Category: Latest Stories

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IndustryLatest Stories

Neo Alternative Asset Managers invests ₹300 crore in Hyderabad project

NEW DELHI: Neo Alternative Asset Managers (NAAM) has allocated ₹300 crore in structured debt financing for a residential project in Hyderabad’s Narsingi. The investment has been directed to VRise Developers for the ‘Atlantis at Narsingi’ project, which features eight high-rise towers, each with 45 floors, offering over 2,100 residential units in various configurations. The funds will primarily support construction and overall project execution. In a separate update, the company announced the first close of its Neo Infra Income Opportunities Fund II, successfully raising ₹1,500 crore towards a target of ₹5,000 crore. This fund aims to invest in operational, revenue-generating infrastructure…

IndustryLatest Stories

Omaxe to Invest ₹250 Cr in Lucknow Project; Brigade Buys Land in Hyderabad

NEW DELHI: Omaxe Garv Buildtech, a fully-owned subsidiary of Omaxe Group, plans to invest around ₹250 crore to develop a residential project named Omaxe Cassia along Raebareli Road in Lucknow. The project will feature eight towers with 2BHK and 3BHK apartments, projected to be completed in the next three years. In a separate regulatory announcement, Brigade Enterprises reported the acquisition of a 5.72-acre land parcel in Osman Nagar, Hyderabad, via an auction held by the Telangana Industrial Infrastructure Corporation (TGIIC). The land was purchased at a rate of ₹44 crore per acre, excluding registration fees, with plans to develop a…

InfrastructureLatest Stories

Delhi Submits Draft Climate Action Plan for Approval

NEW DELHI: The environment department has drafted the Delhi State Action Plan on Climate Change (SPACC) 2.0, which is currently under review by the Union ministry of environment, forests, and climate change. The previous version was implemented in 2019 and relied on data available until 2011. Officials indicated that the new plan integrates updated climate science, recent datasets, and vulnerability assessments at the district level. It outlines targeted sector-specific actions for both mitigation and adaptation through 2030, particularly in light of the increasing frequency of extreme weather events in the city. “The first SAPCC established a foundational climate strategy for…

Latest StoriesRegulatory

Belagavi cancels PIDs of 31 illegal buildings, probes officials

BELAGAVI: The Belagavi City Corporation (BCC) has revoked Property Identification Numbers (PIDs) for 31 unauthorized buildings, leading to alarm among residents of similar projects. On April 24, BCC commissioner Kartik M issued two separate orders, cancelling 17 PIDs in one instance and 14 in another. The affected properties are apartments within two complexes located in Ward No. 9, built on lands acquired through Rs 100 stamp paper agreements that lack valid registration. This action has intensified fears among owners of buildings on unregistered sites, who allegedly received PIDs through collusion with civic officials. Both complexes are part of the Belagavi…

CommercialLatest Stories

Maharashtra Advances on ₹1,600 Crore Air India Building Buyout

MUMBAI: The Maharashtra government is moving toward acquiring the historic Air India building in South Mumbai. The Finance Department has transferred ₹1,600 crore to the Public Works Department, initiating the process to finalize an agreement with Air India Assets Holding Limited. A senior PWD official mentioned that a draft of the agreement will be reviewed to ensure accuracy and is expected to be signed within the next two weeks. The Centre approved the building’s sale to Maharashtra for ₹1,601 crore in March 2024, and the state cabinet gave the go-ahead for the acquisition in November 2025. Once the agreement is…

IndustryLatest Stories

Haryana to Restart Stilt-plus-Four, Gurugram Ban Only

CHANDIGARH: The Haryana government is set to allow “stilt-plus-four” floor constructions across most of the state, following a court clarification indicating that a recent ban only pertains to Gurugram. This development has revived optimism among property developers and homeowners, as the Punjab and Haryana High Court has narrowed its previous stay. On April 27, a bench led by Chief Justice Sheel Nagu and Justice Sanjiv Berry clarified that the interim stay issued on April 2 was linked specifically to infrastructure and encroachment concerns in Gurugram, leaving other districts eligible for the high-density residential policy. Senior officials from the Town and…

IndustryLatest Stories

Delhi Development Body Lists 142 Major Plots for Sale

Sure, here’s a revised version of your content: Representative Image NEW DELHI: In an effort to increase revenue from its land disposal segment, the Delhi Development Authority (DDA) is offering over 140 sites and plots for various uses, including residential, industrial, institutional, and commercial purposes, as well as kiosks and food courts like a cafe at Baansera. These properties are available through an e-auction aimed at monetizing vacant land and enhancing annual earnings. The 22 mega e-auction scheme opened registrations on April 22 for plots located in prime areas. The submission of earnest money deposits (EMD) for these plots will…

Latest StoriesRegulatory

28,000 Nagpur property owners haven’t paid taxes ever

NAGPUR: A significant financial oversight has emerged within the Nagpur Municipal Corporation (NMC) as 28,398 property owners across 10 zones have failed to pay property tax even once since their properties were constructed or purchased. The total unpaid amount from these long-term defaulters reaches a staggering Rs259.48 crore, highlighting substantial deficiencies in tax assessment and collection protocols. Data indicates that the Ashi Nagar zone has the highest number of such properties, with a total of 6,821 accounts and pending dues exceeding Rs59.81 crore. Close behind is Mangalwari, where 4,410 properties owe Rs41.37 crore, and Laxmi Nagar, which has 3,561 properties…

IndustryLatest Stories

High-Rises Coming to Mumbai’s Nine-Meter Roads

MUMBAI: The Brihanmumbai Municipal Corporation (BMC) is set to lift restrictions on building heights, even in areas with narrow access roads. The Improvements Committee has approved a significant amendment to the Development Control and Promotion Regulations (DCPR 2034), paving the way for skyscrapers in previously cramped zones. Previously, tall buildings were only allowed on roads at least 9 meters wide to ensure accessibility for emergency services. This limit will now be relaxed. With the new policy, plots on roads narrower than 9 meters can now also qualify for high-rise development. The amendments suggest varying height limits based on road width.…

InfrastructureLatest Stories

Haryana to Mandate EV Charging Points in Societies, Malls, Offices

Representative Image GURUGRAM: The Haryana government has proposed changes to the Haryana Building Code, 2017, mandating EV charging infrastructure in both residential and non-residential projects to enhance EV adoption in the state. The Department of Town and Country Planning (DTCP) has announced a public notice requesting feedback from stakeholders within 30 days, with a deadline set for May 26. The draft amendments state that EV charging infrastructure will be excluded from Floor Area Ratio (FAR) calculations, a move anticipated to motivate developers to incorporate these facilities without affecting the built area. The proposal outlines clear guidelines for installing electric charging…