30 May 2025

The Ahmedabad Municipal Corporation (AMC) is set to ban ready-mix concrete (RMC) plants from operating in residential areas due to their impact on air quality. Announced by standing committee chairman Devang Dani, the policy-expected within two months-will mandate relocation of these units to designated non-residential zones. This move follows the Ahmedabad Urban Development Authority's new SOP for RMC units, requiring a minimum 3,500 sq. m. land area, GPCB NOC, and annual licensing. Non-compliant units face sealing and ?75,000 penalties. Temporary site-based permissions will be limited to construction duration. The initiative aims to balance infrastructure growth with public health and environmental protection.Read more

30 May 2025

The Greater Mohali Area Development Authority (GMADA) has launched a major demolition drive targeting illegal constructions in Jhampur village and Sector 39 (West), led by officer Arvind Pannu. A total of 30 unauthorised structures were razed-25 in Jhampur and 7 in Sector 39 (West). In Phase 3 of the 39 West Society, developers were found illegally expanding the colony and connecting unsanctioned plots to public utilities despite their licence being cancelled. GMADA's action follows repeated complaints from residents and signals a tougher stance on illegal development. The drive highlights the need for stricter urban planning enforcement to protect infrastructure and public interest.Read more

30 May 2025

The Chandigarh Housing Board (CHB) is set to conduct a fresh demand survey after hiking flat prices by up to 40% in its Sector 53 self-financing housing scheme. Earlier this year nearly 7 500 applicants expressed interest in 372 units, compared with just 178 in 2018-19. Following a sharp increase in collector rates, 3-BHK flats have jumped from INR 1.65 crore to INR 2.29 crore, and 2-BHK units from INR 1.40 crore to INR 1.97 crore. The board will offer existing applicants the choice to accept new rates or withdraw, with a final decision due within weeks.Read more

30 May 2025

The Ghaziabad Development Authority will acquire 169 hectares across five villages for its forthcoming Harnandipuram housing scheme, agreeing to pay farmers four times the revised circle rate. The move, approved at GDA's 169th board meeting, carries an outlay of INR 2,384 crore and includes an offer of ten percent of developed plots to those whose land is acquired. A committee led by the district magistrate recommended rates after the circle values were updated in September 2024. The project aims to balance fair compensation with structured urban housing supply.Read more

30 May 2025

In a strong enforcement move, the Telangana RERA has fined Bhuvanteja Infrastructures and partner Chekka Bhagyalaxmi INR 14.9 lakh for failing to register their 'Aura Velimala Phase 1' project in Sangareddy district. Despite promising possession by December 2023, the project remains only 20% complete. Buyers reported lack of communication, fund diversion, and continued sales despite stalled construction. TG RERA found violations of Sections 3 and 4 of the RERA Act, including absence of HMDA approvals. The developers must refund payments to 62 buyers with 11% interest and register the project immediately. Sales are banned until compliance, with further penalties possible under Section 63.Read more

29 May 2025

In a significant move within India's luxury real estate market, ASK Property Fund, backed by ASK Asset & Wealth Management Group and India Sotheby's International Realty, announced the initial close of its newly launched Alternative Investment Fund-ASK Curated Luxury Assets Fund-I. The fund, which aims to channel investments into upscale residential projects in key metropolitan areas, secured INR 500 crore in just three months from a blend of Ultra-High-Net-Worth Individuals and family offices. The fund has plans to raise a total of INR 1,500 crore, including a green shoe option, and is poised to deploy capital immediately.Read more

29 May 2025

Joon Realty has announced a capital expenditure of INR 1,125 crore to be deployed over the next three years as it enters the luxury real estate development sector across India. Moving beyond its legacy in land banking and infrastructure, the company intends to build premium residential, commercial, and mixed-use assets in tier 1, 2, and 3 cities. This strategic shift coincides with growing interest among India's affluent classes in lifestyle-driven, sustainable urban housing. The firm's robust land assets, history of executing large-scale infrastructure, and partnerships with established names like Tata Power and L&T position it to become a significant player in the next generation of Indian real estate development.Read more

29 May 2025

India's real estate sector is undergoing a remarkable transformation as Non-Resident Indian (NRI) investors elevate their stake from 7-10% a decade ago to nearly 20% today. This surge reflects NRIs' growing confidence in Indian property as a secure long-term asset, influenced by emotional ties, favourable currency rates, and improved market transparency. Luxury and premium segments, especially in cities like Gurugram, have become hotspots for NRI investments. Infrastructure developments and policy stability under RERA have further catalysed this trend, positioning Indian real estate as a preferred destination for wealth preservation among the diaspora.Read more

29 May 2025

Star Housing Finance Ltd. and Vastu Housing Finance Corporation Ltd. have announced a strategic co-lending partnership. The collaboration targets supporting over 5,000 first-time home buyers, primarily in semi-urban and rural regions. By leveraging Star HFL's loan origination capabilities and Vastu HFC's capital, technology, and risk-sharing framework, the alliance aims to deepen financial inclusion for economically weaker and low-income groups, traditionally underserved by formal credit systems. This move aligns with the booming affordable housing sector in India, where demand is high due to significant urban and rural housing deficits. With the affordable housing market projected to grow substantially, this partnership is set to accelerate homeownership access and scale impact in Tier 2, Tier 3, and rural markets.Read more

