News

Election season, a heatwave, and rising property prices slowed Indian home sales in Q2 2024. This reduced unit sales by 8% from the previous quarter, according to a real estate consultancy group.

Apple will lease 400,000 sq ft of office space on Sankey Road from Embassy Group at a record cost of nearly ₹220 per sq foot per month.

Thare's Haware Citi, a peaceful community on Ghodbunder Road with 28 buildings and 7,000 residents, is protesting two ready-mix cement (RMC) facilities. MMRDA-approved, this development has raised neighbourhood health and environmental concerns.

The Dharavi Redevelopment Project Pvt Ltd (DRPPL), led by Adani Realty, seeks 334 tenements from government agencies like SPPL and Mhada to relocate residents and continue redevelopment. Negotiations are ongoing, with Mhada demanding Rs 641 crore in construction costs and interest.

Office space leasing in India's top six cities rose 19% to 29.4 million square feet in the first half of 2024. Mumbai and Hyderabad quadrupled office space absorption, with Bengaluru leading at 8.8 million sq ft.

The BMC must follow the Right to Fair Compensation and site Acquisition Act, 2013 to purchase part of a church-owned site in Borivali for a public park, according to the Bombay High Court. The BMC cannot seize the church until the process is followed.

Mumbai-based Aris Infra, a tech-driven construction material procurement platform, aims to raise ₹600-700 crore through an IPO. Backed by prominent investors, the company plans to file a draft prospectus next month.

Paradigm Realty plans to redevelop 11 housing societies in Bandra and Kandivali, Mumbai, with a revenue potential of ₹4,500 crore. Over 2.8 million sq ft will be covered by the projects.

The real estate industry is eagerly awaiting the Union Budget 2024-25 in the second half of July. The industry aims to advance, especially in industrial status and targeted assistance for development and stability. 7 main expectations are stated below:

The MHADA Mumbai Housing and Area Development Board is set to hold an e-auction for the sale of 173 non-residential shops on June 27, 2024.

Awfis, India’s largest flexible workspace solutions provider, is set to expand into new and existing markets, with a focus on strategic investments in smaller cities.

Office space sharing company Awfis, which went public last month, reported a net profit of ₹1.3 crore for the January-March quarter, a significant turnaround from a ₹13.8 crore loss in the same period last year.

Actor Abhishek Bachchan bought six luxury apartments at Oberoi Sky City, Borivali, for Rs 15.42 crore. Amidst lush greenery, this outstanding property provides great connections and top-notch facilities.

Central Park, a Bakshi Group company comprising infrastructure, hotel, and automotive businesses, plans to go public in 2-3 years. A top official said the corporation wants to capitalise on its expansion and pipeline.

Amazon will lease over 1.1 million sq ft of office space from Sattva Group in North Bengaluru, expanding its operations there. Amazon will occupy the 11-story office tower in Sattva Horizon business park near the international airport, which will house roughly 7,000 people.