9 minutes ago

Shapoorji Pallonji Real Estate (SPRE) will host a two-day property expo in Gurugram, bringing together residential projects from six major Indian cities, including Mumbai, Pune and Bengaluru. The event will showcase a range of offerings spanning apartments, villas and plots, with ticket sizes ranging from INR 60 lakh to INR 25 crore. The initiative comes amid sustained investor interest and evolving buyer preferences towards multi-city investment opportunities. The expo is designed to enable prospective buyers to evaluate projects across markets, engage with developers and access advisory support at a single platform. The company expects participation from both end-users and investors, reflecting continued traction in residential real estate demand.Read more

39 minutes ago

Vedanta Ltd has approved May 1 as the effective and record date for its proposed demerger, under which its aluminium, power, oil and gas, and iron ore businesses will be spun off into four separately listed entities. Shareholders will receive equity in each new entity in a 1:1 ratio. The restructuring includes the creation of Vedanta Aluminium Metal, Vedanta Power, Vedanta Oil and Gas, and Vedanta Iron and Steel. The move forms part of a broader reorganisation aimed at simplifying the corporate structure and enabling independent business operations. The company had earlier extended the overall demerger timeline to the end of June, pending regulatory approvals.Read more

1 hour ago

The Central Bureau of Investigation has arrested two senior executives of Reliance Communications in connection with an alleged bank fraud case linked to credit facilities extended by State Bank of India. The case involves a reported wrongful loss of INR 2,929.05 crore to SBI and a wider exposure of INR 19,694 crore across 17 public sector banks and financial institutions. The investigation points to fund diversion through shell entities and misuse of Letters of Credit for non-genuine transactions. The agency has indicated that the executives played key roles in managing banking operations and fund utilisation within the company.Read more

1 hour ago

Neinor Homes has announced a planned leadership transition, with current CEO Borja García-Egotxeaga set to step down at the end of 2026. The company has named its Chief Financial Officer, Jordi Argemi, as the successor, with a phased transition already underway. Argemi has been appointed co-CEO and will take full charge from 2027. The move is aimed at ensuring continuity following a period of expansion in Spain’s residential sector. Argemi has played a key role in several major deals, including mergers, partnerships, and acquisitions that have shaped Neinor’s growth strategy in recent years.Read more

5 hours ago

Ventive Hospitality, promoted by Panchshil Realty and backed by Blackstone, is expanding its Maldives-led hotel portfolio into new international and regional markets. The company currently operates multiple luxury and upscale hospitality assets in the Maldives, which remain a key revenue contributor. It is now working on diversifying its presence by exploring additional tourism destinations while continuing its focus on premium leisure hospitality. The strategy also includes strengthening partnerships with global hotel brands and scaling its broader hotel pipeline across India and overseas markets for balanced long-term growth.Read more

5 hours ago

FBG Holdings Bhd announced that its subsidiary has accepted a letter of award from MTD Construction for a specialist contractor role in the MIROS crash test facilities laboratory equipment project. The contract, valued at MYR 40.2 million, marks a significant addition to the company’s order book. The project involves supplying and managing specialised laboratory systems for crash testing infrastructure. This development reflects steady demand in infrastructure-linked technical projects and follows similar contract wins by regional construction-linked firms in recent quarters.Read more

6 hours ago

PNB Housing Finance reported a 19 per cent year-on-year increase in net profit to INR 656 crore for the March quarter, supported by higher interest income and loan growth. Total income rose to INR 2,172 crore, while assets under management expanded 13 per cent to INR 90,921 crore. Net interest income also recorded growth, although margins saw a marginal decline. Asset quality improved with a reduction in gross NPAs. For the full financial year, the lender reported an 18 per cent rise in profit and announced a dividend of INR 8 per share, subject to shareholder approval.Read more

6 hours ago

The Maharashtra home department has been evaluating a recently cleared slum land parcel in Deonar, Mumbai, for developing a new prison facility. The land, which has been freed after rehabilitation and related redevelopment activity, is being studied as a possible site for the city’s third jail due to increasing pressure on existing correctional facilities. The proposal comes amid earlier challenges in identifying suitable urban land, including issues related to marshy terrain, transport connectivity, and CRZ restrictions at alternative locations. The plan is still at the consideration stage, with multiple departments reviewing feasibility and land reservation requirements.Read more

