Manipal signs 30-year lease agreement with Thakral to build 500-bed hospital in Gurugram

Real estate developer Pioneer Urban Land & Infrastructure Ltd, based in Gurugram, entered the luxury segment market on Tuesday by presenting the luxury serviced residence project named Alura in Gurugram. This project involves investments exceeding 350 billion rupees and a projected sales volume of over 90 billion rupees.

Located in Sector 62 of Gurugram, on Golf Course Extension Road, the project will cover an area of 6.99 acres and will consist of approximately 250 residential units distributed across two towers. Residential areas will range from 7,000 to 15,000 square feet, including penthouses and duplexes. The company stated that it plans to complete construction by the second quarter of 2031.

The architectural design was executed by Skidmore, Owings & Merrill (SOM). The complex will be equipped with private elevator lobbies, floor-to-ceiling glazing, and balconies spanning the entire structure. Buyers will be able to customize the interior layout within the structural and service limitations of the building. The East Tower will reach a height of approximately 200 meters.

The project will feature club amenities covering an area of about 1.5 lakh square feet. These amenities include restaurants, swimming pools, a gym, a spa center, sports grounds, a library, and a business center. Additionally, residents will have access to concierge, cleaning, laundry, valet, and in-residence services, as indicated by the company.

The development has received WELL certification and preliminary IGBC Platinum certification. According to the company's statement, its structural execution complies with Zone V seismic activity standards.

Manish Perival, Chairman and Managing Director of Pioneer Urban, noted: 'With Alura, we are building with the ambition to create an iconic address for the city.' The project is part of Pioneer District, a comprehensive development that also includes residential projects such as Araya, Presidia, and Pioneer Park, as well as commercial zones Pioneer Square and Urban Square.

IBM India Ltd, a subsidiary of the American technology giant IBM, has signed a lease agreement for office space measuring 283,321 square feet in the Bagmane Solarium City complex, located in the Whitefield-Brookefield neighborhood of Bangalore.

According to deal documents obtained from Propstack, the major technology player will commence the new lease agreement on February 5, 2026. The terms of the agreement stipulate a monthly rent of 88 rupees per square foot, totaling a monthly payment of 24,932,248 rupees for the leased area. The contract term is 10 years, and the security deposit is valued at 14.96 crore rupees, with an annual rent increase of 15 percent every three years.

IBM is leasing floors one through three of the Radon Tower in this tech park from Akruthi Infra-Build Developers Private Limited. Furthermore, IBM will pay a fit-out rent of approximately 2.98 crore rupees monthly for five years, or until March 2031, increasing the total fit-out rent amount to 179 crore rupees.

Earlier this year, the company leased 230,000 square feet of office space in Intellion Park, owned by Tata Realty and Infrastructure, in Sector 59 Gurgaon.

The company currently has properties in major metropolitan cities, including Ahmedabad, Bangalore, Delhi, Kolkata, Mumbai, and Noida.

This deal comes amid the stability of office rental figures in India during the first nine months of 2026 (9M CY2026), which matched the level of the same period last year, according to the latest report by the real estate consulting firm Knight Frank India. The transaction volume across eight key markets covered in the report amounted to 66.7 million square feet (msf).

Another report from Colliers India showed that office rentals grew by 7 percent quarter-over-quarter compared to the previous quarter, reaching 5.2 msf in the third quarter, which is 11 percent higher than the previous year, with Bangalore continuing to lead in demand for office space in India.

The registration of new projects continues in the real estate sector of Uttar Pradesh. According to UP RERA data, 217 real estate projects were registered in the state by September 2026. These projects involve the construction of a total of 66,158 residential and other units, with a total value of 46,795 crore rupees.

Regional analysis shows that Western Uttar Pradesh leads in the number of projects. Lucknow has the highest number of registered projects among the districts.

According to UP RERA statistics, Western Uttar Pradesh has registered the highest number—111 projects—by September 2026. These projects are set to create 41,666 housing units, with a cumulative value reaching 35,794.56 crore rupees. Central Uttar Pradesh has registered 60 projects with a plan to build 16,117 units, valued at a total of 5,997.05 crore rupees.

Eastern Uttar Pradesh has registered 30 projects, which include 5,636 planned units with a total value of 3,869.34 crore rupees. Additionally, Rohilkhand has registered 12 projects with 1,764 planned units and a value of 941.73 crore rupees. Bundelkhand has accounted for 4 projects, planning the construction of 975 units for a total amount of 192.32 crore rupees.

By district data, Lucknow ranks first with 59 projects. These projects plan for 15,959 units, with a total value of 5,795.33 crore rupees. However, Ghumtabad Nagar, despite having fewer projects (37), leads in the number of proposed units and total project value, which reaches 21,221.37 crore rupees, surpassing Lucknow's figures.

Ghaziabad has registered 35 projects, providing for 13,666 units with a total value of 11,261.87 crore rupees. Thus, Ghumtabad Nagar and Ghaziabad are major real estate hubs in Western Uttar Pradesh. New projects have also been registered in Agra, Varanasi, and Mathura. Agra and Varanasi each have 12 registered projects: Agra plans for 3,691 units worth 1,054.58 crore rupees, while Varanasi plans for 2,176 units worth 1,772.89 crore rupees. Mathura has 11 projects accounting for 2,126 units and a value of 829.85 crore rupees. Furthermore, Muradabad has registered 8 projects, and Barabanki has 7. Other districts include 6 projects in Priyadarsh, 4 in Hapud, and three projects each in Merat, Bareli, and Gorakhpur.

The total value of projects in Ghumtabad Nagar is 21,221.37 crore rupees, which constitutes a significant portion of the total value of all registered projects in Uttar Pradesh. It should be noted that this amount represents the declared total value of the projects, not the actual revenue or investment.

The Chairman of UP RERA, Sanjay Bhusreddi, noted that the 217 registered projects, 66,158 proposed units, and total value of 46,795 crore rupees indicate the current activity in the state's real estate sector as of September 2026. He emphasized that the high proportion of projects and investments in Western Uttar Pradesh, along with the registration of projects in cities like Lucknow, demonstrates development potential across various parts of the state. The body's goal is to ensure transparency, accountability, and compliance with regulations in the real estate sector to protect the interests of homebuyers.