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The bidding deadline for the QUAD project in Technopark Phase-IV has been extended for the third time, now set for December 18. The project aims to select a private co-developer to build an 8 lakh sqft IT building at Pallipuram. The deadline had previously been extended due to a lack of bidder participation. Despite these delays, Technopark officials remain optimistic about securing a qualified co-developer by the new deadline. Meanwhile, Technopark has started planning the construction of a separate 8.5 lakh sqft building, which will be managed directly by the park. The project has a budget of INR 1,600 crore, with work anticipated to begin soon after the new bids are evaluated.Read more
India's second home market is expanding in 2024, driven by lifestyle shifts, investment opportunities, and improved infrastructure. Post-COVID, buyers value open spaces, privacy, and flexible living, boosting demand for vacation homes in scenic areas like Goa, Uttarakhand, and Kerala. These homes serve as personal retreats and rental income generators, offering dual benefits. Economic resilience, regulatory reforms like RERA, and work-from-anywhere trends make second homes more attractive, especially near upcoming airports and highways.Read more
LIC Housing Finance Ltd (LICHFL) has sold the Agora City Centre in Vadodara to CFM Asset Reconstruction Private Ltd for INR 250 crore, marking the resolution of a distressed loan of INR 711.2 crore. Initially a luxury development under PMAY, the project faced numerous controversies, including lack of permissions, construction within Vishwamitri River boundaries, and encroachments linked to city floods. The death of Manav Infrastructure chairman Ashish Shah further exacerbated its financial woes. Agora City Centre, once an ambitious real estate venture, has now transitioned under ARC control, highlighting ongoing challenges in balancing urban development and financial stability.Read more
Chennai is rapidly solidifying its position as a global capability centre (GCC) hub, with current numbers exceeding 250 units and expected to reach 450-460 by 2030, according to CBRE. The city absorbed 2.3 million sq. ft. of office space in the first nine months of 2024, with GCC leasing projected to hit 3-3.2 million sq. ft. by 2025. A skilled workforce, set to grow 1.4 times by 2030, underpins this expansion. Strategic government policies and infrastructure investments are further driving Chennai's appeal. As India's fifth-largest office market, Chennai is poised to play a key role in advancing the country's economic and business landscape.Read more
The builder of Chintels Paradiso in Gurugram has applied for phased redevelopment of the Sector 109 society. The plan aims to reconstruct six unsafe towers and repair habitable ones separately, potentially expediting the process for affected residents. Two additional towers identified as unsafe by an independent audit remain unclassified as uninhabitable. While some homebuyers view this approach as promising, concerns linger regarding reconstruction timelines, layout changes, and safety measures. Residents are closely monitoring developments, hoping for clarity on how the plan will address their long-standing uncertainties.Read more
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Onward Workspaces, a premium coworking provider, has partnered with Lenskart to deliver a 14,000-square-foot managed office in Delhi's Okhla Phase 3. Designed for 300 employees, the office reflects Lenskart's brand identity with customized aesthetics and modern amenities. Positioned in a prime business hub with excellent connectivity, this collaboration highlights the rising demand for flexible office solutions. Onward's approach ensures functionality and style, fostering productivity and collaboration, while aligning with its ambitious expansion strategy in Delhi NCR.Read more
The Slum Rehabilitation Authority (SRA) has issued a tender for the redevelopment of Om Namo Sujalam Sufalam Society, a slum colony in Santacruz East with nearly 1,000 tenements. Efforts to redevelop the site began 39 years ago but faced setbacks due to builder disputes and lack of developer interest. Situated near the Western Express Highway and Bandra Kurla Complex, the colony covers over 21,000 square metres. The latest tender includes a 46-month deadline, revised from the previous 24 months, with a INR 20 crore bank guarantee. Developers with experience in projects worth INR 200 crore or more are eligible to bid.Read more
The Enforcement Directorate (ED) has initiated a probe into a INR 96 crore loan scam at Angamaly Urban Cooperative Society, where 422 fraudulent loans were granted using forged property title deeds, often without the knowledge of property owners. The state crime branch, which began investigating earlier, found multiple instances of loans issued without proper documentation and in the names of non-members. Investors have also filed complaints regarding unreturned deposits. The FIR revealed the malpractice dated back to 2002, highlighting systemic fraud and mismanagement. The ED's involvement signals heightened efforts to uncover the full extent of the scam and ensure accountability.Read more
India is a key growth market in Asia-Pacific (APAC), driven by favourable policies, expanding infrastructure, and rapid economic growth, according to Knight Frank's latest report. APAC's prime residential sector grew 2.9% YoY in Q3 2024, marking six consecutive quarters of growth. Mumbai led India with an 11.5% YoY rise in luxury property prices, ranking 3rd in APAC, followed by Delhi (6.5%) and Bengaluru (4.8%). India's residential market recorded a 41% YoY surge in premium segment sales in Q3 2024, supported by strong economic momentum and demand. With a 7.2% GDP growth forecast for FY 2025, India remains a top lifestyle and investment destination in the APAC region.Read more
Real estate developer Avighna Group has acquired Emaar Business Park, Building 3, located on Sheikh Zayed Road in Dubai, for INR 555 crore through its UAE subsidiary, Avighna Invest. This Grade A commercial tower offers 150,000 sq ft of office and retail space, leased to high-profile tenants such as Standard Chartered, Godiva, and Starbucks. The acquisition marks Avighna Group's entry into the global capability centre market. With an occupancy rate of 90%, the property is strategically positioned near Dubai's key business hubs. The group aims to expand further in the UAE and globally, tapping into high-demand sectors.Read more
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