Category: Latest Stories

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IndustryLatest Stories

Nashik: NMC Requires 50:50 Premium FSI & TDR for Faster Land Deals

NASHIK: The local municipality has mandated developers to utilize premium floor space index (FSI) and transfer of development rights (TDR) in an equal 50:50 ratio for all construction projects under the 2020 Development Control and Promotion Regulations. This initiative aims to revitalize the declining demand for TDR while ensuring fair compensation for landowners. The directive was issued by municipal commissioner Manisha Khatri. The move comes in response to a drop in TDR rates in recent years, leading to disappointment among landowners and hindering the acquisition of land designated for public amenities in the city’s development blueprint. Under the TDR system,…

Latest StoriesRegulatory

ED Freezes ₹82 Crore in Properties Linked to Ansal Hub-83 Fraud

NEW DELHI: The Enforcement Directorate (ED) has seized immovable properties valued at Rs 82 crore in relation to an alleged extensive real estate scam linked to the commercial project “Ansal Hub-83” in Sector-83, Gurugram. This project encompasses a land area of 19 Kanal 15 Marla (approximately 2.47 acres) and features 147 commercial shops, 137 office spaces, and two restaurant units, as stated by the ED on Thursday. These properties were attached by the ED’s Gurugram zonal office under the Prevention of Money Laundering Act (PMLA), 2002. The investigation began following an FIR filed by Haryana Police in June 2023 against…

Latest StoriesRegulatory

Rajasthan HC Gives 3 Weeks to Clear Illegal Sanganer Colonies

JAIPUR: The Rajasthan High Court has directed the Rajasthan Housing Board to act on the removal of 87 illegal colonies in Sanganer, giving them three weeks to comply with its previous order from August 20, 2025. In a firm warning, the court stated that the housing board commissioner must appear in person if compliance is not achieved within the specified timeframe. This court order was made public on Wednesday. The case gained attention from a petition by Public Against Corruption, which raised concerns about the state government’s order from March 12, 2025. This order aimed to regularize colonies built on…

Latest StoriesRegulatory

Pune civic body rejects property tax hike, PCMC keeps status quo

PUNE: Residents within Pune’s civic limits will not face an increased property tax, and those in Pimpri Chinchwad are also expected to be exempt from any hikes. The Pune Municipal Corporation’s (PMC) general body (GB) unanimously rejected a proposal on Wednesday to raise property tax by 5% for the upcoming fiscal year. Similarly, the Pimpri Chinchwad Municipal Corporation (PCMC) is unlikely to propose a tax increase for the 2026-27 financial year due to the absence of a standing committee, which is required to review such proposals. Last week, the PMC brought forth the 5% tax increase proposal, but corporators from…

IndustryLatest Stories

CREDAI urges Karnataka government to resolve tech issues

MYSURU: The Confederation of Real Estate Developers’ Associations of India (CREDAI) is calling on the state government to address technical issues in government offices without delay. CREDAI President Harish Shenoy MS stated that citizens are experiencing difficulties in obtaining e-khata due to frequent server outages and software malfunctions. These technical issues are affecting not only developers but also property owners. The organization urged the government to resolve these technical challenges promptly and establish a timeline for e-khata issuance. Additionally, the new requirement for a life certificate for each transaction when registering a General Power of Attorney (GPA) has become a…

IndustryLatest Stories

HMT Land Bank Could Be Monetized for AI Clusters

Representative AI image NEW DELHI: India is strategizing to monetize the land bank of the troubled public sector undertaking (PSU) HMT Ltd by establishing artificial intelligence clusters. Insiders report that HMT boasts the second-largest land bank in the country, following Indian Railways. At its peak, HMT owned nearly 1,800 acres; currently, around 1,100 acres remain in Hyderabad (Telangana), Bengaluru (Karnataka), Pinjore (Haryana), and Kalamassery (Kerala). These lands were ‘gifted’ to HMT by state governments over time, with the expectation of industrial development. However, much of this land remains vacant or encroached upon, leading to disputes with states seeking reclamation. “Investment…

Latest StoriesRegulatory

SC: Nepotism and Self-Aggrandizement Threaten Democracy

Here’s a revised version of the content you provided: NEW DELHI: The Supreme Court has annulled the allocation of two flats by a Haryana government housing society to a member of its governing body and his subordinate, condemning nepotism and self-interest as fundamentally against democratic principles. Justices Sanjay Kumar and K Vinod Chandran overturned a Punjab and Haryana High Court decision, which had declined to intervene in the allotment process. The allotments in question were deemed arbitrary, biased, and a violation of the society’s own eligibility criteria. The bench stated, “Nepotism and self-aggrandizement are incompatible with a democratic system, particularly…

IndustryLatest Stories

Andhra Pradesh Cuts Vacant Land Tax by 50% During Building

AMARAVATI: The Andhra Pradesh Assembly approved amendments to the Municipal Act on Wednesday to reduce financial burdens on builders and enhance transparency in construction procedures. The first amendment permits builders to pay only 50% of the vacant land tax during the construction period, effective from when building permission is granted until the Occupancy Certificate is issued. The second amendment removes “leprosy” from municipal terminology. The assembly also sanctioned an amendment allowing builders to pay just 50% of the vacant land tax during the construction phase. Minister Narayana emphasized that these changes were aimed at promoting Ease of Doing Business, encouraging…

IndustryLatest Stories

Hyderabad’s Bharathi Builders Allegedly Dupes Investors

HYDERABAD: A private employee from Chikkadpally has approached the Cyberabad EOW, claiming that a real estate company and its executives defrauded him and other investors of several crores through a pre-launch offer for a project at Bhanur in Sangareddy district. After the accused failed to deliver on their promises, he filed a cheating complaint with the police. The complainant, P. Kishore Kumar, 45, reported that he and roughly 300 other buyers were persuaded to invest in Bharathi Green Empire Heights, a real estate project promoted by Bharathi Builders India. The company’s chairman, Dupati Nagaraju; managing director, Mulpury Siva Rama Krishna;…

CommercialLatest Stories

ICE Mortgage Tech Leases 200K Sq Ft in Pune for GCC Setup

American multinational financial services company Intercontinental Exchange, via its subsidiary ICE Mortgage Technology India, has secured nearly 200,000 sq ft of office space spread across 9 floors in a commercial tower located in Pune’s Magarpatta Cybercity through a long-term lease, intending to establish a global capability center (GCC). This space, situated in Tower S3 of the business district, has been leased from Axis Max Life Insurance. The lease encompasses approximately 193,053 sq ft, covering the lower ground floor, upper ground floor, and floors one to seven. The rental rate has been set at Rs 90 per sq ft per month,…