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Latest StoriesRegulatory

Gurugram nets ₹213 crore in Q1 property tax, hits 65% goal

Here’s a rewritten version of the content: GURUGRAM: The Municipal Corporation of Gurugram (MCG) collected ₹213 crore in property tax during the first quarter (April 1–June 30) of the fiscal year 2026-27, achieving 65.5% of its annual target of ₹325 crore within just three months. June 30 marked the final day to benefit from the Haryana government’s special relief scheme, which offered a 10% rebate on this year’s property tax and a complete interest waiver on pending dues from 2010-11 to 2024-25, contingent upon the payment of outstanding dues and self-certification of property details. In the first quarter, June saw…

IndustryLatest Stories

Godrej Properties Buys 4.95 acres in Noida for ₹331.75 Crore

Representative AI image NEW DELHI: Godrej Properties has secured the highest bid for a 4.95-acre residential land parcel in Sector 151, Noida during an e-auction hosted by the New Okhla Industrial Development Authority (NOIDA). The land was acquired for ₹331.75 crore, as indicated on the e-tendering portal of HDFC Bank. NOIDA will issue the allotment letter following the necessary procedures. The land spans 20,050 sq meters and is set to be developed into a residential group housing project, with expected revenues exceeding ₹2,000 crore. This project will feature premium residential apartments in various configurations. Earlier this month, Godrej Properties also…

IndustryLatest Stories

IBBI Aims to Simplify Real Estate Insolvency for Homebuyers

The bankruptcy regulator proposed several measures on Tuesday to streamline regulations and expedite insolvency processes in the real estate sector. This includes allowing the exclusion of completed or unaffected housing projects from the rescue procedure, pending agreement from financial creditors. In its discussion paper, the Insolvency and Bankruptcy Board of India (IBBI) suggested safeguarding project-specific cash flows to prevent fund diversion. It aims to require resolution professionals to maintain project-specific financial records and ensure all transactions are conducted through designated bank accounts. Additional proposals include simplifying the handover process for homebuyers, creating a standardized claim form for real estate allottees,…

IndustryLatest Stories

Mumbai: Historic Pali Hill Bungalow to Clear Way for Tower

MUMBAI: The Edwardian-style bungalow, Franklin House, constructed in 1920, is poised to become yet another heritage site lost in Bandra (W). Situated on St Auxilium Road within the prestigious Pali Hill area, the 1,459 sq m property has been acquired by Aspect Realty, a significant player in Mumbai’s real estate market. Mohit Kamboj, a former BJP leader and group CEO of Aspect Global Ventures, now oversees the property following a resolution plan sanctioned by the National Company Law Tribunal. For several decades, the property was under the management of a receiver appointed by the Bombay High Court due to an…

IndustryLatest Stories

Mokila Plot Sale in Hyderabad Brings in ₹231 Crore for HMDA

Representative AI image HYDERABAD: The Hyderabad Metropolitan Development Authority (HMDA) achieved a record bid of ₹1.09 lakh per sq yard in its Mokila layout auction, conducted over two days. This highest bid more than doubled the government-fixed upset price of ₹50,000 per sq yard, enabling the authority to collect ₹231 crore from the sale of 100 residential plots. The HMDA carried out the e-auction in two phases, auctioning 50 plots each on Monday and Tuesday. Officials noted that while the peak bid reached ₹1.09 lakh per sq yard, the average bid was ₹75,640 per sq yard, underscoring strong demand for…

IndustryLatest Stories

Kolkata: Audit Panel to Evaluate 60 New Town High-Rises

KOLKATA: Around 60 residential and commercial high-rise structures built in the last three years in New Town are now under scrutiny by the government’s high-level audit committee. This comes as the verification process begins for all G+5 high-rise buildings and commercial establishments. According to the standard operating procedures (SOP) issued by the government, all civic corporations and urban local bodies involved in the audit of high-rise buildings must first compile a list of cases where building plan approvals have been granted in the past three years. The focus will be on under-construction projects such as hospitals, nursing homes, educational institutions,…

IndustryLatest Stories

Uttar Pradesh Sets Deadline for Township Takeover by Civic Bodies

GHAZIABAD: The UP government has set firm timelines for the transfer of large private townships to municipal corporations, ending uncertainty for residents who have been paying both civic taxes and high private maintenance fees. The newly released standard operating procedure (SOP) mandates that townships built under the hi-tech and integrated UP township policy be handed over to municipalities within a specified timeframe after they become eligible. This initiative is crucial because once the townships are transferred, the responsibility for maintaining roads, streetlights, water lines, drainage, sewers, parks, and open areas falls to civic authorities, clarifying years of confusion regarding maintenance.…

Latest StoriesRegulatory

Delhi Extends Property Tax Rebate Deadline to July 31

NEW DELHI: The Municipal Corporation of Delhi (MCD) has extended the deadline for property owners to secure a 10% rebate on the lump-sum payment of property tax for the fiscal year 2026-27 until July 31, officials announced on Tuesday. Delhi Mayor Pravesh Wahi stated that the extension aims to benefit more taxpayers, particularly those who were unable to pay their property tax by the original deadline. Initially, the rebate was available for payments made by June 30. Wahi emphasized that this decision is designed to ease the tax payment process for residents and promote timely payments of property taxes. “This…

CommercialLatest Stories

TEC Leases 19K sq ft to Forescout; WeWork Adds 536 Desks in Hyderabad

Sure! Here’s a rewritten version of the content you provided: NEW DELHI: The Executive Centre (TEC) has secured a lease for approximately 19,000 sq ft of office space at its location in Panchshil Business Park, Balewadi, Pune, for Forescout Technologies. This space is designed to accommodate around 200 workstations. Forescout has been a client of TEC since 2022, initially starting in a 50-seat workspace. The newly expanded office features a dedicated reception area, multiple meeting rooms, private cabins, a training room, open workstations, collaborative zones, and a town hall area. In a separate development, WeWork India Management has signed an…

IndustryLatest Stories

Institutional Investments in Indian Real Estate Jump 37% to $1.7B

NEW DELHI: Institutional investments in Indian real estate surged 37% year-over-year to $1.7 billion in Q1 2026, primarily driven by the acquisition of core income-generating assets, as noted in a recent report by Equirus Capital. The report highlights that ongoing activity in private equity investments, mergers and acquisitions, and capital market transactions showcases investors’ preference for quality real estate platforms amidst global economic uncertainties. Strong institutional participation was observed in premium residential developments, Grade-A commercial properties, integrated mixed-use projects, and infrastructure-led growth corridors. Delhi-NCR stood out as a significant real estate investment hub, buoyed by demand for premium housing, commercial…