Category: Latest Stories

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IndustryLatest Stories

Uday Kotak Named Chairman of GIFT City, Gujarat

MUMBAI: Uday Kotak, a veteran banker, has been appointed as the chairman of GIFT City in Gujarat, succeeding former bureaucrat Hasmukh Adhia, as per a government announcement. GIFT City, or Gujarat International Finance Tec-City, aims to attract global capital with its favorable tax regulations, competing with established financial hubs like Singapore and Dubai. Earlier this month, the federal government extended the tax holiday for businesses setting up in GIFT City to 20 years. Uday Kotak is the largest stakeholder in Kotak Mahindra Bank, with a diverse financial portfolio that includes alternative investments, asset management, and insurance. Published On Feb 14,…

Latest StoriesResidential

Chennai’s Rental Market Challenges for Single Women

Representative AI image Women renters in Chennai are contending with moral policing and broker harassment, despite an increasing acceptance in the rental market. For Priyanka M, who relocated from Tiruvallur, it took six months and nearly 60 house viewings to finally find a rental in Egmore. Shreya P, now living in T Nagar after moving from Salem, faced different challenges, including harassment from brokers and scrutiny regarding her profession and lifestyle. Although data indicates that the city is becoming more welcoming to independent women renters and proptech platforms are emerging to limit broker interference, the reality remains challenging. Many house…

CommercialLatest Stories

Uttar Pradesh Mega E-Auction for Commercial Plots

Representative AI image KANPUR: The Uttar Pradesh State Industrial Development Authority (UPSIDA) is pivotal in achieving the state’s goal of becoming a USD 1 trillion economy. Led by Chief Minister Yogi Adityanath, UPSIDA is committed to boosting industrialization by creating a conducive environment for investors. This includes rapid development of industrial zones, high-quality infrastructure, transparent e-auction plot allocations, and modern warehousing and commercial facilities. In line with this initiative, UPSIDA is hosting a Mega E-Auction of commercial and industrial plots in various industrial areas, including Mathura, Amethi, Sambhal, Jhansi, Jalaun, Shahjahanpur, Hamirpur, Lucknow, Hapur, Gautam Buddh Nagar, and Fatehpur. Additionally,…

Latest StoriesRegulatory

Slum Authority Faces Claims of Irregularities in Dharavi Project

MUMBAI: The Slum Rehabilitation Authority (SRA) has initiated an investigation led by the deputy collector (Encroachments) following allegations that demolished huts are being rebuilt and that new occupants are being declared eligible for free housing under the Dharavi Redevelopment Project (DRP). Activist Baburao Mane, a founder-member of Manohar Joshi College, informed the SRA that occupants have moved back into partially demolished huts, some of which don’t appear on survey maps. He pointed out instances where structures, including a temple labeled as a hut and a staircase recently fitted with a door, are being falsely classified as eligible for free housing.…

CommercialLatest Stories

DevX Secures Historic Deal for 27-Storey Ahmedabad Tower

Managed office space provider Dev Accelerator (DevX) has acquired a 27-storey commercial office tower in Ahmedabad, covering 800,000 sq ft, in a deal exceeding Rs 850 crore in total rentals, marking the largest coworking transaction in India. This deal is particularly noteworthy as such a significant agreement is made in Ahmedabad, a deviation from traditional office hubs like Mumbai, Bengaluru, Hyderabad, Delhi-NCR, and Pune. The transaction is structured as a long-term development management (DM) agreement rather than a standard lease. The project is in the construction phase and is expected to be completed within 2.5 to three years. “This reflects…

Latest StoriesRegulatory

ED summons Jaypee Infratech homebuyers in money laundering case

NOIDA: The Enforcement Directorate (ED) has summoned homebuyers of Jaypee Infratech Ltd (JIL) as part of an ongoing money laundering investigation regarding the alleged misallocation of funds within the company’s insolvency resolution plan. Summons were issued by the Delhi-II Zonal Office of the ED, directing affected homebuyers to appear before the agency and provide updates on their respective projects related to the Jaypee group, as well as to submit statements to the investigating officer. A representative for the homebuyers confirmed receiving a summons two weeks ago and has since recorded a statement. Reports indicate that several other buyer representatives have…

CommercialLatest Stories

RBI to Permit Bank Lending to REITs with 10% Exposure Cap

NEW DELHI: The Reserve Bank of India (RBI) has suggested allowing commercial banks to extend loans to real estate investment trusts (REITs) that are registered and regulated by the Securities and Exchange Board of India (SEBI). A draft circular has been issued with a set of prudential conditions, including norms related to leverage and security. The new regulations are expected to take effect on July 1, 2026. The central bank indicated that a bank’s total exposure to REITs should not exceed 10% of its eligible capital base, within the overall prudential ceiling for commercial real estate (CRE) exposures. Additionally, banks…

Latest StoriesRegulatory

SC Resolves 7-Year Housing Dispute, Upholds ₹1.82 Crore Payout

MUMBAI: The Supreme Court has dismissed a Special Leave Petition (SLP) filed by Keyana Estate, an associate of the Kalpataru Group, concluding a seven-year legal dispute in favor of homebuyer Paresh Parihar from Goregaon. Parihar had booked a flat in the Kalpataru Radiance project in Goregaon (West) in 2013, with initial possession expected by December 2016, but he only received it in January 2024. As a result of this ruling, the developer is obligated to pay approximately Rs 1.82 crore in interest to the homebuyer due to the delays. The dispute began when Parihar and his wife paid over Rs…

IndustryLatest Stories

Centre urges unified urban planning, expanded credit for housing needs

File Photo NEW DELHI: On Friday, Union Housing and Urban Affairs Minister Manohar Lal stressed the necessity for cooperation among policymakers, financial institutions, and urban planners to improve accessibility and inclusivity in housing finance, especially with the anticipated surge in India’s urban population. During a conference organized by the National Housing Bank (NHB) and the Asia Pacific Union for Housing Finance (APUHF), the minister underscored the importance of integrated urban planning, which includes developing housing linked to transportation and innovative policies to meet future demand. Citing a joint study conducted by NITI Aayog and the Ministry of Housing and Urban…

Latest StoriesRegulatory

Ex-Lodha Developer Director in ED Custody Until Feb 20

MUMBAI: On Friday, a special PMLA court in Mumbai remanded Rajendra Lodha, a former director of Lodha Developers Ltd, into Enforcement Directorate (ED) custody until February 20, in connection with a money laundering case involving ₹85 crore. The ED’s case is founded on allegations of cheating and forgery, as detailed in a FIR filed by the Mumbai police’s crime branch under the Bharatiya Nyaya Sanhita (BNS). Rajendra Lodha was arrested by the crime branch in September of last year and has since been held in judicial custody. The ED officially took him into custody on Thursday for the money laundering…