19 Dec 2023

Godrej Properties is launching the 'Godrej Aristocrat' luxury housing project in Gurugram, anticipating a revenue potential of approximately Rs 3,000 crore. With nearly 750 apartments in a 9.5-acre plot, the project at Sector 49, Gurugram, has a starting price of Rs 4 crore per unit. The company has already garnered over 1,200 expressions of interest. On the real estate performance front, Godrej Properties achieved a 48% growth in sales bookings during April-September 2023.Read more

14 Dec 2023

Gurugram's real estate market continues its robust momentum, achieving record-breaking sales with a Rs 100 crore apartment sale, marking one of the city's most expensive property transactions. Square Yards' quarterly report reveals that Gurugram's top fifteen developers collectively sold 2,578 properties valued at Rs 4,374 crores in Q3 2023. DLF led in volume, selling 336 units worth Rs 1,775 crore, while Signature Global topped units sold (631) worth Rs 234 crore. Gurugram's rise in residential real estate is attributed to its cosmopolitan appeal and emerging reputation as the next Silicon Valley.Read more

12 Dec 2023

Air India has finalized a lease agreement for 6.2 lakh sq ft in Gurgaon's E-Innovation Centre, Sector 75, at an annual rent exceeding Rs 60 crore. It has leased blocks B, C, and E for 21 years. The leases, featuring a 4% annual rent escalation, were registered on October 18, 2023. The property comes with 450 car parking spots. The developer will construct the facility, catering to Air India's pilot training needs. In the past few months, Air India leased 1,80,750 sq ft of office space in Vatika One on One in Gurugram and also has sold its Air India building at Nariman Point to the Maharashtra State Government.Read more

08 Dec 2023

The Department of Town and Country Planning (DTCP) in Haryana has sealed six houses in Sushant Lok 2 for illegal commercial activities, part of a broader crackdown on unauthorized businesses in residential areas. This initiative, ongoing since October, has resulted in around 500 properties being sealed and more than 750 violators receiving notices for breaching occupation certificate (OC) rules. The department's rigorous enforcement, exemplified by recent actions in Sushant Lok 2 and DLF 1, highlights a commitment to upholding building norms, discouraging violations, and maintaining the integrity of residential neighbourhoods in Haryana.Read more

07 Dec 2023

Ericsson has signed a substantial office space deal with Skootr at Gurgaon's Vatika One on One building, marking one of India's largest managed workspace agreements. Covering 525,000 square feet, Ericsson's commitment involves an immediate occupancy of 325,000 square feet, with a right of first refusal for an additional 200,000 square feet. The move highlights a growing demand for flexible office spaces in the country. The builder, Vatika, is expected to deliver the first phase in 3-6 months, with Skootr handling fit-out over the subsequent 3-4 months.Read more

01 Dec 2023

Ganga Realty unveils the Nandaka 84 uber-luxury residential project in Gurugram, committing an investment of over 1000 crores for its development. Strategically located near Dwarka Expressway and NH-48, the self-funded project spans 8.33 acres, featuring 3BHKs, 4BHKs, and penthouses across four towers. Partnering with London-based firm UHA, the project emphasizes green inclusivity with Miyawaki Gardens, medicinal and air-purifying flora, EV charging stations, and various amenities. Ganga Realty aims for single-phase completion by 2028, echoing the success of their first luxury project in Gurugram. The company's symbolic focus on "pure luxury" aligns with the growing demand for high-end residences in Gurugram.Read more

30 Nov 2023

Haryana Shahari Vikas Pradhikaran (HSVP) has served notices to 150 property owners in Sector 110A, demanding a "enhancement amount" of Rs 409 crore. Residents must pay between Rs 30 lakh to Rs 1 crore, based on plot size, within 30 days or face interest penalties. The notices follow a Punjab and Haryana High Court directive for enhanced compensation to landowners affected by the 2015 demolition of homes in New Palam Vihar for Dwarka Expressway construction. Allotted alternative plots in Sector 110A in 2017, affected families now grapple with the unexpected demand, prompting protests and appeals.Read more

