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Realty market trends

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Knight Frank analyses the property market for January-June 2015 and put forth its findings.

The housing market of Mumbai Metropolitan Region (MMR) records the worst half-yearly period post the global financial crisis. Knight Frank has presented a comprehensive analysis of the residential and office market performance of the MMR for the period between January-June 2015.

Residential properties

  • Housing market is still under pressure; H1 2015 witnesses a 47 per cent drop in new launches
  • Nearly two lakh unsold homes in Mumbai; sales continue its down ride
  • Launches plummet by nearly 70 per cent, while demand dives 30 percent over the last 2 years
  • Confusion over Mumbai?s new Development Plan 2034 impacts approvals for new projects
  • Airport on the anvil, will prices in Navi Mumbai take flight? Currently commands prices in the range of Rs 4,500-15,000/sq ft

Commercial

  • Mumbai maintains its pace of 2014; records office space transaction of 2.5 million sq ft in H1 2015.
  • IT/ITeS find greener pastures across Bengaluru, Hyderabad, Chennai and Pune; state?s new IT/ITeS policy – unlikely to be the game changer.
  • Improved East-West connectivity owing to the metro and the Santacruz-Chembur Link Road will drive office demand in H2 2015 across Ghatkopar, Andheri, Versova among others
  • Banks, manufacturing and media consulting continue being the anchor for MMR?s office market; Forecast of office space sale is expected to be at 5.8 million sq ft in the second half of 2015 – an increase of 20 per cent compared to H2 2014.

Speaking about the findings, Dr. Samantak Das, Chief Economist & National Director – Research, Knight Frank India said, "Despite delayed reforms in the economy and concerns across the globe, the Indian economy is doing reasonably well with basic fundamentals showing a strong foothold. This has had a positive impact on the office market that did see a turnaround in 2014 and the pace continues in 2015. Although Mumbai holds a mixed portfolio of occupiers, media consulting, e-commerce and manufacturing sectors are showing a perceptible positive traction. Going forward, we expect Mumbai to clock office transactions of 7.7 million sq ft during 2015. Residential market on the other hand is still reeling under tremendous pressure with drastic drop in new launches at the back of falling demand. The recovery of the residential market does not seem eminent until 2015 and we expect sales to be in the range of 63, 000, marginally below the 2014 levels."

Adding on the office market findings, Viral Desai, National Director, Office Transactions, Knight Frank India, said, "Mumbai developers have begun showing interest towards commercial developments which was not the case in the last 2-3 years. Two reasons for this, firstly office space has shown robust growth in demand on the back of improved economic sentiments and second, with the residential market slowing down, developers foresee the office market to be more lucrative. Although valuations within the office market are lower as compared to the residential space, the demand however, is a sustained one. Additionally, supply of Grade-A office spaces have reduced which may lead to a marginal increase in rents across select locations. This will also lead to a resultant increase in the demand of Built to suit office spaces. Going forward, I expect absorption to clock 5.8 million sq ft – an increase of 20 percent compared to H2 2014."

NCR Region Residential takeaways:

  • New launches drop by 68 per cent in H1 2015.
  • Policy fallacies and project delays hit NCR?s real estate appetite. Sales drop by 50 per cent y-o-y
  • Muted sales lead to price stagnation. Knight Frank estimates sales to plug around 15,000 units in the coming two quarters.

Office takeaways:
NCR maintains the 2014 turnaround story! Office absorption touches 3.7 million sq ft in H1 2015. Small-size transactions dominate NCR?s office leasing activity; transactions in the range of 5,000-12,500 sq ft make deeper inroads e-commerce majors account for 16 per cent of the half-yearly abortion – Snapdeal, Zomato, Lenskart among the major occupiers in H1 2015. The commercial segment continued to pick up further momentum on the back of large requirements from corporate occupiers. This has led to vacancy levels going below 10 per cent in some of the key micro markets resulting into an upward pressure on lease rentals. The weighted average rentals in NCR are forecaste to inch upwards by an average of 3-5 per cent from H1 2015.

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Concrete

Wonder Cement appoints Mahesh Singh as VP Corporate Brand Communication 

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Singh brings 20+ years of brand and marketing experience, and will lead integrated corporate brand communication initiatives at Wonder Cement 

New Delhi

Wonder Cement, a leading cement manufacturer, has appointed Mahesh Singh as Vice President – Corporate Brand Communication. In his new role, he will oversee corporate brand strategy and communication, including digital and performance marketing, public relations, trade, events, exhibitions, sports and experiential marketing. 

Singh brings over two decades of experience across marketing and communications, with roles spanning the automotive industry, agencies and entrepreneurship. He spent more than a decade with Honda Motorcycle & Scooter India, working across integrated communication, media, digital, retail and consumer engagement. His stint also included helping build the company’s digital marketing capabilities. 

He moved to dentsu X India as Vice President – Strategy & Planning, working across categories such as automotive, auto components, electric vehicles, FMCG, consumer electronics, BFSI, apparel and brand consulting. His responsibilities included media and marketing strategy, product launches, content, performance marketing and consumer activations. 

Singh subsequently took an entrepreneurial route with Radiant Brands before joining Shriram Ltd (SPR Autotech) as Head – Marketing & Communications. There, his remit included brand and corporate strategy, communications, PR and ORM, retail identity, loyalty programmes and events. 

At Wonder Cement, Singh will be responsible for bringing together the company’s corporate brand communication initiatives across digital, performance marketing, PR, trade, sports and experiential platforms. The role will focus on creating an integrated approach to communication across consumers, trade partners and other key stakeholders. 

