09 Feb 2024

Rikant Pittie, co-founder of EaseMyTrip, made headlines with his purchase of a INR 99.34 crore commercial property in Gurugram's Sector 32. The property spans 4,050 square meters near Rajiv Chowk and boasts a built-up area of 1,00,429 square feet. Pittie, known for transforming his teenage travel agency into EaseMyTrip.com, has become a major player in online travel. EaseMyTrip has seen remarkable growth and remains profitable since its inception in 2008. Pittie's latest acquisition reflects his commitment to expanding his business empire.Read more

23 Jan 2024

Bangalore-based real estate developer Sobha Ltd has completed a Rs 121 crore payment to Gurgaon-based Chintels India Pvt Ltd for land within their joint venture project, Sobha International City. This involves two separate land parcels, 2 acres and 5.8 acres, with a stamp duty payment of approximately Rs 8.5 crore. The transaction follows Sobha's record-breaking performance in Q2 2023. The deal includes the transfer of a commercial portion of the licensed land and a plot initially allocated for the clubhouse. Despite controversies surrounding Chintels India's Chintels Paradiso project, the recent land transfer is unrelated, emphasizing the continued collaboration in real estate development in the National Capital Region.Read more

17 Jan 2024

The revision of circle rates in Gurugram, initially slated for January 1, is now expected to be implemented from February 1, with a proposed 30-80% increase across property categories. The Haryana government's draft proposal, released for public review in December, outlines significant hikes in circle rates for various areas, including Golf Course Road and Farrukhnagar. Deputy Commissioner Nishant Yadav emphasized that the rate adjustments aim to bridge the gap between circle rates and market prices, with the final rates based on property registry amounts in 2023.Read more

11 Jan 2024

Real estate giant DLF reported a remarkable achievement, selling over 1,000 luxury housing units in its pre-launch phase for the Privana South project in Gurugram. The sales, totaling Rs 7,200 crore, were completed within three days, showcasing high demand. Covering 25 acres in Sectors 76 and 77 of Gurugram, the upscale community offers 1,113 well-thought-out premium homes. DLF emphasized its commitment to high-rise luxury developments and strategic positioning near Southern Peripheral Road, NH-48, Dwarka Expressway, and Central Peripheral Road. This success follows DLF's similar feat in March 2023, underscoring sustained demand for its upscale offerings.Read more

09 Jan 2024

Realty developer BPTP, via its subsidiary Countrywide Promoters Pvt Ltd, has acquired a 5.24-acre land parcel near Gurugram's Dwarka Expressway for Rs 87.27 crore. The strategic move aligns with BPTP's expansion efforts in Gurugram and Faridabad, where it holds over 600 acres. Following a recent sale of a 10-acre land parcel to Central Park for Rs 100 crore, BPTP reinforces its regional commitment. The acquired plot in Gurugram's Sector 113, near the operational Dwarka Expressway, adds to BPTP's extensive portfolio of completed residential and commercial projects. The real estate landscape, marked by active land acquisitions in 2023, reflects the sector's dynamic growth.Read more

09 Jan 2024

In a targeted move against unauthorized colonies, the enforcement wing of the town and country planning department (DTCP) demolished six such colonies spanning 15 acres in Hayatpur and Sadrana in Gurgaon. The demolition, aimed at curtailing the illegal use of prime agricultural land, included structures, boundary walls, and entire road networks associated with the unauthorized colonies. The crackdown, in line with the Haryana Development and Regulation of Urban Areas Act, involved stringent legal measures, underscoring the government's commitment to combating illegal land development and preserving urban planning integrity.Read more

08 Jan 2024

In 2023, Gurugram's housing market experienced a notable 13% surge in sales, contrasting with neighbouring areas like Noida, Greater Noida, Faridabad, and Delhi, which saw a 7-8% decline in property sales. Gurugram's residential property market flourished, reaching 36,970 units, a significant increase from the previous year's 32,615 units. In contrast, Noida, Greater Noida, Ghaziabad, Faridabad, and Delhi collectively faced a downturn. Gurugram's success is attributed to robust consumer sentiment, ongoing infrastructure projects, and hotspots like New Gurugram, Dwarka Expressway, and the Southern Peripheral Road. Industry experts highlight Gurugram's renaissance within the NCR region, driven by demand and infrastructure growth.Read more

