The Arkade Developers is launching a INR 410-crore initial public offering (IPO) on 16th September, closing on 19th September. The IPO consists entirely of fresh equity shares with no offer-for-sale (OFS) component. Anchor investor bidding will open on September 13. The company has already raised INR 20 crore through a pre-IPO placement. Proceeds will fund the ongoing and the future real estate projects, land acquisition, and corporate purposes. Arkade Developers, based in Mumbai, has developed 1.80 million square feet of residential property. The shares will be listed on the BSE and NSE, with Unistone Capital as the lead manager.Read more

In 2024, sales of ultra-luxury homes priced above INR 40 crore remained robust in Mumbai, Hyderabad, Gurugram, and Bengaluru, with a total of 25 properties sold for INR 2,443 crore from January to August. Mumbai led with 21 sales totaling INR 2,200 crore, underscoring its status as India's priciest residential market. The demand for high-end homes persisted despite rising costs, with average prices increasing by 2% for homes over INR 40 crore and 14% for those above INR 100 crore. The trend indicates strong interest from high-net-worth individuals and suggests continued growth in the ultra-luxury sector through the year.Read more

Mumbai Metro Rail Corporation (MMRC) hosted a site visit for Japan's House of Councillors members, including Mr. Kazuhiko AOKI, at BKC station of Metro Line-3. Senior officials from MMRC briefed the delegation on the project's progress, challenges, and its potential to revolutionise Mumbai's connectivity. Following the briefing, the members rode the Metro Line-3 from BKC to Marol Naka. They expressed approval of the project's advancement and the effective utilisation of Japan's Official Development Assistance (ODA), which significantly contributes to improving city mobility and access.Read more

Bollywood director Karan Johar has signed a three-year lease for a luxury duplex in Mumbai's Bandra West, renting a condo on the 2nd and 3rd floors of a Pali Hill tower for INR 8.10 lakh monthly, rising to INR 8.93 lakh in the third year. The total rental value over three years exceeds INR 3.06 crore. Johar also leased his Bandra apartment to actor Imran Khan for INR 9 lakh monthly. High-end properties in Mumbai's prime areas, like Bandra and Worli, are in high demand, driving up rental prices due to limited availability and the growing allure of luxury living.Read more

IBM has renewed its lease for 830,000 square feet in Bengaluru's Embassy Golf Links Business Park, marking a significant office leasing transaction in India this year. The ten-year lease, costing INR 143 crore annually, involves a monthly rate of INR 140 per square foot, with planned escalations of 12% and 15% after five and eight years, respectively. Despite the rise of remote work, demand for office space remains strong, with India's leasing market up 19% in the first half of 2024. IBM's continued expansion underscores the importance of physical office environments amid evolving work trends.Read more

The Chennai Metro Rail Limited (CMRL) plans to develop commercial properties around phase-two metro stations at key locations, including Thirumangalam, Alandur, Vadapalani, KK Nagar, Mandaveli, Anna Nagar West, Thousand Lights, and Koyambedu. These developments aim to integrate the public transit with the commercial spaces, enabling the passengers to access the workplaces and the shopping complexes directly from the stations via walkways or subways. CMRL is seeking the state government funds and collaborating with agencies like MTC and CMDA. This initiative is part of a transit-oriented development strategy to boost non-fare revenue, which increased by 65% in 2022-2023, aiding financial sustainability.Read more

The Union Cabinet has approved a new 309 km rail line connecting Indore and Manmad. This project will cost over INR 18,000 crore. It will create the shortest rail route between Mumbai and Indore. The rail line will pass through six districts in Maharashtra and Madhya Pradesh. The project is expected to be completed in seven to eight years, i.e. it will be completed by 2027. The project will introduce 30 new stations and benefit about 30 lakh people. It aims to improve connectivity, increase freight traffic, and promote tourism in the region.Read more

Godrej Properties Limited (GPL) has emerged as the top bidder in a recent e-auction by Haryana Shehri Vikas Pradhikaran (HSVP), securing two prime plots in Gurugram for INR 515 crore. The 3.6-acre plot on Golf Course Road and the 1.97-acre plot in Sector 39 offer opportunities to develop over 1 million square feet of residential space, potentially generating revenues exceeding INR 3,400 crore. This acquisition aligns with GPL's strategy to expand its footprint in key markets. The projects, set to launch in fiscal year 2025, reflect growing demand and infrastructure improvements in Gurugram.Read more

The National Buildings Construction Corporation (NBCC) has achieved a significant milestone by selling 1.81 lakh square feet of commercial space at World Trade Centre (WTC), Nauroji Nagar, for INR 908.48 crore. The auction saw public sector undertakings acquiring 1.21 lakh square feet for INR 596.25 crore, while private buyers obtained 0.60 lakh square feet for INR 312.23 crore. This sale, marked by a high price of INR 62,261 per square foot, is part of NBCC's larger urban redevelopment project replacing 628 old government quarters with modern infrastructure, furthering Delhi's commercial growth.Read more

The Indian government has approved the transfer of 256 acres of salt pan land in Mumbai to the Maharashtra government, advancing the Dharavi Redevelopment Project. This Union Cabinet decision supports the creation of rental housing for Dharavi's slum dwellers. The land, situated in Kanjurmarg, Wadala, and Mulund, will be leased for 99 years to facilitate the project. Aimed at improving living conditions for over one million residents, this initiative marks a crucial step in addressing Mumbai's urban housing challenges while ensuring transparency and accountability in its execution.Read more