Kolkata News Desk

27 minutes ago

• The Calcutta High Court has stayed demolition action against several buildings in Tiljala and Kasba for 30 days and directed the Kolkata Municipal Corporation (KMC) to hear both owners and occupants before proceeding further.
• The order was passed in response to petitions filed by residents and occupants of multiple buildings facing demolition notices issued under Section 400(1) of the KMC Act.
• More than 150 occupants across around five properties challenged the notices, alleging that no individual hearing opportunity had been provided before demolition proceedings were initiated.
• The court directed maintenance of status quo during the interim period while allowing municipal authorities to remove portions considered structurally dangerous after consultation with residents.
• The matter forms part of a wider crackdown on alleged unauthorised constructions in Kolkata following recent safety concerns linked to illegal buildings in the Tiljala area.Read more

57 minutes ago

Abhee Ventures has announced plans to launch a 45-acre residential township in Gunjur, located along the Whitefield–Sarjapur Road corridor in Bengaluru. The proposed project, branded “Codename New Dimension”, is designed as a Scottish-themed development featuring landscaped open spaces, wellness-oriented amenities and a 3-acre golf driving range. Positioned within East Bengaluru’s expanding residential corridor, the development will comprise high-rise residential towers with apartment configurations ranging from 2 BHK to 4.5 BHK units. The project has been designed in collaboration with London-based UHA London and RSP Architects. Abhee Ventures stated that the township will be developed in phases and is currently in the conceptualisation stage amid increasing demand for integrated residential communities across Bengaluru’s technology-driven micro-markets.Read more

1 hour ago

• Property registrations within the Brihanmumbai Municipal Corporation (BMC) area reached 12,403 units in May 2026, according to data from Maharashtra’s Department of Registration and Stamps analysed by Knight Frank India.
• Registrations increased 7 per cent year-on-year from 11,565 units recorded in May 2025, although volumes were lower than April 2026’s 14,285 units.
• The figures include transactions across both primary and secondary residential property markets.
• Knight Frank India said May 2026 registered the highest property registration volume for the month of May in the past 14 years, exceeding the previous peak achieved in May 2025.
• Industry stakeholders attributed the performance to sustained end-user demand and continued confidence in Mumbai’s residential housing market despite wider global economic uncertainties.Read more

1 hour ago

• Sunsure Energy has commissioned a 105 MWp solar power project in Kabrai village, Mahoba district, Uttar Pradesh, within four months of signing the power purchase agreement.
• The project is the first solar facility to evacuate renewable power through the state’s Green Energy Corridor-II infrastructure developed by UPPTCL.
• Spread across 282 acres, the plant is expected to generate more than 16.7 crore units of electricity annually and support the power requirements of nearly 1.4 lakh households.
• With this addition, Sunsure’s operational renewable energy capacity in Uttar Pradesh has reached 365 MWp across 11 facilities.
• The company plans to expand its operational capacity in the state to 500 MW by the end of FY26, supported by a planned battery energy storage project.Read more

2 hours ago

• The Enforcement Directorate (ED) has provisionally attached assets worth INR 634.12 crore linked to Unitech Group’s Golf and Country Club project in Noida under the Prevention of Money Laundering Act (PMLA).
• The action relates to an ongoing investigation into the alleged diversion of funds collected from homebuyers, investors and financial institutions across multiple Unitech projects.
• The attached assets include leasehold rights over 347.83 acres of land and equity holdings linked to consortium and special purpose company structures associated with the project.
• Investigators have alleged that INR 7,794.35 crore was diverted from the INR 16,075.89 crore collected by Unitech from buyers and financiers.
• The case stems from 76 FIRs registered by the Delhi Police and the Central Bureau of Investigation against Unitech, its promoters, directors and other entities.Read more

2 hours ago

• Godrej Properties has secured a 23.2-acre residential land parcel in the DMIC Integrated Township, Greater Noida, through an e-auction conducted by DMIC Integrated Industrial Township Greater Noida Ltd.
• The company plans to develop a group housing project on the site with an estimated revenue potential exceeding INR 7,000 crore.
• The acquisition strengthens the developer’s presence in the National Capital Region, particularly in the Greater Noida market.
• The company cited sustained demand for its existing projects in Noida as a key factor behind its continued expansion in the region.
• During FY2025-26, Godrej Properties acquired 18 land parcels with a cumulative revenue potential of approximately INR 42,100 crore.Read more

