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

Lenskart founder Peyush Bansal, along with members of the Dhanuka Agritech family, have purchased luxury apartments in DLF's super-luxury project 'The Camellias' in Gurugram, totaling INR 106.4 crore. Registered in April 2024, these transactions occurred between 2015 and 2022. Bansal acquired a 7,461 sq. ft apartment for INR 27.02 crore. Ram Gopal Agarwal, Rahul Dhanuka, and Harsh Dhanuka bought units for INR 22.55 crore, INR 24.31 crore, and INR 32.52 crore, respectively. These high-profile sales reflect the robust demand for ultra-luxury homes in the region.Read more

Delhi-NCR-based M3M Group has launched its uber-luxury housing project, M3M Altitude, on Golf Course Road Extension in Gurugram, targeting a revenue of INR 4,000 crore. Situated near Trump Towers within the 60-acre M3M Golf Estate, the project spans 4 acres and includes 350 super-luxury residences priced between INR 10 crore and INR 30 crore. The total saleable area is 1 million sq ft, with development costs at INR 1,200 crore. Completion is expected by 2031. Residences will feature 4 BHK units with servant rooms and penthouses ranging from 3,780 to 8,000 sqft. Golf Course Extension Road is noted for its significant price appreciation and luxury market demand.Read more

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

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

DLF recently announced the successful sellout of its luxury residential project DLF Privana West in Gurugram valued at INR 5590 crores within just 3 days. Located in Sectors 76 and 77, the 12.572-acre project is part of the larger 116.296-acre DLF Privana community. It offers amenities like multiple car parks per unit against the backdrop of the Aravali Range and an upcoming safari park. Spread across 5 towers, it has 795 residences including 4 BHK apartments and penthouses designed for privacy with no overlapping views. Aakash Ohri, the joint managing director and chief business officer of DLF Home Developers, highlighted substantial interest from NRIs and reiterated DLF's commitment to building an integrated luxury living ecosystem.Read more

The Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) has received environmental clearance for its ambitious Global City project coming up near Gurugram. Spread over 1,000 acres, the project will develop residential, industrial and commercial areas in sectors 36B, 37A and 37B. Costing INR 940 crore, phase 1 covering 587 acres will be completed by 2026 and include roads, drainage, utilities and landscaping. The unique feature is a 10km underground utility tunnel to avoid future road digging. Global City is planned as a self-sufficient township with a focus on modern technology and future-oriented industries, low carbon green infrastructure, ease of living, skilling of people, and employment generation.Read more

Max Estates Limited, the real estate arm of Max Group, has announced plans to develop an intergenerational housing project spread over 18.23 acres in Gurugram. The project will have a gross development value of over INR 9,000 crore and a developable area of 4 million square feet. It will be developed as an intergenerational community with senior living facilities operated by Antara Senior Living. This consolidation of over 30 acres in sector 36A will allow Max Estates to capitalize on infrastructure upgrades on Dwarka Expressway, a prime luxury residential market. The two projects in Gurugram together imply a combined GDV potential of over INR 13,000 crore from developing an area exceeding 6.4 million square feet.Read more

Prominent figures including MakeMyTrip founder Deep Kalra, Den Networks' Sameer Manchanda, and entrepreneur CP Gurnani and family have purchased luxurious residences in The Camellias, Gurugram. Transactions totaling over INR 127.58 crore highlight the project's appeal to high-profile individuals seeking prestigious living spaces. With spacious apartments ranging from 7,430 to 10,813 sq. ft., The Camellias offers opulent amenities and a vibrant community atmosphere conducive to business connections. These acquisitions underscore the development's status as a premier residential address in the National Capital Region, epitomizing luxury and sophistication.Read more

Tulip Infratech's luxury project, Tulip Monsella, in Gurugram, witnessed remarkable success with its second phase launch, generating over INR 300 crore in sales on the first day alone. The project offers a comprehensive mixed-use development spanning 60 lakh sq. ft., including luxurious residential units and 6 lakh sq. ft. of commercial space. The competitive pricing at INR 27,000 per sq. ft. attracted discerning homebuyers, leading to rapid sales. The project's strategic location, upscale amenities, and Tulip Infratech's proven track record contribute to its appeal. This success signals a strong demand for high-quality luxury developments in Gurugram's real estate market.Read more

HealthKart, a leading online nutrition platform, secures its largest warehouse space yet, leasing 2.25 lakh sqft in Logos Luhari Logistics Estate, Gurgaon, facilitated by Worldyard. The move emphasizes HealthKart's commitment to global operational efficiency and customer satisfaction. Amit Chaudhary, Founder of Worldyard, highlights the significance of this decision. Worldyard, renowned for its seamless leasing solutions nationwide, manages prime office, retail, and warehouse properties. Logos logistics park, strategically located with access to NCR's key areas, supports various industries. HealthKart, founded by Sameer Maheshwari, boasts over 200 brands, 100+ retail stores, and strong e-commerce presence.Read more

