Mumbai News Desk

19 minutes ago

A Mumbai sessions court has granted bail to three officials linked to the Metro Line 4 project in the Mulund parapet collapse case that caused one death and injured three people. The court observed that the incident appeared to be due to a lapse during on-site execution, particularly a welding-related error, rather than direct negligence by the officials. It also noted that custodial interrogation was complete and the accused had no criminal background. The case continues to be investigated, with focus on construction practices and accountability in large infrastructure projects.Read more

Visakhapatnam News Desk

49 minutes ago

The Greater Visakhapatnam Municipal Corporation recorded its highest-ever property and vacant land tax collection of around INR 620 crore in FY 2025-26, exceeding its target of INR 600 crore. The growth of about 22 per cent over the previous year was supported by new property assessments, revision of high-value properties, and improved recovery efforts. Incentives such as early payment rebates and interest waivers also boosted collections. Strong performance during key months and better administrative monitoring helped the civic body maintain steady revenue throughout the year.Read more

1 hour ago

A recent ruling by the National Labor Relations Board has directed Amazon to negotiate with a union representing around 5,000 workers at its Staten Island warehouse. The decision follows findings of unfair labour practices by the company for refusing to recognise and bargain with the union. While the union has welcomed the move as a major win, Amazon has opposed the ruling and is expected to appeal, which could delay compliance. The case adds to ongoing tensions between the company and organised labour groups in the US.Read more

1 hour ago

The Chhatrapati Sambhajinagar Metropolitan Region Development Authority has launched a Geographic Information System (GIS)-based survey to map villages in its jurisdiction and support planned development. A pilot phase covering five villages has begun, with a private consultant appointed to collect data from government departments, conduct field inspections, and document infrastructure through photographs. The survey will eventually cover 311 villages across multiple talukas. Authorities have stressed the importance of accurate data sharing from all departments to ensure effective planning. The initiative is part of broader efforts to support regional growth and infrastructure development.Read more

2 hours ago

The Nashik Municipal Corporation has recorded its highest-ever property tax collection at INR 287 crore in the financial year 2025-26, reflecting a 10 percent increase over the previous year. The growth was supported by amnesty schemes, early payment rebates, and improved recovery of pending dues. Key divisions like Cidco and Panchavati contributed a major share. The civic body also expanded its tax base by adding new properties, helping improve overall compliance and strengthen revenue performance.Read more

2 hours ago

Oiltek International Ltd has entered into a heads of agreement with Bioseaga Industries for the construction of a sustainable aviation fuel production facility in Malaysia. The project, valued at around USD 350 million, will be executed by Oiltek Malaysia, which is expected to be formally appointed as the contractor. The planned facility will have a production capacity of 300 metric tonnes per day. The development reflects growing investments in sustainable fuel infrastructure, especially in Southeast Asia, as countries focus on reducing aviation emissions and strengthening alternative energy supply chains.Read more

3 hours ago

Keystone Realtors Ltd reported a 58 per cent year-on-year increase in pre-sales to INR 1,346 crore for the fourth quarter of FY26, driven by improved demand in the Mumbai Metropolitan Region. The company's sales bookings stood at INR 854 crore in the corresponding period last year. For the full financial year 2025-26, pre-sales rose 33 per cent to INR 4,022 crore compared with INR 3,028 crore in the previous year. During the year, the developer launched seven projects with a total estimated revenue potential of INR 9,813 crore. The company, which operates under the Rustomjee brand, continues to focus on redevelopment opportunities in Mumbai, supported by a strong balance sheet and sustained business development activity.Read more

3 hours ago

The Varanasi Development Authority (VDA) has approved an INR 2,866.20 crore budget for the financial year 2026-27, marking a significant increase over the previous year. Operational income is estimated at INR 2,070.61 crore and expenditure at INR 2,069 crore. Major revenue sources include land sales and compensation, while expenditure is focused on township development, infrastructure, and administrative projects. Compensation under schemes like Madhni, Ganjari, and Kallipur will total around INR 1,700 crore, supporting major residential and integrated development projects under the Mukhyamantri Shahri Vistarikaran Yojana.Read more