7 hours ago

The Ministry of Micro, Small and Medium Enterprises has partnered with NICDC Logistics Data Services Limited to improve logistics efficiency through better data access. The collaboration will enable integration of logistics data with MSME systems using API-based technology, helping businesses track freight movement and plan operations more effectively. The initiative aims to reduce delays, optimise costs and support informed decision-making. It also aligns with ongoing government efforts to digitise supply chains and address structural challenges such as high logistics costs and fragmented systems impacting MSME growth.Read more

7 hours ago

CapitaLand Integrated Commercial Trust has entered into two major transactions in Singapore, involving the sale of Asia Square Tower 2 and the acquisition of Paragon. The combined deal value stands at around SGD 6.4 billion. The move reflects the trust’s strategy to shift capital from a leasehold office asset to a freehold mixed-use development with stronger returns. The sale is expected to generate a notable gain, while the acquisition is likely to improve distribution per unit. The transactions also highlight continued investor interest in prime Singapore real estate assets.Read more

8 hours ago

The Enforcement Directorate has carried out another round of searches at premises linked to Kolkata-based Merlin Group as part of its ongoing money laundering investigation. The case relates to alleged irregularities in land acquisition, use of forged ownership documents and suspicious financial transactions in real estate projects. The agency is also reviewing possible connections with public officials and political figures. This follows earlier action taken in the past week, indicating a deeper probe into fund flows, project structures and ownership patterns under the Prevention of Money Laundering Act.Read more

Pune News Desk

8 hours ago

Welspun Enterprises has leased over 4.5 lakh sq ft of office space in Hinjewadi, Pune, marking one of the largest commercial leasing transactions in the city in recent months. The space, located in a Grade A IT park, has been taken on a five-year lease with a total rental commitment exceeding INR 82 crore. The deal reflects sustained occupier demand in Pune’s western IT corridor, driven by expansion plans of domestic firms and continued traction from Global Capability Centres. Hinjewadi remains a key micro-market for large-format office transactions.Read more

9 hours ago

Maha Metro has made it mandatory to obtain a No Objection Certificate before starting any construction, excavation, or utility-related work within 20 metres of Pune Metro tunnels and viaducts. The decision has been taken after recent incidents of unauthorised digging that led to structural damage near metro infrastructure. The rule applies to builders, developers, housing societies, and government agencies. Activities such as borewell drilling, foundation work, and laying of utility lines are included. Authorities have warned of strict legal action and recovery of damages for violations.Read more

9 hours ago

Viyaara Realty has completed and delivered its residential project, The Nest – Smart Cozy Homes, in Taloja ahead of the committed RERA timeline. The project, launched in mid-2022, saw all 325 units sold, indicating strong buyer demand in the micro-market. Spread across 1.5 acres, it offers a mix of 1 BHK and 2 BHK units along with select configurations. Located in a growing Navi Mumbai node, the development benefits from strong connectivity and upcoming infrastructure projects. With smart home features and lifestyle amenities, the project reflects changing buyer preferences toward tech-enabled and efficient living spaces.Read more

10 hours ago

US homebuilders are expected to report another difficult year as rising tariffs, ongoing geopolitical tensions involving Iran, and elevated inflation continue to compress margins and weaken buyer demand. Analysts note that the sector is still dealing with the effects of underproduction caused by past labour shortages and restrictive zoning rules, which have kept home prices high. Builders are increasingly relying on incentives such as mortgage rate buydowns to sustain sales. Spring demand has been weaker than previous years, with industry observers flagging continued cost pressure and uncertain recovery in housing activity.Read more

10 hours ago

The Allahabad High Court has stopped the proposed demolition of 48 residential and commercial properties in the Dibiyapur area of Auraiya district and ordered maintenance of status quo. The court has asked the state government to file its response within a week after petitioners challenged the demolition action linked to a government order. The matter was brought before the court on an urgent basis as demolition was expected to begin on April 16. The next hearing is scheduled for April 29, when further directions will be considered.Read more

11 hours ago

National Australia Bank has indicated a sharp rise in credit impairment charges for the first half of the year, driven by global uncertainty linked to the ongoing Iran conflict. The lender expects higher bad debts as economic risks increase, particularly affecting sectors like transport, agriculture, construction and commercial real estate. Additional provisioning and market volatility are likely to impact its capital position. The bank also plans to raise funds through a discounted dividend reinvestment plan. This move follows a similar step by Westpac, highlighting broader stress in the banking sector due to global inflation and interest rate pressures.Read more

