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

Tech Mahindra Leases 400,000 Sq Ft Office in Hyderabad

Tech Mahindra Ltd has secured nearly 400,000 sq ft of office space in Hyderabad through a long-term lease, marking one of the year’s largest office leasing transactions in the city. This move underscores the persistent demand for premium workspaces among tech companies. The IT services giant has leased the entire 12th, 13th, 14th, and 15th floors in Blocks A and B at Aparna IT Hub located in Kondapur village, Serilingampally Mandal, Ranga Reddy district, Telangana. The lease covers 397,497 sq ft and has a starting monthly rental of ₹3.06 crore, which equates to ₹77 per sq ft per month, according…

IndustryLatest Stories

NIFCO Japan Leases 5.13 Acres in Maharashtra for Factory

Representative AI image NIFCO India, part of Japan’s NIFCO Inc, has signed a long-term lease with Inspira Realty for a 5.13-acre industrial site at its Shendra MIDC industrial and warehousing park in Chhatrapati Sambhaji Nagar. This expansion aims to enhance the automotive component manufacturer’s production capabilities in India. The area spans 2,23,561 sq. ft. and will accommodate the company’s fourth manufacturing facility in India, further bolstering its existing production network to meet the rising demand from local automakers. “India remains a strategically vital market for NIFCO due to continuous growth in the automotive sector and changing customer needs. Our new…

Latest StoriesRegulatory

Raipur: 84,000 Tax Defaulters Targeted for ₹400-Cr Revenue

RAIPUR: As the June 30 deadline approaches for a 6.25% rebate for timely taxpayers, the Raipur Municipal Corporation (RMC) is set to take strong measures against 84,000 property tax defaulters in an effort to achieve an annual revenue goal exceeding ₹400 crore. The RMC aims to surpass the ₹400-crore revenue target to enhance its financial independence. According to officials, recent recovery efforts have shown positive outcomes, with collections reaching ₹1 crore daily during peak times. The corporation is utilizing Geographic Information System (GIS) technology to identify remaining tax evaders among the city’s 3.46 lakh registered properties by comparing physical structures…

IndustryLatest Stories

Maharashtra’s Vertical Property Cards Await Legal Approval in Assembly

PUNE: The much-anticipated discussion around the proposed vertical property cards for apartment owners is set for the upcoming monsoon session of the state legislature starting Monday. This initiative aims to establish independent ownership records for flats and is currently pending final legal approval, according to officials from the state settlement commissioner’s office, as reported by TOI. Officials indicate that the proposal is presently with the law and judiciary department, following several rounds of assessment and modifications. A senior official noted, “The proposal has now been sent to the government for its final review. Given that its implementation necessitates adjustments to…

Latest StoriesRera

Lawyers: MahaRERA should leverage tech for project compliance

MUMBAI: MahaRERA has issued show-cause notices to 9,177 housing projects in Maharashtra and imposed more than Rs 15 crore in penalties for not submitting their quarterly progress reports (QPRs). This has prompted concerns regarding the regulator’s capability to examine the disclosures made by developers and ensure adherence to the Real Estate (Regulation and Development) Act, 2016 (RERA). Lawyers and housing activists argue that MahaRERA lacks sufficient infrastructure to systematically verify the self-declarations and documents provided by promoters. They recommend implementing random inspections, independent verifications, and technology-enhanced monitoring, such as AI, to ensure compliance. According to them, current scrutiny remains largely…

Latest StoriesRegulatory

Builder ordered to refund ₹12.5 lakh plus interest to buyer

MUMBAI: The Maharashtra State Consumer Commission has ordered Emnoy Properties India LLP, along with its partners and other real estate entities, to refund Rs 12.5 lakh, plus 12% annual interest, to Mumbai residents Mohammed Zain Khan and his mother, Naseema Khan, over a dispute concerning a bungalow plot in Lonavala. Additionally, they awarded Rs 2 lakh for mental distress and Rs 50,000 for legal costs. Customers reported project delays and title disputes. The complaint revealed that in 2012, Mohammed Zain Khan, an attorney, and his mother purchased a bungalow plot under the “Valvan Valley” project, assured that the development would…

IndustryLatest Stories

As Noida Airport Opens, Attention Turns to Aerocity Development

Sure! Here’s a rewritten version of the content: Representative AI image NOIDA: With commercial flights now operating from Noida International Airport, the area surrounding this greenfield hub is set for a significant transformation—from open land and industrial plots to a bustling aerotropolis featuring hotels, malls, multiplexes, logistics parks, and business districts. For the Yamuna Expressway Industrial Development Authority (YEIDA), the commencement of passenger operations on June 15 and cargo services on June 17 represents more than just aviation activity; it serves as the catalyst for an airport-driven urban ecosystem that has been in the works for years. An aerotropolis refers…

Latest StoriesRegulatory

Bhopal: EOW Charges Hilltop Society Leaders in Fraud Case

BHOPAL: The Economic Offences Wing (EOW) has initiated legal action against the office-bearers of the Hilltop Housing Cooperative Society in Bhopal. They are accused of defrauding members by collecting substantial sums over 40 years without providing promised plot ownership. This case arose from inquiries into multiple complaints by society members, notably Narendra Nathani. Evidence discovered by the EOW indicates that members paid the full price for their plots and additional development charges but never received their land. Investigators allege that although sale deeds were issued in members’ names, the society retained the original documentation and supplied only photocopies, allowing for…

IndustryLatest Stories

Chennai Development Body to Focus on Urban Planning, Exit Construction

CHENNAI: Following two years of spending nearly ₹3,000 crore and accumulating a deficit of ₹1,500 crore, the Chennai Metropolitan Development Authority (CMDA) has resolved to cease construction activities and refocus on its primary responsibilities of urban planning and approvals. During the past two years, CMDA financed various projects including the Vada Chennai Valarchi Thittam, Mudhalvarin Padaipagams, and several bus terminuses, along with improvements to libraries and the ornamental fish market, alongside infrastructure development throughout the city. “We have spent about ₹3,000 crore on construction, leading to a negative balance of ₹1,500 crore. There are no funds available for new projects,…

IndustryLatest Stories

August Launch: 5 Private Property Registration Hubs, 1 in Pune

PUNE: The state registration department is set to launch its first five private model sub-registrar offices, including one in the city, this August. A senior official revealed that two offices will be established in Mumbai, one in Navi Mumbai, and another in Nagpur during the initial phase. This initiative is part of the registration department’s broader plan to create 60 model registration centres across the state through public-private partnerships, while maintaining the existing 517 government-run offices. The private operator has assured that these first five centres will commence operations between August 1 and August 30, with the original target being…