04 Mar 2024

In Gurgaon, a hotbed of real estate activity, developers eagerly acquired prime land parcels through high-profile auctions led by HSIIDC. Recent transactions totaling INR 500 crore underscore the robust demand for residential properties in Haryana. Sector 80 emerged as a key development area, attracting significant land acquisitions. Prominent developers like Eldeco and Trehan Iris have announced plans for luxury projects, reflecting the city's growing allure. The surge in acquisitions and upcoming launches in Gurgaon and Delhi-NCR point to a promising outlook for the real estate sector in the area.Read more

01 Mar 2024

Smartworks, a New Delhi-based co-working firm, secures 100,000 square feet of office space in Gurugram's RK Four Square Complex, accommodating up to 1,000 desks. Priced at INR 20,000 per month per desk, this move caters to rising demand for flexible office solutions. The expansion aligns with Smartworks' mission to provide innovative workspace solutions across India, supported by recent funding boosts. The co-working sector, as projected by Vestian, anticipates substantial growth, reaching 81 million square feet by 2025.Read more

29 Feb 2024

ASK Property Fund announces a INR 120 crore investment in TREVOC's luxury housing project in Gurugram, enhancing its prime location and revenue prospects. TREVOC will contribute INR 80 crore to the venture, underlining their commitment to crafting a unique living space. The investment, drawn from ASK Real Estate Special Opportunities Fund IV, underscores ASK Property Fund's focus on high-potential micro markets in India's top 6 cities. With over 175 residential units spread across a two-acre plot, the project anticipates an aggregate revenue potential of INR 800 crore over five years, signaling confidence in Gurugram's real estate landscape and the luxury housing sector's growth.Read more

29 Feb 2024

Amid prolonged delays in Gurugram's affordable housing projects, the Department of Town and Country Planning (DTCP) has stepped up its actions. Directives have been issued to developers of 50 projects to submit comprehensive status reports, emphasizing adherence to timelines. Concerns over sluggish progress have prompted DTCP to convene a review meeting with developers, aiming for compliance with licensing terms and project milestones. Escalation to higher authorities is planned for unresolved delays. Simultaneously, the Municipal Corporation of Gurugram (MCG) is cracking down on property tax defaulters, sealing properties and disconnecting utilities. Despite challenges, these proactive measures signal a concerted effort to address housing delays and boost revenue collection, fostering optimism among stakeholders.Read more

27 Feb 2024

Smiti Agarwal, director at Wesbok Lifestyle Pvt Ltd and spouse of V Bazaar CMD Hemant Agarwal, secures a sprawling apartment at The Camellias by DLF, Gurugram, for Rs 95 crore. The opulent 10,813 sq. ft space comes with five parking spots. The transaction, completed on January 18, 2024, underscores the allure of prime properties in the region while the recent surge in property values at The Camellias echoes a broader trend across DLF's Golf Links projects. With 15% of buyers upgrading from nearby complexes. It marks a milestone in Delhi-NCR's upscale real estate market, reshaping luxury living standards in Gurugram.Read more

23 Feb 2024

Godrej Properties Ltd (GPL), a prominent Indian real estate developer, has taken a proactive and customer friendly approach in tackling the problems concerning the Godrej Summit project in Gurugram. Following concerns over construction quality, over 100 homeowners recently opted for a buyback offer extended by the company. In addition, GPL is said to have earmarked INR 155 crore for repairs, addressing chloride-related corrosion in concrete. The company has extended repair deadlines to ensure a thorough completion by December 2024 under the guidance of IIT Delhi. GPL has vowed to prioritize resident satisfaction, engaging with residents and collaborating with experts to ensure project quality and safety.Read more

22 Feb 2024

Haryana's Real Estate Regulatory Authority (H-Rera) has issued a stern warning to banks in Gurugram against allowing developers to withdraw funds from the regulator's accounts in violation of prescribed norms. In a letter dated Feb 12, H-Rera emphasised non-compliance with the Real Estate (Regulation and Development) Act 2016, where developers must deposit 70% of collected funds into separate accounts for specified project expenses. The authority stressed the importance of banks ensuring compliance and notified developers of potential penalties, including up to 5% of the project's cost, for violations.Read more

