Category: Latest Stories

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Latest StoriesRegulatory

CBI Charges AVJ Developers, Bank Officials in Homebuyers’ Scam

NEW DELHI: The CBI has filed a chargesheet against AVJ Developers (India) Pvt Ltd, based in Greater Noida, along with bank officials and others for allegedly defrauding financial institutions and homebuyers, officials announced on Wednesday. In the chargesheet submitted to a special CBI court, the agency has named AVJ Developers, its sister company Kesar Builders Pvt Ltd, their directors, officials from Bank of India, UCO Bank, and ICICI Bank, as well as proxy homebuyers as co-defendants. The case revolves around the “large-scale cheating of homebuyers” by builders and public servants, resulting in significant losses to both financial institutions and unsuspecting…

Latest StoriesRegulatory

Bombay HC: Late NOC requests for construction near defense sites invalid

MUMBAI: The Bombay High Court has ruled that a no objection certificate (NOC) for construction near defense installations cannot be insisted upon after the fact. The court ordered relevant authorities to issue an occupancy certificate for two residential buildings near INS Trata. The bench, comprising Justices G S Kulkarni and Aarti Sathe, noted in a ruling on May 5 that requirements for an NOC from defense authorities should be applied in a fair and reasonable manner as per legal standards. The court mentioned that if claims regarding security concerns from the defense were valid, proactive measures should have been taken…

IndustryLatest Stories

Aditya Birla Real Estate reports ₹114.82 crore net loss in FY26

NEW DELHI: Aditya Birla Real Estate has reported a consolidated net loss after tax of ₹114.82 crore for the financial year 2025-26, down from a loss of ₹157.44 crore in FY25, according to a BSE filing. The company’s total consolidated income for FY26 was ₹459.16 crore, representing a 63.48% decrease from ₹1,257.33 crore in FY25. In Q4 FY26, total income plummeted by 75.92%, falling to ₹98.19 crore compared to ₹407.78 crore during the same quarter the previous year. Notably, the company reported a profit after tax of ₹5.39 crore in Q4 FY26, contrasting with a net loss of ₹135.20 crore…

CommercialLatest Stories

WeWork Expands by 110K Sq Ft in Delhi; Nukleus Leases 75K in Noida

NEW DELHI: WeWork India Management has expanded its flexible workspace offerings in Delhi-NCR with the launch of a new center at Worldmark 6 in Aerocity, adding 110,000 sq ft to its capacity. The facility, situated on the third floor of the commercial complex, can accommodate over 1,400 desks. This expansion reinforces the company’s presence in key business districts. The company now operates in eight cities, totaling over 121,000 desks. In a related update, Nukleus Office Solutions announced it has signed letters of intent (LOIs) for leasing approximately 75,000 sq ft of office space at Okaya Centre, Sector 62, Noida, including…

CommercialLatest Stories

Mindspace REIT Secures ₹500 Crore with 10-Year NCDs at 7.63%

NEW DELHI: Mindspace Business Parks REIT (Mindspace REIT) has successfully raised ₹500 crore via a 10-year non-convertible debenture (NCD), according to a company announcement. The issuance was fully subscribed by a domestic life insurance company and features a fixed coupon of 7.63% per annum, with payments made quarterly. CRISIL and ICRA have rated the debentures as AAA/Stable. The funds raised will be allocated for refinancing existing debts, as the office REIT aims to extend its debt maturity profile and enhance the proportion of fixed-rate borrowings. Including this transaction, the company (along with its special purpose vehicles) has raised a total…

IndustryLatest Stories

Embassy Developments Resumes Trading After NCLAT Ruling

NEW DELHI: Shares of Embassy Developments have resumed regular trading on the BSE and NSE after the National Company Law Appellate Tribunal (NCLAT) revoked the insolvency proceedings against the company. The appellate tribunal’s decision, made on May 4, 2026, nullifies the Corporate Insolvency Resolution Process (CIRP) previously initiated by the National Company Law Tribunal (NCLT) in December 2025. Consequently, all instructions associated with the CIRP are now void. Embassy Developments stated that its business operations and project execution continued without disruption during this time. The company reported pre-sales of approximately ₹4,631 crore for FY26, reflecting a 128% year-over-year growth. In…

Latest StoriesRegulatory

Gujarat: Popular Builders Owner Denied Bail in Forgery Case

AHMEDABAD: A sessions court denied bail to 67-year-old Dashrath Patel, owner of Popular Builders, concerning a 2022 land fraud case. Currently imprisoned at Sabarmati Central Jail, Patel is accused of conspiring to forge land records for a sale deed from 1983 in Godhavi village. Patel’s legal representative contended that the issue is primarily civil and pointed out that the FIR was lodged almost 39 years after the alleged event without sufficient justification. He also mentioned that all evidence is documentary, with no forged documents featuring Patel’s signature or handwriting. His age, health conditions, cooperation with investigators, and the fact that…

IndustryLatest Stories

Pune to Reclaim 15 Plots Over Lease Violations

PUNE: A recent survey of government land leased on a long-term basis in the district uncovered 240 violations across 2,161 parcels. The administration is set to take action to reclaim these lands due to violations, as stated by Pune collector Jitendra Dudi on Tuesday. “Orders have already been issued to reclaim land from lease holders for 15 parcels,” said Dudi. The identified violations consist of non-renewal of leases, unauthorized changes in land use, occupation beyond approved limits, illegal constructions, sub-letting for profit, and failure to utilize the land within specified time frames. Officials noted that most violations were found in…

InfrastructureLatest Stories

Inspecting Potable Water Use at DLF Phase Construction Sites

GURUGRAM: In response to rising summer temperatures, a crackdown has been launched in DLF City phases to address the illegal extraction and use of drinking water at construction sites. Recently, motors used to draw water at seven construction sites were dismantled, according to officials from the DLF security team, who also requested that MCG impose penalties on offenders. This enforcement follows frequent instances of drinking water being diverted from household use for construction and other purposes. Officials noted that this misuse disrupts distribution and increases pressure on an already constrained water system. “Our priority is to ensure that residents have…

Latest StoriesRegulatory

ITAT Grants Capital Gains Tax Exemption for In-Law Property

MUMBAI: In a landmark decision regarding capital gains tax exemptions, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has ruled that buying a residential property from close relatives should not be categorized as a sham transaction solely due to the tax advantages it may offer. The tribunal granted a ₹41.5 crore exemption under Section 54F to an individual who purchased a flat from her in-laws, overturning the tax department’s assertion that the transaction was merely a facade. Section 54F permits individuals to exempt long-term capital gains from the sale of any asset, other than a residential house, provided…