Category: Latest Stories

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Latest StoriesResidential

Upper-Floor Access in Dharavi Rehab Linked to Ground-Floor Docs

MUMBAI: Eligibility for residents on upper floors under the Dharavi Redevelopment Project (DRP) is partially dependent on the status of ground-floor occupants, with affidavits only accepted if the lower unit qualifies, officials announced. A government resolution issued on October 4, 2024, extends benefits to upper-floor residents who can demonstrate occupancy prior to a cut-off date of November 15, 2022. Those eligible may receive homes of 300 sq ft outside of Dharavi, but within the Mumbai Metropolitan Region. Beneficiaries can choose between a hire-purchase option, which involves nominal rent for 25 years leading to ownership, or an expedited ownership method by…

Latest StoriesResidential

DDA Extends Payment Deadline for Towering Heights to June 30

NEW DELHI: The Delhi Development Authority (DDA) has extended the payment deadline for flats at Towering Heights under both the 2025 e-auction and the 2026 first-come-first-served (FCFS) housing schemes to June 30. This decision, approved by the DDA vice-chairman, reflects the time needed to secure necessary statutory approvals. “The competent authority has approved an extension in the payment schedule outlined in the demand-cum-allotment letters… as securing approvals may take 30 to 45 days following the project’s physical completion,” an official stated. Representations from allottees requesting more time were also considered. The project is expected to miss its originally scheduled completion…

Latest StoriesRegulatory

NCLT Approves Mantra Properties’ Mulund Project Buyout

MUMBAI: The bankruptcy court in Mumbai has sanctioned the acquisition of a Nirmal Lifestyle project in Mulund, spanning four acres, by Pune-based Mantra Properties. This project, which has a total development potential of approximately Rs 1,900 crore, was initiated by Nirmal Developers in 2017. The company has liabilities amounting to Rs 1,491 crore, while the bidder has proposed Rs 215 crore as part of the resolution plan. “The approval of the resolution plan will not invalidate any existing consents, approvals, licenses, concessions, authorizations, or permits granted to the corporate debtor, or for which the debtor has applied for renewal,” stated…

Latest StoriesResidential

Rent Hike: Tamil Nadu Hostels & PGs Up 10% from May 5

CHENNAI: Students and working professionals residing in hostels and paying guest (PG) accommodations across Tamil Nadu may face a rent increase of about 10%. This hike is attributed to rising prices in commercial LPG cylinders and soaring cooking costs. The Tamil Nadu IT Hostel & PG Owners Welfare Association has announced that the new rental rates will be effective from May 5. Monthly rates for non-AC accommodations have been adjusted to 6,500-7,500 for four-sharing rooms, 7,000-8,000 for three-sharing, and 8,000-9,000 for two-sharing rooms. Operators noted that these are baseline rates and could fluctuate based on location and amenities. A. Seetharaman,…

Latest StoriesRegulatory

Bengaluru Government Buildings Targeted Over ₹473 Crore Tax Debt

BENGALURU: The Special Commissioner (Revenue) of the Greater Bengaluru Authority (GBA) has issued a circular instructing all Commissioners of five City Corporations to initiate actions for recovering outstanding property taxes and service charges from government-owned properties in their areas. NR Ramesh, a former leader in the BBMP Council, highlighted in a letter that government buildings owe property taxes and service charges totaling ₹473 crore and urged authorities to collect these pending amounts. According to Ramesh’s letter, “Government authorities have ignored their obligations, effectively cheating the GBA by failing to pay property taxes and service charges annually. He also attached documentation…

Latest StoriesRegulatory

Visakhapatnam Civic Body Gathers ₹230 Crore in April Tax

VISAKHAPATNAM: The Greater Visakhapatnam Municipal Corporation (GVMC) has reported a collection of Rs 230 crore in property and vacant land taxes for April, marking a more than 50% increase from the Rs 164 crore collected during the same period last year. The increase can be attributed to GVMC’s extensive efforts in tax collection and awareness initiatives, as well as a 5% tax rebate offered under an early bird incentive. Additionally, the Andhra Pradesh government provided a final opportunity for property owners to clear their taxes. According to GVMC deputy commissioner (revenue) S Srinivasa Rao, the government permitted property taxpayers to…

InfrastructureLatest Stories

Land Pooling Approval Boosts Haryana’s Urban Expansion Plan

CHANDIGARH: The Haryana government has made significant changes to its land pooling policy, paving the way for large-scale urban development across 1.67 lakh acres. This strategic move aims to create new residential, institutional, industrial, and commercial hubs in the state as government agencies prepare to offer plots at competitive prices amidst rising land scarcity for public projects. Land availability has become a critical issue for various government initiatives. To address this, the updated policy was approved in a multi-departmental meeting held on Wednesday. This marks the official launch of the ambitious plan to develop 69 sectors and urban estates in…

CommercialLatest Stories

NCR Office Space Net Leasing Falls 60% to 1.5M Sq Ft: JLL

NEW DELHI: The office market in Delhi-NCR experienced a downturn in the first quarter of the year, with net workspace leasing plummeting by 60%, reaching 1.5 million square feet, primarily due to a decline in new supply, according to JLL India. Data from real estate consultant JLL India indicates that gross leasing of office spaces in Delhi-NCR fell 28% from 4.2 million sq ft in the same period last year to 3 million sq ft this year. Net leasing dropped 60% from 3.7 million sq ft to 1.5 million sq ft. Gross leasing includes all lease transactions during the period,…

IndustryLatest Stories

Goa Construction Permits Granted on ‘Need-Based’ Basis: Minister

PANAJI: Following recent steps to freeze land in eco-sensitive areas, including riverbanks, the Goa government has opted to permit construction in developable areas on a “need-based” basis. During a press briefing in Panaji on Saturday, