17 Feb 2025

The Lucknow Development Authority (LDA) has reopened its e-auction portal, offering 60 sqm residential plots in the Basant Kunj Scheme and commercial plots in Gomti Nagar, Jankipuram, Sharda Nagar, and Kanpur Road. Online registrations are open until March 10, with the e-auction scheduled for March 17. This follows a previous auction that generated INR 450 crore in sales. LDA Vice Chairman Prathmesh Kumar emphasized the initiative's goal to attract buyers amid Lucknow's real estate growth. Investors and homebuyers are encouraged to register early and explore opportunities in the city's expanding property market.Read more

17 Feb 2025

Nexus Select Trust has acquired Vega City Mall, a 96% leased shopping center in South Bengaluru, strengthening its retail presence in the city. The acquisition, completed at 10% below valuation, is expected to generate a Retail Net Operating Income of INR 78 crore and boost Net Distributable Cash Flow by INR 20 crore after debt servicing. Funded through non-convertible debentures at a 7.70% coupon rate, the deal keeps Nexus's Loan-to-Value (LTV) ratio at 17%. CEO Dalip Sehgal emphasized the mall's prime location and potential for leasing, operational, and marketing synergies, reinforcing Nexus's growth strategy in India's retail market.Read more

17 Feb 2025

EY Global Delivery Services (GDS) has extended its footprint in Tamil Nadu by inaugurating its first office in Coimbatore at the KCT Tech Park. This addition complements its existing offices in Chennai and underscores its commitment to leveraging the region's skilled workforce and fostering innovation. The launch event featured key dignitaries, including Tamil Nadu's IT and Digital Services Minister, Dr. Palanivel Thiaga Rajan, and EY GDS's Global Operations Leader, Manesh Patel. The office will focus on consulting services, particularly technology and innovation, while also contributing to the state's digital transformation. With an emphasis on AI, data analytics, cloud computing, and cybersecurity, the facility aims to deliver cutting-edge, scalable business solutions.Read more

17 Feb 2025

The Indian office real estate market has witnessed remarkable growth, with 2024 recording the highest net absorption across the top seven cities since 2019, as per ANAROCK Research. Southern cities, particularly Bengaluru, Hyderabad, and Chennai, have dominated commercial leasing activity, accounting for the majority share in new supply additions and net absorption. Bengaluru led with a 26% increase in office rentals, followed closely by Hyderabad (25%) and Chennai (20%). Meanwhile, despite the addition of 48.11 million sq. ft. of new office space in 2024, office vacancies declined to 16.5%. The co-working sector has gained prominence, rising from a 15% share in 2019 to 21% in 2024, while BFSI sector demand has increased significantly. In contrast, the IT/ITeS sector's share has declined over the period.Read more

14 Feb 2025

The Department of Town and Country Planning (DTCP) has initiated valuation of flats in Towers A, B, and C of Gurugram's Chintels Paradiso. This move follows a second safety audit that deemed these buildings unsafe. Structural concerns arose after a tragic collapse in Tower D in February 2022. Over time, IIT experts and the Central Building Research Institute (CBRI) declared all nine towers unsafe, prompting plans for demolition. With some towers already vacated and razed, consultants are now assessing the financial worth of flats in Towers A, B, and C to determine buyback compensation for affected residents. The developer, Chintels India, pledged to proceed with buybacks once valuations are finalised.Read more

14 Feb 2025

Onward Workspaces, a premier provider of co-working and managed office spaces, has successfully leased 7,050 sq ft of its newly developed 18,000 sq ft premium facility at Emaar Capital, Gurgaon, to Clarksons Shipping, a renowned UK-based global leader in integrated shipping services. The space, designed to accommodate 120 seats, highlights Onward's expertise in delivering bespoke office solutions for multinational corporations. The move underscores the increasing demand for high-quality managed office spaces in Gurgaon, a key business destination in India. This lease agreement aligns with Onward Workspaces' broader expansion strategy, which includes developing 150,000 sq ft of office spaces across the NCR region with an investment of INR 18 crores.Read more

14 Feb 2025

The NAREDCO NextGen Conclave 2025, held in Mumbai, showcased key developments in the real estate sector, with a focus on MSRTC's land bank development, regulatory reforms, and industry trends. Shri Pratap Sarnaik, Honourable Minister of Transport, Maharashtra, announced plans to fast-track the development of MSRTC bus depots, encouraging developers to participate in the initiative. The event also marked the launch of NAREDCO NextGen's 'Digital Learning Hub' for real estate professionals. Discussions revolved around financial innovations, urban development, and the transformative impact of AI, alongside insights from industry leaders on sustainable growth and regulatory changes. The conclave concluded with the announcement of the upcoming NAREDCO Maharashtra Annual Members Meet 2025 in Goa.Read more

14 Feb 2025

Actress Gauhar Khan has recently invested in three properties within Shiv Kutir Co-operative Housing Society, Versova, Mumbai, for a total of INR 10.13 crore. One apartment, purchased solely in her name, cost INR 2.80 crore, while two others were jointly acquired with her husband, Zaid Darbar, for INR 7.33 crore. The deals, registered earlier this month, offer a combined carpet area of 3,498 sq ft with provisions for three parking spaces. Versova has historically been a popular residential choice among Bollywood celebrities. These transactions incurred a total stamp duty of INR 57.95 lakh and registration charges of INR 60,000, reflecting Mumbai's thriving premium real estate market.Read more

13 Feb 2025

Suraksha Group has secured re-validation of RERA registration for seven stalled Jaypee Infratech projects in Delhi-NCR, comprising over 10,000 residential units. This approval, following Suraksha Group's takeover of Jaypee Infratech through insolvency proceedings last year, paves the way for expediting construction and providing relief to homebuyers. The projects, including Jaypee Greens Kosmos, Krescent Homes, and Pebble Court, are set for phased delivery starting December 2025. The resolution plan also involves significant investment to revive stalled projects and settle debts with lenders and authorities. Efforts are underway to secure re-validation for more projects to ensure timely completion.Read more

13 Feb 2025

The 22nd Property Expo, organised by CREDAI MCHI Thane, concluded recently after a four-day showcase that drew a remarkable response from homebuyers and industry stakeholders. The event featured over 100 projects from 40 renowned developers and 10 financial institutions, attracting more than 20,000 families. Attendees explored a diverse range of properties, and organisers expect many serious buyers to proceed with purchases in the coming months. The expo also hosted insightful seminars and panel discussions on emerging real estate trends and sustainable development. The digital version of the expo will remain active for the next year, ensuring accessibility for those who missed the physical event.Read more