The state government has decided to relax open space requirements for commercial buildings with glass facades, following a request from real estate advocacy group CREDAI-MCHI. This move has raised concerns among activists and architects about the potential impact on neighboring buildings and energy consumption.

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Additionally, a sum of approximately Rs 0.30 billion (S$ 4.81 million) is expected to be paid as deferred consideration, subject to the achievement of pre-agreed business milestones by Aurum Ventures.

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Five of these WTCs, located in Noida, Chandigarh, Gurugram, and Gift City are at various stages of construction and will require at least ₹3,000 crore to complete.

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WeWork 37 Cunningham is a four-story workspace with over 1,000 desks across over 60,000 sq ft while WeWork Galaxy Business Park has over 1,400 desks across 79,000 sq ft.

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“We strongly believe that the order was passed based on a wrong premise and a misunderstanding of the facts. We are reviewing the order’s contents and will contest this decision in the appropriate forum in accordance with the law,” the company said.

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Twenty-two commercial projects have been launched in the city this financial year. Real estate experts said demand for office space has increased and inventory levels are low owing to relatively few launches in the past three years, due to Covid.

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This is the Bengaluru-headquartered Prestige Group’s first commercial project in Delhi. It had entered into a joint venture with DB Realty in 2019 to develop a hospitality-led mixed use project spread over 7.7 acres of land in Delhi’s Aerocity.

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