Category: Latest Stories

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Latest StoriesResidential

Delhi’s Low Property Regularisation Response Leads to Fee Cuts, Camps

NEW DELHI: Over a month after the MCD launched a portal for regularizing properties in unauthorized colonies, officials report plans to decrease regularization fees due to only two applications received from eligible beneficiaries. The SWAGAM portal, initiated on April 24, allows residents of unauthorized colonies to regularize their properties on an “as is where is” basis after securing ownership rights under the Centre’s Pradhan Mantri Unauthorised Colonies in Delhi Awas Adhikar Yojana (PM-UDAY). Despite nearly 40,000 PM-UDAY beneficiaries being eligible, only two have taken action through the portal. Officials speculate that this low response is due to a lack of…

IndustryLatest Stories

Prime Securities Group unveils ₹1,000 crore real estate AIF

Representative AI image NEW DELHI: Prime Litmus Investment Management, a subsidiary of Prime Securities, has unveiled the Prime Litmus Real Estate Opportunities Fund. This Category II Alternative Investment Fund aims to provide structured credit investments for under-construction real estate projects. The fund targets a corpus of ₹750 crore, with a green shoe option for an additional ₹250 crore, bringing the total potential corpus to ₹1,000 crore. Prime Litmus Investment Management is a collaboration between Prime Research and Advisory, a wing of Prime Securities, and Litmus Global Services LLP. The fund will focus on self-liquidating real estate ventures that offer cash-flow…

Latest StoriesResidential

Shreyas Iyer Leases Worli Property for ₹7.14 Crore

NEW DELHI: Indian cricketer Shreyas Iyer has rented a residential unit in Artesia, Worli, Mumbai, at a starting monthly rent of ₹18.50 lakh. The unit spans 360 sq meters (3,875 sq ft) and includes four car parking spaces. The registration of the deal involved a stamp duty of ₹1.84 lakh, registration charges of ₹1,000, and a security deposit of ₹74 lakh, as detailed in property registration documents reviewed by Square Yards on the Inspector General of Registration (IGR) website. The agreement was officially registered in June 2026. According to an analysis by Square Yards, the lease duration is set for…

IndustryLatest Stories

Oberoi Realty invests ₹268.5 crore in Bandra East project

Representative AI image NEW DELHI: Oberoi Realty has invested ₹268.50 crore in equity shares of Centerstage Realty, its fully-owned subsidiary, via a rights issue, as stated in a regulatory filing. The company purchased 26.85 crore equity shares at a nominal value of ₹10 each. Following this transaction, Oberoi Realty maintains its complete ownership and control of Centerstage Realty. Centerstage Realty was established on June 2, 2026, as a special purpose vehicle for the development of railway land in Bandra East, adjacent to the Western Express Highway in Mumbai. Previously, the company disclosed that its bid to the Railway Land Development…

Latest StoriesRegulatory

Bengaluru’s five corporations collect ₹2,949.56 crore in tax

BENGALURU: The East City Corporation has been recognized as the top performer in property tax collection, while the North City Corporation is at the bottom of the rankings. As of June 9, the Greater Bengaluru Authority (GBA) reported that its five city corporations collectively gathered ₹2,949.56 crore in property tax and additional revenues, which is 44.02% of their annual goal of ₹6,700 crore for the 2026-27 fiscal year. The East City Corporation led the way with collections amounting to ₹792.51 crore, achieving 47.35% of its target of ₹1,673.46 crore. The West City Corporation made a significant recovery from being the…

InfrastructureLatest Stories

Kochi Metro Phase II Delayed: New Launch Set for August 2027

KOCHI: The ambitious Phase II project of Kochi Metro, which will connect Jawaharlal Nehru (JLN) Stadium to Infopark via Kakkanad, is now expected to be completed by June 2027, over a year and a half later than the previously promised December 2025 commissioning. Kochi Metro Rail Ltd (KMRL) stated that the official commissioning and final testing of the project will occur in August 2027. A significant cause of this delay is the state government’s prolonged approval process for securing external funding of Rs 1,116 crore from the Asian Infrastructure Investment Bank (AIIB). The agency noted, “The financing process required approvals…

Latest StoriesResidential

Pimpri Chinchwad’s PCMC Tax on Amenities Sparks Outrage

PUNE: Residents of various housing societies in Pimpri Chinchwad are protesting the civic authorities’ decision to charge property tax on amenity spaces in residential complexes. They argue that this decision adds to the financial strain on residents already facing increased maintenance costs. Recently, several societies received property tax bills ranging from Rs 1 lakh to Rs 5 lakh for common areas like clubhouses, swimming pools, libraries, and society offices. Residents claim that property tax has historically only applied to individual residential units and that common areas should not be taxed separately. Representatives from housing societies expressed surprise at this new…

Latest StoriesRegulatory

Sambhajinagar to Create Cell for Recovering Property Tax Dues

CHHATRAPATI SAMBHAJINAGAR: The Chhatrapati Sambhajinagar Municipal Corporation (CSMC) is establishing a dedicated cell to recover outstanding property taxes from 493 government entities, totaling approximately Rs 30 crore. During a review meeting on Monday evening, Municipal Commissioner Amod Yedge announced that the new cell will facilitate swift recovery actions through rigorous follow-ups with defaulting establishments. While the full list of defaulters has not been released, officials indicated that it could be disclosed if payments are not made. Yedge evaluated tax assessments, progress in recovery campaigns, and other pending dues during the meeting. He cautioned officials from Zones 9 and 4 for…

Latest StoriesResidential

Punjab to draft relief policy for unauthorized colonies: CM

CHANDIGARH: Chief Minister Bhagwant Mann announced on Wednesday that the Punjab government is developing a policy aimed at assisting those who invested their savings in unauthorized colonies. He noted that numerous residents across Punjab have been adversely affected by fraudulent developers who sold illegal properties, leaving them with legal and infrastructure challenges. “Thousands of innocent families invested their life savings into these plots, only to find themselves unable to sell the land or secure registrations. They are also lacking basic amenities such as electricity, water, and sewer connections. These individuals are victims and deserve justice,” Mann stated. “Fraudulent developers misled…

Latest StoriesRegulatory

ED Probes Jalandhar Businessman’s Properties Further

JALANDHAR: The Enforcement Directorate (ED) continued its search on Wednesday at the offices and home of Amit Bajaj, a local contractor linked to municipal projects and known to have ties with the Aam Aadmi Party (AAP). Bajaj is reportedly involved in various projects for the Jalandhar municipal corporation and other government initiatives. The searches are part of an ongoing money laundering investigation related to Hampton Sky Realty Ltd, a firm allegedly associated with former Punjab minister Sanjeev Arora and his family, with Arora having been arrested by the ED last month. According to ED sources, operations were conducted at six…