3 hours ago

• Sagarmala Finance Corporation (SFC), the state-owned maritime-focused lender under the Ministry of Ports, Shipping and Waterways, is preparing to launch India’s first blue bond issuance.
• The proposed issue aims to raise up to INR 1,000 crore, including a greenshoe option, to support long-term funding requirements for maritime and coastal infrastructure projects.
• Proceeds are expected to be deployed towards ports, shipbuilding facilities, inland waterways, coastal connectivity and other marine-linked infrastructure developments.
• The initiative marks India’s entry into the blue bond market, a niche segment of sustainable finance focused on ocean and water-related projects.
• The fundraising exercise is also intended to address SFC’s asset-liability mismatch by securing longer-tenure borrowings aligned with its infrastructure lending profile.Read more

3 hours ago

• The Enforcement Directorate (ED) has summoned several farmers from Jaipur’s Sanganer region to record statements in an ongoing money laundering and alleged land grab investigation.
• Farmers have alleged that ancestral agricultural land sold through legal transactions was subsequently brought under unauthorised control through the alleged misuse of powers of attorney.
• Investigators are examining land ownership records, surrender deeds and transaction documents linked to land deals executed over nearly two decades.
• The probe is connected to allegations involving a land aggregation network associated with realtor Gyan Chand Agarwal and other individuals.
• A separate complaint before the Rajasthan Real Estate Regulatory Authority (RERA) has raised concerns over the registration of a housing colony allegedly developed on disputed land using false documentation.Read more

4 hours ago

• The Centre has notified two Special Economic Zones (SEZs) in Puducherry following approvals granted by the Board of Approval under the Department of Commerce.
• An IT/ITES SEZ will be developed by Oulgaret Municipality at Thattanchavady village in Oulgaret Taluk.
• The Commerce Ministry stated that this will be the first SEZ in India to be developed by an urban local body.
• A second multi-sector SEZ will be established by the Pondicherry Industrial Promotion Development and Investment Corporation (PIPDIC) at Karasur village in Villianur Taluk.
• The projects are aimed at expanding industrial and technology-led economic activity in the Union Territory through dedicated SEZ infrastructure.Read more

4 hours ago

• Co-working operator COWRKS, backed by Brookfield Properties, has added six new managed office centres in Chennai as part of its growth strategy.
• The newly launched facilities comprise around 2.9 lakh sq ft of workspace and more than 3,900 desks.
• With the expansion, the company's Chennai portfolio has increased from four centres to ten centres.
• The total footprint in the city has risen from over 2.1 lakh sq ft and 2,900 desks to nearly 5 lakh sq ft and more than 6,800 desks.
• The move comes amid increasing demand for managed office and flexible workspace solutions across major Indian commercial markets.Read more

5 hours ago

• The Mumbai Metropolitan Region Development Authority (MMRDA) has signed a memorandum of understanding (MoU) with the Tech Entrepreneurs Association of Mumbai (TEAM) during Mumbai Tech Week 2026.
• The partnership aims to support the development of a global startup, innovation and artificial intelligence (AI) ecosystem across the Mumbai Metropolitan Region (MMR).
• The collaboration will support initiatives linked to Maharashtra Innovation City and the broader Mumbai 3.0 development programme.
• Planned initiatives include AI job fairs, global capability centres, hackathons, investor engagement platforms and knowledge-sharing programmes based on international best practices.
• The partnership seeks to position MMR as a major destination for technology-driven investment, innovation and entrepreneurship.Read more

5 hours ago

Meraki Developers has launched a multi-city outreach initiative across Ludhiana, Chandigarh, Karnal, Surat and Ahmedabad to engage Indian investors amid sustained demand for Dubai real estate. The developer said Indian buyers continue to remain the largest international investor group in Dubai’s property market, accounting for an estimated 20–22% of foreign property purchases, citing Anarock Group data. The outreach programme follows record real estate transactions worth AED 917 billion in Dubai during 2025, according to the Dubai Land Department. Meraki Developers stated that the initiative aims to facilitate direct discussions around Dubai’s evolving residential market, investment potential, connectivity advantages and long-term ownership opportunities, particularly among entrepreneurial and business communities in Punjab and Gujarat.Read more

