24 Nov 2023

In response to its new hybrid work policy, Wipro, India's fourth-largest IT firm, is strategically selling parts of its office assets in Bengaluru and Hyderabad. This move aims to streamline operations and optimize real estate holdings. The sale includes significant portions of their campuses in Gachibowli, Hyderabad, and Electronic City, Bengaluru. The decision aligns with the company's shift to a minimum three-day office work week, reflecting broader changes in workspace utilization and operational efficiency in India's evolving IT and commercial real estate sectors.Read more

24 Nov 2023

The Haryana Government is addressing an oversight, offering refunds to 1588 property owners who mistakenly paid development fees. Errors were identified across various categories, including HSVP, HSIIDC, licensed colonies, CLU acquired properties, Lal-Dora residential properties, and agricultural properties. The Urban Local Bodies Department notified affected owners via SMS, urging them to claim refunds through the NDC portal. A dedicated fund of Rs 5.19 crore has been allocated. While 51 applications are processed efficiently, 1537 property holders are urged to expedite their claims, demonstrating the government's commitment to a prompt resolution.Read more

24 Nov 2023

The Thrikkakara municipality has issued an eviction notice to the residents of the Apple Heights apartment complex in Vazhakkala, alleging non-payment of taxes. The notice, sent on October 27, claims that the municipality incurred losses due to non-receipt of permit fees and taxes from the 85 families residing in the complex. The municipality asserts that the building is "illegal" and lacks necessary No Objection Certificates (NOCs). The eviction notice warns of potential issues if residents continue to stay without proper documentation and calls for steps to vacate them. The matter stems from an ongoing dispute over land acquisition for metro route development.Read more

23 Nov 2023

Mumbai-based Oberoi Realty is making its debut in the NCR market by acquiring 14.8 acres in Gurugram for Rs 597 crore. The land, purchased from Ireo Residences, will be used for a luxury group housing project, marking Oberoi's foray outside Mumbai Metropolitan Region. The deal, involving event/ time-linked payments up to Rs. 597 crore, allows existing owners to retain a portion of the project area. Oberoi's entitlement from the project is estimated at 2.6 million sq ft. The move aligns with Oberoi's expansion plans, which include entering Thane, Bengaluru, and Pune, while focusing on premium luxury residences.Read more

23 Nov 2023

Macrotech Developers, under the Lodha brand, plans to invest Rs 800 crore into two Bengaluru housing projects amid strong demand. The first project launched this month, with the second targeted for Q4 or Q1 of the next financial year. Construction costs are estimated at Rs 800 crore, anticipating a sales value of Rs 2,500 crore. The company plans to sell apartments in the range of Rs 1.5–2.5 crore. With Rs 6,890 crore in sales bookings in H1 and a robust launch pipeline, Macrotech aims to surpass the Rs 14,500 crore sales target for the fiscal year.Read more

23 Nov 2023

To recover outstanding taxes, the Pune Municipal Corporation (PMC) plans to auction 202 properties whose owners have not settled their dues. The online auction is scheduled for December, and if defaulters do not comply by the extended deadline of December 20, the auction will proceed. The PMC aims to generate around Rs 60 crore through this auction, considering it a last resort for tax recovery. The administration has already sealed over 1,300 properties due to tax defaults, and the remaining 1,100 are set to be auctioned in phases over the coming months. The PMC has set a property tax collection target of Rs 2,318.15 crore for the fiscal year 2023-24.Read more

23 Nov 2023

In a recent move, the Nagpur Municipal Corporation (NMC) has taken stringent action against property tax defaulters in the Mangalwari zone. The NMC has attached five open plots in Gorewada, Hazaripahad, and Borgaon to recover Rs 28 lakh in unpaid property taxes. Assistant Municipal Commissioner Prakash Warade issued seizure warrants against 15 property tax defaulters, prompting 10 property owners to settle their dues promptly. However, five property owners who owed a cumulative amount of Rs 28 lakh had their properties collectively attached. The seized properties will be auctioned to recover the outstanding tax amount, reinforcing the municipality's commitment to enforcing tax compliance.Read more

22 Nov 2023

The CBRE report outlines India's booming Global Capability Centres (GCCs) landscape, projecting a 60-62 million sq. ft. office space lease between 2023-25. Key sectors like tech and BFSI drive this expansion, with North American firms leading the charge. Emerging micro markets in major cities signal new hubs for GCC operations, with Bangalore, Chennai, and Hyderabad taking the lead. The GCC trajectory in India showcases the nation's appeal, driven by talent, cost advantages, and government support, promising a diverse and innovative future.Read more

22 Nov 2023

Religare Enterprises is going through a tough time, facing legal battles and regulatory scrutiny, especially from the influential Burman family. The parent company, Religare Finvest, is seeking a change in ownership, waiting for regulatory approval to transfer its stake to Religare Enterprises. Despite these challenges, Religare Housing, a subsidiary, is showing resilience, experiencing growth in affordable housing disbursements. A significant settlement with lenders brought some financial relief. With plans for further expansion and profitability, Religare Housing is navigating the complex financial landscape with determination and strategic vision.Read more

21 Nov 2023

WeWork India continues its strategic expansion with the finalization of lease agreements for two new properties—Manyata Redwood in Bengaluru and RMZ Spire in Hyderabad. Manyata Redwood, spanning 117,000 sq ft, is located in Bengaluru's Manyata Tech Park, while RMZ Spire in Hyderabad's HITEC City covers 154,000 sq ft. Both properties offer modern amenities and showcase WeWork India's resilience and growth, unaffected by the SoftBank Group-backed parent company's recent Chapter 11 filing. WeWork India operates over 6.5 million sq ft across 50 locations in major Indian cities.Read more