The announcement was made by Deputy Chief Minister and Housing Minister Eknath Shinde at the MHADA Konkan Board computerized lottery draw held in Thane, where 5,354 tenements and 77 plots were allotted through a transparent digital process.

₹50 Lakh Crore Investment for 35 Lakh Homes

Maharashtra is targeting the construction of 35 lakh homes statewide in the next five years, fuelled by a ₹50 lakh crore investment pipeline through both public and private sector participation.

The state is also working towards the PM Awas Yojana (Urban) target of two crore homes, with an emphasis on housing for working women, senior citizens, and rental housing options to address urban housing demand.

Shinde highlighted that the Central Government’s GST reduction on housing has further lowered costs, offering relief to homebuyers and boosting construction momentum.

30 Lakh Homes in MMR by 2030

Under the MMR Growth Hub Plan, the government has set a goal of 30 lakh new homes in MMR by 2030, with MHADA directly or indirectly delivering about 8 lakh homes.

The massive response to the Konkan Board lottery — 1,58,424 applications for 5,354 homes — reflects rising public trust in MHADA’s transparent allotment systems, Shinde noted. He instructed MHADA to maintain quality standards and ensure projects are completed within stipulated timelines to meet this ambitious target.

Acceleration of Pending Redevelopment Projects

The government has directed MHADA, CIDCO, MMRDA, MIDC, and the Brihanmumbai Municipal Corporation (BMC) to focus on completing pending slum rehabilitation and redevelopment projects. This includes several long-delayed schemes that are now being fast-tracked under the revised housing policy.

Key redevelopment projects expected to contribute around two lakh homes in the next five years include:

• BDD Chawls
• Sindhi refugee buildings at Sion Koliwada
• Kamathipura redevelopment
• Abhyudaya Nagar (Kalachowki)
• Motilal Nagar (Goregaon)
• Siddharth Nagar (Patrachawl)
• Sardar Vallabhbhai Patel Nagar (Andheri)
• Bandra Reclamation
• Adarsh Nagar (Worli)
• Jogeshwari PMGP Poonam Nagar

These projects are expected to unlock large tracts of underutilized urban land, paving the way for affordable and mid-income housing.

Strong Track Record and Mill Worker Housing

MHADA Vice President and CEO Sanjeev Jaiswal highlighted that this was the fourth computerized lottery held by the Konkan Board in the last three years, allotting a total of 13,500 tenements during this period.

Across all regional boards — Pune, Nashik, Chhatrapati Sambhajinagar, and Nagpur — MHADA has allotted 41,500 tenements in the same timeframe.

Additionally, nearly 20,000 mill workers have already been allotted homes, and eligibility for around one lakh mill workers and their heirs has been finalized to speed up future allotments.

Also Read: RBI Monetary Policy – Can the Housing Market Absorb Another Hike?

The post 🏡 35 Lakh Homes, ₹50 Lakh Crore Investment: Maharashtra Unveils Massive Housing Push for MMR appeared first on Square Feat India.

The state government has set an ambitious target of establishing 400 new GCCs by 2030, with projected investments of over ₹50,000 crore and the creation of nearly 4 lakh new jobs. This policy aims to make Maharashtra a preferred destination for global enterprises seeking innovation-driven and cost-competitive locations.

GCCs Powering India’s Leasing Story

GCCs have emerged as one of the most significant drivers of office leasing across India, accounting for a growing share of total commercial real estate activity. Leasing volumes have seen steady year-on-year growth, with technology, financial services, and automotive remaining dominant sectors. Analysts expect GCC leasing to grow by 15–20% over the next two years, crossing 60–65 million sq ft by 2027.

Maharashtra’s new policy intends to capitalise on this trend by diversifying demand away from over-concentrated hubs and positioning emerging cities as new growth engines.

From Premium Corridors to New Frontiers

Vimal Nadar, National Director & Head of Research at Colliers India, notes that GCCs in India are undergoing a transformative shift — from traditional cost-arbitrage models to innovation-led, domain-specialised and digitally integrated centres capable of handling complex global mandates.

