03 Jun 2025

RentenPe, India's pioneering Rent Credit Score™ platform, has partnered with Mygate, the country's leading community management app, to transform rent transactions. RentenPe's payment infrastructure and Rent Credit Score (R Score™) are now integrated into the Mygate app, enabling seamless rent payments via credit cards, UPI, and net banking-offering rewards, cashback, and building tenants' credit profiles. The R Score™ helps renters access loans, zero-deposit rentals, and better homeownership prospects, while landlords gain transparency through the R Card™, a verified digital rental passport. The partnership targets India's fragmented rental market, aiming to formalise rent payments and improve credit access for millions of tenants. Serving over 25,000 societies and 4 million households, Mygate offers RentenPe a nationwide platform to scale. This collaboration sets a new benchmark for tech-driven, inclusive rental services, enhancing trust, transparency, and financial empowerment across India's housing ecosystem.Read more

02 Jun 2025

Kolte-Patil Developers Ltd has reported a consolidated net profit of INR 66.29 crore for the fourth quarter of the previous fiscal year, marking a significant recovery from a net loss of INR 26.18 crore in the corresponding period a year earlier. The turnaround was supported by a robust rise in total income, which increased to INR 723.20 crore from INR 527.71 crore. For the full financial year 2024-25, the company posted a net profit of INR 109.33 crore, reversing the previous year's net loss of INR 67.48 crore. Total income for the year rose to INR 1,763.73 crore from INR 1,394.78 crore. The company's consistent delivery across key real estate markets in India further strengthened its performance.Read more

02 Jun 2025

Residential project completions across India's top nine cities rose by 33% in FY24, reaching 4,06,889 units, according to PropEquity. The combined total for the past three years has now crossed 10 lakh units. Kolkata led with an 88% rise, followed by Hyderabad (61%) and Chennai (49%). Pune (81,563 units) and Thane (77,017 units) topped overall deliveries. Western India (Mumbai, Thane, Pune, Navi Mumbai) accounted for 55% of total completions, while Southern markets (Bengaluru, Chennai, Hyderabad) contributed 30%. Delhi-NCR was the only region to see a decline, with an 8% drop. Factors driving this growth include revived projects through the SWAMIH Fund, stricter RERA enforcement, and strong market sentiment. The momentum is expected to continue with SWAMIH 2.0 and increasing dominance of branded developers.Read more

02 Jun 2025

Grovy India and Golden Growth Fund (GGF), a Category II AIF, have jointly announced an INR 180 crore investment in three high-end residential projects in South Delhi. The developments, located in Anand Niketan, Neeti Bagh, and a forthcoming Category A colony, will offer a combined built-up area of approximately 70,000 sq. ft. The Anand Niketan project is already under construction, with the other two set to launch in the coming months. Projected sales revenue is around INR 240 crore, with an expected IRR exceeding 20% for investors. GGF, which launched its INR 400 crore AIF in September 2023, remains the only fund dedicated solely to premium land acquisitions in South and Lutyens' Delhi. Grovy India, with a legacy of over 100 luxury projects in the region, continues to strengthen its presence in this ultra-luxury segment, catering to the growing demand among high-net-worth buyers.Read more

02 Jun 2025

The Brihanmumbai Municipal Corporation (BMC) has raised property tax rates by up to 15% for the 2025-26 assessment year, impacting over 9 lakh residential properties. This marks the first property tax revision since 2015-16. The increase, reflected in the latest property tax bills, varies by area, influenced by updated ready reckoner (RR) rates. Locations with higher RR rate revisions have seen steeper tax hikes. Properties with carpet areas under 500 sq ft remain exempt, continuing to benefit nearly 16 lakh households. BMC had delayed implementing new rates due to pending state approvals, which are now cleared. While officials say the hike aligns with current economic indicators, some residents have raised concerns over lack of notice and transparency. The change comes amid ongoing redevelopment, legal disputes, and monsoon preparedness, highlighting the need for more predictable civic engagement on taxation matters in Mumbai's evolving urban landscape.Read more

