The mechanism has five steps
| Photo Credit:
iStockphoto

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Central Board of Direct Taxes, the apex policy making body for Personal Income Tax and Corporate Tax has urged field formations to follow ‘Kolkata Model’ for assessing Capital Gains on Joint Development Agreements (JDAs).

This issue is critical because post implementation of the Finance Act 2017, a new section (45-5A) has been added to the Income Tax Act. Accordingly,  capital gains are now chargeable to tax as income of the previous year in which the certificate of completion for the whole or part of the project is issued by the competent authority. The full value of consideration is deemed to be the stamp duty value of the landowner’s share in the project on the date the completion certificate is issued, along with any monetary consideration received.

Kolkata Model for joint development agreements

In an office memorandum, the board has highlighted the best practices adopted by Kollkata charge. The systematic and effective methodology aims to identify potential cases under Section 45(5A) of the Income Tax Act. The process leverages publicly available information from regulatory bodies and cross-references it with tax returns.

Five-Step process

The mechanism has five steps. The first step involves accessing the websites of the Real Estate Regulatory Authority (RERA) or the Housing Industry Regulation Act (HIRA) for their respective states or any other relevant sources of information. These websites contain a wealth of information, including lists of registered and approved projects.

Second step is related with identifying relevant projects under JDA where the landowners are individuals or HUFs. This is done by scrutinizing the project details and related documents ( e.g., IDA/Development Agreements) available on the regulatory websites. Third step is about cross-referencing with tax returns. Once a potential case is identified, the next step is to download the copy of the tax return from the official portal for the year in which the completion certificate was issued.

Fourth step deals with verifying capital gains disclosure. Here the Schedule-CG (Capital Gains) in the tax return is then checked to ensure the landowner has disclosed the required capital gains as per the provisions of Section 45(5A). Finally, under the fifth step, if the landowner has not disclosed the capital gains, a summon is issued to seek their version and gather supporting documentary evidence.

Towards a Pan-India system

“The above method allowed the investigation directorate to proactively identify cases of non- compliance rather than relying on chance or third-party information. The successful model implemented in the Kolkata Charge can be adopted as a standard operating procedure on a pan- India level to effectively monitor and assess capital gains under Section 45(5A),” CBDT said.

Earlier, last year, the Investigation Division of CBDT requested field formations for identification of the competent authority responsible for issuing occupancy-cum-completion certificates within each jurisdiction and collection of data for the last three financial years (FY 2021-22, 2022-23, and 2023-24). It was also requested obtaining details on the number of completion certificates issued during this period, reviewing the format in which such data is maintained by the competent authority, and assessing the feasibility of integrating this data with the Income Tax Department’s systems. Following this, the Kolkata charge conducted the required investigation and submitted its report which the board called as best practice.

Published on September 17, 2025

To promote affordable housing, CREDAI said there is a need to create land banks.

Land reforms, ease of doing business, faster building plan approvals with lower charges, skilling, and creation of new cities are required to transform the Indian real estate sector, according to the Confederation of Real Estate Developers’ Associations of India (CREDAI).

Realtors’ apex body CREDAI, which represents more than 13,000 developers as members, has come out with a report, ‘The National Real Estate Development Framework ‘Vision 2047’ at its annual conference here.

“The future of Indian real estate is not just about creating buildings, but about building communities, livelihoods, and aspirations,” CREDAI National President Shekhar Patel said.

The report is both a vision document and a call to action, inviting all stakeholders to come together to transform India’s real estate sector and make it globally competitive, he added.

Patel said the real estate sector would play an important role in making India a developed nation by 2047.

To transform this sector, CREDAI has suggested a framework comprising nine pillars.

Seeking land reforms, the body said there is a need to ensure conclusive land titling through the Land Titling Act.

It also stressed the need to create a unified national digital land register to enhance transparency and accessibility.

To promote affordable housing, CREDAI said there is a need to create land banks.

The association also emphasised the development of 100 ‘cities of tomorrow’.

“Ease of doing construction constitutes the third pillar, seeking to transform building plan approvals via digitisation, transparency, and time-bound processing,” CREDAI said.

The realtors’ body also suggested that the Centre and states should rationalise development and approval charges. It should set up dedicated funds for infrastructure financing, including government-backed infrastructure and housing bonds.

The CREDAI report also mentioned that there should be a focus on slum redevelopment and promotion of the construction of green buildings.

There is a need for the adoption of new technologies in all spheres of the real estate sector, right from construction to customer relationship management, it added.

Skill development and labour welfare form the eighth pillar, the report said, and advocated state-led demand assessments and trade-specific training infrastructure.

The association also sought reforms in labour cess utilisation to directly benefit workers.

“The final pillar, ease of living, promotes celebrating cultural uniqueness and heritage in all major urban centres, advancing citizen-driven governance models, and incorporating climate resilience into urban infrastructure,” the report said.

CREDAI sought the establishment of high-level committees at the Prime Minister’s level, state-level war rooms, and a phased implementation plan.

“Together, these pillars chart a path toward a transparent, sustainable, inclusive, and technologically advanced real estate and urban development ecosystem fit for India’s ambitious future,” the association said.

Published on September 14, 2025

Global investment management firm BlackRock Services India has signed a fresh lease with Indiqube Space Ltd for 1.43 lakh sq. ft at KNG Tower 1 (Indiqube Symphony), MG Road, Ashok Nagar, Bengaluru, as per real estate analytics firm Propstack.

The 10-year lease commences on October 1, 2025, with a monthly rental outlay of ₹2.72 crore, with a rent commitment of ₹410 crore over the tenure, and 5 per cent annual escalation.

The lease covers ground plus five floors in the building, with rentals fixed at ₹190 per sq. ft per month. BlackRock will also pay a security deposit of ₹21.75 crore.

The deal comes at a time when Bengaluru continues to lead office space leasing in India. The total Grade A office stock across the top six cities stands at approximately 1,030 msf, with Bengaluru holding the largest share at 26 per cent, followed by Delhi-NCR at 19 per cent and the Mumbai Metropolitan Region (MMR) at 18 per cent, according to the Investment Information and Credit Rating Agency (ICRA).

Recently, TCS signed a 15-year lease for 1.4 million sq. ft. on Neeladri Road, Electronic City, Bengaluru, at a monthly rent of ₹9.31 crore (₹66.50 per sq. ft.), with a 12 per cent escalation every three years. Apple India has also leased approximately 2.7 lakh sq. ft. of office space in Bengaluru for a 10-year period. The agreement, with a starting rent of ₹6.3 crore per month, is expected to cost the company over ₹1,000 crore in rent, parking and maintenance charges over the contract term.

Published on September 15, 2025

Representative image
| Photo Credit:
nespix

India’s logistics and industrial real estate sector recorded double-digit growth in the first half of 2025, with total leasing at 30.7 million square feet (MSF) – a 21.6 per cent increase y-o-y and 12.1 per cent higher than H2 2024, according to Cushman & Wakefield’s latest H1 2025 Logistics & Industrials Marketbeat Report.

The growth is driven by strong demand across warehousing and manufacturing segments, the report added. The performance underlines the sector’s strong fundamentals, with leasing activity surpassing 50 MSF annually for the last three consecutive years. With momentum holding strong, gross leasing is expected to cross 60 MSF by year-end, setting a new benchmark for India’s Logistics & Industrial market. According to the report, warehousing remained the dominant driver, accounting for 21.9 MSF of leasing and representing 71.3 per cent, while industrial space contributed 8.8 MSF, making up 28.7 per cent of the total leasing.

From a sectoral perspective, Engineering & Manufacturing (E&M) led overall leasing with 9.7 MSF, accounting for 32 per cent of total absorption and recording a 37 per cent y-o-y growth.3PL operators leased 7.4 MSF, representing a 24 per cent share and showcasing stable growth, indicating market maturity after earlier expansion waves.

The E-commerce sector recorded the sharpest annual surge, with 158 per cent y-o-y growth to reach 4.6 MSF and capture a 15 per cent share of total leasing, driven by festive season stocking and last-mile network expansion.

Abhishek Bhutani, Managing Director, Logistics & Industrial Services India, Head- Gujarat, Cushman & Wakefield, said, “H1 performance reinforces how India’s logistics and industrial sector has moved beyond cyclical swings to demonstrate structural strength. The consistency of demand across segments highlights that occupiers are no longer only chasing capacity but also efficiency, location, and long-term value.”

City-wise

In terms of cities, Mumbai led the leasing activity in H1 2025 with 7.0 MSF, accounting for a 23 per cent share, recording a remarkable 131.3 per cent y-o-y growth, driven by strong warehousing and industrial demand. Ahmedabad, though smaller in absolute volume at 1.7 MSF, posted the highest y-o-y growth at an impressive 192.2 per cent, making up 5.4 per cent share, underscoring its rising prominence in the logistics and industrial landscape.

Delhi NCR recorded 5.1 MSF with 17 per cent share, and Pune reported 4.5 MSF with 15 per cent share, leading the overall leasing. Chennai registered 4.4 MSF with 14 per cent share, Bengaluru 3.3 MSF with 11 per cent share, Hyderabad 2.7 MSF with 9 per cent share, and Kolkata 2.0 MSF and 7 per cent share, also recorded steady leasing activity.

The report added that a healthy supply pipeline of 25 MSF of Grade-A warehousing is expected over the next 2-3 years, and supportive policy measures, driven by strong demand, are expected to maintain India’s logistics and industrial real estate sector’s upward trajectory throug

h 2025. Growth will be driven by sustained manufacturing expansion, e-commerce penetration into Tier-II and Tier-III cities, and continued adoption of technology in supply chain management, the report added.

Published on September 14, 2025

Juggy Marwaha, CEO of Prestige Office Ventures
| Photo Credit:
SOMASHEKARA GRN

The US may dwarf the world with nearly 7 billion sq. ft of office stock, and China follows at 3.6 billion sq. ft. But India, with 1.1 billion sq. ft, has quietly emerged as the powerhouse of Asia-Pacific, commanding nearly 70 per cent of the region’s office demand. Bengaluru is at the heart of this surge.

Juggy Marwaha, CEO of Prestige Office Ventures, says the future will be shaped by transit-oriented, sustainable and future-proof campuses. With GCCs driving growth, developers are stepping in to invest in mobility solutions and new-age assets.

Published on September 14, 2025

German lifestyle and interior solutions brand Hettich has opened its revamped Experience Centre in Hyderabad, following a similar launch in Bengaluru. (A representative image)

The 137-year-old German lifestyle brand Hettich has opened its revamped Experience Centre in Hyderabad, following the launch of a similar centre in Bengaluru.

The move marks the brand’s mission to bring globally renowned, German-engineered interior solutions comprising furniture fittings, architectural door hardware, furniture lights and built-in kitchen appliances closer to design-conscious Indian consumers.

Immersive experience

The newly revamped Hyderabad Experience Centre has been redesigned to offer a deeply immersive and standardised customer experience. In addition to the in-centre experience, Hettich offers a suite of value-added services that extend beyond the showroom. Customers can benefit from free design services and doorstep consultations, enabling them to receive expert guidance.

In addition, the company has also inaugurated a new warehouse facility in the South to support quicker deliveries and provide better services.

Andre Eckholt, Managing Director, Hettich India, SAARC, Middle East & Africa, said the customer base in South India deeply values design, functionality and premium lifestyle choices.

Future growth

The consistent investments in infrastructure and service by the company will shape the future of furniture fittings and interior solutions for this highly brand-conscious and quality-driven market, he said.

Hettich is one of the world’s largest manufacturers of Furniture Fittings with a global turnover of over 1.5 billion euros. Its product portfolio comprises a repertoire of Furniture Fittings and Door Hardware made with cutting-edge German quality, complemented by Wire Products, Aluminium Profiles, Shelving Systems, Built-in Appliances and Furniture Lights.

Published on September 10, 2025

Indian government’s decision to cut GST rates on various products will increase purchasing power of consumers and boost demand for residential properties in the upcoming festive season, according to realtors’ body CREDAI.

The association, which has a 13,000 members from across India, said the construction cost is expected to come down because of reduction in GST rates on cement and few other building materials.

The association, which is organising its annual event CREDAI-NATCON here, asserted that the benefit of GST rationalisation would be passed on to customers, provided cement companies and other manufacturers of building materials bring down their rates.

New GST rates are applicable from September 22. Addressing a press conference on late Thursday, CREDAI Chairman Boman Irani said, “GST rationalisation has generated feel good factor among people. There is a positive sentiment among consumers, which is a good sign ahead of festival season”.

CREDAI President Shekhar Patel said the reduction in GST rates, coupled with tax incentives in Budget 2025 and reduction in repo rates by the RBI, would give a huge filip to housing demand.

He said the housing sales in the first six months of 2025 rose in value terms but there was a decline in terms of number of units sold.

Patel, however, said the strong economic growth in the June quarter of this fiscal and other policy initiatives would enhance housing demand in the coming months.

The President reiterated the industry’s long pending demand that the price cap of ₹45 lakh in the definition of affordable housing should be raised in line with market realities.

The GST on affordable housing is only 1 per cent, while the properties above ₹45 lakh attracts 5 per cent GST.

Patel also pointed out that there is a total 35-45 per cent taxes on real estate sector from both Centre and state governments and said there is a need to reduce this burden.

“If the taxes are reduced, the selling price of properties will come down,” he said.

More than 1,000 members from different states in India is attending this conference.

Published on September 12, 2025

Indian Real Estate Investment Trusts (REITs) generate an average yield of 6-7.5 per cent for unitholders, better than many mature markets, including the US, according to a report by CREDAI and Anarock.

CREDAI, the apex body of Indian real estate developers, and property consultant Anarock released a report ‘Indian REITs – A Gateway to Institutional Real Estate’ at an event here.

At present, there are five listed REITs in India – Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, Nexus Select Trust, and Knowledge Realty Trust.

Nexus Select Trust is backed by rent-yielding retail real estate (shopping malls), while the other four are office REITs.

“The average distribution yields of Indian REITs range between 6 per cent and 7.5 per cent, competitive with fixed-income instruments, but with the added potential for capital appreciation,” the joint report said.

Compared to other REIT markets globally, the report found that India still lags mature markets such as the US, Singapore, and Japan in the diversification of REIT asset classes.

However, the risk-adjusted yields in India remain attractive, the consultant said.

Shobhit Agarwal, CEO of Anarock Capital, said, “Indian REITs are late to the party, but now lead the dance. Despite its late entry compared to global peers, India has strong fundamentals.”

The distribution yields are well above many mature markets such as the US and Singapore, he added.

The average yield in the US is 2.5-3.5 per cent, Singapore 5-6 per cent and Japan 4.5-5.5 per cent.

Shekhar Patel, President of CREDAI, said, “Over 60 per cent of India’s REIT market value today rests with a very small set of players, with a strong base in Grade A offices linked to IT and BFSI. The future, however, holds far wider promise. As India’s cities grow, infrastructure strengthens, and the economy diversifies, REITs will expand into retail, logistics, housing, and new-age assets.

This transformation will unlock unprecedented opportunities for investors, he added.

REITs are investment vehicles that own or operate income-generating real estate, enabling investors to earn a share of the income produced without directly purchasing the properties.

CREDAI, which has more than 13,000 members, is to organise its annual event CREDAI-NATCON here. More than 1,000 delegates, including real estate developers and property consultants, are attending this three-day conference that started on September 11.

Published on September 13, 2025

Despite REIT guidelines being introduced in 2014 and the first listing only in 2019, Indian REIT market accounts for just 20% of institutional real estate, far below the USA (96%) or even Asian peers like Singapore (55%) and Japan (51%). 

Indian REITs deliver about 6-7 per cent yields, surpassing global benchmarks, according to a joint report by ANAROCK-CREDAI. Since the 1st REIT listing in 2019, the sector has reached a market capitalisation of approximately $18 billion as of August 2025.

With three more REITs expected over the next four years, India is projected to cross $25 billion in market capitalisation, the joint report has asserted.

The report ‘Indian REITS: A Gateway to Institutional Real Estate’ by official knowledge partner ANAROCK Capital and CREDAI, unveiled today at the CREDAI NATCON in Singapore, examines the Indian REIT landscape in fine detail.

As per the definition, REITs, or real estate investment trusts, can be described as a company that owns and operates real estate to generate income. Shobhit Agarwal, CEO – ANAROCK Capital, said, “Indian REITs are late to the party, but now lead the dance. Despite its late entry compared to global peers, India has strong fundamentals. The distribution yields, currently averaging at 6-7 per cent, are well above many mature markets such as the US and Singapore, among others.”

Shekhar Patel, President, CREDAI, noted that over 60 per cent of India’s REIT market value today rests with very small set of players, with a strong base in Grade A offices linked to IT and BFSI.

“The future, however, holds far wider promise. As India’s cities grow, infrastructure strengthens, and the economy diversifies, REITs will expand into retail, logistics, housing, and new-age assets. This transformation will unlock unprecedented opportunities for investors and firmly place India among the most dynamic REIT markets in the world,” Patel added.

Despite REIT guidelines being introduced in 2014 and the first listing only in 2019, Indian REIT market accounts for just 20 per cent of institutional real estate, far below the USA (96 per cent) or even Asian peers like Singapore (55 per cent) and Japan (51 per cent). In developed markets like the USA and Singapore, dividends from REITs are generally taxed at lower rates, making them more attractive for retail investors compared to India, it opined.

This limited penetration is largely because Indian REITs are so far concentrated in Grade A commercial office assets, which offer scale, transparency and stable cash flows.

As the market matures, diversification is expected through data centres and logistics REITs, supported by rising digital demand and e-commerce growth, while retail mall REITs may follow with ongoing consolidation, the report noted.

With more asset classes becoming REITable, India’s penetration could potentially rise to 25-30 per cent of institutional real estate by 2030, positioning it as one of the fastest-growing REIT markets globally, it added.

Published on September 12, 2025

India’s real estate sector is set for a significant scale-up, with office and industrial assets projected to surpass 2 billion sq. ft. by 2047. The sector is expected to reach $5-10 trillion, a growth that could contribute nearly one-fifth of the country’s GDP, according to a report by Colliers in association with CREDAI.

Released at the CREDAI NATCON event in Singapore, the report highlights five structural forces that will shape the sector’s trajectory: urban expansion, infrastructure development, demographic shifts, digital transformation, and sustainability imperatives.

Housing sales are expected to nearly double to 1 million units annually by 2047, driven by a rising median age of 30–40 years, higher income levels, and progressive housing policies. “By 2047, Indian real estate will not just be measured in square feet or asset values, it will be defined by the quality of life we create for millions of citizens,” said Shekhar Patel, President, CREDAI.

The report also underlined the role of Real Estate Investment Trusts (REITs) in this expansion. Their share in the sector’s market capitalisation is projected to rise to 40–50 per cent by 2047, compared with around 10 per cent at present. Within the REIT space, the office segment is expected to remain dominant, with penetration rising from 16 per cent in 2025 to more than 60 per cent by 2047.

Colliers and CREDAI noted that the expansion of Grade-A office and industrial stock beyond 2 billion sq. ft., coupled with doubling residential demand, will be complemented by growth in newer asset classes such as data centres, senior living facilities, retail malls, and hotels.

“Overall, the Indian real estate sector is set to remain a vital catalyst for inclusive urbanisation and sustainable community development as the nation advances toward global economic leadership,” said Badal Yagnik, CEO, Colliers India.

Published on September 11, 2025

 Abhishek Lodha, MD & CEO of Lodha Developers

A year after the Maharashtra government approved the Green Integrated Data Centre Parks in the Mumbai Metropolitan Region, it has signed a Memorandum of Understanding with Lodha Developers for setting up a data centre park in Palava.

In 2019, the state government declared Integrated Data Centres as a ‘Thrust Area’ for industrial growth in the state. Now, with the rising demand for data centres and the growth of cloud computing, artificial intelligence (AI), and digital services the government has outlined a total proposed investment of ₹30,000 crore, claiming the same to create 6,000 direct and indirect jobs. The park, spread over 370 acres, with a planned capacity of 2 gigawatts, is designed to host multiple leading international and domestic players.

To begin with, three parks will be set up under the programme in the MMR region. Combined investments are anticipated from Lodha and various data centre players in this park.

Green energy policy to power data centres, reduce carbon footprint

The Maharashtra government introduced the Green Integrated Data Centre Parks policy last year in October. Under this policy, data centres, which are significant consumers of electricity, will be powered by green and alternative energy sources.

“The Green Integrated Data Centre Parks policy will not only create employment opportunities, boost Maharashtra’s & Indian economy, but will also operate on clean and green energy sources benefiting generations. We look forward to many such partnerships with the government, all of which enable India to become a global leader by 2047,” said Abhishek Lodha, MD & CEO of Lodha Developers.

Published on September 11, 2025

The Trump World Center Pune promises two 27-storey office towers, expansive retail spaces 
| Photo Credit:
Radheshyam Jadhav

Pune

At Mundhwa chowk — rebranded as Koregaon Park Annexe, like a designer label stitched onto an old kurta — life still hums to the rhythm of pan stalls, welding sparks, garage hammers, and the steady rumble of water tankers.

Yet, towering over this everyday grind, a massive banner announces: “Trump — Coming Soon.”

Another proclaims with grandiosity: “Trump — The World’s Most Powerful Address.”

Inside a modest roadside shop, the local fabricator glances up at the billboard and chuckles: “So, this is the ‘dead economy’ Trump spoke of? Strange corpse — we’re still walking, sweating, welding.”

The Arrival

The Trump Organization formally entered India’s office property market in March this year, tying up with Tribeca Developers for a commercial project in Pune. The Trump World Center Pune promises two 27-storey office towers, expansive retail spaces, and a projected revenue of ₹2,500 crore on an investment of ₹1,700 crore.

The company has history here — it partnered with Panchshil Realty a few years ago to build a luxury residential project.

For locals, once dismissed as villagers on the city’s fringes, the shift feels like resurrection.

Land once undervalued is now coveted gold. Homes mocked as “too far” from the city suddenly sit at the heart of frenzied speculation.

Property rates have soared; even modest flats fetch no less than ₹1.5 crore.

The fabricator, who has spent three decades in Mundhwa, shrugs at the irony: “Big people say big things. One day India is dead, the next day they’re lining up to invest here.”

He also requested not to be named in the story, saying, “We are ordinary people; we prefer to focus on our work rather than get drawn into rhetoric.”

When the Dust Settles

Across the road from the Trump Tower construction site, tin sheds and scrappy shops hold their ground, their rusted shutters staring down convoys of trucks and tractors on the construction site. Steel and glass may rise into the sky, but corrugated iron refuses to flinch.

The garage worker, his face lit with a broad smile, watches the bustle and says: “Trump may tower, but we’re not small. We’ll still be here when the dust settles.”

His words, casually spoken, weigh more than the cement sacks being unloaded nearby.

The workers are equally animated about Trump’s latest remark on resuming negotiations over “trade barriers” with India. The garage hand, the fabricator and a chaiwala insist with quiet certainty: “This was bound to happen”. For them, the resilience of India’s economy is beyond doubt.

Return to Normal

Old Puneite C V Patwardhan delivers his judgment in a tone as sharp as a chili and twice as dry: “Where there is affluence and money, Trump will be there. India cannot be ignored. Just make sure this wealth is not swelling like a boil, but growth rooted in reality.”

The construction site is just a short walk from Pune’s Passport Office, where a bunch of agents observe that ever since Trump came to power, the number of students seeking US visas has declined.

Still, they believe this dip is temporary. India and Indians have played a crucial role in America’s development, and the flow will soon return to normal, they say unanimously.

Published on September 10, 2025

While developers are offering high shares of floor space index (FSI) to societies, Knight Frank cautions that if free-sale revenues cannot cover costs, projects could become unviable
| Photo Credit:
iStockphoto

The surge in redevelopment projects in Mumbai could be a cause for alarm if the current buoyancy in the real estate cycle subsides or fails to sustain in the medium term, according to property consultant Knight Frank, which released a comprehensive report on the segment on Wednesday.

The financial capital is currently reverberating to the sounds of intense construction activity as old and ageing housing societies are making way for new buildings, with upgraded amenities and better facilities.

Redevelopment is often necessary when buildings are over 30 years old and at risk of structural damage. The process involves demolishing existing buildings and constructing new ones. The developer is assured of extra space or a free sale portion in the same premises, which can be sold to new customers.

High FSI allocation may threaten project cash flows

The expectations of a rise in prices and consistent demand from customers are fuelling the redevelopment boom. Developers, in their desire to get hold of land in a city like Mumbai, often allocate a higher threshold of the total permissible floor space index to members, and this is where the danger lies if demand does not sustain, according to Gulam Zia, Senior Executive Director – Research, Advisory, Infrastructure and Valuation at KFI.

Developers often tend to allocate more than 50 per cent of the total area to the society, which has the potential to threaten cash flows. Anything from 30-35 per cent is a safe range.

“If revenues from free sale cannot cover the stack, the project is unviable,” the report notes. The free-sale portion of FSI carries the entire financial load of the project.

 900 plus societies signed deals, unlocking 327 acres since 2020

As per the report, over 900 housing societies have signed redevelopment agreements since 2020, unlocking nearly 327 acres of potential land area. By 2030, the current society redevelopment projects in the Mumbai region would add a total of 44,277 new homes with a value of over Rs 13000 crore, it said.

Typically, a redevelopment project timeline spans 8-10 years, beginning with the housing society’s initiation of the process.

Zia pointed out that so long as the current upswing in the real estate cycle continues, redevelopments can go as planned, with the developers involved in it able to generate profits and keep the projects viable.

However, the real estate sector is notoriously fickle and operates in cycles, with customer demand dependent on robust economic fundamentals, a sustained low-interest rate environment and the capacity to spend.

The current boom in the cycle dates from pandemic years, and while the numbers suggest that housing registrations are still going strong, there are signs of an incipient plateauing in sales.

“The economics of society redevelopment must be viewed through the lens of sustainability. With overheated market conditions and sharply rising prices, we are at a stage where excessive demand and aggressive offers threaten long-term viability,” said Zia.

Published on September 10, 2025

Rohit Reddy, Co-Founder and CEO, TRULiV
| Photo Credit:
Bijoy Ghosh

TRULiV, a Chennai-based co-living start-up is targeting revenues of ₹60 crore in FY26, driven by expansion in the metro markets.

Speaking to businessline, TRULiV co-founder & CEO Rohit Reddy said the company has become the first player in the Indian co-living and alternative hospitality sector to turn profitable. In FY25, TRULiV posted a net profit of ₹13 lakh against a ₹3.4 crore loss in the previous fiscal. Revenue went up by 108 per cent to ₹32 crore, he added.  

Reddy said the company’s edge in the crowded co-living space is the focus on real estate and hospitality. “Unlike others who prioritise the technology side of the business, we put around 90 per cent of our efforts in real estate and hospitality. The quality of assets and the quality of services are extremely important in this industry and, hence, we built those teams first,” he said. Around 80 per cent of TRULiV’s team focuses on hospitality and customer service, he added.  

TRULiV runs about 40 properties with 3,000 beds in Chennai and 1,000 in Bengaluru. It is adding around 4,000 beds in Pune and 500 in Hyderabad, and expects around 7,000 beds to become operational across these cities over the next 12-18 months. The company, which secured a $1.8 million funding in 2023, will fuel the expansion through its internal accruals, Reddy added. 

holiday homes

TRULiV also has a presence in the holiday homes segment with nine villas currently operational and three in the pipeline. Reddy added that the company will enter the student accommodation business in the next two years. 

TRULiV  follows a build-to-suit model where the company has control in terms of the size, design, location of the property while remaining asset light. “Essentially, we tie up with builders who develop the property according to our needs and sell it to retail investors. We then lease it back from these retail investors  and give them a rental guarantee,” he said.  

Published on September 8, 2025

Realty firm Shriram Properties Limited has partnered with a landowner to develop a 6.5-acre housing project in Bengaluru with an estimated revenue of around ₹500 crore.

In a regulatory filing on Friday, the company informed that it has signed a Joint Development Agreement for a 6.5-acre prime land in North Bengaluru.

The company will develop a premium residential project with a saleable area of about 0.6 million square feet and an estimated GDV (gross development value) potential of about ₹500 crore.

Shriram Properties Ltd is one of the leading real estate firms in the country. It has so far delivered 48 projects with a saleable area of 28.3 million square feet in Bengaluru, Chennai and Kolkata.

The company is currently developing 19 million square feet areas.

Published on September 5, 2025

The reduction in Goods and Services Tax on items such as cement, steel, marble, granite blocks, which are used in construction and housing sector has been received with tepid enthusiasm by the builder community, which feels that the government should have addressed the issue of input tax credit and provided incentives to boost affordable housing.

Real estate developers said there will be some impact in terms of cost reductions that will be passed on to customers, but it will be marginal. It is expected to have a positive impact mostly on the mid-income segment and to some extent on the premium segment.

“There is going to be some impact of this certainly, and it is going to be positive in terms of the cost incidence, but the incidence of this is going to be limited… calculations will have to be made but I suspect that it will be in the range of 1-3 per cent of overall product value,” said Vivek Rathi, National Director, Research at Knight Frank India.

The question of how much of the lowered input costs will be passed on to the customer would depend on a number of factors, including the reduction in prices by the raw material suppliers, the demand-supply dynamics and the overall product value perspective.

Unlike other products, real estate is not an MRP-driven product, Rathi pointed out.

“The cost has to be passed on because there is an anti-profiteering clause that comes with it,” said a spokesperson for Noida-based County Group, adding that it is likely to come into effect around Diwali, or when new contracts with suppliers are done.

The demand for housing is expected to flow from the savings from reduction in the tax rates on FMCG and household products, leaving more disposable money in the hands of customers.

Real estate body, The Confederation of Real Estate Developers’ Associations of India, made it clear that the GST rate rationalisation was not enough for the sector. “Some of our representations were not considered. We were expecting an increase in the threshold limit of apartment value for affordable housing which has not come through,” said Mehul Doshi, President Elect, Credai Chennai.

“Since apartments are subject to 5 per cent GST without ITC benefit, in effect there is double taxation for the home buyers. We were expecting some rationalisation on the above which has also not come through,” he added.

There is no GST on ready-to-move flats and 5 per cent on under-construction houses, but with no ITC.

Yet another office bearer, W. S. Habib, President, CREDAI Tamil Nadu, urged cement makers not to absorb the benefit from tax cuts through price increases.

“The spirit of the change is to reduce costs — those savings must flow through the supply chain, ultimately reaching homebuyers,” he said.

Published on September 4, 2025

The National Real Estate Development Council (NAREDCO) has said that the new GST rate structure has brought relief to real estate and its allied sectors.

“The timing of this decision was equally significant. Announced during the festive season, it will lift consumer sentiment and create fresh demand. It will act as a strong booster for the economy, support homebuyers, and encourage developers,” G Hari Babu, National President of NAREDCO, has said. . 

For the real estate and infrastructure sectors, the GST rates on materials like cement and steel had been reduced to 18 per cent from the current rate of 28 per cent.

This was a win-win for consumers, the real estate sector, and the nation’s growth story, he said. 

“Lower GST on key materials like cement and steel will directly reduce costs. Projects will become more viable and progress faster. Affordable housing will gain the most, as reduced construction costs can be passed on to homebuyers,” he said in a statement on Thursday.

“The move will make homes more accessible and push forward the government’s ‘Housing for All’ vision. The entire value chain of housing and infrastructure will benefit from this reform,” he said.

We see this as a progressive step that will create long-term momentum for India’s economy,” he said.

By enhancing purchasing power, stimulating consumption, and helping contain inflation, this reform creates a multiplier effect that would propel India’s GDP growth beyond 8 per cent.

“At a time of global uncertainty, such fiscal stimulation underscores the resilience of our domestic economy and strengthens confidence in India’s growth trajectory,” he said.

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Published on September 4, 2025

Housing finance demand remains steady. Shift towards larger homes, loan applications in metros are holding firm.
| Photo Credit:
chanakon laorob

For many in India’s major metros, homeownership still feels out of reach. Rental hikes across cities like Bengaluru, Delhi, Mumbai, and Hyderabad eased to 7-9 per cent in 2025, a sharp correction from the steep 15-25 per cent annual jumps between 2021 and 2024 as fresh housing supply caught up with demand. Yet, buying remains far more expensive than renting.