6 hours ago

Hospitality real estate company PPHE Hotel Group has said it views the USD 1.24 billion takeover proposal from Israel-based Fattal Hotel Group as a fair valuation of the business. The offer of GBP 22 per share reflects a 36.5% premium to PPHE’s latest closing price. The development comes months after PPHE began a strategic review following indications from major shareholders Eli Papouchado and Boris Ivesha that they were open to a partial stake sale. PPHE said it will now engage with major shareholders to assess the proposal, while Fattal has retained flexibility to modify the structure or value of the offer under certain conditions.Read more

6 hours ago

• Trichy MP Shri Durai Vaiko has urged Railway Minister Shri Ashwini Vaishnaw to include Tiruchirappalli in the Centre’s Rail Vision 2030 programme.
• The demand includes faster approval for doubling of the Tiruchi-Karur broad gauge section and expansion of railway infrastructure in the region.
• The proposal aims to strengthen connectivity, improve freight and passenger movement and support industrial and economic growth across central Tamil Nadu.Read more

7 hours ago

Bengaluru-based startup Mappstore is expanding its AI-powered WhatsApp automation platform, VibeFlow, as businesses increasingly adopt conversational commerce tools to streamline customer interactions and operational workflows. The company said more than 1,000 businesses are currently using the platform, with growth averaging around 50% month-on-month during the current quarter. Founded by Sooraj Kumar, Lakshya Sharma and Manu George, the startup enables businesses to create automated WhatsApp workflows for bookings, payments, customer support and delivery coordination without coding requirements. Mappstore has also launched mappsto.re, a discovery marketplace for AI-powered conversational storefronts across sectors including food services, healthcare, retail and local services, positioning itself within India’s expanding messaging-based commerce ecosystem.Read more

7 hours ago

A 26-year-old man died after a fire engulfed a garage-cum-residence in Mumbai’s Khar area, causing extensive damage to the family’s home and workplace in Chuim Village. The deceased, Adrien Alves, was pursuing chartered accountancy studies while also working at a comic book store in Bandra. The blaze destroyed portions of the residential structure and adjoining garage owned by the family. Following the incident, relatives and local residents launched an online fundraiser to support rebuilding efforts and assist the uninsured family.Read more

8 hours ago

• US mortgage rates climbed to a nine-month high, with the average 30-year fixed mortgage rate rising to 6.65% in the week ended May 22.
• Rising oil prices linked to the Iran conflict increased inflation concerns and pushed US Treasury yields higher, impacting borrowing costs.
• Mortgage applications declined 8.5% week-on-week, mainly due to weaker refinancing activity as higher rates reduced borrower interest.
• US inflation rose to 3.8% in April from 2.9% in August last year, leading markets to consider the possibility of another Federal Reserve rate hike later this year.
• The rise in mortgage rates comes shortly after Kevin Warsh took over as the new Federal Reserve chair, replacing Jerome Powell.Read more

8 hours ago

• The 134-km Sarkhej-Dholera semi high-speed rail corridor in Gujarat has been approved at an estimated cost of INR 20,667 crore.
• Railway officials said the project will cost much less per kilometre than the Delhi-Meerut Namo Bharat RRTS despite supporting higher train speeds.
• The corridor will use Indian Railways’ broad gauge network and the indigenous Kavach signalling system, helping reduce construction and technology costs.
• Lower land acquisition requirements and the absence of tunnel construction have also contributed to lower project costs.
• The rail line is expected to improve connectivity to Dholera Special Investment Region and support industrial and infrastructure growth in Gujarat.Read more

9 hours ago

• MahaRERA has again pulled up a Mumbai-based developer over alleged construction defects and delays in executing conveyance for a residential project.
• The authority directed the builder to undertake repairs and complete conveyance procedures within prescribed timelines.
• Residents had raised concerns regarding workmanship deficiencies, infrastructure-related issues and pending transfer of property rights.
• The order reflects increasing regulatory scrutiny over developer compliance and homebuyer protection in Maharashtra’s housing sector.
• Industry observers note that delayed conveyance and structural defect disputes remain among the most common complaints before MahaRERA.Read more

9 hours ago

• Opposition parties have criticised the Brihanmumbai Municipal Corporation proposal to revive SevenHills Hospital in Andheri through a public-private partnership model involving private operator participation.
• According to civic discussions and multiple media reports, concerns were raised over handing public healthcare land and infrastructure to private entities without adequate transparency or public accountability.
• The proposals related to SevenHills Hospital, blood bank privatisation and associated land-use changes were later referred back by BMC’s improvements committee following political objections and intervention from senior state leaders.Read more

