Infrastructure & Capex: Indirect Boost to Realty

According to Anuj Puri, Chairman – ANAROCK Group, the Budget acts more as a growth catalyst than an instant relief package for real estate. The increase in public capex to ₹12.2 lakh crore and the focus on Tier-2 and Tier-3 cities are expected to revive housing, commercial, and hospitality demand along upcoming transport and economic corridors.

The push for dedicated freight corridors and seven high-speed rail corridors is likely to unlock land value and development potential across new micro-markets.

REITs & Asset Monetisation: Institutional Capital Deepens

The proposal to create dedicated REITs for CPSE assets—covering railways, ports, telecom towers and government land—has been welcomed across the board.

Gautam Shahi, Director – Crisil Ratings, said the move reflects the maturity of India’s REIT ecosystem, boosting investor confidence while supporting the government’s asset monetisation agenda.

Anuj Puri added that this could help channel long-term institutional capital into Indian real estate, though clarity on taxation and framework is awaited.

Data Centres: Clear Winners of Budget 2026

One of the strongest positives comes from digital infrastructure. The tax holiday for data centres till 2047, combined with safe-harbour clarity, is expected to accelerate hyperscaler investments.

Shaishav Dharia, Director – Lodha Green Digital Infrastructure, called it a strong, long-term signal to global investors, already translating into foreign participation on digital infrastructure platforms, especially in MMR, Chennai, Bengaluru, and emerging Tier-2 hubs.

Capital Markets: Foreign Money Gets Easier Entry

From a broader investment lens, Mitesh Shah, CEO – Equirus Family Office, highlighted the Budget’s move to allow individuals resident outside India to invest directly in Indian equities, raising per-company limits to 10%.

This structural shift is expected to improve liquidity, reduce volatility, and bring longer-duration capital, indirectly benefiting real estate-linked stocks and REITs.

Affordable Housing: The Biggest Miss

Despite these positives, the absence of real estate-specific fiscal incentives—especially for affordable housing—has disappointed the sector.

Anuj Puri pointed out that affordable housing’s sales share has collapsed from over 38% in 2019 to around 18% in 2025, calling for urgent interest subsidies and definition reset.

Echoing this view, Shishir Baijal, Chairman & MD – Knight Frank India, said that while the Budget maintains macro stability and supports medium-term residential and logistics demand, it fails to address affordable housing concerns, which remain critical for inclusive urban growth.

Confidence & Structural Reform Outlook

Offering a broader perspective, Binaifer Jehani, Crisil Intelligence, noted that measures like the Infrastructure Risk Guarantee Fund, CPSE asset monetisation, and City Economic Region mapping improve financing confidence and signal a more data-driven, balanced urbanisation strategy.

Verdict: Good for Long-Term Growth, Weak on Social Housing

Union Budget 2026 is capex-driven, investment-friendly, and structurally positive for commercial real estate, REITs, data centres, logistics, and Tier-2/Tier-3 urban expansion.
However, the lack of direct affordable housing support keeps the impact moderate rather than transformative.

For developers and investors, the message is clear: long-term opportunity is intact—but inclusive housing remains an unresolved challenge.

Also Read: Real Estate Pins Hope on Union Budget 2022-23

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The proposed platform will focus on the development, ownership, and long-term operation of institutional-grade rental housing assets across major urban centres in India. The partnership aims to address the rising demand for professionally managed rental accommodation driven by rapid urbanisation, workforce mobility, and increasing student migration.

India’s rental housing market is undergoing a structural shift, with growing preference for organised and institutionally owned rental formats over fragmented individual ownership. The HDFC Capital–CLS platform intends to capitalise on this transition by creating scalable, high-quality rental housing portfolios catering to students, young professionals, and migrant workers.

CLS currently manages more than 13,000 beds across co-living, student housing, and worker accommodation segments and brings strong development and operational expertise to the platform. The partnership will combine CLS’s on-ground execution capabilities with HDFC Capital’s long-term capital and institutional investment approach.