Take Bengaluru’s Sarjapur Road, a 2BHK rents for about ₹38,000 a month, but buying the same unit for ₹1.2 crore on a 20-year loan pushes the EMI close to ₹75,000, almost double. This widening rent-buy gap has become a major hurdle for first-time buyers and middle-income families. Many are postponing purchases, shifting to peripheral areas, or compromising on size and location to stay within budget.

Why renting makes sense?

“Buying an affordable home in metros feels impractical given the exorbitant prices,” says Taher Ahmed, who works as a consultant in Bengaluru. “High EMIs and an unstable job market make ownership a challenge. Unless you go with reputed builders, delivery delays and quality issues only add to the risk. Prices need correction, or we risk ghost towns like in China.”

For others, renting still makes financial and lifestyle sense. Saurabh Garg, Co-founder & CBO, NoBroker, explains, “Even with higher rents, it offers flexibility. I can choose where to stay without being tied down.” He notes that after the steep post-COVID price surge, where ₹80-90 lakh homes jumped to ₹1.4 crore, buyers are now cautious. “People aren’t expecting those big jumps anymore. End-users are still in the market, but investors have reduced activity.”

Premium Market

The luxury segment tells a different story. With developers adding new supply, buyers have a wider choice and are taking longer to finalise purchases. “Builders have been focused on completing projects, not just launching them,” says Santhosh Kumar, Vice Chairman, ANAROCK Group. “This has stabilised rental demand in most metros, though a few premium societies continue to see pressure.”

The slowdown in IT hiring has also cooled demand in Bengaluru and Hyderabad, where rentals surged during the pandemic return-to-office wave. But demand from other sectors — BFSI and GCCs — is cushioning the impact. Improved transport infrastructure and hybrid work models are further encouraging professionals to move to peripheral areas, Kumar added.

Loan demand

Meanwhile, housing finance demand remains steady. Jatul Anand, Executive Director, PNB Housing Finance, points out that while EMIs have risen due to property price appreciation and the shift towards larger homes, loan applications in metros are holding firm. “Our retail loan book stood at ₹76,923 crore as of June 2025, with the prime metro segment contributing ₹48,478 crore.

For now, however, the EMI-to-rent mismatch remains stark. Renting will not be cheap, but compared to soaring EMIs, it continues to offer breathing space and flexibility, keeping the dream of homeownership just out of reach for many.

Published on September 1, 2025

Puravankara’s Mumbai redevelopment portfolio spans 4.25 million sq ft, with a combined gross development value of ₹10,500 crore
| Photo Credit:
VIBHU H

Real estate developer Puravankara Ltd has secured redevelopment rights for a residential society in Malabar Hill, Mumbai, through its wholly-owned subsidiary Purva Blue Agate Pvt Ltd. The redevelopment project is the company’s second major redevelopment in South Mumbai after the Miami Apartments at Breach Candy.

The 1.43-acre Malabar Hill project offers 0.7 million square feet of development potential, with an estimated revenue of ₹2,700 crore. The redevelopment will provide upgraded homes for existing residents, while creating additional inventory for market sale.

“This redevelopment project aligns with our strategy of expanding in key markets across Mumbai,” said Ashish Puravankara, Managing Director, Puravankara Ltd.

Currently, Puravankara’s Mumbai redevelopment portfolio spans 4.25 million square feet, with a combined gross development value (GDV) of ₹10,500 crore. “With this acquisition, our redevelopment portfolio in Mumbai demonstrates significant scale and revenue potential,” said Rajat Rastogi, CEO – West & Commercial Assets, Puravankara Ltd.

In July 2025, Puravankara was selected as the preferred developer for eight residential societies in Chembur, adding over 1.2 million square feet of development potential and an estimated GDV of ₹2,100 crore to its pipeline.

Published on September 1, 2025

As many as 45 cities out of 50 registered an increase in property prices during the first quarter of 2025-26, according to data released by the National Housing Bank (NHB).

“Out of the 50 cities covered, 5 cities registered a decline in the property prices on an annual basis. Howrah registered the maximum decline of 6.1 per cent followed by Kochi (5.5 per cent) and Thiruvananthapuram (4.8 per cent),” the latest residential housing price index NHB RESIDEX released on Thursday said.

The 50-city Housing Price Index (HPI), based on valuation prices of properties collected from banks and housing finance companies, recorded an annual increase of 5.7 per cent during the first quarter of the current fiscal compared to 6.6 per cent a year ago, it added.

Seven key primary residential markets witnessed an appreciation in property prices during April-June 2025, it said.

Primary residential properties in Ahmedabad witnessed an increase of 6.8 per cent while those in Bengaluru rose by 9.1 per cent, and in Chennai by 7 per cent.

Hyderabad (2.3 per cent), Kolkata (6.8 per cent), Mumbai (5.2 per cent) and Pune (6 per cent) recorded increase in the index on an annual basis whereas for Delhi, the index was around the same level as Q1 FY25 as per the Housing Price Index published by the National Housing Bank.

On a quarter-on-quarter basis, the 50-city index registered an expansion of 0.5 per cent in April-June period. The index has shown an increasing trend on the Q-o-Q basis since September 2021.

Meanwhile, the interest rate on home loans moderated by 100 basis points in February 2025.

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Published on August 29, 2025

Representative image
| Photo Credit:
Deepak Sethi

Realty firm Sanjeevini Group on Sunday said it is expecting a revenue of about ₹1,200 crore from its new housing project in Bengaluru.

The company has launched a luxury residential project “The Adwaith”, spread over 8.3 acres and comprising 668 units, at Gunjur in Bengaluru East.

The total sales potential of this project is ₹1,200 crore, the company said in a statement.

The project will be developed under a joint development model with landowner. The total built-up area is about 17 lakh sq ft. The units are priced upwards of ₹1.7 crore.

Umesh Gowda H A, Chairman and Founder of Sanjeevini Group, said the company has launched a new project at Gunjur, which is a growing micromarket in Bengaluru because of its good connectivity with other parts of the city.

The project is expected to be delivered in 30 months.

Sales of residential properties have risen sharply post-Covid pandemic on pent-up demand, growing preference of having home-ownership.

Sanjeevini Group has developed over 15 lakh sq ft of residential, commercial and mixed-use space since it began its operations in Bengaluru in 2010.

The company has in its pipeline over 30 lakh sq ft of upcoming development, including its new project in Gunjur.

Published on August 31, 2025

Realty firm Signature Global Ltd has purchased 33.47 acre land parcels at Sohna, Gurugram, for around ₹450 crore to develop housing projects, a top company official said.

Gurugram-based Signature Global is one of the leading real estate developers in the country. The company became the fifth largest player in the last fiscal year in terms of pre-sales, selling properties worth ₹10,290 crore.

“We have recently purchased a total of 33.47 acre land in Sohna Gurugram,” Signature Global Chairman Pradeep Kumar Aggarwal told PTI on the sidelines of NAREDCO’s convention on Saturday.

He said the cost of acquisitions stood around ₹450 crore.

These land parcels were bought through three separate sale deeds. The total development potential is around 18 lakh sq ft.

“We are always looking for land parcels to expand our business. In Delhi-NCR, we are evaluating multiple deals in Gurugram, Noida, Greater Noida, and Delhi,” he said.

Land acquisitions in any financial year should be equivalent to the total projects launched in that fiscal year, Aggarwal said, when asked about the land bank strategy of the company for future development.

Signature Global had invested ₹1,070 crore last fiscal year to purchase 48 acres of land in Gurugram, Haryana.

The company plans to invest 1,200-1,500 crore during 2025-26 to acquire land parcels.

On launches, Aggarwal said the company has launched ₹4,000 crore worth projects in the first quarter of FY26 and another ₹13,000 crore worth projects would come into the market by March next.

“In the second quarter, we have not launched any project so far. But, we have inventories in our existing projects for sales,” he added.

Aggrawal remains confident of achieving the sales bookings or pre-sales guidance of ₹12,500 crore for the current fiscal year.

About market scenario of Gurugram, he said, “Demand is slow and steady for luxury homes priced above Rs 5 crore per unit. There is not much supply in ₹2-5 crore price bracket.”

However, he said there has been no price correction in the market, although the pace of increase in rates would be moderate going forward.

“The frenzy seen in the last few years, with entire projects getting sold in few hours or few days, is missing now,” Aggarwal said.

During the April-June period of 2025-26, the company reported a fivefold surge in consolidated net profit to ₹34.43 crore.

Its net profit stood at ₹6.79 crore in the year-ago period.

Total income rose to ₹898.35 crore, from ₹427.98 crore during the period under review.

The company reported a 15 per cent decline in sales bookings to ₹2,640 crore in the first quarter of this fiscal year from ₹3,120 crore in the year-ago period.

Since inception, Signature Global has delivered nearly 15 million sq ft of real estate projects.

Published on August 31, 2025

Indian REITs continue to pick pace, especially in the office sector, supported by new listings, broadening of occupier base and growing institutionalisation in the segment

A decade-old alternative investment product real-estate investment trust, widely known as REIT, is slowly gaining investors’ interest.

When market regulator Securities and Exchange Board of India (SEBI) introduced REITs in 2014, the rules were stringent and restrictive for both sponsors and investors. The stringent norms were mainly to protect retail investors. But since then, SEBI has been relaxing rules to accommodate more sponsors and investors.

REITs are investment vehicles that allow individuals to own a share in income-generating commercial properties, such as office spaces, malls and warehouses.

Just 5 REITs

The most recent one to enter the field was Knowledge Realty Trust REIT, and it was well received. The REITs offer saw tremendous response, receiving bids at a healthy 12.48 times. The qualified institutional buyers’ (QIB) portion was subscribed a little over nine times, while the non-institutional investors’ bloc was booked 16.57 times. The public REIT hit the primary market after a gap of four years. The last IPO on REIT was launched by Brookfield India Real Estate Trust in 2021.

Despite SEBI and sponsors’ interests, only five REITs – Embassy Office Parks, Mindspace Business Parks, Nexus Select Trust, Brookfield India Real Estate Trust and the latest entrant Knowledge Realty Trust – hit the market. This is a abysmally poor number when compared with developed markets such as the US that has nearly 70 such products.

Ideally, REITs should have emerged as a strong investment alternative or diversification for investors who wish to stay away from market volatility.

Lack of awareness

One of the major reasons for the lackadaisical interest was the lack of awareness about the product. Both the industry and market intermediary institutions, including exchanges and SEBI, failed to popularise the product.

However, a recent report from Colliers India is heartening to read. According to Colliers, a global diversified professional services and investment management company, India’s REIT market is steadily progressing from a “Nascent” to “Early Growth” stage, with close to 140 million sq ft of real estate assets including office and retail spaces already getting listed.

In its latest report: “REITs Unlocked: Accelerating India’s Real Estate Maturity”, it said, the four listed office REITs currently encompass close to 133 million sq ft of Grade A office space. Additionally, about 371 million sq ft of office assets, accounting for about 46 per cent of the existing Grade A stock, can potentially come under future REITs. (The report was published ahead of the listing of Knowledge REIT.)

Furthermore, existing REITs have around 34 million sq ft of under construction supply and this is likely to become operational in the next 1-2 years.

Overall, Indian REITs continue to pick pace, especially in the office sector, supported by new listings, broadening of occupier base and growing institutionalisation in the segment. However, REITs market in India is relatively smaller in scale and have listed office, retail and warehousing portfolios within the trusts. The regulatory environment in India is strong and REITs can ultimately expand to newer asset classes. Interestingly, SEBI has been championing the case for Small and Medium Real Estate Investment Trusts (SM-REITs) in recent years, it said.

SEBI recently suggested a significant amendment to the definition of “Strategic Investor” within the SEBI (Real Estate Investment Trusts) Regulations, 2014, and the SEBI (Infrastructure Investment Trusts) Regulations, 2014. The move is intended to widen the pool of eligible investors, thereby enhancing capital access for both REITs and Infrastructure Investment Trusts (InvITs) in India.

As a product, REITs offer an ideal blend of stability and growth. Hopefully, going ahead, REITs should get their due respect from investors, that will benefit both the economy and investors.

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Published on August 29, 2025

At its annual convention, NAREDCO President G. Hari Babu said stamp duty should be cut to 1% for women and 3% for men, compared to the current 5–10% across states. 

Realtors body NAREDCO has urged state governments to reduce stamp duty on registration of affordable homes priced up to Rs 45 lakh per unit to boost demand and supply of low-cost apartments.

Addressing NAREDCO’s annual convention here, the association’s president G Hari Babu pointed out that sales and launches of apartments, each costing up to Rs 45 lakh, have declined because of rising costs of land and construction.

“States should bring down the stamp duty on registration of affordable homes to 1 per cent for women and 3 per cent for men,” he told PTI.

Rising costs curb sales, slum redevelopment suggested

The president said that the stamp duty at present is between 5 per cent and 10 per cent across states.

Hari Babu also suggested that states should focus on slum redevelopment to boost the supply of affordable housing.

Hiranandani flags decline in affordable housing launches

NAREDCO Chairman Niranjan Hiranandani too expressed concern over the decline in launches and sales in the affordable housing category.

NAREDCO and real estate consultant Knight Frank India released a report, ‘Affordable Housing: Tackling Urban Housing Deficit Through Supply-Side Reforms’, which pointed out critical supply challenges in India’s affordable housing sector.

Report shows sharp drop in launch-to-sales ratio since 2019

The report mentioned that the ratio of launches of affordable homes to sales of housing units costing up to Rs 50 lakh across the top eight cities has plummeted to 0.36 in 2025 (until June), from 1.05 in 2019 and 1.30 in 2020.

These eight cities are Bengaluru, Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Kolkata, Hyderabad, Chennai and Ahmedabad.

Hari Babu said the report has underlined the scale of India’s affordable housing challenge – a deficit of 9.4 million units that could rise to 30 million units by 2030.

Published on August 30, 2025

Hyderabad has emerged as the country’s co-working hub, contributing 29 per cent to sectoral demand in Q2 CY25.
| Photo Credit:
Getty Images

India’s office market remained buoyant in H1 CY25 with 34.5 mn sq. ft demand, led by Bengaluru, Delhi-NCR and Pune, according to a CREDAI–CRE Matrix report. Despite 28.8 mn sq. ft of fresh supply, vacancy fell 210 bps as GCCs, BFSI, and co-working drove absorption. Rentals rose to ₹90.7/sq. ft, with Hyderabad poised to surpass Mumbai Metropolitan Region (MMR) in office stock.

The sector saw a balanced demand-supply ratio of 1.3x maintained over the last six quarters, with continued occupier confidence and the strategic expansion of GCCs. In Q2 CY25 alone, the market absorbed 17.3 million sq. ft. of new office space.

“India’s office market is entering a new era of maturity and expansion,” said Shekhar Patel, President, CREDAI. “The diversification across sectors, from BFSI and co-working to new-age industries, along with strengthening market rent premiums, is laying the foundation for a structurally strong sector that will power India’s journey toward becoming a $30 trillion economy.”

Demand & supply

From a demand perspective, IT/ITeS remained the largest occupier with a 24 per cent share, followed by BFSI at 20 per cent and co-working at 19 per cent. Hyderabad has emerged as the country’s co-working hub, contributing 29 per cent to sectoral demand in Q2 CY25.

On the supply side, emerging markets demonstrated strong momentum. Pune and Hyderabad together accounted for 54 per cent of new stock in Q2, while Pune and Bengaluru collectively contributed 40 per cent of aggregate demand, reinforcing their status as major absorption centres. This geographic diversification reflects the market’s evolution beyond traditional metros and the growing acceptance of tier-2 cities as viable business destinations.

Despite significant additions to supply, the demand-supply balance remained favourable, driving further compression of vacancy levels across prime hubs such as Bengaluru, Chennai, and MMR. Pan-India rentals climbed 4.7 per cent sequentially in Q2 CY25, reflecting sustained pricing power in key micro-markets.

The report concludes that the outlook for the remainder of 2025 is robust, backed by a strong pipeline of quality supply across tier-1 cities. Healthy levels of pre-commitment leasing, coupled with compressed vacancy rates, are expected to provide stability and sustain momentum.

Published on August 29, 2025

With Ganesh Chaturthi marking the onset of the festive season, real estate players are anticipating a surge in homebuying. As per exclusive data shared by ANAROCK, the festive season tends to see sales spikes of anywhere between 15-30 per cent. Mumbai Metropolitan Region and Delhi-NCR tend to see high increases of 20-22 per cent on average.

Compared to 2023, industry players say there is greater optimism this year, led by strong demand in the luxury and mid-income segments.

Festive momentum is not restricted to metros alone. Tier-II and III cities are showing robust activity, reflected in large-scale land transactions. In H1 2025, developers acquired 714 acres in Coimbatore, 590 acres in Ahmedabad, and 520 acres in Amritsar, while cities such as Indore, Mysuru, and Panipat also witnessed notable deals, says Anuj Puri, Chairman, ANAROCK Group.

Developers ride on festive tailwinds

The buoyancy is translating into higher enquiries and site visits, say developers. Praveer Shrivastava, Senior Executive VP, Residential, Prestige Group, noted that festive campaigns typically lift sales by 20–30 per cent year-on-year compared to other months.

Kranti Alladi, Chief Sales & Marketing Officer, Concorde, expects festive sales to rise 20 per cent over previous quarters. “We usually clock 35–40 per cent of our annual sales during this period,” he said, adding that conversion rates are already trending higher. Viswa Prathap Desu, COO – Residential, Brigade Group, explained that stable interest rates and a steady economy are further boosting sentiment. For Brigade, he said, nearly one-third of annual sales are generated during the festive season.

Luxury sales vs Mid-segment

Prestige’s Shrivastava says, “In luxury housing, the decision is lifestyle-driven mainly, so festive offers act as an added incentive rather than the core motivator.”

Shrivastava says in the mid-segment, where buyers are more value-conscious, festive campaigns often trigger faster decisions as they align aspiration with affordability. Prestige is launching new developments across cities, such as plotted development in North Bangalore and over 2000 apartments in Whitefield, for the mid-housing segment, along with launches in this category slated for Mumbai.

Alladi expects the strongest demand to come from the mid-income segment with properties priced around ₹1.5 crore are seeing the most significant traction. This is a sweet spot for many aspirational homebuyers who have been saving and are now looking to upgrade or make their first significant real estate investment, he added. Concorde is pre-launching a new phase of Concorde Hillcrest, a villa project located in Chikballapur. Meanwhile, Brigade is observing good demand in both luxury and mid-income projects.

To nudge fence-sitters, developers are also rolling out promotional measures. Priyanka Raju, Director, Kalyani Developers, said the company is extending gifts on every booking to encourage quicker decisions.

NRI demand gathers pace

The festive season is also proving attractive for NRIs, who view property purchases during this period as both auspicious and financially prudent. Vishal Tony Vincent, MD, Aratt Developers & Founder, Ayatana Hospitalities, said the weakening rupee, stable property prices, and improved sector transparency are boosting NRI confidence. Bengaluru’s mid-to-premium housing market, in particular, continues to draw strong demand.

Pavan Kumar, Founder & CEO, White Lotus Group, added that NRIs often align purchases with festive months, not just for timing advantages but for their emotional resonance, especially when homecoming coincides with festivals.

Across segments, developers are unanimous that festive campaigns act as a catalyst for homebuying. With Tier-II and III cities joining metros in driving growth, and NRIs adding heft to demand, the industry expects this season to set the tone for sustained momentum in FY26.

Published on August 29, 2025

India’s senior living market is poised for strong growth, with nearly 15,000 homes expected by 2030 at an estimated investment of ₹26,000 crore, according to a report by the Association of Senior Living India and JLL India
| Photo Credit:

Nearly 15,000 senior living homes are likely to come up by 2030 with an estimated cost of Rs 26,000 crore if project launches continue at current pace in the organised market, according to a report.

On Wednesday, the Association of Senior Living India (ASLI) and real estate consultant JLL India released a report on the country’s senior living market, which mentioned that the total organised supply of senior citizen homes stood at 22,157 units as of June this year. This stock was 7,147 units in 2014.

At baseline growth, the report projected an estimated supply of 14,900 units by 2030 with an estimated investment of Rs 26,000 crore.

The supply could increase to 25,500 units at a cost of Rs 39,000 crore in case of accelerated growth.

With policy support, the supply might further increase to 34,600 units at Rs 50,100 crore cost.

The report pointed that there would still be a significant demand-supply gap.

Senior population to reach 191.5 million by 2030

“The country’s senior population aged 60 and above is on a steep upward trajectory, projected to grow from an estimated 162.2 million in 2025 to 191.5 million by 2030, eventually doubling to 346 million by 2050,” the report said.

The potential demand, which has been defined as the addressable market of urban financially independent seniors, is forecast to rise at 2.3 million units in 2030 from 1.7 million this calendar year.

Rajit Mehta, Chairman of ASLI, said: “India’s Silver Generation has more money than the previous one and they are investing it in their golden years.” “While as many as 70 per cent seniors remain financially dependent even today, this trend is changing. The right financial and insurance innovation can help unlock the economic opportunity presented by India’s demographic evolution,” he added.

Ankur Gupta, Co-Founder of ASLI, said, the senior care industry is poised for continued evolution and diversification, with the sector projected to reach about USD 50 billion by 2030, growing at a compound annual rate of around 20 per cent.

Seniors prioritising happiness, community living

Commenting on the report, Adarsh Narahari, Founder & MD of Primus Senior Living, said India’s senior living sector is undergoing a major transformation as seniors increasingly prioritise their own happiness.

“Families are seeking ecosystems that blend care with community,” he added.

Kirthi Chilukuri, Founder & Managing Director of Stonecraft Group, said, “Senior living in India is no longer a niche concept but an emerging mainstream asset class that reflects the changing aspirations of our society. With rising life expectancy and evolving family structures, there is a growing need for communities that offer dignity, security, and holistic well-being for seniors.”

Published on August 27, 2025

Real estate developer Ashiana Housing Ltd has acquired 22.71 acres of land in Mahindra World City, Chennai, on perpetual lease from Mahindra World City Developers Ltd, a subsidiary of Mahindra Lifespace. (A representative image)
| Photo Credit:
Ashiana Housing 

Realty firm Ashiana Housing has acquired nearly 23 acres of land in Chennai to develop a senior living housing project with a revenue potential of Rs 1,200 crore.

In a regulatory filing, the company informed that it has “acquired a piece of land admeasuring 22.71 acres on perpetual lease basis from Mahindra World City Developers Ltd, a material subsidiary of Mahindra Lifespace Developers Ltd”.

The land is located within the complex of Mahindra World City at Chennai (Tamil Nadu), and the company plans to develop a senior living project (villas and apartments) on this land.

“This land is adjacent to our existing Senior Living project namely ‘Ashiana Vatsalya’ and has saleable area of 15 lakh sq ft (approx.) with sales potential of Rs 1,200 crore,” Ashiana Housing said.

Nine projects underway across multiple cities

The company currently has nine ongoing projects, three in Bhiwadi (NCR), three in Chennai, and one each in Jaipur, Pune, and Lavasa (Pune). It is now planning to expand its footprint into Bengaluru and Mumbai.

Ashiana Housing Ltd’s sales bookings rose 83 per cent to Rs 430.97 crore in the first quarter of this fiscal on higher demand.

Its sales bookings or pre-sales stood at Rs 235.32 crore in the year-ago period.

The company sold 5.95 lakh square feet in the April-June period of this fiscal as against 4.42 lakh square feet in the corresponding period of the preceding year.

Delhi-based Ashiana Housing, one of the leading real estate developers in the country, sold properties worth Rs 1,936.75 crore in the entire 2024-25 fiscal.

Published on August 27, 2025

Kerala CM Pinarayi Vijayan
| Photo Credit:
NIRMAL HARINDRAN / THE HINDU

The Kerala cabinet on Wednesday approved an amendment to the decades-old Land Assignment Act, meeting a long-pending demand of people living in the state’s high ranges to resolve various land-related issues.

Announcing the decision at a press conference here, Chief Minister Pinarayi Vijayan said land disputes had been a serious concern in hilly regions and resolving them was one of the prime objectives of the LDF government.

He recalled that since the government assumed office in 2016, a series of interventions had been made to address the issue, paving the way for the landmark amendment.

A cabinet meeting held here approved the amendments to the Act, Vijayan said.

1960 Act created legal complications over transfers

The chief minister explained that the original Land Assignment Act, 1960, allowed land titles to be granted for agriculture, housing, neighbourhood amenities, and shop sites. However, many beneficiaries later diverted land for other uses or transferred ownership, creating “legal complications.” “The construction of buildings and ownership transfers inconsistent with land title provisions caused severe difficulties for many people,” Vijayan said. Courts had also intervened in several cases, imposing strict regulations, he noted.

In this context, the government introduced an amendment, which was passed by the Legislative Assembly on September 14, 2023, ending the six-and-a-half-decade wait of settlers, he said.

 Amendment regularises non-specified land use till June 2024

“With this, land used for other purposes becomes legal,” Vijayan said, adding that the amendment regularises such use up to June 7, 2024—the date the law came into force—and grants conditional permission for non-specified purposes.

The amendment simplifies the regularisation process by exempting many categories from fee and applying relatively low rates where charges remain. Small and medium businesses, he said, would be spared complex procedures.

“This underlines the state government’s commitment to people living in the hill regions. Now the Bill will be examined by the subject committee,” Vijayan further said.

He added that the move fulfils yet another promise made in the LDF’s 2021 election manifesto and was brought forward after consultations with various stakeholders “in a completely democratic manner.”

Published on August 27, 2025

Chennai-based Coromandel Engineering Company Ltd, in its 2024-25 annual report, outlined its vision to become a one-stop construction solutions provider.

The Chennai-based Coromandel Engineering Company Ltd envisions transforming itself into a comprehensive one-stop construction solutions provider, catering to diverse client needs across the residential, commercial, and industrial sectors, as stated in its 2024-25 annual report.

Over the years, the construction company has executed a diverse project portfolio covering residential developments, commercial complexes, industrial plants, institutional buildings, and specialised infrastructure works, the report said.

Several factors are acting as strong growth catalysts for the operations of the Chennai-based Coromandel Engineering Company Ltd (CECL). The ongoing trend of rapid urbanisation is significantly increasing the demand for both residential and commercial spaces, providing a robust pipeline of opportunities for the construction sector, according to the company’s 2024-25 annual report.

The adoption of modern technologies such as Building Information Modelling (BIM) and prefabrication techniques is also enhancing project speed, accuracy, and cost efficiency. There is a growing emphasis on green buildings and sustainable construction practices, which aligns with CECL’s commitment to environmentally responsible development. These combined factors position CECL as a forward-thinking player in India’s infrastructure and real estate growth story, the company said.

However, among the risks and threats, the company cited fluctuations in the prices of cement, steel, and other construction materials that can significantly affect project costs and profitability. Shortages of skilled and semi-skilled manpower, particularly during peak demand, may cause execution delays. Delays in obtaining statutory clearances can disrupt timelines and increase project costs, the company said.

Published on August 25, 2025

Brigade Enterprises Ltd at Perungudi, Rajiv Gandhi Salai, OMR is the flagship company of Brigade Group which is headquartered in Bangalore, Karnataka, India.
| Photo Credit:
KARUNAKARAN M

Brigade Enterprises has announced a long-term lease agreement for a land parcel of 7-acres located on Old Mahabalipuram Road (OMR), a significant commercial corridor in Chennai. 

According to a company release, the development will feature a Grade A office space of over 1 million square feet and a 5 star deluxe hotel of about 225 keys. 

“Chennai continues to be a key component of our growth strategy, and this long-term lease underscores our commitment to strengthen our presence in the city’s most promising corridors. The Tharamani-OMR belt has fast growing infrastructure thrust  triggered by the significant presence of large technology companies, educational institutions, retail spaces and hospitals and  large residential developments. This project reflects our vision to create high-value, future-ready assets that elevate Chennai’s urban and commercial landscape,” said Pradyumna Krishna Kumar, Executive Director, Brigade Enterprises Limited.

The development will be planned to maximize site efficiency and create a vibrant destination that supports business productivity and hospitality excellence, Brigade noted. The new expansion will be part of Brigade’s move to strengthen its presence in Chennai through developments that integrate business, hospitality, and lifestyle.

Brigade Enterprises’ shares closed at ₹961.40, down by 0.67 per cent, on the BSE from the previous day’s close. 

Published on August 22, 2025

Bengaluru’s booming tech economy has fuelled property demand, but wage growth has not kept pace with soaring home prices and rentals
| Photo Credit:
Siva SaravananS

Rising inflation and escalating construction costs are putting Bengaluru’s mid-segment housing market, homes priced between ₹45 lakh and ₹1 crore under sustained pressure. Over the past three years, this segment, which typically averages ₹6,000 to ₹9,000 per sq. ft., has seen demand shift and supply shrink, forcing developers to recalibrate toward more premium offerings.

According to exclusive data from ANAROCK, Bengaluru alone recorded approximately 68,790 units sold in the ₹40–80 lakh range between 2022 and H1 2025. But sales have steadily declined: from 28,270 units in 2022, to 19,405 in 2023, then 15,455 in 2024, and just 5,660 units in the first half of 2025.

Construction costs up 40 per cent, affordability squeezed.

The sales slowdown is closely tied to rising input costs. Construction expenses have surged nearly 40 per cent across India, with cities such as Mumbai, Delhi, and Bengaluru feeling the heat. According to ANAROCK, 5–6 per cent of the increase in input costs is being passed directly to buyers. For affordable and mid-income buyers, even a price hike of ₹500–₹800 per sq. ft. can mean an added burden of ₹5 lakh, a significant stretch for price-sensitive households. “Even a modest hike impacts affordability dramatically,” ANAROCK noted, emphasising the fragility of mid-segment demand.

The shift in demand is reflected in new project launches. According to Prashant Thakur, Executive Director & Head – Research & Advisory at ANAROCK Group, only 6 per cent of new launches in H1 2025 were in the mid-segment category, a stark drop from previous years.

Among Bengaluru’s mid-segment micro-markets, Bagalur led with a 75 per cent jump in average residential prices between 2022 and H1 2025, followed by Devanahalli (50 per cent) and Electronic City (44 per cent).

Housing affordability crisis

Bengaluru’s booming tech economy has fuelled property demand, but wage growth has not kept pace with soaring home prices and rentals. As the income-to-housing cost ratio deteriorates, the city faces a widening housing affordability crisis, especially for IT professionals and the urban middle class, said Samantak Das, Chief Economist and Head of Research & REIS, India, JLL .

The share of mid-segment housing in total new supply fell from 81 per cent in 2022 to just 35 per cent by end-2024. With land prices rising and construction costs climbing, many developers are shifting their focus to higher-margin premium projects, leaving the mid-income population with limited affordable choices.

Some developers, however, are still placing strategic bets on the mid and mid-premium segments. “We’ve consciously focused on the mid-market and mid-premium segments, which we believe offer a longer runway,” said Gopalakrishnan J, ED & CEO, Shriram Properties Ltd. “This shift helps us stay aligned with buyer sentiment, protect margins, and maintain a balanced risk-return profile.”

Shriram has increased its mid-segment launches to over 75 per cent, up from less than 50 per cent between 2022–2024. The company has also managed to keep construction costs stable through early bulk sourcing, design standardisation, value engineering, and use of modern systems such as ALUFORM and precast.

Interestingly, despite market headwinds, Shriram has observed an improvement in average sales velocity across its mid-segment portfolio. Buyer profiles are evolving too. In 2022, most buyers came from households earning ₹18–25 lakh annually; by 2024, this had shifted to the ₹22–30 lakh bracket—signalling growing acceptance of higher ticket sizes.

New players are also entering the segment. Priyanka Raju, Director at Kalyani Developers, said their ₹45–90 lakh homes saw strong absorption, reflecting pent-up demand in this price band.

Meanwhile, Madhusudhan G, Chairman & MD, Sumadhura Group, highlights the role of psychology in the market: “In real estate, FOMO is real,” he said . “When buyers see prices steadily rising, they rush to purchase, worried they won’t be able to afford it in the future,” he added.

