Blackstone Inc., an alternative asset manager, in collaboration with Bengaluru-based Sattva Group have filed the draft red herring prospectus (DRHP) for their Real Estate Investment Trust (REIT)-Knowledge Realty Trust (KRT). The proposed Rs 7,000 crore issuance is expected to become the largest REIT offering in India by net operating income (NOI) and gross asset value (GAV). The REIT's portfolio is expected to comprise approximately 48-50 million sq ft of commercial office space in Mumbai, Bengaluru,Hyderabad, and Pune. Blackstone will hold a 55% equity stake in the REIT, with Sattva Group retaining the remaining 45%. The IPO aims to raise Rs 6,200 crore, with a portion of the proceeds allocated to repaying existing debt and funding future acquisitions. The REIT's projected net operating income (NOI) for FY26 is expected to be Rs 2,652 crore, rising to Rs 2,946 crore by FY27. The remaining Rs 800 crore from the total issue size will be utilized for general corporate purposes and issue-related expenses, including underwriting fees, listing fees, regulatory cost (GCCs). The IPO is being managed by Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, ICICI Securities, IIFL Capital, JM Financial, Morgan Stanley India, and SBI Capital Markets. The Knowledge Realty Trust is sponsored by BREP Asia SG L&T Holding (NQ)(Blackstone Sponsor) and Sattva Developers. The issue will constitute at least a minimum percentage of the total outstanding units on a post-issue basis, ensuring broad market participation.
 

The bank accounts of Ansal API have been frozen by the receiver appointed by the National Company Law Tribunal (NCLT) as part of the ongoing insolvency proceedings. The restriction, imposed on Wednesday, prevents company officials from withdrawing funds. New account operators will now be appointed to manage financial transactions. This development marks a crucial step in the insolvency process of Ansal API, with further actions expected in the coming weeks. The receiver's team is also compiling records of home and plot bookings. To streamline the claims process for allottees, a toll-free helpline will soon be launched, and a dedicated online portal has been set up on the NCLT website for claim submissions. On Tuesday, NCLT-appointed receiver Navneet Gupta arrived in Lucknow and, under police security, inspected the Ansal office in Sushant Golf City. During his visit, he reviewed financial records and requested key documents related to the company's operations. A dedicated toll-free number will also be issued soon, allowing allottees to register queries and complaints regarding the Ansal dispute. Meanwhile, Lucknow Development Authority (LDA) officials are actively collecting and scrutinising land deal records of Ansal Properties & Infrastructure Limited. The other accused in the case include Sunil Kumar Gupta, Fernandez Patricia Atkinson, and Director Vinay Kumar Singh. The FIR was registered under sections 316(5), 318(4), 61(2), 352, 351(2), 338, 336(3), 340(2), 111 of the Bhartiya Nyay Sanhita (BNS) and Section 3 of the Prevention of Damage to Public Property Act, 1984. A senior LDA official said, "We are scrutinising every document related to the Ansal land deal since 2005. We aim to present our case with no loopholes when appearing before the tribunal."
 

The Supreme Court was on Tuesday critical of the functioning of the Real Estate unctioning of the Real Estate Regulatory Authority (RERA) and termed it as "disappointing". A bench of Justices Surya Kant and N Kotiswar Singh,which was hearing a plea related to private builders, was told by senior advocate K Parameshwar that the RERA Act has actually failed in its implementation. Parameshwar, who was appearing in the matter related to Mahira Homes Welfare Association, said if the project fails, it affects various stakeholders and sought the court's intervention in strengthening the regulatory mechanism for the real estate sector. Justice Kant agreed with Parmeshwar's submissions and said the functioning of the regulatory authority under the RERA was disappointing but said the state may oppose new regulatory measures. 
The Real Estate (Regulation and Development) Act, 2016, was enacted by Parliament to regulate the real estate sector and protect home buyers' money invested in housing projects.
 

With less than a month left to meet its poperty tax collection target, Trichy Corporation is cracking down on top defaulters, mostly commercial properties that have failed to pay dues for over three years. While 77% of the total property tax demand of Rs137.3 crore has been collected, arrears recovery remains sluggish, with only 38% of the Rs51.6 crore pending tax recovered as of March 2. Corporation commissioner V Saravanan said commercial properties with long-overdue taxes are being repeatedly warned. For those defaulting for over three years, the civic body is disconnecting underground drainage (UGD) connections. In one such case, officials severed the UGD link of a commercial property on Vaanapattarai Street in Ward 14 over unpaid dues of Rs19.6 lakh. The owner must clear the arrears and bear the reconnection cost to restore the service. The crackdown has pushed overall property tax collection to 66% as of March 2. In the past month, arrears collection increased by Rs3 crore, rising from Rs16.6 crore on Jan 30 to Rs19.5 crore. For the financial year 2024-25, the total tax revenue, including property tax, vacant land tax, water charges, UGD charges, and professional tax, has surpassed 50%. However, non-tax revenue from corporation-owned property rentals and water charges remains low, prompting further action in these sectors.
 

