Property / C'struction
Housing sale decline by 8% Q-o-Q as prices continue to rise
During the April-June quarter, residential sales witnessed an 8% drop compared to the previous quarter, attributed to the election season, heatwave, and rising property prices. Anarock data shows that 1,20,340 units were sold in Q2 2024 across the top 7 cities, down from 1,30,170 units in Q1 2024.
Flexible workspace operator Smartworks raises Rs 168 crore
“Capital from the latest fund raising will be used for the growth and expansion of the business of the company and to meet its general corporate expenses,” said Neetish Sarda, founder Smartworks.
Paradigm Realty inks pact to redevelop 11 societies on 5 acres in Mumbai’s Bandra, Kandivali
Paradigm Realty has signed agreements to redevelop 11 housing societies in Mumbai's western suburbs of Bandra and Kandivali, with a gross consolidated revenue potential of around Rs 4,500 crore. The projects, spread across over five acres, have development potential of over 2.8 million sq ft. The Mahavir Nagar project has a development potential of over 2.5 million sq ft, with a free-sale RERA carpet area of up to 1 million sq ft holding a gross development value of nearly Rs 3,500 crore.
Supertech, Sunworld groups lose land plots on Yamuna Expressway over pending dues
The Yamuna Expressway Industrial Development Authority (YEIDA) has cancelled land parcels to Sunworld Infrastructure and Supertech Township near the Noida International Airport and proposed Film City due to pending dues. Sunworld Infrastructure owed Rs 164.86 crore, while Supertech Township had pending dues worth Rs 137.28 crore.
BlinkX opens India’s first Gen AI lab in the stock broking industry
BlinkX Gen AI Lab in Mumbai drives trading innovation with the Hyper Personalised Nudge Engine, enhancing customer experiences through real-time data on the mobile app for traders of all risk tolerances.
CJ Darcl leases 1.25 lakh square feet space at Narasapura IndoSpace park
This strategic move is aimed at enhancing CJ Darcl's warehouse and distribution management capabilities in South India, allowing the company to provide tailored end-to-end logistics solutions to its clients.
Gross leasing of office space up 8 pc to 158 lakh sq ft in Apr-Jun in top 6 cities: Colliers
India's office market shows resilience with sustained growth driven by positive economic indicators. The surge in demand for quality office spaces, led by technology and manufacturing sectors, is expected to surpass 50 million square feet in 2024, reflecting confidence in the market's future prospects.
India will require an additional data centre capacity of 1.7-3.6 Gigawatt: Report
India is poised to become a global data center hub due to its low construction, land, and power costs. With a robust IT ecosystem, the country’s data center capacity is projected to reach 3.29 GW by 2028. However, an additional 1.7–3.6 GW will be required to meet rising demand.
Indian office market shows strong growth in H1 2024
The Indian office market showcased resilience in H1 2024 with significant office leasing and new supply growth. Occupiers' confidence, highlighted by major players like HCL Technologies and Tech Mahindra, spurred demand for quality office spaces.
Sattva Group to invest Rs 12,000-14,000 crore in diversification over next three years
“The funding for the initiative will be structured with a combination of equity, debt and sales. Approximately 20% of the funding will be in equity, while the remainder will be sourced from debt and sales proceeds,” he told ET. “Our approach to debt is highly prudent and disciplined. The company's primary focus lies on commercial and residential projects, which form the bulk of our portfolio.”
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Amitabh Bachchan buys more office properties in Mumbai Andheri suburb
Bollywood legend Amitabh Bachchan expands his Mumbai property portfolio with the purchase of three office spaces in Oshiwara for Rs 60 crore. This acquisition adds to his existing commercial holdings, with a focus on real estate investments alongside other industry figures.
Flexible workspace operator Spring House leases 300,000 sq fr at MVN Aero One mall in Gurgaon
Spring House secured 300,000 sq ft at Gurgaon's MVN Aero One mall, offering cost-effective office spaces. The location caters to diverse demands, including from large enterprises and startups focusing on research and development operations.
India Accelerator adds 250,000 sq ft in Pune, Gurugram and Noida
India Accelerator has expanded with 250,000 sq ft across 7 centres in Pune, Gurugram, and Noida, adding 3200 seats in Noida, 900 in Gurugram, and 400 in Pune. With over 200 startups, they foster collaboration and innovation, investing USD 4 million to support entrepreneurs nationwide via infrastructure and early-stage investments.
Kalpataru Projects International bags orders worth Rs 2,333 crore
Kalpataru Projects International (KPIL) announced on Tuesday securing Rs 2,333 crore in new orders. These include Transmission & Distribution (T&D) projects in India and abroad, an EPC contract for a metal industry plant, and a residential building project in India. CEO Manish Mohnot highlighted the strong growth outlook for their T&D and Building & Factories segments.
Uddhav Thackeray's Shiv Sena pushes for 50% Marathi reservation in new Mumbai buildings
In the lead-up to assembly elections, Shiv Sena (UBT) MLC Anil Parab proposed a bill mandating 50% housing quotas for Marathi speakers in new Mumbai projects. Pending approval, it suggests penalties for non-compliance. Legal experts doubt its constitutionality, citing past court rulings against similar quotas. The bill may be introduced this Thursday.
Budget wish list: Realtors want government to rationalise taxes, allot more for SWAMIH
Real estate developers are seeking measures in the upcoming Union Budget, including SWAMIH fund allocation, GST input tax credit, and rental housing incentives to support growth and demand creation.
