PNT Reporter

Welspun One, a prominent industrial real estate developer, recently sealed the sale of a substantial warehousing project in Gurugram for INR 900 million (approximately USD 11 million). This transaction underscores the escalating interest of both domestic and global investors in India's logistics sector. The project, spanning a vast 2.9 lakh sq. ft., strategically located near major highways, enjoyed full occupancy leased to a leading third-party logistics (3PL) player, showcasing Welspun One's proficiency. The company's innovative warehousing Alternative Investment Fund (AIF), amassing over INR 900 million, regulated by SEBI, facilitates local investor engagement in the burgeoning warehouse market.Read more

Signature Global has planned to revolutionise Gurugram's real estate with upcoming projects spanning 8-10 million sq. ft. Strategically located in key sectors like 71, 84, and along Sohna Road, the company emphasizes affordability, pricing mid-income homes at INR 1-1.5 crore and upper mid-income at INR 4-5 crore. Despite a reported loss last fiscal year, they target INR 11,000-12,000 crore worth of projects by 2026, investing INR 1,000-1,200 crore annually for land acquisition. With strong sales performance and a robust pipeline, Signature Global has aimed to reshape Gurugram's real estate landscape, focusing on mid-income and upper mid-income segments.Read more

Cricketer Virat Kohli has leased out 12 office spaces in Gurugram to Mynd Integrated Solutions for an annual rental of around INR 1 crore. Kohli's lease agreement includes 37 parking slots and a nine-year lease term with a 5% annual rent escalation. The deal, executed through Kohli's brother Vikas, marks the latest in a growing trend of Bollywood stars and celebrities investing in commercial real estate. Experts attribute this trend to the high rental yields offered by commercial properties compared to residential ones. In recent years, other celebrities such as Salman Khan, Amitabh Bachchan, and Ajay Devgn have also acquired commercial properties.Read more

Signature Global, a prominent real estate developer, has achieved remarkable success with the sale of over 1,000 luxury flats in its latest project near Dwarka Expressway, Gurugram, fetching over INR 3,600 crore. The 'DE LUXE-DXP' project, offering diverse units, witnessed overwhelming demand, reflecting growing affluence and aspirations among consumers. With a commitment to quality and customer satisfaction, Signature Global's strong market positioning and successful sales highlight the robust demand for premium residential properties in Gurugram.Read more

In Gurgaon, a hotbed of real estate activity, developers eagerly acquired prime land parcels through high-profile auctions led by HSIIDC. Recent transactions totaling INR 500 crore underscore the robust demand for residential properties in Haryana. Sector 80 emerged as a key development area, attracting significant land acquisitions. Prominent developers like Eldeco and Trehan Iris have announced plans for luxury projects, reflecting the city's growing allure. The surge in acquisitions and upcoming launches in Gurgaon and Delhi-NCR point to a promising outlook for the real estate sector in the area.Read more

Smartworks, a New Delhi-based co-working firm, secures 100,000 square feet of office space in Gurugram's RK Four Square Complex, accommodating up to 1,000 desks. Priced at INR 20,000 per month per desk, this move caters to rising demand for flexible office solutions. The expansion aligns with Smartworks' mission to provide innovative workspace solutions across India, supported by recent funding boosts. The co-working sector, as projected by Vestian, anticipates substantial growth, reaching 81 million square feet by 2025.Read more

ASK Property Fund announces a INR 120 crore investment in TREVOC's luxury housing project in Gurugram, enhancing its prime location and revenue prospects. TREVOC will contribute INR 80 crore to the venture, underlining their commitment to crafting a unique living space. The investment, drawn from ASK Real Estate Special Opportunities Fund IV, underscores ASK Property Fund's focus on high-potential micro markets in India's top 6 cities. With over 175 residential units spread across a two-acre plot, the project anticipates an aggregate revenue potential of INR 800 crore over five years, signaling confidence in Gurugram's real estate landscape and the luxury housing sector's growth.Read more

