Category: Latest Stories

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Latest StoriesRegulatory

ED Names Valmark Realty Director in TDR Scam Involving Bengaluru Officials

BENGALURU: The Enforcement Directorate (ED) has filed a prosecution complaint in connection to a Transferable Development Rights (TDR) scam involving the director of Valmark Realty Holdings Private Ltd (VRHPL) along with 19 other accused, including former employees of the Bruhat Bengaluru Mahanagara Palike (BBMP). The investigation, initiated based on an FIR lodged by the Anti-Corruption Bureau (ACB) in 2019, claims that VRHPL’s director, Ratan Lath, acquired development right certificates (DRCs) and unlawfully sold TDRs to various real estate companies and individuals, netting illicit profits of approximately ₹27.7 crore. According to a press release from the ED, TDR brokers K Suresh,…

CommercialLatest Stories

REIT Market Cap in India Soars to ₹1.73 Lakh Crore Since FY20

NEW DELHI: The market capitalization of India’s listed real estate investment trusts (REITs) has surged over six times to approximately ₹1.73 lakh crore in the first nine months of FY26, up from ₹27,100 crore in FY20, as reported by CBRE. This growth follows the introduction of India’s first REIT in 2019, driven by new listings and an increase in unit prices of existing REITs. Currently, five REITs are listed on Indian stock exchanges, including Knowledge Realty Trust REIT, which launched in August 2025. The report indicates that the other four REITs experienced over 20% year-on-year unit price growth between Q3…

Latest StoriesRegulatory

Ulhasnagar’s UMC Offers 100% Property Tax Penalty Waiver

ULHASNAGAR: The Ulhasnagar Municipal Corporation (UMC) has initiated a special “Abhay Yojana” to alleviate the tax burden on citizens by waiving penalty charges on overdue property and water taxes for a limited time. This decision follows a request from MLA Kumar Ailani, who urged the civic body to introduce a relief scheme for residents struggling to meet their tax obligations. In response, Municipal Commissioner Manisha Awhale approved the scheme, which will be in effect from March 13 to March 16, 2026. During this period, citizens who settle their outstanding property and water tax dues in full will benefit from a…

IndustryLatest Stories

MHADA to Accelerate Redevelopment in Mumbai, Pune, Nashik

Sure! Here’s a rewritten version of the content: NEW DELHI: Redevelopment and brownfield projects in prime urban locations have significantly boosted the real estate sector in Maharashtra over the last two years, as stated by Anil Wankhede, Deputy CEO of the Maharashtra Housing and Area Development Authority (MHADA). In an exclusive interview with Ankit Sharma, Wankhede emphasized that MHADA is concentrating on redeveloping aging housing layouts in cities like Mumbai, Pune, and Nashik, alongside formulating policies to enhance rental housing and expedite the redevelopment of older structures. He indicated that there remains a robust demand for affordable housing through MHADA’s…

InfrastructureLatest Stories

Housing Ministry: Plan to Launch 8 New Cities Unfeasible

NEW DELHI: The Union Ministry of Housing and Urban Affairs announced to the Lok Sabha on Thursday that the initiative to develop eight new cities will not move forward as the 15th Finance Commission’s period ends on March 31, this year. The Rs 8,000-crore grant allocated by the Commission has remained unutilized over the past five years. The proposal indicated that each city would receive Rs 1,000 crore for its development, with each state eligible for only one city under this initiative. In a written response, Union Minister of State for Housing and Urban Affairs Tokhan Sahu stated that during…

CommercialLatest Stories

Brookfield India REIT to Raise ₹4,000 Crore; Ecoworld SPV ₹1,125 Crore

Representative AI image NEW DELHI: Brookfield India Real Estate Trust (Brookfield India REIT) is set to raise up to ₹4,000 crore through institutional unit placements. Meanwhile, its subsidiary, Arliga Ecoworld Business Parks, plans to secure ₹1,125 crore from funds managed by 360 ONE WAM, as disclosed in regulatory documents. The board of Brookprop Management Services, which manages Brookfield India REIT, approved the institutional placement proposal during a meeting on March 12, 2026. The fundraising is expected to take place across one or more tranches, pending approval from the REIT’s unitholders. Funds from the institutional placement will be utilized for acquiring…

Latest StoriesResidential

Maharashtra Minister to Discuss First-Floor Slum Rehab with CM, DCMs

MUMBAI: Maharashtra Minister Shambhuraj Desai announced on Thursday that there will be discussions with the Chief Minister and Deputy Chief Ministers regarding the demand to include first-floor slum dwellers for rehabilitation under the Slum Rehabilitation Authority (SRA) schemes in Mumbai. State Assembly members raised concerns about long-term residents residing on the first floors of slum structures, stating that excluding them would hinder the efforts to achieve a slum-free Mumbai. Under current regulations, only ground-floor structures are recognized and numbered for SRA project eligibility, Desai explained during the question hour. “If we are to consider changes, such as recognizing ‘one plus…

CommercialLatest Stories

Investors Claim ₹1.6 Crore Fraud in WTC GIFT City Project

AHMEDABAD: On Wednesday, the CID (Crime) lodged a complaint regarding an alleged financial fraud exceeding Rs 1.56 crore tied to an investment scheme associated with a commercial project in GIFT City. The complaint stated that investors were enticed with promises of high monthly returns and a buyback guarantee, but later found their repayment requests denied. As per the complaint, in 2021, a group of investors was approached by a real estate intermediary who presented an investment opportunity in the WTC GIFT City Tower-C. The investors were informed that by purchasing commercial units in the project, they would receive a monthly…

InfrastructureLatest Stories

DTCP Dismantles Illegal Colonies and Structures in Gurugram

GURUGRAM: In a stern warning to encroachers, the Department of Town and Country Planning (DTCP) conducted several demolition drives this week, targeting illegal constructions in Sadhrana, Bhondsi, and within a group housing society in Sector 89. A DTCP official stated that these actions are part of a heightened campaign against unauthorized plotting and building. “The objective of such drives is to curb encroachment at an early stage, ensuring buyers aren’t misled into purchasing in unauthorized developments,” he explained. The operations were supported by personnel from the Sector 10A and Bhondsi police stations. On Wednesday, an unauthorized colony in Sadhrana village…

Latest StoriesResidential

PMAY-U 2.0 Extended to Sept 2026; Aims for 1 Crore Urban Homes

Representative AI image NEW DELHI: The Central Government has extended the deadline for the Pradhan Mantri Awas Yojana–Urban (PMAY-U) until September 30, 2026, to support the completion of ongoing housing projects and the release of necessary funds, as stated by Minister of State for Housing and Urban Affairs, Tokhan Sahu, in a written response to the Lok Sabha. Initiated on June 25, 2015, PMAY-U aims to ensure eligible urban households across India have access to durable housing with essential civic amenities. Learning from the previous implementation of the scheme, the government has launched PMAY-U 2.0, effective September 1, 2024. This…