Category: Latest Stories

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Latest StoriesRegulatory

Consumer panel orders Ansal Hi-Tech to refund homebuyer after 12 years

NOIDA: The District Consumer Commission has ruled that Ansal Hi-Tech Townships Limited, based in Greater Noida, must refund a homebuyer who booked a flat in 2014. Despite paying numerous instalments over the years and receiving an allotment letter, he never acquired possession of the property. Sanjay Agrawal, a resident of Sector 22, booked a flat in Ansal’s A2 Sushant Megapolis project in Greater Noida. He initially paid a registration fee of ₹250 in March 2014, followed by a booking fee of ₹15,000 and additional instalments totaling ₹1 lakh against a total flat price of ₹3.25 lakh. An allotment letter was…

IndustryLatest Stories

PE Real Estate Investment Falls 23% to $1.13B in Jan-Jun

NEW DELHI: Private equity investments in India’s real estate sector saw a decline of 23% to USD 1.13 billion during the first half of the year, driven by global uncertainties, as reported by Knight Frank. In comparison, PE fund inflows were USD 1.47 billion in the same period last year. According to Knight Frank India, office assets attracted 89% of the PE investments in the first half of this year, while the residential sector garnered the remaining equity inflows. Shishir Baijal, International Partner and Managing Director at Knight Frank India, stated, “The decline in PE investments during H1 2026 reflects…

Latest StoriesRegulatory

Mohali: Suntech City Developer in ED Custody Over ₹172 Cr Case

MOHALI: A special court has placed realtor Ajay Sehgal in the custody of the Enforcement Directorate (ED) for three days as part of an ongoing investigation into an alleged money laundering case tied to the Suntech City project. The court granted the ED’s request for extended custodial interrogation, noting that new facts had come to light during the investigation, necessitating more in-depth questioning of the accused. Sehgal will be in ED custody from June 27 to June 29. The money laundering investigation originates from an FIR lodged at the Mullanpur police station on September 17, 2024, under allegations of cheating,…

IndustryLatest Stories

Panel to Audit Sanctioned Plans for Kolkata High-Rises

KOLKATA: West Bengal’s government has formed a committee to conduct a special audit of sanctioned plans for high-rise residential and commercial buildings in and around Kolkata. This initiative was disclosed by Chief Minister Suvendu Adhikari, explaining that the committee will meet on Friday to start this important task. In response to the recent warehouse collapse that resulted in 11 fatalities, the Chief Minister ordered a thorough audit of all commercial projects currently under construction that received approval from the former TMC administration. Work on these projects has been suspended until July 31, as per Adhikari’s directive. Adhikari reiterated that construction…

Latest StoriesRegulatory

Supreme Court: Homebuyers Can Seek Relief for Possession Delays

NEW DELHI: Homebuyers can raise complaints regarding deficiencies in services even after taking possession of a flat, as per a ruling by the Supreme Court. The court affirmed that homebuyers have the right to approach consumer forums for compensation related to delayed possession, irrespective of having already received the flat. The Supreme Court overturned a decision by the National Consumer Disputes Redressal Commission (NCDRC), which had stated that a homebuyer loses consumer status upon receiving possession and therefore cannot claim compensation for delays. The court clarified that any arbitration clause in the agreement will not prevent homebuyers from seeking resolutions…

IndustryLatest Stories

Chhattisgarh Housing Board nets ₹1,532 crore from 7,388 sales: CM

RAIPUR: Chhattisgarh Chief Minister Vishnu Deo Sai announced on Friday that the state’s Housing and Infrastructure Development Board has achieved a revenue of Rs 1,532 crore by selling 7,388 properties over the last two years, effectively overcoming financial obstacles and making a notable comeback. While inaugurating the new logo of the Chhattisgarh Housing and Infrastructure Development Board (CGHIB) at the Circuit House in Nava Raipur, Sai stated that the board, previously limited to housing construction, will now significantly contribute to infrastructure development, invigorating the state’s progress. The Chief Minister emphasized the government’s dedication to fulfilling every family’s aspiration for a…

CommercialLatest Stories

Hero MotoCorp, WeWork Lease 3.45 Lakh Sq Ft in Delhi’s Worldmark 6

Representative AI image NEW DELHI: Hero MotoCorp and WeWork India Management have signed leases for approximately 345,000 sq. ft. of office space at Worldmark 6 in Aerocity, Delhi, sourced from Alborz Developers, as noted in Propstack documents. The total estimated rental expenditure over the lease duration is around ₹922 crore. Hero MotoCorp will occupy 231,109 sq. ft. across the ground, second, fifth, and sixth floors of Worldmark 6 with a nine-year lease beginning March 1, 2026. The monthly rent is set at about ₹4.97 crore, calculated at ₹215 per sq. ft. per month, totaling approximately ₹593.8 crore for the lease…

Latest StoriesRegulatory

NGT Urges Action on ‘Illegal’ Groundwater Extraction in Noida

NEW DELHI: The National Green Tribunal (NGT) has instructed the Uttar Pradesh Ground Water Department to investigate a complaint about alleged illegal groundwater extraction in Noida and Greater Noida, and to take necessary measures. A bench, chaired by NGT Chairperson Justice Prakash Shrivastava and expert member Afroz Ahmad, reviewed a petition from environmental advocate Vikrant Tongad. The petition asserted that private builders, industries, and individuals are unlawfully extracting groundwater in Noida and Greater Noida, primarily in Sectors 145 and 153 of Noida and Sectors 94 and 150 in the Tech Zone of Greater Noida. Advocate Akash Vashishtha, representing the applicant,…

IndustryLatest Stories

Fidelity Acquires 2% Stake in Lodha Developers for ₹1,864 Crore

NEW DELHI: Fidelity Investments has acquired a 2% stake in Lodha Developers for Rs 1,864 crore from two promoter entities through open market transactions, as revealed by block deal data from the NSE. The US-based investment firm, along with its eight affiliates including FMRC Fidelity Advisor International Capital Appreciation Fund and FRST II Strat Adv Fide Interl Fund, purchased a total of 1,98,81,296 shares, equating to a 1.99% stake in Lodha Developers. The transactions were executed over eight separate tranches on Thursday at an average price of Rs 937.85 per share, culminating in a combined transaction value of Rs 1,864.56…

CommercialLatest Stories

Smartworks to Acquire Singapore’s Workstudio Spaces

NEW DELHI: Smartworks Coworking Spaces is set to acquire Singapore-based flexible workspace provider Workstudio Spaces via its wholly-owned subsidiary, Smartworks Space. This transaction is anticipated to finalize in July 2026, post which Workstudio will function as a step-down subsidiary of Smartworks. Workstudio Spaces operates an area of around 26,000 sq ft in Singapore, with established occupancy levels. The acquisition will be executed through a cash transaction, where Smartworks’ subsidiary will gain full ownership of Workstudio. The final cost is still being negotiated and will depend on the closure of transaction documents. Funding for this acquisition will come from resources within…