02 Jun 2025

Bollywood legend Amitabh Bachchan has acquired a 25,000 sq. ft. plot near 'The Sarayu,'an ultra-luxury project by The House of Abhinandan Lodha (HoABL), for nearly INR 40 crore. This marks his third major investment in Ayodhya's booming real estate sector. Earlier purchases include a 10,000 sq. ft. plot within The Sarayu township (INR 14.5 crore), a 54,454 sq. ft. parcel near the Ram Mandir (for a proposed memorial), and a 5,372 sq. ft. plot in Haveli Avadh township (approx. INR 4.54 crore). HoABL is marketing The Sarayu as a premium gated community with spiritual and modern appeal. Following the Ram Mandir inauguration, Ayodhya has witnessed a surge in luxury real estate demand, supported by new infrastructure like the Ayodhya International Airport and improved road networks. Bachchan's investments are expected to further boost Ayodhya's status as a rising luxury destination.Read more

02 Jun 2025

The Indian government has unveiled the draft Registration Bill 2025, aimed at replacing the colonial-era Registration Act with a modern, digital-first framework. The bill, prepared by the Department of Land Resources, proposes online property registration, electronic document submission, and issuance of digital registration certificates. It expands the list of documents requiring mandatory registration to include agreements to sell, powers-of-attorney, certificates of sale, equitable mortgages, and court orders. The draft mandates Aadhaar-based authentication with alternatives for those without Aadhaar. It also introduces new roles within the registration authority to improve oversight and efficiency. The draft is open for public feedback for 30 days via the Department's portal. This reform aligns with India's broader digital governance efforts, including land record digitisation, and aims to enhance transparency, security, and ease of property transactions nationwide.Read more

02 Jun 2025

Rajasthan Real Estate Regulatory Authority (RERA), in partnership with MSTC Ltd, has launched e-auctions of properties attached from defaulting real estate developers. The initiative, approved during RERA's 21st meeting, leverages MSTC's government-backed e-auction platform to ensure transparency and speed in property auctions. The process aligns with Section 40 of the Real Estate (Regulation and Development) Act, 2016, enabling recovery of penalties, interest, and compensation. Supporting regulations under Rajasthan RERA Rules, 2017, and 2024 updates, provide clear execution guidelines. Additionally, a revised fee structure effective June 1, 2025, was approved: registration fees for farmhouse schemes are reduced to INR 3 per sq. m., while residential, institutional, and industrial projects remain at INR 5 per sq. m. The move highlights Rajasthan RERA's push towards digitisation and efficiency, enhancing compliance enforcement and streamlining property transactions in the state's real estate sector.Read more

30 May 2025

In a significant move to curb property tax evasion, the Bruhat Bengaluru Mahanagara Palike (BBMP) is set to issue notices to over 400,000 property owners suspected of underreporting property details. Utilizing data from drone surveys, satellite imagery, and the Digitally Owned Number (DON) Survey, BBMP aims to rectify discrepancies in self-declared property information. With a target to collect INR 6,000 crore in property tax for the 2025-26 fiscal year, the civic body anticipates recovering an additional INR 1,000 crore through this initiative.Read more

30 May 2025

Country Garden Holdings Co., once China's leading property developer, has secured additional time from a Hong Kong court to advance its USD 14.1 billion offshore debt restructuring plan. This extension follows the company's success in garnering support from over 70% of its bondholders. However, key bank creditors, holding significant portions of the debt, have yet to sign on. The court's decision to adjourn the liquidation hearing underscores the complexity and scale of the restructuring, which aims to reduce the company's offshore debt by 78%. Chairperson Yang Huiyan has pledged substantial personal investments to facilitate the process. The company targets completion of the restructuring by December.Read more

30 May 2025

RERA Gurugram mandated that developers must publish a newspaper notice immediately after applying for project registration. This move aims to curb unauthorized pre-launch sales and enhance transparency in the real estate sector. The notice will inform buyers that a project is awaiting registration approval, enabling them to make informed decisions and verify developers' claims. This initiative is part of RERA's ongoing efforts to protect homebuyers and ensure greater regulatory accountability.Read more

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