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.

CommercialLatest Stories

Smartworks secures ₹173.64 crore from anchor investors pre-IPO

NEW DELHI: Smartworks Coworking Spaces has secured ₹173.64 crore from anchor investors prior to its initial public offering (IPO). In a regulatory update released on Wednesday, Smartworks confirmed the allocation of 42,66,378 equity shares to anchor investors at ₹407 per share. Among the allocated shares, 32.04% were designated for three domestic mutual funds, which utilized a total of four schemes. These mutual funds are Tata Mutual Fund, Baroda BNP Paribas, and Trust Mutual Fund. Other investors include Axis New Opportunities AIF – Series II, SBI General Insurance Co. Ltd, Aditya Birla Sun Life Insurance Co. Ltd, and Societe Generale, among…

IndustryLatest Stories

Karnataka’s New Cell to Recover Builder Dues

BENGALURU: Homebuyers in Bengaluru and other parts of Karnataka can finally see some hope as the government is taking action against non-compliant builders. A dedicated ‘Recovery Cell’ is nearing establishment to ensure that real estate developers who fail to adhere to Karnataka Real Estate Regulatory Authority (K-Rera) orders regarding buyer compensation are held accountable. This step comes after prolonged frustrations faced by homebuyers who didn’t receive property ownership or compensation, despite clear orders from K-Rera. Rera chairman Rakesh Singh informed TOI that most groundwork has been done, and a final decision regarding whether the cell will operate under Rera or…

InfrastructureLatest Stories

Karnataka Legislators Explore Gujarat Town Planning Schemes

Representative image created by AI HUBBALLI: A delegation of state legislators and officials is visiting Gujarat to assess the planning and execution of town planning schemes currently in place there. The team includes Hubballi-Dharwad East MLA Prasad Abbayya, Hubballi-Dharwad West MLA Arvind Bellad, Hubballi-Dharwad Central MLA Mahesh Tenginakai, HDUDA president Shakir Sanadi, among others. Their objective is to learn from Gujarat’s successful implementation. The state government dispatched the team on Tuesday for a two-day exploration to gather information on the town planning frameworks that have been recently introduced in Gujarat. Shakir Sanadi, president of the Hubballi-Dharwad Urban Development Authority, communicated…

IndustryLatest Stories

Task Force to Fire-Audit All Commercial Buildings in Kolkata

KOLKATA: The state task force on fire safety has decided to expand its proposed audit for markets and rooftop restaurants to encompass all commercial buildings, shopping malls, hospitals, and schools. This decision was made during a task force meeting at the KMC headquarters on Monday. The audit will be conducted once the standard operating procedure (SOP) is finalized. An attendee of the meeting emphasized the need for proper water sourcing for firefighting, moving electric meters away from the entrances of commercial buildings, closely monitoring violations of fire safety norms, and enforcing stricter fire license renewal processes to ensure compliance from…

InfrastructureLatest Stories

Lucknow Civic Body Takes Over Four Sectors of Gomtinagar Extension

Representative image created by AI LUCKNOW: Residents of Gomtinagar Extension can expect improved civic amenities now that the Lucknow Development Authority (LDA) has transferred the maintenance of Sectors 1, 4, 5, and 6 to the Lucknow Municipal Corporation (LMC). This decision came after a joint inspection by teams from both organizations. Additionally, the LDA has allocated ₹40 crore to the LMC for water supply and sewage infrastructure in Gomtinagar Extension. These funds will be utilized to extend 3,000 meters of the water pipeline and 2,500 meters of the sewer line, along with other necessary upgrades. Previously, the LDA was responsible…

Latest StoriesRegulatory

Madras HC fines GCC commissioner ₹1 lakh for inaction on illegal builds

CHENNAI: The Madras High Court has levied a fine of ₹1 lakh on Greater Chennai Corporation (GCC) Commissioner J Kumaragurubaran, expressing dissatisfaction over his lack of action regarding unauthorized constructions in the Royapuram zone. The first bench, comprising Chief Justice K R Shriram and Justice Sundar Mohan, has instructed the state government to deduct this amount from the commissioner’s salary and deposit it into the Adyar Cancer Institute’s account. The order was issued in response to a contempt petition filed by advocate N Rukmanganthan, who indicated that the corporation had failed to execute a court order dated April 8, 2022,…

IndustryLatest Stories

Prestige Estates posts ₹12,126 crore sales in Q1 FY26

Sure! Here’s a rewritten version of the content: — Representative image created by AI NEW DELHI: Prestige Estates Projects has recorded sales of ₹12,126 crore in Q1 FY26, marking a nearly four-fold increase compared to the same quarter last year. The company sold 4,718 units from April to June, resulting in 9.55 million sq ft of saleable area—a 234% year-on-year growth. Collections reached ₹4,523 crore, up 55% from Q1 FY25. The average realization was ₹13,339 per sq ft for apartments and ₹7,343 per sq ft for plotted developments. NCR Fuels Growth, Mumbai Sees First Project Completions This quarter saw a…

IndustryLatest Stories

Signature Global records ₹2,640 crore pre-sales in Q1 FY26

Representative image created by AI NEW DELHI: Signatureglobal (India) reported pre-sales of ₹2,640 crore for Q1 FY26, down from ₹3,120 crore during the same period last year. The company experienced a notable increase in average sales realization, which rose by 31% year-on-year to ₹16,296 per sq ft in Q1 FY26, compared to ₹12,457 per sq ft in FY25. Pradeep Kumar Aggarwal, chairman and whole-time director, stated, “We expect strong sales momentum and are confident in achieving our annual targets across several metrics.” Collections for the quarter totaled ₹930 crore, lower than ₹1,210 crore in Q1 FY25. In terms of business…

IndustryLatest Stories

NDMC to Revise Allotment and Inter-Pool Policies for Lutyens Flats

Representative image created by AI NEW DELHI: The New Delhi Municipal Council (NDMC) is set to revise its policy regarding the allotment of flats and inter-pool housing in Lutyens’ Delhi. During the recent council meeting, it was noted that 10-11 duplex bungalows in Lutyens’ Delhi remain unvacated despite officer transfers, and that flats allocated under the inter-pool policy have not been officially transferred back to the council. The issue was brought to attention by NDMC Vice Chairman Kuljeet Chahal. Meeting minutes revealed that one ex-officio member was unable to occupy a flat months after the council’s formation due to unavailability.…

IndustryLatest Stories

50% of Sabarmati riverfront plot sale proceeds to Gujarat govt

Representative image generated by AI AHMEDABAD: On October 28, 2024, the Sabarmati Riverfront Development Corporation Ltd. (SRFDCL) approved a bid to sell development rights for a 4,420 sq m plot near Vallabhsadan, located on the western side of the riverfront, for Rs 156.13 crore. Half of the total revenue from this sale will be allocated to the state government. Sources indicate that in 2004, when the state-owned land along the banks of the Sabarmati was allocated for the riverfront development project by the revenue department, it was stipulated that 50% of total revenue from land sales should go to the…