A building materials company plans to invest $150 million to achieve its goal of becoming a $1 billion company by 2028.

The managing director and CEO said, “Our focus has always been on delivering high-quality, sustainable building materials. We’ve introduced Organic Based Stabilizers (OBS) in UPVC pipe manufacturing—an industry first in India, eliminating heavy metals. We’ve doubled our AAC block capacity in Chennai to four lakh cubic meters per year, making it one of the country’s largest facilities. And marking our expansion into the home and interiors space, we intend to bring a global premium flooring brand to India."

The company recently underwent a rebranding exercise and has 32 manufacturing facilities across India and Europe.

A real estate investment firm subsidiary has entered a multifaceted transaction with promoter group companies BSS Property Ventures and Rajeshwar Property Ventures, according to sources with direct knowledge of the development.

The deal will allow the firm to expand its commercial real estate portfolio in India, which currently stands at 55 million sq ft, including around 9 million sq ft in the country’s financial capital. The transaction includes two principal components: the acquisition of majority shareholding in Special Purpose Vehicles (SPVs) that have entered into an agreement to gain control of around 6 acres of prime land in Mumbai’s Powai locality. The deal also includes a permissible floor space index (FSI) of more than 1 lakh sq ft in favor of the SPVs. The firm has already invested over Rs 600 crore and is expected to invest more to build grade-A office properties.

Landowner Bhawanishankar Sharma has registered two separate agreements for sale of land and the free-sale component with his two SPVs—BSS Property and Rajeshwar Property. The firm has been expanding its commercial real estate portfolio in Mumbai. In January, it signed a pact with the MMRDA to invest $12 billion in various infrastructure projects across the Mumbai Metropolitan Region. In February, it emerged as the sole bidder for a plot in the Bandra-Kurla Complex (BKC) during an MMRDA auction. It also recently acquired an 8% stake in Nirlon Ltd, owner of Nirlon Knowledge Park, further solidifying its presence in the city’s office space market.

A co-working space provider plans to expand to two million sq ft of workspace over the next year with an investment of around Rs 400 crore.

The founder of the company said, "The demand has gained greater traction with corporates and MNCs continuing to make a beeline to co-working spaces that have emerged as strong centres of growth."

The company currently manages three million sq ft of space, totaling around 60,000 seats across 45 locations in Bengaluru, Chennai, Hyderabad, Mumbai, and Pune. It aims to be present in about 10–12 cities over the next two years and reach five million sq ft by 2025.

Madurai corporation has collected 80% of its targeted ?310 crore in property tax for the 2024-25 financial year as of March 18. Though a total of ?251 crore collected is an improvement over last year's 77% collection, the city has slipped to the 10th position from 9th last year, among Tamil Nadu's 20 municipal corporations. However, it is the third highest in total assessments in the state, with nearly 3.48 lakh properties registered, behind Coimbatore and Greater Chennai Corporation. The 15th Central Finance Commission mandates city corporations to  achieve at least 13% growth in tax collection to get central govt grants. Corporation commissioner Chitra Vijayan told TOI that Madurai had met this target last week. The corporation had not yet resorted to cutting water supply of errant taxpayers as a coercive measure. She attributed arrears to multiple factors, primarily litigation. "Our legal team is arrears to multiple factors, primarily litigation. "Our legal team is actively pursuing these cases, but the volume remains actively pursuing these cases, but the volume remains overwhelming. We are scheduling tax appellate tribunal hearings and implementing a systematic follow-up process," However, AIADMK ward 64 councillor M Solai Raja claimed the increase in tax collection is purely due to the (2022) tax revision and not because of better enforcement. He also criticized the lack of transparency in how funds are spent. "We have been demanding a white because of better enforcement. He also criticized the lack of transparency in how funds are spent. "We have been demanding a white paper for the last two years on how the general fund is utilized, but the  mayor and corporation commissioner are yet to submit such details to the council," he said. Despite higher tax collection, he argued, civic infrastructure spending remains low.