The appointment brings to Wonder Cement a marketer whose career has spanned the brand, agency and entrepreneurial sides of the communications ecosystem. 

Wonder Cement, part of the RK Group, is a cement manufacturer with roots in Rajasthan and a focus on quality, trust and transparency. The company has grown to six manufacturing plants, and a cement capacity of 21.5 MTPA. With more than 2,000 employees and a network of over 5,000 dealers, its operations span manufacturing, distribution and customer engagement, with a focus on consistent product quality and efficient execution. 

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Concrete

JSW Cement commissions additional 1 MTPA grinding unit at Nagaur

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With this commissioning, JSW Cement’s total cement grinding capacity has increased to 25.10 MTPA, 
Mumbai

JSW Cement, one of India’s leading green cement producers and part of the diversified JSW Group, today announced the successful commissioning of an additional 1.00 MTPA cement grinding unit at Nagaur, Rajasthan. The commissioning marks another significant milestone in the Company’s growth strategy.

With this commissioning, JSW Cement’s total cement grinding capacity has increased to 25.10 MTPA, while its total clinker manufacturing capacity, including clinker capacity at its joint venture, JSW Cement FZC, stands at 9.74 MTPA.

JSW Cement had commenced operations in North India in March 2026 with the Nagaur Integrated Plant, comprising a 3.30 MTPA clinkerisation unit and 2.50 MTPA cement grinding unit. With the commissioning of the additional 1.00 MTPA cement grinding unit, the plant’s total cement grinding capacity has increased to 3.50 MTPA, enhancing the company’s ability to cater to the growing cement demand across Rajasthan, Haryana, Punjab and the National Capital Region (NCR). The expansion has been funded through a strategic mix of equity and long-term debt.

During the quarter ended 30th September 2026, JSW Cement has also commissioned the Alternate Fuel Handling System and the Waste Heat Recovery system (WHRS) at the Nagaur Integrated Plant.

Nilesh Narwekar, CEO, JSW Cement, said: “The commissioning of additional 1.00 MTPA grinding capacity at Nagaur is a key strategic priority for us and will accelerate JSW Cement’s expansion into North India. We look forward to servicing the growing needs of the region and contributing to the economic growth of Rajasthan, Haryana, Punjab and the NCR area. I am delighted to share that the company has commissioned this grinding unit within the expected timeline, showcasing our project execution capabilities. Further, the Alternate Fuel Handling System and the Waste Heat Recovery system (WHRS) are expected to substantially reduce our production costs going forward.”

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Concrete

UltraTech becomes first Indian cement firm to cross 2 GW green energy

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UltraTech Cement has crossed 2 GW of captive green energy capacity, with renewables and waste heat recovery meeting 48 per cent of its power needs.

Mumbai

UltraTech Cement Limited has surpassed 2 GW of installed green energy capacity for captive use, becoming the first cement company in India to achieve the milestone. The Aditya Birla Group company commissioned 116.55 MW of wind capacity at its Inter-State Transmission System-connected wind-solar hybrid project in Barmer, Rajasthan, along with 10 MW of Waste Heat Recovery System capacity at Sarlanagar Cement Works in Karnataka.

With these additions, UltraTech’s cumulative installed green energy capacity has reached 2,024 MW. This includes 1,580 MW of renewable energy capacity and 444 MW of waste heat recovery capacity, together meeting around 48 per cent of the company’s current power requirements.

The company said the milestone reflects the progress of its long-term energy transition strategy. In FY27 so far, nearly one-third of UltraTech’s 76 manufacturing units in India have maintained green energy utilisation above 50 per cent of their electricity requirements, while five units have crossed 95 per cent.

K C Jhanwar, Managing Director, UltraTech Cement Limited, said, “Crossing the 2 GW green energy milestone is the result of a strategy we have pursued consistently over the past decade. Cement is an energy-intensive, hard-to-abate sector, and showing that reliability and growth can go hand in hand with a rapid shift to green energy sets a benchmark for the industry. With nearly half of our power needs now met through green energy, we are significantly less exposed to fossil fuel supply constraints and power price volatility. As we scale up renewables, waste heat recovery and battery storage across our operations, we are building an energy foundation for stable, long-term growth.”

UltraTech commissioned 430 MW of green energy capacity in FY26 and continues to expand its renewable energy and waste heat recovery portfolio.

The company is also progressively integrating Battery Energy Storage Systems across its operations to improve renewable energy utilisation and supply reliability.

In 2025, UltraTech operationalised what it described as India’s first on-site hybrid round-the-clock renewable energy project at Sewagram Cement Works in Gujarat. The project combines solar, wind and battery storage.

As part of its decarbonisation strategy, UltraTech said it has not invested in new captive thermal power capacity for either greenfield projects or brownfield expansions at its integrated units for more than a decade.

The company said its expanding green energy portfolio is helping reduce dependence on conventional grid electricity and fossil fuel-based power, while lowering exposure to fluctuations in coal and electricity prices.

UltraTech aims to increase green energy’s share in its total power mix to 85 per cent by 2030. As a member of RE100, it has also committed to meeting 100 per cent of its electricity requirement through renewable sources by 2050.

UltraTech Cement, the cement flagship of the Aditya Birla Group, has a total grey cement capacity of 210.1 MTPA and white cement and putty capacity of 3.5 MTPA. The company is also a signatory to the GCCA Climate Ambition 2050 and has committed to the GCCA Net Zero Concrete roadmap.

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