Category: Latest Stories

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IndustryLatest Stories

Ahmedabad’s Blueprint for Disaster: Build Homes, Dig Later

Representative AI image AHMEDABAD: In regions surrounding Ahmedabad city, approvals for new residential and commercial buildings are being granted before establishing underground utility networks. Shela serves as a significant example of this planning oversight. In the past decade, the Ahmedabad Urban Development Authority (AUDA) has authorized over 50 residential and commercial projects along Club O Seven Road and VIP Road in Shela, where residents have already settled. Only now is AUDA initiating the installation of stormwater, drainage, and water systems. This haphazard approach is causing significant disruptions for residents in Shela, Bhat, Manipur, Godhavi, and Sanathal. Although the state government…

IndustryLatest Stories

No More Land Swap: Prayagraj Body to Refund Plot Buyers with Interest

PRAYAGRAJ: The Prayagraj Development Authority (PDA) has made a significant announcement impacting thousands of homebuyers. The authority will no longer provide alternate land to allottees in its residential schemes who bought plots but did not take possession. Instead, they will receive a refund of their payments along with interest, promoting transparency and financial relief. The official announcement, released on Friday, is anticipated to affect approximately 8,000 allottees across different residential projects. Homebuyers interested in participating in a new residential scheme can apply to have their prior payment credited towards the new allotment. The PDA has clarified that alternate plots will…

IndustryLatest Stories

Creditors Approve Welspun-Ashdan for Lavasa Takeover, 92% Vote

MUMBAI: Creditors of Lavasa Corp have approved the Welspun-Ashdan consortium’s takeover of India’s first privately-owned hill town project, which faced administration due to overwhelming debt. Voting results released over the weekend indicate that the consortium, consisting of Welspun subsidiary Paschim Sagar Properties and Pune-based Ashdan Properties, received 92.21% of the votes, with the larger creditors, excluding homebuyers, supporting the plan. Another competitor, Valor Estate, secured 84.16% of the votes, primarily because Axis Bank, holding 8.89% of the debt, rejected the proposal, while ACRE ARC, with 6.54% of the debt, abstained from voting. These results come amid ongoing litigation in the…

IndustryLatest Stories

Delhi land parcels to receive 14-digit Aadhaar numbers

Representative AI image NEW DELHI: In a bid to digitize land records and enhance accountability, the Delhi government has introduced Bhu Aadhaar. Under this initiative, each land parcel in the city will receive a 14-digit Unique Land Parcel Identification Number (ULPIN), essentially creating a digital ‘Aadhaar’ for property ownership. Chief Minister Rekha Gupta announced the initiative on Sunday, stating that protecting property rights is its primary focus. “‘Bhu Aadhaar’ is more than just a number; it serves as a robust digital tool against corruption and land disputes. Many families invest their lifetime savings in land but often face legal challenges…

Latest StoriesRera

States face CJI backlash over appointing retirees to RERA

BHUBANESWAR: Chief Justice of India Surya Kant delivered a stern critique to states regarding the performance of the Real Estate Regulatory Authorities (RERAs), stating that many have turned into “rehabilitation centres for retirees” rather than serving to protect homebuyers. The CJI urged states to “revisit and rethink the very purpose of constituting the RERA,” pointing out the disillusionment among those whom these institutions were intended to help. “The truth is that none of them are receiving any substantial relief,” he remarked, highlighting the need for immediate reforms. In Odisha, the Real Estate Regulatory Authority is entirely staffed by retired officials,…

CommercialLatest Stories

Chandigarh Launches E-Auction for 100 Commercial Properties

CHANDIGARH: The Chandigarh municipal corporation has initiated the e-auction for over 100 commercial properties throughout the city. The first set of auctions is already underway, with additional properties expected to follow in the next 7-10 days. The available properties include 39 booths in Sector 17, the Smart City office building, 40 booths in Mauli Jagran, and multiple booths at the Sectors 17–22 underpass, along with seven nurseries at various locations. The Smart City office has a reserve rent ranging from Rs 30-35 lakh per month. Nursery prices fluctuate between Rs 70,000 and Rs 90,000 based on size, while subway booths…

InfrastructureLatest Stories

Mysuru Civic Body Begins Construction Demolition Plant Work

Representative image created by AI MYSURU: The Mysuru City Corporation (MCC) has commenced the establishment of a construction and demolition (C&D) waste processing plant. This facility, approved by the Mysuru Development Authority, will be set up on a 9-acre site in Hanchya-Sathagalli, adjacent to the Outer Ring Road, with an investment of ₹11.7 crore. MCC has started collecting construction debris and is currently dumping it at the Hanchya-Sathagalli location. Out of the 500 tonnes of solid waste generated daily in the city, approximately 100 tonnes consist of C&D waste. This initiative is pivotal for enhancing Mysuru’s cleanliness ranking, as part…

InfrastructureLatest Stories

Metro extension from Noida Sector 142 to Botanical Garden Approved

NOIDA: The Aqua Line extension from Botanical Garden to Noida Sector 142, featuring eight stations, will increase the city’s operational metro network to over 61.62 km. On Saturday, the Centre approved the extension of the Aqua Line Metro corridor, with an estimated cost of Rs 2,254.35 crore. The elevated stretch of 11.56 km is scheduled for completion within four years from the sanction date, as per a statement from the Noida Metro Rail Corporation. The proposed stations along the corridor will include Botanical Garden, Noida Sector 44, Noida Office, Noida Sector 97, Noida Sector 105, Noida Sector 108, Noida Sector…

Latest StoriesResidential

Mapusa Homebuyers File Cheating Complaint Against Two Developers

PANAJI: Nine homebuyers have filed a complaint with the Mapusa police against two real estate developers, accusing them of fraud and failing to deliver flats despite receiving full payment nearly ten years ago. The buyers had booked apartments in the ‘Sai Ishwari’ residential-cum-commercial project, which was initiated in 2015 at Karaswada, Bardez. The project included 17 apartments, with sales agreements finalized at the Mapusa sub-registrar’s office. The agreements stipulated that the construction would be completed and possessions delivered by 2019. The complainants contend that despite numerous follow-ups via meetings and phone calls regarding construction delays, they were met with repetitious…

IndustryLatest Stories

Lodha Acquires 80% Stake in Solidrise Realty for ₹294.07 Crore

NEW DELHI: Lodha Developers has signed a share purchase agreement to acquire an 80% equity stake in Solidrise Realty (SRPL) for ₹294.07 crore. Following this acquisition, SRPL will operate as a subsidiary of the company, which is actively involved in the Pune real estate market. The acquisition aims to facilitate the company’s expansion into Pune, as stated in its regulatory filing. In the earnings report for Q3 FY26, Abhishek Lodha, the managing director and CEO, announced the addition of approximately ₹340 billion in gross development value (GDV) from new project developments, including two projects currently in the pilot phase in…