The CBI has registered three cases related to alleged irregularities in the allotment, development and sanction of Sports City projects in Noida between 2011 and 2014 which turned into a Rs 9000-crore 'scam'.  Acting on the orders of the Allahabad High Court, the agency registered the FIRs against real estate firms Logix Infra Developers Pvt Ltd, Xanadu Estates Pvt Ltd and Lotus Green Constructions Pvt Ltd, their directors and some unnamed officials of Noida Authority, following it up with a search operation, they said. No immediate reactions were available from the companies. According to an official, the Noida Sport City Project was aimed to develop world class sport facilities with residential and commercial areas in the sector 78, 79 and 150 of Noida. It was alleged that... after the allotment of projects, the related conditions were allegedly breached multiple times by the allotees/sub-leasees, in connivance with Noida Authority officials causing suspected financial loss to the State exchequer at approximately Rs 9000 crore and undue advantage to certain developers at the State expense. The CBI has alleged the authorities took no remedial measures even after the CAG report pointed out irregularities in the massive project. In this connection, CBI conducted searches at several locations in Delhi In this connection, CBI conducted searches at several locations in Delhi evidences, etc
 

A major business group is in advanced talks to acquire an Indian real estate company for an enterprise value of around USD 1.4–1.5 billion as it looks to expand its property business, according to sources. The Dubai-based real estate firm entered the Indian market in 2005 in partnership with an Indian developer and invested Rs 8,500 crore through a joint venture. In April 2016, the Dubai-based firm decided to end the joint venture through a demerger process.

The Indian company has a large portfolio of residential and commercial spaces across Delhi-NCR, Mumbai, Mohali, Lucknow, Indore, and Jaipur. According to sources, the talks between the Dubai-based firm and the Indian business group are in an advanced stage. Both parties declined to comment. In January this year, the Dubai-based firm said it was in discussion with a few groups in India for a potential sale of a stake in its Indian entity, but the valuation and other terms of a potential transaction were not finalized.

Sources said the Dubai-based company is looking to sell a stake in the Indian entity, but the extent of dilution in shareholding is not yet decided. The Indian business group is active in the real estate market through its unlisted entities, which have been developing multiple projects across major cities in India.

One of the world’s largest real estate companies, the Dubai-based firm has a land bank of around 1.7 billion sq ft in the UAE and key international markets. Some of its major projects include the Burj Khalifa and Dubai Mall.

In a landmark judgment, the Gujarat Real Estate Regulatory Authority (GujRERA) has granted dual status of allottee and co-promoter to existing society members in redevelopment projects, marking a significant shift in regulatory protection. The authority ruled in favour of a complainant, ordering a developer to complete the sale deed registration process while recognising the complainant's status as an allottee. Previously, RERA protection was limited to new members as original members were considered co-promoters. A senior official of GujRERA stated that the order is significant for any redevelopment project. This order extends RERA protection to existing owners in redevelopment projects," a senior GujRERA. Previously, only the existing homeowners were considered co-promoters after signing an MoU with builders, while new buyers alone held allottee status."  In this particular case, the ruling came despite respondents arguing that the complaint should be dismissed due to the member's co-promoter status. GujRERA maintained that the complaint was valid, acknowledging that the member was also an allottee. Chartered accountant Manan Doshi noted that the decision drew from Maharashtra RERA precedent. In a recent matter, Gujarat RERA determined that a complaint filed by an allottee is maintainable under the RERA Act where project registration is mandatory. It accorded the complainant the status of an allottee under the Act and accordingly entertained his grievance. 
 

Haryana Chief Minister Nayab Singh Saini announced the launch of a new scheme on Monday to empower gig workers and ensure their social security coverage. A dedicated portal will be created for all gig workers in the state, allowing them to register and connect with various government schemes and opportunities. He added that all gig workers registered on this portal will receive insurance protection, including health, accident, and life insurance. The aim of this initiative is to provide financial stability, social security, and improved working conditions for gig workers, enabling them to become more self-reliant and active contributors to Haryana's economic development. Saini, who also holds the Finance portfolio, made this statement while presenting the budget for 2025-26 in the state assembly. Haryana has set a deadline of March 31, 2025, to implement three new criminal laws, Saini informed the Assembly during his budget speech. The chief minister said that fast-track courts will be established in every district of the state to ensure the speedy trial and punishment of drug-related cases. Additionally, a centralised NDPS monitoring cell will be set up at the state level. A proposal of Rs. 10 crore has been made for the development and implementation of modern technologies, such as drones, to maintain law and order. Cyber police cells will also be established at the sub-division level in districts with a high incidence of cybercrimes, he announced. In the social welfare sector, Saini revealed that a "Divyangjan Kosh" (Fund for Differently-abled Persons) will be established in the state, with a budget provision of Rs 50 crore. Touching upon environmental matters, Saini outlined plans for the conservation and growth of rare and endangered native tree species, ensuring the protection of their gene pool. Additionally, an environmental training center will be established in Industrial Model Township, Manesar, Gurugram. To promote women's empowerment, the government has decided to build a 'Mahila Chaupal' (Women's Forum) in every village. In the first phase, 754 villages have been identified for this project. This amount will be disbursed in three instalments. Each MLA will need to submit a prioritized list of development works totaling Rs 5 crore for their constituency.
 

