The acquisition represents the transition of one of Madurai’s most distinguished legacy properties into a thoughtfully planned modern residential and commercial plotted community, while retaining its deep-rooted association with the city’s industrial and economic evolution.

As part of the acquisition, G Square Group has announced the name of the project as G Square Temple View Square (TVS), a premium plotted development in Periyar, Madurai, with the project name reflecting the historical association of the land with Mr. T. V. Sundaram Iyengar and the TVS legacy.  Located close to the Periyar Bus Stand, the project enjoys excellent urban connectivity while being situated near the iconic Meenakshi Amman Temple, one of the city’s most revered landmarks.

Speaking on the acquisition and the project, Bala Ramajayam, Founder and Managing Director of G Square Group, said, “This acquisition holds deep personal and professional significance for me. My very first commercial land deal was with the TVS Company in 2011, and to now be entrusted with a property of such historical importance, one that was part of T. V. Sundaram Iyengar’s original landholdings in Madurai, is both humbling and a testament to the trust and enduring relationship we’ve built over the years. It reflects TVS Group’s confidence in G Square’s ability to handle legacy assets with responsibility and vision. G Square Temple View Square represents our commitment to making home ownership accessible and meaningful for Madurai’s growing middle class. Plotted development is often the first gateway for families to invest in their dream home, offering flexibility and long-term value. This project is especially significant because it transitions a century-old legacy landholding into a modern residential and commercial plotted community while preserving its deep cultural context and connection to Madurai’s industrial heritage. Our focus has been to honour this history while creating lasting value for homebuyers and the city alike.”

The overall land parcel, worth Rs. 300 crore, spans 5 acres, of which 1.63 acres is earmarked for residential development and 2 acres for commercial use, with the balance allocated for infrastructure and common amenities. The project comprises 55 plots in total, including 50 residential plots and 5 commercial plots, catering to both end-users and long-term investors.  Residential plots are priced from ₹15,990 per sq. ft. onwards, translating to ₹69.64 lakh onwards per cent, while commercial plots are offered from ₹25,990 per sq. ft. onwards, with pricing starting at ₹1.13 crore onwards per cent.

The project’s strategic location near the Periyar Bus Stand offers easy access to leading educational institutions, premier colleges, and key healthcare facilities.

G Square Group follows a strict no-cash policy, ensures clear documentation, and maintains 100% transparency across every transaction. The company offers plots within city limits at prices below prevailing market value, making land ownership accessible and secure for homebuyers. Through G Square Build Assist, G Square also provides comprehensive post-purchase construction guidance, supporting customers at every stage from Patta to Gruhapravesam and ensuring a smooth, hassle-free journey from plot acquisition to building and occupying a dream home.

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The joint development currently launches Phase I development spanned across 30 acres of land with a minimum potential of delivering 3 million square feet of real estate spaces. As part of a joint development deal, the investment in phase 1 development is estimated at approximately Rs 500 crore, with a projected turnover pegged at approximately Rs 2100 crore. The proposed development comprises apartments, villa plots, branded residences, and recreational amenities to enhance homebuyers’ holistic living experience.

This strategic joint development aims to leverage the strong local expertise of Krisala Developers and the extensive brand experience of the Hiranandani Group. Both organizations are committed to a seamless integration of vision and expertise, covering every aspect from land development and approvals to execution.

According to Dr Niranjan Hiranandani, Chairman, of Hiranandani Group, “Mega infrastructure projects are establishing crucial last-mile connectivity between Mumbai and Pune, invigorating the dynamic MMR and Pune real estate markets. This connectivity directly addresses the aspirational living demands of migrating talent. Pune’s real estate sector is experiencing robust growth, propelled by its booming IT hubs, outstanding connectivity, and an influx of skilled professionals. The seamless connection between these two major business cities has opened unprecedented opportunities for real estate development. He additionally stated, “The Indian real estate landscape is evolving rapidly, and it’s clear that innovation and strategic collaboration are essential to achieving exponential growth.”

Sharing his excitement Aakash Agarwal, Managing Director of Krisala Developers said, “Designed as a self-sustained ecosystem that emphasizes liveability, community well-being, and environmental consciousness, this township aims to offer a home for everyone. The development will cater to first-time homebuyers, second-home seekers, investors, and NRIs, ensuring inclusivity and comfort for all demographics. This project differentiates itself through a steadfast commitment to sustainability and scientifically driven urban planning. Our collaborations with renowned energy and resource institutes aim to maintain an air quality index (AQI) of 40, ensuring a healthier living environment for residents.”

