11 Sep 2024

IBM has renewed its lease for 830,000 square feet in Bengaluru's Embassy Golf Links Business Park, marking a significant office leasing transaction in India this year. The ten-year lease, costing INR 143 crore annually, involves a monthly rate of INR 140 per square foot, with planned escalations of 12% and 15% after five and eight years, respectively. Despite the rise of remote work, demand for office space remains strong, with India's leasing market up 19% in the first half of 2024. IBM's continued expansion underscores the importance of physical office environments amid evolving work trends.Read more

11 Sep 2024

The Chennai Metro Rail Limited (CMRL) plans to develop commercial properties around phase-two metro stations at key locations, including Thirumangalam, Alandur, Vadapalani, KK Nagar, Mandaveli, Anna Nagar West, Thousand Lights, and Koyambedu. These developments aim to integrate the public transit with the commercial spaces, enabling the passengers to access the workplaces and the shopping complexes directly from the stations via walkways or subways. CMRL is seeking the state government funds and collaborating with agencies like MTC and CMDA. This initiative is part of a transit-oriented development strategy to boost non-fare revenue, which increased by 65% in 2022-2023, aiding financial sustainability.Read more

10 Sep 2024

Godrej Properties Limited (GPL) has emerged as the top bidder in a recent e-auction by Haryana Shehri Vikas Pradhikaran (HSVP), securing two prime plots in Gurugram for INR 515 crore. The 3.6-acre plot on Golf Course Road and the 1.97-acre plot in Sector 39 offer opportunities to develop over 1 million square feet of residential space, potentially generating revenues exceeding INR 3,400 crore. This acquisition aligns with GPL's strategy to expand its footprint in key markets. The projects, set to launch in fiscal year 2025, reflect growing demand and infrastructure improvements in Gurugram.Read more

10 Sep 2024

The National Buildings Construction Corporation (NBCC) has achieved a significant milestone by selling 1.81 lakh square feet of commercial space at World Trade Centre (WTC), Nauroji Nagar, for INR 908.48 crore. The auction saw public sector undertakings acquiring 1.21 lakh square feet for INR 596.25 crore, while private buyers obtained 0.60 lakh square feet for INR 312.23 crore. This sale, marked by a high price of INR 62,261 per square foot, is part of NBCC's larger urban redevelopment project replacing 628 old government quarters with modern infrastructure, furthering Delhi's commercial growth.Read more

10 Sep 2024

The Indian government has approved the transfer of 256 acres of salt pan land in Mumbai to the Maharashtra government, advancing the Dharavi Redevelopment Project. This Union Cabinet decision supports the creation of rental housing for Dharavi's slum dwellers. The land, situated in Kanjurmarg, Wadala, and Mulund, will be leased for 99 years to facilitate the project. Aimed at improving living conditions for over one million residents, this initiative marks a crucial step in addressing Mumbai's urban housing challenges while ensuring transparency and accountability in its execution.Read more

10 Sep 2024

Ashley Biharilal Nagpal, promoter of furniture brand EBCO, and his wife, Bianca A Nagpal, purchased a luxurious apartment in Mumbai's Oberoi 360 West for over INR 115.5 crore. The 7,139 sq. ft. residence, located on the 60th floor, is priced at approximately INR 1.62 lakh per sq. ft., making it one of India's most significant residential deals. This transaction, finalized on August 28, highlights Mumbai's booming luxury real estate market, which continues to break records amid strong demand from high-net-worth individuals.Read more

09 Sep 2024

The Brihanmumbai Municipal Corporation (BMC) has realigned the Goregaon-Mulund Link Road (GMLR) project's twin tunnels by 600 metres in response to objections from local residents, particularly tribal communities. This adjustment has increased the project cost by INR 247 crore, bringing the total to INR 6,548 crore. The GMLR, designed to connect Goregaon and Mulund, promises to reduce travel time significantly. However, the project faces scrutiny over rising costs and community impact, with completion expected by October 2028 after tunnel work begins in April 2025.Read more

09 Sep 2024

The Cabinet recently approved three major railway projects worth nearly INR 6,500 crore. These include two new rail lines and one multi-tracking project, expected to be completed by 2028-29. The projects will cover seven districts across Odisha, Jharkhand, Chhattisgarh, and West Bengal, adding nearly 300 route kilometers to the Indian Railways network. Key projects include a new line between Jamshedpur and Asansol, line doubling between Sardega and Bhalumuda. These initiatives will enhance connectivity, particularly for freight transport, benefiting around 1,300 villages and 30 lakh people. The projects will also reduce carbon emissions equivalent to planting 9.7 crore trees.Read more

09 Sep 2024

Mumbai's Bandra-Kurla Complex (BKC) will soon see the launch of a groundbreaking Pod Taxi system, approved by the Mumbai Metropolitan Region Development Authority (MMRDA). Sai Green Mobility Private Limited, in collaboration with Ultra PRT, will design, develop, and operate this fully autonomous transit system. With the capacity to operate every 15 to 30 seconds, the Pod Taxi aims to address the increasing demand for efficient last-mile connectivity due to anticipated infrastructure expansions. Fares will be INR 21 per km, with a 4% annual increase. The project, estimated at INR 1016.34 crore, represents a major step in enhancing Mumbai's urban mobility.Read more

09 Sep 2024

The Royal Western India Turf Club in Pune, a historic hub for horse racing, has undergone a major renovation led by Yohan and Michelle Poonawalla. The two-year project revitalised the venue by blending its rich heritage with modern amenities, aiming to attract new audiences and enhance financial sustainability. Key updates include refurbished guest rooms, restored cottages, and improved outdoor spaces. This transformation, driven by the Poonawalla family's deep-rooted passion for horse racing, reflects a broader trend of modernising sports venues while preserving their historical significance. The club now stands as a rejuvenated community hub for racing enthusiasts.Read more