Looking ahead, Madhusudhan expects the market to consolidate over the next two to three years, with volumes and prices largely stable, and only mild price increases to match inflation. “We don’t expect dramatic shifts. The market will settle into a more stable rhythm,” he said .

Published on August 21, 2025

Casagrand employees on chartered train trip to Goa.

Chennai-based real estate developer Casagrand has chartered a train carrying 800 employees from different zones, on a corporate offsite to Goa.  

In the past, the company had taken employees on various trips including to Spain, Sri Lanka and Dubai, as part of its ‘profit-share bonanza programme.’

The programme, launched in 2013 with a trip for 50 employees to Singapore, has grown into an annual tradition.

“At Casagrand, we have always believed in an employee-first company culture. Our teams are the driving force behind everything we do, and their happiness and growth are at the heart of our success.  We see ourselves as one big family, and what better way to celebrate that spirit than by travelling together. Chartering an entire train for our employees brought back the cherished nostalgia of family journeys where everyone shares the same space, the same joy, and the same sense of togetherness, said Arun MN, Founder & Managing Director, Casagrand. 

Published on August 21, 2025

India is expected to see strong demand for office spaces in 2025, with Global Capacity Centres (GCCs) projected to absorb 35-40 per cent of the total office space during the year, according to a recent report by CBRE. The report highlighted that India is steadily strengthening its role as a global hub for GCCs.

International companies are increasingly turning to India to set up advanced, multi-functional centres due to the country’s vast talent pool and cost advantages. These centres are not only expanding but also becoming more sophisticated in terms of the functions they handle.

CBRE stated, “In 2025, GCCs are projected to drive approx. 35-40 per cent of total office space absorption, supported by the consolidation of existing operations and the entry of new players.”

The report mentioned that in the first half of 2025 (January to June), office space absorption remained steady, largely driven by expansion-focused leasing from GCCs, domestic corporates, flexible space operators, banking and financial services (BFSI) players, and technology-based companies.

As per the report data, India’s office sector has recorded its highest-ever leasing and supply in H1 2025, leasing touched 39 mn. sq. ft., up 3 per cent Y-o-Y.

It also added that while established companies are setting up large campuses in key Indian cities, new entrants are choosing flexible spaces for quick and agile expansion. This approach is helping companies to scale operations efficiently based on changing business needs.

Technology remains the primary sector leading the demand for GCC spaces, as companies continue to focus on innovation and advanced solutions. Other sectors expected to drive demand include BFSI, engineering and manufacturing (E&M), semiconductors, aerospace, automotive, and life sciences.

CBRE pointed out that U.S.-based companies continue to dominate India’s GCC landscape. However, the success of existing operations is also drawing increased interest from companies based in Europe and Asia, which are now expanding their presence in India.

Government support through targeted policies is expected to encourage further leasing activity in emerging markets, while existing hubs continue to see steady growth.

In addition, the decentralisation of GCCs to tier-II and tier-III cities is gaining momentum, driven by reverse migration trends. The share of these smaller cities in total GCC space absorption is projected to increase from 7 per cent in FY2024 to 15-20 per cent by 2025.

Looking at the second half of 2025, the demand for quality office spaces is expected to stay strong as more companies look to consolidate and grow their operations.

More Like This

Published on July 7, 2025

As per a recent report from UnearthInsights, the total addressable market for GCC workplaces in India stood at $4.32 billion in 2025 and the country is adding 80 to 120 thousand new GCC seats annually

With India’s Global Capability Centre(GCC) ecosystem growing rapidly year after year, so has the demand for high quality office spaces to house these global clients. With long-term leases in large tech parks being impractical for small and mid-sized GCCs, co-working spaces have emerged as a suitable and more flexible alternative.

Industry players and analysts told businessline that co-working spaces is finding more takers from the GCC world as smaller GCCs are starting their journey in India by setting up in such shared spaces. As they scale, the GCCs either move to larger managed office spaces.

Explaining the growth, Rishi Das, Co-founder & CEO, says that GCCs value ease of doing business, flexibility to scale and minimal capex commitment. “Unlike traditional leases that are rigid and transactional,  co-working spaces come with features like plug & play workspaces, customized solutions and tech enabled workspace management services, allowing GCCs to focus on their core operations while the entire workspace management is taken care of.” 

IndiQube has over 300 GCC clients, which accounts for over 40 per cent of its overall portfolio, Das added. Some of the company’s clients include Navex, GEP, Visionet and Perforce. 

According to Gaurav Vasu, Founder and CEO, UnearthInsight, in the previous decade, less than 5-10% of GCCs would typically use a co-working or a co-branded working space. However, in the last 5-10 years, as more mid-market and smaller GCCs have entered the country, about 20-30 per cent of GCCs are choosing co-working spaces.

As per a recent report from UnearthInsights, the total addressable market for GCC workplaces in India stood at $4.32 billion in 2025 and the country is adding 80 to 120 thousand new GCC seats annually

Amit Ramani, Chairman & MD, Awfis Space Solution Ltd says that co-working spaces offer agile speedy solutions to workplace needs which are crucial for GCCs who scale in weeks, not months. He added that the asset-light, opex-driven spaces and premium, tech-enabled, sustainable offices now define the GCC workplace strategy. 

Awfis’ clientele includes GCCs and multinational corporations like companies like  Meltwater and ABC Fitness. The company has a presence in 18 cities which includes nine Tier-2 locations. 

Not Just a Stop-Gap 

As GCCs start to scale its operations and expand its workforce, it would not be wrong to assume that they would move to larger tech parks. However, founders believe GCCs are not viewing coworking spaces merely as a short-term solution but are increasingly weaving them into their long-term strategy.  

“Several of our GCC clients have grown substantially with IndiQube over the years. For example, Enphase Energy in Bangalore began with 67,000 sq ft of office space and within 4 years, they expanded to 143,000 sq ft. Moreover, nearly 20 per cent of our portfolio is housed within tech parks, providing GCCs with a smooth entry point into the flexible workspace environment while retaining the advantages of a tech park.” Das said 

Ramani mentions that while GCCs start with co-working as a quick entry strategy, they are increasingly building a long-term presence in flexible spaces. In fact, several mid-sized GCCs have expanded multiple cities with co working centres

According to Vasu, small to mid-size organizations with slower global growth tend to remain in co-working or managed office spaces, valuing the convenience and efficiency of asset-light, turnkey solutions. In contrast, fast-growing companies naturally progress from small co-working setups to larger managed offices as their scale increases. 

Customized spaces 

Das mentions that GCCs are uncompromising when it comes to compliance, security, and employee experience. “Facilities such as cafeterias, gyms, gaming zones, and wellness spaces are now considered essential for attracting and retaining top talent, rather than being add-ons” he  added. 

According to Ramani, GCCS increasingly demand collaborative zones, innovation labs, wellness areas, and ESG-certified Grade-A spaces.On the technology side he added, “GCCs require AI-ready and cloud-compatible infrastructure, global-standard conferencing systems, and sensor-based tools for monitoring occupancy, energy, and air quality.

Published on August 19, 2025

DRA Group, the Chennai-based real estate developer and Balajadia Family office – global investors and entrepreneurs from the Philippines, have signed a Memorandum of Understanding (MoU) for joint development of 1 million sq ft of Grade-A commercial and retail space in India under Phase 1, with an estimated investment value of $100 million.

The MoU was signed at the Philippines-India Business Forum in Bengaluru by Ranjeeth Rathod, Managing Director – DRA Group and Dr. Lloyd Balajadia in the presence of Ferdinand Romualdez Marcos Jr., President of the Republic of the Philippines and other high-level delegates from the Philippines, says a release.

The 50:50 joint venture will be executed under a SPV Platform. The initial development will focus on high-growth urban centres, beginning with Chennai and Bengaluru, according to the release .

Published on August 8, 2025

Realty firm Brigade Enterprises Ltd is targeting more than ₹225 crore in revenue from the sale of residential plots in its new project in Bengaluru.

The company has launched a new project ‘Brigade Cherry Blossom’, in Malur of East Bengaluru.

This is a joint venture project, comprising 338 housing plots.

“With a projected revenue potential exceeding ₹225 crore, the project spans 20 acres and 11 guntas, offering a total development area of 4.51 lakh sq ft,” Brigade Enterprises said in a regulatory filing on Friday.

“Malur is an evolving micro-market and upcoming residential hub, and this development reflects our commitment to delivering high-quality and sustainable projects to our customers,” said Pavitra Shankar, Managing Director, Brigade Enterprises.

Established in 1986, Brigade Group is one of the leading real estate companies in the country.

The company has developed housing, commercial and hospitality projects across South India.

Published on August 9, 2025

Realty firm Omaxe Ltd has posted a consolidated net loss of ₹185.77 crore in the first quarter of this financial year on lower income.

Its net loss stood at ₹146.98 crore in the year-ago period.

Total income also declined to ₹298.03 crore in the April-June period of 2025-26 fiscal against ₹385.23 crore in the corresponding period of the preceding year, according to a regulatory filing last week.

Omaxe, which is one of the leading real estate firms in the country, has a presence in 30 cities across eight states of North and Central India. It has delivered more than 135 million sq ft of area since its inception.

Last month, Omaxe Ltd bought 450-acre land in Indore, Madhya Pradesh, to develop a township at an investment of Rs 1,200 crore.

Recently, the company raised ₹500 crore from Oaktree Capital Management for development of its existing projects and future growth.

Published on August 18, 2025

Realty firm Prestige Estates Projects Ltd has acquired 102 acres of land in the April-June quarter to build housing projects, with a potential to generate revenue of more than ₹20,000 crore.

Looking to expand its residential real estate business, Bengaluru-based Prestige Estates Projects has been acquiring land parcels outright and also partnering with landowners.

According to its latest investor presentation, the company acquired a total of 102 acres of land in Bengaluru, Hyderabad, Chennai and Mumbai in the first quarter of this fiscal year.

These land parcels will be used to develop residential projects, which would have an estimated gross development value (GDV) of ₹20,400 crore.

According to the presentation, Prestige Estates in Hyderabad acquired two plots — 28 acres in Tellapur and 37 acres in Pulimamidi.

In Bengaluru, the company has acquired three land parcels — 10 acres in Poojanahalli – Devanahalli, 7 acres in Kothanuru, KR Puram and 10 acres in Ittangur, Sarjapura.

At Velachery in Chennai, the company acquired 3.48 acres.

Prestige acquired 6.3 acres of land in Mumbai.

The presentation did not mention the cost of the land.

On financial performance, the company recently reported a 26 per cent increase in its consolidated net profit to ₹292.5 crore during the first quarter of this fiscal.

Its net profit stood at ₹232.6 crore in the year-ago period.

The total income rose to ₹2,468.7 crore during the April-June period of this fiscal from ₹2,024.5 crore in the corresponding period of the preceding year.

Last month, Prestige Estates Projects Ltd reported a four-fold jump in its sales bookings to ₹12,126.4 crore in the first quarter of FY26, mainly due to strong demand for its housing project in Ghaziabad.

The company’s sales bookings or pre-sales stood at ₹3,029.5 crore in the year-ago period.

During the entire last fiscal year, Prestige Estates sales bookings declined 19 per cent to ₹17,023.1 crore, “reflecting the impact of deferred launches amid approval delays”.

The company has given guidance of achieving ₹27,000 crore worth of sales bookings during the current fiscal year.

Prestige Group has delivered over 300 projects and has a pipeline of around 140 projects.

Published on August 9, 2025

During the first quarter of this fiscal, Godrej Properties acquired five land parcels to build housing projects with revenue potential of ₹11,400 crore.

Realty firm Godrej Properties’ net debt has risen 42 per cent in June quarter to ₹4,637 crore as the company looks to expand its business to meet strong housing demand.

Its net debt stood at ₹3,269 crore at the end of last fiscal.

According to its latest investors presentation, the company’s debt to equity ration has risen to 0.26 from 0.19 but it is still at a very comfortable level.

In a conference call with analysts, Godrej Properties MD and CEO Gaurav Pandey said, “From a debt perspective, we have laid out an absolute cap that we would like to look at for net debt of ₹10,000 crore. So, we do have a fair amount of room and even that would only take us to about 0.5 or a little bit above that range.”

He noted that there is more than enough sources of cash, both between operating cash flow and room to borrow a little bit in case there is any short-term need.

“But I think the decider of exactly where debt ends this year will be how much beyond this ₹20,000 crore guidance, we are able to do on business development,” Pandey said.

In the last few years, Godrej Properties has been very aggressive in acquisition of land parcels to build group housing projects as well as plotted (residential) development.

For the current 2025-26 financial year, the company has given a guidance that it will acquire multiple land parcels to build housing projects worth ₹20,000 crore.

During the first quarter of this fiscal, Godrej Properties acquired five land parcels to build housing projects with revenue potential of ₹11,400 crore.

The company acquired these five new land parcels in Mumbai, Pune, Bengaluru and Panipat.

These acquisitions were through outright purchase and joint development agreements with land owners.

Godrej Properties has maintained that it is on track to meet or even exceed ₹32,500 crore sales bookings target for this fiscal.

During the 2024-25 fiscal, the company’s sales booking rose 31 per cent to a record of ₹29,444 crore from ₹22,527 crore in the preceding year.

In the first quarter of this fiscal, Godrej Properties reported an 18 per cent decline in its pre-sales or sales bookings to ₹7,082 crore.

During the last two financial years, Godrej Properties was the country’s largest real estate firm in terms of sales bookings.

The company is likely to retain its top rank for the third consecutive fiscal year, if it achieves the sales bookings target of ₹32,500 crore.

On financial front, Godrej Properties recently reported a 15 per cent increase in its consolidated net profit to ₹598.40 crore in the first quarter of this fiscal as against ₹518.8 crore in the year-ago period.

Total income, however, fell to ₹1,620.34 crore in the April-June period of 2025-26 fiscal against ₹1,699.48 crore in the corresponding period of the preceding year.

The Mumbai-based firm posted a net profit of ₹1,389.23 crore on a total income of ₹6,967.05 crore during the last financial year.

Published on August 17, 2025

Godrej Properties acquired five land parcels in the April-June quarter to build housing projects with revenue potential of ₹11,400 crore and will continue to pursue attractive land-buying opportunities, according to a top company official.

In an interview with PTI, Godrej Properties Executive Chairperson Pirojsha Godrej said, “We are quite active on the land front. I think anytime there is a good opportunity, of course, we want to pursue it.” He highlighted that the company’s balance sheet is very strong because of robust operational cash flows and funds raised in December last year through Qualified Institutional Placement (QIP).

“I think good thing is, with the QIP we did in December last year, company’s balance sheet is very, very strong. So if there are good opportunities, we will go after them,” Pirojsha said.

During the first quarter of this fiscal year, the company acquired five new land parcels in Mumbai, Pune, Bengaluru and Panipat. These acquisitions were through outright purchase and joint development agreements with land owners.

On these five new land parcels, the company will build housing projects, which carry a total revenue potential of ₹11,400 crore.

Pirojsha said the company will hopefully achieve the annual target of adding projects worth ₹20,000 crore in the second or third quarter of 2025-26 fiscal itself.

For group housing projects, Godrej Properties is buying land primarily in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru and Hyderabad. However, the company is acquiring land in tier II cities for the development of residential plots.

On sales, Pirojsha Godrej said the company is on track to meet or even exceed the ₹32,500 crore sales bookings target for this fiscal as housing demand continues to be strong.

During the 2024-25 fiscal year, the company’s sales booking rose 31 per cent to a record ₹29,444 crore from ₹22,527 crore in the preceding year.

In the first quarter of this fiscal, Godrej Properties reported an 18 per cent decline in its pre-sales or sales bookings to ₹7,082 crore. Pirojsha attributed the decline in pre-sales to the high base effect and slight delay in the launch of a couple of projects.

During the last two financial years, Godrej Properties was the country’s largest real estate firm in terms of sales bookings.

The company is likely to retain its top rank for the third consecutive fiscal year if it achieves the sales bookings target of ₹32,500 crore.

On the financial front, Godrej Properties recently reported a 15 per cent increase in its consolidated net profit to ₹598.40 crore for the first quarter of this fiscal against ₹518.8 crore in the year-ago period.

Total income, however, fell to ₹1,620.34 crore in the April-June period of 2025-26 fiscal against ₹1,699.48 crore in the corresponding period of the preceding year. The Mumbai-based firm posted a net profit of ₹1,389.23 crore on a total income of ₹6,967.05 crore during the last financial year.

Published on August 10, 2025

Realtors apex body CREDAI’s Maharashtra chapter has appointed Sukhraj Nahar as its new president.

In a statement, CREDAI-MCHI, which represents real estate developers in the Mumbai Metropolitan Region (MMR), said it has appointed Nahar Group Chairman Sukhraj Nahar as its 18th President for the 2025-2027 term.

CREDAI-MCHI also announced the new management committee comprising Bandish Ajmera – President Elect, Rushi Mehta – Secretary, and Nikunj Sanghavi as Treasurer.

The association has more than 2,200 developers as members.

Published on August 16, 2025

House real estate graph price investment mortgage
| Photo Credit:
anilakkus

Keystone Realtors Ltd has bagged three redevelopment projects in Mumbai during the latest June quarter with a revenue potential of more than ₹7,700 crore and is looking to acquire more land parcels for growth of its residential real estate business, a top company official said.

In an interview with PTI, the company’s CMD Boman Irani highlighted that the company performed exceedingly well in the first quarter of this fiscal on key metrics like sales bookings, launches and new business development (acquisition of land parcels to build projects).

Mumbai-based Keystone Realtors achieved the highest-ever quarterly pre-sales of ₹1,068 crore in April-June period of 2025-26 fiscal, a rise of 75 per cent from the same quarter last year.

On business development, he said, “We added 3 projects in the first quarter having an estimated GDV (gross development value) of ₹7,727 crore,” Irani said, adding that the company has already surpassed the target of adding projects worth ₹6,000 crore during the current fiscal.

He said the company is looking at acquiring more land parcels across Mumbai Metropolitan Region (MMR) to build housing projects.

Irani said the company would consider revising its annual guidance after the second quarter of this fiscal.

Keystone Realtors has become a major player in redevelopment of housing societies and cluster redevelopment.

As per the latest investors presentation, the company has bagged a ₹4,521 crore project for redevelopment of GTB Nagar Cluster at Sion in Mumbai. It secured a ₹2,956 crore project for redevelopment of Lokhandwala Cluster at Andheri (West) and a ₹251 crore redevelopment project at Goregaon (East).

In these three redevelopment projects, the company would get a total saleable area of 3.25 million (32.5 lakh) square feet.

Regarding fresh supply, Irani said the company launched three projects in the June quarter with an estimated GDV of nearly ₹4,000 crore, which is 57 per cent of the targeted launch of ₹7,000 crore for the current fiscal.

On the financial front, Keystone Realtors Ltd reported a 44 per cent decline in consolidated net profit to ₹14.51 crore for the quarter ended June on lower income.

Its net profit stood at ₹25.82 crore in the year-ago period.

Total income fell to ₹288.64 crore in the April-June period of this fiscal, from ₹437.20 crore in the corresponding period of the preceding year.

Irani said the company’s total income and profit declined as it was not able to recognise revenue because of the project completion method.

For new projects, he said the company is shifting to the percentage of completion method for recognising the revenue as this would “reflect a true picture” of the company’s financial performance.

Incorporated in 1995, Keystone Realtors Ltd, which sells under Rustomjee brand, is one of the leading real estate companies in the country.

Published on August 11, 2025

Patanjali Keswani, Chairman & Managing Director, Lemon Tree Hotels Ltd
| Photo Credit:
PAUL NORONHA

Lemon Tree Hotels announced on Friday that its material subsidiary, Fleur Hotels Ltd, has been selected as the bidder in the e-auction conducted by the Delhi Development Authority (DDA) for licensing rights to a land parcel located in Nehru Place, New Delhi.

The letter of award pertains to a prime land parcel admeasuring 2.2 acres for development and operations of a Five Star Hotel.

The said hotel shall be developed as “Aurika, Nehru Place”.

Patanjali Keswani, Chairman & Managing Director, Lemon Tree Hotels, said, “Delhi has always been a strategic focus for us. Aurika’s entry will deliver a luxury experience that’s about living, not just staying – a landmark in style, comfort and service for the region.” 

Published on August 15, 2025

DEC Infrastructure and Projects (India) Private Limited, a Hyderabad-based infrastructure company, has secured a ₹2,000-crore contract from the Central government to construct residential facilities for government employees in New Delhi.

The company has received a Letter of Acceptance from the Central Public Works Department (CPWD) for the contract to redevelop the General Pool Residential Colony at Sriniwaspuri in the Capital, according to DEC Infrastructure Chairman and Managing Director Anirudh Gupta. 

The company would construct 3,112 two-bedroom flats, each with 1,100 sq ft, in 16 blocks in 20.86 acres. The high-rise residential units include single-basement, stilt and three-level podium parking, a multi-level car park, a community centre, and a Central Government Health Scheme (CGHS) dispensary.

The company has projects worth over ₹10,000 crore in various parts of the country. 

Published on August 14, 2025

Affordable home sales are likely to be hit by the proposed US tariffs on Indian exports, which will hurt small businesses and income of their staff who are major buyers of housing properties costing up to ₹45 lakh, according to realty consultant Anarock.

Micro, Small and Medium Enterprises (MSMEs) account for a significant chunk of goods exports to the US, and a higher tariff will mean their products becoming less competitive. Such a scenario will result in reduced business orders and, in turn, adversely impact the staff employed by these enterprises.

In a statement on Monday, Anarock pointed out that sales and launches of affordable homes have already gone down post-COVID-19 pandemic.

Out of 1.9 lakh housing units sold in the first half of 2025 across seven major cities, only 34,565 units were in the affordable category, as per the Anarock data.

“This category of homes priced ₹45 lakh or less was already gravely hit by the COVID-19 pandemic and is still struggling to find any semblance of firm ground. Trump’s mercenary tariffs will snuff out even the dimmest ray of hope for this segment,” said Prashant Thakur, Executive Director- Research & Advisory at Anarock.

According to government estimates, Anarock said that MSMEs currently contribute nearly 30 per cent to India’s GDP, and over 45 per cent to its exports. The imposition of a 50 per cent tariff by the US on Indian goods is likely to have an adverse impact on MSMEs and their workforce.

The consultant noted that workforces employed in India’s MSMEs and SMEs are the primary clientele for affordable housing.

“Because of the disruption in this large workforce’s future income, thanks to the tariffs, affordable housing demand may very possibly derail and further impact sales in this highly income-sensitive segment,” Thakur said.

Further, he added that this would curtail launches of affordable homes by developers.

Published on August 11, 2025

Brigade Group has a pipeline of 16 mn sq ft new launches across residential, commercial segments and plans to add 1,700 keys in hotel segment.

Bengaluru-based realty player Brigade Group has posted a 95 per cent year-on-year (y-o-y) growth in profit after tax at ₹158 crore in Q1 FY26. The total revenue was at ₹1,333 crore, up by 20 per cent y-o-y. The growth was driven by residential business, supported by strong pipeline of launches across Bengaluru, Chennai and Hyderabad.

The net bookings in the real estate segment stood at 0.95 mn sq ft, with sales value of ₹1,118 crore. The office segment has seen sustained momentum, with increased leasing activity. The hospitality segment revenue was ₹141 crore, up by 19 per cent over Q1 FY25.

“FY26 has begun on a strong note for Brigade Group, marked by consistent performance across all verticals. Our residential business continues to be a key growth driver, supported by a strong pipeline of launches across Bengaluru, Chennai and Hyderabad. The office segment has seen sustained momentum, with increased leasing activity. Furthermore, we remain focused on expanding our land bank and are actively pursuing high-quality parcels in strategic markets. Brigade Hotel Ventures Limited, our subsidiary, came out with its initial public offering and got listed on the stock exchanges in July 2025, marking a major milestone in our journey,” said Pavitra Shankar, Managing Director, Brigade Enterprises Ltd.

The company has a pipeline of 16 mn sq ft new launches across residential, commercial segments and plans to add 1,700 keys in hotel segment.

The shares of the company closed at ₹966.50, down by 0.89 per cent on the BSE.

Published on August 13, 2025

Binaifer Jehani, Business Head, CRISIL and Abbas Master, Associate Director, CRISIL, present Sunil Kumar V., Founder & Managing Director, Asset Homes, with the CRISIL DA2+ certification.

Kochi-based real estate developer Asset Homes has retained the CRISIL DA2+ rating for the fifth year in a row.

Binaifer Jehani, Business Head, CRISIL and Abbas Master, Associate Director, CRISIL, presented Sunil Kumar V, Founder and Managing Director, Asset Homes, with the CRISIL DA2+ certification.

Jehani commended Asset Homes for consistently demonstrating a ‘very good’ ability to execute high-quality real estate projects within scheduled timelines and ensuring a clean title transfer.

Sunil Kumar said the company’s Civil Engineering Quality Lab in Thrissur has received NABL certification, making it the first such lab in South India and the second in India to earn this distinction. NABL is one of the constituent boards of Quality Council of India, an autonomous body under Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry.

Raghuchandran Nair, CREDAI National Executive Member and Secretary General Kerala inaugurated the lab on the occasion.

Sunil Kumar also announced the company’s entry into Palakkad by announcing Asset Granary, the first project in the district.

Asset Granary, a premium residential apartment project coming up at Manappullikkavu will have all the luxury and eco-friendly features including microgreen cultivation lab among others.

Published on August 13, 2025

Capital Tower, the headquarters of Capitaland Ltd
| Photo Credit:
Munshi Ahmed

CapitaLand Investment Limited (CLI) signed a memorandum of understanding with the Maharashtra government on Tuesday, committing to invest over ₹19,200 crore (S$2.83 billion) by 2030 to expand operations in Mumbai and Pune.

The announcement coincided with the launch of CLI’s first data centre in India at Navi Mumbai, attended by Singapore Deputy Prime Minister Gan Kim Yong and Maharashtra Chief Minister Devendra Fadnavis.

The planned investment forms part of CLI’s broader India strategy to increase funds under management from over S$8 billion to S$15 billion by 2028. The funds will target business parks, data centres, logistics and industrial sectors across Maharashtra.

CLI has operated in Maharashtra since 2013, initially partnering with Maharashtra Industrial Development Corporation to develop International Tech Park Pune, Hinjawadi. Over the past decade, the Singapore-based real asset manager has invested over ₹6,800 crore across 10 assets in the State.

The company currently operates five business parks in Maharashtra totalling 9.7 million square feet of leasable area, with plans to add another 4.5 million square feet. CLI also manages four data centres with 244 megawatts capacity and five logistics parks spanning 5.3 million square feet.

CLI has built a portfolio of over 55 assets across eight Indian cities over three decades.

Published on August 12, 2025

Rohit Katyal, Executive Chairman, Capacit’e Infraprojects 

Capacit’e Infraprojects Limited reported total income of ₹599 crores for the first quarter of FY26, marking a 4 per cent year-on-year increase from ₹578 crores in the corresponding period last year. However, profitability metrics came under pressure during the quarter.

The construction company’s EBITDA declined 4 per cent to ₹112 crores from ₹116 crores in Q1 FY25, with EBITDA margin compressing to 18.6 per cent from 20.1 per cent in the previous year. Net profit fell 12 per cent to ₹47 crores compared to ₹53.4 crores in the same quarter last year, resulting in a PAT margin of 7.8 per cent.

Executive Chairman Rohit Katyal attributed the quarter’s challenges to temporary labour shortages resulting from Eid-related migration and the early onset of the monsoon. The company maintained its strong balance sheet position, with gross debt reducing to ₹395 crores from ₹417 crores at the end of March, keeping the debt-to-equity ratio at 0.22x.

Capacit’e secured new orders worth ₹1,290 crores during Q1 FY26, maintaining its robust order book at ₹11,254 crores as of June 30, 2025. The order book comprises 62 per cent public sector and 38 per cent private sector projects.

Execution outlook

The company expects execution to accelerate in the second half of FY26, following the post-monsoon period, supported by operational improvements already underway. Capacit’e operates across major Indian cities including Mumbai, Delhi NCR, Pune, Bengaluru, and Chennai, providing end-to-end construction services for residential, commercial, and institutional buildings.

The shares of Capacit’e Infraprojects Limited ended today on the NSE at ₹284.75, down by ₹6.95 or 2.38 per cent.

Published on August 11, 2025

Seniors at Vedaanta Senior Living, Coimbatore, Tamil Nadu
| Photo Credit:
Vedaanta Senior Living

As India is steadily experiencing a rise in its senior citizen population, southern locations are emerging as attractive locations to settle post retirement.

South dominates with 68 per cent of the senior living projects while West is far behind with 15 per cent; followed by north (11 per cent); East and Central India the balance 6 per cent, says a report by Savills on senior living.

In the South, Chennai, Bengaluru, Hyderabad, Coimbatore, Mysore, Puducherry, Kanchipuram, Kodaikanal and Kochi are some of the prominent locations. However, a number of tier-2 and tier-3 towns have sprung up in recent times to offer senior living spaces. While these large cities are attractive, senior living spaces are coming up in places like Kumbakonam and nearby Swamimalai.

In the Western, it is Mumbai, Pune, Lonavala, Goa, Ahmedabad, Surat and Vadodara. In the North, it is Delhi, Gurugram, Noida, Faridabad, Dehradun, Solan and Bhiwadi. In East/Central India, it is Kolkata, Bhopal, Indore and Bhubaneshwar, says the report.

The monthly rental for the living spaces ranges between ₹25,000 and ₹1 lakh for accommodation only, while assisted services are charged separately on a monthly basis. To purchase the space, in metro cities, it could cost ₹45 lakh to over ₹2 crore while in non-metro cities it could be ₹25 lakh to ₹80 lakh, the report said.

South dominates the senior living space mainly in temple towns, said Ranjeeth Rathod, Managing Director, DRA Homes. Better medical facilities, airports, infrastructure and warmer weather makes the South the preferred destination. Also the cultural fit is more in South India as most of the children are abroad and hence a lovely community of senior people takes care of need and companionship during senior life, he added.

Ankur Gupta, JMD Ashiana Housing, said families in the South are generally more open to structured senior care and planned retirement living. Cities like Chennai, Bangalore and Coimbatore have seen early adoption of senior living communities, with a growing number of families are recognising the value of dignified and active retirement lifestyles. Additionally, NRI populations from the South often seek high-quality living options for their aging parents, further fuelling demand in this region.

Shreya Anand, Director, Vedaanta Senior Living, said that the Southern region is not just a market for senior living but a “foundation of a nationwide shift toward purposeful, dignified and independent aging.”

South India has emerged as the epicentre of senior living in India due to a convergence of cultural, demographic and social factors. Another key driver is the influence of the NRI population. Favourable climate, strong healthcare infrastructure and cultural openness to community living continue to make the region ideal for senior living communities, she added.

In Tamil Nadu, Vedaanta has five active and three upcoming communities in Chennai and Coimbatore. “We are investing ₹300 crore on expansion,” she added.

The report cites a few instances of how each senior living project has its own uniqueness. Antara by Max (in Dehradun and Noida) offers premium senior living with integrated medical support via Max Healthcare. Athulya Senior Care (Chennai, Bengaluru) specialises in assisted and transitional care with in-house nursing and telehealth. Tata Riva (Bengaluru) Senior living community is within a township, offering access to wide amenities and services. The Pavithram Senior Living (Coimbatore) is designed with radial layout to minimise walking strain, the report said.

Some of the living spaces near Chennai are apartment types with all the facilities, including medical and canteen.

As the industry matures, senior living in India is expected to evolve from a pure real estate model to a hospitality and rental driven operational model, mirroring global trends, Sharad Gadsing Founder, Cradle of Life, Pune, said in the report.

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Published on July 20, 2025

Chennai has also seen a large share of high-quality office infrastructure, with 64 per cent per cent of its inventory classified as Grade A, compared to the pan-India average of 53 per cent per cent

Chennai’s total office stock has reached 92 million square feet as of H1 2025, contributing 10 per cent per cent to the overall office space market in India, according to real estate consultancy firm Knight Frank’s latest report. The city’s office space market has grown at a CAGR of 7.6 per cent since 2005, as compared to the national CAGR of 8.6 per cent. 