He highlights that Maharashtra’s GCC Policy provides a strong catalyst for expansion, with incentives such as additional FSI, capital support and institutional facilitation. According to him, office space uptake in the state could rise from around 15 million sq ft over the last five years to 20–25 million sq ft in the next five. He also points out that specialised GCC clusters can help broaden Maharashtra’s portfolio into new domains like defense, aerospace, life sciences and renewable energy.

Opportunities and Risks in Equal Measure

Upside Potential:

• Decentralised growth: Tier II & III cities are set to benefit from job creation, infrastructure development and more balanced real estate demand.
• Sector diversification: With targeted incentives, GCCs may expand into cutting-edge fields beyond IT and BFSI, tapping new growth sectors.
• Decongestion of metros: Mumbai and Pune could see moderated demand, while new cities emerge as complementary hubs.

Challenges Ahead:

• Ecosystem readiness: Cities like Nagpur and Nashik will need strong connectivity, skilled talent pools, and institutional support to meet GCC expectations.
• Competitive landscape: Other states such as Karnataka and Telangana have already rolled out aggressive GCC and IT policies, raising the bar.
• Execution is key: The success of Maharashtra’s policy will depend on fast approvals, governance, and on-ground infrastructure delivery.

The Road Ahead

Maharashtra’s GCC policy represents a strategic bid to participate in India’s next wave of global capability expansion. If executed well, it could shift the geography of innovation from a few concentrated hubs to a more distributed network, creating a balanced and resilient growth model for the state’s economy and real estate markets.

Also Read: India’s Office Market Poised for Strong Growth in 2025, Led by Engineering, BFSI, and Flex Spaces

The post Maharashtra’s New GCC Push Set to Energise Office Leasing Beyond Mumbai & Pune appeared first on Square Feat India.

Strategic Location and Connectivity

Located in Ulwe, Navi Mumbai, the NMIA is strategically positioned to alleviate congestion at the existing Chhatrapati Shivaji Maharaj International Airport. The airport’s design incorporates multimodal connectivity, including road, rail, and metro links, ensuring seamless access for passengers and enhancing the region’s accessibility.

Economic and Urban Impact

The establishment of NMIA is expected to stimulate economic growth by attracting investments, boosting tourism, and creating employment opportunities. The surrounding areas, particularly the Panvel-Ulwe corridor, are anticipated to experience significant development across various asset classes, including residential, commercial, and industrial sectors.

Expert Insights

Karan Singh Sodi, Senior Managing Director (Mumbai MMR & Gujarat) and Head-Alternatives, India, JLL, emphasized the transformative potential of the NMIA:

“With the impending launch of the world-class Navi Mumbai International Airport, the city is poised to further elevate its status as a premier global metropolitan destination. This transformative project is a testament to the visionary efforts of both the central and state governments, whose commitment to integrated infrastructure—encompassing rail, road, and metro connectivity—has unlocked unprecedented avenues for growth across all segments. The seamless last-mile connectivity and strategic positioning of the airport are setting new benchmarks for urban development, economic opportunity, and global connectivity, reaffirming Navi Mumbai’s emergence on the world stage. With the launch of this airport, the entire Panvel-Ulwe corridor is expected to grow significantly across multiple asset classes.”

Inauguration Details

The NMIA is scheduled for inauguration on October 8, 2025, with Prime Minister Narendra Modi set to officiate the ceremony. The airport’s phased operational commencement is expected to begin by December 2025, with full-scale operations anticipated in the following year.

Conclusion

The NMIA stands as a testament to India’s commitment to enhancing infrastructure and connectivity. Its development is poised to significantly impact regional growth, positioning Navi Mumbai as a key player in the global urban landscape.

Also Read: CIDCO clears entire Navi Mumbai International Airport site

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Investment Trends in Warehousing & Logistics

The past few years have seen fluctuating investment patterns in the warehousing and logistics sector. Despite a dip in 2023, investments rebounded strongly in 2024. The year saw the second-highest investment influx in the last six years, demonstrating growing investor confidence in the sector.

