The Punjab and Haryana High Court has sought a response from the state government regarding the construction of additional flats and floors in residential buildings in Palam Vihar C-2 Block, citing violations of the Haryana Building Code Regulations, following a petition from the local resident welfare association (RWA).

Despite previous sealing by the town and country planning department, the buildings were allegedly illegally de-sealed, leading to an FIR. Justices Arun Palli and Vikram Agarwal issued an order to halt further construction and sought a response from various government departments by October 28.

The petition, filed by a local resident and 15 others, highlighted around a dozen flats in C-2 Block that were four-storey buildings with stilt parking and four flats on each floor. It urged the court to address violations related to electricity, sewerage, and water supply services, emphasizing that failure to enforce action could set a dangerous precedent for other colonies.

A real estate credit fund, along with its sponsor and strategic partner, has raised ?450 crore for its maiden fund. The firm expects to close the final fundraising for its Real Estate Special Opportunities Fund-1 by the end of this financial year.

The fund is in the process of raising an additional ?150 crore and has seen strong interest from existing and new investors. There is significant demand for last-mile construction finance, with many projects still stuck in the completion phase.

So far, the fund has invested ?450 crore across four deals from its first fund, which has a total corpus of ?700 crore. Recent investments include ?60 crore through listed non-convertible debentures in a late-stage residential development in Bengaluru, followed by around ?105 crore in a wholly-owned subsidiary of a real estate developer for a 12.16-acre land parcel in Pune.

The fund’s objective is to invest in mid-income, affordable housing, and plotted development projects to realise value through capital in a special situations fund. It aims for an internal rate of return of 18–22% over a five-year period, with the possibility of extending for an additional two years. The fund focuses on generating substantial returns while maintaining a well-mitigated risk profile and sufficient asset backing.

The municipal authority has floated a tender worth over ?1,481 crore for constructing a transportation and commercial hub at the site of the Dahisar octroi naka in Mumbai. The hub will be built on an 18,604 sq ft plot and will accommodate approximately 450 interstate buses and 1,400 cars. Additionally, it will feature recreational and retail spaces, banquet halls, star hotels, and areas for app-based cabs and taxis.

According to the authority's budget documents, the primary goal of the Dahisar hub, along with a similar project at Mankhurd, is to provide an integrated bus terminus. This will connect with other city transport modes, such as local buses and the Metro, while ensuring that intercity and interstate buses terminate at city entry points to reduce traffic congestion.

A traffic survey was conducted at all five toll nakas in Mumbai to determine the volume of buses entering and exiting the city daily. To maximize the potential of the plot, the authority plans to develop commercial and office spaces to generate revenue and ensure the project’s sustainability. Following the implementation of GST in 2017, octroi was abolished, freeing up land previously used for octroi collection points and offices. The authority is also exploring options for smaller bus services or vehicles to transport passengers from the hub to their final destinations in the city.

Local residents and activists have welcomed the initiative, noting that it will help reduce congestion. The authority had previously declined to transfer the Dahisar and Mankhurd octroi naka lands to the redevelopment authority, stating that the plots were needed for civic projects.

A real estate developer has acquired around 24.5 acres of land in the Mumbai Metropolitan Region (MMR) for ?537.42 crore. The plot is located at Kalwa, along the Thane-Belapur Road.

The registration documents indicate that a subsidiary of the developer acquired the 99,021.47 square meter (~24.5 acres) land parcel. The transaction, finalized in September 2024, involved the purchase from an industrial company. The deal included a stamp duty of ?37.61 crore and a registration fee of ?30,000.

The developer plans to develop a mixed-use project on this plot.

A bank, one of the lenders to a real estate developer, has approved and sanctioned the resolution plan for the company’s Dehradun project, paving the way for delivery to over 600 homebuyers. The developer had submitted a project-wise resolution plan to the National Company Law Appellate Tribunal (NCLAT), and this is the first project to receive approval from the lender. The bank has also consented to the inclusion of a co-developer in the project.

Recently, an investment advisory firm agreed to invest ?450 crore in the developer’s stalled mixed-use project in Noida, providing a significant financial lifeline. The 5 million sq ft project in Sector 94 is currently 50% completed and includes the tallest residential tower in the NCR region. Upon completion, the project has a revenue potential of over ?7,000 crore, according to the developer’s proposal to the local authority.