4 hours ago

The Supreme Court of India has rejected a plea by Vedanta seeking to pause the acquisition of bankrupt Jaiprakash Associates assets by the Adani Group. The deal, valued at around USD 1.5 billion, includes a portfolio of real estate, cement, power assets and the Buddh International Circuit near Delhi. The court directed Vedanta to pursue its objections before the appropriate tribunal, allowing the insolvency resolution process to continue. The outcome advances Adani Group's expansion in real estate and infrastructure, while reinforcing the legal framework governing distressed asset resolution in India.Read more

4 hours ago

Max Estates Ltd reported strong operational performance for FY2026, with collections reaching INR 15.78 billion and pre-sales touching INR 53.05 billion. The figures reflect sustained demand across its residential portfolio and steady execution of ongoing projects. The company has been expanding its presence in key urban markets, focusing on premium housing developments. Over the past few years, Max Estates has increased its project pipeline and strengthened its brand positioning in the mid-to-luxury segment, which appears to be supporting both sales momentum and cash flow generation.Read more

5 hours ago

Daito Trust Construction Co Ltd has announced plans to acquire shares in The Global Ltd through a tender offer priced at 1,280 yen per share. The total deal size is expected to reach 17.4 billion yen, indicating a strategic investment by the Japanese real estate company. The Global has expressed support for the offer and has advised its shareholders to participate. The move reflects ongoing consolidation trends in the real estate sector, where larger firms are looking to expand their portfolio and strengthen their market position through acquisitions.Read more

5 hours ago

The Maharashtra Industrial Development Corporation (MIDC) has initiated a large-scale slum rehabilitation project across 338 acres in the Thane-Belapur industrial corridor, covering nearly 35,800 structures. The project will be executed in three packages through private developers responsible for funding, construction and rehabilitation. The plan replaces an earlier proposal involving the Navi Mumbai Municipal Corporation that did not move forward. With strict eligibility criteria for developers, the project aims to formalise housing, improve infrastructure and unlock land value in one of the Mumbai Metropolitan Region's key industrial zones.Read more

6 hours ago

The Reserve Bank's Monetary Policy Committee (MPC) is set to announce its first bi-monthly review of the fiscal year after a three-day meeting. Analysts expect the central bank to maintain the current benchmark lending rate, balancing retail inflation trends and global uncertainties. While domestic inflation is nearing the RBI's 4% target, rising crude prices and a weaker rupee pose upward risks. Experts note that the MPC will monitor liquidity, financial stability, and capital flows closely. The RBI's cautious approach reflects a focus on flexibility amid volatile global and domestic conditions.Read more

6 hours ago

National Healthcare Properties has filed for a US initial public offering, signalling continued momentum in real estate investment trust listings despite broader market volatility. The New York-based firm, which focuses on senior housing and healthcare assets, manages a portfolio of 37 senior housing communities and 130 outpatient medical facilities across 29 states. The move follows increased investor interest in defensive asset classes such as healthcare real estate, supported by demographic trends including an ageing population. The IPO, to be listed on Nasdaq, comes at a time when REITs are attracting capital amid caution in technology-led valuations.Read more

7 hours ago

IHG Hotels & Resorts has signed a management contract with Yashvi Greenco LLP to operate a 110-key Holiday Inn Express hotel on Gauravpath in Surat, Gujarat. Scheduled to open in 2029, this will be IHG's first property in Surat, expanding the company's footprint in India's high-growth secondary and emerging commercial cities. IHG currently operates 51 hotels across six brands in India and has a development pipeline of 89 hotels expected to open over the next three to five years. The company emphasised India as a strategic growth market for its ongoing expansion plans in both primary and secondary cities.Read more

7 hours ago

The Mumbai Metropolitan Region Development Authority has revised metro timetables across key corridors to improve travel efficiency and network integration. The changes come with the launch of Metro Line 9, connecting Dahisar East to Kashigaon, and Metro Line 2B Phase 1, linking Mandale to Diamond Garden. These additions expand connectivity to Thane and Harbour Line areas. The updated schedules focus on better frequency, predictable services, and corridor-wise operations. Integration between Line 7 and Line 9 enables direct travel across suburban stretches, while Line 2A now runs independently to improve reliability.Read more

