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Godrej Properties buys 18.6 acre land in Mumbai to develop premium housing project; aims Rs 7,000 cr sales revenue

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Godrej Properties Ltd on Friday said it has bought 18.6 acre land at Kandivali in Mumbai to develop a premium housing project and expects sales revenue of about Rs 7,000 crore.

In a regulatory filing, the company informed that the project would have a developable potential of about 3.72 million square feet with an estimated revenue potential of around Rs 7,000 crore.

The project will comprise primarily premium residential apartments with supporting retail spaces.

This will be one of the company’s largest residential developments, and it significantly strengthens the firm’s presence in the western suburbs of Mumbai.

Godrej Properties highlighted that this is the 8th project addition so far this financial year and “takes the cumulative expected booking value from projects added in FY23 to approximately Rs 16,500 crore.”

Godrej Properties, one of the leading real estate developers in the country, had given a full year guidance of adding projects with a booking value potential of Rs 15,000 crore.

To expand its business and create future development pipeline, Godrej Properties acquires land parcels outrightly and also enters into joint development agreements (JDAs) with landowners.

Mohit Malhotra, MD & CEO, Godrej Properties, said the company has added a large and strategically important project in Mumbai.

“This project will allow us to significantly increase our market share in Mumbai over the next several years and fits within our strategy of deepening our presence across key real estate micro markets,” he said.

Malhotra said the company would aim to build an outstanding residential community that creates long-term value for its residents.

The land is strategically placed in a prime locality with excellent access to the Western Express Highway, Metro & Suburban Railway Stations, the company said.

Godrej Properties, a part of business conglomerate Godrej Group, focuses on four key markets — Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru and Pune, although it has a presence in Chennai, Kolkata, Kochi, Ahmedabad, Chandigarh and Nagpur as well.

Godrej Properties has set a target of Rs 10,000 crore sales bookings for 2022-23 as against Rs 7,861 crore registered during the last fiscal year.

It has already clocked a 60 per cent growth in sales bookings during the first half of this fiscal year at Rs 4,929 crore as against Rs 3,072 crore in the year-ago period.

In an interview with PTI last month, Godrej Properties Executive Chairman Pirojsha Godrej had noted that the housing demand continued to be strong despite hike in interest rates on home loans.

He expected a robust sales bookings in the second half of this fiscal.

On financial front, Godrej Properties has reported a 54 per cent increase in consolidated net profit at Rs 54.96 crore in the quarter ended September 2022 on higher income.

Its net profit stood at Rs 35.73 crore in the year-ago period.

Total income also rose to Rs 369.20 crore in the second quarter from Rs 334.22 crore a year ago.

Business

Oversight Board criticises Meta over election-related moderation errors

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The independent Oversight Board on Tuesday criticised Meta, saying the social media firm must improve the transparency and consistency of its election-related enforcement after a series of moderation failures involving political accounts in the United States and Brazil.

In a statement, the Board said it remained concerned by what it described as recurring shortcomings in Meta’s election integrity efforts and warned that mistakes in content moderation risk either suppressing legitimate political speech or undermining public confidence in electoral processes.

It pointed to the removal of political activist accounts linked to the ‘No Kings’ movement in the United States and restrictions placed on accounts associated with Brazilian President Luiz Inacio Lula da Silva during election periods as examples of enforcement actions that fuelled concerns about electoral interference.

According to the Board, the erroneous action against the No Kings Instagram account should have been detected by Meta’s safeguards designed to prevent moderation mistakes.

Meanwhile, it also questioned why the accounts were not included in Meta’s Cross-Check program which provides additional human review for high-profile civic and political entities before actions are taken that could affect participation in major public events.

The Board said Meta’s enforcement of fraud-related policies against ad accounts linked to Lula during Brazil’s presidential election campaign similarly represented a failure that should have been escalated to specialist reviewers.

The comments revisit concerns raised by the board following Brazil’s 2022 presidential election, when it called on Meta to establish measurable benchmarks for assessing the effectiveness of its election integrity programs and to publish relevant performance data.