With its strategic locale, thoughtfully designed spaces, and unparalleled amenities, the township is poised to set a new benchmark for integrated residential real estate developments in Pune, promising a future where sustainability and luxury coexist seamlessly. Corroborated partnerships like this joint venture between the Hiranandani Group and Krisala Developers enable both organizations to capitalize on the flourishing opportunities in today’s bullish real estate market.

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Shishir Baijal, Chairman and Managing Director of Knight Frank India, highlighted the pivotal role of technology, and stated, “Technology drives development across industries. The growing investment in PropTech is revolutionary for India, benefiting the real estate industry while supporting sustainability. For a growing economy like ours, PropTech is both advantageous and imperative.”

Nirupa Shankar, Joint Managing Director of Brigade Group, emphasized, “The real estate sector contributes 7.3% to India’s GDP, with PropTech accounting for $6 billion (2.3% share). Rising urban housing demand, fuelled by young professionals, underscores the need for strategic infrastructure development, sustainable practices, and transformative technologies to create affordable, future-ready living solutions.”

Vipul Roongta, Managing Director and CEO of HDFC Capital added, “Technology will be a key driver in addressing the affordable housing supply side challenges. HDFC Capital launched the H@ART Program which seeks to mentor, partner, and invest in real estate technology companies that bring breakthrough innovations and efficiencies within the affordable housing ecosystem. We will continue supporting innovative businesses and remain dedicated to fostering and advancing solutions that can make affordable housing more efficient and accessible”

1. Affordable Housing Challenges and Solutions: The Indian real estate sector, valued at USD 258 billion, contributes 7.3% to the nation’s GDP of USD 3,540 billion. Despite the large size of the sector, there is an urgent need for affordable housing. Major cities have seen rapid urbanization and rising property prices, which have made housing unaffordable for many, including the middle-income group.

2. Infrastructure Investments: Infrastructure development is crucial for boosting housing affordability. ​ India has added ~60% to its National Highway network in the past 10 years, growing from 91,000 km in 2014 to 146,000 km in 2024, with a target of 185,000 km by 2030. This is bringing tier 2 towns and outskirts of major cities closer to the employment hubs and propelling the development of affordable housing.

3. PropTech s Role in Global and Indian Real Estate:

PropTech is revolutionizing the Global and Indian Real Estate industry by enhancing efficiencies at each stage of the project lifecycle. ​ Technologies such as Building Information Modelling (BIM), smart home systems, and digital platforms for property management are being adopted by various Developers. ​ The global PropTech market saw investments of around USD 50 billion in 2023, with India ranking 6th in total funding raised. In India, PropTech investments are projected to grow from USD 6 billion currently, to USD 16 billion by 2030.

4. Sustainability and ESG: The integration of Environmental, Social, and Governance (ESG) principles in real estate is becoming essential. ​ Technologies like IoT, smart sensors, and sustainable construction materials are helping to create greener, more efficient buildings. ​ Certifications such as GRIHA, LEED, and IGBC are promoting environmentally responsible practices. The report notes that India has over 290 million sq. meters of LEED-certified buildings as of June 2024. Among metros, Bengaluru leads with 33 million sq. meters of LEED-certified projects, followed by MMR (32 million sq. meters) and NCR (29 million sq. meters).

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INDIA: CapitaLand India Trust (CLINT) has achieved the highest 5-star rating for standing investments in the 2024 GRESB Real Estate Assessment for the first time, placing CLINT in the top 20% of the benchmark globally. CLINT was awarded a total score of 90 out of 100, making it the 19th highest among listed companies in Asia. CLINT advanced from its 4-star rating for standing investments in 2023, which was its inaugural submission, and maintained its 4-star rating under the development category.

Mr Gauri Shankar Nagabhushanam, Chief Executive Officer of CapitaLand India Trust Management Pte. Ltd. (the Trustee-Manager of CLINT), said: “Achieving the top 5-star rating from GRESB validates our sustainability efforts and is a milestone in our journey towards creating a sustainable built environment. It reflects CLINT’s commitment to responsible business practices, environmental sustainability, and creating long-term value for our stakeholders. CLINT integrates sustainability in every stage of the real estate life cycle, from investment to design, development, operations, and financing. As of December 2023, 99% of our business parks portfolio is green-certified. We have also reduced Scope 1 and 2 carbon emissions intensity by 52% as compared to our 2019 baseline.”

