Category: Latest Stories

Access daily updates on all real estate sectors including residential, commercial, retail, and infrastructure. Stay ahead with market trends, policy changes, investment news, and expert analysis from across the globe.

InfrastructureLatest Stories

Joint Venture Approved for Visakhapatnam, Vijayawada Metro

Representative Image VIJAYAWADA: To encourage joint venture (JV) participation in the International Competitive Bidding (ICB) for Phase 1 of the Visakhapatnam and Vijayawada metro rail projects, the AP Metro Rail Corporation (APMRCL) has officially stated that a maximum of three bidders can form a JV to take part in the bidding process. This initiative aims to enhance competition among bidders for both metro rail projects. However, the APMRCL has declined the bidders’ suggestion to divide the metro project works into multiple packages, which was proposed during the pre-bid meeting. In an interview with TOI, APMRCL MD NP Rama Krishna Reddy…

IndustryLatest Stories

Farmers Fume as Ghaziabad Body Seeks to Halt Harnandipuram Rate Hike

GHAZIABAD: Farmers are furious after the Ghaziabad Development Authority (GDA) requested the stamp and registry department to refrain from increasing the DM circle rates— the minimum value set by the district magistrate for property transactions — for villages designated for the Harnandipuram township. This has reignited farmer protests, as they had previously called for an increase in the DM circle rate, which is crucial for determining stamp duty and registration fees. “A protest is already underway in these villages, and the GDA’s letter has only intensified the situation. We are determined to protect our land for our children’s future,” said…

Latest StoriesRegulatory

HC Approves Noida Layouts, Resumes Delhi One Work After 10 Years

NOIDA: After nearly ten years of halted construction and growing concerns among numerous homebuyers, the Allahabad High Court has removed a significant barrier to reviving the Delhi One project in Sector 16B. A division bench comprising Justices Mahesh Chandra Tripathi and Anish Kumar Gupta instructed the Noida Authority on September 15 to approve the building plans for Max Estates Limited, contingent upon the company depositing 50% of the disputed ₹67 crore in change in constitution and shareholding charges (CIC/CIS) within a week. The court also directed the Authority against taking any coercive actions during this timeframe. This ruling represents a…

Latest StoriesRegulatory

Lodha Developers’ Ex-Director Sold Land to Son’s Firm Illegally: Police

MUMBAI: Rajendra Lodha, former director of Lodha Developers, was arrested for alleged fraud. Authorities claim he received large sums of cash from land transactions and sold a plot to his son’s company without proper authorization. During a court hearing on Tuesday, police requested his further remand as they seek to delve deeper into the complexities of the financial transactions involved. The Additional Chief Metropolitan Magistrate V R Patil extended Lodha’s custody until September 29. The 59-year-old suspect was taken into custody on September 17 by the Mumbai police’s crime branch. He has been accused of colluding with others to sell…

InfrastructureLatest Stories

Builder drains rainwater onto road; FIR registered in Mumbai

MUMBAI: The BMC has initiated legal action against a developer from the SRA at Oshiwara Police Station for improperly discharging accumulated rainwater from the project site onto SV Road near Oshiwara Garden. This was done using motor pumps, which contributed to the deterioration of the road condition. Civic officials discovered the discharge while repairing potholes. BMC representatives stated that it is the developers’ responsibility to appropriately dispose of rainwater or debris from their site. However, in this incident, the developer discharged rainwater directly onto the road. “The road is asphalt and lacks a stormwater drainage system. Such a road cannot…

Latest StoriesRegulatory

Fraud Claims Arise in ₹600 Crore Bandra Marina Manor Case

MUMBAI: A legal battle over the ownership of the prized Marina Manor estate on Bandra’s Bullock Road, estimated to be worth Rs 600 crore, has escalated into a web of accusations involving fraud, forgery, and intimidation. Marina Manuel Fernandes, who faces accusations of fabricating a will to assert her claim on the estate, has filed a police complaint and sought to retract a Power of Attorney given to a notable builder and a political figure. According to Marina, she has been a victim of systematic fraud. Her claim to the estate is also contested, following a Bombay High Court ruling…

Latest StoriesResidential

Mumbai: Cabinet Approves 98 Housing Societies Redevelopment in Andheri

MUMBAI: On Tuesday, the cabinet approved a redevelopment initiative for 4,973 flats across 498 plots in Sardar Vallabhbhai Patel (SVP) Nagar, Andheri (West), executed by Mhada. Officials revealed that this land was allocated in 1993 as part of a World Bank project, comprising 98 cooperative housing societies. It includes 24 plots with high-income group apartments, along with 62 plots of 60 sq m and 245 plots of 100 sq m. “Mhada plans to redevelop the existing buildings following the BMC’s Development Control Rules (DCR). This community redevelopment will incorporate modern basic facilities, enabling residents to enjoy spacious homes. The comprehensive…

IndustryLatest Stories

Emperor Infratech to Complete 113-Acre Punjab Township for Parsvnath

NEW DELHI: Realty firm Parsvnath Developers Ltd announced on Tuesday a partnership with Emperor Infratech to develop a 113-acre township in Punjab. The project, located in Rajpura, Punjab, spans 112.856 acres and includes integrated amenities such as residential plots, group housing, commercial centers, clubs, and schools. Parsvnath has secured necessary licenses for the project’s construction and development from the relevant authorities. The company has signed a ‘Development Management’ agreement with Emperor Infratech Pvt Ltd, which will oversee aspects like development, completion, implementation, sales, and marketing of the project. Emperor Infratech is committed to completing the project promptly and assisting in…

IndustryLatest Stories

Blackstone’s Lumina CloudInfra Acquires 3.8 Acres in Chandivali for ₹475 Crore

Lumina CloudInfra, a data center developer backed by Blackstone, has acquired two adjacent land parcels totaling 3.8 acres in Chandivali, near Saki Vihar Road in Andheri East, Mumbai, for ₹475 crore. The first plot, measuring 2.04 acres, was acquired for ₹294 crore, while the second plot of 1.75 acres cost ₹181 crore. The company plans to construct a 60 MW data center on these sites, according to sources familiar with the transaction. Both acquisitions were registered on September 19, incurring a combined stamp duty of ₹28.5 crore, as per documents obtained from CRE Matrix. As part of Blackstone’s portfolio, Lumina…

Latest StoriesRegulatory

SC Lets CBI Open Six More Cases in Builder-Bank Nexus

NEW DELHI: On Tuesday, the Supreme Court permitted the CBI to initiate six additional regular cases concerning the fraudulent connections between banks and developers, which have deceived homebuyers in real estate projects across Mumbai, Bengaluru, Kolkata, Mohali, and Prayagraj. A bench consisting of Justices Surya Kant, Ujjal Bhuyan, and N Kotiswar Singh granted the CBI the authority to proceed legally after Additional Solicitor General Aishwarya Bhati, representing the agency, indicated that the preliminary inquiry into various builders, excluding Supertech Ltd, has been completed. The court acknowledged the CBI’s assertion that a cognizable offense has emerged from the preliminary inquiry and…