Global asset manager Blackstone has received approval from India's Competition Commission to invest INR 1,167 crore in Kolte-Patil Developers through its affiliate BREP Asia III India Holding Co VII. The investment includes a preferential issue of over 12.6 million shares worth INR 417 crore and a secondary purchase of promoter holdings valued at INR 750 crore, securing an initial 40% stake. A voluntary open offer may increase Blackstone's holding to 66%. As part of the deal, Blackstone will be reclassified as a promoter and share control with Kolte-Patil's current leadership. This marks Blackstone's formal entry into India's residential real estate sector, expanding its existing INR 50 billion portfolio in office, retail, logistics, hospitality, and data centres. Kolte-Patil recently reported a Q4 net profit of INR 66 crore on INR 723 crore in revenue. The partnership is seen as a strategic step that could reshape residential real estate investment dynamics in India.Read more

The Bihar government has approved a new housing scheme aimed at providing affordable accommodation for around four lakh women employees, including teachers and officials, across the state. The initiative focuses on offering safe, well-located housing near their places of posting. Properties will be leased from private landlords, with district-level committees assessing suitability, safety, and availability of basic amenities. Eligible women must submit a request to the sub-divisional officer (SDO), endorsed by their department head, to avail the scheme. The move aims to address housing challenges faced by female staff, especially in remote areas, and ensure access to secure and comfortable living arrangements. This marks a significant step in supporting Bihar's growing female workforce through practical, welfare-oriented infrastructure.Read more

An auction to sell four flats owned by Newtech Promoters & Developers in Greater Noida's La Galaxia project failed to attract any buyers, despite efforts by the Sadar tehsil to recover dues worth INR 5.7 crore under UP-RERA guidelines. The flats had been seized after the developer's prolonged non-compliance with a 2020 recovery certificate that classified the dues as land-revenue arrears. Despite multiple public notifications, no bids were received, prompting officials to plan a rescheduled auction. In a broader crackdown, authorities also sealed the offices of 12 developers in Dadri, who collectively owe over INR 175 crore to UP-RERA. The actions highlight increasing enforcement measures against defaulting builders failing to meet obligations to homebuyers.Read more

K Raheja Corp Homes has rolled out the second edition of its Grand South Pune Home Fest, targeting the thriving NIBM corridor. The event features limited-time deals across premium projects-Raheja Stellar, Sterling, Galaxy, and Helios-offering assured benefits and flexible payment plans, especially for Raheja Sterling. Building on the success of the first edition, this year's fest includes exciting rewards like an electric scooter, the latest iPhone, luxury vouchers, and a grand prize international travel package. The initiative not only aims to boost home sales but also supports buyers with curated offerings, expert consultations, and a seamless purchase experience.Read more

Sundaram Home Finance, a subsidiary of Sundaram Finance Ltd, has successfully crossed the INR 1,000 crore milestone in disbursements from non-southern markets during the latest financial year. Traditionally strong in South India, the company has expanded its reach into Maharashtra, Rajasthan, Madhya Pradesh, and Chhattisgarh, with non-south markets now contributing about 20% of total disbursements. This growth is driven by branch expansions, staff increases, and targeted focus on emerging Tier II and III towns outside the southern region. The company anticipates further growth in these regions, projecting INR 1,500 crore in disbursements in the ongoing financial year.Read more

The Government of Chhattisgarh has launched the first phase of its Model Sub-Registrar Offices (SROs) to modernise and digitise land and property registration services. As part of the rollout, 19 out of 104 SROs are being revamped, including a flagship office in Raipur. Developed in partnership with BLS International, the upgraded offices will feature biometric verification, real-time status tracking, token-based queues, and citizen facilitation desks. Additional amenities include air-conditioned lounges, digital display boards, CCTV monitoring, and services for senior citizens and differently abled individuals. Supporting facilities such as document scanning and complaint redressal will ensure a seamless user experience. This initiative is aimed at improving transparency, efficiency, and accessibility in public services. Positioned as a model for other states, Chhattisgarh's digitised SROs reflect a growing shift towards citizen-focused, tech-enabled governance in India's property registration ecosystem.Read more

UK-based student housing developer Unite Group has proposed a GBP 719 million (USD 976 million) acquisition of Empiric Student Property, signalling further consolidation in the UK's REIT sector. The offer includes 30 pence in cash and 0.09 new Unite shares per Empiric share, valuing each at 107 pence. Empiric shareholders may also retain an interim dividend for Q1 2024. Empiric's shares rose 6.1% post-announcement, while Unite's fell 2.2%. The companies are now in a due diligence phase, with a formal decision due by July 3. Empiric specialises in premium, direct-let student housing, complementing Unite's portfolio near top UK universities. The acquisition would expand Unite's reach, especially among postgraduate and returning students. Unite also recently sold GBP 212 million in assets, likely to fund the deal. If finalised, the merger will strengthen Unite's market position and broaden its appeal across the UK student housing landscape.Read more

