The Supreme Court has allowed M3M Group's plea to substitute property provisionally attached by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act, 2002. The ruling came after M3M challenged a Punjab & Haryana High Court order that had refused the substitution. The substitution is subject to nine conditions, including establishing clear title and ensuring assets that are free from encumbrances. M3M Group agreed to these terms, marking a step in legal proceedings concerning attached properties in real estate.Read more

Leasing of office spaces for Global Capability Centres (GCCs) in India rose by 24% to 31.8 million sq ft across seven major cities last fiscal year. GCCs accounted for 42% of pan-India office absorption in 2024-25. This growth, detailed in a Vestian report, is driven by India's skilled talent, cost benefits, infrastructure development, and favorable policies. Bengaluru led in GCC office space absorption, followed by Mumbai. GCCs are expected to further increase their market share, reflecting India's appeal as a global operations hub for conglomerates.Read more

Lodha Developers Ltd. has been directed by the Supreme Court to deposit INR 520.80 crore as security in a case involving V Hotels Ltd, which Lodha acquired through an insolvency process in 2024. This matter relates to Enforcement Directorate (ED) proceedings against V Hotels' former promoter, concerning transactions allegedly routed through the company before insolvency. The Bombay High Court previously ruled that proceedings could not continue against V Hotels due to the timing of the alleged transactions relative to the insolvency. Lodha expects a swift Supreme Court hearing, anticipating the deposit's release, after which no further claims will stand against V Hotels' assets.Read more

Property transactions in Lucknow are about to get costlier as the district administration has proposed a substantial revision in circle rates base rates used to determine property registration value. While the average increase is pegged at 15%, certain high-demand urban areas could see hikes of up to 25%. Rates for multi-storey construction and commercial land are also being revised upward, with a clear aim to align them more closely with market realities. The proposed hike is currently open for public feedback and, once finalized, will come into effect from the beginning of August. The last revision in circle rates was done nearly a decade ago.Read more

Mumbai's redevelopment sector, a serious complaint has been filed against Sudhanshu Infrastructure and its representative Abhayjit Dubey for unauthorized construction and intimidation in the Aniraj Tower redevelopment project in Bhandup West. The Slum Rehabilitation Authority (SRA) accused the builder of illegally constructing a hall on the eighth floor, violating fire safety norms, and distributing commercial units without obtaining occupation certificates. The situation further escalated when a society member who flagged these violations was allegedly assaulted, leading to a second FIR. The case has revived concerns about regulatory lapses and resident safety in ongoing redevelopment schemes.Read more

Tamil Nadu has introduced a 'deemed NOC' system via the CMDA's single-window portal to speed up high-rise building approvals. If departments don't act within a structured 30-day timeline, NOCs are automatically approved. This digital platform integrates 11 departments, from Fire Services to the Airports Authority, streamlining previously delayed processes. Since CMDA's portal launch in 2022, monthly approvals have doubled, but NOC delays persisted. The new mechanism tackles this, while ensuring safety through random inspections. Industry leaders, including CREDAI, have welcomed the reform, calling it a game-changer for transparency and project speed. This move aligns with Tamil Nadu's broader ease-of-business push in real estate development.Read more

Norges Bank has fully exited its position in Raymond Realty through a block deal worth INR 42 crore, just days after the company made its stock market debut. Simultaneously, Raymond Ltd witnessed a flurry of institutional trades totalling approximately INR 221 crore. These developments come in the wake of the group's recent demerger, where shareholders were allotted one share of Raymond Realty for every Raymond Ltd share held. The twin trades reflect how investors are actively reshaping their positions in both entities as the market digests the post-listing dynamics.Read more

To simplify trading operations and reduce post-trade complexities for institutional investors and market participants, the Securities and Exchange Board of India (SEBI) has made it mandatory to issue a Common Contract Note (CCN) with a single volume weighted average price (VWAP). The new system, which came into effect starting past week, aims to bring uniformity in trade reporting by consolidating trades across multiple exchanges into one harmonized document. The reform is expected to cut down operational hassles, lower costs, and support the Clearing Corporation (CC) interoperability framework introduced in 2019.Read more

India's gross GST collections for June rose by 6.2% year-on-year, reaching over INR 1.84 lakh crore-up from INR 1.73 lakh crore in June last year. This follows May's INR 2.01 lakh crore and April's record INR 2.37 lakh crore. Domestic transactions contributed INR 1.38 lakh crore, a 4.6% rise, while imports surged by 11.4% to INR 45,690 crore. State GST collections (INR 43,268 crore) outpaced Central GST (INR 34,558 crore), and Integrated GST totalled INR 93,280 crore. Cess collections stood at INR 13,491 crore. Refunds rose 28.4% to INR 25,491 crore, resulting in a net GST revenue of INR 1.59 lakh crore-marking a 3.3% growth over June last year.Read more

India's rising presence in the global economy received a major boost, with a recent SBI Research report revealing that the country contributed 6.7% to the world's incremental GDP in FY25. Notably, the State Bank of India (SBI) alone accounted for 1.1% of the global GDP rise, thanks to its massive asset base and domestic economic influence. The bank added USD 44 billion to the global economy, with its own Gross Value Added (GVA) growing 5% year-on-year. The report underscores SBI's pivotal role in India's financial sector and its expanding impact on global economic dynamics.Read more