“The increased adoption of renewable energy is central to CLINT’s decarbonization strategy and in line with our sponsor CapitaLand Investment’s commitment to achieving Net Zero carbon emissions for Scope 1 and 2 by 2050. Approximately 39% of CLINT’s energy consumption is sourced from renewable energy. In January 2024, we set up a 21-megawatt solar plant in Tamil Nadu to further increase our green power usage. In addition, 63% of our loans are sustainability-linked. We will continue to identify and adopt meaningful environmental, social, and governance (ESG) practices to drive sustainable growth,” added Mr Gauri Shankar.

GRESB Real Estate Assessment is a global benchmark that captures information regarding ESG performance and sustainability best practices for real estate funds and companies worldwide.

In addition to GRESB’s 5-star rating, CLINT has received other notable recognitions for its ESG performance this year. These include the Corporate Sustainability Award at Securities Investors Association Singapore (SIAS) Investors’ Choice Awards 2024 and an ESG ‘A’ rating from Morgan Stanley Capital International (MSCI). CLINT also received a ‘Gold’ award for Annual Report in the REITs & Business Trusts category at the Singapore Corporate Awards 2024.

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Real estate in India is currently experiencing a tremendous growth spurt, fuelled in no small part by Non-Resident Indian (NRI) investments. As per recent industry estimates, NRI purchases comprised 10 percent of the total real estate investments in the country between 2019 and 2020; this figure has consistently increased to reach 15 percent in 2024 and is predicted to grow further to reach 20 percent by 2025. Although heartening for Indian real estate players, the growing interest of NRIs in Indian real estate is not entirely surprising considering the interplay of numerous observable factors that have contributed to this uptick.

Search for stability

Ongoing geopolitical tensions, especially in CIS countries and Europe, and looming concerns about an imminent recession in the US and Canada, have made NRIs increasingly cautious about investing in these regions. By contrast, India’s neutral political position coupled with NRIs’ overall positive sentiment about the economic stability brought forth by the country’s current political leadership has rendered it a far more attractive investment proposition, offering NRIs the stability they seek while making big-ticket investments. Further, NRI buyers are motivated by India’s consistent economic growth, which instills in them confidence about the stability of the real estate market in the country. This also enhances their interest in luxurious, high-end properties, which hold the promise of even more lucrative returns in the long term.

Emotional connect

Another strong driver is the emotional attachment that NRIs feel to India, which encourages them to lay down ‘roots’ by purchasing a home in their motherland. What is interesting, however, is that in addition to the more cosmopolitan metros such as Mumbai and Bengaluru that have traditionally been a top choice for NRIs, there is mounting interest in luxury residential properties in smaller cities. Swaying NRIs’ decision in favor of such tier 2 cities is the rapid pace at which these centers are transforming, with improved connectivity, flourishing professional opportunities, and the coveted of better work-life balance. The Viksit Bharat 2047 vision outlined by Prime Minister Modi and initiatives such as the Smart Cities Mission promises further improvement on all these fronts by attracting more investment, which will make these cities even more appealing to NRI buyers. The relatively lower cost of living and property prices in Tier-2 cities also point to a more improved quality of life.

Focus on Luxury

Larger ticket sizes that are upwards of Rs 5 crore are common among NRI purchases. Up to 60 percent of NRI residential real estate purchases are for self-use, while a sizeable percentage of buyers invest in homes for their family members living in India. This is because for NRI buyers, investing in real estate in India is a way to preserve their existing lifestyle and cultural heritage. Thus, they are more intent on properties that are perceived as stable assets that will potentially appreciate value over time and can be inherited by their descendants. In Tier 2 cities, especially, NRI purchases are focused on homes in gated communities that offer amenities (including hi-tech gymnasiums, spas, wellness centers, and bespoke concierge services) that will elevate their quality of life and also bear a sense of exclusivity and opulence.