28 Nov 2023

The District Town Planner Enforcement (DTPE) in Gurugram took action by sealing 21 floors across two apartment buildings in response to alleged violations of occupation certificate norms. The move is part of a crackdown on unauthorized commercial activities within residential premises. Malibu Town Club also faced closure due to complaints about illicit construction within its premises. The authorities issued show cause notices and restoration orders, emphasizing their commitment to curbing unauthorized developments in the region. The enforcement action aims to deter illegal construction and commercial activities within residential spaces, highlighting the importance of adhering to occupation certificate norms for planned development in Gurugram.Read more

24 Nov 2023

DLF Building and Services Private Ltd has acquired a 31,254-square-foot office property in Gurugram for Rs 81.04 crore, previously leased to WeWork India. Located at Two Horizon Centre, Sector 43, Gurugram, the office is among the city's premium office parks. DLF had constructed the Two Horizon Centre skyscraper. The seller, a non-resident Indian (NRI) with a Singaporean address, initially purchased the property in 2018 from DLF and leased it to WeWork for ten years. Despite global uncertainties, CRISIL projects stable net leasing in India's commercial office space in the mid-term.Read more

23 Nov 2023

Mumbai-based Oberoi Realty is making its debut in the NCR market by acquiring 14.8 acres in Gurugram for Rs 597 crore. The land, purchased from Ireo Residences, will be used for a luxury group housing project, marking Oberoi's foray outside Mumbai Metropolitan Region. The deal, involving event/ time-linked payments up to Rs. 597 crore, allows existing owners to retain a portion of the project area. Oberoi's entitlement from the project is estimated at 2.6 million sq ft. The move aligns with Oberoi's expansion plans, which include entering Thane, Bengaluru, and Pune, while focusing on premium luxury residences.Read more

23 Nov 2023

Despite enforcement efforts and issuing fines, construction activities in Gurugram persist in violation of Graded Response Action Plan (GRAP) norms. Haryana Shahri Vikas Parishad (HSVP) and Municipal Corporation of Gurugram (MCG) have struggled to curb these activities, leading to dust pollution. Construction work and uncovered building materials are observed in sectors 27, 28, 42, 43, 51, 52, 56, 57, and 46. Despite the authority's power to penalize, strict implementation is lacking. The sectors' maintenance falls under MCG, while HSVP handles property approvals. MCG has issued 195 challans totalling Rs 23 lakh, predominantly targeting construction sites for non-compliance.Read more

17 Nov 2023

The enforcement wing of the Town and Country Planning Department (DTCP) in Gurugram has taken a proactive approach to penalize developers violating Graded Response Action Plan (GRAP) norms. Residents can now use helpline numbers to report any violations, leading to site inspections and appropriate actions. The department has issued challans and warnings to developers, emphasizing adherence to GRAP norms. Penalties are set to be collected before the issuance of occupation certificates, and strict actions are promised against non-compliance. Monitoring teams and field staff have been deployed for continuous site inspections, underscoring the commitment to upholding environmental standards and ensuring sustainable urban development in Gurugram.Read more

09 Nov 2023

Air India, owned by the Tata Group, has signed a lease agreement for seven floors, spanning 1,80,750 square feet of office space, at Gurugram's Vatika One on One building. The five-year lease, with an annual rent of Rs 24.05 crore, commenced on September 29, 2023. Air India paid an interest-free refundable security deposit of Rs 11.34 crore and a rent-free fit-out period is granted until March 2024. The rent would be hiked by 15% after three years. Vatika One on One is a 12-acre office complex located just six kilometres from Indira Gandhi International Airport, offering signal-free connectivity.Read more

02 Nov 2023

Residents of Gurugram's Chintels Paradiso rallied at Jantar Mantar, protesting against the developer for leaving them stranded. Claiming the building is unsafe due to inferior materials and that it still received an occupancy certificate from DTCP, residents have started protesting against the district administration. They demand either proper reconstruction or fair market compensation. The residents have sought intervention from the Prime Minister's Office and the Ministry of Housing and Urban Affairs demanding ‘Ghar Ke Badle Ghar'. Allegations also arise about potential misuse of the disaster management act by the administration to favour the developer.Read more

