Category: Latest Stories

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IndustryLatest Stories

Embassy Developments Q3 FY26 Loss Widens to ₹234 Crore

NEW DELHI: Realty firm Embassy Developments Ltd reported a consolidated net loss of ₹233.71 crore for the quarter ending in December. This contrasts with a net loss of ₹26.54 crore during the same period last year. Total income decreased to ₹264.01 crore in the third quarter of this fiscal year, down from ₹329.13 crore in the corresponding quarter of the previous year, as stated in a regulatory filing. Embassy Developments Ltd, previously known as Indiabulls Real Estate Ltd, is a prominent real estate developer in India, focusing on residential and commercial projects across Bengaluru, Mumbai Metropolitan Region (MMR), National Capital…

Latest StoriesRegulatory

Mumbai civic body issues attachment notices for tax defaults

MUMBAI: The BMC has issued notices for property attachment to some of the largest property tax defaulters in Mumbai. These warnings indicate that assets may be seized and auctioned if outstanding payments are not made immediately. Notably, Raghuvanshi Mills Limited from G South ward is among the top defaulters, with arrears exceeding Rs 140 crore. Other significant defaulters include Rajhans Associates, Ashapadara Developers, Sumer Buildcorp Pvt. Ltd., DBS Realty, SD Corporation, and Galaxy Corporation, each with dues in the tens of crores, according to the civic agency. As stated by the BMC, notices have been served under Section 203 of…

IndustryLatest Stories

Sri Lotus Realty’s Q3 FY26 Profit Soars 37% to ₹70 Crore

NEW DELHI: Sri Lotus Developers & Realty Ltd announced a 37% increase in consolidated net profit, reaching Rs 70.22 crore for the December quarter, compared to Rs 51.35 crore in the same period last year. The company’s total income surged to Rs 239.78 crore in the third quarter of this fiscal year, up from Rs 123.59 crore in the corresponding quarter of the previous year, as reported in a regulatory filing. Founded in 2015 and based in Mumbai, Sri Lotus Developers & Realty has successfully completed four projects totaling over 4.2 lakh sq ft of carpet area. They currently have…

Latest StoriesRegulatory

NCLT Approves Hotel Horizon Resolution, NCLAT Halts Equity Creation

Here’s a rewritten version of the provided content: The National Company Law Tribunal has sanctioned Hotel Horizon’s acquisition by a consortium consisting of Oberoi Realty, Shree Naman Developers, and JM Financial Properties and Holdings. The company has acknowledged liabilities amounting to ₹1,293 crore, while the successful bidder’s proposal entails a payment of ₹919 crore, leading to approximately 74% recovery for creditors of the financially strained firm. Prior to the tribunal’s sanction, the resolution plan had received unanimous approval from the company’s secured creditors. Hotel Horizon’s main asset is a coveted 1.85-acre land parcel located in Mumbai’s upscale Juhu area, with…

IndustryLatest Stories

Shriram Properties Acquires Shrivision Upscale Spaces

NEW DELHI: Shriram Properties has announced the acquisition of 100% equity shares of Shrivision Upscale Spaces, as stated in a regulatory filing. This acquisition was finalized on February 9, 2026, for a cash consideration of ₹10 per share (at par). The target company has a paid-up share capital of ₹1 lakh and reported no turnover as of March 31, 2025. The company noted that this acquisition is strategic and intended for business purposes. It clarified that the transaction does not qualify as a related party transaction, emphasizing that no promoter or promoter group entities hold any interest in the acquired…

IndustryLatest Stories

Confident Group Vows Project Completion After Chairman’s Death

File Photo KOCHI: Following the alleged suicide of its chairman in Bengaluru last week, Confident Group reaffirmed on Monday that it is a zero-debt, zero-investor company. The firm reassured customers that all ongoing projects will be completed as scheduled. Confident Group’s MD, T A Joseph, clarified that a recent Income Tax audit at their Bengaluru office was routine and that IT officials had not engaged in “extreme harassment” during the inspection. His comments come in light of the controversy surrounding the alleged suicide of chairman C J Roy during the IT inspection on January 30. Joseph emphasized that IT officials…

CommercialLatest Stories

UBS Signs ₹263-Crore Rental Deal for Pune’s Yerwada Tower

Global financial services firm UBS Group AG’s Indian subsidiary has signed a long-term lease for a complete commercial tower in Pune’s Yerwada area with Smartworks Coworking Spaces, with total rental costs exceeding Rs 263 crore. The managed office facility at Tech Park One on Airport Road encompasses approximately 165,290 square feet and accommodates about 1,520 workstations. The lease spans the ground through the seventh floor and began on January 15. According to property registration documents reviewed by RealtyDailyNews, UBS Business Solutions India, the subsidiary based in Zurich, will pay an initial rent of around Rs 240 per square foot per…

IndustryLatest Stories

Chandigarh to Auction About 1,000 Vacant Government Properties

CHANDIGARH: The Chandigarh administration plans to monetize approximately 1,000 vacant properties across the city beginning in the next financial year. This initiative aims to enhance revenue and promote optimal use of government-owned land and buildings. The UT estate office has identified around 1,000 properties from residential, commercial, industrial, and institutional categories for potential auction, depending on market demand. This includes about 130 residential, 205 commercial, 168 industrial, five nursing home, and one institutional site. According to senior UT officials, the administration anticipates generating over Rs 1,000 crore in revenue during the first half of the upcoming financial year through these…

Latest StoriesRegulatory

NGT Alerts MCD Over ‘Unauthorized’ Yamuna Floodplain Construction

NEW DELHI: The National Green Tribunal (NGT) has requested responses from the Municipal Corporation of Delhi (MCD), Delhi Development Authority (DDA), and others regarding a petition that claims unauthorized construction on the floodplain of the Yamuna River. The tribunal was addressing a letter petition from a Wazirabad village resident, who alleges that a multi-storeyed building is being constructed in the Majnu ka Tila area on the floodplain. A bench led by NGT Chairperson Justice Prakash Shrivastava and expert member A Senthil Vel stated in an order dated February 5 that the petition raises “significant issues” concerning adherence to environmental regulations.…