The Delhi Development Authority (DDA) will conduct a fresh survey of 173 slum clusters to assess eligibility for rehabilitation under the Pradhan Mantri Awas Yojana (Urban). The survey, expected to be completed in six months, will collect data on household counts, financial status, and residency eligibility for Economically Weaker Section (EWS) flats. Currently, 205 out of 378 DDA-controlled slum clusters have been surveyed. This initiative follows past in-situ rehabilitation projects at Jailorwala Bagh and Kalkaji, aiming to improve living conditions for slum dwellers.Read more

The Sanjaynagar housing project in Vadodara, launched under the Pradhan Mantri Awas Yojana, has faced significant delays, with only 22% completion in eight years. Intended as a public-private partnership, it aimed to rehabilitate displaced urban poor while facilitating commercial development. However, over 2,000 homes were demolished, and many affected families have not received the promised rent support, leading to financial distress. Despite multiple deadline extensions, construction remains stalled. The project's setbacks highlight issues in PPP execution, contractor accountability, and governance. Experts suggest adopting best practices from successful schemes to ensure timely completion and restore public trust.Read more

The Lucknow bench of the Allahabad High Court has temporarily stayed the demolition of 81 flats in the Royal Green Apartment, Lucknow, granting relief to residents who were served notices to vacate their homes. The demolition orders stemmed from actions against the builders 19 years ago. The court allowed residents to compound their properties by paying a penalty and stated it would hold officials of the Lucknow Development Authority (LDA) accountable for their failure to act on the original orders. This case highlights issues like regulatory lapses, the importance of legal due diligence for homebuyers, and the broader implications for real estate developers and market trust.Read more

Mahindra Lifespace Developers (MLDL) plans to raise INR 1,500 crore through a rights issue to reduce debt and fund growth initiatives. The board has approved the issuance of fully paid-up equity shares, targeting existing shareholders. MLDL focuses on premium and mid-premium housing in Mumbai, Pune, and Bengaluru. The funds will improve financial flexibility, lowering its debt-to-equity ratio and enabling expansion. This move aligns with industry trends as developers prioritize balance sheet strength amid growing demand. India's real estate market resurgence further supports MLDL's strategic growth plans.Read more

Hyderabad's office market is poised for significant growth, with total stock expected to exceed 200 million sq. ft. by 2030, according to a CBRE and HYSEA report. Currently contributing 15% of India's office space and 18% of its green-certified offices, Hyderabad has tripled its office stock since 2014, reaching 137 million sq. ft. by December 2024. In 2024, the city absorbed 12.3 million sq. ft., led by the tech sector (31%), life sciences (21%), and flexible space operators (14%). As a key hub for Global Capability Centers, Hyderabad continues to attract multinational firms, reinforcing its commercial real estate prominence.Read more

The Punjab Cabinet recently approved a policy to acquire over 1,500 acres for Economically Weaker Sections (EWS) housing, marking the first such initiative since 1995. The plan involves auctioning underutilized land in housing colonies to generate funds for acquiring plots or developing houses for EWS across key cities. Additionally, the cabinet approved financial aid increases for acid attack victims, an amnesty policy for land defaulters, and six fast-track courts for NRIs. The government also aims to boost infrastructure development using 50% of external development charges (EDC) and install 200 solar pumps for sustainable agriculture.Read more

The Lucknow Development Authority (LDA) has reopened its e-auction portal, offering 60 sqm residential plots in the Basant Kunj Scheme and commercial plots in Gomti Nagar, Jankipuram, Sharda Nagar, and Kanpur Road. Online registrations are open until March 10, with the e-auction scheduled for March 17. This follows a previous auction that generated INR 450 crore in sales. LDA Vice Chairman Prathmesh Kumar emphasized the initiative's goal to attract buyers amid Lucknow's real estate growth. Investors and homebuyers are encouraged to register early and explore opportunities in the city's expanding property market.Read more

Nexus Select Trust has acquired Vega City Mall, a 96% leased shopping center in South Bengaluru, strengthening its retail presence in the city. The acquisition, completed at 10% below valuation, is expected to generate a Retail Net Operating Income of INR 78 crore and boost Net Distributable Cash Flow by INR 20 crore after debt servicing. Funded through non-convertible debentures at a 7.70% coupon rate, the deal keeps Nexus's Loan-to-Value (LTV) ratio at 17%. CEO Dalip Sehgal emphasized the mall's prime location and potential for leasing, operational, and marketing synergies, reinforcing Nexus's growth strategy in India's retail market.Read more

EY Global Delivery Services (GDS) has extended its footprint in Tamil Nadu by inaugurating its first office in Coimbatore at the KCT Tech Park. This addition complements its existing offices in Chennai and underscores its commitment to leveraging the region's skilled workforce and fostering innovation. The launch event featured key dignitaries, including Tamil Nadu's IT and Digital Services Minister, Dr. Palanivel Thiaga Rajan, and EY GDS's Global Operations Leader, Manesh Patel. The office will focus on consulting services, particularly technology and innovation, while also contributing to the state's digital transformation. With an emphasis on AI, data analytics, cloud computing, and cybersecurity, the facility aims to deliver cutting-edge, scalable business solutions.Read more

The Indian office real estate market has witnessed remarkable growth, with 2024 recording the highest net absorption across the top seven cities since 2019, as per ANAROCK Research. Southern cities, particularly Bengaluru, Hyderabad, and Chennai, have dominated commercial leasing activity, accounting for the majority share in new supply additions and net absorption. Bengaluru led with a 26% increase in office rentals, followed closely by Hyderabad (25%) and Chennai (20%). Meanwhile, despite the addition of 48.11 million sq. ft. of new office space in 2024, office vacancies declined to 16.5%. The co-working sector has gained prominence, rising from a 15% share in 2019 to 21% in 2024, while BFSI sector demand has increased significantly. In contrast, the IT/ITeS sector's share has declined over the period.Read more