Mumbai News Desk

6 minutes ago

The Legend, a luxury residential redevelopment of the late actor Dilip Kumar's 71-year-old bungalow in Pali Hill, Bandra, has crossed INR 500 crore in sales within 15 months of launch, according to property consultants. The project, undertaken by Ashar Group, will feature 19 high-end apartments alongside a dedicated 2,000-square-foot museum on the ground floor honouring the actor's legacy, with a separate entrance for visitors. Among the sales recorded, a sea-view triplex was purchased by Apco Infratech for INR 155 crore in July 2024. The development agreement between Ashar Group and Dilip Kumar and his wife Saira Banu was signed in March 2016.Read more

36 minutes ago

PVR INOX has introduced a new cinema format called PVR INOX SMART Cinemas to expand its presence in Tier III cities through a Franchise-Owned, Company-Operated (FOCO) model. Muzaffarpur in Bihar has been selected as the first location, with six more properties already signed and expected to open over the next nine months. The company aims to meet the growing demand for organised entertainment in smaller cities by offering premium cinema technology, modern facilities and standardised operations while partnering with local developers and entrepreneurs.Read more

1 hour ago

Federal Realty Investment Trust has raised its full-year core profit forecast after reporting stronger-than-expected second-quarter results, supported by healthy leasing demand and higher rental income across its shopping centre portfolio. The real estate investment trust recorded growth in core funds from operations, revenue, rental income and occupancy levels during the quarter. The improved performance reflects continued demand for retail space in densely populated, high-income markets where the company owns shopping centres and mixed-use developments. Higher leased occupancy also indicates sustained tenant demand despite a changing retail environment.Read more

1 hour ago

The National Highways Authority of India (NHAI) has ordered an investigation after fresh road surface damage was reported on the Lucknow–Kanpur Expressway within a month of the corridor opening to traffic. Three engineers have been debarred pending the outcome of the inquiry. The affected stretch is located in Unnao district, where damage was detected near Korari village on an approach embankment to a bridge. Traffic has been diverted while repair work is carried out, with the authority expecting restoration within two days. NHAI has also initiated disciplinary action and said it will deploy advanced construction technologies in future projects to strengthen quality control and reduce the likelihood of similar defects.Read more

2 hours ago

LEAP India, the KKR-backed supply chain asset pooling company, has launched its initial public offering (IPO) with a target valuation of around INR 7,000 crore. The public issue, valued at nearly USD 260 million, includes a fresh issue and an offer for sale, with KKR-backed Vertical Holdings II emerging as the largest selling shareholder. The company has reported strong financial growth in FY26, supported by higher revenue and profit. LEAP India plans to use the proceeds from the fresh issue to support its business operations as demand for organised supply chain infrastructure continues to grow.Read more

2 hours ago

India is expected to become a USD 5.1 trillion economy in FY29, according to the International Monetary Fund's latest projections. Responding in the Rajya Sabha, Finance Minister Nirmala Sitharaman said the government is pursuing a broad-based growth strategy covering agriculture, manufacturing, MSMEs, infrastructure, services and digital transformation. She also highlighted measures announced in the Union Budget 2026-27 to strengthen key sectors, improve competitiveness, attract investments and generate employment. Separately, she shared that banks recovered INR 32,466 crore through SARFAESI proceedings during FY25 against dues of over INR 1.03 lakh crore.Read more

3 hours ago

The Bhubaneswar Municipal Corporation (BMC) has initiated enforcement action against 112 residential buildings found to be operating commercial establishments in violation of sanctioned building plans and land-use provisions. Through official notices issued by its Planning and Development wing, the civic body has directed owners and occupiers to discontinue the unauthorised commercial use of the premises, warning that failure to comply will result in the buildings being sealed under the applicable municipal laws.Read more

3 hours ago

Keystone Realtors Ltd reported a strong financial performance for the first quarter of FY27, with its consolidated net profit rising more than three times year-on-year to INR 52.37 crore, supported by a sharp increase in total income. The company also recorded pre-sales of INR 617 crore during the quarter, backed by steady demand and sustained homebuyer confidence. Management said the quarter marked its highest-ever quarterly profit after tax and highlighted the company's strong liquidity and balance sheet, which are expected to support future growth and project execution across the Mumbai Metropolitan Region.Read more

