03 Jun 2024

Aundh, in western Pune, Maharashtra, is a rapidly growing residential and commercial area known for its infrastructure and proximity to IT hubs. It offers diverse housing options, from high-rise apartments to bungalows, along with educational institutions, healthcare facilities, shopping malls, and recreational spaces. In April, Raagdari Apartments, Shriramnagar Apartment, and Anand Park Aundh each closed three deals, with most transactions being resales. Prices ranged widely, with Marvel Sindh Society at INR 28 crores and budget options like Shriramnagar Apartment at INR 6 lakhs. Aundh's varied apartment sizes and prices cater to diverse buyer preferences, reinforcing its desirability.Read more

03 Jun 2024

UAE-based smart-rental startup Colife has expanded into the Asian market, launching operations in Hong Kong in May 2024. Colife, established in 2022, revolutionizes rental markets and plans to reach 10 major cities by 2028. Unlike its focus on apartment rentals in Dubai, Colife targets co-living spaces in Hong Kong, offering fully furnished rooms and common areas in prime locations. With an initial investment of USD 350,000, Colife aims to create over 100 co-living units this year, tapping into Hong Kong's rental market to provide stylish, community-oriented housing for young professionals and digital nomads.Read more

31 May 2024

Mavjibhai Shamjibhai Patel, promoter of diamond company Kiran Gems, has purchased a 16,000 square foot apartment in Mumbai's luxury Oberoi 360 West project for INR 97.4 crore. Kiran Gems had recently relocated their headquarters from Surat to Mumbai. Located in upscale Worli, the apartment spans 14,911 square feet with additional expandable area. It includes nine parking slots. South and central Mumbai have seen numerous high-value property deals in recent years involving industrialists, corporate executives and celebrities due to the areas' prime sea-facing locations and most expensive apartments. With Patel's purchase, Oberoi 360 West continues its reputation as one of Mumbai's most luxurious residential projects housing prominent business families and individuals.Read more

31 May 2024

Creditors of the defunct Go First Airlines are set to auction a prime 94-acre land parcel in Thane, near Mumbai, with a reserve price of approximately INR 1,960 crore. The move follows a Delhi High Court ruling allowing lessors to seize the airline's planes. The land, previously held as collateral by the Wadia group, is expected to fetch between INR 1,200 crore and INR 2,500 crore considering its development potential. Advertisements for the auction will be published soon, giving buyers 60 days to submit bids. Creditors aim to recover part of the airline's INR 50,000 crore debt.Read more

30 May 2024

Signature Global, a leading name in affordable housing, has expanded its footprint in Gurugram by acquiring 14.65 acres in Sector-37D through its subsidiary, Signatureglobal Homes. This addition brings their total developable area in the city to approximately 21.7 million square feet. In FY24, Signature Global sold over 4,600 units, generating a sales value of INR 72.7 billion - a 112% increase from the previous year. Their collections also surged by 62%, reaching INR 31.1 billion. With estimated revenue recognition of INR 120 billion over the next three years, Signature Global is well-positioned to meet Gurugram's growing demand for affordable housing.Read more

30 May 2024

According to a report by Cushman & Wakefield, Chembur, a suburban micro-market in eastern Mumbai, has undergone a remarkable transformation in its real estate landscape. Once considered a mid-end residential area, Chembur has now emerged as a premium destination, witnessing a surge in supply and a narrowing of the pricing gap with established markets like Bandra, Worli, and Lower Parel. The area's average sales have increased significantly, and property rates have seen substantial appreciation, driven by infrastructure developments that have boosted connectivity and appeal. Chembur's affordability compared to other prime areas, combined with its improved accessibility and well-developed social infrastructure, have made it an attractive option for homebuyers and investors. The growth in Chembur's real estate market has also spurred development in neighbouring micro-markets, solidifying its position as a focal point for growth in the eastern region of Mumbai.Read more

30 May 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) announced that ridership on Metro Lines 2A and 7 has surpassed 100 million. Achieved within 1.5 years of its January 2023 inauguration, this milestone highlights the Metro's transformative impact on Mumbai's public transport. Lines 2A and 7, costing INR 12,000 crore, cover a 37 km corridor connecting Dahisar East, DN Nagar, and Andheri East. They significantly reduce travel time, with Dahisar to Andheri now a 25-minute ride, down from 2 hours. This improvement saves millions of travel hours, boosts economic benefits by INR 4,000 crore annually, and reduces air pollution. Enhanced safety and accessibility make the Metro a reliable choice, especially for women, seniors, and the disabled. This success highlights the importance of the Metro in decongesting Mumbai, with further expansions planned for Lines 3, 4, 5, 6, and 9.Read more

29 May 2024

Skootr, a managed office space provider in India, unveils an ambitious expansion plan to add 5 million square feet to its portfolio by FY 2028, investing INR 1,000 crore. Bengaluru takes precedence, with over 90% of new developments planned for the city, aiming to double its existing portfolio. While details on Hyderabad and NCR developments are awaited, significant investments are anticipated. Skootr's current network spans 80 offices across 20 properties in major cities. Their expansion strategy targets key micro markets, including Bengaluru, Delhi NCR, and Hyderabad, and emerging markets like Pune, Chennai, and Mumbai. This move aligns with the increasing demand for flexible workspace solutions amid evolving work trends.Read more

29 May 2024

Strata has invested INR 115.45 crore in 140,000 square feet of office space in Bengaluru's Whitefield, housing Puma India's headquarters. This marks their eighth investment in the city, highlighting Whitefield's appeal as a prime business hub. Tech giants like Wipro, Infosys, and IBM have collectively invested over INR 5,000 crore in Whitefield, while GE Healthcare and Unilever have invested significantly in healthcare and pharmaceutical facilities. The hospitality sector, with investments from Marriott and Hilton, has also surged. Strata's fractional ownership model democratizes commercial real estate investment, making Whitefield's lucrative market accessible to smaller investors.Read more

28 May 2024

The State Bank of India (SBI) has invested INR 714 crore in the World Trade Center (WTC) project in Gurugram, led by TCG Urban Infrastructure. The project, with a total cost of INR 1,211 crore, will feature 1 million sq. ft of leasable space, including 940,761 sq. ft of office and 72,407 sq. ft of retail space. TCG Urban Infrastructure will contribute the remaining INR 497 crore. This investment highlights SBI's confidence in the project's potential and aligns with the growing demand for modern office space in Gurugram. The WTC project supports the World Trade Center Association's expansion in India, enhancing trade and business connectivity.Read more