A key creditor has withdrawn its appeal against Nirmal Lifestyle's resolution plan after the buyer, Mantra Properties, clarified a disputed mortgaged property isn't included. The National Company Law Tribunal had approved Mantra's acquisition of the debt-laden firm, which owes Rs 1,491 crore, with the plan proposing Rs 215 crore. Source link...
Young professionals in Gurgaon's DLF-3 faced sudden displacement as authorities resumed a sealing drive against illegal constructions. Residents of paying guest accommodations and rented flats were given mere hours to pack and leave their homes, often discovering the crackdown upon returning from work. This action follows court orders targeting buildings violating approved plans and operating...
Following a fatal warehouse collapse, West Bengal Chief Minister Suvendu Adhikari has halted all under-construction commercial projects approved by the previous government until July 31. A comprehensive audit will scrutinize these projects, including those built on filled water bodies, to ensure adherence to safety norms. Essential services like hospitals and fire stations are exempt. Source link...
The Shriram Properties Chairman and Managing Director said Bengaluru remains India’s fastest-growing urban centre, driven by talent, employment generation and infrastructure investments that will unlock new real estate opportunities across the city. Source link...
Maheshwar Rao, chief commissioner, Greater Bengaluru Authority, said Bengaluru will need integrated planning across housing, mobility, water, roads and public spaces as its population continues to grow. Source link...
Karnataka RERA chairman Rakesh Singh said the authority will work with government agencies and industry representatives to identify procedural gaps affecting project approvals and delivery timelines. Source link...
IT giant Accenture has secured a massive 10.16 lakh sq ft office space in Hyderabad for a decade, with monthly rents starting over Rs 7 crore. This significant lease, located in Aparna Technopolis, underscores the robust performance of India's office market, particularly driven by foreign companies establishing Global Capability Centres. The deal highlights a substantial commitment to expansion in...
The Slum Rehabilitation Authority (SRA) has identified 18 more slum clusters across the Mumbai Metropolitan Region for redevelopment under Maharashtra’s Slum Cluster Area Redevelopment Scheme, buoyed by strong investor interest in its pilot project in Andheri (West). Source link...
The Bombay High Court has ruled that housing societies can receive unilateral deemed conveyance of land, even if future development potential on public amenity plots is involved. Justice Sandeep Marne stated that conveyance shouldn't be delayed until the municipal corporation acquires such land. The court modified a previous order, directing conveyance of four acres instead of five, while allowing...
In a major real estate development, Tech Mahindra has secured 4 lakh sq ft of office space in Hyderabad with a 10-year lease, reinforcing the city's position as a tech hub. This decision reflects the vibrant demand for premium office spaces among technology firms. The company's investment highlights Hyderabad's attractiveness as a primary location for large corporations looking for...