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Housing FinanceLatest Stories

Unity SFB Tops Aviom India Housing Race with ₹775 Crore Bid

MUMBAI: Unity Small Finance Bank has taken the lead in the competitive bidding for Aviom India Housing Finance, which is backed by impact investors, tendering an upfront payment of ₹775 crore, according to multiple sources familiar with the situation. Other competitors include Authum Investment and Infrastructure, Northern Arc, DMI Housing, Kifs Housing Finance, and Omkara Asset Reconstruction Company. Authum has proposed ₹750 crore, consisting of ₹450 crore upfront with the remainder staggered over two years. Northern Arc submitted an offer of ₹625 crore, including ₹325 crore upfront and the rest payable in two years. DMI Housing’s offer includes an upfront…

IndustryLatest Stories

Navi Mumbai urges residents to audit buildings over 30 years old

NAVI MUMBAI: A recent survey within the Navi Mumbai Municipal Corporation (NMMC) identified 513 buildings as dangerous according to various provisions of the Maharashtra Municipal Corporation Act. As per Section 265(A) of the Act, buildings that have been in use for over 30 years must undergo a structural audit conducted by a civil or structural engineer registered with the NMMC. This audit timeline begins from the date the building received its occupancy certificate, whether full or partial. The civic body urges residents to complete the structural audits promptly. Residents need to submit a certificate confirming that all recommended repairs have…

Latest StoriesResidential

Maharashtra: Just 25% of Slum Rehab Goal Achieved in 3 Years

Representative AI image MUMBAI: With less than two months remaining, the state government has achieved only 25% of its goal to construct 1.5 lakh slum rehabilitation tenements for the period 2022-2025. As of September, 37,560 tenements have been completed and occupied, according to officials from the Slum Rehabilitation Authority (SRA). The sluggish construction pace jeopardizes the aim of building over 5 lakh houses by 2030. In 2022, the government identified 517 stalled slum rehabilitation projects. Of these, 45 projects received backing from financial institutions, and new builders were appointed for 21 of them. Decisions for the remaining projects are still…

IndustryLatest Stories

Trident Realty aims for ₹1,200 crore from Panchkula plots

Representative AI image NEW DELHI: Trident Realty aims to generate ₹1,200 crore from the development of 199 residential plots within its integrated township, Trident Hills, located in Panchkula. S K Narvar, the group chairman, stated, “The strong response to earlier phases of Trident Hills underscores Panchkula’s status as one of North India’s most desirable real estate markets.” Spanning approximately 200 acres (80.94 hectares), the newly launched phase, named Central Vista, is situated in the heart of the township. Parvinder Singh, CEO of the company, commented, “Trident Hills has developed into a vibrant community, with over 500 possessions already handed over.”…

IndustryLatest Stories

Pune: PMC Unveils Tax Amnesty Scheme Amid Resident Opposition

PUNE: In response to recent protests from some residents, the Pune Municipal Corporation (PMC) has announced a new amnesty scheme for property tax defaulters, set to launch from November 15, 2025, until January 15, 2026. “The monthly penalty of 2% has now surpassed the original tax amount, prompting this initiative, which will provide a 75% waiver on penalties,” explained PMC’s additional commissioner, Prithviraj BP. Recently, the citizens’ group Sajag Nagrik Manch criticized the effectiveness of such schemes, stating that previous efforts have failed to encourage defaulters to pay their dues. According to the Maharashtra Municipal Corporations Act, a 2% monthly…

IndustryLatest Stories

Mohali Industrial Plot Price Drops from ₹8.5 Cr to ₹4.5 Cr in 4 Months

MOHALI: Industrial land prices in Mohali’s Phase 8-B have experienced a significant drop, with a 500 square yard plot being sold for Rs 4.5 crore in the recent Punjab Small Industries and Export Corporation (PSIEC) auction that concluded late Tuesday. This price is almost half of the Rs 8.5 crore achieved for the same plot size during the auction in June of this year, indicating a shift in buyer sentiment and increased availability of industrial land. The PSIEC auction included 26 plots of 500 sq yards each, offered on a 99-year leasehold basis. Participation in this round was steady but…

IndustryLatest Stories

GDA Dismantles Illegal Structures, Recovers ₹30 Crore Vasundhara Land

GHAZIABAD: The Ghaziabad Development Authority (GDA) has dismantled an illegal township spanning 23 hectares in Bhikhanpur and Morta, where developers had constructed roads and boundary walls. A recent survey from the GDA indicates that the number of illegal colonies has increased to 351, up from 321 in 2021, occupying a total of 2,944 acres of land, said an official. The Ghaziabad Municipal Corporation (GMC) has also reclaimed 1,600 square meters of land in Vasundhara valued at ₹30 crores. “In these areas, encroachers collaborated with land sharks to designate land for residential purposes without obtaining necessary map approvals. They established an…

InfrastructureLatest Stories

East Bengaluru Residents Fear G+5 Buildings Will Collapse Road

BENGALURU: Residents of Nanjappa Layout in Kalkere, part of Bengaluru East City Corporation, have expressed concerns about unauthorized G+5 apartment constructions on an 18-foot road. They allege that builders are breaching height limits and safety regulations, resulting in a strain on basic infrastructure and an invasion of their once peaceful neighborhood. Residents have reported that despite numerous complaints—both verbal and written—to the Greater Bengaluru Authority (GBA), there has been no substantial action against the offenders. One local resident stated, “Barricades have been erected in our compound. One building started two years ago, while another began seven months ago. We’re suffering…

IndustryLatest Stories

Adani Enterprises Set to Outbid Vedanta for Jaiprakash Associates

NEW DELHI: Adani Enterprises Ltd is expected to be the top bidder for the acquisition of Jaiprakash Associates Ltd (JAL) through an insolvency process, as its proposal to make payment over two years has been deemed more favorable than Vedanta’s five-year payment plan, sources indicated. In early September, Vedanta Group had outbid Adani Group with a net present value (NPV) offer of Rs 12,505 crore in an auction led by lenders to find buyers for JAL, which operates in sectors including real estate, cement, power, hotels, and roads. Dalmia Cement (Bharat) Ltd, Jindal Power Ltd, and PNC Infratech Ltd did…

Latest StoriesRegulatory

SC nullifies Bombay HC ruling on ‘private forests’ classification

Supreme Court of India MUMBAI: In a blow to the state government, the Supreme Court annulled a 2018 Bombay High Court decision that allowed the Maharashtra revenue department to designate land across Mumbai, Thane, and elsewhere as “private forests,” which curtailed development potential. The SC criticized the HC ruling for failing to adhere to a binding precedent mandating a meticulous process before classifying private land as part of the green pool. The plots varied in size from one acre to 100 acres. The HC bench, led by Justice S C Dharmadhikari, had dismissed 173 petitions and endorsed the state’s initiative…