Advertisement
Housing Minister Ponguleti Srinivas Reddy recently announced plans to develop affordable housing along Hyderabad's Outer and Regional Ring Roads, targeting middle and lower-middle-class families. Projects are proposed on 100-acre plots along key highways. Under the Indiramma housing scheme, beneficiary identification will prioritize vulnerable groups like widows and disabled individuals. A new app will streamline the process, and the Centre will co-fund units with the state covering the remainder. The government aims to complete 60,000 pending 2BHK units in GHMC, with INR 197 crore allocated for minor works. These initiatives emphasize inclusive development and transparency.Read more
The Noida Authority has cancelled the allotment of 13,961 square meters of land in Sector 143 to Docile Buildtech Pvt Ltd, a subsidiary of Logix Group, for non-payment of INR 130 crore in dues. Despite an initial payment of INR 3.2 crore, the company failed to settle the remaining amount, which accrued significant penal interest. The land, valued at INR 450 crore today, remained unused for six years. Noida Authority plans to re-allot the plot to recover dues and has filed a case with the NCLT and a complaint with the EOW against Logix Group. This action underscores the need for stricter compliance and accountability in real estate.Read more
WeWork India has expanded its presence with two major office leases in DLF Cybercity locations. In Gurugram, it leased two floors spanning 1.17 lakh sq. ft. with 1,400 desks, while in Chennai, two floors covering 1.26 lakh sq. ft. with 1,900 desks were secured. Both locations will open in Q1 2025. This follows the October launch of WeWork 37 Cunningham in Bengaluru, a 61,000 sq. ft. space featuring premium amenities. Reporting a 26.7% revenue growth to INR 1,665 crore in FY 2023-24, driven by an 84% membership contribution, WeWork India continues to lead the flexible workspace market across eight major cities.Read more
PropEquity's latest report highlights a 65% rise in the weighted average prices of new launches in Jaipur, positioning the city at the forefront of real estate growth among 25 of 30 tier II cities from 2023 to October 2024. Guntur and Bhubaneswar followed with significant gains, while cities like Sonepat and Mysore experienced price declines. Affordable land, enhanced infrastructure, and growing demand have driven premium housing supply and investor interest. Goa stood out as the only tier II city with prices exceeding INR 10,000 per square foot, reflecting the expanding scope of investment opportunities in India's rapidly evolving real estate market.Read more
The rural development ministry has outlined significant progress under various schemes, with Minister Shivraj Singh Chouhan announcing the allocation of 3.8 million houses under the PMAY-G this fiscal year. An initial INR 10,668 crore has been released for construction. The ministry also reported a total expenditure of INR 1.03 lakh crore out of its budgeted INR 1.84 lakh crore. Plans to build 20 million rural houses over five years have been approved, with 26.8 million already completed since 2016. Chouhan highlighted initiatives for empowering women through self-help groups and constructing rural roads under the PMGSY. He reaffirmed commitments to ensure housing for all eligible beneficiaries and addressed concerns about MGNREGS funding in West Bengal, linking it to compliance with legal requirements.Read more
Advertisement
The UL International Conclave on Sustainable Construction took place at the Indian Institute of Infrastructure and Construction in Chavara, Kollam, aiming to foster a resilient and sustainable future for Kerala. Inaugurated by Chief Minister Shri Pinarayi Vijayan, the three-day event emphasized inclusive development aligned with the UN's Sustainable Development Goals. The conclave gathered national and international experts to discuss sustainable practices and policies, featuring panel discussions and technical sessions on innovative construction techniques. Collaborating with esteemed institutions, the event celebrated the centenary of the Uralungal Labour Contract Co-operative Society, showcasing its extensive contributions to infrastructure development.Read more
India's luxury real estate market is thriving, with an 18% rise in sales value across the top seven cities in H1 FY 2024-25, reaching INR 279,309 crore, according to CREDAI-MCHI. Despite a 3% dip in unit sales, the shift towards high-end properties is evident, with average prices climbing to INR 1.23 crore. Mumbai leads in luxury sales, with Delhi-NCR and Bengaluru following closely. Luxury properties above INR 4 crore saw a 37.8% sales jump, driven by NRIs and affluent buyers seeking exclusivity and lifestyle upgrades. Developers are innovating with high-end projects, reflecting the evolving aspirations of luxury homebuyers.Read more
The construction of Tata Consultancy Services' (TCS) facility at Madhurawada IT SEZ is advancing rapidly, supported by a proposal from Dallas Technology Centre (DTC) to lease and expand its premises. The state government approved DTC's requests for sub-leasing, occupancy certification, and 1,600 sqm of additional space at INR 6,720/sqm. Initially allocated a 7,774.90 sqm plot in 2016, DTC plans to accommodate 2,000 IT professionals in Phase I, necessitating further expansion. Following State Investment Promotion Board (SIPB) endorsement, relevant departments are expediting the project. The facility is poised to boost employment and drive economic growth in the region.Read more
YEIDA has introduced a new group housing scheme offering 20 plots across Sectors 17, 18, and 22D near the Yamuna Expressway, ranging from 11,513.72 sqm to 89,034 sqm. Base prices start at INR 32,375/- per sqm, with EMDs varying from INR 3.73 crore to INR 30.27 crore. Registrations are open until mid-December, and an e-auction with a 1% incremental bid is slated for January. This initiative aims to boost residential development in the region, attracting developers to create large-scale projects in a well-connected area, fostering significant growth along the expressway.Read more
Telangana's Chief Minister, A Revanth Reddy, launched a mobile app to streamline the verification process for the 'Indiramma' housing scheme, which provides INR 5 lakh assistance for house construction. The app enables home visits by officials to collect details, ensuring transparency and reducing corruption. Beneficiaries can design homes based on land and financial capacity. The government plans to construct 25 lakh houses in five years, prioritizing the "poorest of the poor," including Dalits, Adivasis, sanitation workers, and persons with disabilities. AI technology will prevent misuse, and additional support will be provided to Adivasis in ITDA regions. Anniversary celebrations were also announced.Read more
Advertisement