Chennai has also seen a large share of high-quality office infrastructure, with 64 per cent per cent of its inventory classified as Grade A, compared to the pan-India average of 53 per cent per cent. 

According to the report, this high-quality orientation stems from the city’s well-planned growth corridors and disciplined developer ecosystem. Grade B makes up 33 per cent, and Grade C accounts for 3 per cent, indicating relatively low obsolescence.

“Chennai’s commercial real estate market has quietly but steadily evolved into a high-performance, quality-driven ecosystem. With nearly two-thirds of the office stock already Grade A, the city is well-aligned with occupier preferences in a post-pandemic, hybrid world,” said Joseph Thilak, National Director – Occupier Strategy and Solutions (Hyderabad & Chennai), Knight Frank India.

High Demand Nationwide 

Meanwhile, India’s office stock has hit the 1 billion sq ft milestone and is currently valued at $187 billion, making it the fourth largest office space market both in terms of volume and value. 

Bengaluru, NCR, and the Mumbai Metropolitan Region together account for nearly 75 per cent of the market, while Pune and Hyderabad have shown the highest CAGR, with 8.9 per cent and 9.2 per cent, respectively(measured over 20 years). 

Secondary Business Districts (SBDs) account for 45 per cent of the stock, while Central Business Districts (CBDs) account for 19 per cent. Peripheral Business Districts (PBDs) make up the remaining 36 per cent. 

Published on August 7, 2025

The Enforcement Directorate (ED) on Monday arrested Sandeep Yadav and Arvind Walia, director and majority shareholders of Ramprastha Promoters and Developers Pvt Ltd (RPDPL), in connection with its ongoing investigation related to the alleged “builder buyer fraud” of ₹1,100 crore, officials said.

The agency’s move comes after ED officials conducted searches on the residential and business premises of Sandeep Yadav and Arvind Walia earlier on Monday under the Prevention of Money Laundering Act, 2002, at three locations in Delhi and Gurugram in connection with a money-laundering case against RPDPL.

On July 11 this year, ED had also attached immovable properties worth ₹681.54 crore belonging to RPDPL and its group companies.

ED investigation revealed that RPDPL had collected approximately ₹1,100 crore from more than 2,000 homebuyers for various projects such as Project Edge, Project Skyz, Project Rise and Ramprastha City (plotted colony project), and possession of the flats and plots are yet to be given even after a lapse of 15-20 years.

Published on July 21, 2025

Mindspace Business Parks REIT has acquired an office complex, covering 8 lakh square feet area, in Hyderabad for ₹512 crore to expand its portfolio.

In a regulatory filing on Thursday, the company informed that it has acquired 100 per cent equity shareholding in Mack Soft Tech Pvt Ltd, which owns ‘Q-City’, a 0.81 million square feet commercial asset in Hyderabad’s financial district.

The deal size is ₹512 crore.

Ramesh Nair, CEO and MD of Mindspace Business Parks REIT, said the company has closed its first large external acquisition.

“The campus, located in the Financial District, further strengthens our foothold in Hyderabad. The market is India’s hottest Global Capability Center (GCC) hub, now home to more than 350 global capability centres and the nation’s fastest-growing tech and BFSI talent base,” he said.

Nair noted that the company has acquired this property at a 11.6 per cent discount to an independent valuation.

“An attractive 9.9 per cent cap rate demonstrates our disciplined capital deployment and commitment to long-term value for unitholders. This is how we grow — strategically, selectively, and with conviction,” Nair said.

After this acquisition, Mindspace Business Parks REIT portfolio size would rise to 37.9 million square feet, of which 30.8 million square feet area is completed, 3.7 million square feet area is under construction and 3.4 million square feet is for future development.

The company has a strong presence in Mumbai Region, Pune, Hyderabad, and Chennai. The portfolio consists of five integrated business parks and seven independent office assets.

Published on July 24, 2025

Ashiana Housing Limited is contemplating a total outlay of ₹425 crore towards senior living during FY2025–26, the company informed the bourses on Tuesday. Outlay includes payout to landowners, construction and execution costs and other project related expenses.

A significant portion of this outlay is to be incurred towards expanding the company’s senior living portfolio. And it includes Ashiana Housing’s plans to enter Mumbai, Pune, Bangalore, and Delhi NCR markets.

Senior living projects account for 30 per cent of its revenues. In FY2024–25 outlay incurred by the company was ₹213 crore towards senior living.

“This year we are planning to launch five new phases in existing senior living projects (approx. 5.71 lakh square feet of saleable area),” Ankur Gupta, Joint Managing Director, Ashiana Housing, said.

Booking value reported was to the tune of Rs 383 crore in senior living in FY25. And guidance for FY26 is ₹450 crore.

The company currently has nine ongoing projects that include three in Bhiwadi (NCR), three in Chennai, and one each in Jaipur, Pune, and Lavasa (Pune).

Published on August 5, 2025

G Square, the Chennai-based land aggregator and plot promoter, has enabled customers to tailor their plots based on their requirements.

This allows buyers to express their interest in a location and share specific preferences such as plot size, shape, and facing.

Generally, the company puts the layout and conveys to the customer about the available plot sizes. However, now the choice is given to the customers to decide on their needs.

Upon receiving these Expressions of Interest (EOIs), the G Square team works closely with buyers to understand their vision for their plot.

These inputs are then shared with a dedicated layout design team, which develops the master plan to reflect the requirements of each customer. This approach ensures optimal land utilisation, better community planning, and, above all, complete alignment with the buyer’s needs, says a release.

The company said that for customised plots, two developments are currently underway in Medavakkam and Puzhal in Chennai.  

In Coimbatore, the customised projects are being developed in Kovilpalayam and Karumathampatti, the release said.

Published on August 5, 2025

India’s top real estate developer DLF Ltd, along with Trident Realty, has sold all 416 apartments in its newly launched luxury residential project, The Westpark, located in Andheri (West), Mumbai, for ₹2,300 crore — within a week of launch. 
| Photo Credit:

India’s largest realty firm DLF Ltd and Trident Realty have sold all 416 flats for around Rs 2,300 crore in a luxury residential project in Mumbai on high demand.

In a regulatory filing on Friday, DLF said that the entire 416 units launched in the first phase of ‘The Westpark’ project has been sold for Rs 2,300 crore in less than a week.

DLF arm DLF Home Developers Ltd is developing this project at Andheri West in partnership with Trident Realty.

DLF calls Mumbai entry a strategic milestone

“Our entry into Mumbai represents a significant strategic milestone for DLF,” said Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Home Developers Ltd.

“Mumbai has always been a key component of our national growth strategy, and with the launch of The Westpark, we are proud to offer a development that resonates with the aspirations of the city’s discerning residents,” he added.

Project price range

DLF and Trident Realty will invest around Rs 900 crore to develop this luxury housing project at Andheri (West).

The company launched the first phase of this 5-acre project in a price range of Rs 42,000 per sq ft to Rs 47,000 per sq ft. It sold flats in a range of Rs 4 crore to Rs 7.5 crore.

In July 2023, DLF had announced its re-entry in Mumbai market by partnering with NCR-based builder Trident group.

Then, DLF had said that the company would hold a 51 per cent stake in the special purpose vehicle (SPV) which will develop this project. The remaining 49 per cent would be with Trident Group.

This is a Slum Rehabilitation Authority (SRA) project. DLF had entered Mumbai two decades ago with purchase of a land parcel.

But, in 2012, DLF had sold 17-acre land parcel in Mumbai to Lodha Developers for Rs 2,700 crore.

It had also formed a joint venture with Akruti City to develop a few projects, but could not launch any project.

FY26 target on track

DLF, the country’s largest real estate firm in terms of market capitalisation, reported a record sales bookings of Rs 21,223 crore in 2024-25 fiscal, an increase of 44 per cent from Rs 14,778 crore in the preceding financial year.

DLF’s MD Ashok Tyagi recently gave sales bookings guidance for the current fiscal at Rs 20,000-22,000 crore, almost in same range as last financial year.

Last month, the company launched and completely sold the ‘DLF Privana North’ housing project in Gurugram, comprising 1,164 units.

DLF will invest around Rs 5,500 crore to develop this 17.7 acre project, which has already been completely sold out for around Rs 11,000 crore.

With the successful launch of Gurugram and Mumbai projects, DLF has already achieved more than 50 per cent of its annual sales bookings target.

On financial performance, DLF’s net profit increased to Rs 4,366.82 crore during 2024-25 fiscal from Rs 2,723.53 crore in the preceding year.

Total income rose to Rs 8,995.89 crore in the last fiscal from Rs 6,958.34 crore in the 2023-24 financial year.

DLF’s broader portfolio and expansion plans

Since its inception, DLF has developed more than 185 real estate projects and developed an area more than 352 million square feet.

DLF Group has 280 million square feet of development potential across residential and commercial segment, including current projects under execution and the identified pipeline.

The group has an annuity portfolio of over 45 million square feet.

DLF is primarily engaged in the business of the development and sale of residential properties (the Development Business) and the development and leasing of commercial and retail properties (the Annuity Business).

Published on July 25, 2025

G Hari Babu, President of National Real Estate Development Council (NAREDCO) has urged the government to bring the Goods and Services Tax (GST) rates of building materials to the bracket of 18 per cent.

Speaking at the announcement of NAREDCO’s 17th National Convention in the national capital, NAREDCO President reiterated industry’s demand of Input Tax Credit (ITC) under the Central Goods and Services Act (CGST) on commercial assets constructed for leasing purposes.

“One thing we are asking is the input credit facility for the builders because now it is five percent fixed rate and for affordable housing already one percent is there up to 45 lakh. We are requesting them to increase to 60 lakh… And as far as the material concern, there are certain areas where 28 per cent GST is applicable for example cement and other materials so it is not a luxury and we want to bring that also to 18 per cent level. So no GST should be there on building materials more than eighteen per cent that is demand,” he added.

GST has significantly impacted construction industry and real estate industry. GST on construction services and materials is complex, with various rates applied based on the type of service, material, and project. Construction of affordable housing projects attracts a reduced GST rate of 1 per cent while different construction materials have varying GST rates from 5 per cent to 28 per cent.

During the curtain raiser, Delhi Chief Minister Rekha Gupta assured the industry members that “Government just needs 2 years to revamp Delhi and fill the bottleneck of past 10 years of developmental backlog. “We urge the industry members and developers to come up with the PPP models for developing state of the art hospitals, schools, shopping malls, accommodations and infrastructure and the government will give the full policy and funding support,” she added.

Speaking at the event, Hari Babu affirmed the vision of the body and said, “From retrofitting existing structures to building climate-smart homes, the sector must adopt a forward-thinking approach that doesn’t wait for regulation to act responsibly. Today’s discussions are not just about vision, they are about setting actionable goals.”

Harsh Vardhan Bansal, President, NAREDCO Delhi, shared how the capital’s real estate sector is evolving, “Delhi presents a unique case where infrastructure demand is high, yet land and environmental constraints are very real. The question is not whether we can grow, but how we can grow smarter.

“Our focus at NAREDCO Delhi is to ensure that housing, commercial development, and urban services all move in the direction of sustainability. We are working closely with policymakers and urban planners to push for incentives that reward eco-friendly practices and penalize shortsighted developments. The future belongs to those who are thinking beyond the next quarter, and our goal is to build a future-ready, climate-conscious capital city,” Bansal added.

Published on August 3, 2025

 Many property consultants have reported a decline in the total housing sales across the top seven cities in the last two quarters
| Photo Credit:
Andrii Yalanskyi

Godrej Properties is on track to meet or even exceed ₹32,500 crore sales bookings target for this fiscal as housing demand continues to be strong, its executive Chairperson Pirojsha Godrej said.

In an interview with PTI, he noted that the exuberance seen in the housing market post-COVID has calmed down, but the demand condition is still pretty strong. In the first quarter of this fiscal, Godrej Properties Ltd reported an 18 per cent decline in its pre-sales or sales bookings to Rs 7,082 crore.

Pirojsha attributed the decline in pre-sales to high base effect and also a slight delay in launch of couple of projects.

Nevertheless, he said, “We are very much on track to meet or exceed our booking value target for the current 2025-26 financial year”.

The company’s launch pipeline for this fiscal is quite heavy, which will help in meeting the pre-sales target of ₹32,500 crore easily, said Pirojsha.

Asked about the overall current housing market scenario considering global uncertainties, he said, “I think definitely, the kind of very exuberant market that was there may be a year ago has definitely settled down a little bit. But this is exactly what we would expect to see.”.

In the first few years of upcycle, Pirojsha mentioned that there is always a huge pent-up demand and sharp price appreciations.

“But I would say demand conditions still very strong, but not that kind of frothy looking demand that you see sometimes. So, I would say things have calmed down a little bit, but remain very, very positive,” he observed.

Many property consultants have reported a decline in the total housing sales across the top seven cities in the last two quarters.

Pirojsha highlighted that the company’s balance sheet is very strong, enabling it to make investments in land acquisition and development of projects for ensuring targeted growth of the overall business.

During the last two financial years, Godrej Properties was the country’s largest real estate firm in terms of sales bookings.

The company is likely to retain its top rank for the third consecutive fiscal year if it achieves the sales bookings target of Rs 32,500 crore.

During the 2024-25 fiscal year, the company’s sales booking rose 31 per cent to a record ₹29,444 crore from ₹22,527 crore in the preceding year.

On the financial front, Godrej Properties recently reported a 15 per cent increase in its consolidated net profit to ₹598.40 crore for the first quarter of this fiscal as against ₹518.8 crore in the year-ago period.

Total income, however, fell to ₹1,620.34 crore in the April-June period of 2025-26 fiscal against ₹1,699.48 crore in the corresponding period of the preceding year.

Godrej Properties’ sales booking or pre-sales declined 18 per cent to ₹7,082 crores during the April-June quarter from ₹8,637 crore in the year-ago period.

The collection of funds from customers against bookings rose 22 per cent to ₹3,670 crore during the April-June quarter.

Godrje Properties has a significant presence in Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Delhi-NCR and Hyderabad where it is developing group housing projects.

The company is doing residential plotted development projects in many tier II cities, like Indore and Panipat.

The Mumbai-based firm posted a net profit of ₹1,389.23 crore on a total income of ₹6,967.05 crore during the last financial year.

Published on August 3, 2025

Chasing convenience and quality of life, urban settlers are increasingly seeking homes in communities that offer more than just housing. Today’s homebuyers are looking for townships- modern-day urban villages, that integrate schools, hospitals, retail zones, green spaces, and recreation hubs within walking distance.

This rising demand for “walk-to-everything” lifestyles is reshaping how real estate developers design and market their projects.

Real estate majors like Brigade Group, Century Real Estate, and Mahindra Lifespaces are leading the shift, creating large-scale integrated townships that prioritise access, safety, and a strong sense of community. These urban enclaves often command a 10–20 per cent premium over standalone projects and see faster sales, according to Brigade Enterprises Managing Director Pavitra Shankar.

Brigade began its foray into integrated living with the 5-acre Brigade Komarla Residency in 2001. Since then, it has developed several landmark projects including Brigade Gateway (40 acres), Brigade Orchards in Devanahalli (135 acres), Brigade Cornerstone Utopia in Varthur (47 acres), and Brigade El Dorado in Aerospace Park (50 acres).

The group has also extended its township model to Chennai and Hyderabad with Brigade Xanadu (33 acres) and Brigade Gateway Hyderabad (9.7 acres). Brigade has partnered with St. John’s Medical College Hospital and Ramaiah Memorial Hospital. 

Mahindra has two integrated township projects- Mahindra World Cities (MWC) in Chennai and Jaipur. These townships are designed to reduce reliance on external infrastructure, offering residents and businesses in-house access to schools, hospitals, commercial zones, clubs, hotels, and even a railway station.“

At MWC Chennai, facilities like the Mahindra World School (CBSE-affiliated), Jeevan Hospital (35-bed multispecialty), and a retail centre are open to the public, serving both township dwellers and nearby communities,” said Vikram Goel, Chief Business Officer (Industrial), Mahindra Lifespace Developers. The township also houses Paranur railway station- developed via PPP with Indian Railways, serving 85 EMUs daily.

Price of convenience

Brigade properties prices in integrated townships start at around ₹1.45 crore and can go up to ₹21 crore, depending on location and amenities.

CBRE Chairman Anshuman Magazine told businessline, “Integrated townships are increasingly preferred over standalone residential projects, reflecting a shift towards holistic living. While standalone projects offer lower upfront costs, townships offer future-ready, amenity-rich lifestyles that support higher capital appreciation and rental yields.”

Pan-India Demand, tier-2 emergence

The demand for integrated townships is particularly strong in Bengaluru, Hyderabad, and Chennai, where infrastructure and quality of life attract urban families and NRIs. Brigade’s recent land acquisitions in Hyderabad’s Neopolis and Chennai’s Mount Road are set to house large-scale mixed-use townships. Tier-2 cities like Mysuru and Coimbatore are also emerging as future growth hubs, says Shankar.

“These cities offer favourable conditions- land availability, rising aspirations, and infrastructure upgrades,” added Shankar, adding that Brigade is planning expansions in Mysuru, Coimbatore, and GIFT City, Gujarat. Mahindra’s Goel concurs, noting that future township developments will be guided by land availability, regulatory readiness, and long-term demand potential.

“Tier 1 and Tier 2 cities remain the primary focus, given their connectivity and infrastructure appeal for residential and industrial growth,” he said.

As cities grow denser and mobility becomes more complex, integrated townships present a future-ready blueprint, one where work, life, and community co-exist seamlessly.

Published on August 3, 2025

Brookfield India Real Estate Trust

A high single-digit increase in the income from operating leases saw Brookfield India Real Estate Trust’s net operating income rise 13 per cent in the June quarter, while payout rose 17 per cent.

Operating lease income increase came from new leasing and contractual escalations, though that was partly offset by expiries. Of the total gross leasing of 6.5 lakh square feet in the quarter, over 90 per cent was new leasing while Global Capability Centres contributed over 60 per cent.

Average re-leasing spread was at 22 per cent, an indicator of healthy demand for office space.

The REIT reported NOI of ₹498.6 crore and income from operating lease rentals was at ₹458.3 crore. Total revenue from operations rose 11.8 per cent to ₹641.6 crore.

At ₹5.25 per unit, total payout in the quarter is at ₹320 crore.

The REIT said it expected its occupancy levels to go over 95 per cent from the 89 per cent at the end of June, which will drive 13 per cent NOI growth and 22 per cent rise in distribution in the ongoing quarter.

The board has taken approval to raise ₹1000 crore through a preferential issue, while conversations are also under way with the sponsor group for acquiring properties in Bangalore and Chennai.

The fund raise, through the issue of 3.2 crore units at ₹310 per unit, will result in Brookfield’s holding going down to 25 per cent from 26.45 per cent at the end of June.

There is an acquisition pipeline of over 12 million square feet, and the properties include Ecoworld, Ecospace and Whitefield portfolio in Bengaluru and Millenia Business Park in Chennai.

Published on August 2, 2025

The data of pan India market performance in the first half shows that Tier 1 cities across India recorded housing sales worth approximately ₹3.6 lakh crore, marking a 9% increase from ₹3.3 lakh crore in H1 CY24. 

India’s residential real estate sector has witnessed a slowdown in new project launches, with the number of units introduced in the first half of calendar year 2025 (H1 CY25) falling to approximately 2.6 lakh, compared to around 3 lakh units during the same period last year. This represents a decline of nearly 5 per cent, signalling a more cautious approach by developers amid evolving market dynamics.

“The number of units launched across India has been declining, from approximately 3 lakh units in H1 CY24 to about 2.6 lakh units in H1 CY25–a decline of around 5 per cent,” the report released by the Confederation of Real Estate Developers’ Associations of India (CREDAI) in collaboration with CRE Matrix reveals. The data of pan India market performance in the first half shows that Tier 1 cities across India recorded housing sales worth approximately ₹3.6 lakh crore, marking a 9 per cent increase from ₹3.3 lakh crore in H1 CY 2024.

The July edition of CREDAI’s India Housing Report shows that the the National Capital Region (NCR) boosted its position, with its share of total revenue rising from 23 per cent to 26 per cent over the same period. Luxury flats priced above ₹3 crore accounted for 73 per cent of NCR’s sales value, despite a modest volume of 25,000 units sold. The Mumbai Metropolitan Region (MMR) followed closely with a 23 per cent revenue share, recording a 9 per cent growth in sales value and 75,000 units sold, with a 16 per cent increase in average ticket size.

In contrast, Hyderabad’s revenue market share dropped significantly–from 21 per cent in H2 CY23 to just 16 per cent in H1 CY25. Meanwhile, on the positive side, the average ticket size of homes sold has increased sharply. The average ticket size climbed from ₹1.13 crore in H2 CY23 to ₹1.42 crore in H1 CY25, the data shows.

In the south, Chennai emerged as a standout performer, achieving a 23 per cent increase in sales value with 11,000 units sold and a 12 per cent rise in average ticket size. New launches in Chennai grew from 14,000 to 19,000 units, though the market share of homes below ₹70 lakh dropped from 23 per cent to 17 per cent. Bengaluru maintained steady growth with a 4 per cent increase in sales value and 30,000 units sold, supported by a 17 per cent rise in ticket size. However, the share of homes priced between ₹70 lakh and ₹1.5 crore declined from 38 per cent to 32 per cent.

Hyderabad, while recording a modest 2 per cent increase in sales value, saw 11 per cent drop-in units sold (30,000 units) but a doubling of new launches from 23,000 to 42,000 units, indicating developer optimism despite slower absorption, the report added.

Published on August 2, 2025

 Ritwik Bhattacharjee, Chief Executive Officer of Embassy REIT.

Embassy Office Parks REIT has raised ₹2,000 crore through a 10-year Non-Convertible Debenture (NCD) issue. The issue was priced at an effective coupon of 7.33% over a 10-year tenor, with a step-up structure of 7.25% for the first five years and 7.45% for the subsequent five years.

The proceeds will be used to refinance certain existing debt, resulting in annual interest savings of approximately 70 basis points (bps).

Debt refinancing move

The proceeds will be used to refinance certain existing debt, resulting in annual interest savings of approximately 70 basis points (bps). “The transaction optimally staggers our liability profile and enables us to prudently manage future debt maturities,” said Ritwik Bhattacharjee, Chief Executive Officer of Embassy REIT.

The 10-year NCD attracted significant interest from insurance companies and pension funds, as the tenure aligns well with their longer-term investment requirements.

The issuance saw robust demand from a diverse set of over 15 leading institutional investors, including insurance companies, pension funds, and mutual funds, and was oversubscribed by 1.4x.

Published on July 25, 2025

Godrej Properties Limited reported its highest-ever quarterly net profit of ₹600 crore for Q1 FY26, marking a 15 per cent year-on-year growth despite facing headwinds in booking values.

The real estate developer’s booking value declined 18 per cent to ₹7,082 crores compared to the same quarter last year, though this marked the eighth consecutive quarter exceeding ₹5,000 crore in bookings. The company sold 4,231 homes across 6.17 million square feet during the quarter.

EBITDA grew 18 per cent to ₹915 crore while total income dropped 3per cent to ₹1,593 crore. Collections surged 22 per cent to ₹3,670 crore, providing strong cash flow support.

New project launches drove performance, with Godrej MSR City in Bengaluru generating ₹2,426 crore in bookings, followed by Godrej Majesty in Greater Noida at ₹925 crore. Bengaluru contributed over ₹3,000 crores to total bookings.

The company expanded its pipeline by adding five new projects worth an estimated ₹11,400 crore in booking value potential, achieving 57per cent of its annual business development guidance in just one quarter.

Executive Chairperson Pirojsha Godrej cited the company’s robust launch pipeline and strong balance sheet as key factors supporting future growth, with business development additions since FY23 totaling over ₹90,000 crore in future booking value.

The shares of Godrej Properties Limited were trading today on the NSE at ₹2,068.60 down by ₹34.30 or 1.63 per cent.

Published on August 1, 2025

The consultant attributed the rise in demand to increased activities in three southern cities
| Photo Credit:
Flash vector

Office space leasing in Delhi-NCR more than doubled to 2.62 million square feet during April-June on better demand of workspace in Gurugram and Noida from corporates, according to Vestian.

On Friday, US-based real estate consultant Vestian released its report on India’s top seven office markets that showed a 10 per cent rise in absorption or leasing of office space to 18.79 million sq ft during the second quarter of this calendar year.

The consultant attributed the rise in demand to increased activities in three southern cities (Bengaluru, Hyderabad and Chennai), whose share rose to 59 per cent from 46 per cent in January-March quarter.

As per the data, Bengaluru retained its dominant position with leasing of 5.62 million sq ft area in the latest June quarter, an increase of 32 per cent from the year-ago period.

In Hyderabad, the demand grew 5 per cent to 3.56 million sq ft, while Chennai saw a 4 per cent increase in leasing activities to 1.82 million sq ft.

In Delhi-NCR, the office space absorption surged 130 per cent to 2.62 million sq ft in the second quarter of 2025 calendar year. The share of the Noida market in the leasing activities was 27 per cent, while Gurugram contributed the rest.

The leasing of office space in Mumbai was 2 per cent higher at 3.45 million sq ft, led by Navi Mumbai with a 52 per cent share.

However, Pune witnessed a drop of 52 per cent to 1.37 million sq ft.

Kolkata, a small office market, saw a 52 per cent growth in leasing to 0.35 million sq ft during the April-June period.

On the demand trend, Shrinivas Rao, CEO of Vestian, said, “As more enterprises are transitioning back to in-office operations and several grade-A office projects are planned to be completed in the second half of 2025, the growth momentum is anticipated to continue with an increase in office utilisation ratio.” During the January-June period of 2025, the office space leasing in India’s seven major cities stood at 36.75 million sq ft, an increase of 21 per cent from the corresponding period of the preceding year.

The consultant projected that absorption would surpass 75 million sq ft by the end of 2025.

Published on July 25, 2025

Housing market is witnessing “premiumisation” across major cities
| Photo Credit:
iStockphoto

Housing sales fell 5 per cent to 2.53 lakh units during the first six months of this year but increased 9 per cent in value terms to ₹3.59 lakh crore across eight major cities, according to a CREDAI and CRE Matrix report.

On Thursday, realtors’ apex body CREDAI and data analytics firm CRE Matrix released a report on primary housing markets of India’s top eight cities — Bengaluru, Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Kolkata, Chennai, Hyderabad and Ahmedabad.

As per the data, the housing sales in these eight cities declined 5 per cent to 2,53,119 units during January-June 2025 from 2,67,219 units in the year-ago period.

Appreciation in prices of residential properties led to an increase of 9 per cent in sales in value terms to ₹3,59,373 crore in the first half of 2025 from ₹3,30,750 crore in the corresponding period of the preceding year.

“We are witnessing a decisive shift in homebuyer preferences across India. The demand is clearly moving towards larger, better-located, and more premium homes — reflecting rising aspirations and improved purchasing power,” CREDAI National President Shekhar Patel said.

“A 21 per cent growth in NCR’s housing value, despite lower volumes, is a clear indicator that quality and location are now more important than quantity,” he added.

Abhishek Kiran Gupta, CEO & Co-Founder of CRE Matrix, said, the Tier 1 housing markets have entered a new phase of value-driven growth.

He noted that there has been a 14 per cent rise in average ticket size to ₹1.42 crore from ₹1.24 crore during the period under review.

“As data suggests, India’s residential real estate story is no longer just about quantity – it’s about quality, confidence, and lifestyle,” Gupta said.

The data showed that Delhi-NCR’s market share in value terms has increased to 26 per cent from 23 per cent during the period under review.

Gurugram-based property consultant InfraMantra founder Shiwang Suraj noted that Gurugram and Noida markets have dominated the luxury housing sales in Delhi-NCR.

“The region’s growing lifestyle aspiration, massive infrastructure development and demand for bigger homes have led to this surge in luxury housing,” he added.

Bhavesh Kothari, Founder & CEO of Property First Realty LLP, said the housing market is witnessing “premiumisation” across major cities.

He noted that Bengaluru’s real estate market has grown multifold over the last decade and generated high capital appreciation and rental yields for property owners.

Published on July 31, 2025

Consequently, the High Court quashed the orders of the Assessing Officer and the ITAT to the extent that they deprived Nangpal of the full exemption benefit under Section 54(1) of the Act.

In a significant pronouncement for individual taxpayers, the Bombay High Court has elucidated the interpretation of Section 54(1) of the Income Tax Act, thereby allowing long-term capital gains exemption for the purchase of multiple residential houses, provided the transactions occurred prior to the the 2014 amendment to the provision. This ruling addresses a contentious issue that has led to considerable litigation.

The core of the dispute revolved around the precise meaning of the phrase “a residential house” in the unamended Section 54(1) of the Income Tax Act, which governs the reinvestment of capital gains arising from the sale of a house property to avoid taxation. Prior to its amendment by the Finance (No. 2) Act, 2014, the law stipulated that if the capital gain was utilized for “purchasing or constructing a residential house” within a three-year timeframe, no tax would be levied. The 2014 amendment prospectively altered this phrase to “one residential house,” effective from April 1, 2015.

The case brought before the High Court involved Krishnagopal B. Nangpal, an assessee who had sold a flat in Mumbai and subsequently utilized the entire capital gain, exceeding ₹1 crore, to acquire seven row houses in Pune. Critically, both the sale and purchase transactions were concluded before the 2014 amendment came into force. The Income Tax Department had denied Nangpal the full deduction, a decision that was partially upheld by the Income Tax Appellate Tribunal (ITAT), which limited the exemption to the purchase of only one house.

A Division Bench of Chief Justice Alok Aradhe and Justice Sandeep VMarne, after a thorough review of the facts and legal arguments, observed that the established legal position supported a broader interpretation of the unamended provision. The Court noted that the phrase “a residential house” in Section 54(1), as it stood before the amendment, was not intended to signify a singular residential unit but could encompass multiple residential properties.

“The emphasis in the unamended Section 54 (1) of the Act is on residential nature of the property and the objective was never to restrict the number of residential houses purchased against capital gains. The words ‘a residential house’ were merely descriptive nature of the assets sold/purchased and not restrictive of the number of assets sold or purchased. The position got modified by the Legislature only w.e.f. 01 April 2015,” the bench said.

The Bench reinforced its conclusion by drawing upon previous rulings by the Karnataka High Court in the case of Arun K. Thiagarajan and the Madras High Court in C. Tilokchand & Sons Cases. These precedents had similarly held that the term “a” in Section 54, preceding its substitution by “one,” permitted the inclusion of plural residential units.

Consequently, the High Court quashed the orders of the Assessing Officer and the ITAT to the extent that they deprived Nangpal of the full exemption benefit under Section 54(1) of the Act.

Tax experts

Tax experts have welcomed the judgment. Amit Maheshwari, Tax Partner at AKM Global, stated that this decision aligns with earlier High Court pronouncements and clarifies that the phrase “a residential house” was not meant to restrict reinvestment to a single property. He further noted the significant implications for “legacy cases” where exemptions might have been denied solely due to the acquisition of multiple units.

“This judgment underscores that the tax benefit under Section 54 is intrinsically linked to the residential character and the genuine purpose of reinvestment—not to the number of units acquired,” Maheshwari remarked. He added that the decision reinforces legal certainty and ensures equitable relief for taxpayers in similar cases awaiting adjudication.

Published on July 25, 2025

Brigade Group has launched its premium residential project Brigade Avalon, with a development area of approximately 6.4 lakh square feet and a projected revenue potential of over ₹1,000 crore.

Located in Whitefield Main Road, the project is spread across 4.36 acres. “The launch of Avalon reinforces our commitment to be a key player across South India. Furthermore, this project aligns with our premiumisation strategy across design, marketing, sustainability and site experience,” said Pavitra Shankar, Managing Director, Brigade Enterprises Limited.

Founded in 1986, Brigade Group has developed properties across Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Trivandrum, and GIFT City with developments across residential, office, retail, hospitality, and education sectors.

Published on July 28, 2025

Real estate developers and financial institutions have become more optimistic towards growth in India’s property market for the next six months despite global uncertainties, according to NAREDCO and Knight Frank.

