Category: Latest Stories

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IndustryLatest Stories

Brookfield India REIT sees 13% NOI growth in Q1 FY26, plans ₹1,000 crore raise.

NEW DELHI: Brookfield India Real Estate Trust (BIRET) has announced a 13% year-on-year (YoY) increase in net operating income (NOI), reaching ₹4,986 million for the quarter ending June 30, 2025. The REIT reported gross leasing of 651,000 square feet during the quarter, achieving an average re-leasing spread of 22%. Committed occupancy improved to 89%, reflecting a 9% rise over the last 18 months since SEZ reforms, with a total of 4.6 million square feet leased across its portfolio. Income from operating lease rentals grew by 9% YoY to ₹4,583 million. The REIT also declared a distribution of ₹5.25 per unit,…

IndustryLatest Stories

SC Hearing Next Week: Sports City Builders Begin Repayment

NOIDA: In response to notices from the Noida Authority, several builders engaged in the Noida Sports City projects have begun settling their outstanding dues. A notable action includes a consortium partner of the Sector 150 Sports City project, led by Lotus Green Constructions, which has made a payment of Rs 80 crore. Officials indicated that other consortium partners in this project have also shown readiness to make payments and are expected to do so shortly. Back in March, the Authority issued notices mandating developers to clear longstanding dues within one month, as per a high court directive from February. Outstanding…

IndustryLatest Stories

Only 29% of Plots Sold in Andhra’s MIG Housing Scheme

Representative image created by AI VISAKHAPATNAM: Nearly three years after its launch, Andhra Pradesh’s ‘Smart Townships’ initiative, now known as ‘NTR Smart Townships’ under the new administration, has struggled to fulfill its commitment to providing affordable housing options for middle-income groups (MIG). Out of 36 projects initiated across various Assembly constituencies, a mere 29% of plots have been sold, generating only 23% of the anticipated revenue. Additionally, urban development authorities (UDAs) have approved 38 more projects across 37 constituencies, currently in diverse stages of development. The scheme’s underperformance can be attributed to several factors, including an income cap of ₹18…

CommercialLatest Stories

Optum Leases Office Space in Chennai’s Embassy Splendid Tech Zone

Optum Global Solutions, the Indian subsidiary of US healthcare leader UnitedHealth Group, has secured a 500,000-square-foot office space in Chennai—one of the most significant deals in South India’s commercial office sector this year. Situated in the Embassy Splendid Tech Zone, this facility will be Optum’s latest Global Capability Centre (GCC), expanding its existing presence in Noida and Bengaluru, where the company operates an area of approximately 750,000 sq ft. The agreement, finalized with rental rates around Rs 70–75 per sq ft, underscores India’s strategic importance as an innovation hub. A source familiar with the agreement noted, “This expansion will significantly…

Latest StoriesRegulatory

Ghaziabad Body to File New FIR Against Ansal Properties for Cave-In

GHAZIABAD: The Ghaziabad Development Authority is preparing to file a new FIR against Ansal Properties and Infra Ltd due to a cave-in at their Sushant Aquapolis Integrated Township that resulted in several vehicles being submerged in rainwater. The incident occurred during heavy rainfall on Thursday, exposing alleged violations by the developer. The downpour caused a 15-foot-deep crater in the basement of Apple Tower-7, where an unfenced section allowed water and debris from the nearby Shahberi drain to flood the parking area. During an inspection, GDA vice-chairperson Atul Vats identified significant infrastructural shortcomings. “The developer’s negligence in fencing one side of…

IndustryLatest Stories

Ludhiana Extends Property Tax Settlement Deadline to Aug 15

LUDHIANA: The local bodies department has extended the deadline for its one-time property tax settlement scheme to August 15, providing a chance for defaulters who missed the original deadline of July 31. This extension follows an increase in last-minute payments made at civic body suvidha centres throughout Ludhiana. Launched on May 15, the scheme allows property owners with arrears dating back to 2013-14 to clear their dues without incurring interest or penalties. Initially, the response was sluggish, but it gained traction in July. To date, the department has collected ₹15 crore under this scheme, contributing to a total property tax…

Latest StoriesRegulatory

Bengaluru Civic Body Fines Builder, Fires Officials Over Ramp Encroachment

BENGALURU: The BBMP has imposed a fine of Rs. 1 lakh on the owner of a building on MN Krishna Rao Road in Basavanagudi for unlawfully constructing a ramp on a public footpath, thereby hindering pedestrian movement. The ramp, part of a building under construction at Property No. 16, overtook the entire footpath and was covered with green netting, rendering it unusable for pedestrians. Following complaints, BBMP officials conducted an inspection and confirmed the encroachment. The ramp, rather than being confined to private property, extended across the entire pedestrian walkway, forcing people onto the road. This violation was brought to…

Latest StoriesRegulatory

DTCP Demolishes Illegal Structure in Emaar Palm Hills, Gurugram

Representative image created by AI GURUGRAM: The Department of Town and Country Planning (DTCP) has demolished an unauthorized meeting hall constructed by the Residents’ Welfare Association (RWA) of EMAAR Palm Hills in Sector 77. This structure was built in a shared open space without DTCP’s approval, contravening the designated layout plan. The department emphasized that a resolution passed in a general body meeting does not grant RWAs the legal authority to erect permanent or semi-permanent structures, particularly in green belt areas or public spaces as indicated in the layout plan. The department has warned RWAs against similar infractions in the…

Latest StoriesResidential

Rising Construction Costs Stall PMAY-G Progress in Mysuru

Representative image created by AI MYSURU: The Pradhan Mantri Awas Yojana-Gramin (PMAY-G), the government’s flagship rural housing scheme, is encountering substantial delays in the Mysuru and Chamarajanagar districts. This is largely due to rising construction material and labor costs. In Mysuru, there are 20,908 houses planned for the fiscal year 2024-25, but only 64.4% of the work has been completed so far. Chamarajanagar has made even less progress, with only 27.2% completion. Out of the 20,908 houses set for Mysuru, 13,462 beneficiaries have begun construction after receiving their allotment letters, leaving 7,466 others still awaiting theirs. In Chamarajanagar, of the…

Latest StoriesRegulatory

ED Files Extra Chargesheet on 1,700-Acre PMC-HDIL Lands

MUMBAI: The Enforcement Directorate (ED) has submitted a third supplementary chargesheet in the PMC Bank and Housing Development & Infrastructure Pvt Ltd (PMC-HDIL) loan fraud investigation. This chargesheet pertains to around 1,700 acres of land in the Sindhudurg district, which the agency has already attached and is seeking to have confiscated by the court. In the chargesheet, the ED alleges that Rakesh Wadhawan and Sarang Wadhawan, along with others, misused funds embezzled from PMC Bank to acquire agricultural land in the names of proxies, including their employees. Their intention was to sell this land at a profit for a proposed…