Mumbai News Desk

8 hours ago

Mumbai is facing a significant shortage of housing for project-affected persons (PAPs), which is impacting the pace of infrastructure development. The civic body requires nearly 75,000 rehabilitation units but has access to only about 8,000, creating a large gap. Policy tools like TDR have not fully translated into adequate housing supply, while concerns over misuse and delays persist. Authorities are now considering converting SRA transit camps into permanent units and have formed a coordination committee to address the issue and improve execution.Read more

8 hours ago

South Central Railway has planned a capital outlay of INR 13,026 crore for FY27, marking an 18.3 per cent rise over the previous year. The investment will focus on track doubling, new lines, renewals, and safety works to address rising congestion across key routes. The zone recorded steady progress in FY26 with 194 km of track additions and electrification of 325 km. Ongoing projects, including the third line on a key trunk route, are expected to improve freight and passenger movement and strengthen connectivity across regions.Read more

9 hours ago

Foreign firms drove India's office leasing to record levels in the January-March quarter, with 9.1 million sq ft leased for Global Capability Centres, marking the highest quarterly figure ever. Total gross leasing across the nine top cities rose 5 per cent to 20.7 million sq ft. Demand spans multiple sectors, including technology, BFSI, and e-commerce, and is led by both Fortune 500 companies and smaller GCCs. American companies contributed 73 per cent of leasing. Bengaluru, Delhi-NCR, and Mumbai together accounted for 67 per cent of total leasing, and demand is expected to remain strong through 2026.Read more

9 hours ago

The Haryana Real Estate Regulatory Authority has directed Chintels India Pvt Ltd to pay over INR 4 crore as compensation to a homebuyer in Gurugram for severe construction defects in a residential project. The complaint highlighted structural issues soon after possession, which remained unresolved. The order follows a fatal tower collapse in the same project that exposed serious construction flaws. Authorities concluded the project was unfit for habitation. Along with compensation, the builder has been asked to refund additional charges and pay interest, while some claims such as rent and EMIs were not accepted.Read more

10 hours ago

Shubhashish Homes, part of JK Jajoo Ventures, recorded strong growth in FY 25-26 with pre-sales reaching INR 423 crore, nearly double the INR 211 crore achieved in the previous year. The company has set a target of INR 850 crore for the next financial year, backed by expansion plans and a strong project pipeline. It also introduced a new brand identity, Sa & The House of Shubhashish With projects across multiple cities and a growing development pipeline, the company is aiming to strengthen its presence in both existing and new markets.Read more

10 hours ago

MetLife Investment Management has appointed Andrea Drasites as the new head of its real estate and agricultural finance division. The move reflects the firm's continued focus on strengthening leadership in key investment segments. Drasites is expected to oversee lending and investment strategies across commercial real estate and agricultural assets. The appointment comes at a time when institutional investors are actively reallocating capital towards income-generating and inflation-hedged asset classes such as real estate and farmland.Read more

11 hours ago

Mumbai's Elphinstone Road overbridge, a key link between Parel and Prabhadevi, has been completely demolished to make way for a new double-decker road overbridge. The project is part of a larger plan to expand suburban railway capacity and improve east-west connectivity in central Mumbai. The ageing bridge, which had been shut for redevelopment, was dismantled through carefully planned railway blocks with minimal disruption. The upcoming structure, linked to the Sewri-Worli Elevated Connector, is expected to ease congestion, improve safety, and support growing traffic demand in the area.Read more

11 hours ago

Magicpin has introduced an AI assistant named Vera to support restaurants and retailers with real-time insights on order volumes and operational planning. The tool has already onboarded over 1,00,000 businesses during its trial phase. The company advanced the launch in response to an LPG supply disruption affecting food delivery partners across India, offering immediate AI-based support. With an investment of USD 1 million in its AI stack, magicpin aims to improve digital visibility, customer engagement and conversions for small businesses operating on tight margins.Read more

12 hours ago

Jammu and Kashmir continues to face large-scale land encroachment, with over 18.38 lakh kanals reported under illegal occupation across state and forest land. While authorities have started eviction drives and recovered a small portion, the overall progress remains limited compared to the total encroached area. District-wise data shows widespread impact across both Jammu and Kashmir divisions. The government is using legal action, joint enforcement drives and technology-based surveys to address the issue, while the High Court continues to monitor the situation through ongoing proceedings.Read more