On Tuesday, realtors’ body NAREDCO and property consultant Knight Frank India have released the 45th edition of the ‘Real Estate Sentiment Index’ for April-June quarter, which showed a significant shift in the mood of the supply-side stakeholders in the Indian real estate sector.

“Following a year-long moderation in sentiment, stakeholders are beginning to look beyond short-term global uncertainties and are anchoring their expectations on India’s structural economic strength, accommodative monetary policy, and robust demand in premium residential and office segments,” the consultant said.

The Current Sentiment Score rose modestly to 56 in the April-June quarter, from 54 in the preceding January-March period, ending a four-quarter downward streak. The Future Sentiment Score climbed to 61 in April-June, from 56 a quarter ago.

A score of 50 indicates a neutral outlook; scores above 50 reflect positive sentiment, while those below 50 suggest a negative outlook.

The report noted that India’s economic environment has become more conducive to growth and investment because of low inflation, high GST collections and reduction in interest rates.

NAREDCO President Hari Babu said the index reflects renewed optimism in the sector.

“This recovery is led by steady office leasing — particularly by GCCs and flex operators — and strong demand for premium housing… Developers’ outlook has notably strengthened amid improved liquidity and lower borrowing costs. Backed by record GST collections, robust PMI, and monetary easing, India’s real estate sector appears well positioned for sustained growth through the rest of 2025,” he said.

Knight Frank India CMD Shishir Baijal said the recovery in both current and future sentiment scores reflects the sector’s resilience and adaptability.

Published on July 29, 2025

The company will develop 405 luxury apartments.
| Photo Credit:
HYWARDS

Realty firm Brigade Enterprises has partnered with landowners to develop two housing projects in Hyderabad with an estimated revenue of more than ₹970 crore.

In a regulatory filing on Tuesday, the company informed that it has signed Joint Development Agreements (JDAs) for upcoming residential projects in Moti Nagar, Hyderabad – Brigade Citadel 2 and Citadel 3.

The two projects, spread across 10 acres, will have a development potential of about 10 lakh square feet, with an estimated revenue potential exceeding ₹970 crore.

The company will develop 405 luxury apartments.

“This expansion marks a strategic step in our scalable and sustainable growth in Hyderabad, one of our key focus markets in South India…We will continue to scout for land parcels that align with our growth vision, design philosophy, and standards of quality,” said Amar Mysore, Executive Director, Brigade Enterprises Limited.

Established in 1986, Bengaluru-based Brigade Group is one of India’s leading property developers. It builds residential, office and retail projects. The Group is also into hospitality and education sectors.

Published on July 29, 2025

This funding aims to strengthen Omaxe’s core operations and accelerate the delivery timelines for various residential, commercial, and public-private partnership developments.
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Real estate developer Omaxe Group has secured funding of ₹500 crore from funds managed by Oaktree Capital Management.

Oaktree is among the global investment managers specialising in alternative investments.

In a statement, Omaxe said the funding will strengthen the company’s core and accelerate delivery timelines for residential, commercial, and public-private partnership (PPP) developments, including its infrastructure, commercial, and residential projects.

Expansion plans

It will also provide growth capital for Omaxe’s ongoing projects across key markets, such as New Chandigarh, Lucknow, Ludhiana, and Faridabad, along with flagship developments like Omaxe State in Dwarka, the upcoming integrated township in Amritsar, and a new township project in Indore, among others.

According to Mohit Goel, Managing Director, Omaxe, the partnership with Oaktree marks an important milestone.

“The fund infusion enables us to movefaster on construction, reduce market dependence, and strategically invest in new opportunities that align with our core markets. We believe this partnership will enable us to enhance our geographical presence in many more growth cities, multiplying value for both of us,” Goel said.

Published on July 28, 2025

Blackstone and Sattva group sponsored real estate investment trust Knowledge Realty’s ₹4,800-crore IPO has been greenlighted by Securities and Exchange Board of India Trust and is set to open on August 5.

It will be the second largest REIT in Asia and India’s largest based on its gross asset value of ₹62,000 crore, according to the prospectus filed with the regulator.

Pre-IPO placement

In June, the REIT had raised ₹1,400 crore in a pre-IPO placement and investment banking sources said that there was strong investor interest in it.

A significant portion of the funds being raised will be used to repay debts of the asset special purpose vehicles and the investment entities.

Asset base

The REIT has a portfolio of 29 assets with a total leasable area of 46 million square feet, spread across 6 cities and over 450 tenants.

It owns properties such as ‘One BKC’ and ‘One World Center’ in Mumbai, ‘Knowledge City’ and ‘Knowledge Park’ in Hyderabad and ‘Cessna Business Park’ and ‘Sattva Softzone’ in Bengaluru.

It will be the fifth REIT in India and the fourth office-based REIT in the country.

The four listed REITs – Embassy Office Parks, Mindspace Business Parks, Brookfield India Real Estate and Nexus Select Trust – together had a portfolio of 129 msf in FY25 and had assets under management of over ₹1.63 lakh crore.

The first REIT in India was launched in 2019 and the four REITs together have cumulatively distributed over ₹22,800 crore to their unitholders.

Published on July 28, 2025

Realty firm Lodha Developers Ltd remains bullish on growth potential in housing market as it plans to launch ₹17,000 crore worth residential projects by March next to meet consumers demand.

In an interview with PTI, the company’s Executive Director ( Finance) Sushil Kumar Modi noted that the high demand for residential properties, being seen post-Covid pandemic, would not only sustain but grow further, driven by the country’s economic growth, income tax relief in the Budget and reduction in interest rates on home loans.

He sounded confident of achieving the target of selling ₹21,000 crore worth of properties in the current fiscal year, a 19 per cent increase from the preceding year.

“We remain in track and are thereby remain confident of achieving ₹21,000 crore of pre-sales guidance for the current fiscal year,” Modi said.

He said the company has a huge launch pipeline to meet the target.

“At the beginning of this fiscal, we had estimated launch of ₹18,000 crore worth projects but with an acquisition of five land parcels in June quarter, we now have clear visibility of launches at about ₹25,000 crore for the entire 2025-26,” Modi said.

The company has already launched ₹8,000 crore worth of housing projects in the first quarter, which means that ₹17,000 crore worth of homes will be offered for sales in the remaining three quarters of this fiscal.

“Strong launch pipeline combined with interest rate reduction on home loans and income tax relief will provide significant amount of tailwainds for our business and help achieve the pre-sales target,” Modi said.

Already, Lodha Developers clocked a 10 per cent growth in its sales bookings during April-June period of this fiscal year to ₹4,450 crore.

In Indian real estate, Modi mentioned that the launches and sales are skewed towards the second half of the fiscal year because of festival season, which generates an additional demand.

Meanwhile on the financial front, Lodha Developers on Saturday reported a 42 per cent increase in consolidated net profit to ₹675.1 crore for the first quarter of this fiscal year.

Its net profit stood at ₹475.9 crore in the year-ago period.

Total income rose to ₹3,624.7 crore in the April-June period of the 2025-26 fiscal year from ₹2,918.3 crore in the corresponding period of the preceding year.

Lodha Developers is one of the leading real estate companies in the country.

During the 2024-25 fiscal year, the company posted a net profit of ₹2,766.6 crore on a total income of ₹1,4169.8 crore.

Lodha Developers has a strong presence in the residential markets of Mumbai Metropolitan Region (MMR), Pune and Bengaluru.

The company has delivered 110 million sq ft of real estate and is developing more than 130 million sq ft under its ongoing and planned portfolio.

Published on July 27, 2025

DEC Infrastructure and Projects bagged the contract for phase-I comprehensive conservation, retrofitting and setting up of service building in North Block in New Delhi worth ₹317 crore.

The Hyderabad-based company received a Letter of Acceptance of the tender from the Central Public Works Department (CPWD) to complete the works within 24 months. 

The North Block houses key government offices, including the Ministry of Home Affairs (MHA). The DEC Infrastructure and Projects (India) Private Limited has also bagged another contract for internal finishing, furniture, furnishing and electrical and mechanical related works for office spaces in general pool office accommodation (GPOA), which are government offices at Netaji Nagar under Central Vista, New Delhi.  

The works, which will be carried out at a cost of ₹295 crore, will be completed in a year, according to a release. 

Published on July 27, 2025

Source: Company website
| Photo Credit:
BL companies

Realty firm Lodha Developers Ltd on Saturday reported a 42 per cent surge in its consolidated net profit to ₹675.1 crore for the first quarter of this fiscal, due to better income driven by strong housing demand. Its net profit stood at ₹475.9 crore in the year-ago period.

The total income rose to ₹3,624.7 crore in the April-June period of the 2025-26 fiscal from ₹2,918.3 crore in the corresponding period of the preceding year, according to a regulatory filing.

The company’s MD and CEO Abhishek Lodha said the latest June quarter was its best-ever first-quarter pre-sales performance at ₹4,450 crore.

The performance would have been much better, but for two weeks of uncertainties during the India-Pakistan conflict, which had an adverse effect, he added.

“Structural industry tailwinds on the back of low home-ownership levels, rising household incomes, strong affordability, low mortgage rates, combined with ever-increasing customers’ desire to own quality homes from branded developers, like Lodha forms the cornerstone of our business strategy, to deliver 20 per cent topline growth on a sustainable basis for the foreseeable future,” said Abhishek.

With the help of interest rate reduction and the benefit from income tax cuts, he said the company is witnessing a pick-up in mid-income demand.

“We expect this to strengthen in H2 of this fiscal,” he added.

He highlighted that the company has achieved more than 90 per cent of its FY26 business development guidance in the first quarter itself.

“We have added five projects at marquee locations in MMR, Pune and Bengaluru with ₹22,700 crore of GDV (gross development value) potential.”

Lodha Developers is one of the leading real estate companies in the country.

In 2024-25, the company had posted a net profit of ₹2,766.6 crore on a total income of ₹14,169.8 crore.

Lodha Developers has a strong presence in the residential markets of Mumbai Metropolitan Region (MMR), Pune and Bengaluru.

The company has delivered 110 million square feet of real estate and is currently developing more than 130 million square feet under its ongoing and planned portfolio.

Published on July 26, 2025

Backed by an investment commitment of ₹9,000 crore, M3M India has launched three major projects in Noida. Together, these developments span over 7.5 million square feet and are expected to drive major economic and employment opportunities in the region.

The developments are set to generate employment for about 15,000 individuals across a range of functions, including contractors, suppliers, construction workers and logistics partners, thereby fuelling the local economy, it said.

Since its inception in 2010, M3M has carved a niche for itself by delivering over 41 projects in Gurugram across the luxury residential, commercial and retail segments. With a pan-India development footprint of over 30 million square feet and a land bank of more than 3,000 acres, the company is now eyeing Uttar Pradesh as growth market.

Pankaj Bansal, Director, M3M India said the company’s commitment to the growth of Noida is in alignment with the vision of the Uttar Pradesh Government.

The Noida real estate market continues to witness robust growth, driven by continued infrastructure investments and its strategic location near emerging economic corridors, including the upcoming Jewar International Airport, he said.

In this evolving landscape, M3M India’s timely foray not only reaffirms the city’s potential but also positions it as a preferred destination for residential, commercial and mixed-use projects.

Published on July 25, 2025

A central 6,000 square metre landscaped podium dubbed the ‘Eco Deck’ serves as the project’s green centerpiece
| Photo Credit:
FRANCIS MASCARENHAS

DLF Home Developers has sold out all 416 units in Phase 1 of ‘The Westpark’, its first residential project in Mumbai, generating over ₹2,300 crore in sales within a week of launch.

The project, developed in partnership with Trident Realty, marks India’s largest listed real estate company’s entry into Mumbai’s residential market. Located off Link Road in Andheri West, the development spans 5.18 acres as part of a larger 10-acre master plan.

“Initially, we launched only two of the four planned towers, but due to exceptional demand, we brought all four towers to market,” said Aakash Ohri, Joint Managing Director of DLF Home Developers. The swift sellout contrasts with Mumbai’s typically gradual absorption patterns.

Phase 1 comprises four 37-storey towers offering 3 and 4 BHK residences ranging from 1,125 to 2,500 square feet carpet area, plus select penthouses. The project includes 845 dedicated parking spaces and a 50,000 square feet lifestyle hub.

The development will eventually feature eight towers with international design by HB Design and structural work by Thornton Tomasetti. A central 6,000 square metre landscaped podium dubbed the ‘Eco Deck’ serves as the project’s green centerpiece.

The project is registered with MahaRERA under number PR1181012500079, valid until June 30, 2032.

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Published on July 25, 2025

Realty major Sobha Ltd reported a profit after tax (PAT) of ₹13 crore for the quarter ended June 30, marking a sharp 123 per cent year-on-year (YoY) increase.

During the quarter, the company recorded a sales value of ₹2,079 crore, crossing the ₹2,000-crore milestone for the first time. Collections stood at ₹1,778 crore, up 15% YoY.

The company has trimmed its net debt to -₹687 crore, resulting in a Net Debt-to-Equity ratio of -0.15.

Jagadish Nangineni, Managing Director, Sobha Ltd, said, “We achieved our highest-ever quarterly sales, fuelled by robust demand across all our operating cities. The successful launch of our first project in Greater Noida marks a pivotal milestone, reinforcing our brand’s strength. Our unique backward integrated delivery model continues to drive consistent performance, supported by ongoing investments in operational excellence.”

The shares of the company closed at ₹1,618.00, down by 0.71 per cent

Published on July 25, 2025

 Ramesh Nair, CEO and MD of Mindspace Business Parks REIT

Mindspace Business Parks REIT, which develops an office portfolio, has acquired Mack Soft Tech Private Limited, which owns 0.81 million sq ft of ‘Q-City’, for ₹512 crore. This marks its first third-party asset addition.

Post-acquisition, the company’s portfolio capacity grows to 37.9 million square feet from 37.1 million square feet.

The acquired asset, which is 65 per cent occupied, will be rebranded as ‘The Square, 110 Financial District. The Financial District in the Western party of the city is a key IT hub, which houses several marquee global companies.’

“The deal strengthens our Hyderabad presence to over 16 million square feet, in aggregate. Hyderabad is one of India’s most coveted commercial markets, characterized by high GCC demand, minimal institutional-grade vacancy, and strong tenant preference,”  Ramesh Nair, CEO and MD of Mindspace Business Parks REIT, said in a statement on Thursday.

“The Hyderabad market is the country’s GCC hub, houses over 350 global capability centres.. As Madhapur and Hi-Tec City near full capacity, global firms are looking westward. “Our acquisition positions us to capture this demand,” he said.

Published on July 24, 2025

The company is expecting to develop over 6 million sq ft of premium residential and mixed-use developments in the UAE over the next 3 years, a release from the company said

Chennai-based real estate developer Casagrand has announced its entry into the UAE.

This foray into the international market is part of Casagrand’s long-term vision to expand into high-potential real estate destinations, setting the stage for developments outside India.

The company is expecting to develop over 6 million sq ft of premium residential and mixed-use developments in the UAE over the next 3 years, a release from the company said.

Arun Mn, Founder and Managing Director of Casagrand. said, “Entry into the UAE is a proud and exciting moment for all of us at Casagrand. We believe the UAE’s visionary leadership, investor-friendly policies, and vibrant cosmopolitan lifestyle present the perfect environment for our next phase of growth.”

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Published on July 24, 2025

Realty firm Lodha Developers Ltd has raised ₹350 crore by issuing debentures on a private placement basis for business growth.

In a regulatory filing on Monday, the company informed that an executive committee of the Board of Directors approved allotment of non-convertible debentures (NCDs) aggregating to ₹350 crore on a private placement basis.

Earlier this month, the committee had approved the allotment of NCDs, aggregating to ₹300 crore on a private placement basis.

Mumbai-based Lodha Developers, erstwhile Macrotech Developers Ltd, is one of the leading real estate firms in the country. It has a significant presence in the Mumbai Metropolitan Region (MMR), Pune and Bengaluru markets.

The company develops housing projects, office complexes, shopping malls and industrial & warehousing parks.

Published on July 21, 2025

IndoSpace has launched its largest industrial park in India, the 188-acre IndoSpace Chakan V in Pune, backed by a $120 million investment. The facility represents the company’s eighth industrial and logistics park in Maharashtra, expanding its existing 525-acre footprint in the Pune region.

The park is strategically located within MIDC Chakan along major transportation corridors including the Mumbai-Pune Expressway, Pune-Nashik Highway, and the Bengaluru-Mumbai Industrial Corridor. This positioning provides connectivity to industrial hubs across western India and access to consumption centers and ports through existing rail infrastructure.

“Chakan has cemented its role as a high-demand manufacturing hub, driven by its strong connectivity and industrial ecosystem,” said Anshuman Singh, Managing Director and CEO of IndoSpace. The development targets demand from automotive, engineering, electronics, and third-party logistics sectors.

The park features smart infrastructure including RFID sensors, energy-efficient LED lighting, and low-carbon materials. Additional amenities include electric bikes for internal mobility, auto-repair facilities, childcare services, and sports zones. IndoSpace will offer flexible built-to-suit options to accommodate diverse industry requirements.

Pune’s industrial and logistics market, including the Chakan-Talegaon corridor, recorded 6.7 million square feet of absorption in 2024. IndoSpace operates over 60 million square feet of infrastructure across 50+ locations nationwide, serving more than 150 industry leaders since 2007.

Published on July 23, 2025

Anta Builders Managing Director Midhun Kuruvila Kurien and Beta Group Director Rajnarayan Pillai exchanged MoUs and shareholding agreements. Kirloskar Industries Limited Managing Director George Varghese, Beta Group Chairman Rajmohan Pillai, and Madhu Kumar of Client Associates were also present.

Beta Group, a diversified transnational conglomerate with interests in commodity trading and food products, has announced its entry into the real estate and infrastructure space through a strategic investment in Anta Builders, a leading construction and property development company in Kerala.

As part of the partnership, Beta Group will acquire a 10 per cent stake in Anta Builders, based on a valuation of ₹550 crore. The move marks a significant milestone for both firms, laying the groundwork for a broader collaboration aimed at scaling operations and driving innovation in India’s urban development sector, according to a press release.

The MoU and shareholding agreement were signed in Thiruvananthapuram by Rajnarayan Pillai, Director of Beta Group, and Midhun Kuruvila Kurien, Managing Director of Anta Builders.

Beta to join Anta’s board

Beta Group will also join the Board of Directors of Anta Builders, signalling a year-long strategic commitment and deeper engagement in the company’s long-term vision.

“This partnership reflects our strategic intent to participate meaningfully in India’s urban transformation journey,” a Beta Group spokesperson said.

₹500 crore to be jointly raised for infrastructure projects

The collaboration is expected to enable both entities to jointly raise ₹500 crore for real estate and infrastructure development projects across the country. The focus will be on expanding into high-growth urban centres such as Bengaluru, Hyderabad, Pune, Mumbai, and Gurugram.

The key areas of collaboration include the adoption of advanced construction technologies and sustainable building practices, expansion into smart city and green infrastructure projects, enhancement of capacity for high-value infrastructure development, and strategic investments in residential and commercial real estate across major metropolitan areas.

Published on July 22, 2025

Sales of ultra-luxury homes rose 11 per cent to 692 units in January-June period this year, from 622 units in the year-ago period
| Photo Credit:
Rasi Bhadramani

Sales of ultra-luxury homes, each costing ₹10 crore and above, in Mumbai rose 20 per cent in January-June this year to a record ₹14,751 crore on strong demand, according to a report.

Property consultant India Sotheby’s International Realty (ISIR) and data analytics firm CRE Matrix on Tuesday released a report on Mumbai luxury housing market (both primary and secondary).

As per the data, the sales of luxury homes (₹10 crore and above) in Mumbai in value terms, increased 20 per cent to ₹14,751 crore in the first six months of this year, from ₹12,285 crore in the corresponding period of the preceding year.

In terms of volume, sales of ultra-luxury homes rose 11 per cent to 692 units in January-June period this year, from 622 units in the year-ago period.

“Mumbai’s luxury real estate market is at a pivotal moment. Record sales in H1 2025 signal sustained appetite for ultra-premium homes, especially in established micro-markets like Worli, Prabhadevi, Tardeo, Malabar Hill, and Bandra West,” ISIR Executive Director Sudershan Sharma said.

The high demand is driven by better infrastructure and fresh supply of luxury homes, he added.

CRE Matrix founder & CEO Abhishek Kiran Gupta noted that there is a sustained buyer interest in the Mumbai luxury housing market.

In terms of volumes, the primary market performed better indicating that buyers are preferring newly built luxury homes, with better specs and amenities.

As per the data, the sales of luxury homes in primary market rose to 501 units during January-June this year, from 422 units in the year-ago period.

But, the deals in the secondary (re-sale) market fell to 191 units from 200 units.

In value terms, the sales of luxury homes in the primary market surged to ₹11,008 crore from ₹8,752 crore. The secondary market also saw slight increase in sales to ₹3,743 crore, from ₹3,533 crore, despite fall in volumes.

Published on July 22, 2025

Yancharla Rathnakara Nagaraja, Managing Director, Ramky Infrastructure Ltd.

Ramky Infrastructure has reached a milestone in its corporate journey by successfully executing a Restructuring Exit Agreement (REA) with its lenders and repaying ₹3,859 crore debt comprising both term loans and working capital facilities. Its working capital facilities are now classified as regular and standard by the lenders. Since the incorporation of its business in 1994, the Company has completed a wide range of construction and infrastructure projects focusing on Industrial Infrastructure development and EPC projects in the fields of Water, Waste Water Treatment, Roads, Bridges and Urban Infrastructure Development. businessline had a chat with YR Nagaraja, Managing Director, Ramky Infrastructure. Excerpts: 

More Like This

Published on July 21, 2025

Nirupa Shankar, Joint Managing Director, Brigade Group
| Photo Credit:
BIJOY GHOSH

Brigade Hotel Ventures (BHVL) plans to add five hotels to its portfolio, Managing Director Nirupa Shankar told businessline. “We have five hotels where both land and brand are tied up. We’ve also signed three hotels with Marriott; brands are finalised, but land formalities are being completed. And there’s one more site where we have bought the land but brand tie-up and key count are pending,” she said.

According to the RHP, the company plans to develop a luxury beach resort in Chennai and two upper midscale hotels in Bengaluru.

As per the RHP, BHVL will allocate ₹90 crore from the IPO for an unidentified, opportunistic asset. Shankar emphasised that the company’s core strength lies in building and owning hotels. “When we develop from scratch, we can tailor the hotel to the micro market, banquet size, room mix, F&B outlets, working closely with the operator to get the product right.”

She added that BHVL has no plans to pursue an asset-light model. “Owned hotels become huge cash cows once the payback is complete.

Revenue mix & growth

Rooms account for around 62 per cent of BHVL’s topline, F&B contributes 32 per cent, while the rest comes from other operating departments. In the last fiscal, topline grew 16-17 per cent, EBITDA grew 15 per cent, while F&B grew 20 per cent, driven by higher banqueting, catering, and corporate meal volumes. Shankar sees additional upside from food delivery platforms and other off-premise channels.

BHVL owns and has developed nine hotels across Bengaluru, Chennai, Kochi, Mysuru, and GIFT City (Gujarat). With the opening of the 130-key ibis Styles Mysuru, total keys increased from 1,474 (as of March 31, 2023) to 1,604.

The ₹760 crore IPO, which opens on July 24–28 at a price band of ₹85-90 per share, will entirely be fresh issue of shares. Proceeds will be used to repay past borrowings, fund new projects, and pursue acquisitions. JM Financial Ltd and ICICI Securities Ltd are the Book Running Lead Managers to the issue.

Published on July 21, 2025

Signature Global Chairman Pradeep Kumar Aggarwal
| Photo Credit:
Nimisha S Pradeep _11875@Chennai

Realty firm Signature Global plans to launch homes worth ₹6,000 crore for sale in Gurugram in the current quarter to cater to the demand from end-users and investors.

Signature Global was the fifth-largest listed real estate firm in 2024-25, in terms of sales bookings, falling behind Godrej Properties, DLF, Lodha Group and Prestige Estates Projects Ltd.

The company had clocked record pre-sales of ₹10,290 crore last fiscal.

In an interview with PTI, Signature Global Chairman Pradeep Kumar Aggarwal said the company launched one housing project in Gurugram during the June quarter with total revenue potential of around ₹3,500 crore.

“We are planning to launch 3.5-4 million square feet in the current quarter. The total sales potential would be around ₹6,000 crore,” he said.

Aggarwal said the demand continues to be strong, especially for good brands.

“The maximum demand is in the ₹2-4 crore category,” he observed.

Recently, on the sidelines of a real estate conference, Aggarwal asserted that there was no bubble in the Gurugram housing market and ruled out any price crash.

Aggarwal remains confident of achieving its target to sell ₹12,500 crore worth of homes this fiscal, even as its pre-sales dipped 15 per cent in the June quarter.

During the April-June quarter, the company reported a 15 per cent decline in sales bookings to ₹2,640 crore from ₹3,120 crore in the year-ago period.

The company sold 778 homes in April-June 2025 against 968 units a year ago.

In terms of volumes, pre-sales dipped 20 per cent to 16 lakh square feet.

During the June quarter, the average sales realisation stood at ₹16,296 per sq ft compared to ₹12,457 per sq ft in the last fiscal.

To expand business and refinance debt, Signature Global is also looking to raise ₹875 crore through the issue of non-convertible debentures.

It posted a net profit of ₹101.2 crore in the last fiscal, a sharp jump from ₹16.32 crore in the preceding year.

Its total income grew to ₹2,637.99 crore in the last fiscal from ₹1,324.55 crore in 2023-24.

Signature Global has delivered 14.6 million sq ft of real estate so far.

Another 10.4 million square feet is under construction.

Published on July 20, 2025

Pradyumna Krishnakumar, Executive Director of Brigade

Real estate major Brigade – known for its residential and commercial projects – told businessline that the company is exploring options to expand into industrial and logistics infrastructure and is evaluating sites close to city limits. Pradyumna Krishnakumar, Executive Director of Brigade said that the company has acquired a 75-acre property last year to develop a mixed-use project with a strong focus on industrial and logistics infrastructure. This shift aligns with the growing interest in government-backed industrial clusters and rising demand from tech-driven supply chains.

The demand for integrated logistics and industrial parks has surged due to India’s manufacturing push, the rise of e-commerce, and government incentives for industrial corridors.

The company is targeting 16 million sq. ft. of launches in FY26, with 12 million sq. ft. coming from residential projects. It is also prioritising connectivity, with both commercial and residential projects strategically planned near metro corridors.

Commercial portfolio

While its commercial portfolio continues to grow, particularly with the recent 11-acre ITPL acquisition for a ₹2,000 crore development, Brigade’s long-term focus will remain on tech-driven micro-markets across Bengaluru, Chennai, and Hyderabad. “We are concentrating on markets where technology, BFSI, and pharma sectors are driving demand. Metro connectivity has become a critical factor for both residential and commercial buyers, and we are aligning new projects with metro corridors,” said Pradyumna.

Going ahead, the company plans to focus on geographies and micro-markets driven largely by technology, which it sees as its strongest demand driver. “We are seeing even in markets like Chennai, a large part of our customer base comes from the tech sector. BFSI is significant in Chennai, while Hyderabad has a strong pharma-driven demand,” he added.

Published on July 20, 2025

Mumbai-based Keystone Realtors sells properties under the ‘Rustomjee’ brand
| Photo Credit:
anilakkus

Keystone Realtors Ltd on Monday said it has sold a record ₹1,068 crore worth of properties in the first quarter of this fiscal, an annual increase of 75 per cent, on high demand.

Mumbai-based Keystone Realtors sells properties under the ‘Rustomjee’ brand.

In a regulatory filing on Monday, the company informed that it has clocked pre-sales of ₹1,068 crore in the first quarter of 2025-26 as compared to ₹611 crore in the corresponding period of the preceding year.

Keystone Realtors said it is the “best ever Q1 pre-sales of the company.” The collection of funds from customers rose 19 per cent to ₹575 crore from ₹485 crore.

Keystone Realtors launched three projects in the first quarter, having a saleable area of 0.91 million sq ft and an estimated GDV (gross development value) of ₹4,000 crore.

Under new business development, the company bagged three housing societies redevelopment projects during the latest June quarter. This will help the company to generate revenue of ₹7,727 crore.

“We added 3 projects in Q1, FY26, having a saleable area of 3.25 million sq ft and estimated GDV of ₹77.27 billion. All 3 are redevelopment projects,” the company said.

Keystone Realtors is one of the leading real estate developers in the country. It has a significant presence in the Mumbai Metropolitan Region (MMR) property market.

Published on July 7, 2025

Construction and infrastructure company Vishnusurya Projects and Infra Ltd, which specialises in engineering, procurement and construction (EPC), has secured a ₹103.07 crore order from JWIL Infra Ltd, a water management company providing end-to-end solutions.

The contract from JWIL Infra is for laying, testing and commissioning of pipelines along with necessary civil construction for the proposed 400 million litre per day desalination plant to come up in Perur near Chennai, Vishnusurya Projects said in a press release here on Saturday.

The timeline for executing the contract is 17 months, the company said.

The Chennai Metropolitan Water Supply and Sewerage Board has awarded this contract to JWIL Infra for establishing the desalination plant to cater to 22.67 lakh people in areas falling under Tambaram, and 20 village panchayats located near Chennai.

Vishnusurya Projects and Infrastructure Ltd CEO and Whole-time director V Sanal Kumar said, “We are pleased to bag this contract and be a part of the social cause of supplying potable drinking water through the project.” In the past, the company has bagged similar contracts for improvement of water supply distribution system at Tiruvarur, Nagapattinam and Chidambaram in Tamil Nadu, he said.

Published on July 19, 2025

Candle stick graph chart of stock market investment trading, Stock exchange concept design and background. Vector illustrations.
| Photo Credit:
EMOJOEZ

The shares of Kalpataru Limited were trading at ₹423.80, down by ₹2.70 or 0.63 per cent on the NSE today at 10.07 am.

Mumbai-based real estate developer Kalpataru Limited reported a 79 per cent year-on-year increase in pre-sales to ₹1,724 crore for the fourth quarter ended March 31, 2025, compared to ₹961 crore in the same period last year.

For the full financial year 2025, the company’s pre-sales reached ₹4,531 crore, marking a 41 per cent increase from ₹3,202 crore in FY24. The company sold 3.26 million square feet of area during FY25, up 15 per cent from 2.83 million square feet in the previous year.

The company posted a profit after tax of ₹25 crore for FY25, reversing a loss of ₹108 crore in FY24. Revenue from operations stood at ₹2,222 crore with an adjusted EBITDA margin of 29.9 per cent.

Kalpataru raised ₹1,590 crore through its initial public offering in June 2025, utilizing ₹1,192.5 crore for debt repayment. The company launched seven new projects totaling approximately 6.5 million square feet of saleable area during FY25.

Average sale realization improved to ₹13,905 per square foot in FY25 from ₹11,332 per square foot in FY24. The company operates 35 ongoing and forthcoming projects across 47 million square feet in Mumbai Metropolitan Region, Pune, Noida, and Hyderabad.

Managing Director Parag Munot attributed the performance to strong sales, an asset-light growth model, and disciplined execution.

Published on July 17, 2025

The PE firm also sees opportunities in logistics and digital infra segments.

India is a compelling strategic allocation within emerging markets according to private equity firm KKR, which in its mid-year global review has painted a flattering picture of the country for its stability and diversification benefits.

“While we anticipate a modest depreciation of the rupee, this can be hedged, and the core investment thesis remains compelling,” said the US-based firm, that globally managed assets of $664 billion at the end of March.

The private equity firm, which has stayed away from the Indian real estate sector compared to many of its peers, is seeing opportunities emerging in the sector in the country, as part of an overall focus on Asia real estate.

“…. we see opportunities emerging in markets like Japan, India, and South East Asia, where real estate cycles are either early or just starting to turn,” the PE firm said. “We view Asia Real Estate as a high-conviction investment idea where structural growth and market dislocation converge.”

It said it saw opportunities in segments such as logistics and digital infrastructure.