The Gurugram Home Developers Association has strongly opposed the Haryana government's February 2023 ban on constructing a fourth floor plus stilt on residential plots. They have demanded the moratorium be lifted as developers have suffered significant losses. In October 2023, the association had suggested reinstating zoning plans requiring adequate open space. The association highlighted how housing supply and many property owners and contractors now face issues as they had taken loans or invested to construct the fourth floor before the restriction was announced.Read more

Premium real estate developer Ashiana Housing sold out 224 luxury flats worth INR 440 crores within 15 minutes of launch. The project 'Ashiana Amarah Phase 3' located in Gurugram sector 93 saw registration begin at 11 am, with 800 cheques received by 11:15 am for the 224 units. Company JMD Ankur Gupta attributed the incredible response to their quality offerings and strong brand value over the years, as well as the kid-centric amenities appealing to buyers seeking better quality of life for their children. Going forward, Ashiana Housing aims to continue expanding its premium portfolio across India.Read more

DLF embarks on constructing the "Mall of India" in Gurugram, anticipated to span 26-27 lakh square feet and cost INR 2,200 crore. Sriram Khattar, DLF's Vice Chairman and MD of rental business, revealed these details at a CII real estate conference. With 42 lakh square feet of retail space across Delhi NCR, DLF aims for further expansion, including a premium mall in Goa and high-street shopping centres near residential projects. The "Mall of India" signifies DLF's commitment to India's retail sector growth and its strategic position as a leading retail property developer. This endeavor promises to elevate Gurugram's commercial landscape while enhancing DLF's market prominence.Read more

The Kanodia Group has ventured into real estate with the acquisition of a prized 1.74-acre land parcel in Gurgaon, valued at INR 153 crore. Situated in Sector 46, Gurgaon, the location offers proximity to key amenities and landmarks. With a projected revenue of over INR 1,000 crore, the project is slated for completion within 48 to 60 months, blending exclusivity with contemporary living. Backed by a long-term vision, Kanodia Group eyes substantial investments exceeding INR 5,000 crore, aiming for a stronghold across multiple states while delivering innovative real estate solutions. Positioned to meet the burgeoning demand for luxury residences, the group aspires to become a leading name in the professionally managed real estate arena, promising unparalleled experiences for discerning clientele.Read more

Godrej Properties Ltd. (GPL) celebrated a remarkable achievement with their project, Godrej Zenith in Gurugram's Sector 89, recording sales of over 1,050 homes valued at INR 3,000 crore (USD 370 million). This milestone underscores the increasing demand for quality housing in Gurugram. As GPL's largest residential development in the city, Godrej Zenith's success paves the way for future projects in Gurugram, with launches planned in Sector 103, Sector 43, and Sector 54 in FY25. GPL's strong sales performance extends nationwide, with significant sales figures in Gurugram, Mumbai, and Noida, indicating a positive outlook for the real estate market.Read more

The Haryana Real Estate Regulatory Authority (HRERA) has rejected an application by Godrej Developers and Properties LLP seeking extension of registration for their Godrej Air Phase 4 housing project in Sector 85, Gurugram. The original registration granted in 2018 was valid till 2023. However, deficiencies were observed in the extension application regarding project details and documents. Despite reminders by the authority, the deficiencies were not rectified. In February 2024, HRERA issued a final notice and has now rejected the application. It has also warned against third-party rights and advised caution for people to make any bookings. Godrej Developers said they are responding to queries and will make representations to set aside the order.Read more

Gameskraft, an online gaming company, purchased an 8.61-acre plot of land in Gurugram, Haryana, for INR 90 crore. Documents revealed the transaction's completion on March 11, 2024, with Gameskraft Technologies Private Limited paying stamp duty of INR 6.3 crore and a registration fee of INR 50,005. The land, designated as agricultural, is situated in Balola village within Gurugram district's Wazirabad sub-tehsil. Despite legal challenges, Gameskraft reported a profit of INR 1,061.86 crore for the fiscal year 2022-23, marking a 14.1% increase. Additionally, the company contested a notice in the Karnataka High Court, resulting in its dismissal in May 2023.Read more

The Municipal Corporation of Gurugram (MCG) has enforced self-certification of property tax data for all property transactions, including sale, purchase, lease, and rental registrations at the revenue department office. This decision, made in a recent review meeting chaired by MCG Commissioner Narhari Singh Banger, aims to ensure accuracy in property owners' data such as names, plot size, and address, consequently leading to precise tax bill generation. Property owners can self-certify their data via the government portal property.ulbharyana.gov.in, provided they clear any outstanding dues and obtain a no-objection certificate (NOC).Read more

PNT Reporter

Sobha Developers Limited expands its footprint in Gurugram by acquiring Bengaluru-based BNB Builders for INR 29.5 crore. This strategic move aims to capitalize on Gurugram's growing real estate demand, particularly among businesses and young professionals. Sobha gains access to 2.03 acres of prime land in Sector 106, allowing potential development of luxury apartments or office spaces. Despite facing tax assessment orders totaling INR 45.8 crore, Sobha remains focused on project delivery and assures stakeholders of uninterrupted operations. Analysts view this acquisition as a diversification strategy to tap into Gurugram's market potential.Read more