Kotak Mahindra Bank: RLLR: 0.75 | From: 8.7% - To: 10.5%
Union Bank of India: RLLR: 0.5 | From: 8.5% - To: 10%
Bank of Baroda: RLLR: 0.5 | From: 9.25% - To: 11%
HDFC Bank: RLLR: 0.75 | From: 8.5% - To: 8.8%

Location : Gurugram

DTCP orders 15-day compliance at Ireo Victory Valley after EWS residents' access denied

The DTCP has issued a 15-day compliance notice to the Residents' Welfare Association (RWA) of Ireo Victory Valley in Sector 67 after EWS flat owners reported being denied access to their homes and common amenities. This issue, highlighted in a grievance hearing led by Deputy Commissioner Nishant Yadav, raises concerns about discrimination against EWS residents. The RWA faces legal consequences if it fails to restore access and services. However, RWA members claim layout issues complicate access. The case underscores ongoing challenges in ensuring equitable treatment for EWS residents in Gurugram and similar communities across India.Read more

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MCG takes over 291 acres of Mayfield Gardens after developer default, 36 acres still pending

The Municipal Corporation of Gurugram (MCG) has taken control of 291 out of 327 acres in Mayfield Gardens, following Chief Minister Nayab Singh Saini's directive to address maintenance issues. This action comes after developers failed to pay development charges, leaving residents with inadequate infrastructure. MCG Commissioner Narhari Singh Banger announced that the corporation would prioritise sanitation and maintenance. Despite the takeover, 36 acres remain under the developer's control, with unresolved issues like sewage and electricity still troubling residents. The transition marks a crucial step in improving living conditions for Mayfield Gardens' residents.Read more

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Gurugram DM orders evacuation of another 'unsafe' tower in Chintels Paradiso

Gurugram District Magistrate Nishant Kumar Yadav has ordered the residents of Tower J in Chintels Paradiso, Sector 109, to vacate their flats within the space of 15 days, citing an IIT-Delhi audit report that deemed the building "unsafe." The order, issued under Section 163 of the Indian Civil Defence Code, follows a previous directive to vacate and demolish five other towers in the same society. The developer of the project, Chintels India Pvt. Ltd., is required to settle compensation claims for affected residents. Police assistance may be sought for enforcement, with penalties for non-compliance under the Disaster Management Act applicable.Read more

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MCG fines Golf Course Road societies INR 35,000 for SWM violations

The Municipal Corporation of Gurgaon (MCG) has fined two residential societies on Golf Course Road Extension a total of INR 35,000 for non-compliance with Solid Waste Management (SWM) regulations. The fines include INR 25,000 for one society and INR 10,000 for the other. Inspections revealed failures in composting wet waste and recycling dry waste. Both societies were also found lacking waste processing units. The MCG has granted a 20-day period for compliance, warning of further penalties if regulations are not met. This action is part of MCG's broader effort to enforce stricter waste management practices in the rapidly urbanizing city.Read more

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Max Estates to develop a luxury residential project along Dwarka Expressway in Gurugram

Max Estates is launching a luxury housing project, 'Estates 360,' along the Dwarka Expressway in Gurugram. The project, covering 2.4 million square feet, features Delhi-NCR's first "intergenerational living community," blending senior and non-senior residences. With an estimated gross development value of INR 4,000 crore, it includes 864 units, with one-third dedicated to senior living. The project, awaiting RERA approval, will launch soon, with apartment prices of around INR 5 crore. Supported by New York Life Insurance's equity investment, Max Estates maintains a strong financial position, emphasising innovative real estate solutions and community-focused living.Read more

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Sobha Ltd expands in Gurgaon with a 12-acre residential project

Sobha Ltd is enhancing its footprint in Gurgaon with a joint development agreement for a 12-acre residential project in Sector 63A, marking its third venture in the city. Sobha plans to add 9 million square feet of residential space in FY25, reflecting growing demand in the area. The Golf Course Extension is a key focus due to its high-end infrastructure. With a 28% rise in FY24 sales to INR 6,644 crore, Sobha's expansion strategy aligns with Gurgaon's booming real estate market.Read more

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Gurugram administration blocks NBCC green view demolition after protests and court case

The Green View project, developed by NBCC, was deemed unsafe by IIT-Roorkee and CBRI, leading to a directive for residents to vacate their flats by March 2022 due to severe structural issues. On June 25, NBCC sought permission to demolish seven unsafe towers, but this request faced strong opposition from Economically Weaker Section (EWS) residents, who are dissatisfied with unresolved compensation claims. The EWS residents, many economically disadvantaged, have been vocal about their grievances in a grievance redressal meeting and have a pending case in the Delhi High Court. Consequently, the district administration denied NBCC's demolition request, emphasizing compliance with the High Court's final decision and ensuring fair compensation for the affected residents. The decision highlights the need for legal adherence and fair treatment of vulnerable stakeholders.Read more