10 hours ago

• Lords Hotels & Resorts has launched Lords Inn Katra near the Vaishno Devi shrine in Jammu & Kashmir to strengthen its presence in spiritual tourism destinations.
• The hotel features 45 rooms along with dining and hospitality facilities aimed at pilgrims and leisure travellers.
• The company stated that the expansion aligns with rising demand for organised hospitality infrastructure in pilgrimage-driven markets.
• Industry stakeholders highlighted sustained growth in spiritual tourism and increasing travel connectivity to Katra.
• The development forms part of the group’s broader expansion strategy across religious and leisure destinations in India.Read more

10 hours ago

• Punjab RERA has directed a developer to pay more than INR 25 lakh to homebuyers over delays in handing over possession of a residential unit.
• The authority ruled that the buyers were entitled to compensation and refund-related relief due to failure to meet committed delivery timelines.
• The case highlights increasing regulatory scrutiny over delayed housing projects and developer obligations under RERA provisions.
• Authorities reiterated that developers must adhere to possession schedules and honour contractual commitments made to homebuyers.
• Delayed possession disputes continue to remain a major category of complaints before real estate regulatory authorities across India.Read more

11 hours ago

Delhi’s Barapullah Phase-III flyover is expected to become operational by the end of June, bringing the city closer to completing a major signal-free corridor connecting Mayur Vihar-I and AIIMS. The long-delayed infrastructure project, under construction for nearly a decade, is aimed at reducing congestion between east and south Delhi. Officials said final construction and safety work is currently underway. The project faced delays due to environmental clearances, land-related issues and construction disruptions over the years, while costs also increased significantly from the original estimate.Read more

11 hours ago

• The Supreme Court has issued notices to the Centre, Enforcement Directorate, RBI and multiple real estate companies over allegations of diversion of homebuyers’ funds in Noida and Yamuna Expressway projects.
• The plea alleges that developers siphoned off thousands of crores collected from over 25,000 buyers and diverted funds to related entities instead of completing housing projects.
• The matter involves Jaiprakash Associates, Jaiprakash Infratech and several other developers operating in the Noida and Greater Noida region.
• The Enforcement Directorate has reportedly attached assets worth around INR 400 crore while the alleged fund diversion is estimated at over INR 14,000 crore.
• The apex court has sought replies from all respondents by July 15 as it examines allegations linked to project insolvency, delayed delivery and financial irregularities.Read more

12 hours ago

• Real estate investment across the Asia Pacific region increased 19.2% year-on-year during Q1 2026, according to Savills.
• Prime office assets led the recovery, while industrial, logistics and data centre-related investments continued to witness strong demand.
• India emerged as a key market attracting investor interest due to infrastructure expansion, logistics growth and rising data centre activity.
• Cross-border capital flows strengthened during the quarter, particularly in Japan and Singapore.
• Investors continued focusing on core income-generating assets despite geopolitical tensions and global trade uncertainty.Read more

12 hours ago

• GMR Airports Ltd reported a net profit of INR 400.49 crore in the March quarter of FY26, compared to a loss of INR 252.66 crore in the year-ago period.
• The company posted its first full-year profit in more than a decade at INR 472 crore, supported by strong passenger traffic growth and higher operational income.
• Total income rose to INR 4,042.90 crore in the March quarter, while annual income increased to INR 15,200.75 crore in FY26.
• GMR-operated airports handled a record 121.6 million passengers during FY26, with Delhi Airport alone accounting for 78.7 million passengers.
• The company said passenger traffic remained resilient despite runway upgrades, airline schedule changes, evolving airspace conditions and global geopolitical challenges.Read more

13 hours ago

The Municipal Corporation of Delhi (MCD) has eased the regularisation process for small residential properties by removing the mandatory physical inspection requirement for buildings up to 105 square metres. Property owners can now complete the process online by submitting an architect-certified undertaking along with the required fee. The move is aimed at reducing delays, simplifying approvals and making civic services more accessible. Officials also expect the revised process to improve pending case disposal and strengthen municipal revenue collection. The decision is expected to benefit homeowners dealing with long-pending regularisation applications across Delhi.Read more

