A bank, one of the lenders to a real estate developer, has approved and sanctioned the resolution plan for the company’s Dehradun project, paving the way for delivery to over 600 homebuyers. The developer had submitted a project-wise resolution plan to the National Company Law Appellate Tribunal (NCLAT), and this is the first project to receive approval from the lender. The bank has also consented to the inclusion of a co-developer in the project.

Recently, an investment advisory firm agreed to invest ?450 crore in the developer’s stalled mixed-use project in Noida, providing a significant financial lifeline. The 5 million sq ft project in Sector 94 is currently 50% completed and includes the tallest residential tower in the NCR region. Upon completion, the project has a revenue potential of over ?7,000 crore, according to the developer’s proposal to the local authority.

The developer has also submitted a proposal to the Uttar Pradesh government for project revival and is in the process of selling some land parcels to provide exits to lenders while using the remaining funds to expedite construction on stalled projects.

The Noida Authority will urge the Uttar Pradesh government to reconsider a decision to grant a financial relief of ?63 crore to a developer, the builders of a commercial tower in Sector 16. The relief was initially granted to compensate for delays caused by a National Green Tribunal (NGT) ban on constructions within 10 km of Okhla Bird Sanctuary between 2013 and 2015.

Authority officials noted that the developer had completed the towers before the NGT orders were imposed but failed to secure an occupancy certificate due to missing documents. This, they argued, makes the company ineligible for the waiver, as the NGT ban had no effect on the project.

The developer requested an extension of payment instalments by two years and a waiver of interest from September 2013 onwards, in line with NGT’s orders. The plea was rejected. Further appeals requesting waivers for the period prior to the ban were also denied. Partial relief had been allowed between August 14 and October 28, 2013.

In August 2015, the ban was lifted, with the Centre reducing the eco-sensitive zone around the sanctuary to 100 metres. The Authority contested the relief decision, arguing that the delay in obtaining the occupancy certificate was due to the developer’s own lapses, not the NGT ban. Officials also noted that the developer had already received partial waivers for the affected period and had cleared all outstanding dues by November 2022.

A co-working operator has leased 77,000 sq ft of grade-A office space in Indiranagar, Bengaluru. In August 2024, the company leased 42,000 sq ft of office space in another Bengaluru location, with a seating capacity of over 1,200. Previously, it had leased 62,000 sq ft of workspace in a prime commercial complex in Mumbai.

The company aims to achieve a revenue target of ?348 crore for FY25 and expand its portfolio by an additional three million sq ft by the end of FY26.

Chennai, Ahmedabad, and Kolkata are among the most affordable cities for investment in the housing segment, while the Mumbai Metropolitan Region and Delhi are the least affordable, according to a recent report on housing affordability in major Indian cities.

The report noted that the property price-to-annual household income ratio (P/I Ratio) in India has increased from 6.6 in 2020 to 7.5 in 2024. Based on this ratio, Chennai (5), Ahmedabad (5), and Kolkata (5) are among the most affordable cities for residential investments, while the Mumbai Metropolitan Region (14.3) and Delhi (10.1) are the least affordable.

The report also highlighted that the EMI-to-monthly income ratio in India has risen from 46% in 2020 to 61% in 2024, indicating a growing burden of EMIs on home buyers and reflecting affordability concerns nationwide, especially in metro cities. The trend is more pronounced in MMR (116%), New Delhi (82%), Gurugram (61%), and Hyderabad (61%). In contrast, cities like Ahmedabad (41%), Chennai (41%), and Kolkata (47%) are relatively more affordable.

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.