Trichy City Corporation is facing a INR 121 crore revenue deficit this fiscal year, largely due to vacant or incomplete commercial complexes at Singarathope, Devadhanam, and Palakkarai. These facilities were meant to generate rental income and reduce reliance on taxes but have failed to attract tenants. The Singarathope complex has been empty for over a year, while Palakkarai remains unfinished. Officials admit to lacking a structured leasing or marketing strategy. With these assets idle, the city struggles to fund civic services. Experts warn that in mid-sized cities, public infrastructure must compete with private players, making proactive planning and tenant engagement crucial.Read more

Lucknow Municipal Corporation (LMC) reported that more than 3 lakh homeowners cleared their house tax dues during the April-June quarter, boosting collections to INR 202.4 crore. A 10% rebate on online payments spurred this trend, though around 4.33 lakh properties remain unregistered. The rebate period has shifted now covering both house tax and user charges paid online until the end of this month. With persistently high defaulter numbers, LMC is tightening recovery efforts employing interest penalties and potential account actions. These efforts build on recent reforms like GIS surveys and weekend tax collection aimed at improving compliance.Read more

Ghaziabad Municipal Corporation (GMC) has repealed a controversial property tax hike introduced on April 1, 2025, after facing public backlash and legal scrutiny. The increase had tripled or quadrupled tax rates, sparking opposition from resident and trader groups. Mayor Sunita Dayal convened a special board meeting where the hike was formally canceled. However, the decision awaits approval from the state government and the Allahabad High Court, where a related case is ongoing. The court had earlier received a petition citing rule violations and unfair uniform tax slabs. GMC has paused issuing revised notices and plans property inspections to resolve tax anomalies.Read more

Jaipur Municipal Corporation-Greater recently introduced multiple convenient channels for residents to pay urban development (UD) tax, including UPI via QR codes on bills, rotating in-person camps, and a door-to-door collection service. The initiative aims to boost collections and ease taxpayer convenience. Alongside resolving any objections promptly, the civic body plans to repeat outreach efforts next month. Supported by leadership and local representatives, this effort reflects the city's drive toward streamlined municipal revenue processes.Read more

Globe Civil Projects Ltd, a civil construction and infrastructure development firm, witnessed a strong stock market debut this week, closing over 33% higher than its IPO issue price of INR 71. The company's INR 119 crore public issue received a solid response from investors, with an overall subscription of 86 times on the final day of bidding. The stock listed at INR 91.10 on the BSE and INR 90 on the NSE, before ending the session at INR 94.72 and INR 94.46 respectively. The proceeds from the IPO are intended to fund working capital needs, machinery purchases, and general corporate purposes.Read more

Pune and Patna municipal bodies have taken contrasting paths in property tax collection this fiscal. Pune extended its discounted payment deadline to July 7 due to bill distribution delays, collecting INR 1,244.5 crore by June 30-about INR 100 crore less than the same period last year. Activists are pushing for further extensions, citing tech glitches and unresolved rate issues in newly merged areas. Meanwhile, Patna collected INR 40 crore in Q1 FY26-28% of its annual target-offering a 5% rebate until June 30 and adding tech-driven solutions like QR-coded notices, chatbot payments, and extended hours. These varied strategies reflect the challenges in maximizing tax revenues to fund urban services.Read more

Navi Mumbai Municipal Corporation (NMMC) has reported a record property tax collection of INR 366.80 crore in Q1 FY26, driven by citizen-focused initiatives and smart planning. Over 1 lakh taxpayers contributed, with 66% of the total collected online. The highest single-day intake, INR 90.84 crore, came on the quarter's last day. Nerul ward led contributions with INR 74.13 crore. Residential and industrial properties each made up 33% of collections. Incentives like a 10% rebate and tech tools such as a WhatsApp chatbot and mobile apps helped boost compliance. A 2% monthly penalty on late payments starts July. Commissioner Dr. Kailash Shinde praised public cooperation in achieving the milestone.Read more

Hong Kong's New World Development has secured around HKD88 billion (USD11-11.3 billion) in refinancing this past week, one of the largest loan deals in the city's history. After months of tense negotiations, lenders have backed a multi-tranche facility extending maturities to mid-2028. With high exposure to mainland projects and steep interest costs, the loan lifeline is crucial in pulling the developer back from default risk. CEO Echo Huang emphasised that the support reflects confidence in the firm's strategy, which prioritises debt reduction and cash flow improvement. The refinancing provides vital breathing room amid the property downturn.Read more

Indian banks are set to report subdued earnings for the first quarter of FY26, impacted by weak loan growth, falling net interest margins (NIMs), and seasonally low fee income. According to IIFL Capital, profits after tax are expected to decline 2% year-on-year and 4% quarter-on-quarter. Loan growth dipped to 9.6% year-on-year, with MSME lending being the only bright spot. Margins are expected to compress further in Q2, before stabilising by Q3. Despite improved liquidity, sluggish business momentum and rising slippages are putting pressure on overall banking performance.Read more

Ranchi Municipal Corporation has celebrated a decade of implementing Pradhan Mantri Awas Yojana-Urban, achieving an impressive 88% completion rate by delivering 11,052 homes out of a target of 12,587. The civic body recently handed over keys and saplings to new homeowners in five wards, embodying a message of sustainable beginnings. With PMAY-Urban 2.0 extended to 2029 offering up to INR 2.5 lakh per eligible beneficiary, Ranchi is strengthening its commitment to "Housing for All". This milestone underscores both past success and future ambition in addressing urban housing needs.Read more