Puravankara has acquired the redevelopment rights of a prestigious society — Miami Apartments at Breach Candy. Spread little over ~2,000 sq m of land, this marks the developer’s entry into the uber-luxury South Mumbai market, where rates (as per market sources) are estimated in the range of Rs 1,25,000 and Rs 1,40,000 per sq. ft.
This strategic growth is expected to be driven by a focus on innovation as these companies seek to enhance their technological capabilities and market presence. Moreover, emerging technologies are projected to generate approximately 4.7 million tech jobs over the next five years across diverse sectors, including manufacturing, retail, education, finance, and insurance. This surge in job creation underscores the growing importance of technology across industries and highlights the need for a skilled workforce to meet the evolving demands of the digital economy.
Location continues to be of significant importance to occupiers, with about 60% respondents considering it as the most important parameter for expansion. Interestingly, while expanding, occupiers are likely to lean towards flex spaces with attractive offerings in central areas as compared to facilities in peripheral areas. Going ahead, about 45% of surveyed occupiers would opt for future expansion through flex spaces in CBD/SBD locations of tier I or tier II cities. In terms of work-place strategy, flex spaces are likley to champion distributed work models. About half of the larger companies including Global Capability Centers (GCCs) and MNCs envisage flex spaces to act as both hub and spoke offices in the next few years.
Maharashtra RERA has recently given a landmark judgment that every State RERA should follow. MahaRERA makes it mandatory for real estate developers to mention delivery date of amenities and occupation certificate. Track2Realty finds that amenities delivery has been a bone of contention between builders and home buyers across the country. MahaRERA has said that now onwards real estate developers must specify the proposed date by which project amenities and Occupancy Certificate (OC) will be delivered.
Positioned close to major attractions such as Yashobhoomi (Asia’s largest convention center), IGI Airport (ranked among the world’s top 10 airports), Bharat Vandana Park (spanning 200 acres and one of Delhi’s largest parks, akin to Hyde Park and Central Park), and the upcoming diplomatic enclave with 39 embassies, the project is set to capture significant visitor traffic. The nearby Metrolite light rail system will further enhance accessibility. The project is expected to be completed by 2027 and to generate over Rs 4,200 crore in revenue during its lifecycle.
When the Union Finance Minister, Nirmala Sitharaman, urged the States to cut Stamp Duty rates in her 2024-25 budget presentation, this was by & large seen as a mere headline making statement. Why would States cut the Stamp Duty on property when it is one of the major sources of revenue, was the general feeling in the collective consciousness. But now sources tell Track2Realty that there had been a message of deep meaning to the States going to polls.
This funding round featured participation from high-profile individuals such as Dr. Shriram Madhav Nene, Anmol Sood, Sahil Vachani, Managing Director and CEO of Max Estates, and Rohit Kothari’s Anchorage Capital Fund. Prominent angel investor Ritesh Malik and Ankit Mittal and his family office Sixth Sense Ventures Partners also contributed to the funding round, among others.
PMAY (Pradhan Mantri Aawas Yojana) is once again in the news after the Union Budget 2023-24. But a project that should have been seen as a mission is in the news for some wrong reasons. It’s not just the fact that the Government of India has not clarified its achievements with Housing for All by 2022, but Track2Realty finds there are data discrepancies with the project as well.
Bengaluru and Mumbai saw the highest leasing in green-certified buildings, accounting for over 50% share in Q2 2024. About 80% of Technology as well as Engineering & Manufacturing firms prefer taking up spaces in green-certified buildings. Majority of the upcoming supply in various construction stages is expected to be green-certified, expanding green office stock to over 600 mn sq ft in next 2-3 years.
Dubai-based PNC Menon, Founder and Chairman of Sobha Group, who hails from Palakkad, Kerala, has pledged to restore hope by building 50 homes for Wayanad landslide survivors. In a letter to Kerala Chief Minister Pinarayi Vijayan, Menon expressed his grief and sorrow over the tragedy, emphasizing his commitment to support the affected families.