Delhi Development Authority (DDA) has reported its highest-ever collection from housing sales over the past decade, with Rs 5,185 crore generated from selling over 15,000 flats between April 2023 and Feb 27, 2025. This surpasses the Rs 4,462 crore raised over eight years (April 2015 to March 2023), according to DDA officials. In the financial year 2024-25, DDA sold 7,184 flats, the majority under the first-come, first-served scheme, which offered discounted rates for construction workers, women, and people from SC/ST categories. Narela alone accounted for 2,700 flat sales in this period. This surge in flat sales has boosted DDA's financial stability, as the revenue is credited to its general development account (GDA). "The increased cash flow has strengthened DDA's ability to fund new development projects and enhance urban infrastructure. For FY 2024-25, DDA has collected Rs 2,786 crore from flat sales, already surpassing last year's total of Rs 2,416 crore by Rs 370 crore. The financial position of the DDA improved since May 2022 after VK Saxena took over as lieutenant governor and chairperson of the authority. He stressed on innovative marketing strategies, which included offering discounts and schemes to needy people, accelerating the sales of flats," stated the authority. In 2024, DDA launched penthouses through e-auction and introduced new schemes, such as the Shramik Awaas Yojana and Sabka Ghar Awaas Yojana, offering discounted homes to a variety of groups. Meanwhile, taking note of issues raised by locals in Narela regarding lacking infra services, the LG held interactions with various departments and took steps to fulfil gaps. DDA has been working on improving infrastructure in Narela, including expanding metro connectivity and DTC bus routes, alongside plans for a university, education hub, and international sports stadium. Delhi govt is expected to take a decision to increase DTC routes soon. 
 

The Municipal Corporation of Delhi (MCD) has dismissed reports suggesting an exemption from paying property tax, saying all property owners and occupiers are required to do it as per existing laws. In an official statement issued on Friday, the civic body urged residents salaries and contractor dues, the MCD emphasised that property tax remains a critical revenue source, contributing nearly one-fourth of its total earnings. Property tax remains payable by all occupiers and owners, and no exemption or relaxation has been granted," it said in the statement. The clarification follows multiple inquiries regarding potential waivers. The MCD reiterated that tax structures for the financial year 2024-25 were finalized in February last year, while levies for for 2025-26 were determined in a meeting on February 13, 2025. With outstanding dues exceeding Rs 14,000 crore, the civic body stressed the importance of financial stability for maintaining essential civic services such as sanitation, road maintenance, and drainage systems. The MCD has urged all property owners and occupiers to file their property tax returns on a self-assessment basis and complete their payments by March 31, 2025 to avoid penalties. However, BJP leaders challenged the mayor's claim arguing that the proposals had not been passed through the proper legal process. "The official procedure to pass a resolution was not followed. The mayor's claim is baseless," BJP Leader of Opposition Raja Iqbal Singh. Later in the evening, Singh wrote to MCD Commissioner Ashwani Kumar, urging him to declare the day's  proceedings "invalid and abandoned."
 

Tamil Nadu Chief Minister M K Stalin on Thursday inaugurated 1,046 flats constructed by the Tamil Nadu Housing Board (TNHB) for Rs 659.96 crore in Chennai, Chengalpattu, and Tiruchirappalli. In addition, he inaugurated 464 quarters for government officials built at a cost of Rs 116.55 crore, remotely from the Secretariat here. Housing and Urban Development Minister S Muthusamy, Chief Secretary N Muruganandam, and other officials participated. Also, the CM extended the state Hindu Religious and  Charitable Endowments (HR&CE) department's financial grant to the Devasthanams in Kanyakumari, Pudukkottai, and Thanjavur for the upkeep of the shrines under their control. upkeep of the shrines under their control. Accordingly, cheques for a total sum of Rs 27 crore were handed over to the temple management, in the presence of state HR&CE Minister P K Sekar Babu. The gesture would benefit 490 temples in Kanyakumari district, 225 temples under the Pudukkottai Devasthanam Board, and 88 temples managed by the Thanjavur Devasthanam Board. 
 

Baashyaam Constructions is honoured to wear the yellow jersey as a prestigious Associate Sponsor for the Chennai Super Kings. This exciting collaboration underscores the shared values and vision of two iconic brands in their respective fields of real estate and cricket, both of which have earned a place in the hearts of Chennaites. A renowned name in the real estate sector, Baashyaam Constructions is known for its innovative approach, cutting-edge design, and exceptional architectural expertise. The brand has consistently delivered high-quality homes, reimagining and enhancing the skyline of Namma Chennai. From modern residential projects to state-of-the-art buildings, Baashyaam has set new benchmarks in the construction industry, earning a reputation for its quality offerings. This collaboration between Baashyaam and Chennai Super Kings is a perfect match. Both brands represent leadership, success, and a deep connection to the city of Chennai. The Chennai Super Kings, with their unmatched legacy, have become an embodiment of resilience and passion for the sport. Baashyaam, likewise, symbolises growth and commitment to building a better future for the city. Together, they form a partnership that celebrates the love for cricket and the spirit of innovation. Baashyaam Constructions is proud to be a part of this journey, standing alongside millions of loyal CSK fans around the world. With every match, the brand joins the CSK faithful in showing their unwavering support—cheering for the team and celebrating every victory with unmatched enthusiasm. 
 