Investment hub

On India as an attractive investment destination, it said that in a volatile global environment the country’s stability, ongoing reforms and resilient consumer base “created a differentiated and increasingly scalable opportunity.”

KKR has invested more than $11 billion in India over two decades and last year its co-founder Henry Kravis had said it would deploy $10 billion more in the country at a faster pace.

Other global asset managers and investment firms such as Blackstone, Brookfield and Temasek have picked up their pace of investments in India, from where they see superior returns compared to some of the more developed markets.

“Its equity market correlation with global indices has decreased — and the sheer scale of its economy is expected to unlock significant private sector opportunities over the next decade,” KKR said.

Published on July 18, 2025

DLF, which is credited with having transformed Gurgaon, is aiming to bring in its signature luxury and amenities, that are still rare in Mumbai. 
| Photo Credit:
AMIT DAVE

Gurgaon-based DLF Ltd is playing it safe in its re-entry into Mumbai, with homes priced in the range of ₹4.5 to 8 crore but heavily loaded with amenities.

“Price is not the factor here, it is the lifestyle that we are offering and the facilities available,” said Aakash Ohri, Joint Managing Director and Chief Business Officer at DLF Homes.

At ₹40,000-₹47,000 per square feet, the pricing is competitive and comparable with the micro-market in which the project is coming up, DLF officials said. Ohri said that he expected prices to escalate soon after the official launch, which will be in August.

He said that preliminary commitments worth over ₹500 crore have already been received. The company has already started engaging with channel partners for the sale of houses. In the first year it is expecting bookings of ₹2,400 crore, and ₹5,000 crore cumulatively over two years.

The project, ‘Westpark’ coming up near the western suburb of Andheri, is set on a sprawling 5.2 acre land area, which is part of a larger 10-acre project with eight towers in total.

The houses, ranging between 1,125 and 2,500 square feet with three and four bedrooms configuration, are positioned in the premium category.

The first four towers – 37 storeys and 416 residences – will be launched over the next two years and the remaining four will be in the second phase, with a total revenue potential of a little over ₹10,000 crore, depending on the pricing at the time of sale.

DLF, which is credited with having transformed Gurgaon, is aiming to bring in its signature luxury and amenities, that are still rare in Mumbai. Ohri said the ambience and the facilities available would be akin to that in a high-end resort, with all the bell and whistles.

It is part of a slum rehabilitation project and is being developed in joint venture with its partner Trident Realty.

The company has already received proposals for several joint developments, that it is evaluating, Ohri said.

Published on July 17, 2025

India’s largest realty firm DLF Ltd has re-entered the Mumbai market and will invest around ₹900 crore to develop a luxury housing project at Andheri (West), a senior company official said.

In July 2023, DLF had announced its re-entry in the Mumbai market with plans to develop a luxury housing project in Mumbai in partnership with NCR-based builder Trident group.

“We have launched a luxury housing project ‘Westpark’ in Mumbai comprising 416 apartments,” DLF Home Developers Joint Managing Director Aakash Ohri told PTI.

He said the company has launched this 5.18-acre project in a price range of ₹42,000 per sq ft to ₹47,000 per sq ft. It is selling flats in a range of ₹4 crore to ₹7.5 crore.

Asked about the investment, Ohri said, “It will be around ₹800-900 crore”.

The total sales realisation will be around ₹2,300 crore, he added.

Ohri said the initial demand has been very encouraging from customers.

“We plan to sell around 200 units,” he said, adding that the company might sell the entire 416 units in case of high demand.

In 2023, DLF had said that the company will hold a 51 per cent stake in the special purpose vehicle (SPV), which would develop this project. The remaining 49 per cent will be with Trident Group.

This is a Slum Rehabilitation Authority (SRA) project.

In 2012, DLF had sold 17-acre land parcel in Mumbai to Lodha Developers for ₹2,700 crore.

It had also formed a joint venture with Akruti City to develop a few projects, but could not launch any projects.

DLF, the country’s largest real estate firm in terms of market capitalisation, reported a record sales bookings of ₹21,223 crore in the 2024-25 fiscal, an increase of 44 per cent from ₹14,778 crore in the preceding financial year.

DLF’s MD Ashok Tyagi recently gave sales bookings guidance for the current fiscal at ₹20,000-22,000 crore, almost in the same range as last financial year.

Last month, the company launched and completely sold the ‘DLF Privana North’ housing project in Gurugram, comprising 1,164 units.

DLF will invest around ₹5,500 crore to develop this 17.7-acre project, which has already been completely sold out for around ₹11,000 crore.

With the successful launch of the Gurugram project, DLF has already achieved 50 per cent of its annual sales bookings target.

On financial performance, DLF’s net profit increased to ₹4,366.82 crore during the 2024-25 fiscal from ₹2,723.53 crore in the preceding year.

Total income rose to ₹8,995.89 crore in the last fiscal from ₹6,958.34 crore in the 2023-24 financial year.

Since its inception, DLF has developed more than 185 real estate projects and developed an area of more than 352 million square feet.

DLF Group has 280 million square feet of development potential across the residential and commercial segments, including current projects under execution and the identified pipeline.

The group has an annuity portfolio of over 45 million square feet.

DLF is primarily engaged in the business of the development and sale of residential properties (the Development Business) and the development and leasing of commercial and retail properties (the Annuity Business).

Published on July 17, 2025

The tightening vacancy rates in these micro-markets reflect a return of corporate demand and growing acceptance of hybrid office formats

Despite the slowdown in consumption trends, the office space segment remains a major attraction for real estate developers. The growth of retail consumption has slowed down due to a shift in consumption trends toward travel and high inflation in the mid-segment, according to a report by HDFC Securities.

The organised retail continues to maintain high occupancy levels, above 90 per cent in Tier 1 cities, due to stable demand from the fashion, food & beverage, and electronics categories. The shift in consumer spending toward travel and experiences, along with inflation pressures on mid-segment consumers, is contributing to a more cautious outlook in this space, the report added.

The first quarter of Financial Year 2026 is shaping up as a strong quarter for India’s annuity-focused real estate segment, with office spaces showing marked resilience compared to a cooling retail environment. The sector continues to exhibit robust structural demand during Q1FY26, although Q4FY25 saw a decline due to approval delays and weaker EOI-to-sales conversion headwinds. Events like trade wars and market corrections impacted sentiment. However, Q1FY26 begins on a stronger footing

Gross office leasing is steadily increasing, and vacancy levels are trending downward, driven by robust demand from Global Capability Centres (GCCs), the BFSI sector, and flex-space operators Prime business districts–especially in Bengaluru, Pune, and Hyderabad–are witnessing annual rental growth of 5-7 per cent, signalling sustained occupier confidence.

The tightening vacancy rates in these micro-markets reflect a return of corporate demand and growing acceptance of hybrid office formats. Environmental, Social, and Governance (ESG)-compliant assets are also gaining traction, aligning with occupier preferences for sustainable real estate. Developers with large annuity portfolios are positioned strongly, as they are likely to benefit from a mid-to-long-term consumption revival, despite current headwinds in the retail segment.

On the other hand, the residential segment experienced a strong rebound in Q1 FY26, driven by robust sales and resilient demand across mid-premium and luxury categories.

Published on July 16, 2025

Shapoorji Pallonji Real Estate (SPRE) will develop a 5-acre residential project in Pune with an estimated revenue of ₹800 crore as part of its expansion plan.

The company has launched a 5-acre premium housing project ‘VANAHA Verdant’, comprising about 600 apartments.

“Spread across 5 acres, the upcoming project will offer approximately 10 lakhs square feet of saleable area, with an estimated revenue potential of about Rs 800 crore,” SPRE said in a statement on Wednesday.

The company did not disclose the project cost.

This upcoming project is part of its flagship 1,000-acre integrated township, VANAHA, near Bavdhan, Pune.

Sriram Mahadevan, CEO of Shapoorji Pallonji Real Estate and MD of Joyville Shapoorji Housing, said, “With VANAHA Verdant, we are not just launching another project but shaping a new way of living in Pune. Its proximity to nature, integrated commercial spaces, and low-density layout reflect what today’s homebuyers value most: balance, access, and long-term value.” To date, Shapoorji Pallonji Real Estate (SPRE) has sold over 2,000 apartments worth Rs 1,800 crore across mid-segment within this large township.

Post-Covid pandemic, India’s top seven housing markets — Delhi-NCR, Mumbai Metropolitan Region, Bengaluru, Chennai, Hyderabad, Kolkata, and Pune — have witnessed significant rise in demand and prices, especially for builders having good track record of executing projects on time.

Shapoorji Pallonji Real Estate is one of the leading real estate developers in the country.

It is part of the Shapoorji Pallonji Group, a multi-business conglomerate.

With a development potential of over 130 million sq ft, SPRE has a presence in Mumbai, Pune, Bengaluru, Gurugram, and Kolkata.

Published on July 16, 2025

India’s supply of houses costing less than ₹50 lakh ($58,553) fell to their lowest since 2018, a Knight Frank report found, signaling that the trend of developers pivoting away from this segment continues.

The affordable segment saw supply of new housing units plunge to 30,806 in the six months through June, the real estate consultant said in the report last week. The share of this segment in total housing sales has dropped to 22% over this period, versus 54% in the first half of 2018.

The recent trend of the market shifting toward pricier and larger homes is due to buyers seeking a better lifestyle and better margins for developers, according to Vivek Rathi, national director, research at Knight Frank India.

The trend is likely to get more entrenched as a slew of Indian developers, from Mahindra Lifespace Developers Ltd. to SignatureGlobal India Ltd., ditch affordable homes in favor of premium housing projects.

“Rising land and construction costs, coupled with regulatory price caps have made it increasingly difficult for many developers to sustain projects in this segment,” Pradeep Aggarwal, chairman at SignatureGlobal said in a statement.

The northern state of Haryana for instance, which neighbors the capital city of New Delhi, has a ceiling of 5,000 rupees per square feet on affordable housing units in designated zones. The rule is aimed at keeping home prices low for the masses but curbs developers’ earnings.

SignatureGlobal, which has made 21 affordable housing projects in Gurgaon in Haryana in the past decade, is now focusing on homes priced above 20 million rupees. 

Mahindra Lifespaces plans to exit this segment and won’t have any affordable housing projects on its books by March 2030, according to a local media report.

More stories like this are available on bloomberg.com

Published on July 8, 2025

Ramky Infrastructure has successfully executed a Restructuring Exit Agreement (REA) with its lenders. 

The company had earlier entered into a Restructuring Agreement (RA) on June 12, 2015, to reorganise a total debt of ₹3,859 crore, comprising both term loans and working capital facilities. The restructured term loans were fully repaid by June 2019.

Subsequently, on July 11, 2025, Ramky Infrastructure and its lenders formally executed the REA. As a result, all working capital facilities are now classified as regular and standard by the lenders.

“Entering REA not only fortifies our financial position, but also empowers us to aggressively pursue our strategic objectives in the rapidly expanding sustainable infrastructure market,’‘ YR Nagaraja, Managing Director, Ramky Infrastructure said in a release. 

Published on July 15, 2025

 The company has a presence in 13 cities. 
| Photo Credit:
HYWARDS

Realty firm Sobha Ltd has reported an 11 per cent increase in sales bookings to a record ₹2,078.8 crore in the first quarter of this fiscal year as housing demand continues to be strong.

Its sales bookings or pre-sales stood at ₹1,873.7 crore in the year-ago period.

The Bengaluru-based company sold 14.44 lakh sq ft area in April-June period of this fiscal year as against 11.75 lakh sq ft, according to a regulatory filing on Monday.

During the June quarter, Sobha completed 1.07 million sq ft of saleable area and delivered 594 homes across projects.

Sobha said the company has achieved its “highest-ever quarterly real estate sales value of ₹20.79 billion, crossing the ₹2,000 crore milestone for the first time.” The company attributed various factors for robust demand, including urban migration, record commercial space absorption, stronger consumer and investor confidence, declining interest rates, and growing home ownership aspirations. Sobha launched two housing projects during the April-June period, one in Greater Noida and one in Kochi.

In Greater Noida, the company has launched a project ‘Sobha Aurum’ spread across 3.46 acres with a total saleable area of 7,01,051 sq ft. The project comprises 420 apartments.

Sobha Ltd will invest around ₹800 crore to develop this luxury housing project in Greater Noida.

Sobha, one of the leading real estate developers in the country, has delivered around 145 million sq ft since its inception.

The company has a presence in 13 cities.

Published on July 8, 2025

Housing sales in Mumbai Metropolitan Region (MMR) and Pune together fell 30 per cent to 41,901 units during April-June period of this year as surge in prices dampened consumer demand, according to PropTiger.

The combined housing sales in MMR and Pune, the two important property markets in Maharashtra, stood at 60,191 units in the year-ago period.

On Monday, housing brokerage firm PropTiger released the data, which showed that sales in India’s eight primary residential markets fell 14 per cent to 97,674 units during April-June this year, from 1,13,768 units in the corresponding period of the preceding year.

“The short-term dip in home sales and new launches is more of a recalibration than a sign of waning demand. Affordability pressures, particularly in the budget and mid-income segments, have led to some cautious buyer sentiment,” Sridhar Srinivasan, Head of Sales, PropTiger.com said.

However, Srinivasan noted that the underlying demand remains intact.

As per the data, the housing sales in MMR declined 32 per cent to 25,939 units, from 38,266 units.

Pune saw a 27 per cent fall in sales to 15,962 units, from 21,925 units.

In Ahmedabad, housing sales fell 1 per cent to 9,451 units, from 9,500 units.

Delhi-NCR saw a 9 per cent fall in sales to 10,051 units, from 11,065 units, while Hyderabad witnessed a 6 per cent drop to 11,513 units from 12,296 units.

However, sales in Bengaluru, increased 16 per cent to 15,628 units, from 13,495 units.

Housing sales in Chennai too rose 33 per cent to 5,283 units, from 3,984 units.

Sales of residential properties in Kolkata increased 19 per cent to 3,847 units in April-June this year, from 3,237 units in the year-ago period.

The data pertains to primary housing markets of these eight cities.

Delhi-NCR includes Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad.

The MMR market includes Mumbai, Navi Mumbai and Thane.

PropTiger is part of REA India, which owns Housing.com — a real estate classifieds platform.

Published on July 14, 2025

Ravindra Pai, Managing Director, Century Real Estate 

Century Real Estate plans to scale up its commercial portfolio from the current 30 per cent to 50 per cent over the next five years. The expansion includes the phased development of around 7 million sq ft of marquee Grade-A office projects. Managing Director Ravindra Pai told businessline that this move is part of a long-term strategy to diversify the company’s portfolio mix and strengthen its presence in high-yield commercial assets.

Alongside commercial growth, the company plans to launch over 10 residential and plotted development projects in FY26, with a strong focus on micro-markets in North, East and Central Bengaluru. These projects will account for a gross development value (GDV) of over ₹9,000 crore over the next five years. The developments will span a range of asset classes, including plotted communities, aspirational homes for first-time buyers and young professionals, luxury residences and senior living projects.

In FY25, Century Real Estate recorded ₹1,809 crore in sales, with 75 per cent of the revenue coming from new launches. Notably, luxury developments contributed nearly 70 per cent of the topline.

Long-term strategy

Pai said the diversification into new asset classes is part of Century’s long-term strategy, particularly within the framework of integrated, mixed-use developments. “Looking ahead, we are actively evaluating new models and exploring possibilities for further diversification,” he added.

As part of its commercial ambitions, Century is also working on a joint development with Prestige Group to build Prestige Century Landmark, a large-scale commercial project on Outer Ring Road (ORR. Additionally, it is developing commercial spaces off ORR, two retail-centric offerings in Yelahanka and office infrastructure in Electronic City.

The company is also planning a 135-acre township on Airport Road in North Bengaluru. Designed as an urban ecosystem, the township will feature six distinct districts comprising premium residential zones, Grade-A commercial offices, high-end hospitality, an education hub (featuring both an international school and a university), high-end retail and a cultural arena. The project targets NRIs and senior citizens seeking a premium, community-driven lifestyle.

With strong roots in the region and a land bank of over 3,000 acres across Bengaluru, Century is also contemplating expansion beyond the city. “In the near term, we are evaluating selective opportunities within Karnataka. We are planning a plotted development project in Mysuru in the next financial year,” Pai said.

“Our location choices are guided by a forward-looking view of Bengaluru’s urban expansion, allowing us to stay ahead of the demand curve while ensuring long-term value for our customers and stakeholders,” he added.

Published on July 9, 2025

(representative image) The upcoming township will feature a mix of residential plots and housing clusters, commercial and retail zones, hospitality spaces, school and healthcare facilities and parks, green belts, and integrated public amenities

Real estate developer Omaxe Ltd is planning to expand its presence in Madhya Pradesh with the acquisition of a 450-acre land parcel along the Super Corridor in Indore.

The BSE-listed company will develop an integrated township with an estimated investment of ₹1,200 crore. 

The development will be executed in multiple phases and is expected to generate ₹2,500 crore in revenue over the next three years, it said in a statement. 

Funding will be secured primarily through internal accruals, it said.

Strategically located in one of Indore’s fastest-developing zones, the new township is designed to support the region’s rapid urban growth and infrastructure transformation.

“This project is a strategic milestone in our expansion journey in Madhya Pradesh. We have consistently believed in the long-term growth potential of cities like Indore, and this township is designed to be a future-ready ecosystem, combining high-quality residential, commercial, educational, and healthcare infrastructure. With over 2,500 families already residing in our other Indore townships, we are excited to strengthen our presence in this vibrant city,” said Mohit Goel, Managing Director, Omaxe Ltd.

The upcoming township will feature a well-balanced mix of residential plots and housing clusters, commercial and retail zones, hospitality spaces, school and healthcare facilities and parks, green belts, and integrated public amenities. 

Omaxe first entered the Madhya Pradesh market in 2005 with its integrated township Omaxe City-1 in Indore. 

Over the past two decades, the company has built a solid foundation in the State across Indore, Ujjain, and Ratlam, with a land bank of approximately 1,170 acres.

In Indore, the company has developed OmaxeCity-1 (330 acres), Omaxe City-2 (88.4 acres), Omaxe Hills (90 acres), Omaxe Pratham (50 acres). It is also developing the newly announced township on the Super Corridor (450 acres). 

In Ujjain, its presence includes Omaxe City-1 (75 acres) and two proposed joint venture projects, Omaxe City-2 and City-3, each spread across 50 acres. In Ratlam, Omaxe is developing Omaxe City in over 35 acres.

With 15 projects already delivered in the state and two more scheduled for completion in the next quarter, Omaxe continues to focus on timely execution and community-building across its portfolio. 

The company also recently announced a new integrated township in Amritsar as part of its broader growth strategy.

Published on July 10, 2025

Realty firm Lohia Worldspace will invest about ₹200 crore to develop a 10-acre housing project in Moradabad, Uttar Pradesh, marking its entry into real estate business.

This will be the company’s first real estate project, comprising 175 luxury villas.

Lohia Worldspace is the real estate arm of the diversified Delhi-based Lohia Global, a privately held company with an annual revenue of around ₹1,200 crore.

Established in 1979, the Group has four businesses – handicraft exports, electric vehicles, tiles and solar energy. Now, it has entered into real estate business to monetise its land bank of around 200 acres across various cities in North India.

“Our vision with Lohia Worldspace is to create homes that are modern, meaningful, and rooted in thoughtful design,” said Pyush Lohia, Director, Lohia Worldspace. The project cost is estimated at ₹200 crore and expected to be delivered by 2029.

Pyush said there is a huge demand for premium homes in Moradabad market.

Last year, Lohia Global announced its entry into real estate and said it would invest ₹1,000 crore over the next five years to develop real estate projects across India.

These projects will primarily be located on premium land parcels already owned by the group.

“Moradabad isn’t just where we begin. It’s where our roots are. We are proud to invest in the city’s future by offering something that uplifts its people, infrastructure, and aspirations,” said Pyush.

He said the company would launch more projects in Moradabad in coming years and also enter Delhi property market.

Published on July 12, 2025

Real estate company Kolte-Patil Developers Ltd’s sale bookings declined 13 per cent to ₹616 crore in the first quarter of this fiscal year on lower volumes and average price realisation.

Its sale bookings or pre-sales stood at ₹711 crore in the year-ago period.

In a regulatory filing on Saturday, the company informed that its sales volume in April-June FY26 fell 12.5 per cent to 0.84 million square feet from 0.96 million square feet in the corresponding period of the preceding year.

Sales realisation also dipped marginally to ₹7,337 per square feet from ₹7,407 per square feet.

In June, global investment firm Blackstone acquired 14.3 per cent equity stake in the company.

Established in 1991, Kolte-Patil Developers has constructed over 68 projects including residential complexes, integrated townships, commercial complexes and IT Parks covering a saleable area of more than 30 million square feet across Pune, Mumbai and Bengaluru.

Published on July 12, 2025

The acquisition aligns with Puravankara’s broader strategy to strengthen its presence in high-potential micro-markets across Bengaluru. (Image used for representational purposes only)

Real estate developer Puravankara Group has announced the joint development of a 5.5-acre land parcel in East Bengaluru, with a combined estimated gross development value (GDV) of over ₹1,000 crore. The proposed development, which offers a total combined saleable area of 0.83 million square feet, is expected to be launched in the next six to nine months. The land parcel is located in Balagere, East Bengaluru. 

According to the company, the site benefits from strong residential demand due to its proximity to major IT hubs and well-established social and physical infrastructure. The acquisition aligns with Puravankara’s broader strategy to strengthen its presence in high-potential micro-markets across Bengaluru.

Commenting on the development, Ashish Puravankara, Managing Director, Puravankara Limited, said, “The scale and location of this project are ideal for an ultra-luxury offering tailored for individuals seeking a refined lifestyle that mirrors their success. It aligns with our broader vision of creating high-quality, community-focused housing across Bengaluru’s emerging corridors.”

Mallanna Sasalu, CEO – South, Puravankara Limited, added, “Balagere has emerged as a high-potential residential micro-market, driven by its proximity to key IT hubs and well-established infrastructure. This project, structured under a Joint Development Agreement (JDA), reflects our capital-efficient approach to growth. The micro-market has demonstrated steady sales and rental demand, reduced market risk and supports faster inventory take-off. We expect to bring the project to market in the next 6-9 months and are confident it will be a strong addition to our expanding portfolio.”

This announcement follows a string of recent land acquisitions and joint ventures by the group. Earlier this year, the company acquired a 3.63-acre land parcel in Kanakapura Road, Bengaluru, with an estimated GDV of over ₹700 crores. It also announced a joint venture with KVN Property Holdings LLP to develop a 24.59-acre land parcel in North Bengaluru, with a potential GDV of ₹3,300 crore. 

Puravankara operates across nine cities and manages three residential brands, including Purva, Provident Housing, and Purva Land, catering to housing and plotted development needs. It has also diversified into Grade-A commercial developments (~3 million sq. ft.), technology-driven construction via its subsidiary Starworth Infrastructure and Construction Limited (SICL), and integrated interior design through Purva Streaks.

As of March 31, 2025, the group had completed over 90 projects totalling around 53 million square feet and holds a land bank of approximately 25 million square feet, with 37 million square feet currently under development.

This announcement comes shortly after the group won the redevelopment mandate for eight residential societies in Chembur, Mumbai. The project offers a total development potential of over 1.2 million square feet, spread across approximately 4 acres, with an estimated gross development value (GDV) of ₹2,100 crore.

After securing the development rights for marquee locations such as Breach Candy, Pali Hill, and Lokhandwala, Bengaluru-based real estate developer Puravankara has now wonFor Q4FY25, the company recorded a consolidated net loss of ₹85.82 crore for the fourth quarter of FY25, a 13 times year-on-year (y-o-y) increase in loss, compared to ₹6.59 crores in Q4FY24. The company’s revenue from operations for the quarter stood at ₹541.57 crore, down 41 per cent from ₹919.97 crore in Q4 last year.

(With inputs from businessline intern Nethra Sailesh)

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Published on July 10, 2025

Press Release – Puravankara
| Photo Credit:
GRJGM

Puravankara Limited has reported pre-sales of ₹1,124 crore in Q1 FY26, up by 6 per cent year-on-year (y-o-y). The average price realisation was up by 9 per cent (y-o-y), while customer collections for the quarter stood at ₹857 crore. 

Commenting on the company’s performance, Ashish Puravankara, Managing Director, Puravankara Ltd., said, In Q1FY26, despite no new launches, we recorded a 6 per cent year-on-year growth in pre-sales, and we are particularly excited about the momentum in our redevelopment strategy in Mumbai, where we have recently been selected as the preferred developer to redevelop eight housing societies in Chembur, unlocking a GDV potential of over ₹2,100 crore. This marks a significant step forward in our efforts to create value in established urban locations.

The shares of the company closed at ₹288.05, down by 0.98 per cent on the BSE on Friday.

Published on July 11, 2025

Realty firm Mittal Builders has tied up with House of Abhinandan Lodha to develop a housing project in Mumbai Metropolitan Region with an investment of ₹2,000 crore.

In a statement on Thursday, Mittal Builders said it has entered into a Joint Development Agreement (JDA) with House of Abhinandan Lodha (HoABL) to co-develop an 11-acre project comprising 30 lakh sq ft, comprising over 4,600 apartments and high-street retail.

The project is expected to be launched in the second quarter of 2025-26.

“The JV project involves a planned investment of about ₹2,000 crore and a GDV (gross development value) of over ₹3,000 crore in the next 3-5 years,” the company said.

Rahul Mittal, Promoter, Mittal Builders, said, “Naigaon is fast emerging as a key growth centre in the MMR.” The formation of this JV with HoABL brings together two complementary strengths to accelerate Naigaon’s evolution into a well-integrated urban destination, he added.

Akshay Mittal, Promoter, Mittal Builders, said the company has already delivered 2 million sq. ft. of residential space housing over 2,000 families and a school educating more than 2,500 students in Naigaon. Rakesh Pai, Chief Operating Officer at HoABL, said the Mittal Builders, which was founded in 1952, portfolio that exceeds 50 million sq. ft. across more than 2,000 buildings in Mumbai, Thane, Pune, Delhi, Bangalore, Hyderabad and Nagpur.

Established in 2020, HoABL has delivered 4 projects totalling about 15 million sq ft of developed land.

It is mainly into plotted development and is now foraging into group housing.

Published on July 10, 2025

The report also highlighted how commercial office assets continued to lead the pack in Q2 2025, accounting for around 31% of total investment volume. 

Private equity investment inflows into the Indian real estate sector reached $2.4 billion (₹20,300 crore) in the first half of the calendar year 2025 (H1), which is a 38 per cent year-on-year increase, according to the latest report by real estate consulting firm Savills India. In Q2 2025 alone, inflows stood at $1.6 billion (₹13,900 crore), doubling from the previous quarter.

“While investments in traditional sectors like commercial offices remain integral, there is a clear strategic shift towards portfolio diversification. Segments such as retail, hospitality, and even emerging asset classes like student housing are gaining investors’ attention. This broadening focus reflects the maturity and resilience of the Indian market despite global headwinds. We expect this trend to strengthen further in the coming quarters, as investors continue to seek long-term value in India’s opportunity-rich real estate sector,” said Sumeet Bhatia, Managing Director, Capital Market Services, Savills India.

The report also highlighted how commercial office assets continued to lead the pack in Q2 2025, accounting for around 31 per cent of total investment volume. There was also investor interest in alternative real estate segments such as hospitality and student housing, which secured 15 per cent and 1 per cent of quarterly investment share, respectively.

Land transactions accounted for a significant share of 40 per cent in overall private equity investments in H1 2025, compared to 13 per cent in the full year of 2024 and 26 per cent in 2023. In terms of cities, Mumbai remained high on the radar of investors, garnering about 70 per cent of land investments in H1 2025.

Foreign investors continued to dominate PE inflows during H1 2025, contributing a substantial 76 per cent of the total investment volume.

Blackstone’s $378 million investment in South City Mall, Kolkata, marked the largest retail-focused deal of the quarter. Sumitomo and Brookfield invested $295 million and $151 million, respectively, in MMRDA assets, reinforcing global investor confidence in Mumbai’s infrastructure-led growth. The report noted that these top three deals signal a balanced mix of interest across retail, land and urban development segments.

(With inputs from businessline intern Nethra Sailesh)

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Published on July 10, 2025

( from left ) Rajkumar Satchidanandam, Director, Rajparis; R Jeyakumar, Managing Director, Rajparis and R Satchidanandam, Chairman, Rajparis at a press conference to unveil the company’s new brand identity.
| Photo Credit:
BIJOY GHOSH

Chennai-based real estate developer Rajparis aims to become a ₹500 crore company by 2030 from the present ₹100 crore, said its Director Rajkumar Satchidanandam.

The growth will be driven by expansion, elevated construction and design standards, and deeper customer engagement. Through its allied venture, Anandam, Rajparis has already consolidated over 1 million sq ft of prime land parcels in Chennai developing lifestyle-focused residential and mixed-use communities. This land bank is worth ₹350 crore, he said.

The 45-year-old company has so far executed 111 projects in the city. It plans to expand into high-potential markets in places like Kancheepuram and Madurai, he said.

The company announced Blue Jewel, a luxury project consisting of 55 units in Muthukadu on the East Coast Road. The 3BHK residences, each spanning 2,200 sq. ft., cost upwards of ₹1.62 crore.

The company appointed actor Shruti Haasan as its first brand ambassador, stated a release.

Published on July 9, 2025

Investor appetite for yield-generating assets drove a sharp rise in trading volumes of publicly traded REITs (Real Estate Investment Trusts) and InvITs (Infrastructure Investment Trusts) over the last two years, a report by ICRA Analysts revealed. The total trading volumes of public InvITs jumped by 128.23 per cent, while public REITs witnessed a staggering 399.54 per cent surge since FY23, reflecting growing market confidence in these instruments.

In terms of traded value, public InvITs grew by 115.53 per cent in the last two years, while public REITs increased by 177.78 per cent since FY23, the report added. The volume of public InvITs traded — which stood at 2,735 lakh units in 2022-23 — has increased to 6,242 lakh units in 2024-25.

On y-o-y basis, volumes traded increased by 20.52 per cent from 5,179 lakh units in 2023-24.

The volumes of public REITs traded increased to 16,350 lakh units in FY25 compared to 3,273 lakh units in FY23 . On a year-on-year basis, it grew by 230.10 per cent from 4,953 lakh units in 2023-24.

The total number of unitholders in both these instruments combined increased by 8.23 per cent to 67.23 crore in FY25, compared to 62.12 crore in FY24. There are currently five InvITs and four REITs which are publicly traded.

The trends reflect the growing maturity of alternative investment space and its increasing appeal to both domestic and global investors.

“Market capitalisation of public REITs has grown by a healthy 10 per cent over 2023-24,” Madhubani Sengupta, Head- Knowledge Services, ICRA Analytics, said, adding that it underscores renewed institutional and retail investor appetite for commercial real estate-backed securities, supported by uptick in office demand and resilient rental yields. Public InvITs have witnessed 4 per cent rise in market capitalisation on a year-on-year basis.

“The consistent uptick points to ongoing confidence in the infrastructure financing ecosystem and growing recognition of InvITs as long-term yield instruments,” added Sengupta.

According to Sengupta, the government’s continued emphasis on infrastructure development and asset monetisation is expected to ensure a steady flow of assets for InvITs to grow. The rising presence of Global Capability Centres (GCCs) is likely to boost demand for premium Grade A office spaces, providing scope for commercial real estate assets to come under REITs.

With strong market momentum and increasing investor interest from both institutional and retail participants, ICRA Analysts expect a significant rise in IPO activity for REITs and a trend of private entities shifting to public market structures — a sign of the growing optimism and confidence in capital markets.

Published on July 8, 2025

 The value is based on the rates prevailing in the markets and not the actual price considerations.

At least 2,900 acres of land deals, having a market value of ₹31,000 crore, were transacted in the first six months of 2025, according to Anarock.

Real estate consultant Anarock clarified that the land deals include both outright as well as joint development agreements between realtors and landowners.

The value is based on the rates prevailing in the markets and not the actual price considerations.