4 hours ago

South Korea has proposed changes to its property tax system to increase taxes on wealthy and multiple homeowners while offering relief to owner-occupiers with lower-value homes. The move comes as the government looks to address persistent house price inflation and growing public concern over housing affordability. Alongside the tax proposals, authorities are also introducing incentives for key domestic industries. The measures follow months of policy discussions on the property market and come after the central bank raised interest rates over concerns about rising home prices and inflation.Read more

Mumbai News Desk

4 hours ago

The Maharashtra government is preparing to relocate multiple administrative departments from Mantralaya to the iconic Air India Building at Nariman Point as part of a broader effort to address space constraints and modernise government infrastructure. Around 1.77 lakh sq ft of office space has been earmarked for departmental use, while the upper floors will accommodate Cabinet facilities. The project also includes extensive renovation and infrastructure upgrades following the state's acquisition of the landmark property for INR 1,601 crore earlier this year.Read more

5 hours ago

Godrej Properties Ltd reported a 42% year-on-year decline in consolidated net profit for the first quarter of FY27, with earnings falling to INR 349.38 crore from INR 598.40 crore in the corresponding period last year. The company's total income also declined to INR 1,345.04 crore during the April–June quarter from INR 1,620.34 crore a year earlier, according to a regulatory filing. The financial performance reflects lower income during the reporting period. Godrej Properties, one of India's leading listed real estate developers, continues to maintain a significant presence in the country's residential property market through its portfolio of projects across multiple cities.Read more

5 hours ago

The Rajasthan High Court has raised serious concerns over large-scale commercial construction on Udaipur's hills, observing that hotels and resorts have rapidly replaced ecologically sensitive landscapes. Hearing a petition filed by Basant Hotels Private Limited, the court questioned the manner in which the state's hill policies were framed, noting that they were prepared by private agencies without consulting environmental authorities. It has sought detailed records from the State and indicated that it may initiate a suo motu public interest litigation on the issue.Read more

6 hours ago

JPMorgan has announced plans to deploy more than USD 750 billion towards housing initiatives in the United States through 2035 under its American Dream Initiative. The programme aims to increase housing supply, expand homeownership and support affordable housing development. The bank plans to increase mortgage lending by more than 40%, helping around 500,000 customers purchase homes, while supporting the production and preservation of over one million affordable housing units. The initiative also includes expanding its home lending workforce and participating in housing policy discussions, as the US housing market continues to face supply shortages, elevated borrowing costs and high home prices.Read more

6 hours ago

The Bhopal Municipal Corporation (BMC) has launched a sealing drive against commercial establishments operating illegally from residential areas, sealing nearly two dozen premises after owners failed to comply with earlier notices. The action forms part of a wider enforcement campaign to curb unauthorised commercial activities in residential neighbourhoods and ensure compliance with approved land-use regulations. Civic officials have indicated that similar action will continue against other violators who do not regularise or discontinue the unauthorised use of their properties.Read more

Mumbai News Desk

7 hours ago

The Dharavi Redevelopment Project will incorporate a 3.3-km promenade along the Mithi River as part of its broader master plan to enhance public infrastructure and environmental sustainability. The proposed riverfront will feature landscaped walkways, cycling tracks, recreational areas and open green spaces while integrating ecological restoration into one of Mumbai's largest urban renewal initiatives. The project also proposes preserving thousands of existing trees and expanding public amenities, reflecting a planning approach that combines housing redevelopment with improved environmental and community infrastructure.Read more

7 hours ago

The Brihanmumbai Municipal Corporation (BMC) has reinforced its incentive programme offering up to 15% rebate on the general component of property tax for housing societies that scientifically process waste at source. The benefit is available to societies undertaking decentralised segregation and treatment of wet and dry waste, along with greywater recycling or rainwater harvesting. Societies engaging authorised waste-processing agencies are also eligible, provided the agencies meet BMC's prescribed standards and receive municipal approval.Read more

