19 Oct 2023

Maruti Suzuki, India's top passenger car manufacturer, has secured a lease for 270,000 square feet of office space at Gurgaon's Tag Avenue. This comes after a request by Haryana's Chief Minister to relocate Maruti's headquarters to Gurgaon. Despite this, Maruti has no immediate plans to move from its current New Delhi location. The Haryana government is investing heavily in industrial and commercial development in the region. In Q1 2023, Delhi NCR saw a 4% decrease in leasing activity, with Gurugram at the forefront, accounting for 74% of the activity. Noida contributed 24%. These trends reflect the ongoing dynamics in the region's commercial real estate sector.Read more

14 Oct 2023

The Department of Town and Country Planning (DTCP) has issued show-cause notices to 45 residential properties in South City 2, Gurugram, for alleged misuse and violations of the Haryana Urban Development Act, 1975. These properties were found to be in violation of regulations after a recent survey by the DTCP's enforcement team. The property owners have been given seven days to respond, with potential actions including restoration orders and cancellation of occupation certificates. The move emphasizes the significance of adhering to zoning and land-use regulations in urban areas to prevent conflicts, maintain neighbourhood character, and ensure sustainable development.Read more

14 Oct 2023

Hero Realty Pvt. Ltd. (HRPL), a prominent Indian real estate developer, is teaming up with Saheb Enterprise to embark on a joint venture project in Gurugram's Sector 104. Spanning four acres along the Dwarka Expressway, this venture is poised to infuse Rs. 1500 crore into HRPL's top-line earnings for the fiscal year. Hero Homes Gurugram, part of this development, promises luxury living through premium residential apartments. This expansion solidifies HRPL's position in the National Capital Region (NCR) and enhances its market share in Gurugram. With a strategic location and a commitment to exceeding customer expectations, HRPL sets its sights on a bright future and ambitious sales goalsRead more

14 Oct 2023

The Haryana State Industrial Infrastructure Development Corporation (HSIIDC) has initiated the bidding process for four mixed-use plots in Gurugram's expansive Global City project, spanning 172.76 acres. With a focus on cutting-edge technology, sustainability, and comprehensive planning, this ambitious 1,000-acre project is set to transform Gurugram's landscape. The bidding process, beginning in November 2023, offers plots for various purposes, including commercial, residential, and institutional use. The Global City project promises economic growth and serves as a model for sustainable urban living in Gurugram.Read more

13 Oct 2023

Property developers and landowners in Gurugram are urging the state government to reinstate a policy allowing the construction of four-floor buildings before Diwali, as approvals for such projects have been on hold for eight months. The suspension came following protests by residents who argued that these "builder floors" were overburdening resources and infrastructure in already densely populated areas. The Gurgaon Home Developers and Plot Owners' Association contends that these builder floors cater to individuals with limited budgets and generate substantial revenue for the state. Despite the revenue generated, the government is yet to make a decision on the policy's future.Read more

12 Oct 2023

Residents of Tower H in the Chintels Paradiso housing complex in Gurugram have been instructed to evacuate their flats by the District Disaster Management Authority (DDMA). The Deputy Commissioner and Chairman of DDMA, Nishant Kumar Yadav, issued the evacuation orders, citing the IIT Delhi structural audit report from July that deemed the tower unsafe for habitation. The notice demands residents to vacate within 15 days failing which legal action under relevant sections of the IPC and Disaster Management Act could be taken up. A total of 5 towers in the complex have been flagged as unsafe by IIT Delhi.Read more

12 Oct 2023

The Department of Town and Country Planning (DTCP) in Gurugram has intensified its efforts to curb illegal colonies and unauthorized commercial operations. In a recent operation, five illegal colonies near the Sultanpur sanctuary were demolished, and 28 commercial establishments without proper authorization in Sushant Lok 2 were sealed. The enforcement team used earthmovers and received police support to demolish structures and roads in the illegal colonies. DTCP officials advised the public against investing in unauthorized colonies and urged prospective buyers to verify the legitimacy of land or plots with the DTP office. The crackdown is part of ongoing efforts to enforce urban development laws and regulations in the region.Read more

