Category: Latest Stories

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IndustryLatest Stories

Blackstone to Acquire Majority Stake in Ritz-Carlton Bengaluru

BENGALURU | MUMBAI: US investment firm Blackstone is set to acquire up to a 55% stake in the Ritz-Carlton Bengaluru from Nitesh Land. Sources indicate that Blackstone’s stake acquisition of 51-55% could cost approximately ₹600-700 crore, valuing the 277-room luxury hotel between ₹1,200 and ₹1,400 crore. The hotel, managed under the Ritz-Carlton brand by Marriott International, generated earnings before interest, taxes, depreciation, and amortisation of ₹105 crore for FY25. “Blackstone will purchase the stake in Nitesh Residency Hotel, the owning entity. The agreement is signed and expected to finalize within this quarter,” shared an anonymous source. Post-transaction, Nitesh Shetty, founder…

IndustryLatest Stories

Marathon Nextgen Realty Q2 FY26 Net Profit Grows 34.54%

NEW DELHI: Marathon Nextgen Realty (MNRL) has announced a 34.54% increase in its net consolidated profit for the quarter ending September 30, 2025. The profit after tax for Q2 FY26 reached ₹66.53 crore, up from ₹49.45 crore in the same quarter of the previous fiscal year, as stated in a BSE filing. The company’s net consolidated total income for Q2 FY26 was ₹155.06 crore, marking a 6.44% decline from ₹165.73 crore in the comparable quarter last year. Chetan Shah, the company’s chairman and managing director, stated, “We’ve had a robust quarter with a PAT of ₹67 crore, reflecting a 35%…

IndustryLatest Stories

Valuers to Reassess Prices of Unsold Mohali Sites

Representative AI image MOHALI: The Greater Mohali Area Development Authority (Gmada) has begun reviewing the reserve prices of unsold residential, commercial, institutional, and industrial plots through independent valuers. Bids are invited from valuers associated with nationalized banks or the I-T department to conduct this valuation. According to officials, these valuations will pertain to sites that received no bids in two or more consecutive e-auctions, with an objective of establishing more realistic reserve prices aligned with current market conditions. Gmada will appoint three independent valuers per site to ensure a transparent and fair assessment. The selected valuers must not be blacklisted…

InfrastructureLatest Stories

Centre Implements GRAP Stage-III Restrictions in Delhi-NCR

NEW DELHI: On Tuesday, the Centre enacted stricter anti-pollution measures as part of Stage III of the Graded Response Action Plan (GRAP) in Delhi-NCR after the city’s air quality reached the ‘severe’ category. The decision followed a sharp increase in Delhi’s average Air Quality Index (AQI), which climbed from 362 on Monday to 425 on Tuesday morning. This escalation was attributed to calm winds, stable atmospheric conditions, and unfavorable weather that facilitated the accumulation of pollutants near the ground, according to the Commission for Air Quality Management (CAQM). Stage III measures include a ban on non-essential construction work and the…

Latest StoriesRegulatory

Bombay HC Cancels NOC for Filmmaker to Merge Flats in Oshiwara

MUMBAI: The Bombay High Court has annulled an order from the deputy registrar of cooperative societies for the K-West ward, which had instructed a housing society in Oshiwara, Andheri West, to approve film producer and director Vipul Shah’s request to merge four flats across two floors. Justice Amit Borkar stated on Monday that the decision exceeded the authority outlined in the Maharashtra Co-operative Societies Act, 1960, asserting that such power cannot be exercised. The Oberoi Springs CHSL contested the deputy registrar’s ruling under sub-clause 3 of Section 154B-27, which pertains to the society’s obligation to act and the registrar’s enforcement…

CommercialLatest Stories

OpenAI Leases 50-Seater Office with CorporatEdge in Delhi

US-based OpenAI has selected Delhi for its inaugural office in India, leasing a 50-seater space from premium flex workspace provider CorporatEdge, according to two sources familiar with the matter. This August, OpenAI CEO Sam Altman announced plans to establish an office in India. The sources indicated that the company specifically sought a location in Delhi, ruling out the business hubs of Gurugram and Noida. “This deal underscores the significance of AI firms as substantial players in commercial real estate moving forward,” one source remarked. “These companies tend to favor managed office spaces over traditional office setups.” OpenAI did not respond…

Latest StoriesRegulatory

Bombay HC Bars Developer from Adding to Tardeo Twin Towers

MUMBAI: In a significant legal dispute, the Bombay High Court issued an interim ruling on Tuesday, preventing developer S D Corporation from making any changes to the 60-storey twin towers known as ‘The Imperial’ in Tardeo. A group of 48 residents from Towers A and B took legal action against the developer for attempting to construct additional buildings and flats, which they argued violated a 2009 building plan previously presented to them. On Tuesday, the High Court prohibited any alterations without the residents’ consent. The court expressed that the developer’s intention to construct further, utilizing a substantial sale component of…

IndustryLatest Stories

Kolte-Patil Developers Reports ₹11 Crore Q2 FY26 Loss

NEW DELHI: Kolte-Patil Developers Ltd has reported a consolidated net loss of ₹11.14 crore for the September quarter, alongside the resignation of Group CEO Atul Bohra. In the same period last year, the company posted a net profit of ₹10.34 crore. Total income decreased by 50% to ₹161.75 crore in Q2 of this fiscal year, compared to ₹320.96 crore during the same quarter last year, as stated in a regulatory filing. The board has approved the appointment of Avani Vishal Davda as an additional director (Non-Executive and Independent), effective immediately, pending shareholder approval. The resignations of Sudha Pravin Navandar as…

IndustryLatest Stories

Sri Lotus Developers Q2 FY26 Profit Dips 8% to ₹46.36 Crore

NEW DELHI: Sri Lotus Developers and Realty Ltd has reported an 8% decrease in consolidated net profit to Rs 46.36 crore for the September quarter, down from Rs 50.47 crore during the same period last year. Conversely, total income surged to Rs 188.81 crore in the July-September timeframe, up from Rs 125.08 crore a year earlier, according to a regulatory filing. The Mumbai-based firm has finalized four projects totaling over 4.2 lakh sq ft of carpet area, with six projects currently in progress and 12 more planned, covering approximately 27.6 lakh sq ft of carpet area and about 20.5 lakh…

Latest StoriesRegulatory

Telangana HC Halts Ruling on Budwel Land E-Auction

HYDERABAD: In a significant development, the Telangana High Court has suspended a prior ruling that overturned the e-auction of 4.19 acres of land at Budwel, Rajendranagar, which was to be conducted by the HMDA. The court has allowed the HMDA to proceed with the auction while prohibiting the declaration of the highest bidder. The division bench, comprising Justices Moushumi Bhattacharya and Gadi Praveen Kumar, issued this directive on Tuesday during an appeal by the state government challenging the single judge’s decision made in May 2025. The bench also instructed the district collector of Rangareddy to address claims made by private…