Category: Latest Stories

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Latest StoriesRera

Tamil Nadu RERA: Mandatory Info Boards for Real Estate Projects

CHENNAI: The Tamil Nadu Real Estate Regulatory Authority (TNRERA) has released a circular aimed at boosting transparency and consumer awareness. Effective May 7, the mandate requires all registered real estate project sites to install well-visible display boards. This rule is applicable to both building and layout projects statewide. According to TNRERA member M. Krishnamoorthy, “The circular specifies that these boards must include crucial details such as the promoter’s name, the project’s name, TNRERA registration information, the completion date as per TNRERA, and the TNRERA website link.” Reiterating the provisions of the Real Estate (Regulation and Development) Act, 2016 (RERA), TNRERA…

CommercialLatest Stories

Colliers India Targets ₹1,100 Crore Order Book by 2025

NEW DELHI: Colliers India aims to achieve an order book of ₹1,100 crore by 2025, a significant increase from its revenue of around ₹700 crore last year. The company has reported a strong start to the year, with its leasing division experiencing a growth of 20–25% over 2024. Sankey Prasad, chairman and managing director, expressed in an exclusive interview with ETRealty that the firm is optimistic about India’s commercial real estate sector, noting strong fundamentals and persistent demand amidst global challenges. As part of its global integration strategy, Colliers is setting up a new Global Capability Centre (GCC) in Bengaluru.…

Housing FinanceLatest Stories

Bank of Maharashtra Cuts Retail Loan Rates by Up to 50 Bps

NEW DELHI: The Bank of Maharashtra, a state-owned institution, announced on Thursday that it has cut its interest rates by up to 50 basis points on retail loans including home, car, education, and other loans linked to the Repo Linked Lending Rate. This reduction aligns with the RBI’s recent rate moderation and is effective from June 10. With this cut, the starting interest rate for home loans is now 7.35 percent, while car loans begin at 7.7 percent, marking some of the lowest rates in the banking sector, according to a statement from BoM. The bank emphasized that this rate…

InfrastructureLatest Stories

Chandigarh Dismantles 10 Homes in Manimajra

CHANDIGARH: The Chandigarh administration continued its anti-encroachment efforts on Wednesday, demolishing 10 residential structures in Manimajra. The land, approximately 38 acres, was acquired for public use in 1998, with compensation paid at that time. However, nearly 1.5 acres have been encroached upon over the years with the erection of unauthorized buildings. “After following due legal procedures, including issuing formal notices and allowing sufficient time for voluntary vacating, the administration carried out the demolitions. A petition from the encroachers in the high court has been dismissed,” stated Nishant Kumar Yadav, deputy commissioner and estate officer. A significant police presence was maintained…

CommercialLatest Stories

Trichy Civic Body Faces ₹121 Crore Deficit from Vacant Spaces

TRICHY: The Trichy City Corporation is facing a significant funding crisis, raising alarms among councillors about the timely implementation of developmental initiatives as the assembly elections approach. Several commercial complexes established under the Smart Cities Mission are either vacant or incomplete, leading to considerable revenue losses for the corporation. There are at least 58 shops in three Corporation-owned complexes that have remained empty for three years, with the potential to generate over 2 crore in annual rental income if fully occupied. For the financial year 2025-26, the corporation anticipates revenues of 579 crore against expenditures of 700 crore, resulting in…

Latest StoriesResidential

Over 75% of Dharavi Tenement Holders Eligible for New Homes

MUMBAI: The Dharavi Redevelopment Project (DRP) has unveiled its first eligibility list, revealing that over 75% of tenement holders qualify for new homes under this ambitious slum redevelopment initiative, according to DRP data. Residents who moved to Dharavi before January 1, 2000, can qualify for a 350 sq ft flat within the area, assuming they provide the necessary documentation. Residents who established residence between January 1, 2000, and January 1, 2011, may be offered 300 sq ft units at alternative locations outside Dharavi. The first list identifies 505 households from Meghwadi and Ganesh Nagar in Mahim as eligible for rehabilitation.…

Housing FinanceLatest Stories

NHB Tightens Refinance Rules to Prevent Home Loan Misuse

MUMBAI: The National Housing Bank (NHB) has implemented new regulations for refinancing home loans on properties that are still under construction. According to an order issued to home financiers, NHB will now offer refinance only for loans where less than half of the construction is completed at the time of the initial disbursement. This regulation specifically pertains to loans designated for construction on plots or for building homes on self-owned land. NHB stated, “For loans extended to individuals for ongoing construction, refinance will only be available when no more than half of the construction is finished at the time of…

CommercialLatest Stories

IL&FS aims to block Brookfield’s bid for finance center

MUMBAI: Brookfield, a leading global alternative investment firm, is back in the spotlight along with the historic IL&FS building, which has played a significant role in establishing BKC as Mumbai’s financial district. The bankrupt financier that sold the property to a Brookfield-affiliated entity is now seeking to overturn its recent court decision, alleging that the global asset manager did not meet the bid’s requirements and that the bid security has expired. Sources within the finance industry suggest that rising commercial property values in BKC have rendered Brookfield’s original offer for the IL&FS Centre—formerly occupied by HDFC—less appealing, as highlighted in…

IndustryLatest Stories

Keystone Realtors to Revamp Eight Societies in Andheri West

NEW DELHI: Keystone Realtors (Rustomjee Group) has been appointed as the developer for a significant cluster redevelopment project in Andheri West, Mumbai, chosen by eight housing societies. A development agreement (DA) has been finalized with five societies, while letters of intent (LOIs) have been received from the remaining three, with the execution of DAs anticipated in the coming days. Boman Irani, Chairman and Managing Director of the company, stated, “With a GDV close to ₹3,000 crore and an extensive development footprint, this project showcases our commitment to scale, location, and value generation.” The redevelopment plan entails transforming a group of…

Latest StoriesRera

Govt to Strengthen Odisha RERA Compliance and Enforce Rules

BHUBANESWAR: To enhance regulation in the real estate sector, the housing and urban development department will partner with the revenue and disaster management department to enforce the decisions made by the Odisha Real Estate Regulatory Authority (ORERA). This initiative emerged from a high-level meeting recently chaired by Chief Secretary Manoj Ahuja. The authorities have been directed to utilize the Odisha Public Demand Recovery (OPDR) Act to collect penalties from defaulters, ensuring adherence to ORERA’s guidelines. To strengthen real estate enforcement, particularly in Bhubaneswar, ORERA will conduct joint operations with the Bhubaneswar Development Authority (BDA) and the Bhubaneswar Municipal Corporation (BMC).…