Real Estate

As Uttar Pradesh emerges as one of India’s fastest-growing real estate and infrastructure markets, Shalimar Corp is expanding aggressively across integrated townships, luxury housing, hospitality and infrastructure development.

The Lucknow-headquartered group is strengthening its footprint with major residential and mixed-use projects across Uttar Pradesh, while also diversifying into premium hospitality with a four-star hotel in Lucknow in partnership with Sarovar Portico and a five-star property in Ayodhya with the Trident Hotels group.

Volney Commercial Real Estate Advisory has achieved a milestone in the financial year 2025-26, recording approximately 85,000 square feet of transactions, marking a twofold growth. The performance of the company reflects its presence in the commercial hubs of Mumbai and its ability to execute deals in the market. This growth underscores the expanding footprint of the firm in micro-markets, driven by interest from corporates seeking office spaces. A portion of this momentum was driven by transactions in the Bandra Kurla Complex and Chandivali.

At the Trade Centre in the Bandra Kurla Complex, Volney facilitated leasing deals totalling around 23,000 square feet in the past one year with clients including HP Laptop, Logitech, Zanskar Research, Beta Biopharma, Abhinav Visa and Smif Capital. In the Boomerang building in Chandivali, the firm closed transactions spanning approximately 47,000 square feet. These included leasing to clients like Spacex Starlink, Mcaffeine, Irage Capital, Sun Pharma, Linen art, Knockout agency, Pioneer Engineering, Digimaze, Reel Saga, Bharat Pay and Karna Stock broking, alongside a couple of pre-leased deals. In Kanakia Wallstreet, Chakala in Andheri East, a 15,000 square feet office deal was closed with investor Saif Ali Khan Pattadi and NCC Limited.

India’s broader real estate conversation has recently focused on a booming residential cycle. Driven by structural shifts toward premiumisation, rising urban household incomes, and favourable financing, residential launches and sales volumes have steadily climbed. Yet, beneath the surface of the residential buzz, a more quiet, institutional shift is taking place.

Commercial real estate is gradually evolving from a workplace asset into an increasingly accessible investment opportunity.
Commercial real estate is gradually evolving from a workplace asset into an increasingly accessible investment opportunity.
India’s commercial real estate (CRE) market, specifically prime Grade-A office spaces, is rapidly transforming into a highly sought-after long-term income-generating engine. Rather than functioning purely as corporate overhead or the exclusive domain of massive private equity funds, premium commercial office spaces are emerging as a core institutional asset class accessible to retail and sophisticated investors alike.

Driven by the explosive scale of Global Capability Centres (GCCs), the mainstream stabilisation of flexible workspaces, and a tightening supply of premium buildings, the underlying economics of the commercial office segment have shifted. At the same time, the regulatory democratisation of property ownership is reshaping how investors participate in this market, establishing a structural trend that looks less like a cyclical bounce and more like a permanent evolution.

Project features Tulip Melrose is set to become one of the tallest residential developments on the Southern Peripheral Road in Gurugram. The tower will soar to approximately 495 feet and feature a sky terrace offering views of the city skyline. With an estimated investment of approximately ₹1,100 crore, the 7.5-acre development is located on one of the residential corridors of the National Capital Region. The project has been conceptualised to address the aspirations of homebuyers who seek residences, integrated experiences, wellness amenities and the assurance of investing with developers known for execution. The development features landscaped open spaces, large-format residences, low-density planning and private elevator access in select residences. A defining feature of Tulip Melrose is its zero vehicular movement at ground level. Upon arrival, all vehicles enter directly into the basement, leaving the ground plane free of cars. Residents can move through the grounds via electric golf carts. The entire ground floor has been conceived as a clubhouse, connecting all four towers at ground level and offering residents a lifestyle and wellness destination. A sky terrace spanning all four towers at approximately 495 feet creates a connected terrace, housing resident amenities alongside panoramic views of the city. The project incorporates engineering standards, fire-rated safety systems, multiple levels of material testing, quality-control processes and carefully planned layouts that maximise functionality, comfort and long-term durability.

Paranjape Schemes has secured a ₹90 crore investment from Nisus Finance for development of a premium residential tower at the Blue Ridge township in Hinjawadi Phase 1, Pune.

Residential expansion
The investment, through Nisus Finance’s Real Estate Special Opportunities Fund-I, will be made in Realnet Ventures Private Limited for construction within the 150-acre Blue Ridge integrated township.

Blue Ridge currently includes 33 residential towers housing more than 6,000 families, three operational special economic zones employing over 35,000 information technology professionals, commercial establishments, educational infrastructure and recreational facilities.

The upcoming project will be developed on 1.09 acres of conveyed land and include 188 residences in 3 BHK and 4 BHK configurations. The total saleable area is estimated at about 4.02 lakh square feet, with an estimated gross development value of around ₹370 crore.

Demand drivers
Paranjape Schemes said that Hinjawadi continues to witness demand from homebuyers because of employment hubs, infrastructure development and preference for integrated township projects.

Avadhoot Sarwate, Chief Investment Officer at Nisus Finance Services Co Limited, said that the investment aligned with the company’s focus on projects with established infrastructure and residential demand for larger homes.

Shrikant Paranjape, Chairman of Paranjape Schemes, said that Nisus Finance’s involvement helped achieve financial closure for the project. He added that the partnership provided financial certainty for project execution.

Mumbai: India’s commercial real estate sector is facing a growing mismatch between the scale of occupier demand and the amount of deployable institutional capital available to fund future development, raising concerns over supply creation across office and warehousing assets.

While leasing activity across major cities continues to remain strong, the limited availability of investment capital is increasingly emerging as a structural bottleneck for the sector’s next growth cycle.

The gap is particularly stark in the office market, where around $2.3 billion of deployable capital currently available as dry powder can support only nearly 12.2 million sq ft of fresh office development, enough to address just about 14% of India’s annual office demand of 86.4 million sq ft recorded in 2025, showed a Knight Frank India assessment.

India’s real estate sector is entering a transformative growth phase driven by infrastructure expansion, evolving consumer preferences, and increasing demand for integrated developments. According to Ashish Bhutani, CEO Bhutani Infra, segments such as mixed-use developments, experiential retail, luxury residential projects, and integrated commercial ecosystems will shape the next growth cycle.

1. How do you view the current growth trajectory of India's real estate market, and which segments do you believe will drive the next phase of expansion?

India’s real estate sector is witnessing a strong phase of transformation and maturity, driven by evolving consumer aspirations, rapid infrastructure growth, and increasing demand for quality developments. Today’s buyers and investors are far more informed and value-driven — they are looking beyond conventional real estate towards projects that offer transparency, innovation, sustainability, and long-term value appreciation. At Bhutani Infra, we have consistently aligned our vision with these changing market dynamics by creating future-ready developments that seamlessly combine lifestyle, business, luxury living, and high investment potential.

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has approved 10 new real estate projects across five districts, paving the way for investments of approximately ₹1,412.55 crore. The projects will add 1,632 residential and commercial units and are expected to give a fresh boost to urban development, construction activity and employment in the state.

The approvals were granted during the 207th meeting of UP RERA, chaired by Chairman Sanjay Bhoosreddy.

Projects Spread Across Five Districts

The newly approved projects are located in Ghaziabad, Gautam Buddh Nagar, Lucknow, Gorakhpur and Moradabad, covering residential, commercial and mixed-use developments.