13 hours ago

• Property Franchise Group said trading performance remained in line with the board’s expectations.
• The company highlighted substantial recurring revenues as a key support for business stability.
• Recurring income from franchise and lettings operations continued to strengthen operational resilience.
• The update comes amid ongoing pressure on the wider UK housing and property market.
• The company maintained steady performance despite slower transaction activity and changing market conditions.Read more

14 hours ago

• NHAI has identified 17 National Highway assets spanning 1,692.5 km for monetisation in financial year 2026–27.
• The assets will be monetised through toll-operate-transfer (TOT) and infrastructure investment trust (InvIT) models.
• These highway stretches are spread across nine states, including Uttar Pradesh, Maharashtra, Karnataka, Tamil Nadu, and others.
• The selected corridors are key logistics routes with established traffic and strong connectivity importance.
• The monetisation list excludes assets planned under the Raajmarg Infra Investment Trust (RIIT) for the same financial year.Read more

15 hours ago

Ashiana Housing reported a marginal rise in consolidated net profit for the March quarter, supported by higher income and strong growth in sales bookings. The company’s total income increased significantly during the quarter as demand for residential projects remained firm across key markets. For the full FY26 financial year, the developer posted a sharp jump in profit and revenue compared to the previous year. Ashiana Housing also recorded its highest-ever annual pre-sales, reflecting sustained homebuyer demand across its senior living and residential housing projects in markets such as Delhi-NCR, Maharashtra, Tamil Nadu and Jharkhand.Read more

16 hours ago

• Life Insurance Corporation of India is reviewing its real estate portfolio and evaluating the possibility of setting up a separate subsidiary for property management.
• The insurer’s real estate holdings are conservatively estimated at more than INR 60,000 crore and include both self-occupied and investment properties accumulated over seven decades.
• LIC management said the review is aimed at improving yields, optimising asset utilisation and strengthening returns for policyholders and shareholders.
• The corporation is also assessing leased assets, branch infrastructure upgrades and operational efficiency across its property portfolio.
• The move comes as LIC reported a rise in profitability during FY26 and seeks to improve long-term monetisation of its non-core assets.Read more

17 hours ago

• HFCL has secured a five-year annual maintenance contract worth around INR 135.09 crore from RailTel Corporation of India.
• The contract is linked to the Secure Operations Network project for Indian defence forces.
• HFCL had earlier completed the design, supply, installation and commissioning of one central data centre and 120 mini data centres across defence locations.
• The scope of work includes preventive maintenance, network monitoring, incident management and 24x7 technical support services.
• The order strengthens HFCL’s position in defence communication, telecom infrastructure and secure digital network projects.Read more

18 hours ago

• India’s total energy investment is expected to touch a record USD 170 billion in 2026, according to the International Energy Agency (IEA).
• Solar power investment has grown 25 per cent annually over the past five years, while oil refining investment increased 23 per cent during the same period.
• India achieved its target of sourcing 50 per cent installed power capacity from non-fossil fuel sources ahead of schedule, supported by rising solar and renewable energy projects.
• Investments in transmission networks, battery storage, hydropower and nuclear energy are also increasing as the country expands renewable energy capacity.
• Coal continues to remain a major part of India’s energy mix, with coal supply investment expected to reach USD 13 billion in 2026.Read more

19 hours ago

Hyderabad has emerged among India’s most groundwater-stressed metropolitan cities due to excessive extraction, rising urban demand and uneven groundwater recharge, according to recent reports and central government water conservation data. The issue has gained attention amid continuing concerns over declining groundwater levels across several urban districts covered under the Jal Shakti Abhiyan: Catch the Rain programme. Government records show that Telangana districts including Hyderabad, Nalgonda, Siddipet and Rangareddy have been part of successive water conservation and recharge initiatives under the campaign. Experts and urban planners have highlighted increasing dependence on groundwater resources amid rapid urban expansion, infrastructure growth and rising residential demand across Hyderabad’s metropolitan region.Read more

20 hours ago

• India’s Insolvency and Bankruptcy Code has completed ten years, with creditors recovering more than INR 4 lakh crore through approved resolution plans.
• Over 30,000 insolvency cases involving claims of nearly INR 14 lakh crore were settled before formal admission to the National Company Law Tribunal.
• The Insolvency and Bankruptcy Board of India said 1,419 cases had yielded resolution plans by March 2026.
• Around 58% of closed insolvency cases resulted in rescue or settlement of companies, while the remaining cases moved into liquidation.
• The insolvency framework has significantly influenced the banking, infrastructure and real estate sectors, particularly in resolving stressed housing and developer assets.Read more

