Category: Latest Stories

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IndustryLatest Stories

ASK Property Fund Invests ₹340 Cr in Mantra Group Projects

NEW DELHI: ASK Property Fund, the real estate division of ASK Asset & Wealth Management Group, has invested ₹340 crore in three residential projects led by Mantra Group. Amit Bhagat, co-founder, CEO & MD of ASK Property Fund, commented, “We are committed to providing growth capital for land acquisition associated with residential projects requiring approvals and financial closure of up to ₹500 crore.” This investment is intended to assist Mantra Group in acquiring two projects through the National Company Law Tribunal (NCLT) process, while also supporting an ongoing residential project. Rohit Gupta, CEO of Mantra Properties, stated, “In the Mumbai…

IndustryLatest Stories

Bhumika Realty Secures ₹170 Crore for Faridabad Project

NEW DELHI: Bhumika Realty has secured ₹170 crore from the joint real estate credit platform of Aditya Birla Sun Life AMC and BGO for its mixed-use project in Faridabad. The funds will be allocated towards construction expenses, advancing development efforts, and covering working capital needs. Cushman & Wakefield served as the transaction advisor for this deal. In June 2022, Aditya Birla Sun Life AMC and BGO announced their partnership to create a structured credit investment vehicle. To date, this platform has committed USD 130 million across thirteen projects in six cities, aiming for a total of $1 billion in deployed…

IndustryLatest Stories

Land Shortages Fuel Strategic Acquisitions through Bankruptcy

As land availability tightens and competition grows in India’s major cities, strategic buyers are increasingly using the corporate insolvency resolution process under the Insolvency and Bankruptcy Code to acquire urban real estate. This framework is becoming crucial in facilitating ownership changes and land consolidation in areas with limited supply, a trend reflected in various recent rulings by bankruptcy tribunals nationwide. Data from the Insolvency and Bankruptcy Board of India indicates that by the end of September, 8,659 companies had entered insolvency proceedings, with around 1,905 being real estate companies. Of these, approximately 1,472 have received resolution plans from prospective buyers,…

IndustryLatest Stories

Karnataka Housing Board Plans 593-Acre Project Near Foxconn

Representative image BENGALURU: The Karnataka Housing Board (KHB) has announced plans to acquire 593 acres of land near Devanahalli for a significant project, targeting regions experiencing rapid growth from substantial industrial investments, including the Foxconn manufacturing site. The proposal encompasses land in Vishwanathapura, Beerasandra, Shyanappanahalli, and Vajarahalli villages in Kundana hobli, Devanahalli taluk, Bengaluru Rural district. Officials indicated that the initiative aims to meet increasing residential demand spurred by swift urbanization and industrial expansion in the area. This notification, issued last week under the Land Acquisition Act, allows a 60-day period for landowners and interested parties to submit objections and…

IndustryLatest Stories

Signature Global Q3 FY26 Sales Bookings Down 27% to ₹2,020 Cr

NEW DELHI: Realty firm Signature Global reported a 27% drop in sales bookings to ₹2,020 crore for the quarter ending in December, despite high festive demand for housing properties. The Gurugram-based company sold properties worth ₹2,770 crore during the same period last year. According to a regulatory filing, Signature Global sold 408 units in the October-December period of this fiscal year, down from 1,518 units in the year-ago quarter. Sales bookings, measured in area, fell to 1.44 million sq ft from 2.49 million sq ft. Real estate developers typically see increased sales during the October-December period due to festive demand.…

CommercialLatest Stories

Indore: IT Park 3 & 4 Office Space Sales Launching This Year

INDORE: The sale of office spaces in the upcoming IT Park-3 and IT Park-4 in Indore is set to commence in 2026. This initiative is part of the Madhya Pradesh Industrial Development Corporation’s (MPIDC) effort to enhance technology infrastructure, catering to the rising demands from IT and service sectors. IT Park-3, with an investment of approximately Rs 530 crore, will cover nearly 11 lakh sq ft. It is designed as a plug-and-play facility with high-speed digital connectivity and a walk-to-work model, targeting industries in fintech, artificial intelligence, data analytics, and IT-enabled services. MPIDC’s Indore region executive director, Himanshu Prajapati, stated…

Latest StoriesRegulatory

Gurugram’s tax drive raises ₹30 crore in just 45 days

GURUGRAM: As the end of the financial year approaches, the MCG has ramped up its efforts to recover property taxes, collecting Rs 30 crore in the last six weeks, which represents about 10% of the total property tax revenue goal for the current fiscal year. In this initiative, the civic authority sealed off 55 properties due to non-payment and issued 410 notices to defaulters, as reported by taxation officials. The MCG aimed to collect Rs 275 crore in property tax for the financial year and has already surpassed this target, amassing Rs 295 crore. Officials indicated that the focus is…

IndustryLatest Stories

Prestige Group JV Acquires 16.38 Acres in Chennai for ₹561 Crore

Representative AI image NEW DELHI: Prestige Estates Projects Ltd, through its joint venture, has finalized the acquisition of a 16.38-acre plot in Padi, Chennai, for Rs 561 crore to develop a real estate project. The land is being sold by Sundaram-Clayton Ltd. Canopy Living LLP, a collaboration between Prestige Estates Projects Ltd and Arihant Foundations & Housing Ltd, has entered into an agreement for this land parcel, according to a regulatory filing dated January 8. This purchase aligns with Prestige Group’s strategy to enhance its presence in premium urban areas. Sundaram-Clayton Ltd also communicated to the exchanges that on January…

Latest StoriesRegulatory

ED Seizes Land Worth ₹585 Crore in Haryana, UP

NEW DELHI: The Enforcement Directorate (ED) announced on Saturday the attachment of hundreds of acres of land in Haryana and Uttar Pradesh valued at over Rs 580 crore as part of a money laundering investigation against ADEL Landmarks Ltd., previously known as Era Landmarks Ltd. The firm has been accused of defrauding many homebuyers. The investigation targets the company’s promoters, Hem Singh Bharana and Sumit Bharana, according to the ED’s statement. An order issued on Friday under the Prevention of Money Laundering Act (PMLA) provisionally attached 340 acres of land in Gurugram, Faridabad, Palwal, Bahadurgarh in Haryana, and Meerut and…

IndustryLatest Stories

Jaipur Realty Firm Alleges Illegal Land Partition to Lokayukta

JAIPUR: A real estate firm from the city has approached the Lokayukta, the state-level anti-corruption ombudsman, due to the lack of action from authorities regarding alleged illegal land partition and unauthorized constructions in the Sanganer area. Rajdarbar Pink City Developers Pvt Ltd has lodged a complaint requesting an investigation into the supposed involvement of revenue officials in a controversial partition of prime agricultural land from 2021. Additionally, it seeks accountability for the failure of local authorities to address illegal constructions, officials reported. The company, represented by its authorized signatory Surendra Singh, claimed in its January 7 complaint that the Sanganer…