In a major enforcement drive, Gurugram's Department of Town and Country Planning (DTCP) removed 51 unauthorised gates from 11 apartment units in South City-1. The action followed complaints from residents and schools about obstructed internal roads, which affected emergency access and daily movement. The gates, spread across blocks C to M, were dismantled by a team led by Town Planner (Enforcement) Amit Madholia, using earthmovers. The DTCP clarified that boom barriers are only permitted on internal roads of licensed colonies under specific rules, which these gates violated. Additional encroachments, including a Vita milk booth, were also cleared. The operation was part of a task force directive to improve traffic flow and public safety. Notices have now been issued to DLF-2 residents to remove illegal gates voluntarily. The DTCP's action signals stronger enforcement of urban planning norms to maintain open and accessible city infrastructure.Read more

Chandigarh's long-delayed Sector?53 housing scheme has been shelved again by the city's Housing Board after property prices spiked sharply due to revised collector rates. Despite a strong response from the public-over 7,400 applications-the scheme was deemed unaffordable in its current form. CHB has decided to refund around INR 7.5 crore collected from applicants. This marks another setback for a project that has been struggling to take off since it was first proposed over six years ago.Read more

The Guwahati Municipal Corporation (GMC) has launched a large-scale inspection drive to ensure compliance with rainwater harvesting, groundwater recharge, and green space norms across residential, commercial, institutional, and industrial buildings. With inspections scheduled to begin in the coming days, the initiative targets properties that have either poorly maintained or completely neglected these mandated systems. The move aligns with state bylaws and aims to strengthen water sustainability and reduce flood risks, while non-compliance could lead to penalties, sealing of premises, or cancellation of occupancy certificates.Read more

Mysuru City Corporation (MCC) has collected over INR 150 crore in property tax within just the first two months of FY 2025-26, achieving 63% of its annual target of INR 237 crore. The boost came from a 5% rebate scheme incentivising early taxpayers, which remains active until the end of June. With 1.95 lakh revenue-generating properties across 65 wards, MCC's strategic drive is expected to significantly enhance civic infrastructure and financial planning in the months ahead.Read more

Haryana has introduced Aadhaar authentication in its affordable housing e-draw portal to eliminate irregularities and improve transparency in allotments. This automated verification cross-checks applicant details against Aadhaar records, preventing duplicates and ineligible applications. The move addresses problems faced during the 2023 Aster Avenue 36 housing draw, where technical glitches affected applicant eligibility and created confusion. By streamlining the verification process and integrating historical data, Haryana aims to ensure a fair and efficient housing allotment system that restores public trust in its affordable housing schemes.Read more

The Wealth Company Asset Management Pvt Ltd, a subsidiary of Pantomath Group, has rolled out the Bharat Bhoomi Fund with a corpus of INR 2,000 crore, aimed at India's real estate sector. Structured as a Category II AIF under the Bharat Value Fund Series, the initiative combines seasoned leadership, a strong pipeline, and a diversified strategy. Targeting key sectors such as warehousing, hospitality, data centres, and plotted developments, the fund aims to deliver results across high-growth urban markets, capitalising on India's expanding digital and green infrastructure.Read more

The Haryana Real Estate Regulatory Authority (HRERA) has directed the developer of Expressway Towers in Gurugram's Sector 109 to compensate buyers for delayed possession. Acting on multiple complaints, HRERA invoked Section 18(1) of the RERA Act, mandating the developer to pay monthly interest from the original possession date until actual handover. The project, located along the Dwarka Expressway, faced buyer frustration due to construction delays despite its prime location appeal. In addition to compensation, HRERA ordered the developer to publish updated construction timelines on its portal to improve transparency. The ruling underscores the regulator's commitment to protecting buyer rights and holding developers accountable for project delays. It also signals to the wider NCR market that delivery commitments are enforceable, encouraging greater adherence to timelines and boosting consumer trust in the housing sector.Read more

Blackstone has reached a definitive agreement to acquire Warehouse REIT for 470 million pounds, offering 110.6 pence per share, including a 1.6 pence dividend. This offer represents a 34.2% premium over the stock's closing price prior to the initial bid announcement. The transaction follows a revised valuation after due diligence, reflecting differing perspectives on certain assets. Warehouse REIT has faced constraints from rising interest rates, weak economic conditions, and restricted access to capital. The acquisition aligns with a broader trend of American firms acquiring undervalued UK assets, reinforcing Blackstone's strategic expansion in the logistics and industrial real estate sectors.Read more

Karnataka's deputy chief minister Shri D K Shivakumar has announced that approximately 100 buildings obstructing stormwater drains in Bengaluru will be demolished to prevent urban flooding. Invoking the Disaster Management Act, the government aims to ensure the free flow of rainwater. The BBMP chief commissioner has been granted full authority to carry out these demolitions, with compensation considered for affected property owners. This initiative follows inspections of flood-prone areas like Yelahanka and Manyata tech park, where significant waterlogging has been observed.Read more