CM Devendra Fadnavis on Tuesday announced waiver of 8.5% interest paid on premium for self-redevelopment projects. This will be applicable to all such projects whose proposals are received up to March 2026. The govt has allowed the payment of premium in instalments, for which the BMC charges an interest of 8.5%. Fadnavis, who was in Kandivli to inaugurate a residential building redeveloped by the residents through the self-redevelopment route, was apprised of the issue.  The premium is to be paid first while the construction begins only 2-3 years later. I was informed that residents have to bear the burden of bank interest as well as the premium interest. To ease the burden, the premium will be waived for three years only for self-redevelopment projects. This is to ensure the scheme is not misused, and the building is expected to be ready in five years. The CM said so far 1,500 proposals were received for self-redevelopment. However, Mhada received only 45 proposals, of which 42 were cleared. "I am not happy with the pace of approvals. The scheme is shutting down shops of brokers. I am warning that no one should obstruct self-redevelopment projects else they will lose their jobs. Fadnavis said the scheme would be brought under the ambit of Right to Services Act, adding that the endeavour would be to ensure zero human interface. Mumbai: CM Devendra Fadnavis on Tuesday announced waiver of 8.5% interest paid on premium for self-redevelopment projects. This will be applicable to all such projects whose proposals are received up to March 2026. 
 

Calling them a "scam", the Allahabad high court has ordered a CBI and ED investigation into three of four Sports City projects and brought within the ambit of the inquiry their developers and consortium members for misappropriating homebuyers' money and Noida Authority officials for forming a "dirty nexus". A division bench of justices Mahesh Chandra Tripathi and Prashant Kumar issued 10 separate judgments covering the three projects on Monday. The court examined various alleged violations — from land use irregularities to financial misconduct as well as the promised sports facilities remaining incomplete. This court has no other recourse but to refer the investigation to CBI. CBI would also investigate the role of all the persons involved in this scam. We hope and trust that the investigation would be carried out and completed expeditiously," read the order pertaining to some of the cases. The 10 judgments came after hearings on pleas filed by some of the developers and consortium members, seeking handover of encumbrance-free land, waiving of lease rent and penalties, cancellation of demand notices, and proper execution of the Sports City development plan. The court dismissed their claims, pointing out that since they failed to develop sports infrastructure in keeping with the original plan, insolvency could not be used as a shield to escape liabilities. In case the allotments are cancelled, Noida Authority can call for fresh bids as per the current market rate, which will certainly be far much higher than the allotted rate…. However, since this court is also conscious that the interest of homebuyers has to be protected, if the petitioners are not able to complete the project strictly as per the brochure condition of the Sports City scheme and the lease deed conditions, the money deposited by them be forfeited and used for paying back the homebuyers. If there is any shortfall, Noida Authority will pay the same," read an order in the Lotus Greens case.
 

A 24-acre Bandra Reclamation plot near the sea link toll plaza on which commercial development has been proposed "is completely out" of the coastal regulation zone (CRZ) and can be developed, the Union environment ministry and Adani Realty said in Bombay HC last week in response to two PILs challenging the allotment of the land to the developer. The PILs, filed by activist Zoru Bhathena and Bandra Reclamation Area Volunteers Organisation, said environmental clearance was granted for Bandra-Worli Sea Link under the condition that reclaimed land near it and the toll plaza would not be used for commercial purposes. They said the tender process for land allotment flouted this rider, adding that CRZ regulations do not permit such development on reclaimed land. Last Oct, senior counsel Milind Sathe, representing MSRDC that has been made a party to the PILs, said since Mahim creek is classified as a bay, the land in question isn't within the CRZ. In a bay area, the CRZ applicability is restricted to 100m as opposed to 500m from the sea. The Adani affidavit denied all "averments, insinuations" in Bhathena's PIL. The affidavit said a report submitted in Oct 2024 by Institute of Remote Sensing, Anna University, Chennai, based on MSRDC's plea "clearly confirms that the project site falls outside CRZ as per the approved the CZMP (coastal zone management plan)". The Union ministry reiterated its Dec 5, 2024, affidavit and added that the plot falls out of the purview of the CRZ area under the 2019 CRZ notification, which superseded previous notifications. A bench of Chief Justice Alok Aradhe and Justice Bharati Dangre directed other authorities who are yet to file their affidavits to do so.
 

UltraTech Cement has commissioned an additional 0.6 million tonnes per annum (MTPA) slag based cement grinding capacity at its existing unit situated at Karur, Tamil Nadu. This follows the earlier commissioning of 2.7 MTPA greenfield grinding capacity at Karur. The total capacity of the plant stands at 3.30 mtpa. This expansion will help the company’s ability to meet the growing demand for composite cement in the Southern region enhancing its blended cement ratio. It recently commissioned 0.6 MTPA grinding capacity at its existing unit situated at Sonar Bangla, West Bengal. 
The company’s total domestic grey cement manufacturing capacity stands at 166.91 MTPA. Alongwith its overseas capacity of 5.4 MTPA, the company’s global capacity stands at 172.31 MTPA.