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IndustryLatest Stories

PropShare Celestia’s ₹244 Crore IPO Sees 1.33x Subscription

NEW DELHI: PropShare Celestia’s initial public offering (IPO) was 1.33 times over-subscribed on its closing day, Thursday. This marks the third Small and Medium Real Estate Investment Trust (SM REIT) launched by Property Share Investment Trust. The IPO, valued at Rs 244 crore, saw bids for 3,090 units compared to 2,323 units available, according to BSE data. In the other investors category, subscription was 4.81 times, while institutional investors subscribed only 17%. The price band for the issue is set at Rs 10-10.50 lakh per unit. This public offering consists solely of new units with no offer for sale. The…

Latest StoriesResidential

Housing Supply Rises 10%, Prices Up 14% in Q1 2026 Report

NEW DELHI: According to Magicbricks’ PropIndex report, India’s residential real estate market saw a 10.1% year-on-year increase in housing supply during Q1 2026. Property prices also rose by 14.1% across major cities. Active listings in 13 key cities increased by 6.8% from the previous quarter and 10.1% year-on-year, surpassing 1.1 lakh units during January-March. The average residential price has climbed to ₹14,633 per sq ft. However, demand exhibited a slight decline on a sequential basis, dropping 2.2% quarter-on-quarter. Annually, demand remained stable, with a 1.5% increase, totaling approximately 31.7 lakh units. At the city level, demand trends differed—Noida, Chennai, and…

Latest StoriesRegulatory

Lucknow Police Seizes ₹5.78 Crore in Real Estate Fraud Assets

LUCKNOW: The Lucknow Police have secured movable and immovable assets valued over Rs 5.78 crore under the Gangsters Act linked to a fraudulent real estate scheme that deceived individuals by selling nonexistent or disputed land, officials announced on Thursday. This operation was conducted in the Mohanlalganj region, led by Police Commissioner Amrendra Singh Sengar, as part of an ongoing crackdown against organized crime. The assets seized belong to alleged gang leader Pramod Kumar Upadhyay and his accomplice, Vinod Kumar Upadhyay, according to police statements. According to authorities, “The accused ran a sophisticated syndicate that attracted unsuspecting buyers with enticing offers…

InfrastructureLatest Stories

Illegal Colonies Pollute Ganga; Haridwar Seeks Irrigation Help

Representative AI image HARIDWAR: Illegal settlements along the Upper Ganga Canal in Haridwar are significantly contributing to pollution in the Ganga, with reports of residents dumping waste directly into the river. In areas such as Rajiv Nagar Basti and Sonia Basti, household waste and untreated sewage are being discharged into the water, exacerbating pollution levels. The issue was highlighted by a local councillor from Sonia Basti, who appealed to the Union Jal Shakti Ministry for assistance. Consequently, the municipal corporation has reached out to the Uttar Pradesh irrigation department, urging action against encroachments on canal land. The Upper Ganga Canal,…

IndustryLatest Stories

Chandigarh Plot Owners Demand FAR Parity for Converted Lands

CHANDIGARH: The Chandigarh administration is poised to raise the floor area ratio (FAR) for industrial plots in Industrial Area Phase 1 and 2. In response, the Chandigarh Industrial Converted Plot Owners Association has requested an increase in FAR, revisions to height norms, and a new policy framework for converted commercial plots. Back in 2005, under the Conversion Policy, approximately 125 industrial plot owners transitioned to commercial activities by paying substantial conversion charges, which ranged from Rs 20,000 to Rs 30,000 per square yard, adding around Rs 1,200 crore to the government’s revenue. Chander Verma, the president of the Chandigarh Industrial…

IndustryLatest Stories

Signature Global invests ₹2,891 crore in Gurugram with Tonino Lamborghini

Representative AI image NEW DELHI: Signature Global (India) has formed a strategic alliance with the Italian lifestyle brand Tonino Lamborghini to launch a residential project in Sector 71, Gurugram, valued at approximately ₹4,000 crore. The project will cover around 12.4 acres along Southern Peripheral Road, offering 812 residential units in 3, 4, and 4.5 BHK layouts. The development cost is estimated at ₹2,891 crore, as stated in the company’s filing. The partnership will operate under a brand licensing agreement, where Tonino Lamborghini will provide design insights and lend its brand identity, while Signature Global will handle development, execution, and sales.…

InfrastructureLatest Stories

Lucknow civic body greenlights major projects, new Amausi township

LUCKNOW: The Lucknow Municipal Corporation convened a House meeting on Wednesday, unanimously approving several development proposals, including the construction of a township on 21.6 acres of land in Amausi. The LMC holds 41.6 acres in Amausi, with 20 acres designated as a shooting range. Plans were set to revamp this shooting range through public-private partnerships, while the remaining 21.6 acres will be transferred to the LDA for residential apartment development. The House also agreed to transfer 5,429.96 square meters of land in Jiyamau, returned by the Deendayal Upadhyay Seva Nyas, to the LDA for planned development. It was further resolved…

Latest StoriesResidential

Pimpri Chinchwad Residents Demand Action on Water Supply Issues

PUNE: Numerous housing societies in Pimpri Chinchwad are urging the civic authorities to take stringent measures against developers who have allegedly failed to provide water supply despite signed commitments. Residents referenced recent directives from the divisional commissioner, which cautioned builders against legal ramifications if they do not fulfill their water supply obligations until the municipal network is established. This issue was highlighted during a recent ward-level meeting held by the water supply department for A and K wards. The Chikhali-Moshi Pimpri Chinchwad Housing Societies Federation has insisted that developers promptly reimburse the costs incurred by residents for private water tankers…

Latest StoriesRera

Karnataka RERA Resolves Complaints on Kempegowda Layout Issues

BENGALURU: The Nadaprabhu Kempegowda Layout (NKPL) project has once again come under scrutiny from Karnataka Rera, as several allottees have lodged complaints against the BDA regarding delays in unit handovers. Unfortunately, these complaints were dismissed due to inadequate documentation. The situation arose when allottees requested refunds along with interest. Upon reviewing the claims, the authority noted that crucial documents—such as sale agreements, construction agreements, payment receipts, and account statements—were missing from the submissions. The authority emphasized the need for a thorough examination of contractual terms, payment records, commitments timelines, and any breaches. Without these documents, it cannot ascertain the exact…

Latest StoriesRegulatory

Bombay HC: Higher FAR Approvals Await Case Outcome

Sure, here’s a rewritten version of the content: PANAJI: On Wednesday, the Bombay High Court indicated that all approvals for additional Floor Area Ratio (FAR) and height granted by the Town and Country Planning (TCP) would hinge on the resolutions of ongoing petitions before the court. The court instructed that the TCP board must include a clause in these approvals, emphasizing that the applications would be contingent upon the outcomes of the petitions. Final hearings for these petitions, which challenge the amendments to the Goa Land Development and Building Construction Regulations from August 2023, have been scheduled for June 15.…