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Investigations and delays plague ATS Marigold, leaving homebuyers stranded

Homebuyers of the ATS Marigold project in Sector 89A, Gurugram, await possession of their flats as ATS Infrastructure Ltd. faces an investigation for fund diversion and missed pre-EMI payments. Sanctioned in 2013, the project saw buyers approaching the National Consumer Disputes Redressal Commission (NCDRC) and Economic Offences Wing (EOW) in 2021, seeking refunds and interest. Allegations include collecting funds without licenses and financial misappropriation. Despite some towers being completed, many buyers remain without their homes, continuing to pay EMIs. ATS attributes delays to external factors, stressing that project funds are monitored under RERA regulations and the SWAMIH Investment Fund.Read more

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Supreme Court orders Haryana government to disclose details on affordable housing projects

The Supreme Court has directed the Haryana government to provide detailed information on affordable housing projects licensed over the past decade. This directive arises from the ongoing legal battle involving buyers of Mahira Homes in Sector 103, Gurugram, who have invested approximately INR 160 crore in a stalled project. Issued on July 22, the court's order mandates the Department of Town and Country Planning (DTCP) to furnish details on flat costs at launch, approved layouts, and amendments to building plans. The court seeks to ensure transparency and accountability in tripartite agreements between builders, homebuyers, and banks. With 73 affordable housing licences issued in Gurugram, many projects, including Mahira Homes, have seen minimal progress, raising concerns about regulatory enforcement. The next hearing is scheduled for September 27, with significant implications for future housing project oversight in Haryana.Read more

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Elan Group partners with CBRE to manage Gurugram malls in INR 7.5 crore annual deal

Elan Group has teamed up with global real estate leader CBRE to manage its four malls in Gurugram: Elan Epic, Elan Town Centre, Elan Miracle, and Elan Mercado. This INR 7.5 crore annual contract aims to enhance customer experiences and operational efficiency. CBRE will bring its expertise in property management to optimise mall operations, implement best practices, and drive tenant satisfaction. Elan Group's Senior VP, Pooja Patti, expressed excitement about the partnership, while CBRE's Rajesh Pandit highlighted the importance of professional facility management in maintaining the value and appeal of real estate assets.Read more

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Gurugram cracks down on illegal constructions in affordable housing

Gurugram authorities are cracking down on illegal construction in affordable housing units, following a survey by the District Town Planner (Enforcement) department revealing widespread violations in EWS category homes in DLF Phase 5. Show-cause notices were issued to 100 homeowners for illegally converting EWS units into commercial spaces or adding extra floors. Despite notices, inadequate responses have led to the preparation of restoration orders. These violations have strained infrastructure, highlighting the need for stricter enforcement of building regulations and protection of low-income residents' rights. Restoration orders will mandate compliance or result in property sealing.Read more

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Birla Estates to develop 10 lakh sq ft luxury housing in Gurugram

The Birla Estates, a subsidiary of Century Textiles and Industries, has acquired a five-acre land parcel in Sector 71, Gurugram, aiming to develop a luxury residential project with a development potential of 10 lakh sq ft and an expected revenue of over INR 1,400 crore. The prime location on the Southern Peripheral Road offers excellent connectivity to Delhi and Gurugram. MD and CEO K. T. Jithendran emphasized the strategic importance of this market and the company's commitment to delivering exclusive living experiences. This acquisition expands Birla Estates' footprint in NCR, complementing its ongoing projects in Gurugram and New Delhi.Read more

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ED freezes INR 300 crore land in Gurugram linked to M3M Group on allegations of fraud

The Enforcement Directorate (ED) has seized a plot valued at INR 300 crore from M3M Real Estate in Gurugram as part of a money laundering investigation linked to politician Bhupinder Singh Hooda. The 88.29-acre land in Basharia village is implicated in alleged fraud involving undervalued land acquisitions and manipulative practices. The probe reveals that Hooda and associates, including RS Infrastructure Pvt. Ltd., used deceitful methods to acquire land below market value, resulting in financial gain and losses for landowners. M3M disputes the claims, arguing that the seizure overlooks their legitimate business practices and economic contributions.Read more

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Worldwide Realty launches "The Golden City" in Manesar with 178 new plots