21 hours ago

Construction costs in India have increased by more than 25% since the onset of global geopolitical conflicts, with developers citing supply chain disruptions, labour shortages and escalating raw material prices as key challenges affecting the real estate sector. Industry body CREDAI stated that shortages of critical materials such as steel, cement, aluminium, PVC products and glass have begun affecting project execution timelines and overall construction budgets. Developers have also raised concerns over delayed project completion, rising logistics expenses and increasing pressure on housing prices across multiple residential markets.Read more

22 hours ago

• The Delhi government has released a draft Bed and Breakfast Policy, 2026 proposing formal regulation of small-scale homestay accommodation across the capital.
• The draft permits a maximum of eight rooms and 16 beds per property while introducing Gold and Silver categories based on room standards and amenities.
• Mandatory CCTV cameras, police verification, fire safety systems and guest registration norms have been proposed under the framework.
• Only legally constructed residential properties will qualify, while hotels, guest houses, serviced apartments and banquet facilities remain excluded.
• The Tourism Department has invited stakeholder feedback within 30 days before finalising the policy aimed at expanding affordable tourism infrastructure.Read more

31 May 2026

• Union Home Minister Amit Shah laid foundation stones and inaugurated development projects worth around INR 340 crore in Gandhinagar, Gujarat.
• The projects cover civic infrastructure, urban amenities, public facilities and local development works across multiple assembly segments in the district.
• The initiative forms part of ongoing infrastructure and urban development efforts aimed at improving public services and connectivity in the region.Read more

31 May 2026

The Arunachal Pradesh government has signed an agreement with Greenko Demwe Power Ltd for the development of the 1,750 MW Demwe Lower Hydroelectric Project on the Lohit river near Parasuram Kund and Brahma Kund. The project is among the largest hydropower partnerships involving a private developer in the state. Planned with six generating units, the project is expected to produce around 7,326 million units of electricity annually. The development will include major dam, reservoir and tunnel infrastructure and is also expected to support employment, connectivity and economic activity in the region.Read more

31 May 2026

The Karnataka High Court has directed state revenue authorities to execute a Recovery Certificate issued by Karnataka RERA for recovery of dues from developers under the Real Estate (Regulation and Development) Act, 2016. The court observed that once a Recovery Certificate is issued under Section 40 of the Act and relevant Karnataka RERA Rules, authorities are legally required to recover the amount as arrears of land revenue. The ruling also reiterates the responsibility of designated revenue officials to act on pending recovery proceedings and strengthens the enforceability of RERA orders for homebuyers and complainants in Karnataka.Read more

31 May 2026

The Development Bank of Japan (DBJ) has signed an investment agreement with the HDFC Capital Development of Real Estate Affordable and Mid-Income Fund (H-DREAM Fund), marking its entry into India’s affordable and mid-income residential development segment. Managed by HDFC Capital Advisors, the fund focuses on financing housing projects across major Indian cities while promoting sustainable development through internationally recognised green building standards. The investment comes as India continues to witness rising housing demand across urban markets, with global investors increasingly targeting residential platforms linked to long-term urbanisation and housing supply expansion.Read more

31 May 2026

• The Ministry of Road Transport and Highways has approved an INR 1,427.61 crore project for a four-lane Thiruvarur bypass in Tamil Nadu.
• The 14.9-km bypass will be developed on the Nagapattinam–Thanjavur section of NH-83 along with two additional road over bridges.
• The project aims to reduce traffic congestion inside Thiruvarur town and improve freight movement across central and coastal Tamil Nadu.
• The bypass will strengthen connectivity between industrial hubs such as Tiruchirappalli and Coimbatore and port towns including Nagapattinam and Karaikal.
• The approval is part of the Centre’s wider push to improve national highway and logistics infrastructure in southern India.Read more

31 May 2026

• New York State has approved a new surcharge on high-value second homes in New York City as part of the 2026 state budget signed by Governor Kathy Hochul.
• The “pied-à-terre” tax is expected to generate nearly USD 500 million annually for New York City.
• The surcharge will apply to luxury secondary residences and apartments that are not occupied as primary homes by owners or immediate family members.
• The proposal received support from New York City Mayor Zohran Mamdani but faced opposition from several high-profile investors and billionaires.
• Authorities stated that the measure is aimed at strengthening city finances and addressing budgetary pressures.Read more

