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IndustryLatest Stories

CCI Approves Bagmane Prime Office REIT’s Stake Acquisition

NEW DELHI: The Competition Commission of India (CCI) has given the green light for a deal that will see Bagmane Prime Office REIT acquire stakes in Bagmane Developers and its related entities. The transaction includes a direct acquisition of Bagmane Developers (BDPL) and its wholly owned subsidiary, Bagmane Green Power LLP (BGPL), by Bagmane Prime Office REIT. Additionally, the REIT will indirectly gain control of Bagmane Rio (BRPL) and the asset known as ‘Luxor @ Bagmane Capital Tech Park’ from Bagmane Constructions through BDPL. As part of the deal, the sponsor group of the REIT, along with certain third-party shareholders…

IndustryLatest Stories

Embassy REIT Secures ₹1,400 Crore via 10-Year NCDs

NEW DELHI: Embassy Office Parks REIT (Embassy REIT) has successfully raised ₹1,400 crore through a 10-year non-convertible debenture (NCD) issuance, as part of its ongoing capital raising strategy. The recent issuance, which comes with a fixed coupon rate of 7.49% for a decade, was fully subscribed by a prominent domestic life insurance company. This marks the REIT’s second 10-year bond issuance for FY26. With this deal, Embassy REIT has accumulated ₹3,400 crore through 10-year NCDs in this financial year, aimed at enhancing the maturity profile of its debt. The NCDs have a ‘AAA/Stable’ rating from CRISIL and CARE Ratings. Amit…

IndustryLatest Stories

Nashik Adds 30,000 Properties to Tax Roll

NASHIK: The municipal authority has brought approximately 30,000 new properties into the tax system for this financial year. The total registered properties under the Nashik Municipal Corporation have now exceeded 600,000. A civic official indicated that property tax has been applied to these newly identified properties from the current fiscal period. “Property owners have also been requested to pay tax for a minimum of the past two financial years, or from the year construction commenced,” the official stated. “This retrospective assessment has enabled the Nashik Municipal Corporation to generate an additional Rs 30 crore over the past two years. With…

InfrastructureLatest Stories

IISc Study Reveals Groundwater Crisis in Bengaluru; BWSSB Plans ₹10 Crore Summer Response

File Photo BENGALURU: A concerning decline in groundwater levels has been reported across 65 wards in Bengaluru’s western and northern corporation limits. In response, the city’s water supply authority has developed a ₹10 crore plan to address potential water shortages during the summer months. A collaborative study by the Indian Institute of Science and various groundwater agencies has highlighted an imminent groundwater crisis as Bengaluru braces for another hot summer characterized by high temperatures and increased water demands. Officials from the Bangalore Water Supply and Sewerage Board (BWSSB) noted that the report, generated using AI analytics and IoT-based groundwater monitoring…

IndustryLatest Stories

Maharashtra Cancels NA Tax for Urban Housing, Waives Dues

NAGPUR: The Maharashtra government has abolished the annual non-agricultural (NA) tax imposed on urban housing societies, providing relief to countless flat owners across the state. Revenue Minister Chandrashekhar Bawankule announced this decision in the Assembly during the Budget Session, following a query from legislator Bhimrao Tapkir. Bawankule stated that all overdue payments and arrears have been canceled. This applies to all urban residential properties, whether they are newly built or older structures. “The previously collected tax and outstanding dues have been scrapped, which will offer significant financial relief to housing societies and apartment owners,” he informed the Assembly. Tapkir highlighted…

IndustryLatest Stories

Over 75% Mihan PAPs Receive Developed Plots: Maharashtra CM

NAGPUR: On Wednesday, the state government updated the legislative council that the distribution of developed plots to eligible project-affected persons (PAPs) from the Mihan project in Nagpur district is ongoing, with over 75% having received their plots. In a written statement, Chief Minister Devendra Fadnavis revealed that more than Rs 100 crore has been disbursed to 2,048 out of 2,701 affected individuals as part of employment assistance. This information came in response to a question from MLCs Krupal Tumane, Manisha Kayande, and Hemant Patil, who noted that approximately 2,000 hectares of farmland in five villages across Nagpur and Hingna talukas…

Latest StoriesRegulatory

Karnataka HC: Property Buyer Has Right to Khata Transfer

BENGALURU: A recent ruling by the high court confirms that an individual who acquires property through the asset reconstruction law has the right to request the transfer of its khata in their name. Justice Suraj Govindaraj emphasized that sales under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, along with the issuance of a certificate, carry a presumption of regularity. This decision comes in response to a petition by Nagabhushana, a resident of Hassan. Nagabhushana bought a flat located at P&T Colony, Sanjaynagar, Bengaluru, from SV Naresh, who was the successful bidder in an…

InfrastructureLatest Stories

Pune Civic Body Dismantles 78,000 Sq Ft of Illegal Structures

Representative AI image PUNE: On Wednesday, the civic body demolished 18 illegal constructions over an area of 78,000 sqft in the Lohegaon and Nagar Road regions. The structures included both concrete buildings and tin sheds, affecting residential and commercial properties alike. According to a statement from Pune Municipal Corporation (PMC) officials, action was also taken against the well-known Rameshwaram Cafe in Vimannagar. Attempts to reach the cafe’s management were unsuccessful as their phone line was off. PMC officials explained that the demolition was conducted in accordance with the Unified Development Control and Promotion Regulations (UDCPR), which align with the Maharashtra…

Latest StoriesRegulatory

SC directs CBI probe into DLF Gurugram housing project

NEW DELHI: The Supreme Court has instructed the Central Bureau of Investigation (CBI) to investigate issues pertaining to ‘The Primus’ residential project in New Gurgaon, developed by DLF Home Developers (DHDL), a wholly owned subsidiary of DLF, as stated in a BSE filing. According to the company, the inquiry stems from consumer complaints made by five allottees which were previously reviewed by the National Consumer Disputes Redressal Commission (NCDRC). The NCDRC issued its ruling on May 29, 2023. Both the complainants and DHDL filed appeals with the Supreme Court contesting the NCDRC’s decision. In a temporary ruling dated February 25,…

IndustryLatest Stories

Modis Navnirman to Revamp Mumbai’s Residential Society

NEW DELHI: Modis Navnirman, based in Mumbai, has been appointed as the developer for the redevelopment of the New Chitra Co-operative Housing Society in Kandivali West. The existing 14-story structure, which was built over thirty years ago, will be completely demolished to make room for a new commercial and residential tower. The project occupies around 2,300 square meters and is projected to yield an estimated gross development value (GDV) of approximately ₹160 crore. In January 2026, Modis Navnirman was also selected to redevelop the BOI Staff Sheetal Co-operative Housing Society located at Ramnagar, S.V. Road, Borivali West. This redevelopment will…