In a statement on Tuesday, Anarock said, “Over 2,898 acres of land were transacted in 76 deals across India in H1 2025.” The total market value of the land transacted in January-June was ₹30,885 crore, the consultant said.

The total revenue potential of these land parcels is about ₹1.47 lakh crore and a total development potential of over 233 million sq ft.

Bulk of these land deals were for development of housing, commercial and mixed use projects.

Of the total 76 land deals in the first half of this year, Anarock said as many as 17 were joint development agreements (JDAs) spread over 782 acres with a market value of ₹6,765 crore.

Anarock highlighted that the total volume of the land transacted in the first six months of 2025 is already 1.15 times compared to the entire 2024, which saw about 133 deals involving 2,515 acres.

Geographically, Anarock said of the 76 land deals in H1 2025, 67 deals for 991 acres took place in the top-seven cities.

The remaining nine deals for 1,907 acres were in tier-2 and tier-3 cities like Ahmedabad, Amritsar, Coimbatore, Indore, Mysuru, and Panipat.

At least 54 separate deals for over 1,200 acres are proposed for residential developments, while eight deals involving 48.41 acres are proposed for commercial projects. Six deals totalling 1,034 acres are proposed for mixed-use development.

Around 537 acres in three separate deals are proposed for industrial & logistics parks, the consultant said.

Published on July 8, 2025

With this, KVN’s cumulative tied-up residential development in FY 2025–26 has increased to approximately 4.4 million square feet

KVN Properties LLP has partnered with Assetz Group to develop a premium residential project in North Bengaluru. The partnership plans to develop approximately 1 million square feet of development with an estimated Gross Development Value (GDV) of ₹1,000 crore, marking a significant expansion of KVN’s residential portfolio. The project is structured as a single-phase development over 3-4 years, commencing post-approval of all development permissions including RERA registration.

With this, KVN’s cumulative tied-up residential development in FY 2025–26 has increased to approximately 4.4 million square feet, following the company’s May 2025 announcement of a 3.4 million square feet joint development with Puravankara Group.

Under this Development Management Agreement (DMA) model, KVN Properties will undertake the project’s development costs, including land procurement and all construction expenses. Assetz Group will serve as the Development Manager.

“As we scale to 10 million square feet this fiscal, our goal remains clear, create exceptional living spaces in high-growth corridors with the right partners and a disciplined investment approach,” says Venkat K Narayana, Promoter, KVN Property LLP.

“North Bangalore is a high-growth corridor with a discerning buyer base. This project also marks the beginning of what we believe will be a successful, multi-project collaboration across Bengaluru,” says Sunil Pareek, Executive Director, Assetz Pvt Ltd.

Published on July 8, 2025

The project is aimed at enhancing container handling capacity at the port.
| Photo Credit:
REUTERS

JSW Infrastructure has received an order from the Syama Prasad Mookerjee Port Authority for the reconstruction of Berth 8 and mechanisation of Berths 7 and 8 at Netaji Subhas Dock, Kolkata. The project comes with a 30-year concession period and involves an estimated capex of ₹740 crore and a construction timeline of two years.

The project, awarded on a design, build, finance, operate, and transfer (DBFOT) basis under the PPP model, is aimed at enhancing container handling capacity at the port.

Published on July 7, 2025

Rajat Rastogi, CEO-West and Commercial Assets, Puravankara Ltd Limited, added, “After receiving a phenomenal response for our existing project in Chembur (Purva Clermont), our expansion in this micro-market will strengthen our footprint further.”

After securing the development rights for marquee locations such as Breach Candy, Pali Hill, and Lokhandwala, Bengaluru-based real estate developer Puravankara has now won the redevelopment mandate for eight residential societies in Chembur, Mumbai. The project offers a total development potential of over 1.2 million square feet, spread across approximately 4 acres, with an estimated gross development value (GDV) of ₹2,100 crore.

Commenting on the development, Ashish Puravankara, Managing Director of Puravankara Ltd , said,“With 11 projects across Mumbai and Pune spanning approximately 14 million square feet, including 3.6 million square feet in redevelopment, we are committed to strengthening our footprint in the western region. The region is expected to contribute a GDV of approximately ₹18,000 crore, of which around ₹7,700 crore will come from redevelopment alone.

Rajat Rastogi, CEO-West and Commercial Assets, Puravankara Ltd , added, “After receiving a phenomenal response for our existing project in Chembur (Purva Clermont), our expansion in this micro-market will strengthen our footprint further.”

Joint venture

Recently, the company announced a joint venture with KVN Property Holdings to develop a 24.59-acre land parcel in North Bengaluru.

For Q4FY25, the company recorded a consolidated net loss of ₹85.82 crore for the fourth quarter of FY25, a 13 times year-on-year (y-o-y) increase in loss, compared to ₹6.59 crores in Q4FY24. The company’s revenue from operations for the quarter stood at ₹541.57 crore, down 41 per cent from ₹919.97 crore in Q4 last year.

Published on July 7, 2025

File photo: Bengaluru-based Sattva Group entered Goa market few years back.
| Photo Credit:
Rawf8

Realty firm Sattva Group will invest about ₹800 crore over the next two years in Goa property market as it sees huge business opportunities in this coastal city, a top company official said.

Bengaluru-based Sattva Group, which is one of the leading real estate firms in South India, entered Goa market few years back.

It has already developed the first phase of its maiden housing project ‘Sattva Water’s Edge’ and recently launched the second phase comprising villas and apartments.

Sattva Group is planning two more projects in Goa, including a gated community where it will offer residential plots.

“We will invest around ₹800 crore over the next two years in Goa,” Sattva Group Managing Director Bijay Agarwal told PTI.

Expanding presence

Sattva Group is expanding its presence in Goa property market to tap rising demand because of its improved infrastructure and better connectivity with other cities of India.

Bullish on the potential of Goa market, Agarwal noted that there is a huge demand for first as well as second homes in this popular tourist destination.

There is a huge interest of NRIs in the Goa market, he added.

In the second phase of Sattva Water’s Edge project which is located near Dabolim airport, the company will develop 10 signature villas and 24 boutique apartments.

According to PropEquity data, housing sales in Goa rose 5 per cent to 3,585 units in 2024 as compared to 3,430 units in the same period last year.

Sales in value terms rose 32 per cent annually to Rs 5,726 crore in 2024 calendar year, the PropEquity data showed.

In the last three decades of its operation, Sattva Group has completed 74 million sq ft area across various residential and commercial projects.

More than 75 million sq ft area is under various stages of planning and development.

Besides South India, Sattva Group has a presence in Pune and Kolkata markets and it is planning to enter Mumbai.

The Group also has presence in other verticals of real estate including coworking, coliving, data centres and warehousing.

Sattva Group is also into hospitality and education.

In early March, Sattva Group and Blackstone sponsored Knowledge Realty Trust (KRT) filed the Draft Red Herring Prospectus (DRHP) with SEBI to launch an Initial Public Offering (IPO) for raising Rs 6,200 crore and list the REIT on stock exchanges.

Through this REIT public issue, Sattva Group and Blackstone want to monetise 30 prime office assets across major cities.

Published on July 6, 2025

The first half 2025 saw inflows to the tune of $3 billion in the real estate sector
| Photo Credit:
SIDDHANT THAKUR

Despite widespread reports of a challenging market and cautious buyer sentiment, India’s real estate sector continues to attract significant institutional investment, with the first half of the calendar year witnessing inflows to the tune of $3 billion.

While this marks a 15 per cent year-on-year decline compared to H1 2024, the sector’s resilience is reflected by a significant surge in domestic capital, which saw a 53 per cent surge to reach $1.4 billion.

While domestic investors displayed strong confidence, foreign institutional investments experienced a 39 per cent year-on-year decline in the first half, amounting to $1.6 billion. This caution among global investors is attributed to the evolving macroeconomic scenario, flow of credit and inflationary pressures, according to Colliers India data.

The domestic investments accounted for a significant 48% of the total investments in the first half of 2025, signalling a shift in the capital investment landscape.

“Domestic capital has emerged as a key driver in India’s real estate investments, with its share in total investments rising steadily from 16 per cent in 2021 to 34 per cent in 2024,” Badal Yagnik, Chief Executive Officer, Colliers India, said.

“Their growing dominance has helped cushion the impact of global uncertainties and push total investments to the $3-b mark. As domestic capital deepens and diversifies, it is poised to bring greater stability and long-term confidence to India’s maturing real estate ecosystem,” he said.

Echoing this sentiment, Mahesh Katragadda, CEO of Meenakshi Alternates, highlighted the strong conviction among local players.

“Despite the widely reported challenges in the real estate sector and cautious buyer sentiment, institutional investors, particularly domestic capital, are demonstrating strong conviction in the market’s long-term potential,” Katragadda observed.

“An increased domestic participation, now comprising nearly half of total inflows, reflects an evolving investor mindset that prioritises stability, asset quality, and sustainable growth over short-term market fluctuations,” he pointed out.

“The sector’s strength is anchored in robust urbanisation trends, evolving demand for commercial and logistics assets, and favorable policy reforms,” he said.

Key segments

Key asset classes continue to attract significant investment. The residential segment drove 27 per cent of the total inflows during H1 2025 with $0.8 billion in investments, followed closely by office assets at a 24 per cent share. 

G Hari Babu, National President of (National Real Estate Development Council) NAREDCO, said that foreign investment in the country had been affected by international instability. “The real estate market should not worry about (a drop in foreign investment. Domestic investors have performed well and this is a good indicator for the real estate sector,” he said.

Citing the $235-million investment by Mindspace REIT in Hyderabad’s office segment, he said that investment flow was a forward-looking indicator.

“We can say that India’s real estate sector is reshaping itself for a more sustainable and efficient future,” he said.

“The fact that capital is still being invested, especially in data centers, is a testament to the strength of India’s top-performing cities and asset classes that align with long-term growth trends such as IT expansion, hybrid work models, and infrastructure-led urbanisation,” Hari Babu said.

Geographically, Mumbai and Bengaluru together drove 39 per cent of the investment inflows in the first half. Mumbai led with 22 per cent of total investments, primarily in office assets, while Bengaluru contributed nearly 17 per cent, with office and residential assets forming 57 per cent of its share. 

Published on July 6, 2025

(representative image)
| Photo Credit:
THOMAS MUKOYA

The supply of new affordable housing in India’s top 15 tier-2 cities witnessed a steep decline of 54 per cent in January-March quarter (Q1) of the current year. This drop indicates a shrinking focus of developers on the affordable housing segment —which have properties priced under ₹50 lakh.

Real estate data analytics firm PropEquity observed in its latest report that housing supply in India’s top 15 tier 2 cities fell by a whopping 35 per cent to 30,155 units in January-March period of 2025, with 48 per cent of the launches in the ₹50 lakh-1 crore price range.

The supply stood at 45,901 units with 36 per cent of the launches in price range ₹50L-1cr in Q1 2024, the PropEquity data shows.

Bhubaneshwar witnessed the highest decline at 72 per cent to 772 units in Q1 2025 while Nashik saw the least decline at 2 per cent to 2466 units.

The report further added that Eastern and Central India, with 68 per cent fall in new launches in Q1 2025, saw the highest decline, followed by 55 per cent in Northern India, 28 per cent in Western India and 26 per cent in Southern India. The seven State Capitals in the top 15 tier 2 cities saw 43 per cent decline in supply in Q1 2025.

Samir Jasuja, Founder and CEO, PropEquity said, “The decline in supply is a result of cautious approach and shifting priorities by developers. Financially robust developers with strong balance sheet look to launch premium homes in order to increase their profit margin. As a result, supply of homes under ₹50 lakh has seen a consistent decline due to its unviability.”

“Meanwhile, homes priced between ₹1-2 crore have seen a 17 per cent y-o-y growth in supply but also its supply share increased from 18 per cent to 23 per cent,” Jasuja added.

As per Jasuja, with home loan rates hovering around 8-8.5 per cent, the recent reduction of 50bps in repo rate by the RBI will further drive down the home loan rates, thereby providing an impetus in the ₹50L-2cr priced homes in tier 2 cities.

“The tier 2 cities present a huge opportunity for corporates and developers as massive infrastructure development and government’s focus on making these cities as growth drivers will enable end-user demand,” he added.

Housing units priced under ₹2 crore accounted for 95 per cent of the total supply in Q1 2025, up from 87 per cent in the same period last year. The supply of units priced under ₹50 lakh, more than halved to 7,124 units in Q1 2025 as against 15,420 units in the same period last year. Its share to total supply fell from 33 per cent to 24 per cent in Q1 2025.

Similarly, supply of units priced between ₹50 lakh and ₹1 crore dipped by 12 per cent and its share rose from 36 per cent to 48 per cent in Q1 2025. The supply of units priced between Rs 1-2 crore dipped by 17 per cent and its share rose from 18 per cent to 23 per cent in Q1 2025.

Supply of units priced ₹2 crore and above dipped by 73 per cent in Q1 2025 and its share dipped from 13 per cent to 5 per cent in Q1 2025.

State Capitals saw 90 per cent drop in supply of units priced under ₹50 lakh and 13 per cent drop in supply of units priced between ₹50L-₹1 crore in Q1 2025. However, supply of units priced between ₹1-2 crore rose by 31 per cent, the report added.

Published on June 15, 2025

The institutional flow of funds includes investments by family offices, foreign corporate groups, foreign banks, proprietary books, pension funds, private equity, real estate fund-cum-developers, foreign-funded NBFCs, listed REITs and sovereign wealth funds. 
| Photo Credit:
wutwhanfoto

Institutional investment in Indian real estate fell 33 per cent to $1.69 billion in April-June as foreign investors were cautious in view of global political and economic uncertainties, according to Colliers India.

Real estate consultant Colliers India data showed that Institutional investments in real estate fell to $1,691.20 million during April-June this year from $2,533.30 million in the year-ago period.

The fund inflow from foreign investors almost halved to $1048.4 million, from $2,046.80 million during the period under review.

Domestic investors remained bullish and pumped in $642.8 million during April-June, an increase of 32 per cent from $486.5 million in the corresponding period of the preceding year.

“Domestic capital has emerged as a key driver in India’s real estate investments, with its share in total investments rising steadily from 16 per cent in 2021 to 34 per cent in 2024,” Colliers India CEO Badal Yagnik said.

In H1 2025, domestic investments accounted for 48 per cent of the total inflows, he added.

“Their growing dominance has helped cushion the impact of global uncertainties and push total investments to the $3 billion mark in the first half of 2025,” Yagnik said.

As per the data, institutional investment in real estate dropped 15 per cent in January-June period to $million, from $3,528.50 million in the year-ago period.

Foreign Institutional investment in real estate fell to $1,570.60 million during the first half of 2025, from $2,593.80 million in the corresponding period of the preceding year, as global investors remained cautious amidst evolving macroeconomic scenarios, flow of credit and inflationary pressures.

However, domestic investors pumped $1,427.50 million, a rise of 53 per cent, from $934.7 million in the first six months of 2024 calendar year.

The institutional flow of funds includes investments by family offices, foreign corporate groups, foreign banks, proprietary books, pension funds, private equity, real estate fund-cum-developers, foreign-funded NBFCs, listed REITs and sovereign wealth funds.

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Published on July 3, 2025

Supreme Court’s order came on a plea filed by M3M Group challenging the Punjab and Haryana High Court’s order refusing to substitute their provisionally attached property.
| Photo Credit:
SUSHIL KUMAR VERMA

The Supreme Court has allowed realty firm M3M Group’s plea for substitution of the provisionally attached property by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act, 2002.

The Apex court’s order came on a plea filed by M3M Group challenging the Punjab and Haryana High Court’s order refusing to substitute their provisionally attached property.

However, a bench of Justices PS Narasimha and R Mahadevan said the substitution of the property would be subject to nine conditions as suggested by ED.

“We have heard Dr Abhishek Manu Singhvi, senior counsel appearing for the petitioner and considered the matter in detail.

The petitioners — M/s M3M India Pvt Ltd and M/s M3M India Infrastructure Pvt Ltd — have also filed an affidavit agreeing to the conditions.

“While we allow the substitution of the property as indicated… the same shall be subject to the conditions…” said order of the bench.

One of the conditions submitted by ED before the top court states that M3M Group should establish clear and marketable title along with undisputed ownership of the assets proposed for substitution, supported by verifiable documentary evidence, to the satisfaction of the court.

“The substituted assets must be free from all encumbrances, including mortgages, liens, pledges or any third-party claims or security interests and a certificate to this effect must be submitted by the petitioner. The petitioner must provide a notarised undertaking that the substituted property will not be sold, transferred, or otherwise alienated during the pendency of proceedings,” said ED as condition.

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Published on July 3, 2025

The joint ventures (JV) are entered into for purchase and development of projects as valuations soar across major metros

Collaborate rather than compete. More real estate players are joining hands to tap the highly competitive market jointly and see it as an ideal way to enter new cities. The joint ventures (JV) are entered into for purchase and development of projects as valuations soar across major metros. Such JVs help real estate players get more access to land banks. Being a partner also helps us to speed up the process.

In May this year, Arihant joined hands with the Bengaluru-based Prestige Group to collaborate and jointly develop real estate projects in Chennai. The two companies will explore opportunities across various real estate segments, including residential, commercial, retail, and hospitality developments. The first project in the JV will be joint development of a 3.5-acre residential project in Chennai with a revenue potential of more than ₹1,600 crore. The land in Velachery, Chennai belonged to Rane (Madras).

This is an alignment of having a local partner with ground knowledge and expertise, good resources and alignment of both partners makes it a win-win for both, said Bharat Jain, Director, Commercial, Arihant Foundations & Housing Ltd. In the past, Arihant has also entered into such partnerships with Delhi-based Ashiana Housing.

In February, Hiranandani and Krisala Developers announced Joint Development of Gross Development Value ₹7,000 crores in Pune. The total investment for the land asset of 105 acres.

Strategic partnerships

Niranjan Hiranandani, Chairman, Hiranandani Group, said, “We remain open to evaluating potential JV opportunities across markets, including Chennai, to drive growth and create value through strategic partnerships.” The JV between two heavy-weight developers accelerates project timelines, reduces risks through shared responsibilities, and fosters business growth by optimizing resources, achieving economies of scale, and ensuring sustainable competitive advantage in a dynamic real estate landscape, he added.

VS Sridhar, Executive MD, Tamil Nadu & Kerala & Head GCC Advisory- Operations, Cushman & Wakefield, said, there is a clear resurgence of JVs in India’s real estate market. “With land costs rising and regulatory cycles lengthening, such JVs offer capital efficiency, faster footprint expansion, and de-risked entry into new markets,” he said. “Going forward, we will also see increased adoption of asset-light models, where developers license their brands while local partners execute, along with a rise in ESG-compliant, platform-led developments driven by institutional capital’s demand for transparency and sustainable practices,” Sridhar said.

This could be a good start for pan-India developers to use the location / city expertise to expand across the country especially in residential projects, said Siva Krishnan, Senior Managing Director at JLL India.

Published on July 3, 2025

Gaurav Pandey, MD & CEO of Godrej Properties
| Photo Credit:
cueapi

Godrej Properties Ltd has entered the Panipat real estate market with the acquisition of 43 acres of land in Sector 40, Haryana, for a plotted residential development with revenue potential exceeding ₹1,250 crore.

The Mumbai-based developer announced the move on Monday, marking its fourth residential plotted township in North India. The project will span approximately 1.02 million square feet of plotted residential development, offering various plot sizes with lifestyle amenities.

The site benefits from strategic positioning with National Highway access and proximity to social infrastructure. This expansion aligns with Godrej Properties’ strategy of entering new markets for plotted developments, with Haryana representing a key focus area for the company.

“We are pleased to announce our entry into Panipat. The project fits well with our strategy of expanding into new markets for plotted development,” said Gaurav Pandey, MD & CEO of Godrej Properties. He emphasised that Haryana remains a crucial market for the company’s growth plans.

Godrej Properties maintained its position as one of India’s largest developers by residential sales value in FY 2025, repeating its FY 2024 performance. The company operates under the Godrej Industries Group’s 128-year legacy and has committed to developing only third-party certified green buildings since 2010.

In the early hours, the shares are trading at ₹2,347.70 down by ₹14.60 or 0.62 per cent on the NSE today.

Published on June 30, 2025

Co-working centre operators have rented 65 lakh square feet of office space during the January-June period this year across seven major cities, up 48 per cent on an annual basis, on rising demand for managed and flexible workspaces from corporates, according to Colliers India.

Co-working operators leased 44 lakh square feet in the corresponding period of 2024 calendar year across seven cities — Delhi-NCR, Mumbai, Kolkata, Chennai, Hyderabad, Pune and Bengaluru.

The co-working operators take office spaces on rent from real estate developers and property owners and then sub-lease it to corporates of all sizes.

Although many corporates have started opting managed office space provided by co-working operators to save cost and hassles, a large number of companies still take conventional workspaces directly from builders and property owners.

Colliers India data showed that the total gross leasing or absorption of office space rose 13 per cent to 337 lakh (33.7 million) square feet during January-June 2025 across these seven cities, from 299 lakh (29.9 million) in the year-ago period.

“Flexible spaces are increasingly establishing themselves as a key demand driver in India’s office market. Given the current momentum, flex spaces are likely to define contours of commercial real estate in India throughout 2025 and beyond,” said Vimal Nadar, National Director and Head of Research, Colliers India.

Commenting on the data, Darshan Govindaraju, Executive Director at Bengaluru-based Vaishnavi Group, said the surge in office space leasing can be attributed to the robust addition of Grade A office spaces across micro markets in the top seven cities which are attracting occupiers from across the globe.

“This, coupled with the sustained confidence of technology enterprises in the India growth story and the robust addition of their GCCs (Global Capability Centres), is helping shore up leasing in these markets,” he added.

Manas Mehrotra, Founder of 315Work Avenue, said co-working spaces have emerged as the defining feature of India’s rapidly evolving commercial real estate.

“There continues to be huge traction for flex space from corporates of all sizes as flexible workspace has become a key component in the overall real estate portfolio of corporates to enhance employee productivity, foster collaboration and optimise operational costs by scaling up or down as per business requirements,” he added.

Shesh Rao Paplikar, Founder & CEO, BHIVE Workspaces, said the India growth story continues to capture the mindspace of global organisations with their continued investment in the country’s technology, GCC, BFSI, insurance and other sectors.

Flexible managed workspace is acting as a catalyst in driving consistent growth in office space leasing, he added.

Published on June 30, 2025

Co-working space provider UrbanVault has entered into the Gurugram office market with the start of two new centres totalling 35,000 square feet area and will invest more than ₹100 crore this fiscal on expansion.

The two new centres have been launched on Golf Course Road, Sector-54, Gurugram, the Bengaluru-based UrbanVault said in a statement on Monday.

Amal Mishra, CEO of UrbanVault, said, “Delhi NCR is one of the most important office markets in the country and plays a pivotal role in our national growth strategy… We plan to invest over ₹100 crore in 2025-26 to fuel our expansion across key commercial hubs in India.” The two new centres, housed in Paras Twin Tower at Gurugram, have a combined 35,000 square feet of Grade A workspace and about 700 premium seats. The per-seat pricing starts at ₹12,000.

UrbanVault said the company is actively exploring new developments in other high-potential micro-markets of Gurugram such as Sector 44, Udyog Vihar and Golf Course Extension Road. It is also looking to enter Noida market in the near future.

“We are witnessing strong demand across all our markets and expect to close FY26 with an annual revenue run rate of over ₹250 crore. Our growing pipeline of projects, backed by robust market fundamentals and customer trust, positions us well for sustained long-term growth,” Mishra said.

UrbanVault currently operates a portfolio of over 2.5 million sq ft and 40,000 seats, offering customised workspace solutions to businesses of all sizes. It has a presence in Bengaluru, Pune and Gurugram.

On the potential of Gurugram market, real estate consultant Vestian CEO Shrinivas Rao said, “Flex spaces have been a major driving force in the Indian office market lately. It accounted for 13 per cent of the pan-India absorption in the past four quarters, with a significant contribution from Gurugram.” As per Vestian data, nearly 14 lakh square feet of office spaces were leased by co-working operators in Gurugram last calendar year.

“The presence of high-quality Grade-A office spaces commanding premium rentals, coupled with substantial demand from major conglomerates and the rising prominence of GCCs, has significantly propelled the growth of flex spaces in Gurugram,” Rao added.

Published on June 30, 2025

Embassy Office Parks REIT has raised ₹1,550 crore through a combination of Non-Convertible Debentures (NCDs) and term loan facilities. The proceeds will be used to refinance certain existing debt, said the company.

The fund raise comprises ₹750 crore through Embassy REIT Series XIV NCDs, priced at a coupon of 6.97 per cent, and a ₹800-crore term loan from a leading bank that is priced at a floating interest rate of 7.40 per cent over a 15-year tenor.

Ritwik Bhattacharjee, Chief Executive Officer of Embassy REIT, said, “The ₹1,550 crore fund raise saw strong participation from both mutual funds and leading banks. The ₹750 crore NCD issuance at a 6.97 per cent coupon marks the lowest rate we have achieved in the past four years, and it reaffirms our position as a top-tier credit in India’s commercial real estate sector. This refinancing continues to support our strategy of optimally managing our balance sheet and positions us well to finance our future growth initiatives.”

Talwar Thakore & Associates served as the legal counsel to Embassy REIT.  

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Published on July 1, 2025

Irfan Razack, CMD, Prestige Group
| Photo Credit:
SOMASHEKARA GRN

Prestige Group, a leading real estate developer based in Bengaluru, has announced its newest residential project – Prestige Pallavaram Gardens – located on the Pallavaram–Thoraipakkam Radial Road in Chennai. With a Gross Development Value (GDV) of ₹3,350 crore, the development is set to become one of the marquee residential communities in the region, according to a release. 

Set across 21.84 acres, the project features a thoughtfully planned mix of 2,069 premium apartments in 2-, 3-, and 4-BHK configurations, offering a total saleable area of 3.1 million square feet. Its location on the fast-developing Pallavaram Thoraipakkam Radial Road offers residents good access to the city’s key transit routes and economic centres, the release said.

Irfan Razack, Chairman & Managing Director, Prestige Group, said Chennai has emerged as one of the most dynamic real estate markets in South India.

Published on June 30, 2025

Akash Rastogi, Chief Executive Officer & Director at Ample Parks.

Ample Parks development platform, a joint venture (JV) between the UK-based Actis, a global investor in sustainable infrastructure, and Mahindra Lifespaces, the real estate and infrastructure development arm of the Mahindra Group, plans to develop 700 acres of land for industrial space across India in 5-7 years, according to Akash Rastogi, Chief Executive Officer & Director at Ample Parks.

The JV is starting in India with the launch of a 71-acre Grade-A Industrial Park at Mahindra World City (WMC) near Chennai, with a capital outlay of ₹800 crore. The project aims to generate annual revenue of ₹110 crore post-completion and nearly ₹1,400 crore over the next 10 years. The project is expected to generate employment for nearly 11,000 people, according to a release.

“We aim to acquire and develop 10x the current land portfolio in 5-7 years across India through multiple projects,” he said in the release.

The project is the largest Grade-A industrial space currently available within the Domestic Tariff Area of MWC, offering 2.1 million sq ft of area available for leasing to meet the rising demand for premium industrial and logistics infrastructure. The facility is located near the Oragadam Industrial Corridor – Maraimalai Nagar micro-market and caters predominantly to engineering, auto and ancillaries, electronics and white goods and other allied industries. It offers flexible built-to-suit options alongside ready-to-move-in spaces for R&D and commercial use, the release said.

Ample Parks plans to broaden its footprint beyond Chennai by targeting key tier-1 cities across India, including Mumbai, Delhi NCR, Ahmedabad, Pune, and Kolkata. These markets are experiencing growing demand for industrial and logistics real estate driven by increasing consumption and manufacturing activity. Additionally, Ample Parks sees strong growth potential in tier 2 cities like Lucknow, Jaipur, Guwahati, and Nagpur, which are regional economic hubs and present valuable opportunities for expansion, he said in the release.

Published on June 30, 2025

The four listed REITs have distributed about ₹22,818 crore ($2.7 billion) to their investors since listing. 

Units of Indian real estate investment trusts (REIT) are poised to extend gains on the back of falling interest rates and a buoyant commercial property market, analysts tracking the sector said. 

Nexus Select Trust, Mindspace Business Parks REIT, Embassy Office Parks REIT and Brookfield India Real Estate Trust have returned as much as 27 per cent over the last year, compared with a 9 per cent drop in a NSE Nifty gauge of property developers.

That outperformance has been driven by easy monetary conditions, including aggressive rate cuts by the RBI — a boon for REITs which make money mainly from managing income-generating real estate like offices and malls. Lower borrowing costs make it cheaper for these firms to acquire properties and to refinance existing debt. 

“We have not seen such a performance from REITs in the last 4-5 years,” said Mohit Agarwal, who tracks real estate at IIFL Capital, adding there is “some more room for outperformance.”

The real estate trusts are also benefiting from a boom in the nation’s commercial and retail spaces. Gross office leasing in India’s top seven cities during April-June jumped 11 per cent on year, according to a report by Colliers, even as sales of residential properties are slowing.

Office space demand looks well placed to reach 65-70 million square feet at least by the end of the year from 33.7 million square feet right now, said Arpit Mehrotra, India managing director of office services firm, Colliers.

India is also one of the only markets in the Asia Pacific region where market sentiment is positive for office, retail, industry and logistics, according to a June report by property consultant CBRE. India ranks alongside Singapore and Japan as the top office markets in the region. 

“As APAC peers see softening demand, India’s diversified occupier base, tech-driven demand, and long-term fundamentals are keeping leasing markets vibrant,” said Anshuman Magazine, chairman and CEO at CBRE for India, South East Asia, Middle East and Africa, in the report.

The four listed REITs have distributed about ₹22,818 crore ($2.7 billion) to their investors since listing. More than 262,000 people have invested in REIT as of June 2025 in India, according to the Indian REITs Association website. 

More stories like this are available on bloomberg.com

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Published on June 27, 2025

Signature Global emerged as the fifth largest listed real estate developer last fiscal in terms of sales bookings by achieving record pre-sales of ₹10,290 crore.

Realty firm Signature Global will invest around ₹2,200 crore to develop a new housing project in Gurugram to expand business and achieve over 20 per cent growth in its pre-sales this fiscal year.

The company has recently launched a premium residential project, ‘Cloverdale’, comprising 770 apartments, on Southern Peripheral Road (SPR), Sector 71, Gurugram.

Signature Global emerged as the fifth largest listed real estate developer last fiscal in terms of sales bookings by achieving record pre-sales of ₹10,290 crore.

The Gurugram-based company has given a guidance of posting ₹12,500 crore worth pre-sales in the current fiscal.

“We have launched a new housing project in Gurugram. Housing demand continues to be strong in this city, especially for reputed builders,” Signature Global Chairman Pradeep Kumar Aggarwal told PTI.

The company is selling homes in a price range of ₹4 crore to ₹7 crore in this project, which is spread over 8 acres and is part of an overall 22-acre development.

The project is scheduled to be completed by 2031.

Last month, Aggarwal said the company will invest around ₹4,000 crore this fiscal to acquire land parcels and carry out construction activities in its housing projects at Gurugram.

Signature Global had invested ₹1,070 crore last fiscal year to purchase 48 acres of land in Gurugram, Haryana.

“Land is an important raw material for real estate developers. We will be investing around ₹1,200-1,500 crore on the acquisition of land parcels,” he had said.

Aggarwal said the investment in construction activities would be around ₹2,500 crore in 2025-26 against ₹1,900 crore in the preceding fiscal.

Last week, Signature Global announced plans to raise ₹875 crore through issue of non-convertible debentures to refinance debt and expand business.

“We have taken the approval of board to raise funds. We will also seek shareholders approvals,” Aggarwal said.

He said the company will use ₹450 crore to refinance its existing debt while the remaining amount will be for business growth.

Aggarwal said the company is targeting to raise funds by end of August, subject to shareholders’ approval.

Signature Global, one of the leading real estate developers in the country, started its business to develop affordable housing projects but shifted its focusing on mid-income, premium and luxury segments because of high land cost in Gurugram.