Commenting on the development, Vipul Roongta, CEO of HDFC Capital, said that India’s urban rental housing segment is at an inflection point due to a young, mobile population. He added that rental housing plays a critical role in enhancing economic mobility, particularly for students, professionals, and migrant workers, and that CLS and the DivyaSree Group have demonstrated strong governance and execution capabilities.

Bhaskar Raju, Promoter of Curated Living Solutions and the DivyaSree Group, highlighted that the platform will focus on developing and owning high-quality rental housing assets with emphasis on safety, functional design, and sustainability. Jai Challa, CEO of Curated Living Solutions, noted that the partnership would enable CLS to significantly scale its operations and expand its presence across key Indian urban markets.

The initiative aligns with broader policy and investor interest in rental housing as a core asset class, alongside office, residential, and logistics, and reinforces the growing role of institutional capital in shaping India’s housing ecosystem.

Also Read: GRESB–CII IGBC Tie-Up to Boost Green Finance and Fast-Track India’s Net Zero Real Estate Transition

The post HDFC Capital Ties Up with DivyaSree-backed CLS to Launch ₹1,000 Cr Institutional Rental Housing Platform appeared first on Square Feat India.

RealX Stats is InvestoXpert’s real-time real estate analytics platform that tracks pricing trends, demand patterns, and micro-market performance across key Indian corridors.

Market-Wide Price Growth Signals Stability

Average apartment prices in Navi Mumbai increased from around ₹14,800 per sq ft in 2021 to ₹18,100 per sq ft in 2025, reflecting a cumulative appreciation of approximately 22.4% over the five-year period. While select micro-markets witnessed intermittent corrections, the broader market maintained a positive upward trajectory.

On a year-on-year basis, prices rose by just over 4% between 2024 and 2025, indicating a phase of calibrated, non-speculative growth. Market participants note that value creation is increasingly driven by factors such as connectivity, livability, and urban infrastructure rather than short-term sentiment.

Premium Nodes Continue to Outpace the Market

Established and transit-oriented locations emerged as clear outperformers. Vashi, one of Navi Mumbai’s most mature residential hubs, saw prices rise from ₹22,800 per sq ft in 2021 to ₹28,300 per sq ft in 2025, driven by strong self-user demand, redevelopment potential, and proximity to employment hubs.

Seawoods recorded even sharper gains, with values jumping from ₹23,000 per sq ft to ₹32,400 per sq ft over the same period, positioning it among the costliest and most sought-after residential nodes in Navi Mumbai. The area’s superior rail and metro connectivity, coupled with premium housing supply, has fueled sustained demand.

Growth Corridors Show Consistent Appreciation

Mid-income growth corridors such as Ulwe and Kharghar demonstrated steady incremental appreciation, supported by metro connectivity, social infrastructure upgrades, and proximity to upcoming employment zones.

• Ulwe prices increased from ₹12,300 per sq ft in 2021 to ₹14,500 per sq ft in 2025
• Kharghar advanced from ₹14,750 per sq ft to ₹17,750 per sq ft during the same period

These locations are increasingly attracting both end-users and long-term investors looking for infrastructure-linked upside.

Emerging Nodes Reflect Early-Stage Stability

Peripheral markets like Dronagiri, Pushpak Nagar, and Panvel recorded relatively moderate appreciation, reflecting their early-stage maturity.

Dronagiri prices remained in the ₹10,000–10,500 per sq ft range in 2025, following intermittent corrections, while Panvel saw steady movement from ₹10,650 per sq ft in 2021 to ₹12,900 per sq ft in 2025. These markets are increasingly being evaluated through a long-term investment lens, aligned with future infrastructure delivery and regional expansion.

Infrastructure Remains the Key Growth Driver

Navi Mumbai’s pricing performance continues to be anchored in large-scale infrastructure projects, including the Navi Mumbai International Airport, expanding metro corridors, upgraded road networks, and improved multimodal connectivity with Mumbai and Pune.

As these projects move closer to operationalisation, analysts expect pricing momentum to remain structurally positive, though disciplined, with selective micro-markets continuing to outperform.