Amid prolonged delays in Gurugram's affordable housing projects, the Department of Town and Country Planning (DTCP) has stepped up its actions. Directives have been issued to developers of 50 projects to submit comprehensive status reports, emphasizing adherence to timelines. Concerns over sluggish progress have prompted DTCP to convene a review meeting with developers, aiming for compliance with licensing terms and project milestones. Escalation to higher authorities is planned for unresolved delays. Simultaneously, the Municipal Corporation of Gurugram (MCG) is cracking down on property tax defaulters, sealing properties and disconnecting utilities. Despite challenges, these proactive measures signal a concerted effort to address housing delays and boost revenue collection, fostering optimism among stakeholders.Read more

Smiti Agarwal, director at Wesbok Lifestyle Pvt Ltd and spouse of V Bazaar CMD Hemant Agarwal, secures a sprawling apartment at The Camellias by DLF, Gurugram, for Rs 95 crore. The opulent 10,813 sq. ft space comes with five parking spots. The transaction, completed on January 18, 2024, underscores the allure of prime properties in the region while the recent surge in property values at The Camellias echoes a broader trend across DLF's Golf Links projects. With 15% of buyers upgrading from nearby complexes. It marks a milestone in Delhi-NCR's upscale real estate market, reshaping luxury living standards in Gurugram.Read more

Godrej Properties Ltd (GPL), a prominent Indian real estate developer, has taken a proactive and customer friendly approach in tackling the problems concerning the Godrej Summit project in Gurugram. Following concerns over construction quality, over 100 homeowners recently opted for a buyback offer extended by the company. In addition, GPL is said to have earmarked INR 155 crore for repairs, addressing chloride-related corrosion in concrete. The company has extended repair deadlines to ensure a thorough completion by December 2024 under the guidance of IIT Delhi. GPL has vowed to prioritize resident satisfaction, engaging with residents and collaborating with experts to ensure project quality and safety.Read more

Haryana's Real Estate Regulatory Authority (H-Rera) has issued a stern warning to banks in Gurugram against allowing developers to withdraw funds from the regulator's accounts in violation of prescribed norms. In a letter dated Feb 12, H-Rera emphasised non-compliance with the Real Estate (Regulation and Development) Act 2016, where developers must deposit 70% of collected funds into separate accounts for specified project expenses. The authority stressed the importance of banks ensuring compliance and notified developers of potential penalties, including up to 5% of the project's cost, for violations.Read more

Rikant Pittie, co-founder of EaseMyTrip, made headlines with his purchase of a INR 99.34 crore commercial property in Gurugram's Sector 32. The property spans 4,050 square meters near Rajiv Chowk and boasts a built-up area of 1,00,429 square feet. Pittie, known for transforming his teenage travel agency into EaseMyTrip.com, has become a major player in online travel. EaseMyTrip has seen remarkable growth and remains profitable since its inception in 2008. Pittie's latest acquisition reflects his commitment to expanding his business empire.Read more

Bangalore-based real estate developer Sobha Ltd has completed a Rs 121 crore payment to Gurgaon-based Chintels India Pvt Ltd for land within their joint venture project, Sobha International City. This involves two separate land parcels, 2 acres and 5.8 acres, with a stamp duty payment of approximately Rs 8.5 crore. The transaction follows Sobha's record-breaking performance in Q2 2023. The deal includes the transfer of a commercial portion of the licensed land and a plot initially allocated for the clubhouse. Despite controversies surrounding Chintels India's Chintels Paradiso project, the recent land transfer is unrelated, emphasizing the continued collaboration in real estate development in the National Capital Region.Read more

The revision of circle rates in Gurugram, initially slated for January 1, is now expected to be implemented from February 1, with a proposed 30-80% increase across property categories. The Haryana government's draft proposal, released for public review in December, outlines significant hikes in circle rates for various areas, including Golf Course Road and Farrukhnagar. Deputy Commissioner Nishant Yadav emphasized that the rate adjustments aim to bridge the gap between circle rates and market prices, with the final rates based on property registry amounts in 2023.Read more