Role of technology and transparency

NRI buyers are taking advantage of tech innovations, including trusted real estate websites and portals, that empower them to access information about and invest in property in real-time. Their enthusiasm is further sustained by favorable government policies, such as the RERA (Real Estate Regulation and Development Act) have contributed towards improving trust, increasing transparency, and boosting accountability and accessibility. Put together, these measures offer NRIs the much-needed reassurance to invest freely in Indian residential real estate.

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Recognized as India’s Best Workplaces Building a Culture of Innovation by All 2024 by the Great Place To Work® Institute

PUNE: Gera Developments Private Limited (GDPL), pioneers of the real estate business and award-winning creators of premium commercial and residential projects in Pune, Goa, and California, including the innovative ChildCentric® Homes, has been ranked amongst India’s Top 50 Great Mid-Size WorkplacesTM 2024 for the 7th consecutive year, certified by the Great Place To Work® Institute. This year, GDPL has also been honored with two other titles – Best Workplaces^TM in the Real Estate Industry, and Best Workplaces^TM in Building a Culture of Innovation for All.

This recognition is based on confidential survey data assessing over 250 employee experiences at GDPL across metrics of trust, innovation, company values, and leadership.

Rohit Gera, Managing Director, Gera Developments Private Limited, stated, “We are honored to be recognized by the Great Place to Work^® Institute. This acknowledgment attests to the collective purpose of our team to create a work environment that fosters trust, innovation, and excellence towards raising the standards of real estate in the country. At Gera Developments, our motto is “Let’s outdo”, and we are committed to building a high-trust, high-performance culture with a promising future for talent.”

He further added, “At GDPL, we strive to create a diverse and inclusive workplace that values individual employee characteristics, beliefs, experiences, and backgrounds. This approach has been fundamental to our success, and is reflected in the positive feedback from our team in the survey.”

GDPL practices an open and transparent culture, encouraging employees to share their ideas, knowledge, perspectives, and styles. This inclusive approach not only empowers employees to excel but also provides the company with a competitive edge. Guided by the “Let’s outdo” philosophy, and reinforced by core values and initiatives such as the Leadership Framework and Collaborate to Outdo, the company continues to nurture a thriving and dynamic workplace culture.

The Great Place to Work Institute^® is the global authority on employee experience, workplace culture, and leadership behavior required for a market-leading position, employee retention, and innovation.

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“Budget 2024 is inclusive and focused on the mission of Vikasit Bharat 2047 with key focus areas of Inclusive development, manufacturing & MSMEs, Women & agriculture, Urban Development, Energy security, Infrastructure, Innovation & next-generation reforms. Hon FM has announced a long-term investment of 10 lakh crore and subsequent affordable loan rates for PMAY 2.0 which will boost affordable housing and bridge the difference in demand and supply of affordable homes.

A transparent rental housing policy, boost for water supply & sewage for 100 cities, focus on TP schemes, TOD zones, infrastructure boost & simplification of GST is a welcome move. The Hon FM’s call to reduce stamp duties, especially for women buyers in states that charge a higher stamp duty is appreciated.

The reduction of GST & basic custom duty (BCD) on steel will be a relief in the input costs provided the steel manufacturers pass on the benefit to the real estate industry. The digitization of urban land records being one of the demands of the industry will greatly help us bring more transparency in transactions.

The increase of the standard deduction in income tax to INR 75,000 from INR 50,000 will put more money in hands of the home buyers enabling them to pay EMIs earlier and close their loans

Credai had placed below as its main demands for the real estate sector on behalf of the home buyers, mainly being introduction of Credit guarantee schemes for affordable home loans, to change the affordable housing definitions to enable vast outreach, especially in metro cities like Pune, Interest deduction for home buyers, reduction of long term capital gain taxes, employment generation and skilling, Urban infrastructure development funds & policy support for Environmental clearances for projects. While the majority of the demands have not been fulfilled in the budget, we would still say that overall it’s a good budget in the long term for development and putting more money in the hands of the home buyers.“

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“The Union Budget 2024-25 presents a visionary approach to urban development that aligns with the aspirations of modern India. We commend the emphasis on sustainable development through solar and renewable energy, city planning, and transit-oriented development, which will create more liveable, sustainable urban spaces that elevate the quality of life for residents. We applaud the government’s commitment to address housing needs, with an allocation of ₹10 lakh crore under the PM Awas Yojana for constructing 3 crore houses. This will boost affordable housing and catalyze economic growth.

