20 Aug 2024

Suraksha Smart City has launched a new affordable housing lottery under the Pradhan Mantri Awas Yojana (PMAY), offering 1BHK units at an effective price of INR 19,99,999 after a government subsidy of INR 2.50 lakh. These units will be allocated on a first-come, first-served basis through the lottery system. Eligible buyers with an annual income up to INR 6 lakh will also benefit from a reduced stamp duty of INR 1,000. The project includes over 100 amenities and employs Precast Construction Technology. Located near Vasai Railway Station, it offers excellent connectivity and convenience within the Mumbai Metropolitan Region (MMR).Read more

20 Aug 2024

Tata Realty & Infrastructure Ltd. (TRIL) has partnered with Uber to enhance commuting for users of its Intellion Plus app, which has achieved 12,000 downloads and an 80% engagement rate since its January 2024 launch. This collaboration will integrate Uber for Business into the app, offering a seamless ride sharing experience for office workers. The integration aims to simplify transportation, improve work efficiency, and increase employee satisfaction. Sanjay Dutt of TRIL and Abhinav Mittoo of Uber highlight the partnership's role in modernizing corporate travel and addressing the needs of hybrid work models.Read more

20 Aug 2024

NatWest Group plans to hire around 4,000 employees in Bengaluru over the next two years, significantly boosting its engineering and innovation capabilities. The bank's new office at Bagmane Constellation Business Park will span 370,000 square feet, tripling its current capacity. This expansion follows a previous commitment to add 3,000 software engineers by 2026, increasing the Bengaluru workforce to about 6,000. With 17,000 employees across India, NatWest aims to leverage India's tech talent to enhance its global services, reflecting a broader trend of international firms investing in India's growing tech hub.Read more

19 Aug 2024

IDFC First Bank has leased 1.64 lakh square feet at Commerze III, Goregaon East, for INR 3.85 crore per month, marking a major expansion. The lease, covering floors 22 to 25, is valued at INR 34 crore in security deposits and includes 165 parking slots. With a rent of INR 233 per sq ft and a 15% escalation after three years, the agreement reflects the rising demand for premium office space in Mumbai. The lease registration, with a stamp duty of INR 74.65 lakh, signals a rebound in the commercial real estate market as businesses adapt to new workspace needs.Read more

19 Aug 2024

Billionaire entrepreneur Yohan Poonawalla and his wife, Michelle, have purchased a 30,000 sq. ft mansion in Cuffe Parade, South Mumbai, with an investment between INR 400 crore and INR 750 crore. The mansion, to be named "Poonawalla Mansion," will serve as their secondary residence. Yohan, known for his roles in the Poonawalla Engineering Group and Poonawalla Stud Farms, and Michelle, leading MYP Design Studio, plan to infuse modern luxury with historical charm. This acquisition underscores the rising value of luxury real estate in South Mumbai, joining other elite investors in the area.Read more

19 Aug 2024

The Delhi Development Authority (DDA) has launched its Dwarka Housing Scheme 2024, offering 173 premium flats priced between INR 1.28 crore and INR 2.5 crore. These upscale units will be allocated through an e-auction process, enhancing transparency and competitive bidding. Alongside this, the DDA will introduce the Sasta Ghar Housing Scheme 2024, providing around 34,000 affordable flats starting at INR 11.5 lakh. Additionally, about 5,400 apartments under the General Housing Scheme 2024 will cater to various income groups, with prices starting at INR 29 lakh. This multi-faceted approach aims to address Delhi's diverse housing needs.Read more

19 Aug 2024

BHIVE Workspace has leased 42,000 square feet in Brigade Metropolis, Bengaluru, boosting its seating capacity to over 1,200. This follows last year's acquisition of space on the same floor and is part of BHIVE's strategic expansion to meet rising demand for flexible workspaces. The company plans to increase its managed office space by one million square feet this fiscal year, aiming for a revenue of INR 348 crore. As Bengaluru's coworking sector grows, BHIVE's expansion aligns with the city's shift towards hybrid work models and flexible office solutions.Read more

16 Aug 2024

Astrea Real Estate Developers, a subsidiary of The Phoenix Mills (PML), has acquired 9.03 acres of land in Coimbatore for INR 370.17 crore, marking PML's second retail project in Tamil Nadu. The acquisition involved purchasing equity in several entities and direct land purchases. PML holds a 67.1% stake in Astrea, with Reco Zinnia holding 32.9%. The project is part of PML's strategy to expand its retail portfolio in major Indian cities. The development is expected to enhance Coimbatore's retail landscape, following the success of Phoenix MarketCity and Palladium in Chennai.Read more

16 Aug 2024

The Union Cabinet's approval of Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0, led by Prime Minister Narendra Modi, is a significant move towards providing affordable housing for all in India. With an investment of 10 lakh crore, including INR 2.30 lakh crore in government assistance, the scheme aims to benefit one crore urban poor and middle-class families over the next five years. Industry leaders have lauded the initiative for its potential to improve living standards, boost the real estate sector, create jobs, and drive economic growth. The scheme builds on the successes of its predecessor and sets new standards for urban development.Read more

16 Aug 2024

Nitco Ltd has sold a 16,250 square meter (approximately four acres) land parcel in Kanjurmarg East, Mumbai, to Runwal Group for INR 232 crore. This strategic location benefits from excellent connectivity, near the Eastern Express Highway, Jogeshwari-Vikhroli Link Road, and Kanjurmarg Railway Station, with upcoming Metro Lines set to enhance its value further. The sale reflects high demand for prime Mumbai real estate and underscores Nitco Ltd's focus on optimizing its asset portfolio. Runwal Group, with 14 ongoing projects in Mumbai, sees significant potential in this rapidly developing area.Read more