7 hours ago

MahaRERA has ruled that a developer cannot unilaterally cancel a property booking through contractual clauses that disproportionately favour the builder. In a recent order, the authority directed the developer to hand over possession of the allotted residential plot within 30 days and imposed a cost of INR 20,000. The decision reinforces consumer protection under the Real Estate (Regulation and Development) Act by holding that one-sided contractual terms cannot override statutory rights granted to homebuyers.Read more

8 hours ago

Many of India's fastest-growing suburbs were once quiet villages surrounded by farms, lakes and open fields. Over the past two decades, expanding city limits, metro networks, IT parks and infrastructure projects have transformed these rural settlements into thriving residential and commercial hubs. While skyscrapers and expressways now dominate their skylines, traces of their village origins still remain in local markets, temples and street layouts. Here are nine Indian suburbs that underwent remarkable transformations and now represent some of the country's most dramatic urban success stories.Read more

8 hours ago

Australia’s housing market recorded a second consecutive month of sharper price declines, with national home values falling further in July as high borrowing costs and uncertainty over proposed tax changes weighed on buyer and seller sentiment. Sydney and Melbourne remained the weakest-performing markets, while the slowdown also spread to mid-sized cities. The weakening trend has drawn attention from the Reserve Bank of Australia, as softer housing activity could have broader implications for the country's economy, including the real estate, construction and home services sectors.Read more

Gurugram News Desk

8 hours ago

A Geographic Information System (GIS) study conducted by the Gurugram Metropolitan Development Authority (GMDA) has revealed that Gurugram's built-up area expanded by 64% between 2014 and 2024, reflecting the city's rapid urbanisation. The study highlights significant growth in residential, commercial and industrial development, accompanied by a decline in agricultural land and open spaces. Officials say the findings will support evidence-based urban planning, infrastructure development and environmental management as the city continues to expand.Read more

9 hours ago

The Union Government released an additional instalment of tax devolution amounting to INR 1,09,019 crore to state governments on 1 August 2026, over and above the normal monthly devolution scheduled for 10 August 2026. The release was described as part of the government's commitment to strengthening state finances to accelerate capital and developmental expenditure. Uttar Pradesh received the largest allocation at INR 19,208 crore, followed by Bihar at INR 10,845 crore and Madhya Pradesh at INR 8,010 crore. The distribution covered all 28 states under the net proceeds of Union taxes and duties for August 2026.Read more

9 hours ago

Park Medi World has announced the acquisition of Mehar Hospital in Zirakpur for INR 107 crore through an all-cash transaction, strengthening its presence across the Tricity region of Mohali, Chandigarh and Panchkula. The 150-plus bed multi-super speciality hospital is expected to begin operations under the Park brand in November 2026. Alongside the acquisition, the company reported strong financial performance for the first quarter of FY27, with higher revenue and profit after tax compared to the corresponding period last year, reflecting continued expansion across North India.Read more

10 hours ago

The Vatican's financial position strengthened in 2025 as gains from gold, real estate and investment valuations lifted its net assets, despite a sharp decline in its operating surplus. According to the Administration of the Patrimony of the Holy See (APSA), the Vatican's net assets increased by EUR 89 million to EUR 2.686 billion during the year. Higher rental income, better property management and lower maintenance costs supported real estate earnings, while a revaluation of gold holdings contributed the largest increase in overall wealth. The figures come as Pope Leo oversees efforts to address the Vatican's long-standing budget pressures.Read more

10 hours ago

DLF Ltd reported a marginal increase in consolidated net profit for the first quarter of FY2026-27, even as its total income and residential sales bookings declined sharply. The company said deferred launches of housing projects impacted pre-sales during the quarter, while higher profit contribution from associates and joint ventures supported earnings. DLF maintained a strong balance sheet with an improved net cash position and continued healthy performance in its commercial leasing business. The developer also expects upcoming project approvals and new retail developments to support growth in the coming quarters.Read more

11 hours ago

Goa Chief Minister Shri Pramod Sawant said on Friday that heritage and development are complementary rather than competing forces in nation-building, describing 'Vikas Bhi, Virasat Bhi' as India's developmental philosophy rather than merely a slogan. Addressing the National Conference on Goan Architecture and Sustainability, Sawant said Goa aims to serve as India's "living laboratory" for sustainable architecture, blending modern and traditional design. Union Minister for Tourism and Culture Gajendra Singh Shekhawat and BJP Rajya Sabha member Sadanand Shet Tanavade also attended the event.Read more