11 hours ago

Air India plans to complete retrofitting of eight legacy Boeing 787-8 aircraft within the current year as part of its fleet modernisation programme. The airline has already inducted its first upgraded aircraft, featuring a three-class configuration with business, premium economy and economy seating. The retrofit programme covers 26 legacy Boeing 787-8 planes, forming a key part of Air India’s long-haul operations. The airline expects to complete 85 per cent of the upgrades by 2027, with full completion targeted by early 2028. The initiative is part of the Tata Group-owned carrier’s broader transformation strategy to improve customer experience and operational efficiency.Read more

12 hours ago

Brookfield India Real Estate Trust has launched an institutional placement of units with a floor price set at INR 329.94 per unit, as part of its ongoing capital raising strategy. The move comes after unitholder approval for fundraising through institutional routes and is expected to attract strong interest from global and domestic investors. The placement is aimed at strengthening the REIT’s balance sheet and supporting future acquisitions and growth initiatives across its Grade-A office portfolio. Institutional participation, including global funds, reflects continued confidence in India’s commercial real estate sector despite evolving market conditions.Read more

12 hours ago

The National Green Tribunal has directed strict action against a brick kiln in Rewari after it was found operating in violation of environmental norms. The tribunal instructed the Haryana State Pollution Control Board to verify whether the unit holds a valid Consent to Operate and to shut it down immediately if it is found non-compliant. The matter arose from complaints of illegal functioning despite earlier cancellation of consent and administrative action. The case highlights ongoing concerns around enforcement gaps and pollution caused by brick kilns in the region.Read more

13 hours ago

Adani Enterprises Limited has incorporated three wholly owned subsidiaries through its step-down unit Adani Airport City Limited to drive real estate and hospitality development across key airport locations. The new entities—Adani Navi Mumbai Airport City, Adani Guwahati Airport City and Adani Ahmedabad Airport City—will undertake construction and operate hotels with integrated facilities such as restaurants, banquets and business centres. Each entity has been set up with a paid-up capital of INR 10 lakh. The move aligns with the group’s broader airport city expansion strategy and its planned USD 15 billion investment to scale airport infrastructure and associated developments.Read more

13 hours ago

YIT Oyj has started construction of an educational building at the Tikkurila Competence Campus after entering into an agreement with VTK Kiinteistot for the implementation phase of the project. The contract, valued at around EUR 77 million, marks a key step in the development of the campus, which is aimed at strengthening educational infrastructure in the region. The project aligns with YIT’s focus on public infrastructure and institutional developments. The campus is expected to support modern learning environments and contribute to long-term urban development goals in Finland.Read more

14 hours ago

Haryana is evaluating the introduction of the Glydways pod taxi system to improve urban transport in high-density cities. The proposal was discussed with Suzuki Motor Corporation and Glydways, focusing on feasibility, route planning, and funding through a PPP model. Gurugram has been identified as a likely starting point due to rising congestion. The system uses small, driverless pods on dedicated tracks and is expected to reduce travel time and emissions. The plan also aligns with the central government's Urban Challenge Fund aimed at supporting innovative mobility solutions.Read more

15 hours ago

The central government is working to increase infrastructure funding from domestic long-term capital sources such as insurance companies and pension funds, aiming to reduce reliance on traditional financing channels. A dedicated panel has been constituted to examine mechanisms to deploy such “patient capital” more effectively in large-scale infrastructure projects. The move comes amid rising capital expenditure requirements and growing maturity obligations across sectors such as transport, urban infrastructure and energy. By tapping institutional investors with long-term liabilities, the government aims to improve funding stability, deepen capital markets, and support sustained infrastructure development across the country.Read more

16 hours ago

The Supreme Court has ruled that safe road travel is a part of the right to life under Article 21, stressing that authorities must ensure safer highways and expressways. While hearing a suo motu case linked to serious road accidents, the Court issued nationwide directions aimed at reducing preventable deaths. It highlighted that highways carry a high share of fatalities despite forming a small part of the road network. The Court also ordered stricter enforcement against illegal parking, encroachments, and poor monitoring systems across states.Read more

Pune News Desk

17 hours ago

Pune's metro expansion plans have received fresh proposals from corporators seeking better connectivity across emerging residential and industrial areas. Suggestions include extending the Vanaz Chandni Chowk line to Pirangut, developing a new Katraj Dehu Road corridor, and expanding the Yerawada route towards Vishrantwadi, Alandi Road and Lohegaon airport. These proposals were placed before the civic committee for review. The move builds on ongoing and previously approved metro expansions, reflecting growing demand for improved public transport in fast-developing peripheral areas of the city.Read more

