Category: Latest Stories

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IndustryLatest Stories

Mumbai: BMC to Sell Prime Worli Plot for ₹455 Crore

Representative AI image MUMBAI: Following an inquiry ordered by junior urban development minister Madhuri Misal regarding BMC’s Rs 600-crore tender for the redevelopment of its municipal testing laboratory in Worli, the civic body has launched a tender to sell a prime 5,166 sqm plot to builders for “commercial exploitation” at a starting price of Rs 455 crore. The highest bidder will have the opportunity to construct residential or commercial towers on the site. BMC initially aimed to redevelop the laboratory and construct a new facility along with a multistory robotic parking tower and commercial units on this residentially zoned plot.…

IndustryLatest Stories

Ghaziabad: GDA Requires Rooftop Solar Panels in Building Maps

Representative Image GHAZIABAD: The Ghaziabad Development Authority has mandated that developers and property owners allocate space for rooftop solar panel installations in building plans submitted for approval. Officials have stated that any maps not in compliance will be rejected immediately. As part of the PM Surya Ghar scheme, applicants are also required to pay a refundable fee upon map approval, which will be returned once installation is confirmed during an inspection. The fee structure is based on plot size: Rs 20,000 for plots between 200 and 500 square meters, Rs 50,000 for plots ranging from 500 to 1,000 square meters,…

InfrastructureLatest Stories

Haryana: HC Stay on S+4, Town Planning Questions HSVP’s Fund Use

GURUGRAM: Haryana has suspended all approvals for stilt-plus-four (S+4) residential constructions due to an interim stay from the Punjab and Haryana High Court. The Department of Town and Country Planning (DTCP) has requested a utilization report from HSVP regarding the Rs 689 crore allocated for infrastructure enhancements. The funds, deposited under the account of PDR (proportionate development charges), were designated to improve urban infrastructure linked to increased density. Concerns regarding the pressure on infrastructure have been highlighted by petitioners in the high court regarding the S+4 policy. A senior DTCP official stated, “We have requested comprehensive information from HSVP on…

Housing FinanceLatest Stories

CCI Approves Indriya’s 14.3% Stake in Aditya Birla Housing

NEW DELHI: The Competition Commission of India (CCI) has granted approval for Indriya’s acquisition of a 14.29% stake in Aditya Birla Housing Finance (ABHFL), marking a significant regulatory milestone in the ₹2,750 crore investment revealed earlier this year. This transaction involves Indriya, a part of global private equity firm Advent International, acquiring equity shares in ABHFL via preferential allotment on a fully diluted basis. Once completed, Indriya will own 14.29% of ABHFL, while Aditya Birla Capital (ABCL) will maintain the majority stake in its housing finance subsidiary. The deal received initial approval from ABCL’s board in February 2026. ABHFL is…

CommercialLatest Stories

Embassy REIT Greenlights ₹1,100 Crore Commercial Paper Plan

Representative AI image NEW DELHI: Embassy Office Parks REIT (Embassy REIT) has authorized the issuance of commercial papers amounting to ₹1,100 crore in two tranches aimed at refinancing existing debts and fulfilling working capital needs, as revealed in a regulatory filing. The Debenture Committee of Embassy Office Parks Management Services, the manager of Embassy REIT, gave the green light to the issuance on April 7, 2026. The fundraising will occur in two parts: ₹650 crore with a duration of 347 days and ₹450 crore with a duration of 342 days. This issuance is a component of the REIT’s previously sanctioned…

IndustryLatest Stories

Revival Path Opens for All Sports Cities With Noida Plans

Representative AI image NOIDA: The Noida Authority board has approved a revised layout for the Lotus Greens Sports City project, effectively lifting a ban imposed on all four Sports City projects in 2021. This decision paves the way for the revival of these initiatives, which collectively feature around 32,000 flats. This choice, made in adherence to a Supreme Court directive from November 2025, concludes a freeze that had obstructed map approvals, building plan revalidations, and occupancy certificates due to a Comptroller and Auditor General (CAG) audit that highlighted irregularities in project allotment and execution. The Sports City scheme aims to…

Latest StoriesResidential

Arvind SmartSpaces to Revamp Goregaon West Project, Mumbai

NEW DELHI: Arvind SmartSpaces has initiated a residential redevelopment project in Goregaon (West), Mumbai, with an estimated revenue potential of around ₹2,400 crore. This project, developed in collaboration with Sigma Oxford Realtors, will encompass a saleable area of approximately 0.67 million sq ft, situated in Siddharth Nagar. This marks the company’s third residential venture in the Mumbai Metropolitan Region (MMR) and its second high-rise project in the city. Additionally, the company’s wholly-owned subsidiary, Arvind Skyline (ASPL), has acquired a 49% stake in Oxford Navrang Realtors for ₹49,000. This acquisition is anticipated to be finalized within the month. Furthermore, the company…

IndustryLatest Stories

Centre Issues New TOD Rules for Delhi, Unlocks 207 sq km for Housing

Representative AI Image NEW DELHI: The government has announced updated regulations for Transit Oriented Development (TOD) as part of the Delhi 2021 master plan. This initiative aims to foster high-density, mixed-use development and enhance affordable housing options along metro and transit corridors. The new policy encompasses approximately 207 sq km within a 500-meter radius of metro lines and significant transit hubs, including RRTS and railway stations. For the first time, around 80 sq km of land, which includes pooling areas, low-density residential zones, and unauthorized colonies, will come under the TOD framework. Under the new guidelines, developers can have a…

Latest StoriesResidential

Govt to Restore DDA Properties from Leasehold to Freehold Soon

File Photo NEW DELHI: The government is set to finalize the conversion rates for registration charges, facilitating the resumption of converting properties from leasehold to freehold in the national capital, Union Minister Manohar Lal announced on Tuesday. Changing a leasehold property to freehold means transitioning its ownership from rental to full ownership. Since January this year, the conversion process for Delhi Development Authority (DDA) properties has been on pause due to the new circle rates adopted by the Delhi government. “We will present a proposal to the cabinet for the approval of conversion charges for DDA and L&DO properties; the…

IndustryLatest Stories

NCLT Clears Merger of Nirmal Lifestyle and Oberoi Realty

NEW DELHI: The Mumbai bench of the National Company Law Tribunal (NCLT) has sanctioned the merger of Nirmal Lifestyle Realty with Oberoi Realty, according to a regulatory filing from the company. This merger will take effect once the NCLT order is filed with the Registrar of Companies. Nirmal Lifestyle Realty will be dissolved without winding up as part of this merger. Since the transferor company is wholly owned by the listed entity, there will be no shares issued under the scheme, resulting in the cancellation of its entire share capital. The objective of this merger is to streamline the group’s…