Year-wise Investment Trends

Record Absorption in 2024

The demand for warehousing space reached an all-time high in 2024, with a record absorption of 44.9 million sq. ft. This marked a 19% increase over the previous year. Notably, the second half of 2024 alone accounted for 28.3 million sq. ft. of absorption, a 70% jump compared to the first half—the highest ever recorded in a single year.

Yearly Absorption Trend

Sector-wise Absorption Trends

The absorption of warehousing space varied across different sectors, with 3PL companies leading the demand, though their share saw a decline compared to the previous year. Meanwhile, the engineering and manufacturing sector saw a significant uptick in absorption, driven by government incentives such as the Production Linked Incentive (PLI) scheme and the Make in India campaign.

Sector-wise Absorption in 2024 vs. 2023

City-wise Analysis

Warehousing absorption across major cities showed significant variations, with some cities witnessing a surge while others experienced a decline. Mumbai emerged as the leader in absorption, while NCR recorded the sharpest decline.

Highlights of City-wise Absorption:

• Mumbai reported the highest absorption at 18.6 million sq. ft. in 2024, growing by 82% compared to 2023. This surge is attributed to improved connectivity via the Navi Mumbai airport and the rise of quick commerce in major tier-1 cities.
• Pune recorded the highest growth rate in absorption among the top seven cities, increasing by 85% to 13 million sq. ft. However, rental rates declined by 3% to INR 22.9/sq ft/month.
• Chennai, Hyderabad, and Kolkata together accounted for 15% of the total absorption in 2024, down from 22% in 2023.
• NCR saw the most significant decline in absorption, dropping by 55% from the previous year. The region’s share in pan-India absorption plummeted from 23% in 2023 to just 9% in 2024.

City-wise Share in Absorption

Rental Trends

• Chennai had the highest rental rates in 2024 at INR 24.2/sq ft/month, witnessing an 11% increase due to limited land availability within city peripheries.
• Mumbai emerged as the most affordable warehousing market in 2024, with an average rental of INR 18.1/sq ft/month.
• Pune saw a depreciation in rental rates by 3%, bringing the average to INR 22.9/sq ft/month.

Key Takeaways:

• Investments in the W&L sector surged by 203% year-on-year, underscoring strong investor confidence.
• Warehousing absorption hit a record high of 44.9 million sq. ft., with Mumbai leading at 18.6 million sq. ft.
• The 3PL sector remained dominant but showed signs of fragmentation, while engineering and manufacturing saw increasing demand.
• Mumbai and Pune were the biggest gainers in terms of absorption, while NCR saw a sharp decline.
• Rental trends varied significantly, with Chennai experiencing the highest appreciation, while Mumbai remained the most affordable market.

Looking ahead, India’s position as a key logistics hub is expected to strengthen further. Positive investor sentiment, government policies, and infrastructure advancements will continue to shape the sector. However, challenges such as limited skilled workforce availability, regulatory hurdles, and land acquisition costs may need to be addressed to sustain this growth trajectory.

SFI Analysis

The warehousing and logistics sector in India demonstrated resilience and growth in 2024, fueled by increasing institutional investments and rising demand. The surge in quick commerce, robust infrastructure development, and government-led initiatives contributed significantly to this momentum.

Also Read: India’s tallest warehouse

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Industry body CREDAI-MCHI has welcomed the government’s initiatives, emphasizing their impact on housing and connectivity. Domnic Romell, President of CREDAI-MCHI, said, “The Maharashtra state budget lays a strong foundation for economic growth through strategic investments in infrastructure and housing. The focus on urban development, including multi-modal corridors, metro projects, and improved connectivity, will propel the MMR as the economic powerhouse of India. The allocation of ₹8,100 crore for urban housing reaffirms the government’s commitment to ‘Housing for All,’ which will provide a significant boost to real estate development.”

