The ED conducted searches at 13 locations, including the premises of a Vasai Virar City Municipal Corporation (VVMC) official, as part of a money laundering case involving unauthorised construction of 41 buildings on 60 acres of land allocated for sewage treatment and waste disposal facilities. The developers constructed these buildings using falsified documents, fabricated approvals and fraudulent sale agreements. The searches were at the premises of Y S Reddy, deputy director of town planning at VVMC, former Bahujan Vikas Aghadi Party (BVA) corporator Sitaram Gupta, and Vijay Tambat (Vijay Salvi), who allegedly has connections with gangster Chhota Rajan. Reddy faced arrest in a corruption case approximately eight years ago, while Gupta was arrested for cheating and forgery related to illegal construction. The ED initiated the money laundering investigation based on multiple FIRs filed against Gupta and others by defrauded homebuyers. Earlier, the home buyers had approached the court against the action initiated by the civic authority to demolish the illegal structures but didn't get any relief. The Supreme Court also refused to provide any relief to them and asked them to approach the government for rehabilitation while it instructed local authorities to proceed with demolishing structures built on the reserved land. It was alleged that Gupta had allegedly occupied plots illegally, constructed buildings without permission after document falsification, and sold them to unsuspecting economically disadvantaged individuals. Half of the land was wetland, whereas the remaining was privately owned reserved plots. In the 2010 development plan, the privately owned portion of the land was reserved for a dumping ground and sewage treatment facilities.
 

The Competition Commission of India on Tuesday approved IPO-bound Knowledge Realty Trust's acquisition of several entities affiliated with private equity major Blackstone and Bengaluru-based Sattva Group. Knowledge Realty Trust (KRT) is sponsored by real estate company Sattva Group and Blackstone. The proposed combination comprises of direct and indirect acquisition by the Knowledge Realty Trust, acting through its manager, Knowledge Realty Office Management Services, formerly known as Trinity Office Management Services (acquirer REIT), of certain entities, some of which inter-alia belong to the Blackstone Group, some belonging to the Sattva Group and remaining held jointly controlled by Blackstone and Sattva Group," the regulator said in a release. Knowledge Realty Office Management Services is a Sebi-registered REIT engaged in the business of owning and/or operating a portfolio of rent or income-generating real estate assets and related income-generating assets. Competition Commission of India approves acquisition by the Knowledge Realty Trust of certain entities belonging to Blackstone Group and/or Sattva Group," it added. KRT's total portfolio is 48 million sq ft (37 million square feet completed) across 30 Grade A office assets across six major cities, making it India's most geographically diverse Office REIT. Of the total portfolio, 90 per cent is leased with marquee tenants - 76 per cent with MNCs and 45 per cent with GCCs (Global Capability Centres). Sattva Developers has so far constructed 74 million square feet across seven Indian cities in commercial, residential, co-living, co-working, hospitality, and data centre sectors. An additional 75 million square feet area is in planning and implementation. Blackstone, a leading global investment firm, has a huge exposure in the Indian real estate market.
 

The country's maiden residential mortgage-backed securities were listed on the market on Monday, and housing finance regulator NHB said it expects firms to raise over Rs 10,000 crore through the route this fiscal. The National Housing Bank-promoted RMBS Development Company (RDCL) listed the first-ever set of securities of Rs 1,000 crore maturing in 20 years with a coupon of 7.26 per cent payable monthly, on the NSE. NHB Managing Director and Chief Executive Sanjay Shukla said he expects up to 10 more such transactions in the fiscal year through which lenders will raise between Rs 10,000-12,000 crore. The listing done on Monday involves pass-through certificates of a pool of residential loans made by LIC Housing Finance, and the issue was fully subscribed. RDCL was set up in March by NHB to help home financiers access funding by giving up future receivables on a loan to investors. The move will also help term investors like pension funds and insurance companies will get investment opportunities. Shukla said the NHB is talking to other home financiers as well to pool-in securities for listing, and added that he expects another tranche of Rs 1,000 crore in a month. Meanwhile, Shukla said the NHB plans to raise up to Rs 60,000 crore through the bond route in FY26, up from Rs 48,000 crore done in FY25.
 

