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GDA has allocated INR 418 crore to redevelop 2,004 EWS and 288 LIG flats in Tulsi Niketan, a deteriorating township near Delhi. Built in the 1990s, the complex has suffered years of neglect, prompting a 2019 safety audit by Jamia Millia Islamia, which found 90% of the flats to be unsafe. The redevelopment follows a PPP model, with the builder financing construction in exchange for a saleable area. Residents will relocate temporarily, with the developer covering relocation costs. However, ownership disputes remain a major hurdle, as most flats lack proper registration, complicating efforts to move forward with the project.
The Prayagraj Development Authority (PDA) is preparing to offer residential properties in areas enhanced during the Maha Kumbh. Under Vice Chairman Amit Pal Sharma's leadership, a special team is identifying land near newly upgraded roads. The PDA aims to expand its land bank while ensuring seamless infrastructure for future housing projects. Beautification efforts, including widened roads and street lighting, have made these localities desirable for homebuyers. PDA plans to acquire 150-200 hectares for residential schemes, offering over 300 flats and 400 plots. The initiative will transform key areas into modern, well-connected neighbourhoods, attracting prospective homeowners.
The Rajasthan government has successfully constructed 20 lakh houses under the Pradhan Mantri Awas Yojana (PMAY), enhancing affordable housing for economically weaker sections. Agriculture Minister Shri Kirori Lal Meena highlighted the scheme's transparency, direct fund transfers, and geo-tagging for progress monitoring. Rajasthan joins Madhya Pradesh and Uttar Pradesh in achieving major housing milestones. Despite challenges in land documentation and funding delays, the state is resolving issues to accelerate construction. The initiative has also generated rural employment, supporting local economies. The government aims to expand PMAY coverage, ensuring "Housing for All" while integrating it with other welfare programs.
Hermes Distillery has purchased 10 residential units in Prestige Ocean Tower, Marine Lines, Mumbai, for INR 199.35 crore. The total built-up area of the apartments is 25,650 sq ft, with each unit offering a carpet area of 2,482 sq ft and a built-up area of 2,565 sq ft. The deal, registered in January 2025, reflects a per-unit price between INR 19.39 crore and INR 20.54 crore. Each apartment has three parking spaces, for a total of thirty parking spaces, and the total stamp duty paid is INR 11.96 crore. Prestige Ocean Tower, developed by Prestige Projects, is located on a 2.3-acre site and features 2 and 3 BHK residences.
Bollywood actor Akshay Kumar has sold two apartments in Oberoi Sky City, Borivali East, for INR 6.60 crore. The transactions, recorded on March 20, 2025, involved a 1,080 sq. ft. unit bought for INR 2.82 crore and sold for INR 5.35 crore, along with a 252 sq. ft. apartment acquired for INR 67.19 lakh and sold for INR 1.25 crore. This is his third sale in the project this year, following two earlier transactions in January and March. Oberoi Sky City, a ready-to-move-in development, has witnessed significant market activity, with 208 sale registrations worth INR 818 crore in the past year.
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India's office market saw record leasing activity in 2024, with the BFSI sector playing a pivotal role in driving demand, according to JLL. Companies expanded their presence by acquiring office spaces for bank branches, back offices, and financial operations. Global Capability Centres (GCCs) also contributed significantly, with BFSI's share in GCC leasing rising to 25.2% in 2024, making it the second-largest segment after technology. Key cities have emerged as specialized BFSI hubs, with Mumbai maintaining its dominance, Delhi NCR leveraging its strategic location, and Bengaluru attracting fintech players. Hyderabad, Chennai, and Pune are also witnessing significant growth, supported by their respective industry ecosystems. India's fintech market, projected to reach ~USD 1.5 trillion by 2025, is reinforcing the BFSI sector's growing presence in the commercial real estate landscape.
DLF has acquired nearly 50% of its subsidiary, DLF Urban Private Limited, from Singapore's Reco Greens for INR 497 crore, securing full ownership. Reco Greens, affiliated with Singapore's sovereign wealth fund GIC, previously held a minority stake in DLF Urban, which has developed the luxury residential project One Midtown in New Delhi. The acquisition was formalised through a securities purchase agreement on March 25. With this transaction, DLF Urban is now a wholly owned subsidiary of DLF Home Developers and DLF Limited. Separately, DLF has outlined plans to invest INR 40,000 crore in completing ongoing housing projects and expanding its commercial real estate portfolio.
CBRE's report, Decarbonising Asia Pacific's Office Buildings, reveals that 51% of the region's office space now holds green building certification-a 6.5% increase year-on-year. This shift highlights growing commitment among landlords and occupiers to reduce carbon emissions and enhance property value. Ada Choi, CBRE's Head of Research for Asia Pacific, noted that while some occupiers delay net-zero goals due to business expansion and AI-related energy demand, many are strengthening commitments by formally setting targets. Cities like Sydney, Melbourne, Singapore, and Tokyo lead in green adoption, while India and China are making steady progress. Green-certified buildings command rental premiums of up to 4%, with the highest premiums seen in Mumbai, Hong Kong SAR, and Bangalore.Read more
Bollywood actress Huma Qureshi and her brother Saqib Saleem have leased a 3,370 sq ft luxury villa in Equest Condominium on Juhu Tara Road, Mumbai, for a monthly rent of INR 10 lakh, according to property registration documents. The villa, owned by Impact Films Pvt Ltd, includes an additional 2,654 sq ft basement, four car parking slots, a swimming pool, and a garden. The rental agreement, registered on February 25, 2025, is for 60 months with a 48-month lock-in period, a security deposit of INR 30 lakh, and a 10% rent escalation after 36 months. Juhu remains a Bollywood hotspot, home to several film stars and recent high-value property deals.
DLF Ltd plans to invest approximately INR 20,000 crore in the medium term to expand its commercial portfolio, including office and retail spaces. The company aims to grow its annuity business, which currently holds around 44 million sq ft of rental assets with a 93% occupancy rate, targeting 73 million sq ft over the coming years. The investment will be spread across DLF and joint ventures such as DLF Cyber City Developers Ltd (DCCDL), where DLF holds a 67% stake. Additionally, DLF's rental arm DOCDL has begun constructing 5.5 million sq ft of premium office space at DLF Downtown, Gurugram, and a 20 lakh sq ft DLF Mall of India in Gurugram, as part of an INR 6,000 crore investment.
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