22 Apr 2026

India is set to establish a dedicated bench within the National Company Law Tribunal (NCLT) to handle cross-border insolvency cases, aiming to expedite resolution timelines and improve coordination with foreign jurisdictions. The move follows recent amendments to the Insolvency and Bankruptcy Code (IBC), which introduce a framework based on a modified UN model law. The specialised bench will comprise trained members equipped to manage complex international insolvency matters involving overseas assets and creditors. The initiative seeks to address delays seen in past high-profile cases and enhance recovery prospects, while strengthening India's insolvency ecosystem in line with global practices.Read more

22 Apr 2026

Swedish Logistic Property AB has signed a new lease agreement for a logistics space in Helsingborg, adding to its existing portfolio of income-generating assets. The agreement covers around 1,400 square metres and has an annual rental value of SEK 1.3 million. The deal reflects continued demand for well-located logistics facilities in Sweden, particularly in key transport hubs. The company has been steadily expanding its presence in the logistics segment through similar leasing activities. This transaction supports stable rental income visibility and aligns with its broader strategy of strengthening occupancy levels across assets.Read more

22 Apr 2026

The construction of three underpasses at Mukarba Chowk in north Delhi is nearing completion and is expected to open soon, aiming to ease congestion at one of the city's busiest intersections. The project includes two vehicular underpasses and one for pedestrians and non-motorised users, improving connectivity between Rohini, Badli, Azadpur and Jahangirpuri. Designed to handle around 15,800 vehicles daily, the project is expected to reduce travel time by up to 10 minutes. It will also help lower fuel consumption and emissions while improving pedestrian safety and traffic flow on the Outer Ring Road.Read more

22 Apr 2026

IndiGo has taken a minority stake in Bengaluru-based Sarla Aviation as it looks to enter the electric air taxi segment. The investment of around INR 10 crore was made through its venture arm and marks a renewed push into urban air mobility after an earlier global partnership did not progress. Sarla Aviation is developing a six-seater eVTOL aircraft and plans to launch services in Bengaluru by 2028. The company has already raised over USD 13 million and is also planning a large manufacturing facility in Andhra Pradesh.Read more

22 Apr 2026

Bina Puri Holdings Bhd has announced that one of its subsidiaries has accepted a road construction contract valued at INR 156.4 million in Sarawak, Malaysia. The project is located in the Simunjan area within the Samarahan division and adds to the company’s ongoing infrastructure portfolio. The group has been actively securing civil engineering and construction projects in recent years to strengthen its order book. This latest contract is expected to contribute positively to its earnings visibility and reflects continued activity in regional infrastructure development.Read more

22 Apr 2026

IMGC has entered into a partnership with Bajaj Housing Finance Ltd to improve access to home loans for underserved and first-time buyers in India. The collaboration focuses on borrowers with informal income profiles or limited credit histories, who often face challenges in securing housing finance. By combining IMGC’s mortgage guarantee expertise with BHFL’s lending network, the initiative aims to address the credit gap in the affordable housing segment. The partnership will also strengthen risk-managed lending while expanding offerings such as Sambhav Loans, designed for customers outside the formal income bracket.Read more

22 Apr 2026

The Mumbai Metropolitan Region Development Authority (MMRDA) has made steady progress on the 7.35 km Atal Setu–Mumbai–Pune Expressway connector, completing a significant portion of its foundation and structural work. The project is designed to provide direct, signal-free connectivity between Mumbai and Pune while improving access to Navi Mumbai and the upcoming Navi Mumbai International Airport. Once operational, the corridor is expected to reduce travel time, improve logistics movement, and support regional growth under the Mumbai 3.0 vision, while also easing congestion in the island city through better infrastructure distribution.Read more

22 Apr 2026

The Maharashtra government has approved the rollout of 60 privately operated property registration centres to improve efficiency and reduce congestion at existing sub-registrar offices. The centres will function alongside over 500 government facilities, with private operators managing infrastructure and front-end services while registration authority remains with government officials. The initiative will be implemented in phases, beginning with key cities such as Mumbai, Pune, Thane and Nagpur. Users opting for these centres will pay an additional service fee for improved amenities and faster processing. The move reflects a broader push to modernise property registration processes and enhance user experience, though concerns have been raised regarding added costs and the need to upgrade existing public infrastructure.Read more