12 hours ago

Develia SA has entered into a preliminary agreement to acquire 100 per cent stake in Stocznia Cesarska Development from Gdansk Development Holding N.V.. The project is located on the historic former Imperial Shipyard land in Gdansk and has the capacity to support at least 3,000 residential units along with commercial space. The deal value is linked to a property valuation of 550 million zlotys, subject to debt adjustments. The transaction remains conditional on regulatory approvals, including clearance from the maritime economy authority.Read more

13 hours ago

Bank of Maharashtra reported strong growth across key financial parameters in the fourth quarter of FY26. The bank's total credit rose 22 per cent year-on-year to INR 2.92 lakh crore, supported by steady expansion in corporate and retail, agriculture, and MSME (RAM) segments. Deposits increased 14 per cent to INR 3.50 lakh crore, while total business grew 18 per cent to INR 6.42 lakh crore. The CASA ratio also improved, indicating a higher share of low-cost deposits, which supports better margins and operational efficiency.Read more

13 hours ago

Bengaluru's planning authority has proposed increasing the permissible deviation in building plans from 5% to 15% to help property owners facing issues in obtaining occupancy certificates. The draft amendment aims to regularise minor construction deviations through payment of compounding fees while ensuring safety norms are maintained. The move is expected to benefit a large number of buildings currently considered non-compliant. Public feedback has been invited, with suggestions open until April 30, after which the revised rules are likely to be finalised and implemented.Read more

14 hours ago

The Rajkot Municipal Corporation narrowly missed its property tax collection target for FY 2025-26, collecting INR 447.93 crore against a target of INR 455.8 crore. Despite the shortfall, collections grew by 8.44 per cent compared to the previous year, supported by better recovery efforts and increased digital payments. However, tax compliance remained a concern, with nearly one-fourth of property owners not clearing dues. The civic body also continued enforcement actions, including property sealing, to improve recovery levels.Read more

14 hours ago

The Punjab government is accelerating urban infrastructure development through policy changes, improved services, and large-scale investments. The One Time Settlement (OTS) scheme for Improvement Trusts has been reintroduced until April 30, 2026, offering around 50 per cent rebate on non-construction fees. House tax collection has increased to INR 600 crore, reflecting better compliance. Key projects include construction of over 2,100 km of roads, expansion of sewerage and water infrastructure, and modernisation of fire services. Measures such as a simplified building approval process and a single-window system aim to improve ease of doing business across urban areas.Read more

15 hours ago

The Noida Authority is preparing to introduce a mixed land use property scheme to allow residential, commercial and institutional activities within the same development. The proposal is expected to be reviewed soon and could bring more flexibility in land utilisation. At the same time, plans are underway to set up a Centre of Excellence at Gautam Buddha University to support research and industry collaboration. These initiatives are part of a broader effort to improve urban planning, attract investment and strengthen Noida's position as a growing economic and knowledge hub.Read more

15 hours ago

Uttar Pradesh is looking to strengthen its economic ties with Singapore following a recent high-level meeting between Chief Minister Yogi Adityanath and Singapore's High Commissioner to India. The discussion focused on boosting investments, improving skill development, and expanding cooperation in infrastructure and cultural sectors. Singapore has shown growing confidence in the state's business environment, with companies planning expansion and a new delegation expected to visit soon. The state government is also preparing an investment roadmap for key regions to ensure balanced growth and attract global investors.Read more

16 hours ago

The Gujarat government has revised rules under the Land Revenue Act to speed up property transaction certification. Undisputed cases with clear ownership records can now be certified on the same day, removing the earlier 30-day waiting period. In cases requiring verification, the notice period has been reduced to seven days. The move aims to reduce delays, limit misuse of objections, and improve efficiency in land dealings. The reform is expected to benefit residential, commercial, and agricultural transactions while supporting faster ownership transfers and improving overall market activity.Read more

16 hours ago

Vietnam is considering a set of measures to stabilise its stock market after a sharp decline triggered by global geopolitical tensions linked to the Iran conflict. Proposals include setting up a government-backed stabilisation fund, easing share buyback rules, tightening trading limits, and managing media messaging. Authorities have been directed to review these recommendations, which also aim to support the real estate sector and secure a potential market upgrade by FTSE Russell. The moves come as investor sentiment weakens and the benchmark index records one of the steepest falls in Asia.Read more