Aadhar Housing Finance on Tuesday reported a 21 per cent improvement in net profit to Rs 245 crore in the fourth quarter of 2024-25. The housing finance company earned a profit of Rs 202 crore in the same quarter a year ago. Total income during the quarter under review rose to Rs 834 crore from Rs 692 crore in the year-ago period, Aadhar Housing Finance said in a regulatory filing. During the quarter, interest income increased to Rs 722 crore compared to Rs 596 crore in the same period a year ago. Total expenses increased to Rs 517 crore against Rs 433 crore a year earlier. Gross non-performing assets declined to 1.05 per cent as of March 31, 2025, compared to 1.08 per cent at the end of the fourth quarter of the previous financial year. Meanwhile, the board has approved the appointment of Raj Vikash Verma as an independent director on the company's board. Verma, former chairman and managing director of National Housing Bank, played a key role in the formulation of various innovative national-level schemes and programmes on affordable and low-income housing of NHB and the Government of India.
 

India’s ageing office stock presents a significant value creation opportunity, with strategic retrofitting capable of unlocking up to ?1.2–1.6 lakh crore in capital value, according to a recent report by CBRE South Asia. The report estimates that such upgrades could drive 25–40% asset value enhancement in key commercial micro-markets. To realise this potential, the total investment required is estimated between ?30,000–40,000 crore, depending on the scale and scope of enhancements. This includes structural upgrades, façade modernisation, HVAC optimisation, ESG compliance, and the addition of employee-centric amenities. The report adds that well-executed retrofits can offer a 3–5 year payback period, driven by improved occupancy, better lease terms, and enhanced tenant retention. CBRE estimates that close to 160–180 million sq ft of India’s office stock is over a decade old and likely in need of refurbishment or complete repositioning. “With workplace preferences changing rapidly and tenants now demanding enhanced sustainability, wellness, and smart technology integration, retrofitting offers a high-return solution for landlords and investors. The report notes that capital value enhancement post-retrofit could reach 40% in select micro-markets, with rental appreciation potential ranging between 15–35%, depending on location, scope, and quality of upgrades. Additionally, energy-efficient upgrades such as HVAC optimization, LED lighting, and advanced water systems can reduce operating costs by 20–30% over time. Beyond financial returns, retrofits also help developers and asset owners align with ESG benchmarks, achieve green certifications, and enhance the long-term sustainability profile of their portfolios.
 

Star Housing Finance Limited (Star HFL), a BSE listed home finance company (BSE Scrip code BOM: 539017) operational in low cost retail housing finance space across multiple states has reported its annual financial results exhibiting AUM growth and stable asset quality For the twelve months ending March 31, 2025, Star HFL posted total revenue of Rs. 94.96 crs, a 54.06% y-o-y increase. Profit after tax (PAT) rose by 25% to Rs. 11.10 crs, compared to Rs. 8.88 crs in FY2023-24. During the fourth quarter of FY2024-25, the company recorded total revenue of Rs. 27.89 crs and PAT of Rs. 2.93 crs, compared to Q4 FY2023-24 revenue of Rs. 19.34 crs and PAT of Rs. 2.74 crs Assets under management (AUM) grew to Rs. 520.70 crs as of March 31, 2025, up from Rs. 426.86 crs - a y-o-y increase of 21.98%, driven by demand for affordable home loans in its operational geographies Business Numbers: The Company disbursed Rs. 148.60 crs in the financial year providing housing finance assistance to more than 1250+ home buyers across its operational geographies of 30+ locations across the states of Maharashtra, Madhya Pradesh, Gujarat, Rajasthan, Tamil Nadu and NCR. Direct Assignment: The financial year saw first successful direct. assignment being executed to the tune of Rs.55.83 crs. Income Growth: Interest income grew by 47.22% y-o-y during the year. Net Interest Margin (NIM) stands at 7.69% Profitability: Profit After Tax registered 25% y-o-y growth at rs 11.1crs. Stable Asset Quality: GNPA stands at 1.84% and NNPA stands at 1.40% as of March 31, 2025. Liability Continues to Scale: During the year, Star HFL raised incremental liability of Rs. 145 crs from 2 banks and 6 FIs. Star HFL has maintained strong relationships with its banking partners and is in the process of building a strong pipeline to aid the loan book growth.  Capital Levels: Net-worth as of Mar 31, 2025 stands at Rs. 143.87 cr. Leverage levels stand at 2.81x. Star Housing Finance Limited (Star HFL) is BSE listed retail housing finance company. The Company has been operational in the low-cost housing finance space since inception. Star HFL provides long term housing finance assistance to EWS/LIG families towards purchase/construction of low-cost housing units (affordable housing) in its operational geographies. Star HFL is a professionally run with a presence across states of Maharashtra, Madhya Pradesh, Gujarat, Rajasthan, NCR and Tamil Nadu. Star HFL is registered as a Primary Lending Institution (PLI) under the Pradhan Mantri Awas Yojana (PMAY). Star HFL has its Registered & Corporate Office in Mumbai, Maharashtra . 
 