09 Feb 2024

Rikant Pittie, co-founder of EaseMyTrip, made headlines with his purchase of a INR 99.34 crore commercial property in Gurugram's Sector 32. The property spans 4,050 square meters near Rajiv Chowk and boasts a built-up area of 1,00,429 square feet. Pittie, known for transforming his teenage travel agency into EaseMyTrip.com, has become a major player in online travel. EaseMyTrip has seen remarkable growth and remains profitable since its inception in 2008. Pittie's latest acquisition reflects his commitment to expanding his business empire.Read more

23 Jan 2024

Bangalore-based real estate developer Sobha Ltd has completed a Rs 121 crore payment to Gurgaon-based Chintels India Pvt Ltd for land within their joint venture project, Sobha International City. This involves two separate land parcels, 2 acres and 5.8 acres, with a stamp duty payment of approximately Rs 8.5 crore. The transaction follows Sobha's record-breaking performance in Q2 2023. The deal includes the transfer of a commercial portion of the licensed land and a plot initially allocated for the clubhouse. Despite controversies surrounding Chintels India's Chintels Paradiso project, the recent land transfer is unrelated, emphasizing the continued collaboration in real estate development in the National Capital Region.Read more

17 Jan 2024

The revision of circle rates in Gurugram, initially slated for January 1, is now expected to be implemented from February 1, with a proposed 30-80% increase across property categories. The Haryana government's draft proposal, released for public review in December, outlines significant hikes in circle rates for various areas, including Golf Course Road and Farrukhnagar. Deputy Commissioner Nishant Yadav emphasized that the rate adjustments aim to bridge the gap between circle rates and market prices, with the final rates based on property registry amounts in 2023.Read more

11 Jan 2024

Real estate giant DLF reported a remarkable achievement, selling over 1,000 luxury housing units in its pre-launch phase for the Privana South project in Gurugram. The sales, totaling Rs 7,200 crore, were completed within three days, showcasing high demand. Covering 25 acres in Sectors 76 and 77 of Gurugram, the upscale community offers 1,113 well-thought-out premium homes. DLF emphasized its commitment to high-rise luxury developments and strategic positioning near Southern Peripheral Road, NH-48, Dwarka Expressway, and Central Peripheral Road. This success follows DLF's similar feat in March 2023, underscoring sustained demand for its upscale offerings.Read more

09 Jan 2024

Realty developer BPTP, via its subsidiary Countrywide Promoters Pvt Ltd, has acquired a 5.24-acre land parcel near Gurugram's Dwarka Expressway for Rs 87.27 crore. The strategic move aligns with BPTP's expansion efforts in Gurugram and Faridabad, where it holds over 600 acres. Following a recent sale of a 10-acre land parcel to Central Park for Rs 100 crore, BPTP reinforces its regional commitment. The acquired plot in Gurugram's Sector 113, near the operational Dwarka Expressway, adds to BPTP's extensive portfolio of completed residential and commercial projects. The real estate landscape, marked by active land acquisitions in 2023, reflects the sector's dynamic growth.Read more

09 Jan 2024

In a targeted move against unauthorized colonies, the enforcement wing of the town and country planning department (DTCP) demolished six such colonies spanning 15 acres in Hayatpur and Sadrana in Gurgaon. The demolition, aimed at curtailing the illegal use of prime agricultural land, included structures, boundary walls, and entire road networks associated with the unauthorized colonies. The crackdown, in line with the Haryana Development and Regulation of Urban Areas Act, involved stringent legal measures, underscoring the government's commitment to combating illegal land development and preserving urban planning integrity.Read more

08 Jan 2024

In 2023, Gurugram's housing market experienced a notable 13% surge in sales, contrasting with neighbouring areas like Noida, Greater Noida, Faridabad, and Delhi, which saw a 7-8% decline in property sales. Gurugram's residential property market flourished, reaching 36,970 units, a significant increase from the previous year's 32,615 units. In contrast, Noida, Greater Noida, Ghaziabad, Faridabad, and Delhi collectively faced a downturn. Gurugram's success is attributed to robust consumer sentiment, ongoing infrastructure projects, and hotspots like New Gurugram, Dwarka Expressway, and the Southern Peripheral Road. Industry experts highlight Gurugram's renaissance within the NCR region, driven by demand and infrastructure growth.Read more

