The Karnataka cabinet has approved a 1% fire cess on the property tax of all newly constructed multi-storeyed buildings. This includes residential apartments, commercial complexes, hospitals, schools, and industrial units. The collected amount will be used exclusively to upgrade and expand fire and emergency services in urban areas. The cess is part of an amendment to the Karnataka Fire Force Act, 1964, and applies to all high-rise buildings above 21 metres in height.Read more

A detailed audit conducted by Nagpur's town planning department has found nearly 30,000 structures missing from official municipal records. These buildings, though physically present and in use, had not been assessed for property tax, with many listed as vacant plots. The Nagpur Municipal Corporation (NMC) has now begun matching these structures with its GIS database. Once the ground verification is done, property owners will be issued assessment notices. This move is expected to bring a significant number of previously unlisted properties into the city's formal tax system and boost municipal revenue.Read more

Ajmera Realty & Infra India (ARIIL) has reported a 21.79 percent increase in its net consolidated profit for the first quarter of fiscal year 2026, reaching INR 38.28 crore. The company's total income also rose by 32.36 percent. This growth is attributed to improved project execution, leading to a 42 percent rise in collections-its highest quarterly revenue in five years. Ajmera Realty also strategically reduced its overall debt by 6 percent, improving its debt-to-equity ratio. Despite regulatory delays for new projects, the company remains positive about launching nine new ventures with a combined gross development value of INR 6,460 crore.Read more

Invesco, a US-based investment management firm, has divested shares totaling over INR 3,202 crore in Indian real estate companies Oberoi Realty and Lodha Developers through open market transactions. Specifically, Invesco Developing Markets Fund sold stakes valued at approximately INR 1,883 crore in Oberoi Realty and over INR 1,319 crore in Lodha Developers. The divestment by Invesco, a global institutional investor, signals a notable portfolio rebalancing in India's dynamic real estate market.Read more

Mumbai's Slum Rehabilitation Authority (SRA) has recovered INR 1,386 crore in unpaid rent from builders over the past three years, marking a major push for financial compliance in slum redevelopment. The amount includes INR 601 crore from regular collections, INR 134 crore via an amnesty scheme, and INR 650 crore from a rule mandating two years' advance rent. A recent amendment to the Maharashtra Slum Areas Act empowers SRA to seize assets-even those of company directors-to recover dues. CEO Mahindra Kalyankar stated these steps will ensure timely rent for slum dwellers awaiting rehousing and help accelerate project completion across the city's dense informal settlements.Read more

Prayagraj Municipal Corporation has launched a block-level property mapping and numbering initiative to streamline property identification and strengthen property tax collection. Each neighbourhood will be segmented into blocks of roughly 100 houses, with each ward hosting several blocks. A GIS survey is set to begin shortly, covering thousands of houses citywide. Previous attempts led to numbering of over 12,000 properties, and municipal records for new areas will be digitized by next year. This effort forms part of a broader smart-city upgrade involving traffic, water, sewer, energy systems and an enhanced command centre.Read more

Elan Group has repaid a INR 875 crore debt to Asia Pragati Strategic Investment Fund (PAG) ahead of schedule, citing robust internal cash flows driven by strong housing demand. The Gurugram-based firm confirmed the early settlement, originally availed in 2022, in a statement released on July 25, 2025. Sandeep Agarwal, Group CFO, highlighted the move as a major milestone, expected to reduce interest costs and boost financial efficiency. Elan currently manages 15 projects across Gurugram and New Delhi, covering 25 million sq ft. Known for commercial developments, the company recently forayed into luxury housing with a residential project on Dwarka Expressway.Read more

The Phoenix Mills Ltd has announced it will acquire the remaining 49% stake in Island Star Mall Developers Pvt Ltd (ISMDPL) from the Canada Pension Plan Investment Board (CPP Investments) for INR 5,450 crore. With this deal, Phoenix Mills' stake in ISMDPL will increase from 51% to 100%, thereby giving it complete ownership of the JV. The transaction, approved by the company's board, aligns with its long-term strategy to consolidate high-performing assets and ensure sustained growth. The payment will be made in four tranches over a span of three years.Read more

Bajaj Housing Finance recorded a 21% year-on-year increase in net profit, reaching INR 583 crore during the first quarter of FY26, supported by healthy loan demand and strong operational performance. Its total income rose 18% to INR 2,618 crore, and the loan book expanded nearly 24% to INR 1.20 lakh crore. Despite solid fundamentals, the company marginally revised its full-year loan book growth estimate downward, citing intensified competition and softer demand in the property market. Asset quality and liquidity buffers remained stable, and capital adequacy continued to stay well above regulatory norms.Read more

TDI Infrastructure Ltd has cleared its entire debt of INR 2,000 crore, marking a major financial milestone in its corporate journey. The company, without resorting to any restructuring or waivers, is now fully debt-free and is shifting focus towards township and commercial property development. It is preparing to reintroduce its flagship project, TDI City in Kundli, and is planning a fresh foray into Ludhiana's real estate market. With a solid delivery track record across 2,500+ acres, TDI is now realigning for growth.Read more