Developer Investments Strengthen Market Fundamentals

Over the past few years, Navi Mumbai has attracted growing interest from leading real estate developers such as Tata Realty, Raheja Corp, Godrej Properties, L&T Realty, and Hiranandani Group, who have expanded their footprint through residential, commercial, and mixed-use developments.

Large land acquisitions in areas like Ghansoli, Panvel, Kharghar, and Vashi, including the redevelopment of the APMC market, have also drawn major players such as Adani Realty, Embassy Group, and Godrej Properties, signalling a shift in perception of Navi Mumbai as an independent growth centre rather than a peripheral extension of Mumbai.

Commercial Hubs and Data Centres Reshape the City

Office hubs such as Jio Corporate Park, Raheja World Trade Centre Navi Mumbai, and Raheja Mindspace have strengthened local employment ecosystems, supporting live-work dynamics.

Simultaneously, Navi Mumbai has emerged as a preferred destination for data centres, with global operators including NTT, Web Werks–Iron Mountain, Digital Edge, Princeton Digital Group, CapitaLand, and Blackstone establishing large facilities. These investments are reshaping Navi Mumbai into a balanced, future-ready economic and residential hub.

Expert View

Commenting on the findings, Vishal Raheja, Founder & Managing Director, InvestoXpert Advisors, said,

“Navi Mumbai has entered a phase where price growth is being driven by fundamentals rather than sentiment. The steady appreciation across both mature and emerging nodes reflects a market that is institutionalising, with infrastructure, connectivity, and end-user depth shaping value creation. Over the next cycle, selective micro-markets are likely to continue outperforming as the region transitions into its next urban growth phase.”

Also Read: Navi Mumbai Airport to Take Off — Panvel Property Prices Already Soaring 74%

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India’s housing market may touch a record ₹6.65 lakh crore in total sales value by the end of FY26 — but the number of homes sold may barely rise, according to fresh data from ANAROCK Research & Advisory.

The report points to a sharp disconnect between rising sales values and stagnant volumes, as luxury and high-ticket homes dominate demand in major cities.

Sales Value Soars, Volume Stalls

In FY25, the top seven cities collectively sold 4.22 lakh housing units worth ₹5.59 lakh crore — a 6% jump in value despite a 14% drop in sales volume.
For FY26, ANAROCK estimates that overall housing sales value will grow nearly 20% year-on-year, surpassing ₹6.65 lakh crore, while unit sales may grow no more than 4%.

“After peaking in FY24, overall absorption has slowed amid global and domestic headwinds,” said Dr. Prashant Thakur, Executive Director and Head of Research at ANAROCK.
“However, the total value of homes sold continues to climb as buyers shift to premium and luxury segments.”

Half-Year Numbers Already Cross 50% of FY25 Levels

During H1 FY26, over 1.93 lakh units were sold across the top seven cities for a combined ₹2.98 lakh crore, already 53% of FY25’s total sales value.

City performance varied sharply:

• NCR achieved 74% of its FY25 sales value in just six months.
• Chennai followed at 71%, while MMR lagged at 45% of last year’s total.

City-Wise Breakdown: Sharp Contrasts

• NCR: ~29,175 units sold in H1 FY26 worth ₹75,859 crore, compared to FY25’s 58,775 units (₹1,02,810 crore).
• Chennai: ~11,670 units sold worth ₹12,370 crore (FY25: 17,765 units, ₹17,387 crore).
• MMR (Mumbai Metropolitan Region): ~61,540 units sold worth ₹1,00,000+ crore (FY25: 1.44 lakh units, ₹2,23,220 crore).
• Bengaluru: ~29,955 units sold worth ₹43,627 crore (FY25: 62,440 units, ₹79,819 crore).
• Pune: ~32,030 units sold worth ₹30,324 crore (FY25: 74,200 units, ₹66,058 crore).
• Hyderabad: ~22,345 units sold worth ₹30,646 crore (FY25: 48,980 units, ₹59,243 crore).
• Kolkata: ~7,655 units sold worth ₹5,429 crore (FY25: 16,580 units, ₹10,753 crore).