Mumbai News Desk

22 Apr 2026

The Brihanmumbai Municipal Corporation (BMC) has received bids from four major developers for a prime six-acre land parcel in Lower Parel, with a base lease price of INR 1,348 crore. The land is being offered on a long-term lease under DCPR 2034 provisions, with the selected bidder required to rehabilitate existing occupants. The move follows a Supreme Court ruling that confirmed BMC’s ownership after a long legal dispute. The proposal is currently under review, with final approvals pending before the project moves to the next stage.Read more

22 Apr 2026

Exsim Hospitality Bhd has confirmed that one of its units has accepted a letter of award from Binastra Builders for nominated subcontract works valued at 138 million RGT. The contract covers mechanical and electrical systems along with other related works. The development reflects the company’s continued participation in construction-linked hospitality infrastructure. Such contracts typically support backend systems critical to project completion. The company has not disclosed further timelines or project specifics, but the order adds to its existing portfolio of ongoing works in the region.Read more

22 Apr 2026

The central government has operationalised the Urban Challenge Fund with a total outlay of INR 1 lakh crore, allocating INR 90,000 crore for city infrastructure projects. The scheme will support redevelopment of older urban areas, market upgrades, and mobility improvements. Unlike earlier programmes, it will provide limited central funding while pushing cities to raise a majority of funds through market sources like municipal bonds and PPPs. With additional provisions for project preparation and credit support, the initiative is aimed at improving infrastructure quality and financial capacity, especially in Tier-II and Tier-III cities.Read more

22 Apr 2026

Office rentals across India’s top cities have continued to rise, with Bengaluru and Delhi-NCR crossing the INR 100 per sq ft mark for the first time, joining Mumbai. According to Knight Frank, strong leasing demand and limited new supply have driven this growth. Rental values increased between 2 per cent and 15 per cent annually during the past quarter across eight major cities. Despite a sharp rise in new completions, demand has significantly outpaced supply, leading to lower vacancy levels and tighter market conditions across key office markets.Read more

22 Apr 2026

Sakura Development Co Ltd has acquired two land parcels in Taoyuan City for a total consideration of TWD 1.18 billion (USD 37.40 million), as reported in the past week. The transaction reflects the company’s continued focus on expanding its land bank in key urban locations. Taoyuan has been witnessing steady real estate activity due to its proximity to Taipei and improving infrastructure. The acquisition is expected to support Sakura Development’s future residential or mixed-use projects, in line with its ongoing strategy of targeting high-growth regions within Taiwan’s property market.Read more

22 Apr 2026

Prestige Estates Projects Ltd has reported strong initial sales for its newly launched residential project in Hyderabad, indicating sustained housing demand in the city. The company sold more than 1,700 units within a short span, generating over INR 2,500 crore in sales value. The project has a large development scale and is expected to contribute significantly to the company’s future revenue pipeline. This performance also builds on the firm’s record sales bookings achieved in the previous financial year, reflecting consistent buyer interest across key markets.Read more

Ahmedabad News Desk

22 Apr 2026

Ahmedabad’s real estate sector is currently facing operational pressure due to shortages of key construction materials and a declining availability of labour. Developers have reported disruption in project execution as items like aluminium pipes, CPVC products, ceramics, and electrical fittings are not consistently available in the market. Along with supply issues, unstable pricing is affecting budgeting and cost planning. At the same time, a shortage of skilled and semi-skilled workers is slowing construction activity, leading to delays in project timelines and added strain on margins across ongoing developments in the city.Read more

Mumbai News Desk

22 Apr 2026

The Bombay High Court has permitted MHADA to use unclaimed flats in the Patra Chawl redevelopment for public housing if eligible residents fail to take possession by April 30. The court noted that completed homes should not remain unused in a city facing housing shortage. It also allowed delayed claim by residents with prior notice. The case includes concerns over construction quality, lease obligations, and misuse of rehabilitation units. The ruling aims to ensure better use of public housing stock while protecting the rights of original beneficiaries.Read more

