02 Jan 2025

Meta has renewed its lease for 367,000 sq ft of office space at The Skyview in Hyderabad's Hitec City for five years, with a total rental outlay exceeding INR 170 crore. Monthly rents surpass INR 2.8 crore, with a 15% hike slated for 2026. The renewed lease underscores Meta's commitment to its Hyderabad operations, a key hub for its workforce in India. This move reflects a broader trend of multinational corporations securing prime office spaces in India's thriving commercial hubs, driven by robust IT infrastructure and skilled talent. Similar lease renewals by Nvidia and CA Technologies highlight the sector's resilience and growth.Read more

02 Jan 2025

The Odisha government has directed all civic bodies in the state to begin accepting applications under the Pradhan Mantri Awas Yojana (Urban) 2.0. The Odisha Urban Housing Mission (OUHM), under the Housing & Urban Development Department, has instructed civic bodies to set up helpdesks, hold ward-wise camps, and collaborate with common service centres to assist applicants. Bhubaneswar Municipal Corporation (BMC) has already started the process by organizing a camp in Gadakana. Prime Minister Narendra Modi had visited Gadakana in September, where he interacted with beneficiaries of the scheme. The Centre approved PMAY (U) 2.0 earlier this year, aiming to build 1 crore homes for the urban poor and middle-class families.Read more

02 Jan 2025

The Neopolis IT Township in Thiruvananthapuram has secured initial central government approval, advancing its development within the Outer Area Growth Corridor (OAGC). Spanning 390 acres in Technopark Phase IV, Pallipuram, the INR 1,000 crore project integrates IT, aerospace, and advanced tech sectors, creating a self-sustaining urban center. Challenges remain, particularly in land acquisition for the Outer Ring Road project, crucial for connecting the industrial corridor to the Vizhinjam International Seaport. A high-level meeting in January will focus on these issues under the Capital Region Development Programme-II. Successful implementation promises economic growth, infrastructure enhancement, and job creation for Kerala.Read more

01 Jan 2025

The SVAMITVA Scheme, launched in 2020, is set to distribute over 58 lakh property cards across 50,000 villages in 12 states and union territories, with Prime Minister Narendra Modi addressing the virtual event. The initiative aims to provide a "Record of Rights" to property owners in rural India, specifically in Village Abadi areas. Union ministers will also attend local events in various states to distribute property cards. The scheme has made significant progress, with 2.19 crore property cards finalized so far and 92% of drone mapping completed. The goal is to complete the program by 2026.Read more

01 Jan 2025

The Bangalore Development Authority (BDA) is set to develop six residential layouts, creating 50,000 plots along the proposed Peripheral Ring Road (PRR)-2, connecting Hosur Road to Bengaluru-Mysuru Road. To manage high land acquisition costs and ensure fair farmer compensation, the BDA will adopt a public-private partnership (PPP) model. Spanning 3,000 hectares of land, the project will feature a 30-km-long, 100-metre-wide road with commercial plots on either side. Farmers will receive a 40:60 compensation ratio, including plots in the new layouts. Land acquisition is expected to complete in 6-8 months, with PRR-2 becoming operational within two years.Read more

01 Jan 2025

Two United Kingdom universities-Queen's University Belfast and Coventry University-have applied to establish campuses in GIFT City, Gujarat, joining two Australian institutions already operating there. Queen's University, a member of the prestigious Russell Group, plans to commence with postgraduate programmes and research facilities, potentially expanding to undergraduate courses. Coventry University, renowned for its global reach, aims to leverage its expertise and foster partnerships in India. This development aligns with the International Financial Services Authority's relaxed regulatory framework for foreign universities, enhancing India's academic and research landscape.Read more

31 Dec 2024

TVS Emerald has acquired a 12-acre prime land parcel on Chennai's Radial Road, marking one of the city's largest real estate transactions in two years. The project, spanning 2.5 million square feet, promises to generate INR 2,800 crore in revenue. This strategic acquisition reinforces the company's focus on growth and market leadership in Chennai and Bengaluru. TVS Emerald, a subsidiary of TVS Holdings, has a robust portfolio, having delivered 3.6 million square feet of residential projects and having 8.6 million square feet under development. The move aligns with its vision to create world-class properties in high-demand locations.Read more

31 Dec 2024

Jagdish Naresh Master, a renowned stock market trader, has purchased a 7,139 sq. ft. apartment on the 60th floor of Oberoi Three Sixty West, Worli, for INR 106 crore, at INR 1.50 lakh per sq. ft. His wife, Urjita Master, acquired a flat on the 59th floor for INR 105 crore last month, showcasing their preference for luxury real estate. Jagdish paid INR 3.97 crore in stamp duty, adhering to differential stamp duty norms. These high-value transactions highlight Mumbai's thriving luxury real estate market, driven by demand for premium homes in prime locations, reinforcing the city's position as India's top property investment hub.Read more

31 Dec 2024

The Indian housing market witnessed mixed trends in 2024, with a 4% drop in sales volume across seven major cities, attributed to delays in regulatory approvals and election-related slowdowns, as per a report by Anarock. However, the sector saw a significant 16% increase in sales value, reaching INR 5.68 lakh crore, driven by a 21% rise in average housing prices. Cities like Bengaluru and the Mumbai Metropolitan Region experienced minor sales growth, while others, such as Kolkata and Chennai, saw double-digit declines. The report from Anarock highlights price appreciation and growing unit sizes as key factors mitigating the impact of reduced sales.Read more

31 Dec 2024

The Lucknow Development Authority (LDA) plans to begin registration for 1,617 residential plots in its ambitious 103-acre education city project on Mohan Road shortly. The project is expected to start in late January, pending approval from RERA. This world-class educational hub, inspired by international standards in cities like Dubai and Qatar, will feature an international university and state-of-the-art infrastructure. The first phase will include plots ranging from 400 to 3,200 sq ft across four sectors. In addition, the development will offer group housing plots, green spaces, and 18 large parks in Sector 4. Plot prices are anticipated to range between INR 3,500 and INR 4,000 per sq ft.Read more