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IndustryLatest Stories

MHADA to Accelerate Redevelopment in Mumbai, Pune, Nashik

Sure! Here’s a rewritten version of the content: NEW DELHI: Redevelopment and brownfield projects in prime urban locations have significantly boosted the real estate sector in Maharashtra over the last two years, as stated by Anil Wankhede, Deputy CEO of the Maharashtra Housing and Area Development Authority (MHADA). In an exclusive interview with Ankit Sharma, Wankhede emphasized that MHADA is concentrating on redeveloping aging housing layouts in cities like Mumbai, Pune, and Nashik, alongside formulating policies to enhance rental housing and expedite the redevelopment of older structures. He indicated that there remains a robust demand for affordable housing through MHADA’s…

InfrastructureLatest Stories

Housing Ministry: Plan to Launch 8 New Cities Unfeasible

NEW DELHI: The Union Ministry of Housing and Urban Affairs announced to the Lok Sabha on Thursday that the initiative to develop eight new cities will not move forward as the 15th Finance Commission’s period ends on March 31, this year. The Rs 8,000-crore grant allocated by the Commission has remained unutilized over the past five years. The proposal indicated that each city would receive Rs 1,000 crore for its development, with each state eligible for only one city under this initiative. In a written response, Union Minister of State for Housing and Urban Affairs Tokhan Sahu stated that during…

CommercialLatest Stories

Brookfield India REIT to Raise ₹4,000 Crore; Ecoworld SPV ₹1,125 Crore

Representative AI image NEW DELHI: Brookfield India Real Estate Trust (Brookfield India REIT) is set to raise up to ₹4,000 crore through institutional unit placements. Meanwhile, its subsidiary, Arliga Ecoworld Business Parks, plans to secure ₹1,125 crore from funds managed by 360 ONE WAM, as disclosed in regulatory documents. The board of Brookprop Management Services, which manages Brookfield India REIT, approved the institutional placement proposal during a meeting on March 12, 2026. The fundraising is expected to take place across one or more tranches, pending approval from the REIT’s unitholders. Funds from the institutional placement will be utilized for acquiring…

Latest StoriesResidential

Maharashtra Minister to Discuss First-Floor Slum Rehab with CM, DCMs

MUMBAI: Maharashtra Minister Shambhuraj Desai announced on Thursday that there will be discussions with the Chief Minister and Deputy Chief Ministers regarding the demand to include first-floor slum dwellers for rehabilitation under the Slum Rehabilitation Authority (SRA) schemes in Mumbai. State Assembly members raised concerns about long-term residents residing on the first floors of slum structures, stating that excluding them would hinder the efforts to achieve a slum-free Mumbai. Under current regulations, only ground-floor structures are recognized and numbered for SRA project eligibility, Desai explained during the question hour. “If we are to consider changes, such as recognizing ‘one plus…

CommercialLatest Stories

Investors Claim ₹1.6 Crore Fraud in WTC GIFT City Project

AHMEDABAD: On Wednesday, the CID (Crime) lodged a complaint regarding an alleged financial fraud exceeding Rs 1.56 crore tied to an investment scheme associated with a commercial project in GIFT City. The complaint stated that investors were enticed with promises of high monthly returns and a buyback guarantee, but later found their repayment requests denied. As per the complaint, in 2021, a group of investors was approached by a real estate intermediary who presented an investment opportunity in the WTC GIFT City Tower-C. The investors were informed that by purchasing commercial units in the project, they would receive a monthly…

InfrastructureLatest Stories

DTCP Dismantles Illegal Colonies and Structures in Gurugram

GURUGRAM: In a stern warning to encroachers, the Department of Town and Country Planning (DTCP) conducted several demolition drives this week, targeting illegal constructions in Sadhrana, Bhondsi, and within a group housing society in Sector 89. A DTCP official stated that these actions are part of a heightened campaign against unauthorized plotting and building. “The objective of such drives is to curb encroachment at an early stage, ensuring buyers aren’t misled into purchasing in unauthorized developments,” he explained. The operations were supported by personnel from the Sector 10A and Bhondsi police stations. On Wednesday, an unauthorized colony in Sadhrana village…

Latest StoriesResidential

PMAY-U 2.0 Extended to Sept 2026; Aims for 1 Crore Urban Homes

Representative AI image NEW DELHI: The Central Government has extended the deadline for the Pradhan Mantri Awas Yojana–Urban (PMAY-U) until September 30, 2026, to support the completion of ongoing housing projects and the release of necessary funds, as stated by Minister of State for Housing and Urban Affairs, Tokhan Sahu, in a written response to the Lok Sabha. Initiated on June 25, 2015, PMAY-U aims to ensure eligible urban households across India have access to durable housing with essential civic amenities. Learning from the previous implementation of the scheme, the government has launched PMAY-U 2.0, effective September 1, 2024. This…

Latest StoriesRegulatory

Magistrate Court to Hear ₹140 Crore Guruashish Fraud Case

MUMBAI: A special court has transferred the Rs 140 crore cheating and conspiracy case involving Guruashish Construction and its directors to the magistrate’s court. This decision comes after the CBI was unable to provide evidence implicating any public servants. Special judge B.Y. Phad stated, “Since no public servants are included as accused in the chargesheet, this special court lacks the necessary jurisdiction to proceed with the matter or acknowledge the IPC offences against private individuals independently, as none of them fall under the Prevention of Corruption Act.” The investigation into Guruashish Construction, along with Rakeshkumar Wadhwan, Sarang Wadhawan, and Housing…

IndustryLatest Stories

Assotech Realty aims ₹400 crore in FY27; Atmosphere Core targets $400M by 2030

Representative AI image NEW DELHI: Assotech Realty aims to increase its revenue to ₹350-400 crore by FY27. Meanwhile, Atmosphere Core, an international hospitality company, is targeting $400 million in revenue by 2030, following a partnership to develop a hospitality project in Shirdi, Maharashtra. Assotech is set to invest approximately ₹200 crore into the project, which will feature 160 suites of around 45 square meters each, managed by Atmosphere Core through a fee-based agreement. The project aligns with a growing trend of transforming pilgrimage sites into organized tourism hubs, bolstered by enhanced infrastructure, connectivity, and professionally-run hospitality ventures. Neeraj Gulati, managing…

IndustryLatest Stories

Finance Panel Urges Karnataka to Allow Monthly Property Tax EMIs

BENGALURU: The 5th State Finance Commission has put forth a proposal for property tax payments to be made in installments (EMIs) alongside the introduction of amnesty and incentives to motivate property owners to settle outstanding tax dues. The commission’s report, presented in the legislative assembly on Wednesday, dedicates a chapter to reforming property tax to enhance collection efficiency within the city. These recommendations arrive as government officials have initiated drone surveys of properties in the Greater Bengaluru Authority (GBA) to identify tax defaulters. Estimates suggest that dues across GBA’s five corporations reach into the lakhs. Bengaluru is home to 20.5…