The budget’s emphasis on industrial growth is also expected to drive demand for commercial and residential real estate. Dhaval Ajmera, Secretary of CREDAI-MCHI, highlighted the importance of the ‘Make in Maharashtra’ policy and projected investments of ₹40 lakh crore over the next five years. “The budget’s emphasis on industrial development, transport infrastructure, and housing will unlock new opportunities for real estate and allied sectors. The government’s focus on streamlining policies, enhancing fiscal discipline, and ensuring timely project execution will bring greater stability and confidence to the sector,” he said.

Experts believe the government’s focus on capital investment and innovative financing models will lead to sustained economic stability. Nikunj Sanghvi, Treasurer of CREDAI-MCHI, noted, “A budget that prioritizes capital investment and fiscal responsibility is always a win for real estate and infrastructure. The commitment to rural and urban housing, road connectivity, and financing through models like Maha InvITs will drive long-term economic stability. With GST revenues witnessing steady growth and Maharashtra maintaining its lead in infrastructure spending, the real estate sector is poised for sustained expansion.”

With increased investments in housing and infrastructure, the Maharashtra budget is expected to strengthen the state’s real estate sector.

Also Read:budget expecations by real estate

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Mumbai is home to numerous slums, many of which are located on BMC-owned land. “We want to be the Special Planning Authority for SRA projects on BMC land,” confirmed BMC Commissioner Bhushan Gagrani to SquareFeatIndia.

The BMC hopes that, as the SPA for its land, it can expedite the development process, ensuring faster project implementation. However, some experts have raised concerns that this move could undermine the role of the SRA in the city’s redevelopment efforts.

The proposal has been sent to the state government and will be discussed once the new government takes office.

Also Read: Need for Housing Stock Through PPP: BMC Commissioner

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The report highlights the transformative potential of India’s real estate sector, with PropTech—technology-driven innovations in the real estate industry—expected to grow at a sustained pace. By 2047, PropTech is forecast to reach $600 billion, accounting for around 12-13% of the overall real estate market, a substantial increase from its current share of less than 5% of the $300 billion market.

Key technologies like Artificial Intelligence (AI), Internet of Things (IoT), and Building Information Modelling (BIM) are driving this growth by revolutionizing the real estate value chain. These innovations are enhancing operational efficiency, improving transparency, and fostering smarter urban planning, which aligns with India’s broader goal of achieving a $26 trillion GDP by 2047.

The real estate sector in India employs over 77 million people, or about 14-15% of the country’s workforce. As a critical pillar of the economy, it has the potential to play a central role in India’s rise as a developed nation. Infrastructure initiatives such as the National Infrastructure Pipeline (NIP) and PM Gati Shakti are expected to further boost the sector by unlocking opportunities across both metropolitan and emerging tier-II and tier-III cities like Indore, Surat, Jaipur, and Agra.

India’s young and growing population, along with a rapidly expanding middle class, will drive increased demand for housing and real estate investments. By 2047, India’s middle class is expected to surpass one billion, significantly boosting discretionary spending and housing demand.

CREDAI has called for several strategic reforms to support this growth, including granting “Industry Status” to the real estate sector. This would ease access to institutional financing and reduce borrowing costs for developers. The organization also recommends redefinition of affordable housing, raising the price threshold for affordable units from INR 45 lakh to INR 90 lakh, in response to rising costs of raw materials, inflation, and land prices, which have made current definitions financially unfeasible.

Furthermore, CREDAI advocates for flexible tax schemes to support developers, including offering the option to choose between different GST rates for residential and commercial projects. A new policy framework to streamline land acquisition and zoning, along with the development of satellite towns to reduce urban congestion, is also on the table.

Boman Irani, President of CREDAI, emphasized the sector’s pivotal role in India’s economic future: “Indian Real Estate finds itself at an extremely crucial and exciting junction—characterized by rapid urbanization, technological integration, and a strong focus on sustainability. We are firmly positioned to contribute to India’s robust economy as we march toward our mission of a ‘Viksit Bharat’ by 2047.”