11 Oct 2023

Experion Developers, a prominent real estate developer, has acquired a six-acre land parcel in Gurgaon's Sector 53 through an auction conducted by the Haryana Shahari Vikas Pradhikaran (HSVP), the state's urban development authority. The acquisition is valued at approximately Rs 400 crore. This acquisition follows another significant HSVP auction where a two-acre plot in Sector 56 was sold for Rs 120 crore to TREVOC (The Real Estate Venture of Chawlas), a key promoter in the Spaze Group. Several leading real estate companies have actively participated in auctions by Haryana's urban development authorities, including Godrej Properties, Eldeco Group, and Ashiana Housing, highlighting the attractiveness of Gurgaon's real estate market.Read more

06 Oct 2023

In a significant development, the Supreme Court has granted bail to Basant Bansal and Pankaj Bansal, directors of the Gurugram-based real estate conglomerate M3M. This decision comes in the midst of an ongoing money laundering investigation involving the Bansal brothers. The case originated from allegations of bribery and money laundering, which led to their arrest by the Enforcement Directorate (ED). The bail plea was initially rejected by the Punjab and Haryana High Court, but the Supreme Court's decision to grant bail adds another layer of complexity to the legal proceedings. The case is expected to continue drawing attention due to its implications for the real estate and judiciary sectors.Read more

06 Oct 2023

The Department of Town and Country Planning imposed a ban on the registry and conveyance of Ansal properties due to the builder's failure to renew its license for the Sushant Lok 2 residential colony. The ban created hardships for property owners who couldn't buy or sell their properties or obtain conveyance deeds. However, after proactive efforts by the Gurugram Resident Forum and discussions with town planning authorities, the ban was partially lifted. Conveyance deeds were allowed for properties held by allottees, bringing relief to investors and allowing property transactions to proceed without unnecessary obstacles. This decision benefited those who had invested in Ansal properties.Read more

06 Oct 2023

DLF, India's largest real estate company, is expanding its footprint in the retail sector with the construction of the eagerly anticipated Mall of India in Gurugram. With a projected investment of approximately Rs. 1,700 crores, this ambitious project will result in a massive 25 lakh square feet shopping mall. DLF already owns the land for this development, and the construction is set to begin this year. Despite the challenges posed by the COVID-19 pandemic, DLF sees potential in the resurgence of gyms, cinemas, malls, and shopping centers, and is well-positioned to meet the demand for organized retail shopping with its strategic land investments.Read more

04 Oct 2023

Wave Group, a real estate developer, has announced plans to invest approximately Rs 100 crore in adding 35 cinema screens across seven to eight new properties. This expansion comes after the recent launch of Wave Cinemas, a premium 7-screen multiplex in Gurgaon. With these new screens, Wave Group will operate a total of 10 multiplexes and 42 screens. The move into the cinema industry aligns with the trend of real estate developers diversifying into entertainment and hospitality sectors to create comprehensive lifestyle destinations for customers. It also reflects the growing demand for high-quality cinematic experiences in India.Read more

03 Oct 2023

The Gurugram district administration has issued directives to the builders of 23 high-rise buildings for structural safety audits. The builders have been instructed to submit their building plans to auditing agencies within a week. The administration has made it clear that if structural defects are found during the audit and repairs are needed, the cost will be shared equally between the Resident Welfare Association (RWA) and the builder. This initiative comes after visual inspections of 55 societies in Gurugram revealed 23 buildings with structural issues. The district administration is prioritizing the safety of residents in multi-story buildings and taking proactive steps to address potential risks.Read more