Property owners in Bangalore Development Authority (BDA) layouts have erupted in anger over what they see as an "irrational" and "abnormal" rise in property taxes ranging from 9% to 51% for 2025-26. This is the steepest increase ever, property owners said as the BDA plans to net about Rs 100 crore from the two layouts that it is still managing. The hike, which the BDA quietly introduced in its property tax portal without prior notice, has triggered strong reactions as many property owners felt the BDA's conviction does not go beyond extracting taxes. The authorities look the other way when it comes to delivering any commensurate services, they alleged. The ground realities at NPKL are in sharp contrast to what the senior BDA officials claim in the media. They are either ignorant about the incomplete work or are trying to hide the facts," said Shankar, a 56-year-old plot owner at Block 3 of NPKL. "Many people are prepared to build houses if the authorities focus on beefing up infrastructure rather than on adding to taxes." The BDA tax hike is the latest in a series of price increases the govt has announced including on milk, petrol, bus and Metro fares, electricity tariff, stamp duty on non-registrable documents, and guidance value of properties.
 

The state has issued detailed guidelines to identify beneficiaries and construct houses for those currently living in huts under the Kalaignarin Kanavu Illam scheme. The govt has allotted 3,500 crore to build one lakh houses. As per the guidelines issued by the rural development and panchayat raj department, only households with patta, ownership documents, and legal inheritance will be eligible for the scheme. A recent survey identified around eight lakh huts in the state. All houses on objectionable poramboke land, huts occupied by tenants, huts used for commercial purposes, huts with RCC, metal sheet roofs, and occupants who own a house elsewhere will not be eligible for the scheme. An official said each house will have a minimum plinth area of 300sqft and will have a living room, kitchen, bedroom, toilet, and tiled roof, with water and power connections. "In grouped areas, the govt will also provide infrastructure such as roads, street lights, drinking water facilities, and public toilets. The walls will be rose blush in colour, camouflage brown in the middle, and armour-coloured joineries. An assistance of 12,000 will be provided under the Swachh Bharat  Mission to every household to construct toilets in the case of individual habitations. The scheme was originally launched as the Kalaignar Veedu Vazhangum Thittam in 2010. The govt is also facilitating the PM-Janman scheme to construct houses for nomads and scheduled tribes. The goal is to ensure that there are no encroachments, and everybody gets a hygienic habitat."
 

Brookfield India Real Estate Trust on Tuesday reported a 16 per cent increase in net operating income to Rs 488.5 crore and announced a distribution of Rs 319 crore to unitholders for the latest quarter ended March Its Net Operating Income (NOI) stood at Rs 422 crore in the year-ago period. The company announced the distribution of Rs 319.1 crore (Rs. 5.25 per unit) to its unitholders for the March quarter, 10.5 per cent higher than the fourth quarter of the 2023-24 fiscal, according to a regulatory filing. During the full 2024-25 fiscal, the NOI grew by 37 per cent to Rs 1,854 crore from Rs 1,350 crore in the preceding year. The company declared total distributions of Rs 1,053.7 crore (Rs 19.25 per unit) in the last fiscal, an increase of 8.5 per cent than 2023-24 financial year. Brookfield India Real Estate Trust achieved gross leasing of around 3 million square feet, including 2.2 million square feet of new leasing and 0.8 million square feet of renewals. More than 50 per cent of the leasing was in SEZ properties, indicating steady demand recovery, the company. Brookfield India REIT is managing 10 Grade A assets located in Delhi, Mumbai, Gurugram, Noida, and Kolkata. The Brookfield India REIT portfolio consists of 29 million square feet of total leasable area, comprising 24.5 million square feet of operating area, 0.6 million square feet of under-construction area, and 3.9 million square feet of future development potential.
 