11 hours ago

The National Highways Authority of India (NHAI) has cleared massive boulders from the Jammu–Srinagar National Highway through a controlled blasting operation, restoring traffic on one of India's most vital transport corridors. The exercise was undertaken after heavy rainfall triggered landslides that blocked sections of the highway with large rock formations. The timely clearance is expected to improve connectivity, facilitate the movement of passengers and goods, and ensure safer travel along the strategic route linking the Kashmir Valley with the rest of the country.Read more

Pune News Desk

12 hours ago

The Pune Municipal Corporation (PMC) has approved the diversion of nearly INR 114 crore for road improvement works in preparation for the Pune Grand Challenge Tour 2027. The funding will be used to repair and resurface roads along the proposed cycling route while improving overall road conditions for commuters. The decision is aimed at ensuring that the city's infrastructure meets international event standards, although it has also sparked concerns over the repeated allocation of funds for roads that have undergone repairs in recent years.Read more

12 hours ago

The Telangana Real Estate Regulatory Authority (TG RERA) has initiated penalty proceedings against Pacifica Constructions after finding that the developer allotted a residential unit before obtaining mandatory registration for the project under the Real Estate (Regulation and Development) Act, 2016. The authority observed that offering or allotting units before securing RERA registration violates statutory provisions designed to protect homebuyers. The case highlights the regulator's continued focus on enforcing compliance and ensuring transparency in the state's real estate sector.Read more

13 hours ago

Telangana Chief Minister A Revanth Reddy said the state government is positioning the proposed Bharat Future City as a global investment destination with a focus on attracting Fortune 500 companies. Speaking to industry representatives, he highlighted the scale of the project, planned investments in data centres, and the state's long-term economic goals. The government also outlined its regional development strategy by allocating separate zones for services, manufacturing and agriculture, while assuring investors that Telangana's industrial policies remain stable despite political changes.Read more

13 hours ago

The Ministry of Railways has approved a multitracking project worth INR 976 crore for the Danapur–Fatuha rail section in Bihar, a key stretch on the busy Delhi–Howrah corridor. The project aims to increase line capacity, improve operational efficiency and reduce congestion on one of Indian Railways' most heavily utilised routes. Once completed, the additional tracks are expected to facilitate smoother movement of passenger and freight trains while supporting future traffic growth and strengthening rail connectivity in eastern India.Read more

14 hours ago

The Union government is preparing a INR 5,000 crore infrastructure programme to strengthen connectivity and strategic development across India's northeastern border regions. The proposed initiative will focus on roads, bridges, waterways and other critical infrastructure to improve access in remote areas while enhancing economic activity and national security. The investment forms part of the Centre's broader strategy to accelerate development in border districts and improve connectivity with neighbouring countries.Read more

14 hours ago

Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu has inaugurated and laid the foundation stones for development projects worth around INR 333 crore in Chamba district, including 15 road infrastructure works aimed at improving connectivity in remote areas. The projects also cover drinking water, healthcare, education and public infrastructure. The initiative is expected to strengthen rural accessibility, improve public services and support economic development in one of the state's key hill districts.Read more

15 hours ago

Bihar Chief Minister Shri Samrat Choudhary has directed the Bihar Real Estate Regulatory Authority (RERA) to make its functioning more transparent, efficient and homebuyer-centric. Reviewing the authority's performance, he stressed the need to simplify procedures, eliminate unnecessary delays and safeguard consumer interests without compromising the ease of doing business. The Chief Minister also called for greater digital integration, faster grievance redressal and stricter monitoring of real estate projects to enhance accountability and confidence in the sector.Read more

15 hours ago

Holcim has agreed to sell a nearly 68% stake in its Philippines business to China's Huaxin Building Materials for USD 527 million as part of its ongoing portfolio optimisation strategy. The transaction is expected to be completed in the first half of 2027, subject to regulatory approvals and customary closing conditions. The agreement also provides Holcim with an option to exit its remaining stake within three to five years for at least USD 280 million, while allowing it to benefit from potential additional value during that period. The company had recently raised its 2026 organic sales growth outlook following an improvement in housing construction activity.Read more

