Category: Top Stories

Catch the top real estate stories or News, breaking news, and major market developments. Get quick access to the most important updates shaping the property sector, from policy changes to investment trends.

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Mumbai police books Padmavati Maitri Corporation, promoter for housing project fraud

MUMBAI: The city police have booked a city developer, Apurva Paresh Shah, his firm Padmavati Maitri Corporation LLP, and several associates for allegedly cheating a construction contractor and his family-run companies of nearly Rs 6 crore. Based on complaints of construction consultant Bharat Patel, Dindoshi police booked Shah and others for cheating, misappropriation of funds, and criminal conspiracy. The case pertains to the Maitri Gaurav Hsg Soc redevelopment project in Pahadi Village, Goregaon. According to the complaint filed by Patel, he and his family’s companies—Vaibhav Corp, Rashmi Buildcon, and Radhe Civicon Pvt. Ltd —were brought on board to execute the…

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CBI registers FIR against Supertech, promoter for allegedly defrauding IDBI Bank of ₹126.07 crore

NEW DELHI: The CBI has registered an FIR against Noida-based construction firm Supertech Limited and its promoter R K Arora among others for allegedly defrauding IDBI Bank of Rs 126.07 crore, officials said Saturday. Arora has been named in the FIR alongside whole-time directors Sangita Arora, Mohit Arora, Parul Arora, Vikas Kansal, Pradeep Kumar, Anil Kumar Sharma, and Anil Kumar Jain, in addition to the Noida-based company, they said. On Saturday, the CBI conducted coordinated search operations at five locations linked to the accused, including official and residential premises in Noida and Ghaziabad, in connection with the case. During the…

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Blackstone gets CCI nod to acquire stake in Kolte-Patil Developers

NEW DELHI: Blackstone has received approval from the Competition Commission of India (CCI) for its proposed investment in Kolte-Patil Developers through a combination of preferential allotment and secondary share purchase. In March 2025, the company had announced about a proposed equity infusion via preferential allotment and secondary share acquisition by BREP Asia III India Holding Co VII, an affiliate of Blackstone. The transaction involves a two-pronged investment structure, cumulatively valued at approximately ₹1,167 crore. As part of the deal, Kolte-Patil Developers will issue 1,26,75,685 equity shares on a preferential basis to BREP Asia III India Holding Co VII. The shares,…

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Apple India leases 12,616 sq ft space at Sky City Mall in Mumbai

NEW DELHI: iPhone maker Apple India has taken on lease 12,616 square feet area in Sky City Mall at Borivali East, Mumbai for a minimum monthly rent of Rs 17.35 lakh, according to CRE Matrix. Real estate data analytics firm CRE Matrix has reviewed the lease agreement of Apple India, which currently has two stores, one each in Mumbai and New Delhi. Premium mobile device maker Apple India has leased this space from Incline Realty for a period of 10 years and 10 months. The rent free period is 10 months. The starting monthly rent is Rs 138 per square…

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Uttar Pradesh set to sign fresh lease with third-party developers for 13 Sports City projects

NOIDA: Yamuna Expressway Industrial Development Authority (YEIDA) is set to execute fresh lease deeds with third-party developers of 13 Sports City projects, following an Allahabad High Court decision allowing it to cancel the allotment of 1,000 hectares to Jaiprakash Associates Ltd in March this year. Officials said these 13 projects involved 13,132 buyers across sectors 25 and 19. According to them, executing the fresh deeds had become mandatory following the HC’s decision, which nullified every reference to JAL in previous agreements. Apart from these lease deeds, a new tripartite agreement will be signed between the developers, homebuyers and YEIDA. While…

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NCLAT upholds insolvency proceedings against Jaypee Cement Corp

NEW DELHI: The insolvency appellate tribunal has approved the insolvency proceedings against the debt-ridden Jaypee Cement, upholding an earlier order passed by the National Company Law Tribunal (NCLT). A two-member bench of the NCLAT rejected the appeal filed by Alok Gaur against the NCLT order, saying the debt and default matter is proved, and it did not find any error in the order directing the initiation of insolvency proceedings. The National Company Law Appellate Tribunal (NCLAT) rejected Gaur’s submission that its parent firm Jaiprakash Associates Ltd (JAL) has signed an MRA (Master Restructuring Agreement) with lenders, undertaken to discharge its…

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Maharashtra CM approves Dharavi master plan

MUMBAI: CM Fadnavis approved the Dharavi redevelopment master plan, after a detailed presentation by SVR Srinivas, Dharavi Redevelopment Project CEO, Wednesday night and stressed that it should preserve the basic commercial identity of Dharavi and its original features. “Everyone who is the original resident of this place should be given a house. Everyone should get justice… though criteria will be different,” said Fadnavis, according to a press release. Sources said the first tranche of slum rehabilitation buildings is being constructed on a 28-acre railway land at Mahim. Each eligible household will be given a 350 sq ft home with two…

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Prestige Estates Projects posts net profit of ₹43.10 crore in Q4 FY25

NEW DELHI: Prestige Estates Projects has reported net consolidated profit after tax of ₹43.10 crore during the quarter ended March 31, 2025. Its profit stood at ₹235.90 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing. The company’s net consolidated total income stood at ₹1,589.30 crore in Q4 FY25, a dip of 28.81 per cent from ₹2,232.50 crore it recorded in the similar quarter last year. The board of directors recommended payment of final dividend @18 % (₹1.8 per share) on the equity shares of the company for the year ended March 31,…

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O3plus’ managing director buys bungalow in Delhi for ₹72 crore

Vineet Kapur, founder and managing director of skincare firm O3plus, and his wife Sonia Kapur have together bought a bungalow at Delhi’s Vasant Vihar area for Rs 72 crore. According to documents accessed through CRE Matrix, a real estate data analytics firm, Kapur has paid Rs 1.8 crore stamp duty for the bunglow that stands on a 663 sq m plot. The transaction was registered in the first week of April. Recently, Eleannt Enterprises had acquired a 1,280-sq yd plot in Vasant Vihar for Rs 95 crore. “India’s luxury housing market has experienced a surge in sales over the past…