The developer has also submitted a proposal to the Uttar Pradesh government for project revival and is in the process of selling some land parcels to provide exits to lenders while using the remaining funds to expedite construction on stalled projects.

The Noida Authority will urge the Uttar Pradesh government to reconsider a decision to grant a financial relief of ?63 crore to a developer, the builders of a commercial tower in Sector 16. The relief was initially granted to compensate for delays caused by a National Green Tribunal (NGT) ban on constructions within 10 km of Okhla Bird Sanctuary between 2013 and 2015.

Authority officials noted that the developer had completed the towers before the NGT orders were imposed but failed to secure an occupancy certificate due to missing documents. This, they argued, makes the company ineligible for the waiver, as the NGT ban had no effect on the project.

The developer requested an extension of payment instalments by two years and a waiver of interest from September 2013 onwards, in line with NGT’s orders. The plea was rejected. Further appeals requesting waivers for the period prior to the ban were also denied. Partial relief had been allowed between August 14 and October 28, 2013.

In August 2015, the ban was lifted, with the Centre reducing the eco-sensitive zone around the sanctuary to 100 metres. The Authority contested the relief decision, arguing that the delay in obtaining the occupancy certificate was due to the developer’s own lapses, not the NGT ban. Officials also noted that the developer had already received partial waivers for the affected period and had cleared all outstanding dues by November 2022.

A co-working operator has leased 77,000 sq ft of grade-A office space in Indiranagar, Bengaluru. In August 2024, the company leased 42,000 sq ft of office space in another Bengaluru location, with a seating capacity of over 1,200. Previously, it had leased 62,000 sq ft of workspace in a prime commercial complex in Mumbai.

The company aims to achieve a revenue target of ?348 crore for FY25 and expand its portfolio by an additional three million sq ft by the end of FY26.

Chennai, Ahmedabad, and Kolkata are among the most affordable cities for investment in the housing segment, while the Mumbai Metropolitan Region and Delhi are the least affordable, according to a recent report on housing affordability in major Indian cities.

The report noted that the property price-to-annual household income ratio (P/I Ratio) in India has increased from 6.6 in 2020 to 7.5 in 2024. Based on this ratio, Chennai (5), Ahmedabad (5), and Kolkata (5) are among the most affordable cities for residential investments, while the Mumbai Metropolitan Region (14.3) and Delhi (10.1) are the least affordable.

The report also highlighted that the EMI-to-monthly income ratio in India has risen from 46% in 2020 to 61% in 2024, indicating a growing burden of EMIs on home buyers and reflecting affordability concerns nationwide, especially in metro cities. The trend is more pronounced in MMR (116%), New Delhi (82%), Gurugram (61%), and Hyderabad (61%). In contrast, cities like Ahmedabad (41%), Chennai (41%), and Kolkata (47%) are relatively more affordable.

The Goa government on Wednesday said the permissions granted to certain real estate projects in the state would be examined afresh in view of protests by local residents. The Town and Country Planning Minister made the announcement.

His department will review the permissions granted for a villa project in North Goa and another project in South Goa. The permissions will be withdrawn if there is any violation of rules, the minister said.

Locals have been protesting against the projects, claiming that hills are being cut on a large scale. A lawmaker earlier this week visited one of the project sites and alleged large-scale violations of Town and Country Planning laws.

The minister noted that although there have been numerous posts and videos on social media regarding the alleged hill cutting, the government must first verify whether permission has been granted for such activity. He added that if it is legally permitted, no action can be taken against it.

A Singapore-based global real asset manager on Wednesday announced plans to more than double its fund under management (FUM) in India by 2028, up from the current level of nearly ?46,000 crore. The company outlined growth strategies to achieve this target, including expansion of IT parks and logistics parks, and exploring entry into the renewable energy segment.

Since entering India 30 years ago, the firm has built a well-diversified portfolio comprising over 40 IT and business parks, industrial, logistics, lodging, and data centre assets across eight cities, including Bengaluru, Chennai, Goa, Gurugram, Hyderabad, Kolkata, Mumbai, and Pune. The company currently operates multiple lodging properties across six cities and plans to open several more in the next 3–4 years.

The firm also intends to explore opportunities in adjacent business segments such as renewable energy and real estate private credit. Renewable energy is a fast-growing sector in India, with the government targeting 500 GW capacity by 2030, up from the current 111 GW.