31 May 2024

Creditors of the defunct Go First Airlines are set to auction a prime 94-acre land parcel in Thane, near Mumbai, with a reserve price of approximately INR 1,960 crore. The move follows a Delhi High Court ruling allowing lessors to seize the airline's planes. The land, previously held as collateral by the Wadia group, is expected to fetch between INR 1,200 crore and INR 2,500 crore considering its development potential. Advertisements for the auction will be published soon, giving buyers 60 days to submit bids. Creditors aim to recover part of the airline's INR 50,000 crore debt.Read more

30 May 2024

Signature Global, a leading name in affordable housing, has expanded its footprint in Gurugram by acquiring 14.65 acres in Sector-37D through its subsidiary, Signatureglobal Homes. This addition brings their total developable area in the city to approximately 21.7 million square feet. In FY24, Signature Global sold over 4,600 units, generating a sales value of INR 72.7 billion - a 112% increase from the previous year. Their collections also surged by 62%, reaching INR 31.1 billion. With estimated revenue recognition of INR 120 billion over the next three years, Signature Global is well-positioned to meet Gurugram's growing demand for affordable housing.Read more

30 May 2024

According to a report by Cushman & Wakefield, Chembur, a suburban micro-market in eastern Mumbai, has undergone a remarkable transformation in its real estate landscape. Once considered a mid-end residential area, Chembur has now emerged as a premium destination, witnessing a surge in supply and a narrowing of the pricing gap with established markets like Bandra, Worli, and Lower Parel. The area's average sales have increased significantly, and property rates have seen substantial appreciation, driven by infrastructure developments that have boosted connectivity and appeal. Chembur's affordability compared to other prime areas, combined with its improved accessibility and well-developed social infrastructure, have made it an attractive option for homebuyers and investors. The growth in Chembur's real estate market has also spurred development in neighbouring micro-markets, solidifying its position as a focal point for growth in the eastern region of Mumbai.Read more

30 May 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) announced that ridership on Metro Lines 2A and 7 has surpassed 100 million. Achieved within 1.5 years of its January 2023 inauguration, this milestone highlights the Metro's transformative impact on Mumbai's public transport. Lines 2A and 7, costing INR 12,000 crore, cover a 37 km corridor connecting Dahisar East, DN Nagar, and Andheri East. They significantly reduce travel time, with Dahisar to Andheri now a 25-minute ride, down from 2 hours. This improvement saves millions of travel hours, boosts economic benefits by INR 4,000 crore annually, and reduces air pollution. Enhanced safety and accessibility make the Metro a reliable choice, especially for women, seniors, and the disabled. This success highlights the importance of the Metro in decongesting Mumbai, with further expansions planned for Lines 3, 4, 5, 6, and 9.Read more

29 May 2024

Skootr, a managed office space provider in India, unveils an ambitious expansion plan to add 5 million square feet to its portfolio by FY 2028, investing INR 1,000 crore. Bengaluru takes precedence, with over 90% of new developments planned for the city, aiming to double its existing portfolio. While details on Hyderabad and NCR developments are awaited, significant investments are anticipated. Skootr's current network spans 80 offices across 20 properties in major cities. Their expansion strategy targets key micro markets, including Bengaluru, Delhi NCR, and Hyderabad, and emerging markets like Pune, Chennai, and Mumbai. This move aligns with the increasing demand for flexible workspace solutions amid evolving work trends.Read more

29 May 2024

Strata has invested INR 115.45 crore in 140,000 square feet of office space in Bengaluru's Whitefield, housing Puma India's headquarters. This marks their eighth investment in the city, highlighting Whitefield's appeal as a prime business hub. Tech giants like Wipro, Infosys, and IBM have collectively invested over INR 5,000 crore in Whitefield, while GE Healthcare and Unilever have invested significantly in healthcare and pharmaceutical facilities. The hospitality sector, with investments from Marriott and Hilton, has also surged. Strata's fractional ownership model democratizes commercial real estate investment, making Whitefield's lucrative market accessible to smaller investors.Read more

28 May 2024

The State Bank of India (SBI) has invested INR 714 crore in the World Trade Center (WTC) project in Gurugram, led by TCG Urban Infrastructure. The project, with a total cost of INR 1,211 crore, will feature 1 million sq. ft of leasable space, including 940,761 sq. ft of office and 72,407 sq. ft of retail space. TCG Urban Infrastructure will contribute the remaining INR 497 crore. This investment highlights SBI's confidence in the project's potential and aligns with the growing demand for modern office space in Gurugram. The WTC project supports the World Trade Center Association's expansion in India, enhancing trade and business connectivity.Read more

28 May 2024

Narayana Health, an Indian healthcare provider with 18 hospitals and 3 heart centers, has acquired a 1.2-acre plot in Begur Hobli for INR 169 crore (USD 2.04 million). This strategic investment in Bengaluru's emerging southern region, known for its affordable land and rapid development, indicates plans for a new hospital or specialized medical centre. With a population over 12 million and a growing demand for healthcare, Bengaluru's sector is projected to grow at 12-15% CAGR. The government's INR 5,000 crore infrastructure investment in the south enhances accessibility, making it a prime location for healthcare expansion.Read more

28 May 2024

Certus Capital's recent commitment of over INR 400 crore (USD 52 million) to three prominent projects in Chennai, Pune, and Mumbai underscores confidence in India's property market. Led by Ashish Khandelia, Certus strategically backs projects by reputable developers like Casagrand and Mittal Brothers, focusing on premium housing in prime city locations. Through its platform Earnnest.me, Certus offers individual investors access to secured debentures, providing attractive returns of around 15%. Despite rising interest rates, strong sales performance in top markets indicates sustained demand, signaling positive growth prospects for Indian real estate.Read more

27 May 2024

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.Read more