Gujarat International Finance Tec-City (GIFT City), India's first operational smart city and International Financial Services Centre (IFSC), has recently received the ISO 14001:2015 certification for its Environmental Management System (EMS). The recognition, awarded by Bureau Veritas, an internationally accredited organisation, underscores GIFT City's commitment to sustainable urban development and responsible environmental practices. By incorporating green initiatives such as District Cooling Systems, Automated Waste Collection, and Utility Tunnels, GIFT City is setting new benchmarks for environmentally responsible urban planning in India. The certification is expected to boost investor confidence and attract environmentally conscious businesses.Read more

The Delhi Development Authority (DDA) has launched a new housing scheme, offering 828 flats for Low-Income Group (LIG) and Economically Weaker Section (EWS) applicants. The scheme includes 624 LIG flats in Siraspur and 204 EWS flats in Loknayak Puram, priced between INR 17.4 lakh and INR 28.4 lakh. A 25% discount is available for disadvantaged groups. Additionally, DDA has introduced the Dwarka Community Service Personnel Housing Scheme with 349 flats for essential service workers. Online registration is open until March 24, with an e-auction starting March 29. These initiatives aim to boost affordable housing access in Delhi.Read more

In a major luxury real estate deal, SR Menon Properties LLP has purchased a 14,866 sq ft apartment at the Lodha Sea Face project in Worli, Mumbai, for INR 187.47 crore - at over INR 1.26 lakh per sq ft. Developed by Macrotech Developers Ltd, this under-construction project is attracting a number of HNI and UHNI investors. The transaction, registered this week, involved a stamp duty payment of INR 11.25 crore. Worli remains a hotspot for ultra-luxury properties, with 683 deals worth INR 7,326 crore recorded last year. This deal underscores the strong demand for premium residences in South Mumbai's elite micro-markets.Read more

The Bihar government has sent notices to over 1.5 lakh beneficiaries of the Pradhan Mantri Awas Yojana-Gramin (PMAY-G) for failing to construct or complete their pucca houses despite receiving the required funds in their bank accounts. Rural Development Minister Shri Sharwan Kumar stated that 82,441 beneficiaries received a 'white' notice as a warning, while 67,733 were issued a 'red' notice, indicating impending action. Additionally, certificate cases have been lodged against 19,495 defaulters who failed to utilize the sanctioned amount. PMAY-G, launched in 2015 and implemented from 2016, aims to provide affordable housing for the rural poor, with financial assistance of INR 1,20,000 for plain areas and INR 1,30,000 for hilly regions. The Centre funds 60% of the scheme, while state governments contribute 40%.Read more

Global investment firm Blackstone is set to acquire a 40% stake in Kolte-Patil Developers for INR 1,167 crore (USD 134 million), marking its growing interest in India's real estate sector. The deal includes a 14.3% preferential share issuance for INR 417 crore and a 25.7% promoter stake sale for INR 750 crore. This triggers an open offer for an additional 26% stake. Kolte-Patil, with a strong presence in Mumbai, Pune, and Bengaluru, is expected to benefit from Blackstone's backing. This investment aligns with Blackstone's India strategy, following its REIT IPO plans and major acquisitions in the commercial and residential real estate market.Read more

The Mumbai Metropolitan Region (MMR) saw a significant increase in land acquisitions, with developers purchasing 407 acres across 19 deals-the highest in three years. Nationwide, land purchases grew by 41%, with major deals in MMR involving prime locations like Khalapur, Palghar, and Khopoli. Developers such as Birla Estates, K Raheja Corp, and Mahindra & Mahindra led key transactions. Land prices surged from INR 11 crore to INR 17 crore per acre. Most land was acquired for residential projects, with growing interest in Tier II and III cities like Nagpur and Indore, signaling strong future real estate activity.Read more

Hyderabad's peripheral real estate market is set for significant growth, with property prices expected to rise by 10-20% over the next 3-5 years. A report by Colliers India attributes this to key infrastructure projects like Metro Phase 2 expansion, the Regional Ring Road, and government policies supporting industrial and commercial development. Peripheral areas are projected to contribute significantly to Grade A office supply and leasing activity, while housing prices in western locations have already surged over 50% in the past five years. As businesses seek cost-effective alternatives to core IT hubs, Hyderabad's outskirts are emerging as prime investment destinations.Read more

The Adani Group has reportedly emerged as the highest bidder for the INR 36,000 crore redevelopment project of Motilal Nagar, situated in Goregaon West, Mumbai. This marks the conglomerate's third significant acquisition in Mumbai's real estate sector, following its involvement in the Dharavi slum redevelopment project and the purchase of a 17-acre plot in Bandra Reclamation. As per reports, Adani Properties Pvt Ltd (APPL) surpassed its closest competitor, L&T, by offering a higher built-up area. The redevelopment project, spanning 143 acres, has been designated a 'special project' by the Maharashtra government, with MHADA retaining control over the project and the land but working through a Construction and Development Agency (C&DA).Read more

Bihar Chief Minister Shri Nitish Kumar transferred INR 1,200 crore to 3 lakh families under Pradhan Mantri Awas Yojana-Gramin (PMAY-G) in a direct benefit transfer event. The state has a total target of constructing 7.9 lakh houses under PMAY-G for FY 2024-25. Each beneficiary receives INR 1.20 lakh in three installments, with INR 40,000 disbursed as the first installment. Additionally, recipients receive INR 22,050 under MGNREGA for 90 days of labor and INR 12,000 for toilet construction under Lohia Swachh Bihar Abhiyan, bringing total assistance to INR 1,54,050 per household. The scheme aims to boost rural infrastructure and housing development in Bihar.Read more

The National Company Law Tribunal (NCLT) has approved a resolution plan for Universal Buildwell Private Limited's delayed projects, which is a significant relief for more than 1,000 homebuyers. This decision allows the homeowners' association to oversee construction and ensure its timely completion. The builder, which had launched several projects in Gurugram and Faridabad, faced insolvency in 2018 due to the non-delivery of units. The case took a significant turn when the former promoters, who had been absconding, were arrested in 2024. The approval of the resolution plan marks a crucial step forward, setting a precedent for homebuyers' associations to take control of stalled developments.Read more