While Meta regularly discloses broad statistics such as the number of advertisements archived or accounts removed, the Board said the company has yet to provide public metrics that adequately measure the effectiveness of its enforcement systems or identify significant shortcomings.

Moreover, the Board also warned that the wrongful removal of political content ahead of elections could have a chilling effect on political participation and potentially undermine electoral integrity.

“Automated enforcement tools must take language, nuance, and political context into account to better protect political speech that does not incite violence,” according to Oversight Board.

Meta had pledged in 2025 to reduce moderation errors while allowing greater freedom of expression around elections and political debate.

The Board said recent incidents suggest further improvements are needed for the company to meet that commitment.

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Business

Indian stock markets closed on account of Dussehra

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Indian stock markets will remain closed on Tuesday on account of Dussehra with trading suspended across major segments on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Trading in equities, equity derivatives, securities lending and borrowing (SLB), currency derivatives and interest rate derivatives will remain closed for the day on both exchanges, according to them.

Notably, normal trading on NSE and BSE will resume on Wednesday.

However, the commodity derivatives segment will follow a different schedule. Trading will remain suspended during morning session from 9 am to 5 pm before resuming in evening. The session will continue till 11:30 pm or 11:55 pm depending on contract.

Multi Commodity Exchange of India (MCX) will not remain closed for entire day. Exchange will suspend trading during morning session from 9 am to 5 pm and reopen for evening session from 5 pm.

Investors will be able to trade commodities such as gold, silver, crude oil and base metals during evening session.

Meanwhile, National Commodity and Derivatives Exchange (NCDEX) will remain closed for both sessions on account of Dussehra.

Following Dussehra holiday, three regular trading holidays remain on NSE and BSE calendars for rest of 2026 — November 10, Tuesday, Diwali-Balipratipada; November 24, Tuesday, Prakash Gurpurb Sri Guru Nanak Dev; and December 25, Friday, Christmas.

In addition, exchanges have also scheduled a special Muhurat Trading session for November 8, 2026 on occasion of Diwali Laxmi Pujan. Timings for special session will be announced separately.

Notably, in the last session equity benchmarks closed in negative territory amid selling pressure in the banking and information technology (IT) sector stocks.

Sensex decreased over 850 points or 1 per cent to settle at 73,852.90 on Monday. Similarly, Nifty closed 257.20 points or 1.11 per cent lower at 22,888.95.

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Govt asks Meta to review Facebook and Instagram recommendation systems

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The Ministry of Electronics and Information Technology (MeitY) has asked technology giant firm Meta to review the content recommendation and ranking systems that power Facebook and Instagram, stepping up regulatory scrutiny of how social media algorithms amplify information in India, according to multiple reports.

In an advisory issued to the company, the ministry had asked Meta to ensure that its recommendation systems do not lead to the disproportionate exposure of users to a single or limited set of narratives and instead provide greater access to diverse, relevant and credible information, according to them.

The ministry also directed Meta to strengthen mechanisms for rapidly identifying, reviewing and escalating content that gains significant reach through recommendation systems when such material has the potential to contribute to public confusion, violence or disruption of public order.

Apart from that, the US-based company has been asked to implement the measures immediately and inform the government of the action taken.

The advisory specifically highlights photographs, videos and graphics related to ongoing public events where the authenticity, timing, location or surrounding circumstances may be unclear.

It calls for additional context where old or unrelated visuals are presented as current, where footage has been selectively edited or where unverified claims are made regarding emergencies, police action or other official measures.

Additionally, this marks the latest escalation in the government’s scrutiny of Meta’s moderation and recommendation systems.

Earlier in August, government officials questioned Meta executives over content recommendation algorithms, deepfakes, synthetic media and safeguards against unlawful content.

Meta has separately tightened content and advertising safeguards following concerns related to child sexual exploitation material.

The company said earlier this month it deployed new AI-driven advertising review systems and removed 5.3 million pieces of child sexual exploitation content in India during January-June 2026, with more than 98% detected proactively.

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