08 Jan 2024

Godrej Properties' subsidiary, Oasis Landmarks LLP, faces a GST demand order of Rs 10.45 crore, along with interest and penalty, totalling Rs 22.54 crore. The order, dated December 31, 2023, alleges non-payment of GST related to turnover in the pre-GST regime, citing denial of input tax credit. Oasis Landmarks LLP plans to contest the order while asserting that the order has no significant impact on the company's finances or operations. Despite the challenge, the subsidiary expects a favourable outcome based on its assessment and current legal positions. Meanwhile, Godrej Properties recently acquired a four-acre land parcel in Yeshwanthpur, Bengaluru, with significant development potential and an estimated revenue of Rs 1,000 crore.Read more

29 Dec 2023

DLF, a leading real estate developer, is set to launch a luxury residential project in Gurugram's Sector 76, projecting revenues between Rs 8,000 crore and Rs 10,000 crore. The formal launch is anticipated in January 2024, marking DLF's significant venture into the Southern Peripheral Road (SPR) area. The project, part of the integrated 'Privana' township spanning 120 acres, is expected to offer 1,100 premium residences in the price range of Rs 17,000 to Rs 18,000 per square foot, following the success of DLF's earlier project, 'The Arbour.'Read more

28 Dec 2023

Godrej Properties Ltd achieves a remarkable milestone with the sale of over 600 apartments in its upscale Gurugram project, Godrej Aristocrat, raking in an impressive Rs 2,600 crore. This exceeds the previous record set by Godrej Tropical Isle in Noida, showcasing the company's most successful launch to date. Managing Director Gaurav Pandey highlights Gurugram's strategic importance, revealing plans for four new projects in 2024. The company reports a 48% increase in sales bookings, reaching Rs 7,288 crore in April-September 2023-24, with Delhi-NCR contributing significantly. Executive Chairperson Pirojsha Godrej expresses confidence in achieving a Rs 14,000 crore sales target this fiscal year, signalling robust growth and expansion.Read more

26 Dec 2023

MakeMyTrip's CEO, Rajesh Magow, and Genpact's CHRO, Piyush Mehta, recently acquired luxurious apartments at The Magnolias by DLF in Gurugram, each valued at around Rs 33 crore. These 6,500 sq ft residences have seen an incredible price increase since October 2022. The Golf Links projects, including the Aralias, the Magnolias and the Camellias, have become prominent addresses in the National Capital Region (NCR). The surge in luxury real estate prices reflects a growing trend, with DLF's Golf Links residences commanding top rentals and drawing comparisons to Delhi's prestigious Lutyens zone. Property transactions in the region have experienced heightened demand, contributing to a notable surge in the luxury real estate market.Read more

21 Dec 2023

Emaar India, a subsidiary of Emaar Properties, is set to invest Rs 900 crore in a luxury housing project in Gurugram as part of its expansion strategy. The 'Urban Oasis' project at Sector 62, Golf Course Extension Road, has already sold out its first phase, comprising 424 luxury homes, generating revenue of Rs 1,723 crore. The overwhelming response, with 10 times subscription and 4,259 expressions of interest, reflects robust demand for luxury homes in Gurugram and major cities. Emaar India, having completed legacy projects, aims to launch more residential developments in Delhi-NCR and other North Indian locations.Read more

20 Dec 2023

Gurugram faces a rampant proliferation of unauthorized guesthouses, covering 145 acres in key sectors, with approximately 1,400 operating illegally. Despite enforcement efforts by the Town and Country Planning Department, these establishments persist, often breaking seals or obtaining court stays. State policies for guesthouse construction include minimum plot sizes and sector-wise caps, but recent data reveals 70% of guesthouses operate unlawfully. Many serve as alternative accommodations for medical, IT, and industrial entities, maintaining a high 90% occupancy rate. The issue, stemming from 2010 B&B licenses, persists due to lax enforcement. Authorities face the urgent task of curbing this unchecked growth to restore order in the city's accommodations.Read more