Category: Latest Stories

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Latest StoriesRera

Odisha Government Starts Appointing New RERA Member

BHUBANESWAR: The Odisha state government has begun the process of appointing a new member (administration) to the Odisha Real Estate Regulatory Authority (ORERA), following a vacancy left by the sudden departure of the previous appointee, who was in the role for just under a year. This development is particularly important for ORERA, especially with the chairperson position in the Odisha Real Estate Appellate Tribunal (OREAT) remaining unfilled since May. Stakeholders are concerned that continued vacancies in key roles may hinder the timely resolution of disputes involving homebuyers, developers, and real estate projects. The member (administration) is one of three positions…

IndustryLatest Stories

Redevelopment Starts for 10,600 Unsafe Ahmedabad Housing Units

AHMEDABAD: The Ahmedabad Municipal Corporation (AMC) is shifting its focus to its ageing housing stock after identifying thousands of unsafe private buildings over the last two years. They plan to redevelop more than 10,600 dilapidated residential units throughout the city. A pre-monsoon structural survey of AMC-owned residential properties, including housing for the urban poor, staff quarters, slum accommodations, and health quarters, revealed that 10,632 units across 445 blocks in 42 buildings were deemed unsafe. The civic body has begun the redevelopment of all these buildings. The redevelopment process is currently active for 7,986 units across 266 blocks in 24 buildings,…

CommercialLatest Stories

WeWork India Q1 FY27 Net Loss Narrows to ₹4.61 Crore

NEW DELHI: WeWork India Management reported a consolidated net loss after tax of ₹4.61 crore for the quarter ending June 30, 2026, compared to a net loss of ₹14.14 crore in the same quarter last year, as per a regulatory filing. The company’s total consolidated income saw a 28.4% increase, reaching ₹700.74 crore in Q1 FY27, up from ₹545.71 crore in the previous fiscal’s corresponding quarter. Revenue from operations was ₹698 crore for the quarter, reflecting a 28.5% year-on-year growth. Earnings before interest, tax, depreciation, and amortization (EBITDA) rose by 69.3% to ₹138.30 crore, with the EBITDA margin expanding by…

IndustryLatest Stories

Andhra Pradesh to Issue Property Cards for Urban Assets

Representative AI image VIJAYAWADA: The Andhra Pradesh government plans to implement ‘property cards’ for all urban properties as part of a significant land administration reform. This initiative aims to create a single, authenticated record of ownership, reduce property disputes, and enhance transparency in land transactions. Set to be phased in across municipal corporations, municipalities, and nagar panchayats, the property card initiative will unify revenue, registration, and municipal records into a single digital document for each property. According to sources, the property card will contain essential details like the owner’s name, survey number, property extent, geographic location, municipal assessment, tax records,…

IndustryLatest Stories

Ajmera Realty Q1 FY27 Sales Surge 35% to ₹146 Crore

NEW DELHI: Ajmera Realty & Infra India achieved a sales value of ₹146 crore in Q1 FY27, marking a 35% increase from the previous year. In Q1 FY26, the sales value was ₹108 crore, and ₹270 crore in Q4 FY26. During this quarter, the carpet area sold reached 43,737 sq ft, down 31% from 63,244 sq ft in Q1 FY26. Collections for Q1 FY27 totaled ₹173 crore, compared to ₹234 crore in Q1 FY26. The company noted that while sales volume saw a decline, the sales value increased due to higher realizations across its portfolio. Dhaval Ajmera, the director of…

Latest StoriesRegulatory

HC urges UP to establish forum for apartment owner-RWA disputes

LUCKNOW: The Allahabad High Court’s Lucknow bench has noted that current laws fail to provide a proper mechanism for resolving disputes between apartment owners and Residents’ Welfare Associations (RWAs). The court directed the Uttar Pradesh government to explore the feasibility of establishing a dedicated grievance redressal forum. The directive came when Justice Alok Mathur and Justice Amitabh Kumar Rai dismissed a petition from four residents of Sarvodaya Sulabh Apartments in Gomti Nagar Extension. The court affirmed that managing a residential society is a collective duty of the RWA, and that discord among a few apartment owners regarding decisions made democratically…

IndustryLatest Stories

Delhi government probes building plans approved without IFC fee

NEW DELHI: The Delhi government has initiated an investigation into residential, commercial, and group housing projects where building plans might have been approved over the past five years without the necessary payment of the Infrastructure Development Charge (IFC). Officials estimate this lapse has led to a substantial revenue loss, amounting to thousands of crores of rupees. According to DJB minister Parvesh Verma, the inquiry was prompted by allegations of irregularities. Initial findings suggest that numerous applicants secured building plan approvals from the Municipal Corporation of Delhi (MCD) using official DJB letterheads instead of obtaining valid no-objection certificates (NOCs) to confirm…

IndustryLatest Stories

Prestige Estates reports ₹6,579 crore in Q1 FY27 pre-sales

NEW DELHI: Prestige Estates Projects achieved residential pre-sales of ₹6,579 crore in Q1 FY27, selling 3,337 units and covering a sales volume of 6.04 million sq ft. Hyderabad led the quarterly sales, contributing 49% of the total, followed by Bengaluru at 27%, Mumbai at 12%, NCR at 7%, and other markets at 5%. The average price realization for apartments was ₹11,193 per sq ft, while plotted developments averaged ₹8,043 per sq ft. Collections reached ₹4,802 crore in Q1 FY27. The company launched four projects covering a total developable area of 20.16 million sq ft, with a gross development value of…

Latest StoriesRegulatory

Chennai Extends Property Tax Collection Camps to July 31

CHENNAI: In a move to boost property tax collections, the Greater Chennai Corporation (GCC) has extended its special tax collection camps until July 31, with nearly half of the city’s property owners yet to settle their dues. Out of 14.23 lakh assessed property owners in Chennai, only 6.98 lakh have paid their property tax to date, leaving around 7.25 lakh still outstanding. The corporation typically collects around ₹1,800 crore annually in property taxes. During the special camps from July 3 to July 15, ₹96 crore was recovered. Though originally set to conclude on July 17, the drive has now been…

IndustryLatest Stories

Delhi Development Body’s Revenue Soars 120% in Q1 FY27

NEW DELHI: The Delhi Development Authority (DDA) reported a remarkable revenue of ₹1,020 crores from housing sales in the first quarter of the current fiscal year, as stated by officials on Thursday. This revenue represents a significant increase from the previous year, which saw sales of only ₹462 crores. The DDA noted that “Robust demand for housing across all segments led to the sale of 1,284 flats during this period, contributing to the ₹1,020 crores in revenue. This indicates a growing confidence among the public in our housing initiatives.” The surge in revenue is attributed to a consistent focus on…