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Mumbai-based real estate developer Runwal Enterprises Limited has filed its draft red herring prospectus (DRHP) with SEBI to raise INR 1,000 crore through an initial public offering (IPO). The offering consists entirely of a fresh issue with a face value of INR 2 per share, without an offer-for-sale component. A pre-IPO placement of up to INR 200 crore may be considered, reducing the fresh issue size. Proceeds will be allocated for debt repayment, subsidiary investments, future real estate acquisitions, and corporate expenses. Runwal Enterprises, ranking second in Mumbai's real estate market for new launches and sales, reported a 188.55% revenue increase in FY24, turning profitable with INR 107.28 crore. ICICI Securities and Jefferies India are managing the IPO, with shares to be listed on BSE and NSE.
In two notable real estate deals in Delhi's Golf Links, private equity executive Sanjay Kukreja and his wife, Shaveta Sharma, acquired a 11,250 sq. ft bungalow for INR 155 crore from Pradeep Varma, who subsequently purchased another bungalow of 6,498 sq. ft in the same area for INR 78.50 crore. The transactions underscore the premium commanded by single-owner properties in this sought-after market, where most bungalows are multi-owned. Industry experts noted that Golf Links remains highly competitive, with limited inventory and high demand, particularly for rare single-owner properties.
India's office market recorded an all-time high of 28.2 million square feet in transactions during Q1 2025, reflecting a 74% year-on-year surge, according to Knight Frank. Global capability centres (GCCs) were the dominant occupiers, accounting for 44% of total space, with Bengaluru leading at 65% of all GCC transactions. The third-party IT services sector contributed 19%, benefiting from a resurgence in demand. Experts noted India's cost advantage and talent access as key drivers. With office space demand remaining strong, the market is projected to expand by 5-6% in 2025, reaching 75-78 million square feet.
Residential sales across India touched 88,274 units in Q1 2025, marking a 2% year-on-year rise, with the premium housing segment (priced above INR 1 crore) accounting for 46% of total sales.Pune and Chennai posted 20% and 10% annual sales growth, respectively, while Mumbai retained its top spot as the country's largest housing market. The ultra-luxury category (above INR 5 crore) surged 483% year-on-year. Simultaneously, new launches reached 96,309 units, continuing to outpace sales for the tenth straight quarter. Mumbai and Bengaluru contributed 44% of all new launches. NCR led premium sales (INR 2 crore+), while Bengaluru had the highest launch growth at 26% YoY.
United Spirits has sold a residential property located in Mumbai's Malabar Hill area for INR 172 crore. The property includes furniture, fixtures, and fittings, spanning a ground floor and two upper floors. The buyers are Ajaykumar Dineshkumar Vaghani and Manisha Ajay Vaghani, who have no ties to the company's promoters or group. United Spirits, a subsidiary of Diageo, has been liquidating non-core assets previously owned by its former chairman Vijay Mallya, who stepped down in 2015. The company is based in Bengaluru, Karnataka.
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Residents of Parsvnath Exotica, a gated community in Gurugram's Sector 53, are voicing concerns about unlawful multi-storey buildings and commercial establishments springing up in adjacent Saraswati Kunj. The 28-acre gated society with 18 towers and approximately 900 flats is divided into two phases. Phase-2, which consists of towers D4, D5, and D6, directly faces Saraswati Kunj. Despite a 2016 court order halting construction, illegal activity continues, with slums sprawling, and buildings being converted into unauthorised PGs and warehouses. Local authorities have yet to take action, prompting Exotica residents to urge the Chief Minister for immediate intervention to protect the safety and wellbeing of over 3,000 residents in their community.
Interior designer Gauri Khan has sold her nearly 2,000 sq ft apartment in Kohinoor Altissimo, Dadar West, Mumbai, for INR 11.61 crore. The transaction, registered on March 28, 2025, saw buyers Devendra Chaukar and Vandana Agarwal acquiring the 21st-floor unit with two car parkings. The deal reflects a 37% appreciation since Khan purchased the property for INR 8.5 crore in August 2022, highlighting Mumbai's luxury real estate growth. Meanwhile, Shah Rukh Khan has leased two duplex apartments in Pali Hill, Khar, for INR 8.67 crore over three years, temporarily relocating as Mannat undergoes renovation. Mumbai continues to dominate India's luxury real estate market, with INR 3,652 crore invested in high-end homes in 2024 and INR 850 crore in the first two months of 2025.
Merino Shelters, a MAN Industries subsidiary, has partnered with Paradise Group to develop its 6-acre land in Nerul, Navi Mumbai, over six years. The deal includes an upfront payment of INR 70 crore and 30% of the RERA carpet area, valued at INR 650-INR 700 crore. The total monetisation is estimated at INR 770 crore. The land, near DY Patil Stadium and the upcoming Navi Mumbai International Airport, offers strong growth potential. MAN Industries aims to monetise non-core assets, while Paradise Group sees high development prospects.
The trademark dispute between Abhishek Lodha-led Macrotech Developers and his younger brother's House of Abhinandan Lodha (HoABL) has intensified, with Macrotech alleging that HoABL fabricated documents to misuse its brand and trademarks. In a regulatory filing, Macrotech claimed that forged board resolutions were submitted to government authorities, featuring falsified signatures and altered PAN card details. Lodha Ventures denied the allegations, stating it is reviewing the matter internally. The dispute follows a INR 5,000 crore lawsuit filed by Macrotech against HoABL over the unauthorised use of the 'Lodha' brand.
The Yamuna Expressway Industrial Development Authority (YEIDA) has set up a four-member committee to oversee the completion of stalled Jaypee projects along the Yamuna Expressway, benefiting 4,600 stranded homebuyers. The committee will issue a request for proposals to select developers and ensure homebuyers receive properties at the original prices. A High Court ruling mandates strict timelines for project completion, with a nodal officer appointed to manage payments and ensure construction funds. Affected projects include Jaypee Greens Bougainvilleas, Country Homes, and others.
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