31 May 2026

• The Supreme Court has upheld the authority of the Navi Mumbai Municipal Corporation (NMMC) to levy and collect property tax in the TTC MIDC industrial area.
• The ruling resolves a legal dispute pending since 2010 involving a small-scale industries association challenging the civic body’s jurisdiction over the industrial zone.
• The court clarified that ‘tax’ and ‘fee’ are legally distinct, stating that MIDC can levy service-related charges but not municipal taxes.
• The judgement was delivered after examining provisions under the Maharashtra Municipal Corporations Act, MID Act, 1961, and MRTP Act, 1966.
• NMMC Commissioner Dr Kailas Shinde has appealed to industrial units to clear pending property tax dues and contribute towards urban infrastructure development.Read more

31 May 2026

• Infrastructure corridors across NCR are accelerating residential growth in emerging micro-markets including Dwarka Expressway, New Gurgaon, Yamuna Expressway and Greater Noida.
• Improved connectivity through expressways, metro expansion and the upcoming Noida International Airport is increasing end-user demand and developer activity.
• Data from PropTiger indicates that more than 60% of NCR’s new residential supply is concentrated in infrastructure-linked locations.
• Developers and consultants said buyers are increasingly prioritising mobility, lifestyle amenities, wellness infrastructure and integrated urban planning.
• Peripheral corridors across Gurugram, Noida and Greater Noida are witnessing stronger residential launches, commercial activity and organised urban development.Read more

31 May 2026

• Thomas Cook (India) Limited has entered into a long-term partnership with Atlys to integrate foreign exchange services into the visa application journey.
• The partnership aims to combine visa processing and forex services within a unified digital travel planning process for leisure and student travellers.
• Customers using the Atlys platform will be able to access forex cards, foreign currency services and overseas remittance solutions through Thomas Cook India.
• The integrated service includes digital onboarding, video KYC and doorstep delivery facilities across India.
• The collaboration targets digitally driven outbound travellers seeking faster and more streamlined international travel preparation services.Read more

31 May 2026

• India’s commercial real estate sector is increasingly moving towards employee-centric office ecosystems that prioritise wellness, collaboration and workplace experience.
• Developers are integrating cafés, landscaped open areas, wellness zones, community spaces and advanced air quality systems into office projects.
• Corporates are seeking workplaces that support employee retention, productivity and flexible work patterns in the post-pandemic environment.
• Indoor environmental quality, sustainability infrastructure and smart building technologies are emerging as major differentiators in premium office developments.
• Industry stakeholders believe workplace experience and wellness-led design are becoming key drivers of leasing demand and long-term asset value.Read more

31 May 2026

• A recent fire incident in a Pune housing society has renewed focus on fire safety preparedness and compliance across residential developments in Maharashtra.
• The Maharashtra Fire Prevention and Life Safety Measures Act, 2006 gives fire authorities extensive powers related to emergency access, firefighting operations and enforcement of safety infrastructure.
• The legislation also mandates administrative and financial mechanisms for maintaining fire brigades, emergency equipment and coordinated response systems across urban areas in the state.Read more

31 May 2026

• CERC has proposed a framework allowing renewable energy developers additional time to meet land, financial closure and commissioning milestones under GNA regulations through payment of Milestone Extension Charges (MEC).
• The draft procedure introduces graded per-MW daily compensation charges linked to delays in land acquisition, financial closure and commercial operation timelines.
• The proposal also outlines eligibility conditions, revocation triggers, bank guarantee treatment and relaxation mechanisms for renewable and storage project developers seeking connectivity extensions.Read more

31 May 2026

• US-based property management software company Entrata has filed for an initial public offering on the New York Stock Exchange under the ticker symbol “ENT”.
• The company reported a 23% year-on-year increase in revenue to USD 143.5 million during the quarter ended March 31, 2026.
• Entrata posted net income of USD 23.3 million for the quarter, compared with USD 13.9 million a year earlier.
• The IPO filing comes amid early signs of renewed investor interest in technology and software listings after a subdued market phase.
• Analysts stated that software companies continue facing scrutiny regarding the long-term impact of artificial intelligence on business models.Read more