08 Jan 2024

Godrej Properties' subsidiary, Oasis Landmarks LLP, faces a GST demand order of Rs 10.45 crore, along with interest and penalty, totalling Rs 22.54 crore. The order, dated December 31, 2023, alleges non-payment of GST related to turnover in the pre-GST regime, citing denial of input tax credit. Oasis Landmarks LLP plans to contest the order while asserting that the order has no significant impact on the company's finances or operations. Despite the challenge, the subsidiary expects a favourable outcome based on its assessment and current legal positions. Meanwhile, Godrej Properties recently acquired a four-acre land parcel in Yeshwanthpur, Bengaluru, with significant development potential and an estimated revenue of Rs 1,000 crore.Read more

29 Dec 2023

DLF, a leading real estate developer, is set to launch a luxury residential project in Gurugram's Sector 76, projecting revenues between Rs 8,000 crore and Rs 10,000 crore. The formal launch is anticipated in January 2024, marking DLF's significant venture into the Southern Peripheral Road (SPR) area. The project, part of the integrated 'Privana' township spanning 120 acres, is expected to offer 1,100 premium residences in the price range of Rs 17,000 to Rs 18,000 per square foot, following the success of DLF's earlier project, 'The Arbour.'Read more

28 Dec 2023

Godrej Properties Ltd achieves a remarkable milestone with the sale of over 600 apartments in its upscale Gurugram project, Godrej Aristocrat, raking in an impressive Rs 2,600 crore. This exceeds the previous record set by Godrej Tropical Isle in Noida, showcasing the company's most successful launch to date. Managing Director Gaurav Pandey highlights Gurugram's strategic importance, revealing plans for four new projects in 2024. The company reports a 48% increase in sales bookings, reaching Rs 7,288 crore in April-September 2023-24, with Delhi-NCR contributing significantly. Executive Chairperson Pirojsha Godrej expresses confidence in achieving a Rs 14,000 crore sales target this fiscal year, signalling robust growth and expansion.Read more

26 Dec 2023

MakeMyTrip's CEO, Rajesh Magow, and Genpact's CHRO, Piyush Mehta, recently acquired luxurious apartments at The Magnolias by DLF in Gurugram, each valued at around Rs 33 crore. These 6,500 sq ft residences have seen an incredible price increase since October 2022. The Golf Links projects, including the Aralias, the Magnolias and the Camellias, have become prominent addresses in the National Capital Region (NCR). The surge in luxury real estate prices reflects a growing trend, with DLF's Golf Links residences commanding top rentals and drawing comparisons to Delhi's prestigious Lutyens zone. Property transactions in the region have experienced heightened demand, contributing to a notable surge in the luxury real estate market.Read more

21 Dec 2023

Emaar India, a subsidiary of Emaar Properties, is set to invest Rs 900 crore in a luxury housing project in Gurugram as part of its expansion strategy. The 'Urban Oasis' project at Sector 62, Golf Course Extension Road, has already sold out its first phase, comprising 424 luxury homes, generating revenue of Rs 1,723 crore. The overwhelming response, with 10 times subscription and 4,259 expressions of interest, reflects robust demand for luxury homes in Gurugram and major cities. Emaar India, having completed legacy projects, aims to launch more residential developments in Delhi-NCR and other North Indian locations.Read more

20 Dec 2023

Gurugram faces a rampant proliferation of unauthorized guesthouses, covering 145 acres in key sectors, with approximately 1,400 operating illegally. Despite enforcement efforts by the Town and Country Planning Department, these establishments persist, often breaking seals or obtaining court stays. State policies for guesthouse construction include minimum plot sizes and sector-wise caps, but recent data reveals 70% of guesthouses operate unlawfully. Many serve as alternative accommodations for medical, IT, and industrial entities, maintaining a high 90% occupancy rate. The issue, stemming from 2010 B&B licenses, persists due to lax enforcement. Authorities face the urgent task of curbing this unchecked growth to restore order in the city's accommodations.Read more

