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Latest StoriesRegulatory

Punjab Minister Sanjeev Arora Challenges ED Arrest in HC

CHANDIGARH: Punjab Cabinet Minister Sanjeev Arora has approached the Punjab and Haryana High Court, contesting his arrest by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA), deeming it “illegal and unconstitutional.” This plea was presented to a bench consisting of Chief Justice Sheel Nagu and Justice Sanjiv Berry, which heard arguments from Arora’s attorney, Puneet Bali, before adjourning the matter to May 14. The ED arrested Arora on May 9 as part of an investigation into an alleged ₹100-crore GST fraud money laundering case linked to him. At 62 years old, Arora was detained under PMLA…

IndustryLatest Stories

ASK CLAF Invests ₹63 Crore in Arpora Villa Project, Goa

NEW DELHI: ASK Curated Luxury Asset Fund I (ASK CLAF I), a real estate investment platform co-sponsored by India Sotheby’s International Realty and ASK Property Fund, plans to invest ₹63 crores to develop a villa project in collaboration with Goa-based Priority Group. The villa development, named Ananda Nilaya, is located in Arpora and will feature 23 villas. The company anticipates generating ₹360 crores in revenue from this project. Spanning 5.12 acres, the development will be designed by the architectural firm Stapati, with landscape design led by Terra Firma. Currently, Priority Group is working on a total of five lakh sq…

Latest StoriesResidential

Key Tenancy Reforms Launched in Chandigarh

CHANDIGARH: After over six years of discussions between the Centre and the UT administration, significant tenancy reforms are now in effect in Chandigarh following the adoption of the Assam Tenancy Act, 2021. This reform is anticipated to greatly impact the city, where nearly 50% of the residents live in rented properties. Realty analysts predict that many residential and commercial spaces will enter the formal rental market, potentially alleviating rental pressures and positively affecting rental values through increased supply. The new legislation replaces the outdated East Punjab Urban Rent Restriction Act, 1949, which has long been deemed inadequate for contemporary socio-economic…

Latest StoriesRegulatory

CBI Charges Logix City Developers, Bank Officials in Fraud Case

NEW DELHI: The Central Bureau of Investigation (CBI) has submitted a chargesheet against a real estate company, along with its directors and officials from two private banks, for allegedly conspiring to defraud homebuyers and financial institutions in relation to a housing project in Noida, officials announced on Tuesday. The agency stated that charges have been filed against “Logix City Developers Pvt. Ltd. and its Directors, Bank Officers from ICICI Bank and HDFC Bank” for their purported roles in a criminal conspiracy that resulted in wrongful loss to financial institutions and homebuyers. The CBI alleges that the developers misled buyers and…

IndustryLatest Stories

NSE Signs 80-Year Lease for 2.7 Acres in BKC at ₹1,684 Crore

MUMBAI: The National Stock Exchange of India (NSE) has secured a prestigious land parcel in Mumbai’s Bandra-Kurla Complex (BKC) through a long-term lease of 80 years from the Mumbai Metropolitan Region Development Authority (MMRDA), amounting to Rs 1,684 crore. This transaction encompasses the combined plots C-81 and C-82, situated in G Block of BKC, a prominent and costly commercial hub in India. The total area of the land parcel is approximately 2.7 acres, allowing a maximum permissible built-up area of 4.7 lakh sq ft. In March 2025, RealtyDailyNews initially reported that the stock exchange intends to transform its iconic headquarters…

IndustryLatest Stories

Sri Lotus Developers’ Profit Up 6.77% to ₹243.30 Crore FY26

NEW DELHI: Sri Lotus Developers & Realty, based in Mumbai, has announced a 6.77% increase in its net consolidated profit for the financial year 2025-26. The company reported a profit after tax of ₹243.30 crore, up from ₹227.88 crore in FY25, according to a BSE filing. The net consolidated total income for FY26 reached ₹818.71 crore, reflecting a growth of 43.82% from ₹569.27 crore in FY25. In Q4 FY26, the firm experienced a 62.53% increase in total income, totaling ₹322.03 crore compared to ₹198.13 crore during the same quarter last year. Profit after tax for Q4 FY26 rose by 17.50%…

Latest StoriesRegulatory

NCLT Permits Withdrawal of Insolvency for Nobility Estates

NEW DELHI: The National Company Law Tribunal (NCLT) has permitted the withdrawal of the corporate insolvency resolution process (CIRP) against Nobility Estates, the developer of ATS Group’s residential project Le Grandiose in Noida, following an agreement reached between lenders and the previous management. The order was issued by the NCLT Principal Bench, led by Acting President Bachu Venkat Balaram Das and Member (Technical) Ravindra Chaturvedi on May 5, 2026. The application was submitted by resolution professional Hitesh Goel under Section 12A of the Insolvency and Bankruptcy Code (IBC) along with related regulations. Insolvency proceedings against Nobility Estates commenced on November…

InfrastructureLatest Stories

PCMC Cuts Water to 24 Housing Societies Over STP Issues

PUNE: The Pimpri Chinchwad Municipal Corporation (PCMC) has suspended water supply to 24 housing societies this month due to their failure to operate sewage treatment plants (STPs), despite multiple warnings. Additionally, 16 housing complexes have been fined ₹10,000 each for discharging wastewater into stormwater drains. PCMC has issued a warning that more housing societies may encounter similar penalties if they do not adhere to regulations. According to civic regulations, residential complexes with over 100 flats or a total built-up area exceeding 20,000 sqm are required to install STPs, treat sewage on-site, and reuse the treated water for non-potable purposes such…

IndustryLatest Stories

Keystone Realtors’ FY26 Profit Falls 49.5% to ₹94.95 Crore

NEW DELHI: Keystone Realtors has announced a 30.81% increase in its net consolidated profit for the financial year 2025-26. The profit after tax reached ₹94.95 crore for FY26, compared to ₹188.13 crore in FY25, as stated in their BSE filing. The company’s net consolidated total income for FY26 was ₹2,716.85 crore, marking a 28.07% rise from ₹2,121.44 crore in FY25. In Q4 FY26, the net consolidated total income surged by 151.22% to ₹1,613.36 crore, up from ₹642.20 crore in the same quarter last year. However, the profit after tax saw a 4.93% decline, settling at ₹63.65 crore compared to ₹66.95…

Latest StoriesResidential

Lucknow to Launch 900 LIG, EWS Flats on Sitapur Road

Representative image LUCKNOW: The Lucknow Development Authority (LDA) is set to introduce an affordable housing initiative on Sitapur Road, offering approximately 900 flats targeted at Low Income Group (LIG) and Economically Weaker Section (EWS) families. This development will occupy 16,000 square metres of land that has recently been cleared of encroachments near Shia PG College. The project will feature 582 LIG flats and 336 EWS flats housed in multistoried apartment towers. The 2BHK LIG units are expected to cost around Rs 35 lakh each, while the 1BHK EWS units will be approximately Rs 15 lakh. All towers are planned to…