29 May 2025

The Kalyan-Dombivli Municipal Corporation (KDMC) has identified 176 buildings as highly unsafe and urged residents to vacate them before the monsoon. The civic body, supported by police intervention if needed, aims to prevent casualties caused by structural collapses. Deputy Commissioner Awdhoot Tawade advised residents in both listed and unlisted buildings to conduct structural audits or relocate if they suspect risk. The crisis stems from illegal constructions, poor enforcement, and unresolved tenant-owner disputes. By issuing this list, KDMC aims to prevent further tragedies through early action, urging residents to take personal responsibility for their safety.Read more

29 May 2025

Prayagraj Municipal Corporation launched QR code stickers to streamline and accelerate house and water tax collection throughout Sangam City. Starting with commercial properties and expanding zone-wise to residential areas, the initiative enables tax collectors to facilitate both online and offline payments through door-to-door visits. This digital advancement addresses previous inefficiencies caused by delayed payments and excuses related to online transfers. The system enables homeowners to pay house, water, and sewer taxes together. With over 177,000 properties identified, the corporation targets immediate recovery from 55,000 buildings, enhancing transparency, convenience, and revenue efficiency in municipal tax collection.Read more

29 May 2025

The Maharashtra government has launched the PRATYAY MahaBhumi portal to simplify and digitise the deemed conveyance process for cooperative housing societies. Announced by Chief Minister Devendra Fadnavis, the portal allows societies to apply online for legal land ownership transfer from builders-a long-pending issue affecting over 78,000 societies. The fully digital process eliminates physical submissions and includes virtual hearings, with a six-month resolution timeline. All stages-rom document upload to final order-will be handled through the portal. This reform addresses the challenges of redevelopment, repairs, and loans faced by societies lacking land ownership. Housing federations are urging further simplification by reducing the required documentation.Read more

29 May 2025

Tamil Nadu Chief Minister M.K. Stalin inaugurated a 32-flat apartment-complex in Karur via video-conferencing. Built by the Tamil Nadu Urban Habitat Development Board in Velambadi, Aravakurichi, the project cost INR 2.95 crore and spans 0.165 hectares with a basement and three-floors. Each 400 sq ft unit features a bedroom, living room, kitchen, bathroom, and toilet, costing INR 9.23 lakh. During the ceremony, 30 beneficiaries received allotment-orders. Amenities include a groundwater tank, borewell, motor room, septic tank, drainage system, and street lighting. Allotment orders were handed over by District Collector M. Thangavel in the presence of officials.Read more

29 May 2025

Lunate, managing USD 110 billion in assets, has announced a USD 1 billion joint venture with Brookfield to develop and manage residential real estate across the Middle East. Building on its 24.5% stake in Dubai's ICD Brookfield Place, Lunate is now targeting build-to-sell and opportunistic buy-to-sell projects in high-growth markets like the UAE and Saudi Arabia. Lunate will anchor the investment and lead regional fundraising, while Brookfield brings global real estate expertise. The move comes amid a real estate boom in cities like Dubai and Riyadh, driven by foreign investment and economic reforms. The partnership aims to capitalise on growing institutional interest in the region.Read more

28 May 2025

The Central Bureau of Investigation (CBI) has initiated investigations into 24 real estate projects across Noida, Greater Noida, and the Yamuna Expressway, following a Supreme Court directive earlier this week. The probe focuses on alleged financial irregularities within subvention schemes that may have defrauded thousands of homebuyers. The CBI has requested detailed records from development authorities, including layout plans, sanction letters, dues statements, and registry details, to assess potential violations of Reserve Bank of India (RBI) and National Housing Bank (NHB) guidelines. The investigation also aims to determine whether funds were diverted from construction activities.Read more

28 May 2025

Property prices rose in 48 out of 50 Indian cities in the final quarter of FY 2024-25, according to NHB's latest RESIDEX report. The Housing Price Index (HPI) recorded a 7.5% annual increase up from 5.1% a year earlier highlighting strong market momentum. Bengaluru led with 13.1% growth, followed by Kolkata (9.6%), Chennai (9%), and Pune (6.8%). Only Howrah and Thiruvananthapuram saw price declines. Sequentially, prices rose 1.9% between January and March. The RBI's recent 25 basis point repo rate cut the first in five years has lowered home loan rates, further supporting demand. The data signals continued market recovery and growing developer confidence.Read more

28 May 2025

The Maharashtra Housing and Area Development Authority (MHADA) has lowered the prices of 6,248 apartments in Thane in an effort to increase demand among economically disadvantaged section (EWS) homebuyers. These flats, constructed by the Konkan Housing and Area Development Board, are located in Khoni, Shilphata, and Kalyan. Initially launched at higher rates earlier this year, the lack of response prompted a price cut of up to INR 1.43 lakh per flat. The new pricing is expected to improve affordability and encourage participation in upcoming sales rounds.Read more

28 May 2025

Arvind SmartSpaces Ltd, a leading real estate developer headquartered in Ahmedabad, has reported a 24% increase in consolidated net profit for the fourth quarter of the financial year 2024-25, reaching INR 19.14 crore compared to INR 15.49 crore in the same quarter last year. This growth was supported by a substantial rise in total income. For the entire fiscal year, net profit more than doubled to INR 110.49 crore, while total income more than doubled as well. The board has proposed a final dividend, reflecting the company's strong financial health. Strategic expansions into Mumbai and Ahmedabad mark the company's efforts to diversify and strengthen its market presence.Read more