22 Apr 2026

India’s oil and gas regulator, Petroleum and Natural Gas Regulatory Board, has initiated a nationwide push to develop liquefied petroleum gas (LPG) pipeline infrastructure aimed at reducing reliance on road-based transportation and improving supply efficiency. The plan includes nine identified pipeline projects, with bidding underway for four major routes spanning roughly 2,500 km. These projects are expected to attract investments of around INR 12,500 crore. The initiative seeks to enhance safety, reduce transit losses, and lower emissions by gradually replacing bulk LPG tanker movement. The regulator also indicated that pipeline-based transportation could play a key role in strengthening energy security, supporting India’s cleaner fuel transition, and improving connectivity between refineries, import terminals and bottling plants across regions.Read more

22 Apr 2026

Shree Cement and Ansal Housing have received separate tax-related orders from authorities, resulting in fresh financial demands, while Kesoram Industries has obtained significant relief after a reassessment reduced its tax liability sharply. Shree Cement is facing a service tax demand of INR 8.31 crore, whereas Ansal Housing has been issued an income tax demand of INR 19.20 crore for a recent assessment cycle. Kesoram’s liability, which was earlier much higher, has been reduced to INR 6.03 crore. All companies are planning to challenge or review the respective orders.Read more

22 Apr 2026

The Directorate of Enforcement carried out a search operation at the office of Hampton Sky Realty Ltd over a three-day period in the past week. The company informed stock exchanges about the development, stating that the financial implications of the action cannot be determined at this stage. While details of the investigation have not been disclosed, such actions are typically linked to financial scrutiny under laws related to money laundering or irregular transactions. The development adds to a series of enforcement actions seen recently in the real estate sector.Read more

Mumbai News Desk

22 Apr 2026

The Maharashtra Housing and Area Development Authority has proposed a large-scale redevelopment covering 923 acres across several housing layouts in Mumbai. The plan is aimed at upgrading ageing colonies and rehabilitating over 75,000 residents once the projects are completed over the next 5 to 10 years after execution. The redevelopment will be implemented through a construction and development agency model, while MHADA remains the planning authority. Key areas include Charkop, Gorai, Bandra Reclamation, Motilal Nagar and others, with in-situ rehabilitation planned for eligible residents.Read more

22 Apr 2026

US-based building products distributor QXO has agreed to acquire insulation and installation firm TopBuild in a USD 17 billion transaction, marking one of the largest deals in the sector. The acquisition, approved by both companies’ boards, will be executed through a mix of cash and stock, offering a premium of over 20 per cent to TopBuild shareholders. The move is expected to significantly expand QXO’s scale, positioning it as the second-largest publicly traded building products distributor in North America with combined revenues exceeding USD 18 billion. The deal aligns with QXO’s aggressive acquisition strategy aimed at consolidating the fragmented construction supply chain and enhancing its presence across high-growth segments such as insulation and large-scale infrastructure projects.Read more

22 Apr 2026

Rahee Group is planning to invest up to INR 600 crore over the next three years to expand manufacturing capacity and strengthen its infrastructure capabilities. The investment includes a INR 200 crore foundry in Odisha through its subsidiary Rahee Track Technologies Ltd, alongside annual capex of INR 60–70 crore by Rahee Infratech Ltd. An additional INR 100 crore will be deployed in Pandrol Rahee Technologies to enhance product lines. The group is also exploring export opportunities and may consider an IPO over the next few years, while targeting standalone revenues of INR 2,000 crore amid rising demand from rail and metro infrastructure expansion.Read more

22 Apr 2026

Germany’s apartment construction sector has shown signs of recovery, with permits rising notably in February. Data from the country’s statistics office indicates a 24% year-on-year increase, adding 4,300 units to reach a total of 22,200 permits. This follows a turnaround seen in 2025, when housing permits recorded growth after three consecutive years of decline. Building permits are considered an early indicator of future construction activity. The recent rise suggests gradual improvement in the sector, which had been under pressure due to high interest rates and elevated material costs.Read more

22 Apr 2026

Himachal Pradesh Real Estate Regulatory Authority has imposed an interim penalty of INR 70 lakh on two residential projects in Solan—Chester Hill-2 and Chester Hill-4—for multiple regulatory and financial violations. The action follows complaints from homebuyers and allottees’ associations, citing irregularities in fund management, deviations from approved plans, and deficiencies in essential services. The authority also flagged improper formation of resident welfare associations and alleged unauthorised commercial activities. Audit findings revealed serious lapses, including inter-mixing of funds and absence of project-specific accounts. The regulator has directed promoters to deposit penalties within 30 days and submit certified disclosures, while further investigations have been initiated across departments to assess land use violations and ownership concerns.Read more