30 Dec 2024

Hyderabad's Housing Minister, Ponguleti Srinivas Reddy, announced plans for four 100-acre housing colonies across Greater Hyderabad, catering to low, middle, and higher-income groups. Additionally, the Indiramma housing initiative aims to construct 500,000 houses in its first phase, with a long-term goal of building 2 million homes within four years. The government will provide financial assistance of INR 5 lakh per family in four installments to ease construction costs. With over 80 lakh applications for Indiramma houses and 32 lakh reviewed, the initiative addresses Hyderabad's pressing affordable housing needs. Public-private partnerships are also being explored to accelerate development and improve housing quality.Read more

30 Dec 2024

The groundwater department has issued notices to over 61 residential societies in Ghaziabad for operating unauthorized borewells, giving them 30 days to submit compliance reports. Triggered by complaints, the investigation revealed illegal water extraction practices in societies like Shipra Suncity and ATS Advantage, amid a 7-meter drop in groundwater levels. Many residents cite unreliable Ganga water supply as the reason for borewell dependency. Hydrologists stress the need for stricter NOC regulations, while locals demand improved water management. With urbanization driving water scarcity, the situation highlights the pressing need for sustainable solutions and collaboration among authorities, builders, and communities.Read more

30 Dec 2024

Avalara India, a leader in tax compliance automation, has secured approximately 1,80,000 square feet of office space at Panchshil Business Park East in Viman Nagar, Pune. This acquisition highlights Avalara's strategy to expand its presence in India and leverage world-class infrastructure to support innovation and operational efficiency. Known for its cloud-based tax automation solutions, Avalara simplifies tax challenges across industries. The deal, facilitated by CBRE India, further establishes Panchshil Business Park East as a premier destination for global enterprises.Read more

27 Dec 2024

A total of 11 listed developers aim to launch 253.16 million sq ft of real estate across Indian cities, driven by strong demand for branded residential offerings, according to Anarock. In H1 FY 2025, 57.15 million sq ft (23% of planned supply) has already been introduced. Developers raised INR 12,801 crore via QIPs in 2024 for land acquisition and project launches. Inventory overhang dropped to 14 months by 9M 2024, down from 18 months the previous year, with Bengaluru showing the shortest overhang at 8 months and Hyderabad at 19 months. The surge in supply and robust market response highlight a transformative phase for India's real estate sector.Read more

27 Dec 2024

The Delhi High Court upheld the MCD's declaration that Signature View Apartments are "dangerous and not fit for habitation" allowing the DDA to proceed with demolition. Residents must vacate within three months, with rent support of INR 50,000 for HIG flats and INR 38,000 for MIG flats, increasing annually by 10%. Structural issues, including cracked pillars and corroded reinforcements, led to the ruling, following an IIT-Delhi study and Lieutenant Governor VK Saxena's recommendations. The court blocked plans for additional flats, citing residents' rights to open spaces and amenities, emphasizing the need for regulatory accountability and safety in Delhi's housing projects.Read more

27 Dec 2024

Three leading developers—Prestige Group, RC Group, and Valor Estate—are set to redevelop 19 housing societies in Mumbai’s Bandra area, with a Gross Development Value (GDV) of INR 7,000 crore. Prestige Group will lead design, financing, and construction, while RC Group and Valor Estate focus on regulatory approvals and stakeholder coordination. Construction begins in Q1 2025, targeting completion by 2029. Despite the absence of a cluster redevelopment policy, the project highlights Mumbai’s push to address aging infrastructure. Experts see this as a model for transforming MHADA colonies, unlocking significant redevelopment potential in the city.Read more

26 Dec 2024

The National Company Law Tribunal (NCLT) has recently approved the demerger scheme of Raymond Ltd, enabling the separation of its real estate business into a new entity, Raymond Realty. Effective from 1st April 2025, the transfer of real estate assets to Raymond Realty will allow for more focused management and attract strategic investors. Shareholders of Raymond Ltd will receive one equity share in Raymond Realty for each share they hold. Post-demerger, Raymond Realty will be listed on the Bombay Stock Exchange and National Stock Exchange. The scheme has received regulatory approvals and is set to enhance growth and operational efficiency for the companies.Read more

26 Dec 2024

Sattva Group has secured an 8.5-acre land parcel in Bengaluru's Export Promotion Industrial Park (EPIP) from a high-net-worth individual for INR 300 crore. It was previously occupied by global healthcare company Novo Nordisk India. The site offers a built-up area of 188,000 square feet, with future development potential of up to 1.2 million square feet and a 35 MW data centre. This acquisition strengthens Sattva's presence in Bengaluru's commercial real estate sector. The deal highlights growing developer interest in Bengaluru, particularly for properties with future growth potential. The company is also preparing for a REIT listing.Read more

26 Dec 2024

Municipal authorities, in coordination with HYDRAA, demolished illegal commercial structures at the Anuhar Morning Raga apartments in Manikonda municipality's Alkapur Township. Residents of 38 apartments had complained for three years about the unauthorised conversion of ground-floor residential spaces into commercial areas, including bank strong rooms, which compromised structural integrity and safety. Despite multiple warnings and notices, the builder ignored demolition orders. The action, initiated after inspections revealed zoning violations and safety risks, restored the building's residential purpose and was welcomed by residents. The demolition underscores the importance of adhering to zoning laws and serves as a warning against unauthorized modifications, reaffirming authorities' commitment to community safety and regulatory compliance.Read more

26 Dec 2024

Earlier this week, Maharashtra's Chief Minister, Devendra Fadnavis, expressed his gratitude to the Central Government for approving 6.5 lakh houses under the Pradhan Mantri Awas Yojana (PMAY) and disclosed plans to further increase this allocation by 13 lakh. The approval will provide homes to around 20 lakh out of the 26 lakh people who have registered for the scheme. Union Agriculture Minister Shivraj Singh Chouhan also congratulated the state for the initiative, underscoring the government's ongoing commitment to the "Housing for All" mission. This continued effort is aimed at addressing the increasing demand for housing in rural areas.Read more