Luxury Segment Leads the Charge

Nearly 42% of all new housing supply in H1 FY26 was in the luxury and ultra-luxury segments, ANAROCK data shows.
The steady appetite for premium homes — especially among high-income end-users and NRIs — has offset the slowdown in mid- and affordable housing categories.

“Luxury continues to drive value growth, while affordability challenges have limited momentum in the lower segments,” Dr. Thakur noted.
Average residential prices across cities have risen sharply, adding further pressure on first-time homebuyers.

Market Outlook

ANAROCK projects that the full-year FY26 performance will reflect a “value-led growth” cycle rather than volume-led expansion.
While housing demand remains healthy, the mix is shifting — fewer homes are being sold, but at much higher ticket sizes.

Also Read: Housing Sales Plummet by 28% in Q1 2025 Across India’s Top 7 Cities

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The Property at the Centre: DAKC, Navi Mumbai

Spread across 132 acres, DAKC was envisioned as a futuristic corporate campus for Reliance Communications, named after the late Dhirubhai Ambani. Located strategically near Kopar Khairane in Navi Mumbai, the campus once housed thousands of employees and cutting-edge telecom infrastructure.
Now, this vast real estate asset — once seen as the crown jewel of Anil Ambani’s Reliance Group — stands at the heart of one of India’s largest bank fraud probes.

The Case: From Loans to Alleged Diversion

According to the ED, the attachment follows an ongoing investigation into loans worth ₹40,185 crore, taken by Reliance Communications Ltd. (RCOM) and its group entities between 2010 and 2012.
Five banks have already declared these accounts as “fraud.”
Investigators allege that funds borrowed from one lender were misused to repay loans of other group firms, transferred to related parties, or parked in mutual funds and fixed deposits — in violation of lending terms.

The ED claims to have uncovered:

• Over ₹13,600 crore diverted for evergreening loans (repaying old debts with new ones)
• Around ₹12,600 crore routed to connected entities
• Approximately ₹1,800 crore invested in fixed deposits and mutual funds that were later liquidated and rerouted within the group

The probe also found instances of funds being siphoned abroad through foreign outward remittances, and misuse of bill discounting facilities to funnel money to related parties.

What the Attachment Means

The ED’s attachment under the Prevention of Money Laundering Act (PMLA), 2002, effectively bars sale or transfer of the DAKC land pending further legal proceedings. It is part of the agency’s ongoing efforts to recover assets classified as “proceeds of crime” in the RCom bank fraud case.

Earlier, the ED had attached 42 properties worth ₹3,083 crore linked to Reliance Communications, Reliance Commercial Finance Ltd., and Reliance Home Finance Ltd.

With this latest move, the cumulative attachment value has crossed ₹7,545 crore.

The Bigger Picture

Once home to India’s telecom ambitions, DAKC now reflects the collapse of a business empire and the tightening grip of financial enforcement. The ED’s statement emphasizes its commitment to “restituting proceeds of crime to their rightful claimants.”

Further investigation is underway, and proceedings before the adjudicating authority under PMLA will determine the next steps for the attached properties.

Also Read: New Government Mandate: No more middlemen for rent agreements!

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With institutional investments in Indian real estate reaching USD 1.3 billion in Q1 2025—a 31% year-on-year growth—the country’s appeal to foreign and regional investors is growing rapidly. Notably, foreign investors contributed 40% of the total institutional inflows during the quarter, underscoring strong and sustained global interest in India’s maturing property market.

Asia Pacific Dominates Global Investment in Development Sites

Seven of the top 10 global destinations for cross-border capital in land and development sites are in Asia Pacific, including India, which ranks 7th globally.

Top 10 Global Cross-Border Capital Destinations – Land & Development Sites (Q1 2025)

India’s rise is driven by robust demand, regulatory maturity, and favourable policy interventions, especially in infrastructure and urban development. The increased focus on development platforms, alternate investment structures, and emerging segments such as data centers and life sciences is further contributing to the nation’s growing investment magnetism.

India Real Estate Investment Highlights – Q1 2025

“India’s investment ecosystem is now more credible and dynamic, attracting a wide array of capital flows,” said Badal Yagnik, CEO, Colliers India. “We see increasing diversification, with investors moving beyond commercial assets into residential and alternative segments.”

