Category: Latest Stories

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CommercialLatest Stories

Office Vacancy Drops to 13.85% in Q1 2026: Report

Representative AI image NEW DELHI: According to a report by Cushman & Wakefield, India’s office market vacancy rate has dropped to 13.85% in the January-March quarter of 2026, falling below 14% for the first time since the pandemic. This decline is attributed to robust demand from occupiers and limited new supply. Vacancy levels decreased by 48 basis points quarter-on-quarter and 191 basis points year-on-year, marking the eleventh consecutive quarter of decline. The reduction in vacancy was largely due to consistent leasing across various sectors and a decline in new completions, which fell to 8.8 million sq ft in Q1 2026,…

IndustryLatest Stories

Brigade Group to Jointly Develop 8.63 Acres in East Bengaluru

Representative AI image NEW DELHI: Brigade Group has entered into a joint development agreement (JDA) for an 8.63-acre site in Gunjur, East Bengaluru. This is part of a larger 39-acre development primarily aimed at creating a substantial residential township, estimated to have a gross development value (GDV) of around ₹7,200 crore. The township’s overall land acquisition is being executed through a mix of outright purchases and joint development agreements, with the recent signing of the 8.63-acre JDA marking an important step forward for the larger master-planned project. BCV Developers, a subsidiary of Brigade Group, has signed a deal with Hyatt…

Latest StoriesResidential

Civic Body Sends Tax Bills for Demolished EWS Homes

SURAT: Residents of the 700 homes demolished in Pragya Nagar at City Light find themselves in a perplexing situation. The Surat Municipal Corporation (SMC) is demanding property tax for properties it had demolished a year ago. Residents received eviction notices for redevelopment two years back, which led to their gradual relocation. Although the evacuation took place, SMC continued collecting property tax for two years, even for land where no structures remained. Pragya Nagar, a colony designed for economically weaker sections (EWS), contained 44 buildings with 16 flats each, accommodating approximately 3,000 residents. Many have since moved to rented homes without…

Latest StoriesResidential

Eviction Notice for Seven Dharavi Slum Settlements Before Rains

MUMBAI: Residents of nearly seven slum settlements in Sector 6 of Dharavi have received eviction notices to vacate before the onset of the monsoon or the start of the next academic year. This land, located on Matunga railway property, is set for rehabilitation buildings as part of the Dharavi Redevelopment Project (DRP). DRP officials, part of a special purpose vehicle, stated that prompt cooperation from residents will facilitate timely construction and minimize disruption for those living nearby. Notices have been dispatched to approximately 3,500 households, as the cleared land will make way for ten rehabilitation buildings designed to accommodate 11,000…

Latest StoriesResidential

Ludhiana Trust Holds Lottery for 179 Atal Apartment Flats

LUDHIANA: On Tuesday, the Ludhiana Improvement Trust (LIT) conducted a draw for the final 179 flats under the Atal Apartment scheme, coinciding with the Baisakhi festival. Local bodies minister Sanjeev Arora was present at the event held at Nehru Sidhant Kendra, where LIT chairman Tarsem Bhinder assured successful allottees that they would receive possession of their flats by the end of this year. Bhinder reported that construction at the site in Karnail Singh Nagar on Pakhowal Road is progressing rapidly. He noted that the Trust has received 571 applications for 43 high-income group (HIG) flats and 963 applications for 136…

IndustryLatest Stories

Lucknow to Simplify Property Mutation Fees

LUCKNOW: A proposal from the Lucknow Municipal Corporation (LMC) to simplify mutation charges for the transfer and sale of residential and commercial properties aims to provide relief to owners. This proposal will be discussed in the LMC House meeting on Wednesday. Currently, mutation fees are set at high flat rates, typically around Rs 5,000 or 1% of the property value, particularly for ancestral property transfers. The existing system lacks clarity regarding the connection between mutation charges and property size or value. The new proposal suggests a straightforward slab-based structure. For property sales, charges will be determined by the property’s value,…

InfrastructureLatest Stories

Ludhiana Developers Demand Action on Illegal Colonies

LUDHIANA: Local real estate developers have called on district officials to take action against the rapid growth of illegal colonies, arguing that these unauthorized developments lead to financial losses for legitimate builders, reduce government revenue, cause long-term difficulties for residents, and promote unplanned urban expansion. Industry stakeholders point out that once illegal colonies are set up and residents move in, reversing the situation becomes extremely difficult. Actions such as demolition can result in homelessness for families, creating complex legal and social issues. Developers questioned the lack of proactive measures by authorities to prevent these projects before they begin, suggesting the…

Latest StoriesRegulatory

3.76 Lakh Owners Skip Property Tax, Nagpur’s Finances Suffer

NAGPUR: The property tax revenue of the Nagpur Municipal Corporation (NMC) has seen a decline in 2025-26, despite a continuous increase in the number of properties, highlighting serious compliance and recovery issues. To date, the NMC has collected Rs252.66 crore, a marked decrease from Rs306 crore gathered in 2024-25, where they achieved 94% of their Rs325 crore target. This reduction comes even with the total property count rising to 836,842, indicating that revenue growth is lagging behind property expansion. Alarmingly, only 460,094 property owners have settled their taxes, leaving 376,000 properties either in default or outside the tax system. Property…

Latest StoriesResidential

45,000+ Nashik Properties Lack Building Completion Documents

NASHIK: Over 45,700 unauthorized residential properties in Nashik city remain occupied despite their owners not securing building completion certificates (BCC) and occupancy certificates (OC) from the Nashik Municipal Corporation’s (NMC) town planning department. Residents continue to use these properties without the necessary clearances. “The property tax department has now imposed taxes on all such properties,” a civic official reported. According to data from the NMC, the Nashik Road division has the most unauthorized properties, tallying around 10,400, followed by Panchavati with 9,800. The Cidco division is accountable for about 9,000 properties, while Satpur division has 7,800 unauthorized units. Nashik East…

IndustryLatest Stories

19 Major Mumbai Slums to be Redeveloped Under New Scheme

MUMBAI: The Slum Rehabilitation Authority (SRA) is set to initiate 18 projects in Mumbai, including a 100-acre site in Andheri West near Gilbert Hill, under the state government’s newly launched slum cluster redevelopment scheme. Projects will target clusters of at least 50 acres where over 51% of the area is occupied by slums, including those in coastal regulation zones I and II. Under the scheme, redevelopment can include slums alongside non-slum areas, old and dilapidated buildings, tenant-occupied sites, vacant land unsuitable for construction, and selected private properties. The Andheri site currently contains approximately 14,000 huts and several residential buildings. SRA…