19 Dec 2023

Godrej Properties is launching the 'Godrej Aristocrat' luxury housing project in Gurugram, anticipating a revenue potential of approximately Rs 3,000 crore. With nearly 750 apartments in a 9.5-acre plot, the project at Sector 49, Gurugram, has a starting price of Rs 4 crore per unit. The company has already garnered over 1,200 expressions of interest. On the real estate performance front, Godrej Properties achieved a 48% growth in sales bookings during April-September 2023.Read more

14 Dec 2023

Gurugram's real estate market continues its robust momentum, achieving record-breaking sales with a Rs 100 crore apartment sale, marking one of the city's most expensive property transactions. Square Yards' quarterly report reveals that Gurugram's top fifteen developers collectively sold 2,578 properties valued at Rs 4,374 crores in Q3 2023. DLF led in volume, selling 336 units worth Rs 1,775 crore, while Signature Global topped units sold (631) worth Rs 234 crore. Gurugram's rise in residential real estate is attributed to its cosmopolitan appeal and emerging reputation as the next Silicon Valley.Read more

12 Dec 2023

Air India has finalized a lease agreement for 6.2 lakh sq ft in Gurgaon's E-Innovation Centre, Sector 75, at an annual rent exceeding Rs 60 crore. It has leased blocks B, C, and E for 21 years. The leases, featuring a 4% annual rent escalation, were registered on October 18, 2023. The property comes with 450 car parking spots. The developer will construct the facility, catering to Air India's pilot training needs. In the past few months, Air India leased 1,80,750 sq ft of office space in Vatika One on One in Gurugram and also has sold its Air India building at Nariman Point to the Maharashtra State Government.Read more

08 Dec 2023

The Department of Town and Country Planning (DTCP) in Haryana has sealed six houses in Sushant Lok 2 for illegal commercial activities, part of a broader crackdown on unauthorized businesses in residential areas. This initiative, ongoing since October, has resulted in around 500 properties being sealed and more than 750 violators receiving notices for breaching occupation certificate (OC) rules. The department's rigorous enforcement, exemplified by recent actions in Sushant Lok 2 and DLF 1, highlights a commitment to upholding building norms, discouraging violations, and maintaining the integrity of residential neighbourhoods in Haryana.Read more

07 Dec 2023

Ericsson has signed a substantial office space deal with Skootr at Gurgaon's Vatika One on One building, marking one of India's largest managed workspace agreements. Covering 525,000 square feet, Ericsson's commitment involves an immediate occupancy of 325,000 square feet, with a right of first refusal for an additional 200,000 square feet. The move highlights a growing demand for flexible office spaces in the country. The builder, Vatika, is expected to deliver the first phase in 3-6 months, with Skootr handling fit-out over the subsequent 3-4 months.Read more

01 Dec 2023

Ganga Realty unveils the Nandaka 84 uber-luxury residential project in Gurugram, committing an investment of over 1000 crores for its development. Strategically located near Dwarka Expressway and NH-48, the self-funded project spans 8.33 acres, featuring 3BHKs, 4BHKs, and penthouses across four towers. Partnering with London-based firm UHA, the project emphasizes green inclusivity with Miyawaki Gardens, medicinal and air-purifying flora, EV charging stations, and various amenities. Ganga Realty aims for single-phase completion by 2028, echoing the success of their first luxury project in Gurugram. The company's symbolic focus on "pure luxury" aligns with the growing demand for high-end residences in Gurugram.Read more

30 Nov 2023

Haryana Shahari Vikas Pradhikaran (HSVP) has served notices to 150 property owners in Sector 110A, demanding a "enhancement amount" of Rs 409 crore. Residents must pay between Rs 30 lakh to Rs 1 crore, based on plot size, within 30 days or face interest penalties. The notices follow a Punjab and Haryana High Court directive for enhanced compensation to landowners affected by the 2015 demolition of homes in New Palam Vihar for Dwarka Expressway construction. Allotted alternative plots in Sector 110A in 2017, affected families now grapple with the unexpected demand, prompting protests and appeals.Read more