Manoj Gaur, Chairman of CREDAI, highlighted the report’s findings as critical to India’s future growth: “By rethinking affordable housing parameters and focusing on planned satellite towns, we can address urban congestion, ensure balanced regional growth, and make housing more accessible to India’s growing middle class. Strategic policy interventions will unlock the full potential of the sector, helping India realize its aspirations as a developed economy.”

As India moves toward its goal of becoming a developed nation by 2047, the real estate sector is positioned to play a central role in shaping its future, driving economic growth, job creation, and urban development.

Also Read: CREDAI to Celebrate 25th Foundation Day in Delhi, Launch Groundbreaking Report on Real Estate’s Role in Viksit Bharat 2047

The post Indian Real Estate Sector Poised to Cross $4.8 Trillion by 2047, PropTech to Reach $600 Billion, Says CREDAI-EY Report appeared first on Square Feat India.

The re-election of the BJP-led Mahayuti government in Maharashtra has sparked optimism in the real estate and infrastructure sectors, with industry leaders expecting a renewed focus on slum redevelopment and urban infrastructure transformation in Mumbai.

Rajiv Agrawal, Co-Founder of Saarathi Realtors, welcomed the stable government formation, emphasizing that the continued leadership would accelerate efforts to transform Mumbai into a “world-class” city. Mumbai, one of India’s fastest-growing urban centers, has long struggled with the challenges posed by its expansive slum areas. The re-elected government, Agrawal believes, will now be able to push forward ambitious redevelopment projects, improving housing and infrastructure across the city.

A Promising Future for Real Estate in Mumbai

Agrawal expressed confidence that the victory of the BJP-led government would have a direct positive impact on the real estate sector, which plays a pivotal role in both housing and economic development. “This sector not only provides housing and commercial spaces but also generates direct employment for lakhs of people and contributes significantly to the GDP. With the same government now in power, we anticipate smoother policy implementation, particularly in terms of taxes and development incentives,” Agrawal said.

One of the primary areas of focus for the government will be accelerating slum rehabilitation projects. With approximately 2,600 slum clusters scattered throughout the city—from Colaba in the south to Dahisar in the northwest—redeveloping these areas is seen as key to alleviating the city’s housing shortage. The state’s Slum Rehabilitation Authority (SRA) is already overseeing over 1,700 ongoing rehabilitation projects, though many are stalled at various stages.

“Rehabilitation and redevelopment are crucial not only to improve the lives of Mumbai’s slum dwellers but also to unlock the city’s potential for modern infrastructure development,” Agrawal noted. “We expect the government to take decisive action, clearing bottlenecks and fast-tracking approvals, particularly for projects that have been delayed.”

Challenges and Opportunities in Slum Redevelopment

Despite the progress made since the SRA’s inception in 1995, more than half of Mumbai’s population still lives in slums. According to SRA data, over 500 slum rehabilitation projects are currently stuck, hindering the city’s redevelopment agenda. Agrawal emphasized the need for a more streamlined process to resolve these issues, calling for the formation of an arbitration committee comprising experts in slum clearance and redevelopment.

“The central government’s push for affordable housing, along with the state’s own ‘Housing for All’ initiative, needs the support of a dedicated committee to address the challenges unique to slum redevelopment,” he added. “Such an initiative would expedite the process and bring much-needed relief to both residents and developers.”

Looking to the Future: Economic Growth and Employment

As Mumbai embarks on its decades-long redevelopment journey, the economic and employment opportunities that will arise from these projects are significant. The real estate sector is expected to experience substantial growth, leading to increased job creation in construction, development, and related industries. Additionally, the redevelopment projects will contribute to the modernization of the city’s infrastructure, improving utilities, transportation, and public amenities.

Agrawal is confident that the continued efforts to clear slums and provide better housing will transform Mumbai into a more livable and sustainable urban center. “Mumbai’s growth trajectory looks promising, and with the government’s stable leadership, we are optimistic that the city will soon see transformative change that benefits both its residents and the broader economy,” he said.