Prime Minister Narendra Modi on Wednesday hailed Nasa astronaut Sunita Williams  return to Earth from International Space Station and said that the determination of Crew 9 will inspire millions. In a social media post on X, PM Modi said that that the mission to ISS was a test of grit, courage and boundless human spirit. "Welcome back, Crew 9! The Earth Missed you. Theirs has been a test of grit, courage and the and the boundless human spirit. Sunita Williams and the Crew 9 astronauts have once again shown us what perseverance trulu means. Their unwavering determination in the face of the vast unknown will forever inspires millions. 
 

City police's Economic Offences Wing (EOW) has registered a case against financial services group Edelweiss and its 15 associate companies for allegedly conspiring and defrauding investors of Rs 750 crore. The case was filed by Ecstasy Realty Pvt Ltd at Amboli police station last month based on a complaint alleging collusion and misappropriation of funds, among other charges. The EOW has taken over the probe in the case. Edelweiss, in a detailed statement to TOI, alleged that the dispute is a civil matter and Ecstasy has already filed a commercial suit. According to the FIR, the alleged fraud took place between March 26, 2018, and June 26, 2022. It centres around the Raisakaran project in Andheri (West), where Ecstasy Realty secured a Rs 1,350 crore loan from Edelweiss Group. However, only Rs 600 crore was reportedly disbursed, leaving Rs 750 crore allegedly misappropriated through "evergreening" a practice of renewing loans to mask defaults. Additionally, the complaint accuses Edelweiss of selling mortgaged flats at prices significantly lower than the market value. Properties valued at Rs 12-13 crore were allegedly sold for Rs 7-9 crore. Flats in the Parthenon project—specifically flat numbers 602 and 702—were allegedly sold below the recalculated rate. The principal dues under the Non-Convertible Debentures to Edelweiss are Rs 480 crores plus interest and other charges from April 2022. Recovery actions include a pending DRT (debt recovery tribunal) suit, cheque bouncing cases, a preliminary enquiry by Economic Offences Wing, and insolvency proceedings in National Company Law Appellate Tribunal. The FIR provides no clear basis for these allegations."
 

Sleuths of the Economic Offences Branch of the CBI, Chennai, have booked a landlord, a builder, two bank valuers, two buyers, and unknown others for cheating a bank of ?5.5 crore by availing two housing loans for the same property.

As per the FIR, two siblings from Puducherry approached a bank branch in Iyyapanthangal in 2020 for a housing loan of ?5 crore to buy a villa on a plot measuring 4,520 sq ft with a super built-up area of 5,500 sq ft at Tiruporur on ECR. Bank-empanelled valuers submitted reports stating the property was worth ?6.3 crore, following which a housing loan of ?4.26 crore was sanctioned. The siblings paid monthly installments regularly until April 2021, after which they sought relaxation due to the Covid-19 pandemic. The repayment period was subsequently extended until July 2023.

The bank later discovered that the villa purchased from the builder was not new but built in 2016, and that a housing loan had already been disbursed for the property. An audit revealed that the plan approval for the layout was received in 2011, though the plot was regularised only in 2019. The actual value of the property was found to be ?3.5 crore, significantly lower than the loan disbursed. Suspecting the involvement of the landowner, the bank lodged a complaint with the CBI for prosecution. The bank then approached the Madras High Court, which recently directed the CBI to register a case against the suspects for further investigation.

Cement producers operating clinker facilities in Tamil Nadu are set to face pressure on profitability due to the state's decision to impose a new levy on limestone, which will increase costs for this key raw material. The most impacted companies are likely to be those with a significant portion of clinker capacity in the state, unless they are able to pass on the higher costs to consumers through price hikes. Larger producers with smaller exposure in Tamil Nadu will face a minor impact.

The Tamil Nadu Mineral Bearing Land Tax Act, 2024, imposes a levy of ?160 per tonne on limestone. Limestone accounts for nearly two-thirds of raw material costs and about 5% of operating costs for cement makers. While some companies have more than half of their clinker capacity in Tamil Nadu, others have only a small fraction.

Analysts noted that the southern region is facing multiple headwinds over the past year, including multi-year-low cement prices, weak government spending, and higher competitive intensity. Prices are expected to remain under pressure going forward. In recent months, market leaders have acquired four South-based cement makers, with 44 million tonnes of capacity moving to large players.