Category: Latest Stories

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Latest StoriesRegulatory

ED Raids Punjab Builders in Land Fraud Case

CHANDIGARH: The Enforcement Directorate (ED) executed searches across various sites in Punjab and Chandigarh on Thursday as part of a money laundering inquiry involving certain builders and real estate firms linked to a suspected land fraud scheme, officials reported. Approximately a dozen locations in Mohali and Chandigarh associated with the Suntec City project, and firms such as Ajay Sehgal, ABS Townships, Altus Builders, and Dhir Constructions are currently under examination under the Prevention of Money Laundering Act (PMLA). Sources indicate that a person named Nitin Gohal is also being investigated by the ED, as he is accused of assisting builders…

Latest StoriesRegulatory

Indiabulls Real Estate: Four Firms Settle ₹10.5 Crore with Sebi

NEW DELHI: Market regulator Sebi announced the settlement of proceedings against four entities involved in an alleged fund diversion case linked to the former Indiabulls Real Estate Ltd (IBREL), with a total settlement of approximately ₹10.49 crore. The entities—Agnes Developers Pvt Ltd, Everlast Projects Pvt Ltd, Lincoln Developers Pvt Ltd, and Deneb Developers Pvt Ltd—resolved the issue “without admitting or denying the findings of fact and conclusions of law,” as stated in the settlement order. Following the merger of Indiabulls Real Estate Ltd with Bengaluru’s Embassy Group, Embassy became the primary promoter of IBREL, later rebranding it as Embassy Developments…

IndustryLatest Stories

Brigade to Launch FY27 Projects, Focus on Mid-Segment Housing

NEW DELHI: Brigade Enterprises plans to move forward with its scheduled residential launches in FY27 and intends to continue land acquisitions despite evaluating the effects of global uncertainty, the slowdown in the technology sector, and delays in approvals, according to Pavitra Shankar, managing director of Brigade Enterprises. The company recorded real estate pre-sales of ₹7,424 crore in FY26, amounting to sales of 6.13 million sq ft. It aims to achieve approximately 9-10 million sq ft in residential sales for FY27 to sustain its long-term growth trajectory, with Shankar noting that customer sentiment and timely approvals are crucial factors. Edited excerpts…

CommercialLatest Stories

Awfis Leases 114K Sq Ft in Chennai; TEC Opens 9,500 Sq M in Riyadh

Here’s the rewritten content: Representative image NEW DELHI: Awfis Space Solutions, a provider of flexible workspace solutions, has opened two new centers in Chennai. The Olympia Crystal center in Guindy covers approximately 56,360 sq ft across four floors, while the DLF Cyber City center offers a chargeable area of 57,802 sq ft. These new locations expand the company’s total presence in Chennai to 28 centers, totaling around 875,000 sq ft. Awfis now operates over 200 centers in 18 cities. In another update, The Executive Centre (TEC) has announced the launch of a new center in the King Abdullah Financial District…

Latest StoriesRera

Be Honest in Ads: RERA Officials to Real Estate Builders

File photo NEW DELHI: Real estate regulatory bodies are urging developers to implement transparent practices and refrain from misleading advertisements, emphasizing that failure to comply with the Real Estate (Regulation and Development) Act (RERA) could result in regulatory repercussions. During a FICCI real estate conference in New Delhi, Anand Kumar, chairman of Delhi RERA, highlighted the need for developers to ensure their project advertisements accurately depict the offerings without relying on unverifiable claims. “Advertisements must be realistic,” he stated. “Developers should provide clear details such as the covered area and refrain from marketing units exclusively based on super area measurements.”…

InfrastructureLatest Stories

Bihar Cabinet Approves ₹4,750-Crore World Bank Aid for Urban Growth

PATNA: On Wednesday, the state cabinet, led by CM Samrat Choudhary, approved the government’s decision to raise ₹4,750 crore from the World Bank for projects under the Bihar Urban Transformation Programme. This initiative aims to enhance the economic foundation of selected cities and their adjoining areas through planned urban development and infrastructure creation, focusing on sustainable and environmentally sensitive growth. The proposal was initiated by the Urban Development and Housing Department. The cabinet also granted administrative approval of ₹15,967.03 crore to the Road Construction Department (RCD) for the inspection, monitoring, and maintenance of 19,305.58 km of roads over the next…

CommercialLatest Stories

Karnataka Reopens Tender for Mangaluru IT Park After No Bids

MANGALURU: The state government has reopened bidding for its proposed IT Park in Mangaluru for the second time in five months. The initial round attracted no bidders, raising concerns over the Rs 135-crore project intended for public land. The IT Park is planned on 3.2 acres near Blueberry Hills Road in Derebail as part of the state’s ‘Beyond Bengaluru’ initiative. The tender is being managed by the Karnataka State Electronics Development Corporation (KEONICS). Initially opened on December 15 and closed a month later without interest, the second round of bidding is currently ongoing and will conclude on May 22. Reports…

Housing FinanceLatest Stories

Aptus Value Housing Profit Up 25.52% to ₹942.94 Crore in FY26

NEW DELHI: Aptus Value Housing Finance has announced a 25.52% increase in its net consolidated profit for the financial year 2025-26, reporting a profit after tax of ₹942.94 crore compared to ₹751.24 crore in FY25, according to a filing with the BSE. The company’s net consolidated total income reached ₹2,245.48 crore in FY26, reflecting a 24.86% growth from ₹1,798.40 crore in FY25. In Q4 FY26, net consolidated total income rose by 18.80%, reaching ₹593.11 crore, up from ₹499.23 crore in the same quarter last year. Profit after tax also grew by 26.05%, totaling ₹260.95 crore in Q4 FY26, compared to…

IndustryLatest Stories

Labour Shortage and Costs Halt Mumbai Real Estate Projects

MUMBAI: The real estate sector in Mumbai is facing serious challenges, with slowing construction, rising costs, and slipping delivery timelines. An ongoing labor shortage and the increasing cost of materials, fueled by geopolitical tensions, have caused an execution crisis in the industry. The sector has traditionally relied on skilled workers from states like West Bengal, Odisha, Uttar Pradesh, and Bihar. However, recent shifts in regional dynamics and economic opportunities have caused thousands of these laborers to return home. According to developers, this is not a fleeting issue; it appears to be a significant structural shortage. Vishal Ratanghayra, founder and CEO…

CommercialLatest Stories

Ahmedabad Civic Body Gets ₹365.8 Crore from Bodakdev Auctions

Representative AI image AHMEDABAD: The Ahmedabad Municipal Corporation (AMC) recently auctioned two commercial plots in Bodakdev for a total of Rs 365.8 crore. The AMC had previously announced the online auction of 19 residential and commercial plots. However, only five plots located in Bodakdev, Thaltej, Motera, and Shilaj were auctioned on Tuesday, with the latter three attracting no bids. Final Plot No. 353/Part 1 from TP Scheme 50, covering 8,167 sq m, sold for Rs 2.52 lakh per sq m, slightly above its base price, resulting in a total sale of Rs 205.9 crore, just above its upset price of…