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.

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Secunderabad Cantonment Board Offers OTS for Property Tax Dues

HYDERABAD: The Secunderabad Cantonment Board (SCB) has introduced a one-time settlement (OTS) plan for property tax arrears. This initiative aims to alleviate the financial burden on property owners by providing concessions on the interest accrued from outstanding tax dues. The plan applies to arrears accumulated until March 31 and aligns with the Cantonments Act, 2006. Under the OTS plan, property owners may receive a 30% discount on their accumulated interest or a maximum of ₹10,000, whichever is greater. If the total interest is less than ₹10,000, owners can benefit from a full waiver of that interest. It’s important to note…

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Maharashtra’s Debt Could Push RR Rates Up 5% by April 2026

PUNE: Increasing fiscal pressures and a significant rise in the state’s debt may lead the government to adjust the ready reckoner (RR) rates starting in April, with an anticipated average increase of over 5% across the state, according to senior government officials on Thursday. “Given the expanding revenue deficit and an influx of supplementary demands, a revision of the RR rates seems inevitable. The official announcement will be made on March 31,” a senior state government source told TOI. Consultations with stakeholders in various districts have been completed, but the final decision will hinge on the funds needed to support…

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MHADA Signs Redevelopment Deal for GTB Nagar, Mumbai

NEW DELHI: The Maharashtra Housing and Area Development Authority (MHADA) has finalized crucial agreements to expedite the redevelopment of the Guru Tegh Bahadur (GTB) Nagar housing cluster located at Sion Koliwada in Mumbai. All cooperative housing societies participating in the initiative have signed a tripartite development agreement with MHADA and the selected construction and development agency (C&DA). Furthermore, a construction-cum-development agreement has been established, paving the way for the implementation stage of the project. The redevelopment will span approximately 11.2 acres and will serve around 1,200 eligible residents. The area previously contained 25 buildings that were deemed unsafe by the…

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CCI Approves Bagmane Prime Office REIT’s Stake Acquisition

NEW DELHI: The Competition Commission of India (CCI) has given the green light for a deal that will see Bagmane Prime Office REIT acquire stakes in Bagmane Developers and its related entities. The transaction includes a direct acquisition of Bagmane Developers (BDPL) and its wholly owned subsidiary, Bagmane Green Power LLP (BGPL), by Bagmane Prime Office REIT. Additionally, the REIT will indirectly gain control of Bagmane Rio (BRPL) and the asset known as ‘Luxor @ Bagmane Capital Tech Park’ from Bagmane Constructions through BDPL. As part of the deal, the sponsor group of the REIT, along with certain third-party shareholders…

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Embassy REIT Secures ₹1,400 Crore via 10-Year NCDs

NEW DELHI: Embassy Office Parks REIT (Embassy REIT) has successfully raised ₹1,400 crore through a 10-year non-convertible debenture (NCD) issuance, as part of its ongoing capital raising strategy. The recent issuance, which comes with a fixed coupon rate of 7.49% for a decade, was fully subscribed by a prominent domestic life insurance company. This marks the REIT’s second 10-year bond issuance for FY26. With this deal, Embassy REIT has accumulated ₹3,400 crore through 10-year NCDs in this financial year, aimed at enhancing the maturity profile of its debt. The NCDs have a ‘AAA/Stable’ rating from CRISIL and CARE Ratings. Amit…

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Nashik Adds 30,000 Properties to Tax Roll

NASHIK: The municipal authority has brought approximately 30,000 new properties into the tax system for this financial year. The total registered properties under the Nashik Municipal Corporation have now exceeded 600,000. A civic official indicated that property tax has been applied to these newly identified properties from the current fiscal period. “Property owners have also been requested to pay tax for a minimum of the past two financial years, or from the year construction commenced,” the official stated. “This retrospective assessment has enabled the Nashik Municipal Corporation to generate an additional Rs 30 crore over the past two years. With…

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Maharashtra Cancels NA Tax for Urban Housing, Waives Dues

NAGPUR: The Maharashtra government has abolished the annual non-agricultural (NA) tax imposed on urban housing societies, providing relief to countless flat owners across the state. Revenue Minister Chandrashekhar Bawankule announced this decision in the Assembly during the Budget Session, following a query from legislator Bhimrao Tapkir. Bawankule stated that all overdue payments and arrears have been canceled. This applies to all urban residential properties, whether they are newly built or older structures. “The previously collected tax and outstanding dues have been scrapped, which will offer significant financial relief to housing societies and apartment owners,” he informed the Assembly. Tapkir highlighted…

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Over 75% Mihan PAPs Receive Developed Plots: Maharashtra CM

NAGPUR: On Wednesday, the state government updated the legislative council that the distribution of developed plots to eligible project-affected persons (PAPs) from the Mihan project in Nagpur district is ongoing, with over 75% having received their plots. In a written statement, Chief Minister Devendra Fadnavis revealed that more than Rs 100 crore has been disbursed to 2,048 out of 2,701 affected individuals as part of employment assistance. This information came in response to a question from MLCs Krupal Tumane, Manisha Kayande, and Hemant Patil, who noted that approximately 2,000 hectares of farmland in five villages across Nagpur and Hingna talukas…

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Modis Navnirman to Revamp Mumbai’s Residential Society

NEW DELHI: Modis Navnirman, based in Mumbai, has been appointed as the developer for the redevelopment of the New Chitra Co-operative Housing Society in Kandivali West. The existing 14-story structure, which was built over thirty years ago, will be completely demolished to make room for a new commercial and residential tower. The project occupies around 2,300 square meters and is projected to yield an estimated gross development value (GDV) of approximately ₹160 crore. In January 2026, Modis Navnirman was also selected to redevelop the BOI Staff Sheetal Co-operative Housing Society located at Ramnagar, S.V. Road, Borivali West. This redevelopment will…

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Godrej Properties Snags 11 Acres in Gurugram, 5 Acres in Kolkata

Representative AI image NEW DELHI: Godrej Properties (GPL) has secured 11.36 acres of land in Sector 63A, Gurugram, for residential development via an outright purchase. This venture is projected to generate an estimated revenue of over ₹4,500 crore, featuring a combination of premium low-rise and high-rise residences. Gaurav Pandey, Managing Director & CEO, stated, “With this new project, we have successfully added over ₹40,000 crore in future sales potential through portfolio expansions in FY26, achieving twice our business development target for the fiscal year.” In a separate initiative, the company also won a bid in an e-auction conducted by the…