17 hours ago

The Vijayawada Municipal Corporation (VMC) has reported total tax collections of about INR 267 crore for FY26, slightly exceeding its target of around INR 265 crore. The improvement came after slow collections in the initial months, which pushed the civic body to intensify recovery efforts. Measures such as strict action against defaulters, disconnection of services, and focused collection drives helped bridge the gap. Increased field monitoring and notices also supported the process. The outcome reflects better compliance and highlights the importance of sustained efforts in strengthening municipal revenues.Read more

17 hours ago

The Punjab and Haryana High Court has stayed Haryana's stilt-plus-4 housing policy due to concerns over inadequate infrastructure in residential areas. The policy, aimed at increasing housing supply, allowed four floors above stilt parking. However, petitions highlighted narrow internal roads, congestion, and pressure on civic services. A court-appointed panel found that actual road widths in several areas were much lower than planned standards. The court has paused the policy until further review, indicating a closer examination of urban planning and implementation gaps.Read more

18 hours ago

The Reserve Bank of India has approved Dubai-based Emirates NBD Bank to acquire up to a 74 per cent stake in RBL Bank, marking a key step towards the lender becoming a foreign-owned entity. The approval, valid for one year, follows the investor's earlier proposal to acquire a majority stake valued at INR 26,853 crore. The deal is subject to multiple regulatory clearances and compliance requirements, including government approval for foreign investment beyond 49 per cent and adherence to banking and securities regulations.Read more

18 hours ago

Karnataka's Infrastructure Development Minister M B Patil has urged the Union government to introduce a direct express train between Bengaluru and Vijayapura, citing improved rail infrastructure and long-standing regional demand. The request follows the completion of a 9.6 km double-line railway section between Alamatti and Wandal, part of the Gadag Hotgi project, which has enhanced route capacity. The proposed service is expected to reduce travel time significantly and improve connectivity for passengers travelling between north Karnataka and the state capital. The minister has written to the Railway Ministry seeking priority for the proposal, highlighting its potential to support mobility for business, education, and administrative purposes.Read more

19 hours ago

Industrialist Gautam Adani met Uttar Pradesh Chief Minister Yogi Adityanath in Lucknow and expressed strong support for the state's long-term economic vision. The roadmap aims to transform Uttar Pradesh into a USD 1 trillion economy by 2030 and expand it to USD 6 trillion by 2047. Adani highlighted the scale and intent of the plan, stating that it reflects the state's potential. The Adani Group has committed to contributing through investments across sectors such as power, infrastructure, logistics, airports, defence, industrial parks, and data centres.Read more

19 hours ago

Haryana recorded the highest growth in State GST collections among all states in FY26, registering a 22 per cent increase compared to the national average of 6 per cent. The state's SGST revenue rose to INR 48,289 crore, supported by improved tax administration and higher economic activity. Haryana also moved up in national rankings from ninth to sixth position. The number of GST taxpayers increased by 12 per cent, reflecting a broader tax base. Reforms introduced by the GST Council and state-level initiatives have played a key role in sustaining this growth momentum.Read more

20 hours ago

PNB Housing Finance has reported an additional INR 933 crore in bad loans after a review by the National Housing Bank. The divergence relates to FY23 and is linked to loan restructuring that did not fully meet regulatory norms. This has increased gross NPAs to over INR 3,200 crore. The issue involves two project loans where interest rates were reduced. One loan has been repaid and the other remains standard. The company stated that the disclosure has no immediate financial impact.Read more

20 hours ago

Service Properties Trust has completed an underwritten public offering of its securities, along with the full exercise of the underwriters option to purchase additional units. The move reflects continued capital-raising activity by real estate investment trusts to support liquidity and portfolio management. While specific financial details were not disclosed in the brief update, such offerings are typically used to reduce debt, fund acquisitions, or strengthen balance sheets. The development comes at a time when REITs are actively managing capital amid evolving market conditions and interest rate pressures.Read more

21 hours ago

The Goa government is moving ahead with plans to widen a 33 km stretch of National Highway 4A through Mollem to improve connectivity between Goa and Karnataka. The project, currently under regulatory review, includes preparation of a detailed report and environmental approvals. A major concern is that the expansion passes through the Bhagwan Mahaveer Wildlife Sanctuary, potentially impacting forest cover and wildlife, with around 7,000 trees expected to be affected. The proposal has faced ongoing opposition from local communities and environmental groups, even as authorities position it as a key infrastructure upgrade to ease traffic, reduce travel time and support regional economic activity.Read more

