Real Estate Sector Happenings – November 29, 2025

TFCIL Targets ₹2,000 Cr Disbursement

The Tourism Finance Corporation of India Limited (TFCIL) has announced a major strategic expansion, targeting ₹2,000 crore in disbursements for FY26. While hospitality remains its core vertical, the company is diversifying its lending portfolio by significantly increasing its exposure to real estate and MSME solar financing within the tourism ecosystem. TFCIL’s goal is to gradually reduce the hospitality sector’s share from the current 65% to around 50% by FY27. This move is aimed at supporting green energy adoption, with its solar strategy focusing on installations for hotels and tourism-related MSMEs, positioning TFCIL as a diversified financial enabler for infrastructure and sustainability.

Nexus Select Trust REIT’s Capex Plan

The REIT aims to nearly double its mall portfolio to 18-20 million sq ft across 30-35 malls by FY30. This substantial funding requirement will be met through a balanced blend of debt and equity financing. The trust intends to increase its current Loan-to-Value (LTV) ratio from a conservative 18% to a range of 28-30% by acquiring new assets, leveraging its strong portfolio metrics, which include a high occupancy rate of 98% and consistent rental income growth.

Adani Realty and Marathon Nextgen Join Forces

Adani Realty and Marathon Nextgen Realty Limited have formed a joint venture to develop a large commercial and retail complex in Byculla, South Mumbai, with an estimated Gross Development Value (GDV) of ₹3,400 crore. The project will span approximately 1.2 million sq ft of office and retail space and will be located within the larger Monte South campus, which already hosts four high-rise residential towers being developed by the same partners. This collaboration marks Adani Realty’s strategic entry into the Central Mumbai office market and leverages the current trend of developers creating mixed-use projects to integrate residential and business components in prime urban locations.

Prestige Group to Roll Out ‘The Prestige Place’

The Prestige Group, is introducing a new premium sub-brand called ‘The Prestige Place’ specifically for its large-scale, mixed-use development projects in key metropolitan markets. This strategy is designed to create integrated townships that combine luxury residential units, commercial office space, high-end retail, and hospitality (often including branded hotels like Waldorf Astoria and Hilton). The flagship project for this new brand is a major 17-acre slum redevelopment initiative in Worli, Mumbai, which will feature residential units, retail, and two distinct luxury hotels, highlighting the group’s focus on building comprehensive, high-value urban ecosystems.

IHCL Signs a Taj Resort at Ranthambore

The Indian Hotels Company Limited (IHCL) has announced the signing of a new resort under its iconic Taj brand in Sawai Madhopur, the gateway to the Ranthambore National Park in Rajasthan. The greenfield project will be an eco-sensitive wildlife resort featuring 75 keys across suites and villas, many of which will include private courtyards and plunge pools. In line with IHCL’s commitment to sustainability (under its Paathya framework), the resort will integrate features like solar-powered amenities and rainwater harvesting. This development is set to meet the growing demand from discerning nature travelers by offering a luxurious and responsible base for guided safaris and nature exploration in the famed tiger reserve.

RBI to Exempt SWAMIH Fund from AIF Rules

The Reserve Bank of India has decided to exempt the Special Window for Affordable and Mid-Income Housing (SWAMIH) Investment Fund-I from its tightened rules governing investments in Alternate Investment Funds (AIFs). The exemption removes the requirement for banks and NBFCs to hold higher provisions when they invest in SWAMIH while also lending to the same projects—a rule originally put in place to curb the “evergreening” of loans. The exemption was granted based on the government’s argument that the SWAMIH fund, which provides debt financing to rescue stressed real estate projects, serves a vital socio-economic purpose by completing affordable and mid-income housing units.

Nagpur to Get BKC-Style Commercial Hub

Union Minister Nitin Gadkari has unveiled plans to develop a new, state-of-the-art commercial hub in Nagpur, modeled on the lines of Mumbai’s premium business district, the Bandra Kurla Complex (BKC). The hub will be developed on 19 hectares of encroached land at Kachipura, which belongs to the Dr. Panjabrao Deshmukh Krishi Vidyapeeth (PDKV). The project aims to be a modern urban center featuring high-tech commercial facilities, swimming pools, sporting arenas, and a blend of residential, commercial, and leisure facilities. The plan includes inclusive rehabilitation, with alternative housing provided for approximately 800 encroaching families from the ‘Kachi’ community in the new buildings. Commercial space will also be offered at reasonable rates to those currently operating businesses on the land. The project will be executed under the Design, Build, Finance, Operate, and Sale (DBFOS) model, facilitating private investment for a major boost to West Nagpur’s commercial landscape.

Additional Houses Under PMAY-Urban 2.0

The Union Ministry of Housing and Urban Affairs has approved the construction of 1.41 lakh new houses under the Pradhan Mantri Awas Yojana-Urban 2.0 (PMAY-U 2.0), significantly advancing the government’s ‘Housing for All’ mission. This latest approval, which covers projects across 14 states and Union Territories, pushes the total number of sanctioned dwelling units under the revamped scheme to over 10 lakh. A key focus of this round of sanctions is inclusivity and women’s empowerment, with a substantial number of units reserved for women, senior citizens, and other vulnerable groups. States have been urged to prioritize developing these projects in locations with adequate essential infrastructure, such as roads and public transport, to ensure ‘ease of living’ for the beneficiaries.

Oberoi Realty Q2 Sales Bookings Fall 10%

Oberoi Realty reported a 10% decline in its sales bookings for the second quarter of the current fiscal, totaling ₹1,299.06 crore, down from ₹1,442.46 crore in the year-ago period. The drop was attributed to lower volumes in terms of area sold, with the luxury housing-focused firm selling 158 units covering 2,50,701 sq ft in Q2 FY26, compared to 2,75,780 sq ft sold in the same quarter last fiscal. Despite the dip in sales bookings, the company’s collections for the July-September period were higher at ₹1,352.82 crore. Separately, the company reported a 29% increase in its consolidated profit for the quarter to ₹760.26 crore, supported by a rise in total income to ₹1,844.84 crore.

Record $2.9 Billion Raised from 42 Deals

India’s real estate sector achieved its highest-ever quarterly deal volume and value in the third quarter (Q3) of 2025, recording 42 transactions valued at $2.9 billion, as per Grant Thornton Bharat data. The total includes nine public market transactions (five Initial Public Offerings and four Qualified Institutional Placements) and 33 private transactions, valued at $1.8 billion. Mergers & Acquisitions activity saw 21 deals valued at $843 million, dominated by domestic transactions, with a key deal being The Phoenix Mills’ $641 million acquisition of Island Star Mall Developers Pvt Ltd. Private Equity investments rebounded with 12 deals totaling $859 million, with Prime Offices Fund’s $290 million investment in RMZ One Paramount Pvt Ltd being a significant transaction, focusing heavily on commercial assets.