News

Vaishnavi Group of Bengaluru plans to create 6 million square feet (msf) of residential complexes and 4 msf of office space in Bengaluru, with a potential top-line income of Rs 5,000 crore.

Prestige Falcon Realty Ventures, a fully owned subsidiary of the Bengaluru-based real estate developer, paid INR 978.7 Crore for securities from DB Realty and its subsidiaries to enhance its share in Prestige BKC Realtors from 50% to 100%.

Aurum PropTech is poised to acquire NestAway Technologies, a managed rental property company financed by Goldman Sachs, Tiger Global, and Ratan Tata, via an acquisition of all existing shareholders.

Industry analysts say the delay in replacing the Special Economic Zones (SEZ) Act of 2005 with the Development (Enterprise and Services) Hubs Bill of 2022 is hurting major office park rentals since firms are unwilling to lease space in SEZ parks.

According to people familiar with the deal, Bajaj Electricals has leased a full floor of office space at One International Centre in Mumbai's Lower Parel business area from Blackstone Group unit Nucleus Office Parks for almost five years.

Flexible office space provider Awfis Space Solutions plans to double its portfolio to 250 centres by March 2024, fuelled by resilient demand from both corporations and startups.

In the current fiscal year 2023-24, The Phoenix Mills plans to invest over Rs 2,000 crore to support the ongoing portfolio expansion in key locations such as Pune, Bengaluru, Kolkata, and Surat.

In 2023, Bengaluru-based real estate firm Puravankara Ltd intends to launch new projects comprising over 15 million square feet in Bengaluru, Chennai, Kochi, and Coimbatore, with a three-year revenue goal of Rs 18,000 crore.

For its cluster development initiative in Mumbai, the Maharashtra government has given a one-year premium waiver for real estate developers at the rate of 50 percent. The action will likely facilitate the revitalization of older buildings in the city.

The Indian division of U.S.-based Cognizant Technology Solutions has renewed two lease agreements for over 627,500 square feet of office space in the Hinjewadi Rajiv Gandhi IT Park in Pune.

Roche's India subsidiary has leased more than 200,000 square feet of office space from Brookfield Properties' commercial complex in Pune's Baner neighbourhood, according to sources with firsthand knowledge of the transaction.

After 13 rounds of bidding, Ahmedabad's Sankalp Recreation, Kolkata's Shri Ram Multicom, and Mumbai's Rare Asset Reconstruction Co are the sole bidders for Rajesh Life Spaces' bankrupt hotel property.

Shriram Properties Limited (SPL) of Bengaluru has acquired development rights for 1.9 million square feet for a residential project in Chennai from Garden City Developers in a transaction valued at approximately Rs 185 crore.

Oberoi Realty is in discussions with Marriott and Hyatt about taking over management and operations of the hotel.

According to GROHE-HURUN India, DLF Chairman Rajiv Singh remains the wealthiest Indian real estate entrepreneur with a net worth of INR 59,030 crore.