26 Oct 2023

Signature Global (India) has acquired 25.75 acres of land in Gurugram for a significant group housing project, withholding deal details. The acquisition involves prime land in Gurugram, offering a vast development potential of 3.25 million sq. ft. The company is also in advanced negotiations for joint development agreements for 16.12 acres and collaboration agreements for 4.26 acres in the same vicinity. Financially, it experienced a 37.57% increase in pre-sales in H1 FY24 and reported a 64.92% growth in collections. Signature Global recently launched a successful initial public offering to raise Rs 730 crore, further solidifying its presence in real estate.Read more

26 Oct 2023

In Gurugram, homebuyers in nine affordable housing projects, linked to developers Mahira Homes, Ocean Seven Buildtech (OSB), and Orris Infrastructure, may find relief from their long wait for possession of their flats within the next three to four months. The Department of Town and Country Planning (DTCP) is actively addressing these issues following complaints from around 5,000 homebuyers. They have been plagued by various problems, including financial irregularities and suspended construction. With around 15,000 affected homebuyers, they are hopeful that government intervention will bring a resolution to their prolonged anxieties and uncertainties.Read more

26 Oct 2023

The Department of Town and Country Planning (DTCP) in Gurugram has conducted sealing drives against unauthorized construction and illegal commercial activities in licensed colonies, recovering a total of Rs 1 crore in penalties and bank guarantees from violators. Around Rs 50 lakh was collected through penalties and bank guarantees for de-sealing buildings closed citing various violations. Additionally, approximately Rs 50 lakh was collected by granting permissions to property owners for running non-nuisance commercial activities. The DTCP has issued permits for various non-nuisance activities, including those by lawyers, doctors, tax consultants, and architects, and collected revenue of around Rs 59 lakh from these permits.Read more

25 Oct 2023

91Springboard, a major player in India's coworking and flexible workspace industry, has launched its Platinum Hub in the prestigious DLF Cyber City of Gurugram, a prime location for businesses. This marks their sixth workspace in Gurugram and 11th in the National Capital Region, aligning with Gurugram's growth as a primary business destination. Reports from Cushman & Wakefield and Knight Frank indicate Gurugram's dominance in the Delhi-NCR workspace market. This expansion brings their total workspaces in India to 28, offering top-notch design, comfort, and customization options.Read more

24 Oct 2023

Thailand-based real estate developer, Magnolia Quality Development Corporation (MQDC), inaugurates its second co-working space, Whizdom Club India, in Gurugram's Golf Course Road area. Spanning 42,000 sq. ft. across multiple floors, the facility accommodates over 450 professionals, emphasizing well-being and sustainability. Featuring private cabins, meeting rooms, and an open terrace, the space incorporates advanced air-conditioning systems and emphasizes safety protocols. MQDC plans similar features in future projects. The move aligns with Gurugram's booming co-working sector, reflecting MQDC's dedication to transformative, innovative workspaces amidst rising demand for commercial real estate in India.Read more

24 Oct 2023

The enforcement wing of Gurugram's town and country planning department (DTCP) has taken stringent action against illegal constructions, demolishing around 50 illegal colonies spanning 550 acres in Gurugram, Sohna, Pataudi, and Farrukhnagar. District Town Planner Binesh Kumar tackled 14 illegal colonies in Sohna and Bhondsi, initiating 13 demolition drives. Similarly, DTP Sumit Malik targeted 29 colonies in Farrukhnagar-Pataudi, leading 25 demolition operations. The crackdown, involving additional District Town Planners, aims to curb illegal developments, ensuring planned urban growth as per the Gurgaon Master Plan 2031. The government's stringent stance discourages unlawful real estate activities, promoting a regulated urban landscape.Read more