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IndustryLatest Stories

Maharashtra Forms Committee for SVP Nagar Redevelopment Project

MUMBAI: The state government has established a high-powered committee, chaired by Additional Chief Secretary of Housing Aseem Gupta, to oversee the redevelopment project of 4,973 flats across 498 plots in Sardar Vallabhbhai Patel (SVP Nagar) Colony, Andheri. The committee also includes Mhada VP and CEO Sanjeev Jaiswal, an additional municipal commissioner of the BMC, and other Mhada officials. This land in Andheri West was allocated in 1993 under a World Bank initiative and comprises 98 cooperative housing societies, along with 24 high-income group apartment plots, 62 plots of 60 square meters each, and 245 plots measuring 100 square meters. Last…

InfrastructureLatest Stories

Chennai’s Third Master Plan: Housing, Transport, Environment Unite

CHENNAI: The third master plan for Chennai has been created by integrating over 25 studies focused on economic development, urban housing, transportation, environmental sustainability, and technology, according to Anshul Mishra, additional director of AIIMS and former CMDA member-secretary. Speaking at the inaugural session of the Tamil Nadu Land Use 2025 conference organized by the state planning commission, Mishra emphasized that master plans should encompass more than just land use. They need to include an economic strategy, identify industrial clusters, and consider labor markets. He highlighted the importance of incorporating transit-oriented development for jobs and housing along metro lines, roadways, and…

Latest StoriesResidential

1,400 Flats in Kathputli Colony to be Ready by March: DDA

NEW DELHI: The Delhi Development Authority (DDA) has announced that 50% of the 2,800 flats at Kathputli Colony are nearing completion and will be allocated to allottees within this financial year. This initiative marks the first in-situ rehabilitation project in Delhi. Officials stated that the concessionaire has submitted requests for the fire safety NoC and other necessary approvals to commence the allotments of the 1,400 EWS flats. “The fire department has identified a few deficiencies that the builder is currently addressing. Work to secure utility connections and permissions is ongoing. Once we receive the clearances, the flats will be allotted…

Housing FinanceLatest Stories

Sammaan Capital Eyes Affordable Housing Boost After IHC Investment

Sammaan Capital is set to enhance its focus on affordable housing loans following a $1 billion investment from Abu Dhabi’s International Holding Company (IHC), as stated by CEO Gagan Banga in an interview with Reuters. With affordable housing being a crucial growth sector, Banga mentioned that the IHC’s investment will provide “even greater momentum” as Sammaan aims for an assets under management (AUM) target of 1 trillion Indian rupees (approximately $11.27 billion) by the financial year 2027. To facilitate this expansion, Sammaan plans to establish around 10 new branches each month, predominantly in tier-4 and tier-5 cities and outlying areas…

Latest StoriesResidential

Uttarakhand Land Prices Surge: Circle Rates Up 22%

DEHRADUN: The Uttarakhand government has raised circle rates for properties statewide by 9% to 22%, averaging around a 15% increase in most areas. Rajpur Road in Dehradun, which saw a 9% rise, remains the city’s priciest location, with rates between Rs 60,000 and Rs 68,000 per square meter. The last revision occurred in 2023, with increases ranging from 10% to 20% throughout the state. Officials noted that this adjustment comes just two years after the last one, driven by escalating construction activities and a growing demand for land. Bansidhar Tiwari, vice-chairman of the Mussoorie Dehradun Development Authority (MDDA), informed TOI,…

Latest StoriesRera

MahaRERA Orders Builder to Compensate ₹5 Lakh for Agony

MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRera) has ordered a builder to compensate an Oshiwara flat buyer with Rs 5 lakh, in light of the mental distress endured by the owner, who was promised possession in 2016. This decision comes in addition to previously directed interest payments. The complainant, Mohammed Sayyed Noorul Hassan, who has been dealing with chronic health issues, highlighted the costs he has incurred due to ongoing house rentals over the years. Hassan, represented by advocate Godfrey Pimenta, purchased a flat for Rs 41.7 lakh in the Gaurav Legend project at Oshiwara, Andheri West, in 2013,…

Latest StoriesRegulatory

Lucknow seals Sahara Shaher for lease violations; company appeals

File Photo LUCKNOW: Sahara Shaher, located in Lucknow’s upscale Gomti Nagar, was sealed by municipal authorities on Monday due to alleged lease violations. Lucknow Mayor Sushma Kharkwal stated, “The decision to seal the premises was made because Sahara authorities breached the terms of their 30-year lease, which expires in 2024.” A team from the municipal corporation, supported by police, executed the sealing. According to SEBI regulations, Kharkwal mentioned that Sahara India violated the agreement signed in 1994 by failing to construct homes or develop any projects as mandated. The 170-acre Sahara Shaher land is now under the control of the…

IndustryLatest Stories

Grand Housing in Chennai Files DRHP for IPO

NEW DELHI: Grand Housing, based in Chennai, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for its upcoming initial public offering (IPO). The offer, priced at ₹5 per equity share, includes a sale of up to 35,500,000 shares by promoter Vijay Surana J. Established in 2004, Grand Housing primarily concentrates on plotted developments in Tamil Nadu. The company is focused on acquiring adjacent land parcels to create larger, more economically viable areas for future development. Its real estate offerings include two main segments: the residential segment, which focuses on the development…

CommercialLatest Stories

WeWork IPO Sees 13% Subscription on Day Two

NEW DELHI: The initial public offering (IPO) of WeWork India Management Ltd, a co-working space operator, has seen a 13% subscription rate by the second day of the share sale on Monday. According to NSE data, the IPO has received bids for 3,423,780 shares out of the 25,489,748 shares offered. In terms of investor categories, the Retail Individual Investors (RIIs) segment has been subscribed at 37%, while the Qualified Institutional Buyers (QIBs) and non-institutional investor quotas received 9% and 6% subscriptions, respectively. WeWork India has raised over ₹1,348 crore from anchor investors. The ₹3,000 crore issue will close on Tuesday,…

Latest StoriesRera

UP RERA Approves 8 Real Estate Projects Worth ₹1,948 Crore

NEW DELHI: The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has granted approval for eight new real estate projects, with a total investment of ₹1,948 crore. Sanjay Bhoosreddy, chairperson of UP-RERA, stated, “The investment of ₹1,948 crore and the approval of over 3,000 new units represent a major step towards the state’s economic growth and housing development.” These initiatives will collectively generate 3,005 new residential and commercial units, including flats, apartments, villas, plots, shops, and various commercial spaces. Among these projects, three are based in Lucknow, with the remaining ones located in Prayagraj, Agra, Jhansi, Noida, and Firozabad. Published On…