30 Sep 2023

The DTCP enforcement team has taken action in Gurugram, addressing the issue of 17 families who have yet to vacate two towers in Chintels Paradiso. Letters have been dispatched to both the Residents' Welfare Association (WA) and the developer, urging cooperation. These towers collectively house 104 flats, with 17 families still residing in defiance of eviction orders. Authorities are working to resolve this situation and ensure compliance with regulations. Safety remains a top priority following a tragic incident last year where two residents lost their lives due to structural issues in Tower D.Read more

27 Sep 2023

Homebuyers in Gurugram's Greenopolis project are demanding updates and prompt possession of their long-delayed flats, which have faced an eight-year delay. In a protest held earlier this week, they urged developer Orris Infrastructure to expedite completion, particularly for phase-1 apartments, and to swiftly progress phases 2 and 3. However, Orris has pointed to pending Supreme Court proceedings related to the project and requested patience from the homebuyers. The project's history involves legal disputes between Orris and Three C, the original builder, and Orris has offered possession to some buyers. The pending Supreme Court decision will be crucial in resolving the situation and addressing homebuyers' concerns.Read more

27 Sep 2023

Godrej Properties, a prominent real estate developer, has acquired approximately 15 acres of land in Gurugram's Sector 103 for Rs 403 crore from Microtek Infratech. The sale deed was executed in the name of Godrej Vestmark LLP, with a stamp duty of Rs 28.21 crore paid for the transaction. While Godrej confirmed the land acquisition through outright purchase, they did not disclose the revenue potential of the upcoming project on this land. This acquisition follows Godrej's previous land purchases in Noida and Gurugram, demonstrating its commitment to expanding its real estate portfolio in key regions.Read more

22 Sep 2023

Under Chief Minister Manohar Lal Khattar's leadership, the Haryana government is taking comprehensive measures to address the issue of unauthorized commercial establishments encroaching on residential areas. These initiatives include the establishment of an Integrated Command and Control Centre in Ambala to enhance security and traffic management, and the formulation of a policy to designate areas with commercial establishments within residential zones as official commercial areas. The government is also conducting a city-wide survey to identify locations in need of CCTV surveillance integration into the Police Integrated Command and Control Centre. These proactive steps reflect the government's commitment to responsible urban development and efficient governance in Haryana.Read more

21 Sep 2023

Tulip Infratech, a prominent real estate developer, is injecting Rs 280 crore into phase 2 of the Tulip Monsella project in Gurgaon's Golf Course Road. This investment aims to develop 350,000 square feet of residential space. Tulip Infratech acquired the property from PNB Housing Finance in 2020 after the project's original borrower, Vipul Ltd., defaulted on a Rs 412-crore loan. The comprehensive project, spanning 20 acres, is valued at over Rs 5,000 crore. Tulip plans to build ten luxurious residential buildings, a 600,000-square-foot commercial tower, and an 80,000-square-foot commercial tower. This initiative also helps 200 stuck homebuyers.Read more

20 Sep 2023

Eldeco Group has acquired 8.5 acres of land in Gurugram's Sector 80 for ?165 crore through an auction by Haryana State Industrial & Infrastructure Development Corporation (HSIIDC). They plan to invest an additional ?400 crore in constructing an 850,000-square-foot luxury residential development with an Aravali view. The project is expected to generate ?1,000 crore in revenue. Eldeco, having completed 175 projects covering 30 million square feet, aims to start construction this financial year. The Haryana government's active land auctions are expected to boost housing launches in the second half of the financial year, driven by rising demand.Read more

19 Sep 2023

The DFC has approved a $20 million long-term loan for Ummeed Housing Finance in Gurgaon, India. This funding aims to support affordable housing for economically disadvantaged and middle-income groups. The DFC will provide the loan at a fixed interest rate of 4.25 percent over 15 years. Ummeed plans to utilize the loan to offer extended-term credit for home purchases, construction, and extensions, diversifying its liability portfolio. The cost of borrowing, including hedging expenses over five years, is estimated at 8–9 percent. The company intends to finance around 2,000 low-value mortgages with this funding, promoting affordable housing access in India.Read more