16 hours ago

The Navi Mumbai Municipal Corporation (NMMC) has identified 34 buildings under the C-1 category, classifying them as highly dangerous and unfit for occupation following its annual structural audit. The civic body has appealed to residents to vacate these buildings immediately to prevent any loss of life during the ongoing monsoon season. It has warned that continued occupancy poses a serious safety risk and urged housing societies and owners to initiate redevelopment, repairs or demolition in accordance with statutory provisions.Read more

16 hours ago

Aptus Value Housing Finance India reported a 19 per cent year-on-year increase in net profit for the first quarter of FY27, supported by higher interest income, strong loan disbursements and continued growth in its loan book. The company's Assets Under Management (AUM) expanded by 21 per cent, while total income also recorded healthy growth. At the same time, asset quality remained stable overall despite a marginal increase in gross and net non-performing assets. The company said its strategy of focusing on higher-quality borrowers has continued to support business growth.Read more

Mumbai News Desk

17 hours ago

The Bombay High Court has directed civic authorities to adopt a stringent approach against indiscriminate garbage dumping across Mumbai, calling for "ruthless" enforcement to improve public cleanliness and civic discipline. While hearing a public interest matter, the court expressed concern over persistent littering on roads, beaches and around heritage sites, despite repeated clean-up efforts. It also instructed the Brihanmumbai Municipal Corporation (BMC) to remove accumulated waste from identified locations and strengthen enforcement against offenders.Read more

17 hours ago

IndiGo has announced that it will discontinue its wide-body operations from October 25 and end its damp lease agreement with Norse Atlantic Airways, citing rising operational costs and an increasingly challenging global aviation environment. While the airline will continue operating its Mumbai-Amsterdam route using Airbus A321XLR aircraft, services to and from London's Heathrow Airport will be temporarily suspended until its ordered Airbus A350-900 aircraft join the fleet. The airline said it remains committed to its long-term international expansion plans and will assist affected passengers with alternative travel options and refunds where applicable.Read more

18 hours ago

Haryana continued to lead all states in the growth of post-settlement State GST (SGST) collections during the first four months of FY 2026-27, according to the latest data released by the Central Board of Indirect Taxes and Customs (CBIC). The state reported strong year-on-year growth in both monthly and cumulative SGST collections, significantly outperforming the national average. It also recorded the highest growth in overall GST revenues during the month. The performance follows Haryana's leading position in SGST growth during FY 2025-26, reflecting continued improvement in tax collections and revenue mobilisationRead more

18 hours ago

Andhra Pradesh Chief Minister N Chandrababu Naidu has described the newly inaugurated Alluri Sitarama Raju International Airport at Bhogapuram as a major infrastructure asset that will drive economic development across north Andhra. The nearly INR 5,000 crore airport was inaugurated by Prime Minister Narendra Modi recently. Addressing a public gathering after the inauguration, Naidu said the project would significantly influence the region's future, drawing comparisons with the transformative impact of Hyderabad's Shamshabad Airport. He also acknowledged the contribution of local farmers who provided land for the airport, stating that their support had enabled the development of a key infrastructure project for the state.Read more

19 hours ago

Banks, including public, private, foreign and cooperative lenders, have mobilised USD 27.99 billion through fresh Foreign Currency Non-Resident (Bank) deposits since the Reserve Bank of India introduced its US Dollar-Rupee Forex Swap Facility. The scheme, aimed at attracting foreign capital and strengthening the country's balance of payments, has led to a sharp rise in FCNR(B) deposits in less than two months. The government also informed Parliament about progress in banking access, payment fraud trends, Kisan Credit Card benefits and the Pradhan Mantri Mudra Yojana during responses to multiple questions.Read more

19 hours ago

Ospree Duty Free has expanded its airport retail network with the opening of duty-free stores at Navi Mumbai International Airport across both the Departure and Arrival terminals. The new outlets offer a range of imported spirits, luxury fragrances, fashion, cosmetics, electronics, watches and confectionery, catering to domestic and international travellers. The launch strengthens the company's footprint in the Mumbai Metropolitan Region (MMR), where it now operates at two airports. The expansion forms part of Ospree Duty Free's broader growth strategy across India's airport network, as it continues to increase its presence in major aviation hubs and enhance travel retail offerings.Read more