Real estate giant DLF reported a remarkable achievement, selling over 1,000 luxury housing units in its pre-launch phase for the Privana South project in Gurugram. The sales, totaling Rs 7,200 crore, were completed within three days, showcasing high demand. Covering 25 acres in Sectors 76 and 77 of Gurugram, the upscale community offers 1,113 well-thought-out premium homes. DLF emphasized its commitment to high-rise luxury developments and strategic positioning near Southern Peripheral Road, NH-48, Dwarka Expressway, and Central Peripheral Road. This success follows DLF's similar feat in March 2023, underscoring sustained demand for its upscale offerings.Read more

Realty developer BPTP, via its subsidiary Countrywide Promoters Pvt Ltd, has acquired a 5.24-acre land parcel near Gurugram's Dwarka Expressway for Rs 87.27 crore. The strategic move aligns with BPTP's expansion efforts in Gurugram and Faridabad, where it holds over 600 acres. Following a recent sale of a 10-acre land parcel to Central Park for Rs 100 crore, BPTP reinforces its regional commitment. The acquired plot in Gurugram's Sector 113, near the operational Dwarka Expressway, adds to BPTP's extensive portfolio of completed residential and commercial projects. The real estate landscape, marked by active land acquisitions in 2023, reflects the sector's dynamic growth.Read more

In a targeted move against unauthorized colonies, the enforcement wing of the town and country planning department (DTCP) demolished six such colonies spanning 15 acres in Hayatpur and Sadrana in Gurgaon. The demolition, aimed at curtailing the illegal use of prime agricultural land, included structures, boundary walls, and entire road networks associated with the unauthorized colonies. The crackdown, in line with the Haryana Development and Regulation of Urban Areas Act, involved stringent legal measures, underscoring the government's commitment to combating illegal land development and preserving urban planning integrity.Read more

In 2023, Gurugram's housing market experienced a notable 13% surge in sales, contrasting with neighbouring areas like Noida, Greater Noida, Faridabad, and Delhi, which saw a 7-8% decline in property sales. Gurugram's residential property market flourished, reaching 36,970 units, a significant increase from the previous year's 32,615 units. In contrast, Noida, Greater Noida, Ghaziabad, Faridabad, and Delhi collectively faced a downturn. Gurugram's success is attributed to robust consumer sentiment, ongoing infrastructure projects, and hotspots like New Gurugram, Dwarka Expressway, and the Southern Peripheral Road. Industry experts highlight Gurugram's renaissance within the NCR region, driven by demand and infrastructure growth.Read more

Godrej Properties' subsidiary, Oasis Landmarks LLP, faces a GST demand order of Rs 10.45 crore, along with interest and penalty, totalling Rs 22.54 crore. The order, dated December 31, 2023, alleges non-payment of GST related to turnover in the pre-GST regime, citing denial of input tax credit. Oasis Landmarks LLP plans to contest the order while asserting that the order has no significant impact on the company's finances or operations. Despite the challenge, the subsidiary expects a favourable outcome based on its assessment and current legal positions. Meanwhile, Godrej Properties recently acquired a four-acre land parcel in Yeshwanthpur, Bengaluru, with significant development potential and an estimated revenue of Rs 1,000 crore.Read more

DLF, a leading real estate developer, is set to launch a luxury residential project in Gurugram's Sector 76, projecting revenues between Rs 8,000 crore and Rs 10,000 crore. The formal launch is anticipated in January 2024, marking DLF's significant venture into the Southern Peripheral Road (SPR) area. The project, part of the integrated 'Privana' township spanning 120 acres, is expected to offer 1,100 premium residences in the price range of Rs 17,000 to Rs 18,000 per square foot, following the success of DLF's earlier project, 'The Arbour.'Read more