying its role in shaping market trends.Read more

14 Jan 2025

The Supreme Court is reviewing proposals from two developers - Oberoi Realty Ltd and Valor Estate Ltd (formerly DB Realty Ltd), for Sahara's Versova property redevelopment while demanding a deposit of INR 1,000 crore from each. This step aims to address Sahara's outstanding liabilities of INR 10,000 crore, part of the INR 25,000 crore owed as per a 2012 directive. The court emphasised there is no restriction on Sahara selling its properties, including through joint ventures, to meet financial obligations. While INR 15,000 crore has been deposited in the SEBI-Sahara Fund, the dispute over the remaining amount continues, and the court is pressing for faster resolution.Read more