The residential real estate market in the city and its neighbourhood has commenced 2025 on a positive note with a strong recovery and increasing buyer confidence, a report by the industry body CREDAI said. Sharp growth in registrations, steady sales of the residential units and a resilient housing market has emerged in the January-March 2025 period, the study prepared by the Confederation of Real Estate Developers' Associations of India (CREDAI), Chennai said on Sunday. Projects nearing completion or ready-to-occupy continued to be the preferred choice among buyers. The recent reduction in the repo rate by the Reserve Bank of India and the Central government's revised income tax slabs has further supported buyer sentiment, particularly among first time buyers. Sales of residential units grew 7 per cent quarter on quarter to 3,783 units during the three month period while it was 27 per cent growth year-on-year. Southern suburbs accounted for the majority of the project registrations with the demand being driven by the improved infrastructure, Metro Phase II project, among others. CREDAI Chennai President A Mohamed Ali said, "the Government's focus on inclusive urban development through schemes and new infrastructure investments in suburban corridors is enhancing liveability and making homeownership more accessible to a wider section of the population." We expect this momentum to carry through into the next quarter as well, especially with infrastructure-led locations attracting renewed  investor and end-user interest" commented CREDAI Chennai Secretary Aslam Packeer Mohamed.
 

The city’s residential property market saw a sharp reacovery in the first quarter of 2025, with unit registrations rising 88% quarter-on-quarter to 8,042, according to data released by Confederation of Real Estate Developers  Associations of India (CREDAI) Chennai. The figure also represented an 11% year-on-year increase, signalling sustained momentum in buyer activity. The members of CREDAI were responsible for 92% of total registrations in the quarter. The group registered 7,412 units in Q1, up 17% from a year earlier, according to the data. Sales volumes also improved, increasing by 7% from the previous quarter and 27% compared to Q1 2024, reaching 3,783 units. Buyer preference continued to tilt towards ready-to-occupy or near-completion properties.  Analysts attribute the buoyancy in part to recent monetary and fiscal measures, including a reduction in the Reserve Bank of India’s policy rate and revisions to income tax slabs that have boosted affordability, particularly for first-time buyers. The number of new residential projects registered in Chennai stood at 61, down from 78 in the same period last year. Unsold inventory in completed projects remained stable at 7,872 units, suggesting a relatively balanced supply-demand dynamic.

Akshaya Tritiya proved to be a golden opportunity not just for jewellers but also for Tamil Nadu's real estate sector. On Wednesday, the state registration department recorded a historic high with registration of 27,440 property documents in a single day and generating a record-breaking revenue of Rs 272.87 crore. According to commercial taxes and registration minister P Moorthy, the occasion marked the most lucrative single day in the department's history, surpassing the previous record set on Feb 10, 2025, when 23,421 documents were registered, yielding 237.98 crore. Traditionally celebrated as an auspicious day for buying gold and launching new ventures, Akshaya Tritiya has increasingly become a preferred occasion for property investments. In anticipation of the heightened demand, the department implemented several proactive measures. Based on public feedback, it expanded pre-booking slots across registration offices. Offices with one sub-registrar increased capacity from 100 to 150 slots, while those with two sub-registrars increased slots from 200 to 300. At 100 high-volume offices, regular booking slots were raised from 100 to 150. The number of immediate booking slots was also increased from 12 to 16 to facilitate smoother public access. These steps helped streamline operations and ensured that the surge in footfall on the auspicious day did not disrupt the registration process. Chennai topped the list in the state and South Chennai witnessed more registrations within the city, said an official from the registration department. A Mohammed Ali, president of CREDAI Chennai, said market sentiment remains strong. "Many home buyers prefer registering property on Akshaya Tritiya, and we've seen a rise in enquiries for home purchases on this date.