Category: Latest Stories

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IndustryLatest Stories

Borrowing Limits Raised to $1 Billion, ETRealty

MUMBAI: The Reserve Bank of India has released updated guidelines for External Commercial Borrowings (ECBs), revising limits, relaxing maturity requirements, and eliminating cost caps. Under these new regulations, eligible borrowers can secure ECBs up to the greater of $1 billion in outstanding borrowings or 300% of their net worth as per the most recent audited balance sheet. Previously, the borrowing cap was set at $750 million. This update comes at a time when India’s ECB transactions have been on the rise, with Indian companies raising a record $61 billion through this route in FY25, compared to $48 billion in FY24.…

Latest StoriesResidential

Kochi: Delay in Allocating Apartment Units in Rajiv Awas Yojana

KOCHI: The allocation of apartment units for beneficiaries in the Rajiv Awas Yojana (RAY) housing complex is facing further delays. Corporation authorities have announced that the trial run for the facility’s sewage treatment plant will take place on March 10. Selection procedures for beneficiaries are still ongoing. Mayor V K Minimol stated during a corporation council meeting on Tuesday that only 211 beneficiaries have submitted complete documentation, and the allotment process has been finalized for 198 of them. The total number of beneficiaries listed by the corporation is 398. Additionally, beneficiaries are required to contribute their share; this funding, along…

IndustryLatest Stories

Maharashtra Forms Panel to Review TDR Relief for Redevelopment

PUNE: The state government has established a 12-member committee to re-survey river flood lines across Maharashtra, including areas in Pune and Pimpri Chinchwad, nearly a year after making this commitment in the assembly. The panel is expected to submit its report within two months. The government has tasked the committee with reviewing current regulations and suggesting amendments to the Unified Development Control and Promotion Regulations (UDCPR) to facilitate the use of Transfer of Development Rights (TDR) for properties built within flood lines prior to the irrigation department’s demarcation in 2009. A significant number of properties, particularly in Pimpri Chinchwad, were…

Latest StoriesResidential

DDA Ends Parking Fees in Housing Scheme Flat Prices

NEW DELHI: The Delhi Development Authority (DDA) has announced the elimination of parking charges, including those for covered parking, from the total cost of flats in its current housing schemes, providing relief to homebuyers. This change is anticipated to reduce flat prices by ₹5 lakh to ₹12 lakh. Homebuyers will notice immediate price drops for the MIG and HIG flats across four schemes: DDA Karmayogi Awas Yojana 2025 (First-Come First-Serve), DDA Towering Heights Karkardooma Housing Scheme 2025 (E-Auction), DDA Nagrik Awas Yojana 2026 (First-Come First-Serve), and DDA Towering Heights Karkardooma Housing Scheme 2026 (First-Come First-Serve). According to the new directive,…

Latest StoriesResidential

New Penalties Replace 10% Levy on Vacant Bengaluru Sites

BENGALURU: The Bangalore Development Authority (BDA) has updated the penalty for owners who do not construct houses within the specified five-year period under lease-cum-sale agreements. Instead of the previous flat rate of 10%, introduced in September 2024, a new tiered penalty system ranging from 2.5% to 10% will be applied based on the size of the site. This change comes in response to feedback from site allottees, who argued that the uniform 10% penalty of the current guidance value for vacant sites was excessive and did not consider the diverse dimensions of sites or individual financial situations. Following these concerns,…

InfrastructureLatest Stories

Four Stations in Phase 1: NMRC to Revise Greater Noida West Metro

Here’s a rewritten version of the content: — NOIDA: Following the Union Cabinet’s approval of the Aqua Line extension from the Botanical Garden to Sector 142, the Noida Metro Rail Corporation (NMRC) announced it will develop a revised detailed project report (DPR) for the Greater Noida West metro corridor. The updated plan will feature only four stations in Phase 1, as opposed to the previously proposed eleven. In this revised plan, the metro corridor will include stations at sectors 61, 70, 123, and Greater Noida Sector 4 (Gaur Chowk) in the first phase. Initially, an 18 km track was suggested…

Latest StoriesRegulatory

High Court Orders Inspection of Bengaluru PGs for Violations

BENGALURU: The Karnataka High Court has mandated an inspection of the Paying Guest Accommodation Welfare Association’s premises in Bengaluru to verify adherence to guidelines set by civic authorities. Justice Suraj Govindaraj stated that officials must determine if the structures erected by the petitioners and association members follow the approved plans. In cases lacking sanctioned plans, compliance with existing building bylaws and permissible usages under relevant zoning regulations must be evaluated. The inspection is scheduled to commence at 10:30 AM on February 18 and should be completed within two weeks. The court clarified that petitioners could join the inspection or appoint…

Latest StoriesRegulatory

Pune PMC Fines Builder for Contaminated Water in Mhalunge

PUNE: The civic authority issued a show-cause notice and imposed a fine of Rs 1 lakh on a manager/developer of VTP Aethereus for allegedly supplying contaminated water to residents at a complex in Mhalunge. According to the notice, this action was prompted by complaints from residents, although the developer has stated that the issue has been resolved. The notice from the Pune Municipal Corporation (PMC) indicated: “As the municipal water supply system is not yet operational in the area, you provided a written assurance to the Pune Metropolitan Region Development Authority (PMRDA)/PMC that you would supply safe and potable water…

IndustryLatest Stories

Eden Realty Group to invest ₹5,000 crore in projects by 2030

KOLKATA: Eden Realty Group announced on Tuesday a substantial investment of ₹5,000 crore aimed at developing residential, commercial, and hospitality projects along both banks of the Hooghly River by 2030. The initiative includes a premium riverside residential complex in Howrah’s Shalimar, as well as five luxury hotels offering a total of 600 rooms in Kolkata, Howrah, and South 24 Parganas, as disclosed by Eden Realty MD Arya Sumant. “For the first time, we are venturing into the hospitality sector with plans to establish five luxury hotels on land leased from SMPK (Kolkata Port). We’ve engaged with various Indian and international…

Latest StoriesResidential

PMAY Houses in Bihar for 1.04 Crore: Rural Minister

PATNA: On Tuesday, Rural Development Department (RDD) Minister Shrawan Kumar presented to the state assembly that the construction of pucca houses under the Pradhan Mantri Awas Yojana (PMAY) is slated for 1.04 crore families identified through a survey, pending approval from the Centre. “The list of the 1.04 crore families eligible for pucca houses under PMAY has been sent to the Centre, and we are currently awaiting their clearance,” Kumar stated, noting that 20 lakh families have already applied online for housing under PMAY. Kumar responded to the government’s appeal for a grant of Rs 23,701.17 crore for the RDD…