Favourable Economic and Policy Environment

The Reserve Bank of India’s consecutive repo rate cuts, bringing the benchmark lending rate to 5.5%, have also boosted investor confidence. This monetary easing is expected to stimulate real estate demand, especially in the residential sector, and support capital deployment across asset classes.

“Foreign capital is now aligning with India’s changing real estate contours,” said Vimal Nadar, Head of Research, Colliers India. “This shows investor confidence in both short-term resilience and long-term structural strength of India’s real estate market.”

Conclusion

India’s inclusion among the top cross-border destinations for land and development sites is a clear signal of the country’s rising stature in the global investment community. As India continues to offer stable returns, regulatory clarity, and a growing consumption base, the country is expected to play an even larger role in the Asia Pacific investment narrative.

Also Read: Investment in real estate and IPO

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Allegations of Forgery and Fraud

According to Macrotech Developers, HoABL orchestrated a scheme to deceive customers by falsely presenting itself as part of the Lodha Group, India’s leading real estate company. The alleged fraud involved forging a board resolution and a PAN card belonging to Ashwani Kumar, an independent director of Macrotech Developers and the former Chairman and Managing Director (CMD) of Dena Bank.

The alleged forged resolution, dated July 24, 2022, purportedly allowed the creation of four new companies using the Lodha name:

1. Lodha Landbuild Infrastructure Pvt Ltd
2. Lodha Bhoomi Nirman Pvt Ltd
3. Lodha Land Design Infra Pvt Ltd
4. Lodha Pictorials Landinfra Pvt Ltd

Macrotech Developers asserts that no such board meeting took place on the claimed date and that the resolution is entirely fabricated, including the letterhead, company stamp, and the director’s signature. Additionally, the PAN card presented as belonging to Ashwani Kumar allegedly contained a different photograph and signature, raising questions about identity theft and impersonation.

The Alleged Scheme

Macrotech claims that the scheme began in 2022 when Varpan Land Developers Pvt Ltd, a lesser-known company under HoABL, allegedly passed a board resolution on July 12, 2022, to change its name to Lodha Landbuild Infrastructure Pvt Ltd or Lodha Bhoomi Nirman Pvt Ltd. Shortly afterward, the alleged forged resolution was used to seek name changes and register new entities under the Lodha brand.

Within weeks, on August 4, 2022, the Registrar of Companies (RoC) in Manesar, Haryana, approved the name change request, allowing HoABL to use the Lodha name. Subsequently, HoABL began marketing one of its projects in Goa under the Lodha Landbuild Infrastructure name. According to Macrotech, the project was sold under the Lodha name between September 2022 and April 2023.

Once the project sales progressed, HoABL allegedly changed the name of the company to “HOABL Landbuild Infrastructure Pvt Ltd” in April 2023, in an attempt to cover its tracks and distance itself from the Lodha brand.

Macrotech Developers’ Response

In its statement, Macrotech Developers expressed shock at the scale of the alleged conspiracy and the misuse of government systems. The company stated:

“It is a clear-cut case of forgery, fraud, and impersonation with intent to cheat and deceive. The concerned entities and individuals have created a completely fake resolution of Macrotech Developers Ltd (‘Lodha’) including a false letterhead, false company stamp, false board meeting date, and content which we have never approved, with a false sign of our Independent Director which is nowhere close to his actual signature.”

Macrotech has stated that it is exploring legal action against HoABL and has submitted a detailed report to the stock exchanges.

Legal Implications and Next Steps

If proven true, these allegations could have significant legal repercussions, including charges of forgery, fraud, impersonation, and criminal conspiracy. The use of forged documents to mislead customers and government authorities could result in serious penalties.

As of now, HoABL has not publicly responded to the allegations. Further investigations are likely to follow as Macrotech pursues legal remedies to address the alleged forgery and identity theft.

Also Read: I DIRECT YOU: MANJU LODHA URGES ABHISHEK & ABHINANDAN TO END FEUD, REMEMBERING RAM & LAXMAN

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