The Goa government on Wednesday said the permissions granted to certain real estate projects in the state would be examined afresh in view of protests by local residents. The Town and Country Planning Minister made the announcement.

His department will review the permissions granted for a villa project in North Goa and another project in South Goa. The permissions will be withdrawn if there is any violation of rules, the minister said.

Locals have been protesting against the projects, claiming that hills are being cut on a large scale. A lawmaker earlier this week visited one of the project sites and alleged large-scale violations of Town and Country Planning laws.

The minister noted that although there have been numerous posts and videos on social media regarding the alleged hill cutting, the government must first verify whether permission has been granted for such activity. He added that if it is legally permitted, no action can be taken against it.

A Singapore-based global real asset manager on Wednesday announced plans to more than double its fund under management (FUM) in India by 2028, up from the current level of nearly ?46,000 crore. The company outlined growth strategies to achieve this target, including expansion of IT parks and logistics parks, and exploring entry into the renewable energy segment.

Since entering India 30 years ago, the firm has built a well-diversified portfolio comprising over 40 IT and business parks, industrial, logistics, lodging, and data centre assets across eight cities, including Bengaluru, Chennai, Goa, Gurugram, Hyderabad, Kolkata, Mumbai, and Pune. The company currently operates multiple lodging properties across six cities and plans to open several more in the next 3–4 years.

The firm also intends to explore opportunities in adjacent business segments such as renewable energy and real estate private credit. Renewable energy is a fast-growing sector in India, with the government targeting 500 GW capacity by 2030, up from the current 111 GW.

A leading real estate developer has emerged as the highest bidder and secured the letter of intent to develop two group housing plots in Gurugram through an e-auction conducted by the local development authority. The combined bid value for both plots is Rs 515 crore.

The first plot, measuring 3.6 acres, is located on Golf Course Road, while the second plot of 1.97 acres is in Sector 39. Together, the land parcels offer a development potential of over 1 million sq ft and an estimated revenue potential exceeding Rs 3,400 crore.

In the previous fiscal year, the developer acquired two prime parcels totaling 7.91 acres on Golf Course Road through auctions and plans to launch these projects in the current fiscal year. The company also recently won auctions for two additional land parcels in Greater Noida.

An investment firm has purchased an information technology (IT) park along with a nearly 2-acre parcel it is built on in Mumbai’s western suburb Malad for ?335 crore. The seller of the IT park and the land parcel is a subsidiary of a marble and real estate company. The property, developed in 2002, consists of ground plus six floors and has over 147,000 sq ft of saleable built-up area. The IT park also includes 129 parking slots for cars and other vehicles.

The investment firm operates in the venture capital and investment space, providing funding and strategic support to startups and emerging businesses.

Demand for office properties in India has surged, driven by rapid expansion of the IT and ITeS sectors, the rise of startups, and the growing trend of hybrid workspaces. The demand is further bolstered by the return to physical offices post-pandemic, as businesses seek to enhance collaboration and innovation, leading to increased leasing activity in key commercial hubs.

A major IT company has put up its prime property, which has served as its India headquarters for more than two decades, in Chennai for sale. The property, comprising a 15-acre land parcel and four lakh sq ft of office space on Chennai's IT Corridor, could fetch at least ?750–800 crore, according to industry estimates.

An international property advisory firm has been mandated to handle the sale and has been engaging with several prospective buyers, including local developers, though nothing has been finalised yet. The company plans to complete the process and vacate the campus by December 2024, after which its new India headquarters will operate from another campus in Chennai.

The sale is part of the company’s strategy to consolidate operations across three of its own buildings, while gradually giving up leased office spaces across Chennai, including prominent IT parks and commercial addresses.

A real estate developer is looking to invest about ?2,000 crore over the next two to three years. The company aims to increase its sales value from the current ?2,300 crore to ?5,000 crore during the same period. It also plans to expand its development portfolio from 18 million sq ft to 30–35 million sq ft by FY2026-27.

In an exclusive conversation with ETRealty, the company’s leadership discussed their plans for the next three years, the rationale behind recent management changes, and other strategic initiatives.

The company has undergone management reshuffling in recent months. In December 2023, it appointed a new chief sales & marketing officer and a new chief human resource officer. In July 2024, the executive leadership was further restructured, with an elevation of the group CEO and strategic appointments in operations and corporate development.

The company also completed the buyout of a previous joint venture partner’s stake in a Chennai project, acquiring their equity through three tranches.

Thirteen individuals have been booked for alleged involvement in irregularities concerning the redevelopment of buildings on government-leased land, with local police claiming the amount involved may be upwards of ?200 crore.

As per the FIR filed, a firm was awarded the contract to redevelop 18 buildings on land leased to housing societies by the state housing authority. The firm allegedly used a fake mortgage deed to obtain a loan of ?200 crore from another company. However, this amount was reportedly not used for the redevelopment of the buildings. The loan was obtained by mortgaging the land on which the buildings stand. The NOC for this mortgage was allegedly given by the chairperson of one of the housing societies without taking the consent of residents or the housing authority.

The probe is underway to uncover the full details of the irregularities. No arrests have been made so far.