Hubtown may also exit Prabhadevi project

31 Oct 2012 Editorial Team

After serial entrepreneur C Sivasankaran exited a realty project at Prabhadevi in central Mumbai, developer Hubtown, that owns 50 per cent in it, is looking to do the same and move out of it completely, said two persons familiar with the development.

Hubtown hopes to get around Rs 450 crore from the deal, in line with what Siva had got earlier in July. It plans to sell its stake to another real estate developer that can execute the project.

However, the stake sale depends on valuation since the developer, which has a consolidated debt of Rs 1,850 crore by March-end, would use the funds to repay some of its debt.

The 5.3-acre land parcel in Prabhadevi has a total development potential of 2 million sq ft and Hubtown is still awaiting some approvals to build an over 60-storey five-star hotel on the prime plot located near Siddhivinayak temple. In July, serial investor C Sivasankaran sold his entire 50 per cent stake in the project for Rs 450 crore to private equity firm Red Fort Capital, valuing the joint venture on this Hindoostan Mills property at Rs 900 crore.

Infrastructure Urban

03 Apr 2026

Centre Disburses Over Rs 24,610 mn in XV Finance Commission Grants

The Union Government has released XV Finance Commission tied grants during the financial year 2025–26 to rural local bodies in Chhattisgarh, Gujarat, Madhya Pradesh, Punjab and Sikkim and has released withheld portions of tied and untied grants to Himachal Pradesh, Odisha and Tripura. The total disbursal exceeded Rs 24,610 mn, with figures expressed in million (mn) thereafter. The releases cover allocations pertaining to different financial years and aim to strengthen rural local governance. State-wise disbursements included Rs 3,324.6 mn for Punjab, Rs 9,432.7 mn for Madhya Pradesh, Rs 3,47..

Centre Releases Over Rs 15 bn as XV FC Grants to Rural Bodies

The Union Government has released over Rs 15 bn in grants recommended by the Fifteenth Finance Commission (XV FC) to strengthen Panchayati Raj Institutions (PRIs) and Rural Local Bodies (RLBs) in six states. The funds comprise tied and untied grants disbursed in FY 2025–26. Telangana received Rs 2.48 bn as the first instalment of untied grants for FY 2025–26, benefitting 12600 Gram Panchayats (GPs). Uttarakhand received Rs 913.1 mn as the second instalment and an additional Rs 18.4 mn of a withheld first instalment was released to a further 216 GPs. Mizoram is included among beneficiary st..

Government Assures Fuel Supplies And Seafarer Safety Amid West Asia Developments

The Government of India has stepped up coordinated measures to maintain stability in critical sectors as developments in West Asia continue to unfold. It has prioritised uninterrupted energy supplies, safeguarded maritime operations and extended consular assistance to nationals. Central authorities are working with State and Union territory administrations to ensure timely information dissemination and operational continuity. Refineries are reported to be operating at high capacity with adequate inventories of petrol and diesel, and domestic LPG production has been increased to support consump..