13 Sep 2024

Incuspaze has expanded its footprint in Bengaluru by leasing 325,000 square feet of office space at QUBE Software Park, Outer Ring Road, catering to over 5,000 seats. This follows a recent lease of 156,000 square feet in Whitefield, as the company targets one million square feet of space in the city within a year. With Bengaluru's IT sector driving demand for scalable workspaces, Incuspaze plans to add two million square feet across key South Indian cities. Established in 2016, the company now operates 4 million square feet across 44 locations in 18 cities.Read more

13 Sep 2024

The Navi Mumbai Municipal Corporation (NMMC) recently demolished an unauthorized RCC building in Sector 9, Airoli, after its owners failed to comply with a notice from the Encroachment Department. The structure, located behind Machhi Market and owned by Sagar Nath Rama Madhavi, was being built without the required permits. Despite a notice under the Maharashtra Regional and Town Planning Act, 1966, construction continued, prompting partial demolition of the third floor on 11th September 2024. The NMMC used manual labor due to site constraints. This action, directed by Commissioner Dr. Kailas Shinde, is part of ongoing efforts to curb illegal constructions in the area.Read more

13 Sep 2024

The Arkade Developers is launching a INR 410-crore initial public offering (IPO) on 16th September, closing on 19th September. The IPO consists entirely of fresh equity shares with no offer-for-sale (OFS) component. Anchor investor bidding will open on September 13. The company has already raised INR 20 crore through a pre-IPO placement. Proceeds will fund the ongoing and the future real estate projects, land acquisition, and corporate purposes. Arkade Developers, based in Mumbai, has developed 1.80 million square feet of residential property. The shares will be listed on the BSE and NSE, with Unistone Capital as the lead manager.Read more

12 Sep 2024

In 2024, sales of ultra-luxury homes priced above INR 40 crore remained robust in Mumbai, Hyderabad, Gurugram, and Bengaluru, with a total of 25 properties sold for INR 2,443 crore from January to August. Mumbai led with 21 sales totaling INR 2,200 crore, underscoring its status as India's priciest residential market. The demand for high-end homes persisted despite rising costs, with average prices increasing by 2% for homes over INR 40 crore and 14% for those above INR 100 crore. The trend indicates strong interest from high-net-worth individuals and suggests continued growth in the ultra-luxury sector through the year.Read more

12 Sep 2024

Mumbai Metro Rail Corporation (MMRC) hosted a site visit for Japan's House of Councillors members, including Mr. Kazuhiko AOKI, at BKC station of Metro Line-3. Senior officials from MMRC briefed the delegation on the project's progress, challenges, and its potential to revolutionise Mumbai's connectivity. Following the briefing, the members rode the Metro Line-3 from BKC to Marol Naka. They expressed approval of the project's advancement and the effective utilisation of Japan's Official Development Assistance (ODA), which significantly contributes to improving city mobility and access.Read more

12 Sep 2024

Bollywood director Karan Johar has signed a three-year lease for a luxury duplex in Mumbai's Bandra West, renting a condo on the 2nd and 3rd floors of a Pali Hill tower for INR 8.10 lakh monthly, rising to INR 8.93 lakh in the third year. The total rental value over three years exceeds INR 3.06 crore. Johar also leased his Bandra apartment to actor Imran Khan for INR 9 lakh monthly. High-end properties in Mumbai's prime areas, like Bandra and Worli, are in high demand, driving up rental prices due to limited availability and the growing allure of luxury living.Read more

11 Sep 2024

The Union Cabinet has approved a new 309 km rail line connecting Indore and Manmad. This project will cost over INR 18,000 crore. It will create the shortest rail route between Mumbai and Indore. The rail line will pass through six districts in Maharashtra and Madhya Pradesh. The project is expected to be completed in seven to eight years, i.e. it will be completed by 2027. The project will introduce 30 new stations and benefit about 30 lakh people. It aims to improve connectivity, increase freight traffic, and promote tourism in the region.Read more

11 Sep 2024

The Chennai Metro Rail Limited (CMRL) plans to develop commercial properties around phase-two metro stations at key locations, including Thirumangalam, Alandur, Vadapalani, KK Nagar, Mandaveli, Anna Nagar West, Thousand Lights, and Koyambedu. These developments aim to integrate the public transit with the commercial spaces, enabling the passengers to access the workplaces and the shopping complexes directly from the stations via walkways or subways. CMRL is seeking the state government funds and collaborating with agencies like MTC and CMDA. This initiative is part of a transit-oriented development strategy to boost non-fare revenue, which increased by 65% in 2022-2023, aiding financial sustainability.Read more

11 Sep 2024

IBM has renewed its lease for 830,000 square feet in Bengaluru's Embassy Golf Links Business Park, marking a significant office leasing transaction in India this year. The ten-year lease, costing INR 143 crore annually, involves a monthly rate of INR 140 per square foot, with planned escalations of 12% and 15% after five and eight years, respectively. Despite the rise of remote work, demand for office space remains strong, with India's leasing market up 19% in the first half of 2024. IBM's continued expansion underscores the importance of physical office environments amid evolving work trends.Read more

10 Sep 2024

The Indian government has approved the transfer of 256 acres of salt pan land in Mumbai to the Maharashtra government, advancing the Dharavi Redevelopment Project. This Union Cabinet decision supports the creation of rental housing for Dharavi's slum dwellers. The land, situated in Kanjurmarg, Wadala, and Mulund, will be leased for 99 years to facilitate the project. Aimed at improving living conditions for over one million residents, this initiative marks a crucial step in addressing Mumbai's urban housing challenges while ensuring transparency and accountability in its execution.Read more