Category: Latest Stories

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CommercialLatest Stories

Nagpur’s Kachipura to Host BKC-Style Commercial Hub & Housing

NAGPUR: Union Minister Nitin Gadkari announced plans for a cutting-edge commercial hub in the city, inspired by Mumbai’s Bandra Kurla Complex (BKC). This hub will be constructed on 19 hectares of encroached land at Kachipura, currently owned by Dr. Panjabrao Deshmukh Krishi Vidyapeeth (PDKV). The area, historically occupied by the Kachi community who subleased space for eateries and informal businesses, is set to be transformed into a modern urban center with a focus on inclusive development. Speaking at a casual Diwali gathering, Gadkari mentioned, “All encroachers known as ‘Kachis’ have lost their cases in court. We will provide alternative housing…

Latest StoriesRegulatory

Delhi HC Challenges DDA’s Retroactive GST on Property Conversion

NEW DELHI: A resident of Delhi has challenged the standard operating procedure (SOP) of the Delhi Development Authority (DDA) in the high court. This SOP retroactively imposes goods and service tax (GST) on the conversion of leasehold properties into freehold. This move from the DDA could affect property owners who converted their properties to freehold after the Central Goods and Services Tax (CGST) Act came into effect in 2017. The high court is set to hear the case on Friday. The petitioner, Mala Sahni Seth, has also included the Ministry of Finance, the Central Board of Indirect Taxes and Customs,…

IndustryLatest Stories

RBI Exempts SWAMIH Fund from AIF Rules

BENGALURU: The Reserve Bank of India has announced a waiver of its stringent regulations concerning alternate investment funds (AIF) for a government-supported real estate rescue fund, as disclosed in a notification on Friday. The fund, named the Special Window for Affordable and Mid-Income Housing (SWAMIH), was established in 2019 to assist struggling real estate projects with debt financing for halted housing initiatives. SWAMIH is managed by SBICAP Ventures, a subsidiary of the government-owned State Bank of India, which is also a significant investor in the fund. Last year, the RBI mandated that banks and non-banking finance companies increase their provisions…

CommercialLatest Stories

Google Secures 617,000 Sq Ft Office in Gurugram

NEW DELHI: Google, the American tech powerhouse, has secured a lease for 617,000 sq ft at Atrium Place Gurugram, a collaboration between DLF and Hines. This deal stands out as one of the largest office space transactions this year, according to two sources familiar with the matter. Details regarding the lease duration and financial arrangements remain undisclosed. This agreement follows Google’s prior lease of 550,000 sq ft at a commercial complex in Gurugram through managed workspace provider Table Space. “Google is deeply committed to India and is expanding its office spaces accordingly,” one of the sources noted. “The company has…

IndustryLatest Stories

Indian Real Estate Hits $2.9B with 42 Transactions in Q3

India’s real estate sector is undergoing significant institutionalisation, with a surge in participation from investors, developers, and funds. This trend culminated in a record September quarter, marked by the highest-ever quarterly deal volume and value. Increased interest from domestic and global institutions, exemplified by a series of large mergers, acquisitions, and listings, underscores a growing confidence in the sector’s stability and earnings potential. According to Grant Thornton Bharat, the sector achieved a remarkable 42 transactions valued at $2.9 billion during the quarter, representing the highest quarterly deal volume to date. This included nine public market transactions: five initial public offerings…

CommercialLatest Stories

How Negligence Devastated Mumbai High-Rise Offices

File photo MUMBAI: A fire broke out on Thursday in a 13-story commercial building in Jogeshwari, which reportedly violated safety regulations and lacked an Occupation Certificate. Firefighters took 8-10 engines and numerous personnel four hours to control the blaze at JSM Business Center in Behrambaug. Thankfully, there were no fatalities, though 27 individuals were rescued and treated for suffocation symptoms at Jogeshwari Trauma Hospital. The cause of the fire is still unknown, but tenants claim that the builders made unauthorized alterations throughout the structure. Additionally, a functional fire-fighting system was notably absent. The fire at JMS Business Owners Association started…

Latest StoriesResidential

Secunderabad: SH-1 Property Tax Increase Paused Amid Protests

HYDERABAD: Property owners along State Highway-1 (SH-1) have received good news from the Secunderabad Cantonment Board (SCB), which has decided to postpone the recently announced property tax increase until the ongoing road widening concerns are sorted out. Additionally, those without any rental income will benefit from a 50% tax discount. The decision follows significant pushback against the 100% tax increase, as many proprietors were already facing financial hardships prior to the hike. The planned road widening project, impacting over 1,000 properties along the highway, has prompted several tenants to vacate their homes. Telukunta Satish Gupta, chairman of the Rajiv Rahadari…

InfrastructureLatest Stories

Andhra Pradesh Launches Unified Urban Zoning Policy

VIJAYAWADA: In a significant move towards organized urban development, the state government has launched a unified zoning policy for all municipal corporations, municipalities, and urban development authorities. This initiative aims to resolve confusion stemming from inconsistent zoning regulations and to encourage sustainable growth in both urban and semi-urban regions through standardized land use guidelines. Previously, the state operated under 16 distinct land use categories, which often resulted in overlapping regulations and administrative hurdles. The decision to implement uniform zoning was made following comprehensive research conducted by a team of officials who explored best practices in states such as Odisha, Tamil…

Latest StoriesResidential

Commercialization Pushes Residents Out of Jubilee Hills, Hyderabad

HYDERABAD: In recent years, numerous voters from the affluent yet sparsely populated area of Jubilee Hills have changed their registration to other assembly segments such as Khairatabad and Sherlingapally. The rapid commercialization of the vicinity between 2000 and 2014 led many residents to sell their homes and land, originally purchased at very low prices—sometimes as little as Rs 200 per acre—and relocate to quieter neighborhoods. Interestingly, a large portion of the affluent enclave is actually part of the Khairatabad constituency rather than Jubilee Hills. Once a beacon of aspiration, Jubilee Hills has long been recognized as one of Asia’s most…

InfrastructureLatest Stories

World Bank to Release $200M for Amaravati by December 2025

AMARAVATI: The World Bank has committed USD 800 million for the development of Amaravati Capital Phase-I and is anticipated to release the second installment of USD 200 million by the end of this year, according to a senior official from the Andhra Pradesh government. The World Bank and the Asian Development Bank (ADB) are each contributing USD 800 million, totaling USD 1.6 billion (approximately Rs 13,600 crore), for the Phase-I development of Amaravati. In addition, the Centre will contribute Rs 1,400 crore from its overall commitment of Rs 15,000 crore for this phase. As part of its commitment, the World…