The Bengaluru Development Authority (BDA) has outlined plans for the development of six new residential layouts as part of the Peripheral Ring Road-2 (PRR-2) project. To support this initiative, the BDA will acquire approximately 3,000 hectares of land from both government and private sources across various villages in Bengaluru's outskirts. The project aims to address the city's growing demand for housing by creating 50,000 new residential sites. Landowners will receive compensation under a 40:60 ratio, with 40% paid as developed plots in the new layouts while the remaining 60% will be monetary compensation. The development is expected to improve urban infrastructure, alleviate housing shortages, and stimulate the real estate market.Read more

Smartworks, a prominent provider of flexible workspaces, has leased 470,000 square feet at the DLF Commercial Building in Gurugram, marking its fourth managed campus in the city. The company operates 45 centres across 13 cities, offering 9.12 million square feet of workspace. As of mid-August 2024, Smartworks filed its draft red herring prospectus for an IPO, which will include a fresh issue of INR 550 crore in equity shares and an offer for sale of 6.759 million shares. The company is considering raising INR 110 crore through a pre-IPO placement and has attracted USD 29 million from Keppel Ltd since 2019.Read more

The Maharashtra Housing and Development Authority (MHADA)'s Mumbai Board is set to start the construction of over 35,000 homes as part of the state government's 100-day initiative. The projects include the rehabilitation of 27,000 slums in Sanjay Gandhi National Park, the redevelopment of Abhyudaya Nagar, and the rebuilding of 25 buildings for Sindhi refugees in GTB Nagar. Groundbreaking ceremonies for these projects will take place soon, and construction is expected to commence over the next two months. The projects will add significant housing space and provide an additional 63,000 sq m for future housing units.Read more

For the first time, the Sabarmati Riverfront will witness a mixed-use development project that combines residential apartments and commercial spaces. The Sabarmati Riverfront Development Corporation Limited (SRFDCL) has invited proposals for the sale of development rights for a strategically located 5,710 sq m plot near Keshav Nagar on the river's western bank. The project will include commercial spaces up to four floors and residential units above, with a height cap of 52.17m. The base price for the rights is INR 128.80 crore, with bids closing by the end of January 2025. The project is expected to be completed within four years.Read more

The Indiramma housing scheme is offering beneficiaries the flexibility to design their homes. The government will provide INR 5 lakh in financial assistance for constructing up to 400 sq ft, including a mandatory kitchen and toilet. Those wishing to expand beyond 400 sq ft can use personal funds. In its first phase, nearly 5 lakh eligible land-owning families will benefit. Ongoing surveys are verifying land and applicant details, with over 35 lakh of 80 lakh applications already reviewed. The state has pledged to support applicants denied central funding and is exploring options for material procurement assistance. The scheme emphasizes empowerment, autonomy, and housing accessibility.Read more

Vibha Shanghvi, part of Sun Pharmaceuticals' promoter group, has purchased two luxury apartments in Mumbai's Worli for INR 130 crore. Located in the under-construction Naman Xana tower, the properties span 6,458 and 5,813 sq. ft., priced at INR 65 crore each, with rates exceeding INR 1 lakh per sq. ft. The high-profile acquisition reflects Mumbai's thriving luxury real estate market, driven by strong demand and high-net-worth buyers. Recent similar transactions, including one by Barnsley Football Club's owner, highlight the growing appeal of upscale properties in South Mumbai. Analysts anticipate continued momentum in the city's premium real estate segment.Read more

The redevelopment of Mata Ramabai Ambedkar Nagar and Kamgar Nagar, key slum pockets along Mumbai's Eastern Express Highway, has faced delays despite earlier commitments. Over three months after former Chief Minister Eknath Shinde distributed rental cheques to residents, progress remains stalled due to the Mumbai Metropolitan Region Development Authority (MMRDA) not receiving possession of the required land. The Slum Rehabilitation Authority (SRA) attributes the delay to ongoing valuation processes overseen by a government committee. The project, initiated to rehabilitate 16,575 households and generate commercial opportunities, now faces uncertainty as administrative hurdles persist.Read more

Nearly 4,000 families residing in Jaypee Greens Kosmos, Noida, face a challenging situation as the maintenance agency, JAL-FMG, announced plans to cease operations, including housekeeping and security services. The apartment owners' association (AOA), set up in 2022, is unable to assume responsibility due to a lack of financial transfers and unresolved issues, including incomplete infrastructure and unpaid dues by the developer. Residents are concerned about potential disruptions to water and electricity supply. Meanwhile, Suraksha Realty Ltd, responsible for completing the project, has also failed to mobilise necessary resources as per its resolution plan. A mediation meeting involving the Noida Authority, the developer, and the AOA is expected soon to address the impasse.Read more

The Delhi Development Authority (DDA) announced multiple housing initiatives, including a 25% discount on flats for construction workers, auto and cab drivers, women, and other disadvantaged groups. These flats are located in Narela, Siraspur, and Loknayak Puram. Another scheme, the DDA Special Housing Scheme 2025, offers 110 flats in premium localities like Vasant Kunj and Dwarka. Additionally, the DDA approved changes to land use in Shakurbasti and introduced modifications for setting up fuel stations and policies for EWS unit disposal. The schemes aim to provide affordable housing and cater to various societal needs.Read more

WeWork India has leased 1.26 lakh sq ft across three floors in the Lightbridge commercial tower, Andheri East, Mumbai, with operations commencing in August 2025. The INR 1.38 crore monthly rental over the five-year lease underscores WeWork's strategic expansion in flexible workspaces amid rising demand for hybrid work models. The Lightbridge tower, a joint project by Gamma Constructions and Srishti Group, highlights the sector's resilience, with flexible operators accounting for 20% of new leases in India. WeWork's portfolio now spans over 8 million sq ft across 62 locations, cementing its role in reshaping India's commercial real estate market.Read more