Oberoi Realty has been appointed by Mumbai's Slum Rehabilitation Authority to redevelop a 2.5-acre Bandra Reclamation parcel owned by MHADA. The project grants the developer 3.2 lakh sq ft of RERA carpet area as free-sale entitlement under the city's Development Control Regulations. Known for its premium location near the Bandra-Worli Sea Link and Bandra-Kurla Complex, Bandra remains a prime hub for residential and commercial projects. This initiative aligns with Mumbai's urban renewal strategy to replace slum settlements with organized urban spaces. Alongside this, Oberoi Realty announced a luxury residential and resort development spanning 81 acres in Alibaug, further expanding its premium portfolio.Read more

The Punjab government has purchased 167 flats in Purab Premium Apartments, Sector-88, Mohali, to provide accommodation for IAS, IPS, PPS, and other administrative officers. These apartments are categorised based on officers' rankings, and rent will be paid by the occupants. The total cost of the purchase is INR 1,00,48,50,000, with an initial payment of INR 38,85,42,000 already made, including additional charges. The remaining amount can be paid either in a lump sum within 60 days or through eight half-yearly installments with interest. Deputy Commissioner Aashika Jain confirmed the allotment and noted that the initiative addresses a long-pending housing demand from officials.Read more

Union Agriculture Minister Shivraj Singh Chouhan virtually inaugurated 50,000 houses under the Pradhan Mantri Awas Yojana-Gramin (PMAY-G) in Assam, a project valued at INR 650 crore. This initiative is part of Assam's progress toward completing nearly 19 lakh homes out of a 20-lakh target for marginalized families. The event also included the distribution of agricultural machinery to boost rural productivity under schemes like NFSM and MOVCD-NER. Chouhan announced expanded PMAY-G eligibility criteria to include more beneficiaries and inaugurated market and storage infrastructure in Kamrup and Hojai. These efforts underscore the government's commitment to transforming rural livelihoods in Assam.Read more

The Nagpur Improvement Trust (NIT) plans to redevelop its Sanskrutik Sankul building on North Ambazari Road into a 13-storey mixed-use complex, combining commercial and residential spaces. The project, executed under a Public-Private Partnership (PPP) model, will be constructed on a one-acre plot adjacent to the MahaMetro Aqua Line, benefiting from a higher Floor Space Index (FSI). The developer has agreed to pay a premium of INR 120.46 million, with construction costs estimated at INR 200 million. The complex will feature parking, commercial spaces, a banquet hall, a starred hotel, and residential units. NIT will retain two floors for office use, with shopkeepers compensated and relocated.Read more

Mumbai's office space leasing hit a milestone of 12.1 million sq. ft in 2024, with the October-December quarter alone contributing 5.6 million sq. ft, fueled by the BFSI sector (45%), flexible space operators (15%), and research and consulting firms (11%), according to CBRE. Nationally, office leasing across nine major cities reached a historic 79 million sq. ft, marking a 16% YoY growth. Green-certified office spaces saw robust demand, making up 56% of leasing activity in Q4. With sectors like BFSI and technology driving demand, Mumbai accounted for 15% of India's total office space absorption, solidifying its role in shaping market trends.Read more

The Supreme Court is reviewing proposals from two developers - Oberoi Realty Ltd and Valor Estate Ltd (formerly DB Realty Ltd), for Sahara's Versova property redevelopment while demanding a deposit of INR 1,000 crore from each. This step aims to address Sahara's outstanding liabilities of INR 10,000 crore, part of the INR 25,000 crore owed as per a 2012 directive. The court emphasised there is no restriction on Sahara selling its properties, including through joint ventures, to meet financial obligations. While INR 15,000 crore has been deposited in the SEBI-Sahara Fund, the dispute over the remaining amount continues, and the court is pressing for faster resolution.Read more

The Mumbai Metropolitan Region (MMR), which includes Greater Mumbai, has seen a 5% annual growth in residential property prices in 2024, with a weighted average price of INR 8,277 per sq. ft., according to a recent Knight Frank India report. Central and South Mumbai led this growth with price appreciations of 8% and 7%, respectively. While properties priced above INR 50 lakh accounted for a significant portion of transactions, a notable shift was observed towards the INR 1 crore to INR 2 crore segment. The city's residential sales in the INR 20 crore to INR 50 crore category grew by 143%, reflecting robust demand for premium housing. This growth was bolstered by transformative infrastructure projects like the Mumbai Coastal Road and Metro Lines, enhancing connectivity and boosting market confidence.Read more

East Bengaluru's residential market witnessed an 87.4% YoY surge in supply, driven by a 33.6% increase in capital appreciation and an 11.4% rise in rents, according to Magicbricks. Budigere Cross led the growth with a 190% rise in supply and a 48% increase in property values, followed by Whitefield (91.35%), HSR Layout (83.3%), and Sarjapur (75%). The surge is fueled by infrastructure upgrades, including connectivity via Old Madras Road, Outer Ring Road, and Namma Metro. Premium housing demand surged, with INR 10,000 psf properties comprising 37% of the demand. East Bengaluru continues to solidify its position as a prime residential hub.Read more

Residential projects under construction in India's major cities recorded remarkable price growth in 2024, with Gurugram's New Gurugram micro-market seeing a 55% year-on-year increase, according to Savills India. Other hotspots included Bengaluru (25% appreciation), North Goa (16%), and Mumbai (10%). Noida's premium segments also showed robust growth, with up to 16% increases in some areas. The luxury housing market flourished, with Gurugram adding 16,140 new units, a 150% jump. Rising construction and land costs, coupled with strong demand for spacious homes, fueled the trend. Stable interest rates from the RBI further bolstered buyer confidence, indicating sustained momentum in India's real estate market.Read more

Maharashtra's Deputy Chief Minister Eknath Shinde, who also oversees the housing ministry, reviewed the department's progress and revealed plans to build 100,000 homes for mill workers. He emphasized that the state's new housing policy should focus on affordability, sustainability, and environmental friendliness. He also addresses the need for accelerating stalled redevelopment projects, particularly in Mumbai. Shinde also mentioned that Maharashtra will be the first state to introduce a housing policy for senior citizens. Various housing initiatives, including those for students, women workers, and workers in general, are underway.Read more