Manesar, near Gurugram, is set for growth with Worldwide Realty's launch of 178 new industrial plots in "The Golden City," covering 112.5 acres. This project offers businesses well-connected spaces near major expressways and highways, including the upcoming Gurugram-Pataudi-Rewari Highway, enhancing access and reducing costs. Catering to enterprises of all sizes, The Golden City provides modern infrastructure and amenities. Vikas Aggarwal, COO of Worldwide Realty, emphasised the area's improved connectivity and strategic appeal. This development aims to attract diverse ventures, boosting Manesar's industrial landscape and contributing to the region's economic growth.Read more

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Godrej Properties' INR 50 crore TDR acquisition in Gurgaon set to boost sector 43 project

Godrej Properties has acquired Transfer of Development Rights (TDR) certificates worth INR 50 crore for their upcoming project in Sector 43, Gurgaon. This innovative move, commonly used in Mumbai, allows Godrej to add 300,000 sq ft of built-up space, significantly increasing the project's revenue potential to INR 900 crore. TDR certificates, issued as compensation to landowners for public development, provide additional building rights that can be sold to developers. This acquisition highlights Godrej Properties' commitment to the Gurgaon market, which saw a 473% sales increase in FY24, and sets a precedent for future developments in the area.Read more

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Gurugram Development Board to put forth a INR 2887 crore budget plan for FY25

At GMDA's board meeting, the board is scheduled to discuss projects including flyovers, Southern Peripheral Road (SPR) redevelopment, water treatment capacity expansion, electric buses, and 10,000 CCTV cameras. The board will present an INR 2,887 crore budget for FY 2024-25 and seek approval for INR 3,500 crore in projects from Chief Minister Nayab Singh Saini. Key proposals include the INR 634 crore redevelopment of Tau Devi Lal Stadium and the signal-free elevated corridor for SPR. GMDA also plans to procure 200 electric buses under the PM e-Sewa scheme and invest INR 1,400 crore to upgrade the city's water supply and drainage infrastructure.Read more

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Land dispute halts Mayfield Gardens handover to Gurugram Municipal Corporation

The transfer of Mayfield Gardens to the Municipal Corporation of Gurugram (MCG) has stalled due to a dispute over a 327-acre land area. While MCG, following the Department of Town and Country Planning (DTCP) directives, seeks the entire 327 acres, the developer, Mayfield Projects, is only willing to hand over 291 acres, citing that the remaining 36 acres are undeveloped and lack essential infrastructure. The developer challenges MCG's INR 5.6 crore charge for infrastructure repairs. This impasse leaves residents facing poor road conditions and awaiting improved maintenance. A DTCP decision or a phased handover agreement is expected soon.Read more

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Experion Developers acquires INR 400 crore land parcel in Gurugram for a residential project

Experion Developers, the Indian subsidiary of Singapore's Experion Holdings Pte Ltd, has been aggressively expanding its footprint in the premium residential market of Gurugram. The company has acquired a 7.81-acre plot at Dwarka Expressway for INR 400 crore, with plans to invest an additional INR 2,000 crore to build 3 million square feet of luxury homes. In the last one-and-a-half years, Experion has acquired five plots worth INR 2,100 crore, primarily in Gurugram, where it is launching new projects. The company's latest acquisition in Sector 88A is expected to generate a revenue of INR 3,700 crore. Experion's strategy of strategic land acquisitions and luxury project development aims to capitalize on the flourishing demand for premium residential properties in the region.Read more

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Alphacorp presents the Alphacorp SKYI, a 500,000 square foot luxury residence in Gurugram

Alphacorp announces Alphacorp SKYI, a luxury residential project in Gurugram's Sector 15, Part 2, featuring 200 exclusive units ranging from 2,400 to 3,600 sq. ft. The project emphasizes eco-friendly living with GRIHA Certified 4 Star and IGBC Gold 4 Star ratings, including rainwater harvesting and energy-efficient amenities. Strategically located for easy access and benefiting from Gurugram's expanding Metro network, Alphacorp SKYI promises luxury, sustainability, and convenience. Construction begins September 2024, with an estimated INR 350 crore investment, affirming Alphacorp's commitment to excellence in Gurugram's real estate market.Read more

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Gurugram builders ordered to address critical maintenance after plaster falls

The Department of Town and Country Planning (DTCP) in Gurugram issued notices to 38 builders, mandating surveys and addressing maintenance issues within seven days after plaster fell from balconies in Paras Dews and Signature Global Solera societies, causing panic. Residents demanded immediate action, highlighting persistent safety concerns. District town planner Manish Yadav's notice emphasised resolving critical maintenance issues and submitting action reports. Developers, including CHD and NBCC, Paras Buildtech, and others, were named. Incidents at the Paras Dews and the Solera led to injuries and highlighted the urgency. Developers acknowledged the issues, attributing them to rain and promised timely repairs.Read more

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