17 Jun 2024

Auris Galleria, a new shopping and business complex in Malad West, has received its Occupation Certificate (OC). Developed by Transcon Developers and Sheth Creators, the project covers 66,667.50 square feet and features 78 retail units and 29 commercial spaces, ranging from 375 to 1,238 square feet. Strategically located near Link Road and Malad Railway Station, Auris Galleria is designed for high foot traffic and easy accessibility. As part of the Auris Serenity project, it provides ample parking and a vibrant community atmosphere, positioning it as a premier destination for businesses and consumers in Malad.Read more

17 Jun 2024

Naiknavare Developers, a Pune-based construction company, successfully handed over homes to 80 families in Mumbai's Vakola neighbourhood, Santacruz, as part of the 'Jagruti' Slum Rehabilitation Project (SRA). Initiated in December 2022, this project spans approximately 12 acres. The newly completed G+9 tower provides 80 units, each with a 300-square-foot carpet area. Future phases will include amenities like a gym, nursery school, and society office. During the key handover ceremony, Chief Guest MLA Sanjay Potnis praised the initiative. Naiknavare Developers, known for its SRA projects, aims to empower slum residents and has a robust portfolio across Pune and Mumbai.Read more

14 Jun 2024

Mumbai-based real estate developer Keystone Realtors, known by its Rustomjee brand, has successfully raised INR 800 crore through a Qualified Institutional Placement (QIP). This capital is expected to drive the company's ongoing and future projects in the Mumbai Metropolitan Region (MMR). Keystone issued over 1.21 crore new shares at INR 660 each to large investors, including Quant Mutual Fund and SBI Life Insurance. Despite a 60% drop in net profit for the March 2024 quarter, the company saw an overall fiscal year profit increase to INR 112.21 crore. This fundraising move underscores the growing confidence in Mumbai's real estate market, with developers like Macrotech also raising significant funds recently.Read more

14 Jun 2024

The rise of fractional ownership and Small and Medium Real Estate Investment Trusts (SM REITs) is transforming real estate investment in India. Fractional ownership allows multiple investors to co-own high-value properties, making real estate accessible to more people. The JLL-Property Share report predicts this market will grow tenfold to INR 37,500 crore by 2030. SM REITs, similar to mutual funds, enable investment in income-generating real estate with a minimum investment of INR 10 lakh. SEBI's new regulations for SM REITs boost investor confidence, focusing on cities like Mumbai, Delhi NCR, and Bengaluru. These regions offer substantial investment opportunities, driven by well-managed commercial properties. SM REITs provide lower investment thresholds, potential for stable returns, professional management, and enhanced liquidity through stock exchange listings. This sector is poised for significant growth, driven by urbanization and rising property prices.Read more

14 Jun 2024

CapitaLand India Trust (CLINT), specializing in business parks across India, has secured a USD 200 million (approximately INR 1,160 crore) sustainability-linked loan (SLL) from the International Finance Corporation (IFC). This landmark deal positions CLINT as a leader in integrating environmental responsibility into its core business strategy. The SLL terms are tied to achieving specific environmental targets, including a 40.5% reduction in greenhouse gas emissions by 2023 and obtaining EDGE certification for three IT parks by 2026. This green loan enhances CLINT's sustainability profile, attracts eco-conscious investors, and reduces long-term operational costs.Read more

13 Jun 2024

Bengaluru-based Adarsh Developers has sold a 41-acre land parcel to Singaporean private equity firm Mapletree for over INR 1,900 crore, a significant move aimed at reducing debt and fostering growth. This sale, with a development potential of 7 million square feet, will help Adarsh reduce its net debt to INR 2,300 crore by the end of the financial year. Despite the sale, Adarsh remains committed to residential development, focusing on both luxury and mid-income segments. The company recently secured over INR 1,600 crore from HDFC Capital Advisors for ongoing projects and plans to invest INR 7,000 crore over the next seven years in various residential developments, including apartments, self-build plots, and luxury villas. This strategy underscores a broader trend of strategic debt management and institutional partnerships in the Indian real estate market, positioning Adarsh Developers for sustainable growth.Read more

13 Jun 2024

Khar West is an affluent neighborhood in Mumbai known for its upscale residential properties, tree-lined avenues, and well-maintained gardens. It offers excellent connectivity to major business districts and features a vibrant social infrastructure with top educational institutions, healthcare facilities, and a bustling shopping and dining scene. In April, Flamingo Apartment led the real estate market with the highest number of deals, predominantly driven by resale transactions. Property prices in Khar West vary widely, catering to both luxury and budget-conscious buyers, with the majority of sales within the INR 5 crore range. The neighborhood's diverse housing options, strong community feel, and urban amenities make it a prime residential choice and a robust real estate investment destination.Read more

13 Jun 2024

Bosch Global Software Technologies has leased 691,320 square feet in Bengaluru's Electronic City, housing around 8,000 employees. This expansion, dedicated to Robert Bosch's Knowledge Process Outsourcing (KPO) operations, underscores Bosch's commitment to India's tech and engineering talent. The five-year lease, with a renewal option, reflects Bosch's long-term vision. Bengaluru's office space market saw a 40% year-on-year leasing increase in Q1 2024, driven by tech and engineering sectors. Other tech giants like Walmart, Samsung, Uber, and Google are also expanding in Bengaluru, solidifying the city's status as a global tech hub. Bosch's new facility reinforces its significant role in India's innovation ecosystem.Read more

12 Jun 2024

Real estate developer Dvok Buildcon has purchased an 18-acre plot in Manesar, Gurugram for INR 310 crore. The land was previously agricultural land. A stamp duty of INR 21.72 crore was paid for the transaction. This deal is part of Dvok's plan to enhance its portfolio and leverage growth in Gurugram driven by urbanization. The company will develop high-quality sustainable projects on this site in line with its commitments. Despite ongoing residential demand, developers continue acquiring commercial, retail and industrial land across major cities in India. Dvok Buildcon's expansion in the Gurugram market underscores its aim to benefit from the region's strategic location and infrastructure.Read more

12 Jun 2024

Google has leased 649,000 square feet of office space at Alembic City in Whitefield, Bengaluru, at a monthly rent of INR 762 per square foot for a three-year lock-in period. This move aligns with Google's strategy to expand its footprint in India, adding to its recent leases in Hyderabad (600,000 sq. ft.) and Bengaluru (1.3 million sq. ft.). The combined leases amount to 3.5 million sq. ft. since 2020, bringing Google's total Indian office space to over 9.3 million sq. ft. Additionally, Google plans to start manufacturing Pixel smartphones in India, reflecting its significant investment in the country's tech sector.Read more