Category: Latest Stories

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IndustryLatest Stories

Sri Lotus Developers IPO Oversubscribed 69.14x

NEW DELHI: The initial public offering (IPO) of Sri Lotus Developers and Realty Ltd, featuring prominent Bollywood figures and notable investor Ashish Kacholia, was oversubscribed 69.14 times by the close of bidding on Friday. According to NSE data, the IPO received bids for 2,74,18,69,400 shares against an available 3,96,58,730 shares. The segment for qualified institutional buyers (QIBs) was particularly robust, with a subscription of 163.90 times, while non-institutional investors saw a subscription rate of 57.71 times. Retail individual investors (RIIs) contributed a subscription rate of 20.28 times. Sri Lotus Developers secured Rs 237 crore from institutional investors on Tuesday. The…

Latest StoriesResidential

Delhi to Revise Policy, Approach Court for Slum Dwellers’ Rights

NEW DELHI: Chief Minister Rekha Gupta declared on Friday that no slum residents in Delhi will face harassment. She emphasized that her government is prepared to amend existing policies and may even seek court intervention to safeguard their housing rights. Gupta urged all governmental bodies, including the Indian Railways and the Delhi Development Authority (DDA), to avoid demolishing jhuggi-jhopri (JJ) clusters within the city. She stated that adjustments to the slum policy could occur if necessary to protect the inhabitants’ rights. The government plans to renovate 50,000 old houses constructed under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) scheme,…

Latest StoriesRera

Haryana RERA Orders 11% Refund to Builder in Restaurant Dispute

GURUGRAM: The Haryana Real Estate Regulatory Authority (H-Rera) has directed a developer to refund the amount paid by a buyer for opening a restaurant in Sector 109. However, the cancellation of the booking was upheld as no agreement was signed between the two parties. The complaint was raised by Atombridge Networks, which had reserved a restaurant unit in the Neo Square project in Sector 109 and paid a booking amount of ₹2.5 lakh as an advance on September 2, 2018. The firm made additional payments, totaling ₹42.5 lakh, despite a builder-buyer agreement not being executed. The complainant claimed that the…

Housing FinanceLatest Stories

LIC Housing Finance Q1 FY26 Net Profit Up 4.41%

NEW DELHI: LIC Housing Finance has announced a 4.41% increase in its net consolidated profit for the quarter ending June 30, 2025. The profit after tax reached ₹1,364 crore in Q1 FY26, compared to ₹1,306.40 crore from the same quarter last year, as per a BSE filing. The company reported a net consolidated total income of ₹7,250.16 crore in Q1 FY26, reflecting a 6.67% growth from ₹6,796.85 crore in the previous fiscal year’s same quarter. Tribhuwan Adhikari, the managing director and CEO, stated, “This year has begun positively, as we have lowered lending rates during this quarter following the RBI’s…

IndustryLatest Stories

Sebi aims to expand strategic investor definition for REITs, InvITs

NEW DELHI: On Friday, Sebi suggested expanding the definition of ‘strategic investor’ in the REIT and InvIT regulations to include Qualified Institutional Buyers (QIBs) and specific categories of Foreign Portfolio Investors (FPIs) to attract more institutional investments. In a consultation paper, Sebi pointed out that the existing definition is overly restrictive, excluding significant institutional investors like pension funds, provident funds, and insurance funds. These entities are active in the REIT and InvIT sectors due to their preference for long-term, stable income-generating investments, but they are currently ineligible for classification as strategic investors. Sebi proposed that the definition be revised to…

Latest StoriesResidential

Lucknow property prices soar 25% with new circle rates

LUCKNOW: Beginning Friday, property prices in Lucknow are set to rise by as much as 25% due to the implementation of revised circle rates. These rates represent the minimum property price used to calculate stamp duty fees. The circle rates have been updated for the first time in a decade, with increases ranging from 15% to 25%, influenced by the property’s location and type. According to Assistant Inspector General of Stamps, Ramesh Chand, the last revision took place in 2015. He noted, “Prices for agricultural land have risen by 15%, while non-agricultural land prices for housing have surged by 20%…

IndustryLatest Stories

Delhi CM calls for builders to adopt public-private partnerships

NEW DELHI: Chief Minister Rekha Gupta has assured the real estate sector that the government will require two years to address the capital’s developmental backlog from the past decade. “We encourage industry members and developers to present PPP models for the creation of state-of-the-art hospitals, schools, shopping malls, and infrastructure, with the government providing full policy and financial support,” stated Gupta. Speaking at the National Real Estate Development Council (NAREDCO) conference, which announced its 17th national convention scheduled for August 29–30, 2025, in New Delhi, she emphasized, “Our vision is to transform all slums in Delhi into permanent housing. We…

Housing FinanceLatest Stories

PNB Housing Finance CEO Steps Down

NEW DELHI: Girish Kousgi, the Managing Director and CEO of PNB Housing Finance, has resigned from his position. Kousgi submitted his resignation on July 30, 2025, to explore new opportunities. The board accepted it with an effective resignation date of October 28, 2025. Additionally, the board noted that Kousgi will no longer serve as a director on the boards of PHFL Home Loans and Services, and PEHEL Foundation, both subsidiaries of the company, effective from October 28, 2025. R. Chandrasekaran, the chairman of the nomination and remuneration committee at PNB Housing Finance, stated, “The board will commence a thorough, transparent,…

Latest StoriesRegulatory

ED Raids Ozone Urbana Developers Over Homebuyers’ Fraud

BENGALURU: The Enforcement Directorate (ED) has executed searches on a Bengaluru-based real estate firm and its promoters, who are accused of defrauding home buyers of several crores in connection with the sale of flats in their residential project, according to official sources. At least ten locations associated with Ozone Urbana Developers Pvt. Ltd. and its key management were searched in Bangalore and Mumbai under the Prevention of Money Laundering Act (PMLA). The main promoter of the company is Satyamoorthi Vasudevan. The ED initiated action against the company and its promoters following multiple police FIRs concerning their residential project named Ozone…

IndustryLatest Stories

Godrej Properties Q1 FY26 Net Profit Up 15.34%

NEW DELHI: Godrej Properties (GPL) has reported a 15.34% increase in its net consolidated profit for the quarter ending June 30, 2025. The profit after tax reached ₹598.80 crore in Q1 FY26, compared to ₹518.80 crore in the same quarter of the previous fiscal year, according to a BSE filing. The net consolidated total income for the company was ₹1,620.34 crore in Q1 FY26, reflecting a 4.66% decline from ₹1,699.48 crore recorded in the same quarter last year. Pirojsha Godrej, Executive Chairperson, stated, “Our business development since FY23, with a future booking value exceeding ₹90,000 crore, provides us with significant…