20 hours ago

Further rationalisation of the Goods and Services Tax (GST) for domestic hotels and restaurants could strengthen India's tourism sector by making travel more affordable and encouraging higher demand, according to SOTC Travel Managing Director and CEO Vishal Suri. While welcoming the government's earlier reduction in the tax collected at source (TCS) on overseas tour packages and the lower GST on hotel accommodation, Suri called for additional policy support through tax reforms, infrastructure investment and improved connectivity. He said India's travel market continues to remain resilient despite global uncertainties, supported by rising disposable incomes, expanding transport infrastructure and growing demand from Tier-II and Tier-III cities.Read more

04 Aug 2026

The Centre has advised state Real Estate Regulatory Authorities (RERAs) to grant a four-month extension to eligible real estate projects affected by disruptions arising from the West Asia conflict. Invoking force majeure provisions under the Real Estate (Regulation and Development) Act, the government said the recommendation aims to mitigate delays caused by supply chain disruptions, logistics constraints and material shortages. State RERAs will evaluate projects individually before granting any extension.Read more

04 Aug 2026

Former SEBI whole-time member Ananth Narayan has called for India to adopt a more market-driven approach to interest rates, arguing that freer interest-rate markets would reduce the Reserve Bank of India's need to intervene in the foreign exchange market. Speaking at an event in Mumbai, he said interest rates and currency markets are closely linked and should not be viewed separately. Narayan also highlighted concerns over fiscal practices followed by some states, while appreciating the Central government's efforts to improve fiscal discipline and manage the fiscal deficit.Read more

04 Aug 2026

The Mumbai Metropolitan Region Development Authority (MMRDA) has applied for Coastal Regulation Zone (CRZ) clearance for the proposed Thane Coastal Road 2 (TCR-2), a 7.13-km elevated corridor connecting Anand Nagar in Mulund East with Balkum in Thane. Estimated to cost INR 5,140.92 crore, the project is planned largely as a bridge on stilts and is expected to improve east-west connectivity, reduce congestion in Thane and integrate with several existing and proposed transport infrastructure projects.Read more

04 Aug 2026

Bank lending to industry recorded a strong year-on-year growth of 19.2 per cent in June 2026, supported by higher credit flow to large companies as well as MSMEs, according to the Reserve Bank of India (RBI). Overall non-food bank credit also saw healthy growth, while lending to agriculture, services and personal loans remained strong. Commercial real estate emerged as one of the key contributors to the expansion in services sector credit. The data reflects continued demand for financing across productive sectors of the economy, supported by broad-based lending across industries.Read more

04 Aug 2026

Stor-Age Property REIT has agreed to acquire a portfolio of 10 income-generating self-storage properties from Xtraspace Properties for a purchase consideration of R387.0 million. Alongside the acquisition, the company will also manage six additional Xtraspace facilities under a separate management agreement, creating a new source of recurring fee income. The transaction will strengthen Stor-Age's presence across South Africa's key metropolitan markets, while supporting its strategy of expanding both its owned property portfolio and third-party management business. The acquisition remains subject to regulatory approvals before completion.Read more

Mumbai News Desk

04 Aug 2026

Union Minister Piyush Goyal has said the government intends to complete the Bandra-Versova-Bhayander stretch of the Mumbai Coastal Road by December 2028, with March 2029 set as the outer target timeline. Goyal, who represents Mumbai in Parliament, made the statement earlier this week after reviewing progress on the project along with other infrastructure works, including a proposed desalination plant and the Madh-Versova Bridge. The Bandra-Versova stretch is progressing steadily, while construction on the Versova-Bhayander section has begun following the receipt of necessary approvals.Read more

04 Aug 2026

The Rajasthan State Industrial Development and Investment Corporation (RIICO) has received 449 online applications for 240 industrial plots under the 12th phase of its Direct Allotment Scheme. The plots span around 145 acres and are estimated to be worth around INR 195 crore. The application window ran from 15 to 28 July, with a lottery scheduled to allot plots that drew multiple applications. Locations receiving applications span several districts, including Jodhpur, Ajmer, Alwar, Balotra, Jaipur, Bhilwara and Kishangarh.Read more