Category: Latest Stories

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Latest StoriesRera

Odisha REAT Supports Buyer Amid Builder Delays and Amenities Issues

BHUBANESWAR: The Odisha Real Estate Appellate Tribunal (OREAT) has rejected an appeal from a local realtor disputing the applicability of the RERA Act, 2016 to its residential project in Andharua. During a recent session, the tribunal affirmed the Odisha Real Estate Regulatory Authority’s (ORERA) previous decision, mandating the developer to compensate the buyer and adhere to essential legal requirements. The case stemmed from a complaint by homebuyer Surya Prakash, who cited delays in possession, the absence of mandatory occupancy and fire safety certificates, and the failure to deliver the promised amenities as outlined in the sale agreement. Despite investing Rs…

InfrastructureLatest Stories

BMRCL Greenlights Two-Tier Metro Expansion in Bengaluru

BENGALURU: In a major advancement for urban mobility in Bengaluru, the board of the Bangalore Metro Rail Corporation Limited (BMRCL) has sanctioned the construction of 40.56 km of double-decker elevated corridors as part of the upcoming Namma Metro Phase-3 project. The proposed double-decker route will extend between JP Nagar–Hebbal and Hosahalli–Kadabagere, covering a total distance of 44.65 km. The board plans to request the Karnataka government to cover the additional estimated expenses of ₹8,916 crore for this significant infrastructure expansion. A similar approach has already been executed on a 3-km stretch of Phase-2’s Yellow Line, linking Central Silk Board and…

Housing FinanceLatest Stories

Warburg Pincus to inject ₹500 crore into Truhome Finance

MUMBAI: Truhome Finance, focusing on affordable housing, is set to receive an additional ₹500 crore funding from its primary shareholder, Warburg Pincus, later this month, as confirmed by a senior official. This new investment will increase Warburg Pincus’s total commitment to over ₹2,000 crore in the entity, previously known as Shriram Housing Finance. “Warburg has previously invested ₹1,200 crore in new funding and ₹400 crore in compulsorily convertible debentures. They are now set to contribute ₹500 crore more by the end of October,” said Ravi Subramanian, managing director and CEO of the lender, in a statement to PTI. He noted…

InfrastructureLatest Stories

Gurugram Metro Phase-I Delayed by Encroachments Post-Launch

GURUGRAM: Almost a month after a ceremonial ground-breaking for the new metro line, there is minimal activity on-site. The agency responsible for the first phase of the 15.3 km corridor has yet to deploy machinery or workers, leaving progress stalled. The GMRL has designated a 5.2-hectare plot in Sector 33 for a casting yard, where precast pillars and segments for the metro will be manufactured before transportation to construction sites. A visit from the Times of India to the location on Friday revealed parked truck-trolleys and makeshift structures on the site. While some initial earth-levelling has commenced, encroachments are hindering…

Latest StoriesRegulatory

ED Seizes Ozone Urbana Assets Valued at ₹423 Crore in Karnataka

NEW DELHI: The Enforcement Directorate (ED) has attached unsold flats and land valued at over Rs 423 crore belonging to the promoters of a Karnataka-based real estate firm due to allegations of duping homebuyers. This action was taken on Saturday. The measures target Bengaluru-based Ozone Urbana Infra Developers and its primary promoter, S Vadudevan. A provisional order under the Prevention of Money Laundering Act (PMLA) has been issued to attach 92 flats in the Avenue project and 13 flats in the Aqua 2 project, as well as 4.5 acres of commercial land and personal properties belonging to Vasudevan, as stated…

IndustryLatest Stories

Sobha Sees 61% Surge in Q2 FY26 Sales to ₹1,902.6 Crore

NEW DELHI: Real estate firm Sobha Ltd reported a 61% increase in sales bookings, reaching ₹1,902.6 crore in the second quarter of this fiscal year, fueled by strong demand for its residential properties. In the same period last year, the company achieved property sales worth ₹1,178.5 crore. According to a regulatory filing, Sobha Ltd sold 13.94 lakh square feet during the July-September quarter, with an average price of ₹13,648 per square foot. Bengaluru accounted for 69.7% of the quarterly sales, amounting to ₹1,326.4 crore, aided by increased momentum at the SOBHA Town Park project. Delhi-NCR contributed ₹309.7 crore, while the…

IndustryLatest Stories

MHADA Updates Premium Rates for Redevelopment Projects

The Maharashtra Housing and Area Development Authority (MHADA) has approved a significant policy change aimed at enhancing the viability of redevelopment projects under its Mumbai Board. This change revises the method of calculating premium charges for commercial floor space. During a recent MHADA authority meeting, the decision was made to alter provisions from a previous resolution issued in June 2007. Previously, housing societies or developers redeveloping buildings within MHADA layouts were required to pay premiums calculated at 1.5 times the residential rate, with a minimum of 60% and a maximum of 142.5%. Developers expressed concerns that this structure hindered the…

Latest StoriesResidential

UP Housing Board Announces E-Auction for 992 Properties

LUCKNOW: On September 30, the Uttar Pradesh Housing and Development Board conducted a large-scale e-auction offering 992 properties. These properties included 391 residential and 601 non-residential options located in cities such as Lucknow, Kanpur, Agra, Aligarh, Moradabad, Ghaziabad, and Kasganj. The auction featured a variety of plots including commercial and residential sites, institutional areas, group housing, and IT city segments. It is anticipated that this auction will generate approximately Rs 1,168.43 crore in revenue. The registration process began on September 18 via a digital auction portal. “The expected revenue will be utilized to initiate new housing projects, enhance infrastructure, and…

InfrastructureLatest Stories

Chandigarh Declared India’s First Slum-Free City After Shahpur Colony Demolition

AI-generated illustration for representational purposes only CHANDIGARH: Chandigarh has become India’s first slum-free city following the demolition of Shahpur Colony in Sector-38, the last remaining slum in the Union territory, officials confirmed. The demolition, executed on September 30, affected a 4-4.5 acre area valued at Rs 250 crore. The settlement, which included approximately 300 huts housing nearly 1,000 residents, has now been cleared. With unauthorized colonies on government land removed and comprehensive rehabilitation measures in place, Chandigarh has completed the final phase of its long-term slum eradication plan, according to officials. “Through a combination of careful planning, demolitions, and strict…

CommercialLatest Stories

WeWork IPO Sees 4% Subscription on Opening Day

NEW DELHI: WeWork India Management Ltd’s initial public offering (IPO) saw a 4% subscription on its opening day of share sales on Friday. The IPO attracted bids for 1,110,440 shares, compared to the 25,489,748 shares available, according to NSE data. The retail individual investors’ (RII) segment was subscribed at 14%, while both the qualified institutional buyers and non-institutional investors’ segments saw subscriptions of 2% each. WeWork India has secured over Rs 1,348 crore from anchor investors. The company’s Rs 3,000-crore issue will close on October 7, with a price band set between Rs 615 and Rs 648 per share, which…