It posted a net profit of ₹101.2 crore last fiscal, a sharp jump from ₹16.32 crore in the preceding year.

Its total income grew to ₹2,637.99 crore in the last fiscal from ₹1,324.55 crore in 2023-24.

Since inception, Signature Global has delivered 13.5 million square feet of housing projects and has a strong pipeline of about 21.6 million sq ft of saleable area in upcoming projects, along with 46.38 million sq ft of ongoing projects, targeted for completion within the next 2-3 years.

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Published on June 29, 2025

Realty firm Mahindra Lifespace Developers Ltd has bagged a housing society redevelopment project at Mulund in Mumbai, and it is expecting a revenue of about ₹1,250 crore from this upcoming property.

Mahindra Lifespace Developers is the real estate and infrastructure development arm of the Mahindra Group.

In a regulatory filing on Friday, the company informed that it has been appointed as the “preferred developer for the redevelopment of a premium housing society in Mulund (West), Mumbai.”

The project spans across a 3.08-acre land parcel and has an estimated development value of about ₹1,250 crore, it added.

The company’s development footprint spans 41.11 million square ft (saleable area) of completed, ongoing and forthcoming residential projects across seven Indian cities.

It also has more than 5,000 acres of ongoing and forthcoming projects under development/ management at its industrial & warehousing parks across four locations.

Published on June 27, 2025

Bengaluru-based Prestige Group has delivered 302 projects spanning 193 million square feet and has a pipeline of 130 projects across 203 million square feet.
| Photo Credit:
Andrii Yalanskyi

Prestige Group and Arihant Foundations and Housing Ltd will jointly develop a 3.5-acre residential project in Chennai with a revenue potential of more than ₹1,600 crore.

According to a regulatory filing, Prestige Estates Projects Ltd and Arihant Foundations and Housing Ltd have formed a joint venture to buy 3.48-acre land in Velachery, Chennai from Rane (Madras) Ltd.

The acquisition will be undertaken through JV entity Canopy Living LLP.

“The land is earmarked for the development of premium residential dwellings with a total development potential of approximately 7.5 lakh square feet and an estimated Gross Development Value (GDV) of over ₹1,600 crore,” the filing said.

On Friday, Rane (Madras) Ltd informed that it has sold a 3.48-acre of land parcel in Velachery, Chennai to the JV firm for ₹361 crore.

The land deal was facilitated by real estate consultant CBRE.

Irfan Razack, Chairman and Managing Director of Prestige Group, said, “Chennai continues to be an integral part of our national expansion strategy, and this upcoming acquisition in Velachery marks another step in our journey to deliver landmark residential developments.”

“Our partnership with Arihant in the region reflects a shared vision to develop high-quality, thoughtfully designed communities that resonate with evolving urban lifestyles,” he said.

Bengaluru-based Prestige Group has delivered 302 projects spanning 193 million square feet and has a pipeline of 130 projects across 203 million square feet.

Arihant Foundations and Housing Ltd is a Chennai-based real estate developer with over four decades of experience and a delivery track record of more than 25 million square feet.

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Published on June 28, 2025

Real estate developer DLF Ltd has secured Maharashtra RERA approval for its maiden residential project in Mumbai, with the launch expected within two weeks.

The premium project in the western suburb of Andheri marks the Delhi-based company’s entry into Mumbai, a key real estate market in the country.

In the first phase, the company will build 416 units across four towers on a 7,788 square metre plot, in partnership with Trident Realty.

The project offers 3, 4, and 5 BHK apartments ranging from 1,048 to 2,278 square feet, priced between ₹5-7 crore. It is expected to be completed by June 2032.

In FY25 DLF sold homes worth ₹21,223 crore, 44 per cent higher than in the previous year. One of its projects ‘Privana North’ in Gurugram sold 1,164 luxury units worth ₹11,000 crore within a week.

For FY26, DLF has set a sales guidance of ₹20,000-22,000 crore and plans to launch residential projects worth over ₹17,000 crore. The company achieved nearly half its annual target in Q1 FY26, powered by strong demand for luxury housing.

Published on June 27, 2025

Sobha, one of the leading real estate developers in the country, has delivered around 145 million sq ft since its inception. 

Real estate company Sobha Ltd will invest around ₹800 crore to develop a luxury housing project in Greater Noida as part of its plan to expand business in the Delhi-NCR property market.

The Bengaluru-based company has got all regulatory approvals to launch its project ‘SOBHA Aurum’ in Greater Noida, comprising 420 apartments.

The project is spread across 3.46 acres with development potential of 9.3 lakh square feet, the company said in a statement on Thursday.

Sobha Ltd did not mention the project cost.

However, sources said the total investment will be around ₹800 crore.

The realty company has launched this project at around ₹14,000 per square feet. The apartments are being sold in a price range of ₹1-3.5 crore.

Sobha Ltd had bought this land parcel through an auction process for around ₹160 crore.

The company already has a presence in the Delhi-NCR market. It has developed many projects in Gurugram, including ‘Sobha International City’ on Dwarka Expressway. This is the first project in Greater Noida and the fifth project in Delhi-NCR.

“Entering Greater Noida marks a significant new chapter in Sobha’s journey. Over the past 30 years, we have built a legacy grounded in quality, transparency, and trust – values that have earned us the confidence of our customers across India,” Jagadish Nangineni, Managing Director of Sobha Ltd, said.

“As we step into this dynamic market, we are confident that our commitment to excellence will set a new benchmark in luxury living for the region,” he added.

Sobha, one of the leading real estate developers in the country, has delivered around 145 million sq ft since its inception.

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Published on June 27, 2025

A worker installs power lines inside a luxury residential project by Indian property developer DLF in Gurugram, India (file photo)
| Photo Credit:
AMIT DAVE

Realty major DLF Ltd will invest around ₹5,500 crore to develop a luxury housing project in Gurugram, as it seeks to achieve record sales bookings this fiscal on high demand.

According to sources, the company will soon launch an 18-acre project ‘DLF Privana North’ in Sector 76/77 Gurugram, comprising more than 1,150 apartments.

The estimated cost to develop this project is around Rs 5,500 crore, they added. This upcoming project is part of its 116-acre township ‘DLF Privana’.

In this township, the company had last year launched and completely sold out two projects — ‘DLF Privana West’ and ‘DLF Privana South’ — for around ₹12,800 crore.

In May 2024, DLF sold all 795 apartments for ₹5,590 crore within three days of the launch of its 12.57-acre project ‘Privana West’.

Before that, in January 2024, the company had sold 1,113 luxury apartments in Gurugram for ₹7,200 crore within three days of the launch of its project ‘DLF Privana South’, which is spread over 25-acre.

The new project will be the third one in this large township.

DLF, the country’s largest real estate firm in terms of market capitalisation, reported record sales bookings of ₹21,223 crore in 2024-25, an increase of 44 per cent from ₹14,778 crore in the preceding financial year.

DLF’s MD Ashok Tyagi recently gave sales bookings guidance for the current fiscal at ₹20,000-22,000 crore, almost in the same range as last financial year.

To achieve this target, DLF plans to launch housing properties worth more than ₹17,000 crore this fiscal year amid strong demand for luxury homes.

Last month, Aakash Ohri, Joint Managing Director and Chief Business Officer of DLF Home Developers Ltd, informed analysts that the company targets to launch this new project Privana North in the current quarter.

In its latest investors presentation, DLF informed that the company launched a 7.5 million square feet area during the last fiscal for sale with an estimated revenue potential of ₹40,600 crore.

Out of this, the company sold 5 million square feet area in the last financial year itself for ₹19,344 crore.

In the 2024-25 fiscal, DLF launched its super luxury project ‘The Dahlias’ with a total saleable area of 4.5 million sq ft area and sales potential of ₹35,000 crore.

Last month, DLF said the company has received encouraging demand for The Dahlias project, generating ₹13,744 crore worth of sales bookings during the last fiscal.

The company remains optimistic about the sustained housing demand and would continue to capitalize on this momentum by introducing calibrated offerings of new products from a strong and well-diversified pipeline.

DLF’s net profit increased to ₹4,366.82 crore during 2024-25 fiscal from ₹2,723.53 crore in the preceding year. Total income rose to ₹8,995.89 crore in the last fiscal from ₹6,958.34 crore in the 2023-24 financial year.

Published on June 15, 2025

Housing prices rose 11 per cent annually in the April-June quarter across the top seven cities, leading to a 20 per cent fall in sales, according to Anarock.

Real estate consultant Anarock on Thursday released the data for India’s seven major housing markets.

Housing sales are estimated to have declined 20 per cent to 96,285 units sold in the April-June quarter against 1,20,335 units in the year-ago period.

Housing sales declined in Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad, Pune and Kolkata. The demand increased in Chennai.

“The second quarter of 2025 was a rollercoaster for the Indian housing market, rocked by major military actions at home and abroad. The war-like climate pushed homebuyers into wait-and-watch mode, compounding the impact of soaring property prices over the past two years,” Anarock Chairman Anuj Puri said.

Now, with domestic tensions easing and the RBI’s repo rate cut injecting fresh optimism, buyer sentiment is rebounding, he observed.

NCR saw highest 27 per cent yearly jump, followed by Bengaluru with 12 per cent and Hyderabad with 11 per cent average price jumps.

Published on June 26, 2025

The land parcel is located near The Westin Hotel on Velachery Main road in Chennai
| Photo Credit:
Getty Images

Rane (Madras) has set in motion plans to sell land owned by the company in Velachery, of 3.48 acres, to Canopy Living LLP – a joint venture between Arihant Foundations & Housing and Prestige Estates Projects.

The sale will be out of the total land extent of 4.5 acres owned by the company and is situated near The Westin Hotel on Velachery Main road in Chennai, as per Rane’s exchange filing on Tuesday.

Rane said that all other details will be updated upon finalisation of key commercial terms and execution of definitive agreements.

Arihant refused to cite further details of the transaction citing confidentiality reasons.

Biz and residential

Real estate sources told businessline that the deal is set to close at around ₹200 crore in cash consideration, besides an area share also going to Rane. While Rane intends to build a commercial space for itself, Arihant and Prestige are looking to develop a residential property, sources said.

The deal also marks the beginning of a unique model of partnership among large developers to leverage opportunities, and there are more on the cards, a real estate consultant said.

Rane has been in the process of monetising its non-core assets. Earlier in April, the Board of Rane had given in-principle approval to explore options for monetising the company’s non-core assets including the potential sale of surplus land parcels held by the company.

Headquartered in Chennai, the company primarily engages in the production of steering and suspension systems. It caters to a wide range of clients in the domestic and international automotive markets, including manufacturers of passenger cars, commercial vehicles, and farm equipment.

Published on June 17, 2025

Listed real estate companies focused largely in the Mumbai Metropolitan Region such as Macrotech (Lodha), Kalpataru and Rustomjee (Keystone Realtors) are exploring different financial options to cut down their debt.

Macrotech (Lodha) had high leverage with gross debt of ₹18,600 crore at the time its IPO was launched, said an investment banker.

In its latest operational update, Macrotech Developers noted that the company’s net debt was reduced by ₹320 crore to ₹3,990 crore in the March quarter on the back of record sales and healthy collections.

Similarly, Kalpataru brought down its debt from ₹11,000 crore to ₹8,820 crore after the promoters converted debentures to equity at the time of the IPO, he added.

Kalpataru also plans to use the IPO proceeds to reduce its debt-equity ratio to less than two times post the public issue.

The average interest cost on debt for real estate companies ranges between 10 and 13 per cent, said an analyst.

Recognising revenue

In the real estate business, revenues are recognised using two methods, namely, percentage of completion and project completion.

In the percentage of completion method, revenue is recognised as the work progresses, and corresponding expenses are also recognised.

However, in the project completion method, the revenue and corresponding expenses are recognised as and when the project receives its occupancy certificate.

However, the sales & marketing expenses and other overheads are recognised in the year of occurrence itself.

This may lead to losses reported during the lifecycle of the project, till revenue is recorded in the year of completion of the project in the profit & loss account, he said.

Kalpataru’s unsold inventory is ₹8,249 crore as per its offer document. The company registered pre-sales and collections CAGR of 23 per cent and 31 per cent, respectively, between FY22 and FY24.

Collections in the 9-month period of FY25 was at about ₹2,621 crore — nearly matching the full-year FY24 collections of ₹2,685 crore.

Kalpataru launched new projects of 10 mn sq ft of saleable area between FY2022 and 9 months of FY25.

The phased completion of Kalpataru’s ongoing projects will result in debt reduction, said a Bajaj Broking analyst.

Debt plays a key role in the whole scheme of project financing to be able to give reasonable return on equity, but it may lead to overleveraging as real estate is a cyclical business, said an analyst.

However, it is good to see that real estate players are exploring different options to cut their debt and monetise their assets, he said.

Published on June 25, 2025

Embassy Developments Ltd has signed a joint development agreement for a 17.9-acre land parcel in Whitefield, Bengaluru, with an estimated gross development value of ₹1,600 crore. The company announced the deal on June 23, 2025, in a regulatory filing to the stock exchanges.

The shares of Embassy Developments Limited were trading at ₹120.61 up by ₹3.78 or 3.24 per cent on the NSE today at 12.07 pm.

The planned residential development will span 1.6 million square feet of saleable area and feature approximately 1,000 apartments in 2, 2.5, and 3 BHK configurations. The project targets young professionals and IT workers in the area, with a launch scheduled for FY27.

Located off Whitefield Main Road, the project will benefit from the area’s established infrastructure including hospitals, schools, tech parks, and shopping centers. Future connectivity improvements include the upcoming Peripheral Ring Road, Satellite Town Ring Road, and the recently launched Metro Purple Line.

Managing Director Aditya Virwani said Whitefield remains a strategic focus due to strong end-user demand from Bengaluru’s professional workforce and ongoing infrastructure development. The company has secured a pipeline of 10 projects for FY2026 with an expected GDV exceeding ₹22,000 crore.

Embassy Developments, formerly known as Indiabulls Real Estate Limited, operates across residential, commercial, and SEZ projects in major Indian cities. The company became part of the Embassy Group in January 2025 following a merger approval, with the group holding a 42.44 per cent controlling stake.

Published on June 23, 2025

TVS Emerald, the real estate arm of TVS group has acquired a 7.18-acre land parcel in Rayasandra, Bengaluru, with a Gross Development Value (GDV) of over ₹700 crore.

This is the group’s seventh land deal in Bengaluru which has delivered 5.4 million sq ft of residential developments in Chennai and has 8.9 million sq ft of under development projects.

“The company is in plans to increasing its presence in Bangalore with this strategic acquisition in Rayasandra,” said Sriram Iyer, Director & CEO of TVS Emerald, adding, “This site presents an excellent opportunity to develop a premium residential development with its location within an residential micro-market in Bangalore.”

Earlier in February 2025, the company had acquired 10-acre land parcel in Sathnur, Bengaluru which has a development potential of 1.4 mn sq ft land in revenue potential of ₹1,600 crore. Prior to this, it acquired two land parcels in Chennai (a 12-acre parcel on Radial Road and a 4.8-acre parcel in Padur) and a four-acre parcel in Thanisandra, Bengaluru.

Published on June 24, 2025

Gaurav Pandey, MD & CEO of Godrej Properties
| Photo Credit:
cueapi

Godrej Properties Limited achieved sales worth over ₹2,000 crore during the launch of its residential project Godrej MSR City in Bengaluru, the company announced today. The Mumbai-based real estate developer sold over 1,450 homes covering 2.2 million square feet in the first phase called Barca @ Godrej MSR City.

The shares of Godrej Properties Limited were trading at ₹2,402.50 down by ₹29.50 or 1.21 per cent on the NSE at 3.15 pm.

The project launch in April 2025 represents the most successful debut in North Bengaluru’s micro-market by both sales value and volume, according to the company. Godrej MSR City is located in Devanahalli and represents one of GPL’s largest residential developments in the city.

The township has a total developable potential of 5.6 million square feet, with significant unlaunched inventory remaining for future phases. The project features Mediterranean-inspired architecture, green zones and a 1.5 lakh square feet clubhouse with resort-style amenities.

Devanahalli’s appeal stems from its proximity to Kempegowda International Airport, upcoming metro stations and major roads, including NH 44 and Bellary Road. The area has emerged as a real estate hotspot due to infrastructure development and presence of IT and aerospace hubs.

“The strong demand reflects growing consumer preference for thoughtfully designed communities that offer a blend of lifestyle, connectivity and long-term value,” said Gaurav Pandey, MD & CEO of Godrej Properties.

In FY 2025, Godrej Properties retained its position as India’s largest developer by residential sales value, repeating its FY 2024 performance.

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Published on June 23, 2025

The company recently sold a 25-acre land parcel in Whitefield, Bengaluru to semiconductor equipment manufacturer Lam Research (India) Pvt Ltd, for Rs ₹1,125 crore

Real Estate developer, Embassy Developments Ltd has announced the signing of a Joint Development Agreement (JDA), for 17.6 acres of land in Whitefield, Bengaluru to build a residential community with esan timated gross development value (GDV) of ₹1,600 crore. The project is planned to launch in FY27.

The development will cover about 1.6 million square feet (msf) of sellable space and will include around 1,000 modern apartments. Specifically aimed at young professionals working in the IT and ITeS sector, the apartments will have 2 BHK, 2.5 BHK, and 3 BHK layouts. It will be located off Whitefield’s main road, where connectivity is set to improve with the upcoming Peripheral Ring Road (PRR), Satellite Town Ring Road (STRR), and the recently launched Metro Purple Line.

Aditya Virwani, Managing Director, Embassy Developments Ltd ., said, “Whitefield continues to be a strategic focus for us. While we have a secured launch pipeline of 10 projects for FY2026 with an expected GDV of over ₹22,000 crore, this deal reinforces our commitment to building a robust future pipeline and we are actively exploring new opportunities across key markets.”

Commercial developments

Embassy Developments Ltd (formerly known as Equinox India Developments Limited and earlier as Indiabulls Real Estate Limited), was founded in 2006 and has since worked on commercial developments like Embassy Manyata Business Park in Bengaluru, and One International Centre and One World Centre in Mumbai, as well as multiple projects across India in cities like Gurugram, Chennai, Madurai, Ahmedabad, Jodhpur, Vizag, Indore, etc. The company is listed on NSE and BSE and its net consolidated total income stands at ₹1,182.61 crore in Q4 FY25 as against ₹401.54 crore it recorded in the similar quarter last year.

The company recently sold a 25-acre land parcel in Whitefield, Bengaluru to semiconductor equipment manufacturer Lam Research (India) Pvt Ltd, for ₹1,125 crore. They have also raised ₹10.6 billion through the conversion of unlisted warrants into equity shares by the promoter group, and Blackstone Real Estate Fund in May this year.

Following approval on the merger between Nam Estates Private Ltd and the Company, by the National Company Law Appellate Tribunal (NCLAT) in January 2025, Embassy Group (Mr Jitendra Virwani, Mr Aditya Virwani with certain group entities) has become the new promoter with a 42.44% stake.

(Report filed by bl intern Divyatha Chilukuri)

Published on June 23, 2025

Sharanam Infraproject and Trading, a real estate company, will incorporate a wholly owned subsidiary in the United Arab Emirates and invest about ₹35 to ₹40 crore in the next 6-9 months.

The Board of Directors approved the proposal to float the new UAE subsidiary and investment of AED 15.5 million to AED 18 million, including working capital and deal facilitation costs.

The subsidiary will serve as the company’s strategic international arm and will be incorporated under the applicable legal framework in Dubai, UAE.

The subsidiary aims to acquire strategically located land parcels and subsequently resell them to larger developers or institutional buyers at modest margins.

The company aims to operate through a low-risk, asset-light structure, ensuring, minimal exposure on the parent company’s balance sheet, quick capital rotation and sustainable and scalable cash flows.

The investment will be structured in compliance with FEMA and RBI guidelines for overseas direct investment (ODI), wherever applicable, said the company.

The expansion marks a pivotal step in the company’s broader strategy of entering global markets in a risk managed manner and creating incremental value for shareholders.

The company will provide updates on key developments, incorporation status and project milestones in due course, it said.

Sharanam is also engaged in the supply chain distribution of various steel products including building materials such as seamless or welded steel pipes, blooms and slabs, besides seamless pipes for oil and gas industry, real estate and infrastructural projects in Gujarat and other states.

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Published on June 20, 2025

The crumbling of India’s joint family system has created a gap in how we care for our elderly, one that developers are now trying to fill through design. Senior living is no longer confined to gated, grey-hued retirement homes on the outskirts of cities. Instead, builders are reimagining communities where independent living meets intergenerational connection, where grandparents sip chai as their grandchildren cycle past in the same shared courtyard.

India’s senior living market is projected to quadruple by 2030, reaching an estimated $7.7 billion, according to JLL.

In response, a growing number of developers have entered the intergenerational space. Among them, Manasum Homes has developed inclusive townships such as Tata Riva, Godrej Banyan and Manasum Temple Town in Tirupati, while Max Estates has launched the Estate 360 project in Delhi NCR.

“Intergenerational living addresses three urgent needs: easing loneliness, bridging caregiving gaps and creating future-ready housing,” says Rajit Mehta, CEO & MD of Antara Senior Care and Chair of ASLI (Association of Senior Living India). Pavan Kumar, Founder and CEO of White Lotus Group, adds: “I don’t think people want to be branded as living in a separate community—like a student housing community or a senior living community. People want to be part of a larger whole.”

Anantharam V Varayur, Co-founder of Manasum Homes, echoes this sentiment. “Children living abroad or in other cities want parents nearby — but not isolated,” he says. These communities, he adds, “bring in the best of both worlds — independence and connection.”

The market is already showing traction. At Estate 360 in Delhi NCR, Max Estates recorded ₹4,400 crore in pre-sales — 92 per cent of the total Gross Development Value, by March 2025, highlighting strong demand. White Lotus Group is also working on an intergenerational residential project spread across 15 acres in North Bengaluru, near the airport.

Manasum, too, is preparing to expand. Its next intergenerational project, expected to launch in mid-2026, will offer 150–200 senior-only homes and 300–400 units for younger buyers. “This concept must be baked into the master plan from day one — retrofitting won’t work,” Varayur points out.

Pricing varies across age groups. Senior residences are priced differently, reflecting bundled services like healthcare, meals and support systems. Importantly, the trend is no longer limited to metro cities. While Bengaluru, Chennai and Pune lead in awareness and demand, developers are also seeing rising interest in tier 2 and tier 3 cities such as Mysuru and parts of Andhra Pradesh.

“The concept is still new in smaller cities, but once people understand it, they see the value,” says Varayur. Mehta adds that rising affluence, better healthcare access and shifting attitudes towards ageing are driving this shift, with more affordable real estate in smaller cities making the model even more attractive.

This shift comes at a time when India’s senior population is expected to reach 194 million by 2031, according to the Technical Group on Population Projections (July 2020) report. For a nation redefining family and home, intergenerational communities may well set the blueprint for how we age together.

Published on June 22, 2025

Parag Munot, Managing Director of Kalpataru Ltd

Mumbai is becoming younger through redevelopment, says Parag Munot, Managing Director of Kalpataru Ltd, a Mumbai-based developer raising ₹1,590 crore through an IPO, a portion of which will also be invested in redevelopment projects.

“After DCR (Development Control Regulations) of Mumbai changed there has been a good growth in redevelopment. Mumbai is becoming younger. It is getting redeveloped with modern amenities. We have increased our portfolio of redevelopment. Now 75 percent of development is on our own land, while 25 per cent is from redevelopment, joint venture, joint development,” Munot told businessline during an interaction in Ahmedabad, where he was present to promote the company’s IPO.

“Although redevelopment, JDA (joint development agreement) and JV (joint-venture) projects comprise a relatively small proportion of our development portfolio in terms of developable area, we believe this asset light approach may be a source of growth for our business in the future. Mumbai, particularly in South Central and select Western Suburbs areas such as Bandra, Santacruz, Khar, and Juhu, has scarce land for greenfield development. New projects primarily stem from redevelopment initiatives, including old residential properties, industrial sites, conglomerate -owned land, and slums. We believe that redevelopment projects will be an important means for obtaining land in the MMR, and we intend to increase our focus on participating in redevelopment projects,” he added. The company has so far executed 11 redevelopment projects in Mumbai.

Of the total ₹1,590 crore raised through the IPO, a significant portion of ₹1,192 crore will be spent on repaying four loans, including ₹500 crore to HDFC Bank, ₹131 crore to PNB Housing Finance, ₹50 crore to HDFC Capital Advisors Ltd and ₹110 crore to PAG. A portion of the ₹398 crore from the IPO proceeds will go into business development, including  new projects and a five-acre redevelopment project in Suman Nagar in Chembur. As of December 2024, the company has five redevelopment projects with a total developable are of 2.38 million square feet in its portfolio.

Munot said that even after the IPO, the company, which has launched projects in Noida  and Hyderabad, will remain focussed on MMR, Pune and Thane regions. “The infrastructure development happening in Mumbai — be it metro, bullet train project, atal setu bridge, coastal road — the mobility and connectivity is improving and adding to the development potential of Mumbai market. We are present in all the seven micro markets of Mumbai and this infrastructure development will help our growth story,” said Narendra Lodha, executive director of the company.

Kalpataru has 25 ongoing projects aggregating 24.83 million square feet across Mumbai, Thane, and Pune. An additional 16.33 million square feet in 6 forthcoming projects will be launched in the next 18 months, and 7.81 million square feet of five projects will be launched in 2-3 years. About 95 per cent of the total 48.97 million square feet of projects are residential.

Published on June 21, 2025

Bengaluru-based real estate developer Brigade Group has launched a new premium residential project, Brigade Morgan Heights, in Chennai. Located along the Sholinganallur-Medavakkam Road, the project spans 14.7 acres and has a gross development value of ₹2,100 crore.

Bengaluru-based real estate developer Brigade on Saturday announced the launch of Brigade Morgan Heights, a residential community located along the Sholinganallur-Medavakkam road in Chennai.

With a gross development value of approximately ₹2,100 crore, Brigade Morgan Heights spans 14.7 acres and features three towers housing units comprising 2, 3 and 4 BHK apartments with sizes extending up to 2,599 sq. ft, says a release.

The 1,250-unit development is just 150 m from the upcoming Classical Tamil Institute Metro Station. It has a total development potential of 2.2 million sq ft.

Published on June 21, 2025

A sessions court in Mumbai on Friday denied anticipatory bail to four directors of Ecstasy Realty Private Limited in a ₹600-crore financial fraud case.

Additional sessions judge NG Shukla rejected the pre-arrest bail pleas of Pulin Bole, Shivani Verma, Shobit Rajan and Pranav Bajaj. The reasoned order was not made available as yet.

The Economic Offence Wing (EOW) had registered an FIR against Ecstasy Realty and its directors based on a complaint by Edelweiss Asset Reconstruction Company Limited (EARCL).

As per the FIR, ₹600 crore raised via secured Non-Convertible Debentures (NCDs) for a residential project was fraudulently siphoned off through layered transactions, benefiting promoters and related entities.

The accused sought pre-arrest bail claiming they were innocent and contending that the FIR was registered with “the sole intention to harass and humiliate” them.

No correct allegations are contained in the FIR, their pleas claimed.

The FIR has been lodged after an “inexplicable and unjustifiable” delay for the alleged offence committed between March 2018 and March 2023, which suggests the allegations against them are an afterthought and have been falsely fabricated to implicate them, the plea added.

The court, however, rejected their pleas.

Published on June 20, 2025

DLF’s Mumbai push closely follows a record sale of luxury residences worth about $1.3 billion near capital New Delhi this week.
| Photo Credit:
Rasi Bhadramani

DLF Ltd. plans to start bookings in a premium residential project in Mumbai next month, marking the return of India’s top developer to the financial capital after thirteen years as it seeks newer growth markets. 

“We’ll be launching the Mumbai project in July,” Aakash Ohri, joint managing director at DLF said in an interview, adding that the market held “immense potential.” The developer plans to build eight towers in two phases, with apartments priced upwards of ₹5 crores (₹577,480), according to its website.

DLF’s Mumbai push closely follows a record sale of luxury residences worth about $130 crores near capital New Delhi this week. It also comes amid signs that the galloping home sales in key Indian markets over the last two to three years is slowing because of high base and elevated home prices. 

DLF’s upcoming West Park project spans over 5.6 acres with three- to four-bedroom flats, duplex and penthouses. The first phase of four towers includes 416 apartments with a carpet area of 1150-1,550 square feet. The project is slated to be completed by mid 2032, according to the state level real estate regulator.

The real estate developer, whose shares are up 3 per cent this year compared to a drop in a Nifty gauge of local property developers, will have its task cut out as it looks to enter an oversupplied market.

Replicating Success

Unsold luxury housing stock in Mumbai rose 36 per cent on year in the March quarter, according to property consultant ANAROCK. Brokerage JM Financial said in a report last week that while the sector’s growth in larger Indian cities would moderate, the demand-supply scenario was comfortable.

DLF, which is a market leader in Delhi and adjoining regions, is keen to replicate the success in Mumbai, undeterred by how a foray in the past had not worked out.

DLF had acquired around 17 acres of Mumbai mill land in 2005 for around ₹700 crores But the global financial crisis and its own mounting debt forced the developer to sell the plot in 2012 for ₹2700 crores.

“At that time, attention was to consolidate back home. Commitments here needed more attention,” Ohri said, referring to why DLF had to pull back from Mumbai in 2012.

“We have consistently received interest and inquiries about DLF’s entry into the city,” Ohri said. 

None of that is holding the developer back as it looks to make a comeback.

More stories like this are available on bloomberg.com

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Published on June 20, 2025

GHR Lakshmi Urbanblocks Infra LLP is taking up the project on the 7.34-acre land parcel that it acquired in a government auction for ₹550 crore.

GHR Lakshmi Urbanblocks Infra LLP, a joint venture formed by the promoters of GHR Infra, Lakshmi Infra and Urbanblocks Realty, have launched a 63-storey, 217-metre high luxury residential project.

Located at Neopolis (Kokapet), the outlay for the ‘The Cascades Neopolis’ project is pegged at ₹3,169 crore. The project will have two helipads and a sky bridge connecting all towers

“We have priced it at ₹10,000 a sq. ft We are planning to hand over the flats by March 2030,” Lakshmi Narayana G, Partner with GHR Lakshmi Urbanblocks Infra LLP, has said.

The company is taking up the project on the 7.34-acre land parcel that it acquired in a government auction for ₹550 crore.

The project will house 1,189 3BHK and 4BHK apartments, ranging from 2,560 sq. ft to 4,825 sq. ft, along with 10 triplex penthouses.

The real estate firm roped in UHA London (concept), Coopers Hill Singapore (landscape), Studio HBA Singapore (interior design – amenities), and Buro Happold (UK) (structural engineering).

“We have obtained RERA registration and SBI has sanctioned ₹900 crore for the project,” he said.

Published on June 19, 2025

Godrej Properties bagged multiple awards at the Bombay Chamber of Commerce and Industry flagship event Diverse, Equal & Inclusive (DEI) Forum & Awards 2025 on Wednesday evening, in Mumbai. The event awards companies for fostering a culture of diversity, equity, and inclusion within corporate India. Capgemini was a close second in bagging several awards.

The awards ceremony included six categories, of which Godrej Properties won the DEI Champion and LGBTQIA+ Inclusion Awards while it was also the first runner up for the Gender Equality Champion Award for opening equality cafes, employ LGBT folk and women among other things.

Capgemini Technology Services India Ltd won the Disability Confidence & Inclusion Award, was the first runner-up in the DEI Champion Award and second runner up in the Impactful DEI Program Award. Godrej Capital was the first runner up in the Disability Confidence & Inclusion category followed by Future Generali India Insurance Company Limited.

Novo Nordisk India Pvt Ltd Won the Gender Equality Champion Award and InterGlobe Aviation Limited (IndiGo) won the Impactful DEI Program Award. Deutsche Bank Group and Axis Bank were runner ups for the LGBTQIA+ Inclusion Award andAsian Paints Limited got a special mention. Nestlé India Limited was the second runner up for the Gender Equality Champion Award while GIA India Laboratory Pvt Ltd got a special mention.