The Madhya Pradesh High Court has ordered a stop to all illegal commercial activities in Bhopal's Arera Colony (E-1 to E-5), a residential zone. Petitioners highlighted lease and planning violations caused by rising commercial setups like shops and restaurants. Notices have been sent to concerned government departments, and they have been instructed to respond within four weeks. The court also ordered that no new non-domestic electricity connections be issued, and no further construction take place until the matter is decided.Read more

Nagpur Municipal Corporation (NMC) has recovered only a small fraction of its total property tax dues of INR 938.7 crore for FY 2024-25. While over 4.6 lakh properties are in default, just 106 were auctioned. Recovery through warrants, attachments, and notices also remained limited. Officials pointed to slow enforcement and low compliance. Even with partial collections, NMC has fallen short of the financial demands required to maintain civic services.Read more

The Lucknow Development Authority moved proposals to increase development charges and special amenity fees for properties within a 500 metre radius of major expressways like Shaheed-Path, Kisan-Path and the Green Corridor. Funds from these hikes will be earmarked for infrastructure and civic upgrades. Additional plans include new housing schemes, land-use conversions, land allocations for e-auto charging stations and a PPP bus terminal, and digitisation and financial borrowing proposals. All key ongoing housing and expansion projects, including those at Anantnagar, IT City and Kamdhenu Nagar, feature in the agenda.Read more

HNI Corporation has announced plans to acquire office furniture firm Steelcase in a cash-and-stock transaction valued at approximately USD 2.2 billion. The deal, unveiled earlier this week, will result in the formation of a combined entity expected to generate annual revenue of around USD 5.8 billion. Steelcase shareholders will receive USD 7.20 per share in cash and 0.2192 shares of HNI common stock for each Steelcase share. The transaction reflects a premium of nearly 80 per cent over Steelcase's prior closing price.Read more

Non-banking financial companies (NBFCs) have urged the Reserve Bank of India (RBI) to reconsider the current risk weights applied to loans against property, stating these loans are significantly more secure than unsecured lending. They argued that such loans are asset-backed and pose a lower credit risk, yet face disproportionately high capital provisioning requirements compared to home loans. NBFCs also pointed out regulatory inconsistencies in recovery rights and loan classification norms that they believe place them at a competitive disadvantage.Read more

Mindspace Business Parks REIT reported a 24.2 % rise in net operating income to INR 616 crore in the first quarter of FY26, backed by strong leasing activity of 1.7 million sq ft and stable occupancy levels. Net consolidated profit grew over 21 % to INR 166.8 crore, while total income rose by nearly 18 % to INR 754.8 crore. The REIT acquired two office assets one in Pune and another in Hyderabad and declared a distribution of INR 5.79 per unit. Debt cost reduced during the quarter, and new leadership appointments were also announced.Read more

Realty firm Prestige Estates Projects Ltd announced that its consolidated net profit increased by 26% to INR 292.5 crore in the first quarter of this fiscal year. This robust performance was complemented by a four-fold jump in sales bookings, which reached an all-time high of INR 12,126.4 crore, primarily driven by exceptional demand for its residential project in Ghaziabad. The company's total income also saw a significant rise to INR 2,468.7 crore, highlighting a strong start to the new fiscal year and a successful strategic expansion into North India.Read more

Sri Lotus Developers and Realty made a strong stock market debut, listing at over 19% above its issue price of INR 150. Shares opened at INR 179.10 on the BSE and INR 178 on the NSE, later trading near INR 183. Backed by Bollywood celebrities and investor Ashish Kacholia, the company now holds a market valuation of INR 8,971 crore. Its INR 792 crore IPO, fully fresh issue, was oversubscribed 69 times. Promoted by Anand Kamalnayan Pandit, the firm focuses on luxury redevelopment projects in Mumbai's western suburbs. IPO proceeds will fund developments like Amalfi, The Arcadian, and Varun, alongside corporate growth needs.Read more

Deloitte India has forecasted the country's GDP growth to fall between 6.4% and 6.7% for the current financial year, backed by strong internal demand, policy initiatives, and expanding global trade partnerships. While India's economic landscape continues to stand out in a volatile global environment, the consultancy emphasized the need for caution in navigating trade exposure and geopolitical tensions. Strategic trade agreements under negotiation with the UK, US, and European Union are expected to unlock new avenues for income generation, job creation, and market expansion.Read more

Highway Infrastructure Ltd's initial public offering saw an enthusiastic response, getting fully subscribed within hours of opening. With total bids exceeding 11.97 crore shares well over the 1.60 crore shares on offer the IPO was subscribed 7.47 times. Retail investors and non-institutional investors led the charge, with strong demand also reflected in the anchor investor segment. The company has already secured INR 23.4 crore from anchor investors including HDFC Bank and Abans Finance Pvt Ltd. The issue, set to close later this week, is aimed at raising funds for working capital and corporate needs.Read more

