Category: Latest Stories

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Latest StoriesResidential

YEIDA Draw for Sector 18 Residential Plots Set for July 11

Representative image created by AI NOIDA: The Yamuna Expressway Industrial Development Authority (YEIDA) is set to conduct a draw for its residential plot scheme in Sector 18 this Friday. Launched on April 21, the scheme offers 276 plots of 200 sqm each and has attracted over 54,000 applications during the month-long registration period. The draw will commence at 10 AM at India Expo Mart, overseen by a panel of three retired High Court judges to ensure transparency. OSD Shailendra Bhatia noted that arrangements are in place for approximately 2,000 attendees to watch the draw live. The entire event will be…

Latest StoriesRera

Telangana RERA Criticizes Kavuri Forest Nest Developer for Neglect

HYDERABAD: The Telangana Real Estate Regulatory Authority (TGRERA) has instructed the developer of Kavuri Forest Nest to uphold the maintenance of community common areas as per the sales agreement. This order followed a collective complaint from 10 villa owners against developer Kavuri Ravi Kumar and the Kavuri Forest Nest Villa Owners’ Maintenance Mutually Aided Co-operative Society. The complainants reported that the developer halted several service provisions since June 2024, despite a contractual obligation to maintain the project for five years post-handover at a rate of 50 per square foot, while also seeking extra charges. Among the issues raised were suspended…

IndustryLatest Stories

Bain Capital sells 1.9% stake in Embassy REIT for ₹691 crore

NEW DELHI: On Thursday, private investment firm Bain Capital divested 1.9% of its unitholding in Embassy Office Parks REIT for ₹691 crore via an open market transaction. Bain Capital, based in the US, sold just over 1.78 crore units through its affiliate, APAC Company XXIII, representing 1.87% of its stake in Embassy Office Parks REIT in Bengaluru, according to bulk deal data from the BSE. The units were sold at an average price of ₹388 each, resulting in a total deal value of ₹691.41 crore. The identities of the buyers for these units remain unknown on the exchange. Following the…

Latest StoriesResidential

Zomato Founder Purchases ₹52.3 Crore Apartment in Gurugram

NEW DELHI: Deepinder Goyal, the founder of Zomato, has purchased an expansive 11,000 sq ft apartment in Gurugram’s upscale DLF Camellias for Rs 52.3 crore, as reported by Zapkey. This purchase, made in August 2022 from DLF Ltd, has had its registration completed in March this year, according to the documentation reviewed by Zapkey. Goyal’s new residence boasts a super built-up area of 10,813 square feet and is located on Golf Course Road, DLF Phase-5. Market analysts estimate the current value of this property to be between Rs 125 crore and Rs 150 crore. Over the past three years, real…

IndustryLatest Stories

Mittal Builders, HoABL to invest ₹2,000 Cr in Mumbai project

NEW DELHI: Realty company Mittal Builders has partnered with House of Abhinandan Lodha to launch a housing project in the Mumbai Metropolitan Region with a total investment of ₹2,000 crore. On Thursday, Mittal Builders announced it has signed a Joint Development Agreement (JDA) with House of Abhinandan Lodha (HoABL) to co-develop an 11-acre project comprising 3 million sq ft, including over 4,600 apartments and high-street retail spaces. The project is anticipated to be unveiled in the second quarter of 2025-26. “The joint venture entails an investment of approximately ₹2,000 crore and a gross development value (GDV) of over ₹3,000 crore…

InfrastructureLatest Stories

Only 15 of 8,000 Villagers Choose Land Pooling in Mohali

Representative image created by AI MOHALI: The Greater Mohali Area Development Authority (GMADA) is facing significant pushback against its land pooling initiative, achieving participation from only 15 landowners out of nearly 8,000, even after a two-month application period aimed at acquiring 2,600 acres. This scheme has ignited protests among farmers across various villages in Mohali district. In a move to secure land for commercial, institutional, industrial, and residential use, GMADA opened applications, yet the response has been overwhelmingly negative, with many farmers rejecting the proposal entirely. “We have received very few applications for the land pooling option. We are trying…

InfrastructureLatest Stories

Delhi to Install Solar Panels on 989 Buildings for Savings

NEW DELHI: The Municipal Corporation of Delhi (MCD) plans to install rooftop solar power plants on 989 municipal buildings to cut down on conventional energy use and lower electricity expenses, officials announced on Wednesday. The initiative will be executed in partnership with NTPC Vidyut Vyapar Nigam Limited (NVVN), a wholly-owned subsidiary of NTPC. Under the RESCO model, the implementing agency covers installation, operation, and maintenance expenses, later recouping costs through a fixed tariff outlined in a Power Purchase Agreement (PPA). The MCD has identified a potential of 10 to 15 megawatt (MW) solar capacity across the proposed buildings, pending a…

IndustryLatest Stories

Puravankara to Co-Develop 5.5 Acres in East Bengaluru

Representative image created by AI NEW DELHI: Puravankara Group has announced a joint development on a 5.5-acre land parcel in Balagere, East Bengaluru, with a projected gross development value (GDV) exceeding ₹1,000 crore. This parcel includes a total saleable area of 0.83 million square feet, with the project expected to launch within six to nine months. According to Mallanna Sasalu, CEO-South of Puravankara, “We anticipate launching the project in the next 6-9 months, and are confident it will enhance our growing portfolio.” Earlier in the year, the company acquired a 3.63-acre site on Kanakapura Road, valued at over ₹700 crore.…

IndustryLatest Stories

Maharashtra to Legalize Subdivided Land by Jan 1, 2025

Representative image created by AI MUMBAI: The Maharashtra government is set to give legal recognition to subdivided land parcels until January 1, 2025, by easing and eventually eliminating the existing land fragmentation law, according to Revenue Minister Chandrashekhar Bawankule, who spoke to the legislative assembly on Wednesday. Bawankule mentioned that more than 50 lakh families face challenges due to land fragmentation rules. He stated that plots measuring up to one guntha (approximately 1,089 sq ft) created before January 2025 will be legalized, allowing citizens to secure official property rights. However, any plots subdivided after January will need to comply with…

IndustryLatest Stories

Valor Wins Lavasa Bid with ₹771-Crore Offer

Realty developer Valor Estate, previously known as DB Realty, has placed the highest bid of ₹771.09 crore for Lavasa Corporation, as part of the ongoing insolvency resolution for the financially troubled hill city project near Pune. This bidding process, conducted under the ‘challenge process’ of the Corporate Insolvency Resolution Process (CIRP), ended on Tuesday. “The highest bidder was determined after an intense series of 10 rounds,” noted an insider. “The committee of creditors (CoC) will continue negotiations with the applicant to optimize the value. Details regarding the timeline for final plan submissions and proof of funding will be provided separately.”…