News

A K Raheja Corp. affiliate, Inorbit Malls (India), has paid approximately ₹400 crore to buy a retail property in Hubli, Karnataka, as a strategic foray into Tier-2 cities. The building, called Akshay Sky Mall, has a gross built-up area of around 650,000 square feet.

Lodha Group, via Macrotech Developers, bought Ivanhoé Cambridge's share in three joint ventures for ₹239.56 crore. Lodha wants more control over its digital infrastructure investments to improve its annuity revenue.

Residents of Mumbai were becoming worried about the unlawful reclamation of the Wadala salt pans, which threatened a saltwater lake and adjoining mangroves. Land-grabbing was reportedly harming the ecosystem at Eastern Freeway entrance and exit sites.

Track3D was established as a state-of-the-art platform that tackles significant inefficiencies in the construction sector by three specialists with varied backgrounds in robotics, artificial intelligence, and business strategy.

Mumbai will build a modern inter-state parking hub on the Dahisar toll naka site. The Municipal Corporation of Greater Mumbai (MCGM) hopes to reduce traffic in Mumbai by providing parking for drivers from outside the city.

Maharashtra homebuyers are frustrated with MahaRERA hearing delays, some of which last years. Slow resolution of real estate disputes undermines the Real Estate (Regulation and Development) Act, 2016, which was meant to speed up justice.

Indian Proptech Portal GHAR reports that Birla Estates, the Aditya Birla Group's real estate subsidiary, has made a major move in Mumbai. For ₹537.42 crore, the business bought a 24.5-acre block of land in the Mumbai Metropolitan Region (MMR) in Kalwa on the Thane-Belapur Road.

Five ring roads are being built as part of a megacity inter-linking project to improve traffic flow and connectivity. The proposed Orange Gate tunnel will link the Freeway and Coastal Road at Marine Drive on the southernmost ring road. Mumbai will connect to Thane, Palghar, and Alibaug.

Bank of Baroda, a major Supertech Group lender, approved the Dehradun project resolution plan. This approval is crucial, allowing 600 homeowners to finally get their houses. The proposal, presented to the NCLAT, is Supertech's first lender-approved project.

Prestige Estates Projects, a prominent real estate developer, disclosed its intention to allocate the ₹5,000 crore it raised through a Qualified Institutional Placement (QIP) earlier this month.

The House of Hiranandani has signed agreements to redevelop five housing societies in Mumbai's Chembur suburb, a significant step towards urban renewal. These redevelopment projects, which encompass approximately 15 acres, offer a development potential of over 1.7 million square feet.

Rightmove, the UK-based property listing behemoth, turned down a hefty £5.6 billion buyout approach from Australia's REA Group, which is majority-owned by Rupert Murdoch's News Corporation. Rightmove's board described the offer as "wholly opportunistic,".

News reports say the Municipal Corporation of Greater Mumbai (MCGM) has stopped construction at Piramal Realty subsidiary Glider Buildcon Realtors. The notice halts high-rise residential tower building near the Rani Baug Zoo in Byculla, South Mumbai.

Nusli Wadia, Chairman of the Wadia Group, and the Aditya Birla Group have settled their lengthy legal dispute. Aditya Birla Group subsidiary Century Textiles and Industries bought a 10-acre leasehold property tract in Worli, Mumbai, from the Wadia family for ₹1,100 crore.

The Madh-Versova cable-stayed bridge, worth 3,246 crore rupees, would lessen travel lengths by 3–4 km and boost communication between Versova and Madh. The bridge will be open 24 hours a day. Constructed in around 36 months, this 2.06 km bridge will boost infrastructure & Madh property prices.