Ummeed Housing Finance Pvt Ltd (UHFPL), based in Gurugram, has secured INR 250 crore from British International Investment (BII), the UK government's development finance arm. The funding will expand access to long-tenure, low-cost housing loans for India's low-income population, with a focus on underserved and women borrowers. The investment, classified as a 2X initiative, is expected to benefit around 3,000 women and boost financial inclusion. UHFPL, which manages assets over INR 2,400 crore and has served 33,000+ customers, aims to improve homeownership and living standards. Both organisations emphasised alignment with India's 'Housing for All' mission.Read more

Miraj Cinemas has launched a premium three-screen multiplex at the site of the former Akash Cinema in Azadpur, North Delhi. Once a well-known 1000-seater single-screen theatre, the space has been completely transformed to offer 427 luxury seats, state-of-the-art technology, immersive interiors, and gourmet dining. With Dolby sound, 3D capability, and designer décor inspired by Art Deco, the venue blends nostalgia with a contemporary cinematic experience. The multiplex marks Miraj Cinemas' fourth property in Delhi and reintroduces a landmark destination to the city's filmgoers with upgraded luxury and hospitality.Read more

The real estate sector remains optimistic ahead of the Reserve Bank of India's upcoming Monetary Policy Committee (MPC) decision. After benefitting from a cumulative 100 basis point reduction in repo rates over the past few reviews, developers and industry experts expect the RBI to continue with a supportive stance. Many believe that with inflation under control and consumer sentiment remaining high, another modest rate cut could further strengthen housing demand and affordability. Even if rates remain unchanged, the prevailing low-interest environment is already fuelling momentum across residential markets.Read more

Chhatrapati Sambhajinagar Municipal Corporation (CSMC) has expanded its property tax amnesty scheme 'Shasti Se Azaadi' to cover commercial, industrial, and other property types, in addition to residential ones. Taxpayers who clear all outstanding dues in a single payment by mid-August will receive a 95% waiver on penalty charges, while those paying between mid-August and mid-September will get a 75% waiver. The revised scheme is expected to help CSMC improve its revenue collection, which stood at INR 157.7 crore in property tax and INR 26.3 crore in water tax in the last financial year.Read more

Tata Capital has updated its draft papers for an upcoming IPO that could raise up to USD 2 billion, valuing the non-banking financial company at around USD 11 billion. The offering comprises a fresh issue of 21 crore equity shares and an Offer For Sale (OFS) of 26.58 crore shares. Tata Sons and International Finance Corporation will be selling 23 crore and 3.58 crore shares respectively under the OFS. The IPO proceeds will be used to strengthen the company's Tier-1 capital base and support future lending requirements.Read more

Haryana RERA has ruled against Shine Buildcon for a four-year delay in handing over a commercial unit at '70 Grandwalk' Sector 70, booked in 2014. Possession, due by mid-2019, was only offered in late 2023. The developer's defence citing demonetisation, GST, and COVID-19 was rejected as insufficient. RERA ordered Shine Buildcon to pay 11.1% annual interest on the buyer's payments, from the due possession date to actual offer or two months post-occupation certificate-whichever is earlier. The amount must be settled within 90 days, and possession delivered within 30 days thereafter. The builder is barred from imposing extra charges beyond the original agreement.Read more

Ludhiana's one-time settlement scheme for property tax defaulters has been extended until mid-August, allowing payments of outstanding dues without penalty or interest. Initially launched in May, the scheme received a lukewarm response but saw a spike in participation closer to the original deadline. The extension follows increasing public footfall and growing collections, which have reached around INR 15 crore so far. The total property tax collection for the current fiscal has touched nearly INR 40 crore. Suvidha Kendras have been operating on weekends to handle the rising number of taxpayers.Read more

MPIDC has sanctioned Phase II of the Ujjain IT Park, with a developer already appointed. Aimed at fostering a vibrant tech ecosystem, the expansion follows strong interest in Phase I, which is under construction and has attracted 20 IT firms from Indore, Ujjain, and Bhopal. Phase I features incubation centres, shared research labs, and plug-and-play offices, and is expected to be completed by end-2026, creating 500 direct and 1,000+ indirect jobs. Phase II will add more space and infrastructure for innovation, training, and networking. Officials believe these developments will position Ujjain as a cost-effective, modern tech hub alternative to larger cities.Read more

The Haryana Real Estate Regulatory Authority (HRERA) has directed Neo Developers to refund INR 42.5 lakh to Atombridge Networks along with 11% annual interest. The dispute arose over the booking of a restaurant unit in the Neo Square commercial project at Sector 109, Gurugram. Although the builder cancelled the unit due to payment delays, HRERA found that no builder-buyer agreement was signed. While the cancellation was upheld, the authority stated the builder must return the amount after deducting 10% as earnest money, citing procedural lapses.Read more

Godrej Properties is planning to raise INR 20 billion (USD 230 million) through its largest-ever corporate bond issue. The three- to five-year bonds will be issued shortly after the Reserve Bank of India's policy review, aiming to benefit from better market yields. This will push the company's total bond fundraising since September last year to INR 45 billion. The funds are likely to be used for land acquisitions and residential development, including a newly bought 50-acre plot in Chhattisgarh.Read more