Category: Latest Stories

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Latest StoriesResidential

Owners Protest for PG Regularisation After Sealing in Gurugram

GURUGRAM: Opposition to the Department of Town and Country Planning’s (DTCP) proposed sealing and demolition actions against illegally operating paying guest (PG) accommodations and guesthouses grew stronger on Thursday, as several operators and residents staged a protest march and mahapanchayat in DLF-3. DTCP is set to resume its sealing and demolition efforts starting July 1. The enforcement team has already begun distributing pamphlets instructing occupants of PGs and guesthouses to vacate by June 30. This protest occurs amidst ongoing actions against unauthorized constructions and commercial activities in residential areas of DLF phases 1 to 5, following directives from the Punjab…

Housing FinanceLatest Stories

RBI Expands Term Money Market Access for AIFIs, Housing Finance

MUMBAI: The central bank has permitted All India Financial Institutions (AIFIs) and housing finance companies to borrow funds from the term money market, while also increasing the borrowing limits for standalone primary dealers, as per draft master directions released Thursday. AIFIs—including the Export-Import Bank (Exim), National Bank for Agriculture and Rural Development (NABARD), National Housing Bank (NHB), Small Industries Development Bank of India (SIDBI), and National Bank for Financing Infrastructure and Development (NaBFID)—can now participate as both borrowers and lenders in the term money market, according to the RBI. Housing Finance Companies (HFCs), excluding basic-level Non-Banking Financial Companies (NBFCs), will…

Latest StoriesRegulatory

Mumbai Developer Arrested for ₹1.8 Crore Property Fraud

MUMBAI: A developer and an associate have been booked for allegedly swindling two investors out of ₹1.8 crore under the guise of allotting shops in a redevelopment project in Bandra, Mumbai, police reported on Thursday. An FIR has been registered against Saurabh Bhuta, a director of Meeti Developer, and his associate Harsha Bhuta, following a complaint by Sandip Singh Chandok, a 55-year-old automobile businessman, as confirmed by an official from Khar police station. According to police, Chandok invested ₹1.3 crore in the redevelopment project of New Kamalkunj Co-operative Housing Society in Bandra (West), while another investor, Manoj Kumar Anand, contributed…

Latest StoriesRera

Odisha REAT Directs Builder to Finalize 2018 Flat Sale Agreement

BHUBANESWAR: The Odisha Real Estate Appellate Tribunal (OREAT) has overturned a previous order that mandated a refund, instead instructing the builder of a significant housing project in Phulnakhra to finalize a sale agreement for a flat booked in 2018. The tribunal deemed the builder’s cancellation arbitrary and discriminatory. This ruling was made last week in response to a decision by the Odisha Real Estate Regulatory Authority (ORERA) from May 2024. According to case records, the buyer had booked a flat along NH-16 by paying Rs 1 lakh in November 2018, with a total cost of approximately Rs 53.6 lakh. The…

IndustryLatest Stories

Manasum Senior Living to invest ₹800 crore in nationwide growth

Representative AI image NEW DELHI: Manasum Senior Living is set to invest approximately ₹800 crore over the next five years as part of its growth strategy to expand operations throughout India. This investment aims to launch over 25 projects, helping the company reach its goal of 10,000 senior living units by 2030. Currently, projects in the planning stage have an estimated development value of around ₹5,000 crore. The company plans to allocate ₹150 crore in FY27 to initiate 10 projects. “Annually, we need to invest ₹150 crore-₹200 crore to launch projects. After 2028, additional funding will not be necessary,” stated…

Latest StoriesRera

Telangana RERA Stops Developer from Selling Flats, Orders ₹15L Refund

HYDERABAD: The Telangana Real Estate Regulatory Authority (TGRERA) has prohibited a property developer from advertising, marketing, booking, or selling units or accepting further payments for the ‘Jai Vasavis ORR Heights’ project until further notice. The authority has also mandated that the developer refund ₹14.9 lakh to the complainant, Chilakalapudi Venkateshwara Rao, with an annual interest of 10.7% calculated from the payment dates, within 60 days of receiving the order. Rao, a Ghatkesar resident, lodged a complaint against the developer on June 22. The buyer alleged misleading claims regarding project approvals. Rao stated that he invested in a residential unit for…

CommercialLatest Stories

UP Mandates 3-Year Electrical Safety Checks for Commercial Buildings

LUCKNOW: Nearly two years prior to a devastating fire in Aliganj that claimed 15 lives, the Uttar Pradesh government had issued comprehensive directives for regular electrical safety inspections and renewal of safety clearances for commercial entities to mitigate fire and electrical hazards. The directive, issued on November 9, 2023, by the then Additional Chief Secretary (Energy), Mahesh Kumar Gupta, followed a fire that occurred on September 5, 2022, at the Levana Suites hotel in Hazratganj, resulting in four fatalities. Referencing a government notification from May 6, 1994, Gupta emphasized that inspections and testing of all high-voltage, extra-high-voltage, and medium-voltage electrical…

Latest StoriesRegulatory

Lucknow: LDA Closes 71 Centres, Alerts 83 Builders on Fire Safety

LUCKNOW: Following the tragic fire at the Aliganj commercial complex that resulted in 15 fatalities on Monday, the Lucknow Development Authority (LDA) has sealed 71 businesses and issued notices to 83 commercial building owners across the city for violations of building and fire safety regulations. This action marks the first day of an extensive safety drive. Preliminary investigations revealed significant shortcomings in fire safety protocols and emergency evacuation plans at the Aliganj complex affected by the blaze. Under the directives of Chief Minister Yogi Adityanath, enforcement teams, along with representatives from the fire department and Lucknow police, undertook inspections across…

CommercialLatest Stories

India Office Leasing Jumps 6% to 35.7M sq ft in H1 2026

NEW DELHI: In the first half of 2026, India’s office market achieved 35.7 million sq ft of gross leasing across the top seven cities, reflecting a 6% increase year-on-year, as reported by Colliers India. Grade-A office space leasing reached 17.4 million sq ft in Q2 2026, marking a slight 2% decline compared to last year, amid cautious sentiment from occupiers influenced by global trade challenges and economic uncertainty. Bengaluru led office leasing with a significant 10.5 million sq ft in H1 2026, making up 29% of the overall demand. Hyderabad followed with approximately 7.2 million sq ft, showcasing a remarkable…

Latest StoriesRegulatory

NCLT Approves Mantra Properties’ Plan for Worli Project

The National Company Law Tribunal (NCLT) in Mumbai has approved Mantra Properties & Developers’ resolution plan for a stalled residential project located in Worli, Mumbai. This decision marks a significant step towards reviving a development projected to yield approximately ₹2,000 crore. The tribunal endorsed the resolution plan submitted by Mantra Properties for the insolvent Siddhi Raj Housing Projects Pvt Ltd, concluding a corporate insolvency resolution process that began in May 2023 due to a contractor’s petition. The committee of creditors (CoC) supported the plan with a 92.97% voting share. The NCLT, in its order dated June 19, affirmed that the…