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IndustryLatest Stories

SWAMIH Fund Approves ₹115 Crore for Antriksh Valley Project

Representative AI image NEW DELHI: The SWAMIH Investment Fund I, supported by the government, has approved an investment of up to ₹115 crore for the completion of the stalled residential project Antriksh Valley (now known as The Valley) in Greater Noida West’s sector 1. As per the sanction letter, the fund’s investment committee has granted final approval for an investment of up to ₹95 crore, with an additional ₹20 crore contingent upon further internal approvals and project progress review. This investment will be made through non-convertible debentures (NCDs) issued by Diligent Builders, the project developer. The funds will be strictly…

Latest StoriesResidential

Chandigarh Housing Board Allottees Can Now Make Changes

CHANDIGARH: A significant relief has been granted to Chandigarh Housing Board (CHB) allottees, as UT Administrator Gulab Chand Kataria approved various need-based modifications on Thursday. The approved relaxations pertain to construction norms for lifts, additional doors, internal alterations, façade painting, front and rear courtyards, water tank capacities, and temporary shelters. More than 450,000 residents in CHB-allotted houses stand to benefit from these relaxations. Kataria endorsed the committee’s recommendations set up to review the Need-Based Changes order dated January 3, 2023. A high-level committee formed by the UT administration, chaired by the secretary of estates, conducted an extensive review of the…

IndustryLatest Stories

Vedaanta Senior Living to invest ₹50 crore in Tamil Nadu project

NEW DELHI: Vedaanta Senior Living has partnered with Sameera Group to create the Vedaanta Ananta senior living project in Chengalpattu, Tamil Nadu. The project will be developed within the integrated township of Sameera Universe, with a total investment of ₹50 crore. Covering over four acres, the project will include 69 senior living villas, with prices starting at ₹50 lakh, plus applicable charges. Rahul Sabharwal, co-founder and director of the company, stated, “Tamil Nadu is a mature and high-potential market for organized senior living in India. Our goal is to cultivate environments where seniors can maintain independence, stay engaged, and age…

Latest StoriesRegulatory

Morbi Ceramics Face ₹122 Crore Fine After NGTC Ruling

Here’s a rewritten version of the content: AHMEDABAD: The National Green Tribunal (West Zone) has dismissed appeals from 337 ceramic units in the Morbi and Wankaner region concerning the payment of ₹122.05 crore for environmental damage compensation (EDC) related to the use of banned coal gasifiers. The Gujarat Pollution Control Board (GPCB) had prohibited the use of coal gasifiers following Supreme Court scrutiny. Ceramic units were allowed to operate under the condition that they switch to PNG. A committee report in 2024 assessed environmental damage at ₹122.05 crore, proposing an equitable distribution of the amount among the affected industries. In…

Latest StoriesRegulatory

FIR Against 6 Directors in ₹5 Crore Gurugram Real Estate Fraud

GURUGRAM: An FIR has been filed against six directors of two real estate companies for fraud and criminal conspiracy. According to police, a resident of Sector 54 alleged that she was swindled out of ₹5 crore regarding a commercial project in Sector 57. The case has been registered under IPC sections 120B (criminal conspiracy) and 420 (cheating) at Sector 56 police station. The accused include Sanjay Gupta, Deepak Gupta, and Akshat Gupta, directors of Ameya Commercial Projects, as well as Anjali Gupta, Ekta Gupta, and Varuni Gupta, directors of Anek Estates and Ventures. Complainant Mridula Kumari claimed she was misled…

Latest StoriesRegulatory

HC Affirms Ghaziabad Property Tax Hike as Lawful

GHAZIABAD: The Allahabad High Court has declined to interfere with the Ghaziabad Municipal Corporation’s (GMC) decision to increase property tax. This ruling comes as a setback for residents, whose tax bills have surged by three to four times due to the revision. On Wednesday, a bench consisting of Chief Justice Arun Bhansali and Justice Kshitij Shailendra rejected a petition from three former GMC councillors, affirming that the corporation’s approach to setting minimum monthly rent rates (MMRR) and adjusting property tax accordingly was legally justified. The court stated, “We find no error in the determination of ‘MMRR’ nor any illegality in…

IndustryLatest Stories

Panel to Investigate Alleged Housing Fraud in Navi Mumbai

MUMBAI: An investigation into the alleged housing fraud in Navi Mumbai will be led by a committee which includes a representative of the Additional Chief Secretary from the Urban Development Department, as announced by Minister Uday Samant in the legislative council on Wednesday. The inquiry aims to scrutinize allegations of regulatory non-compliance in the construction of affordable housing, he mentioned. The Industries Minister is authorized to address questions and motions during the state legislature’s Budget session on behalf of Deputy Chief Minister and Urban Development Minister Eknath Shinde. Samant stated that actions will be taken against CIDCO officials who approved…

IndustryLatest Stories

Merlin Group Buys 3.3 Acres Near Pune’s Koregaon Park for ₹273 Cr

Representative Image MUMBAI: The Merlin Group has acquired a 3.26-acre land parcel in the Mundhwa area near Koregaon Park, Pune, for ₹273 crore. Merlin Prime Spaces, a subsidiary of the Kolkata-based property developer, plans to construct a commercial project on this site with a total investment exceeding ₹1,000 crore, which includes the land cost. “We intend to develop an office-led commercial project aimed at banking, financial services, insurance companies, and global capability centers,” stated Saket Mohta, MD of Merlin Group, to RealtyDailyNews. The project is expected to complete by 2030 and could be valued around ₹3,000 crore upon occupation. The…

CommercialLatest Stories

WeWork India to Add 7,700 Desks in Hyderabad, Pune, Bengaluru

NEW DELHI: WeWork India Management has announced plans to expand into Hyderabad, Pune, and Bengaluru, adding approximately 7,700 desks as part of its growth strategy. According to a regulatory filing, the company has signed a sub-lease agreement for 145,114 sq ft in Hyderabad, which will add roughly 2,100 desks. This center is expected to become operational by July 2026, with an estimated investment of ₹32 crore, funded through internal accruals and debt. Additionally, WeWork has entered into a leave-and-license agreement for 162,665 sq ft in Pune, projected to introduce around 2,500 desks by August 2026, involving an investment of about…

Latest StoriesRera

Odisha Housing Minister Discloses ORERA Case Backlog

BHUBANESWAR: The Odisha Real Estate Regulatory Authority (ORERA) has registered a total of 4,334 cases against 714 builders since its establishment in 2017. Out of these, 1,028 cases are still pending resolution, as reported by Housing and Urban Development Minister Krushna Chandra Mahapatra in the state assembly. The minister addressed a question from MLA Mangu Khilla regarding ORERA’s operational effectiveness. Khilla also inquired about the government’s actions to enhance ORERA’s functions. Mahapatra stated that the government has increased staffing and oversight, but various external factors continue to obstruct timely justice for homebuyers. He indicated that procedural and legal hurdles, rather…