As the government sets its sights on pushing Mumbai’s redevelopment projects forward, the real estate industry is watching closely, eager to see the long-awaited transformation take shape.

Also Read: In 150 Slum Redevelopment Projects tenants are waiting for rent worth ₹525 crore

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Quarterly Performance Highlights:
In Q2 FY25, KPIL achieved consolidated revenues of ₹4,930 crores, reflecting a 9% increase year-on-year. The company’s EBITDA rose by 18% to ₹438 crores, resulting in an EBITDA margin of 8.9%. Profit Before Tax (PBT) also demonstrated significant growth, rising 42% to ₹188 crores, with a margin of 3.8%. Net Profit After Tax (PAT) surged by 40%, reaching ₹126 crores.

Half-Year Performance Overview:
For the first half of FY25, KPIL reported revenues of ₹9,517 crores, up 9% compared to the same period last year. The EBITDA for H1 stood at ₹817 crores, an increase of 8%, with an EBITDA margin of 8.6%. PBT grew by 9% to ₹325 crores, while PAT saw a 3% rise to ₹210 crores. The company’s net debt was reported at ₹3,668 crores as of September 30, 2024.

Stand-Alone Financial Results:
On a stand-alone basis, Q2 FY25 revenues were ₹4,136 crores, an 8% year-on-year increase. The stand-alone EBITDA rose 13% to ₹348 crores, with an EBITDA margin of 8.4%. Stand-alone PBT was up 15% to ₹184 crores, leading to a PAT of ₹132 crores, which represents a 17% increase from the previous year.

For H1 FY25, stand-alone revenue reached ₹7,858 crores, a 5% rise, while EBITDA stood at ₹662 crores, up 6% year-on-year. Stand-alone PBT was slightly higher at ₹348 crores, compared to ₹335 crores in H1 FY24. PAT improved from ₹239 crores to ₹249 crores over the same period.

Order Intake and Book:
The company reported new orders totaling ₹835 crores in October 2024 to date. Year-to-date order inflows reached ₹11,865 crores, with an additional L1 position of over ₹7,000 crores. As of September 30, 2024, the order book grew by 29% year-on-year to ₹60,631 crores.

Management Comments:
Manish Mohnot, MD & CEO of KPIL, commented on the results, stating, “We have delivered solid performance this quarter, backed by consolidated revenue growth of 9% to ₹4,930 crores, PBT growth of 42% year-on-year to ₹188 crores, and PAT growth of 40% year-on-year to ₹126 crores. Our strong order book of ₹60,631 crores and year-to-date order inflows of approximately ₹19,000 crores, including L1 positions of over ₹7,000 crores, reflect our diversified business mix and established capabilities.”

With these impressive results, KPIL continues to demonstrate the strength and resilience of its business model, positioning itself for future growth in the infrastructure sector.

Also Read: Kalpataru to develop 6 lakh Sq ft commercial project in Mulund

The post Kalpataru Projects International Reports Strong Q2 and H1 FY25 Results appeared first on Square Feat India.

Currently, the monthly toll revenue from these five booths stands at around ₹45 crore, with cars contributing about ₹22 crore. Annually, this totals approximately ₹500 crore from all vehicles. The five affected toll plazas are located in key areas: two in Mulund (East and West), and additional booths at Airoli, Dahisar, and near Vashi.

The announcement, made by Chief Minister Devendra Fadnavis and Deputy Chief Minister Eknath Shinde on Monday, aims to ease the financial burden on commuters, enhancing traffic flow into the city and benefiting local businesses and residents.

While the toll exemption presents a challenge in terms of funding for infrastructure maintenance, the government believes that the positive impact on daily commuters and overall urban mobility is a priority. Stakeholders will need to explore alternative revenue streams to sustain Mumbai’s infrastructure in light of this major policy change.

Also Read: No More Toll Charges for Light Motor Vehicles Entering Mumbai

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