Category: Industry

Explore updates on Industry real estate focusing on warehouses, logistics parks, and manufacturing hubs. Learn about infrastructure development, market demand, rental yields, and investment opportunities shaping this fast-growing segment.

IndustryLatest Stories

Noida Authority May Contest HC Ruling on Lease Rent Waivers

NOIDA: The Noida Authority has opted to challenge an Allahabad High Court ruling that annulled the state’s decision to revoke lease rent waivers previously granted to various real estate firms under the “zero period” policy. This policy is designed to offer relief against delays that developers cannot control, emphasizing the need to protect revenue and maintain policy consistency. During a meeting on June 14, the Authority’s board decided to contest the High Court’s April 23 decision, made in response to a petition by Greatvalue Projects India. The Authority asserts that the lease rent waivers contradict its established policy, which categorically…

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CIDCO Approves Conversion of Leasehold to Freehold Plots

Representative image created by AI The Maharashtra government has taken a notable step to enhance property ownership rights by converting residential plots allocated by the City and Industrial Development Corporation (CIDCO) from leasehold to freehold. This decision is poised to affect plot owners in Navi Mumbai and other areas developed by CIDCO. To facilitate the implementation of this directive, CIDCO has established a dedicated committee to oversee and review applications for these conversions. This scheme is applicable to residential plots awarded through the tender process, CIDCO-built housing projects, and those allotted under the 12.5% and 22.5% land allotment schemes. Eligible…

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Gmada proposes ₹800/sq yard cut in enhancement fees for sectors 76-80

MOHALI: A potential relief for over 30,000 plot allottees in sectors 76 to 80 is on the horizon as the Greater Mohali Area Development Authority (GMADA) has proposed reducing enhancement charges by Rs 800 per square yard. However, this proposal awaits final approval, as the state government is seeking a comparative review of enhancement charge calculations used by other regional development authorities. The decision was made during a GMADA executive committee meeting chaired by Punjab Chief Secretary K.A.P. Sinha, who also leads the committee. The meeting took place at the PUDA office in Sector 62 on Thursday. Before proceeding with…

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Bain Capital sells 1.9% stake in Embassy REIT for ₹691 crore

NEW DELHI: On Thursday, private investment firm Bain Capital divested 1.9% of its unitholding in Embassy Office Parks REIT for ₹691 crore via an open market transaction. Bain Capital, based in the US, sold just over 1.78 crore units through its affiliate, APAC Company XXIII, representing 1.87% of its stake in Embassy Office Parks REIT in Bengaluru, according to bulk deal data from the BSE. The units were sold at an average price of ₹388 each, resulting in a total deal value of ₹691.41 crore. The identities of the buyers for these units remain unknown on the exchange. Following the…

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Mittal Builders, HoABL to invest ₹2,000 Cr in Mumbai project

NEW DELHI: Realty company Mittal Builders has partnered with House of Abhinandan Lodha to launch a housing project in the Mumbai Metropolitan Region with a total investment of ₹2,000 crore. On Thursday, Mittal Builders announced it has signed a Joint Development Agreement (JDA) with House of Abhinandan Lodha (HoABL) to co-develop an 11-acre project comprising 3 million sq ft, including over 4,600 apartments and high-street retail spaces. The project is anticipated to be unveiled in the second quarter of 2025-26. “The joint venture entails an investment of approximately ₹2,000 crore and a gross development value (GDV) of over ₹3,000 crore…

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Puravankara to Co-Develop 5.5 Acres in East Bengaluru

Representative image created by AI NEW DELHI: Puravankara Group has announced a joint development on a 5.5-acre land parcel in Balagere, East Bengaluru, with a projected gross development value (GDV) exceeding ₹1,000 crore. This parcel includes a total saleable area of 0.83 million square feet, with the project expected to launch within six to nine months. According to Mallanna Sasalu, CEO-South of Puravankara, “We anticipate launching the project in the next 6-9 months, and are confident it will enhance our growing portfolio.” Earlier in the year, the company acquired a 3.63-acre site on Kanakapura Road, valued at over ₹700 crore.…

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Maharashtra to Legalize Subdivided Land by Jan 1, 2025

Representative image created by AI MUMBAI: The Maharashtra government is set to give legal recognition to subdivided land parcels until January 1, 2025, by easing and eventually eliminating the existing land fragmentation law, according to Revenue Minister Chandrashekhar Bawankule, who spoke to the legislative assembly on Wednesday. Bawankule mentioned that more than 50 lakh families face challenges due to land fragmentation rules. He stated that plots measuring up to one guntha (approximately 1,089 sq ft) created before January 2025 will be legalized, allowing citizens to secure official property rights. However, any plots subdivided after January will need to comply with…

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Valor Wins Lavasa Bid with ₹771-Crore Offer

Realty developer Valor Estate, previously known as DB Realty, has placed the highest bid of ₹771.09 crore for Lavasa Corporation, as part of the ongoing insolvency resolution for the financially troubled hill city project near Pune. This bidding process, conducted under the ‘challenge process’ of the Corporate Insolvency Resolution Process (CIRP), ended on Tuesday. “The highest bidder was determined after an intense series of 10 rounds,” noted an insider. “The committee of creditors (CoC) will continue negotiations with the applicant to optimize the value. Details regarding the timeline for final plan submissions and proof of funding will be provided separately.”…

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Karnataka’s New Cell to Recover Builder Dues

BENGALURU: Homebuyers in Bengaluru and other parts of Karnataka can finally see some hope as the government is taking action against non-compliant builders. A dedicated ‘Recovery Cell’ is nearing establishment to ensure that real estate developers who fail to adhere to Karnataka Real Estate Regulatory Authority (K-Rera) orders regarding buyer compensation are held accountable. This step comes after prolonged frustrations faced by homebuyers who didn’t receive property ownership or compensation, despite clear orders from K-Rera. Rera chairman Rakesh Singh informed TOI that most groundwork has been done, and a final decision regarding whether the cell will operate under Rera or…

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Task Force to Fire-Audit All Commercial Buildings in Kolkata

KOLKATA: The state task force on fire safety has decided to expand its proposed audit for markets and rooftop restaurants to encompass all commercial buildings, shopping malls, hospitals, and schools. This decision was made during a task force meeting at the KMC headquarters on Monday. The audit will be conducted once the standard operating procedure (SOP) is finalized. An attendee of the meeting emphasized the need for proper water sourcing for firefighting, moving electric meters away from the entrances of commercial buildings, closely monitoring violations of fire safety norms, and enforcing stricter fire license renewal processes to ensure compliance from…