22 hours ago

India's REIT market is witnessing strong growth, with rising investor participation and improved returns, according to an ANAROCK report. REITs have delivered around 9% price returns over five years, with steady yields of 5-6%, supported by high occupancy levels above 90% and strong leasing activity. Regulatory reforms, including the introduction of SM REITs, have expanded access for retail investors and enabled fractional ownership. With only a third of REIT-ready assets currently listed, the sector shows significant growth potential across office, logistics and emerging asset classes, reinforcing its role as a stable and income-generating real estate investment option in India.Read more

23 hours ago

Sri Lanka's stock market recorded a marginal recovery after several sessions of decline, supported mainly by gains in real estate and consumer discretionary stocks. Despite the uptick, the market ended the week lower due to earlier losses. Key conglomerates saw sharp price increases, boosting the index. However, trading activity remained subdued with a sharp fall in volumes and turnover compared to the previous session. Foreign investors continued to remain cautious, offloading shares, while domestic investors provided support by increasing their buying activity during the session.Read more

06 Apr 2026

The Uttar Pradesh government's Chief Minister Rural Housing Scheme has covered over 19,000 beneficiaries across the Gorakhpur division, with more than 17,000 families already shifting into completed pucca houses. Implemented to support households excluded from the Pradhan Mantri Awas Yojana Gramin (PMAY-G), the scheme has seen an expenditure of around INR 219 crore so far. Beneficiaries receive financial assistance of INR 1.2 lakh for house construction, along with additional support for sanitation, electricity, and LPG connections. The programme prioritises vulnerable communities and disaster-affected families across four districts in the division. Parallel progress under PMAY-G has also contributed to large-scale rural housing delivery in the region.Read more

06 Apr 2026

The Ministries of Road Transport and Highways and Railways have achieved full utilisation of their FY26 capital expenditure, highlighting strong infrastructure spending and project execution in India. This reflects the government's focus on improving connectivity, logistics and economic growth through sustained investment. Indian Railways recorded high passenger and freight volumes, along with increased passenger revenue, while continuing capacity expansion through special train operations. On the roads front, highway development and network expansion remained a priority. The milestone indicates steady progress in large-scale infrastructure projects, supporting job creation, regional connectivity and overall economic development across the country.Read more

06 Apr 2026

IndiGo is set to increase its domestic operations to nearly 2,000 daily flights during the summer schedule, expanding capacity as travel demand rises across India. The airline, which currently operates over 1,850 daily flights, is adding new routes and boosting frequencies after resolving earlier operational constraints. Network expansion includes new destinations like Bhavnagar and Jamnagar, along with increased connectivity from key hubs and upcoming airports such as Navi Mumbai and Noida International Airport. Alongside domestic growth, IndiGo is also expanding internationally with new routes and aircraft, while continuing to manage challenges like airspace restrictions, airport congestion and rising operational costs.Read more

06 Apr 2026

India Infrastructure Finance Company Ltd plans to increase its investment in Infrastructure Investment Trusts (InvITs) to INR 6,000 crore by FY27, doubling its current exposure of around INR 3,000 crore across nine InvITs. The move supports its strategy to diversify infrastructure financing and expand into market-linked instruments. InvITs are gaining traction as a stable investment option for operational assets in sectors like transport, urban infrastructure and clean energy. Backed by strong financial performance, healthy asset quality and a robust project pipeline, the institution aims to strengthen its role in India's infrastructure growth while balancing risk, returns and sector exposure through a diversified portfolio.Read more

06 Apr 2026

The Lucknow Development Authority has started a city-wide door-to-door verification drive to update records of residential and commercial properties under its schemes. The initiative aims to fix outdated or missing documentation, reduce fraud and improve property record management. Survey teams will collect ownership details, ID proofs and contact information to align official data with actual occupancy. This move supports the digitisation of property records, making processes like ownership verification, transfers and grievance handling more efficient. The exercise also reflects a broader push to improve transparency, strengthen governance and minimise disputes in Lucknow's real estate market.Read more