Focusing on job creation and skill development, and sanctioning 12 new industrial parks near 100 cities will attract businesses and stimulate urban development. Initiatives like digitization of land records and GIS mapping, combined with workforce skilling, will have a multiplier effect on the real estate sector. The ₹11 lakh crore allocation for infrastructure development will enhance urban quality of life.

The pro-business stance, featuring simplified FDI regulations and the promotion of Rupee-based overseas investments, is appreciated. The reduction in stamp duty for women homebuyers promotes inclusive homeownership.

At Kolte Patil Developers, we focus on creating elevated living experiences that inspire families to achieve superior life quality across cities. We look forward to contributing to shaping India’s urban future, creating spaces that inspire and uplift the aspirations of a rising India.“

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BENGALURU: Livspace today announced the launch of “Vinciago,” a premium interior design brand that aims to meet the growing demand for uniqueness and personalization by crafting homes that blend scientific design with passionate artistry, creating spaces that tell unique stories. 

As per recent real estate trends, while overall sales of residential homes have grown by 31% in 2023 over 2022, luxury homes have grown by 96% during the same period thereby increasing the share of luxury homes from 6% to 9% of overall units. This trend, driven by premiumization, creates the perfect opportunity for Vinciago to transform premium home experiences nationwide. Showcased at Livspace Experience Centres, Vinciago will be available in major metro cities, including Delhi/NCR, Mumbai, Bangalore, Pune, Kolkata, Chennai, Hyderabad, and Ahmedabad, and additionally in key non-metro cities including Surat, Vadodara, Jaipur, Lucknow, Goa, Kochi, Nashik, Coimbatore, Nagpur, Bhopal and Indore. 

Commenting on the launch of Vinciago, Saurabh Jain, Co-founder & CEO – India Operations, Livspace said, “The launch of Vinciago comes at a perfect time to tap into India’s surging premium housing market. We’re not just building premium homes; we’re redefining interior design for those seeking a personalized experience. The opportunity that lies ahead is immense in growth and size and we are excited to be able to broaden our spectrum of offerings and cater to the premium homes segment. Vinciago stands out with its meticulous attention to detail and commitment to customizable designs. Our belief that homes should reflect individual tastes drives our team to collaborate closely with buyers, transforming their visions into personalized masterpieces. Each Vinciago home is a unique blend of our expertise and the homeowner’s personality, perfectly aligning with the growing demand for bespoke living spaces.”

Livspace is on an upward journey to redefine home interiors and renovations in India. Consolidating its leadership in the organized home interiors sector, Livspace plans to establish over 100 Design Experience Centres (ECs) while strengthening its presence in existing markets. With a diverse range of home interior and renovation solutions, Livspace has become the go-to destination for residents seeking top-notch designs, quality products, and expert guidance. Positioned to capture the demand for modular solutions in tier 2 and tier 3 markets, Livspace currently boasts a network of over 52 stores in metros and non-metros, including Delhi-NCR, Bengaluru, Mumbai, Ahmedabad, Jaipur, and Kochi. 

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PUNE: Birla Estates Pvt. Ltd., a 100% wholly owned subsidiary of Century Textiles and Industries Limited and the real estate venture of the Aditya Birla Group, is all set to expand its presence in Pune with a land acquisition in Manjri, Pune. The land parcel is spread across 16.5 acres with a development potential of approx. 32 lac sq ft and an estimated revenue potential of INR 2,500 Cr.

As part of an Integrated Township, the proposed development will offer a variety of residential unit configurations. Located in the rapidly emerging micro-market of Manjri, Pune, the project is situated on the Pune-Solapur Highway offering seamless connectivity to several IT hubs, including Kharadi, Magarpatta, and Phursungi, as well as the Hadapsar MIDC.

Commenting on this development, K. T. Jithendran, MD & CEO at Birla Estates said, “Pune is a strategic market for us and this acquisition is a step towards our ambitious growth plans. The Pune Sholapur corridor is transforming at a rapid pace and we intend to enhance living standards in Manjri by delivering meticulously designed homes that seamlessly integrate contemporary architecture with thoughtfully chosen amenities.”

Furthermore, the project is conveniently connected to educational institutions, healthcare facilities, and shopping centers, making it a lucrative investment opportunity. The area is poised for substantial growth due to its excellent connectivity to the Pune Ring Road.

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