Category: Latest Stories

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CommercialLatest Stories

Charles Schwab Leases 3.45 Lakh Sq Ft Office in Hyderabad

BENGALURU: Charles Schwab, a US-based financial services firm, has leased approximately 3.45 lakh sq ft of office space in Gachibowli, Hyderabad, as part of its expansion of global capability center (GCC) operations in India. The company has secured space in Phoenix Equinox Tower 2, a commercial property owned by Phoenix IT City Private Limited, located in Hyderabad’s prime IT corridor. According to documents from Propstack, “The five-year lease, based on the escalation structure, could result in a total rental commitment of around Rs 247 crore. The agreement also includes an annual rental increase of 5%, with a security deposit of…

Latest StoriesResidential

DDA to Manage Daily Upkeep of Flats from April

NEW DELHI: In a strategic initiative to enhance flat sales, including those built before 2021, the Delhi Development Authority (DDA) will now oversee the daily maintenance of these housing complexes. The DDA will levy quarterly fees from flat owners to provide essential services such as security, maintenance of communal areas, cleaning of rooftop and water tanks, upkeep of basements, and management of electrical installations and elevators. The services will extend to minor repairs of shared spaces—like staircases, lift lobbies, and corridors—as well as maintaining water supply lines for horticulture. The DDA will continue its maintenance operations until occupancy in a…

CommercialLatest Stories

ICICI Prudential AIF Buys Pune IT Park for ₹520 Crore

An alternative investment fund managed by ICICI Prudential Asset Management Company has successfully acquired a grade-A office property in Pune as part of its initiative aimed at enhancing a portfolio of income-generating commercial real estate. The acquisition was made through the ICICI Prudential Office Yield Optimiser Fund-Series II, which purchased approximately 388,000 sq ft at Aditya Shagun Infinity IT Park in Baner, Pune, for around Rs 520 crore, according to sources familiar with the deal. The property was developed by K Raheja Group and Shagun Developers. The asset is currently leased to reputable tenants including Eaton Corporation, Accenture, and Jaguar…

IndustryLatest Stories

Hutment Sale Scam Resurfaces for HDIL

MUMBAI: The Economic Offences Wing (EOW) of the Mumbai Police has uncovered an alleged housing scam involving Rs 150 crore. Home possession documents intended for approximately 1,000 residents of slum rehabilitation were reportedly sold to third-party buyers. The company at the heart of this alleged scheme is Housing Development and Infrastructure Ltd (HDIL) Group. The EOW investigation suggests that top executives of HDIL might be involved, although the firm’s lawyers have refuted this claim to Mirror. The EOW filed its chargesheet on Thursday, naming HDIL promoters the Wadhwans and their associates while also awaiting the Slum Rehabilitation Authority’s (SRA) feedback…

Latest StoriesRegulatory

Ludhiana Issues Notices to Builders Over Unapproved Constructions

Sure! Here’s a rewritten version of your content: Representative Image LUDHIANA: In a strong move against unregulated development, the Greater Ludhiana Area Development Authority (GLADA) has issued warnings to owners of unauthorized constructions. This action is part of a broader initiative targeting structures that do not comply with official building regulations. Recently, a notice was issued to a property owner for carrying out commercial activities and exceeding the sanctioned building limits as per the permit granted on April 19, 2024. Another notice followed due to a serious structural violation where the owner constructed a basement along with four additional floors,…

Latest StoriesRera

11% Interest from March 2021 Until Handover: Haryana RERA to Burman Estate

GURUGRAM: Five years later, the Haryana Real Estate Regulatory Authority (HRera) has ordered a developer to compensate two allottees for delays in possession, citing the promoter’s failure to deliver within the agreed timeline. Rera member Phool Singh Saini issued the directive against Burman Estate Pvt Ltd, responding to a complaint from South Extension residents Nidhi Aggarwal and Deepak Aggarwal regarding the delayed handover of a serviced apartment in the Gurgaon Spectrum Centre project, which was due for possession by March 15, 2021. Rera has mandated the developer to pay interest for the delayed possession at a rate of 10.80% per…

Latest StoriesRegulatory

NGT Orders Ghaziabad DM to Clear Lakefront Residential Colony

GHAZIABAD: The National Green Tribunal (NGT) has identified a portion of land in Pasunda village, Loni, previously documented as a lake in revenue records, where a residential project is being developed. The tribunal has ordered the district administration to eliminate encroachments and safeguard the waterbody. An NGO, Society for Voice of Human Rights and Justice, filed the case, claiming illegal conversion of the lake into a residential colony. The petition referenced alterations in land mutation for development by Mahalaxmi Land and Finance Company involving survey numbers 1564 and 2476. The petitioner stated that approximately 0.961 hectares of land under revenue…

IndustryLatest Stories

Uttar Pradesh: Water Bodies Required for 10-Acre Projects

Representative AI image LUCKNOW: The housing department has mandated that construction firms and individuals undertaking residential, commercial, mixed-use, or other real estate projects of 10 acres or more must allocate 1% of the land for a waterbody. This initiative aims to enhance groundwater recharge, as the water from the reservoir will be recycled for non-potable purposes like cleaning, green maintenance, and dust suppression. While existing provisions for rainwater conservation in group housing projects are present, incorporating a waterbody in the layout will facilitate water diversion and recycling for diverse daily needs. Senior officials from the department emphasized their goal of…

Latest StoriesResidential

Nayanthara Purchases ₹31.5 Crore Duplex in Poes Garden, Chennai

File Photo South Indian actress Nayanthara and her husband Vignesh Shivan have purchased a duplex apartment in the Legacy project at Poes Garden, Chennai, for ₹31.5 crore. Data from Zapkey indicates that the property was acquired from Landmark Metro Projects. The transaction valued the property at ₹21,946 per sq ft, with Nayanthara owning 90% and Vignesh the remaining share. The unit, which occupies the 4th and 5th floors, covers a super built-up area of 14,369 sq ft, with an undivided land share of 5,308 sq ft and eight covered parking slots. The market value is recorded at ₹40 crore, attracting…

InfrastructureLatest Stories

Maharashtra CM unveils ₹23,487-crore metro to Gateway of India

MUMBAI: Maharashtra Chief Minister Devendra Fadnavis unveiled significant infrastructure initiatives during the Budget 2026-27 presentation on Friday. Among these projects are plans for an underground tunnel network in Mumbai and Pune, as well as a Rs 23,487-crore metro line leading to the Gateway of India. In his Budget address to the assembly, Fadnavis indicated that the government aims to construct 1,200 km of metro lines and over 6,000 km of expressways to establish a seamless connectivity system for both passenger and freight transportation by 2047. He noted that efforts are underway for a 490 km metro network in Mumbai, Pune,…