Shriram Properties Limited (SPL) has sold a 3.9-acre land parcel on Chennai's GST Road for INR 93 crore to a prominent South Indian healthcare and educational group. This land, previously designated for retail development, is located near SPL's fully operational 4 MSF office complex and a 2 MSF residential project, Shriram Park 63. The sale aligns with SPL's strategy to divest non-core assets and redirect funds towards its core focus on mid-market and mid-premium residential projects in cities like Bengaluru, Chennai, and Kolkata.Read more

Dharavi Redevelopment Project Pvt Ltd (DRPPL), responsible for the redevelopment of Dharavi, Asia's largest slum in Mumbai, has rebranded as Navbharat Mega Developers Pvt Ltd (NMDPL). The change has been approved by both the company's board of directors and the Ministry of Corporate Affairs. NMDPL is a joint venture between the Government of Maharashtra and the Adani Group. While the Adani Group holds an 80% stake, the Maharashtra government retains a 20% share. The rebranding aims to distinguish the company from the Dharavi Redevelopment Authority (DRP), the state government agency overseeing the project. In November 2022, Adani Properties won the rights to lead the INR 20,000-crore project.Read more

In 2024, apartment sales in Greater Mumbai and Thane saw a slight decline, with Greater Mumbai experiencing a 3% drop and Thane a 6% drop compared to the previous year. However, Navi Mumbai saw a significant growth of 23%. The Mumbai Metropolitan Region (MMR) as a whole recorded sales of 1,55,335 units, with Greater Mumbai contributing to 69% of these sales. The report from Anarock Property Consultants also noted a reduction in new supply, particularly in Mumbai and Navi Mumbai, while Thane saw a slight decline in new launches. Additionally, the region's unsold stock saw a reduction, particularly in Greater Mumbai.Read more

Indian billionaire Mukesh Ambani has gifted a lavish beachfront villa in Dubai to his son, Anant Ambani, and daughter-in-law, Radhika Merchant. The sprawling 26,033-square-foot villa on Palm Jumeirah boasts 10 bedrooms, private beaches, a spa, two swimming pools, and Italian marble furnishings. This property, one of Dubai's most exclusive, complements the family's vacation retreats. Previously, Ambani purchased a duplex villa in the same area for USD 80 million, one of Dubai's largest residential transactions. Neighbours include Bollywood star Shah Rukh Khan and football legend David Beckham.Read more

Meta has renewed its lease for 367,000 sq ft of office space at The Skyview in Hyderabad's Hitec City for five years, with a total rental outlay exceeding INR 170 crore. Monthly rents surpass INR 2.8 crore, with a 15% hike slated for 2026. The renewed lease underscores Meta's commitment to its Hyderabad operations, a key hub for its workforce in India. This move reflects a broader trend of multinational corporations securing prime office spaces in India's thriving commercial hubs, driven by robust IT infrastructure and skilled talent. Similar lease renewals by Nvidia and CA Technologies highlight the sector's resilience and growth.Read more

The Odisha government has directed all civic bodies in the state to begin accepting applications under the Pradhan Mantri Awas Yojana (Urban) 2.0. The Odisha Urban Housing Mission (OUHM), under the Housing & Urban Development Department, has instructed civic bodies to set up helpdesks, hold ward-wise camps, and collaborate with common service centres to assist applicants. Bhubaneswar Municipal Corporation (BMC) has already started the process by organizing a camp in Gadakana. Prime Minister Narendra Modi had visited Gadakana in September, where he interacted with beneficiaries of the scheme. The Centre approved PMAY (U) 2.0 earlier this year, aiming to build 1 crore homes for the urban poor and middle-class families.Read more

The Neopolis IT Township in Thiruvananthapuram has secured initial central government approval, advancing its development within the Outer Area Growth Corridor (OAGC). Spanning 390 acres in Technopark Phase IV, Pallipuram, the INR 1,000 crore project integrates IT, aerospace, and advanced tech sectors, creating a self-sustaining urban center. Challenges remain, particularly in land acquisition for the Outer Ring Road project, crucial for connecting the industrial corridor to the Vizhinjam International Seaport. A high-level meeting in January will focus on these issues under the Capital Region Development Programme-II. Successful implementation promises economic growth, infrastructure enhancement, and job creation for Kerala.Read more

The SVAMITVA Scheme, launched in 2020, is set to distribute over 58 lakh property cards across 50,000 villages in 12 states and union territories, with Prime Minister Narendra Modi addressing the virtual event. The initiative aims to provide a "Record of Rights" to property owners in rural India, specifically in Village Abadi areas. Union ministers will also attend local events in various states to distribute property cards. The scheme has made significant progress, with 2.19 crore property cards finalized so far and 92% of drone mapping completed. The goal is to complete the program by 2026.Read more

The Bangalore Development Authority (BDA) is set to develop six residential layouts, creating 50,000 plots along the proposed Peripheral Ring Road (PRR)-2, connecting Hosur Road to Bengaluru-Mysuru Road. To manage high land acquisition costs and ensure fair farmer compensation, the BDA will adopt a public-private partnership (PPP) model. Spanning 3,000 hectares of land, the project will feature a 30-km-long, 100-metre-wide road with commercial plots on either side. Farmers will receive a 40:60 compensation ratio, including plots in the new layouts. Land acquisition is expected to complete in 6-8 months, with PRR-2 becoming operational within two years.Read more

Two United Kingdom universities-Queen's University Belfast and Coventry University-have applied to establish campuses in GIFT City, Gujarat, joining two Australian institutions already operating there. Queen's University, a member of the prestigious Russell Group, plans to commence with postgraduate programmes and research facilities, potentially expanding to undergraduate courses. Coventry University, renowned for its global reach, aims to leverage its expertise and foster partnerships in India. This development aligns with the International Financial Services Authority's relaxed regulatory framework for foreign universities, enhancing India's academic and research landscape.Read more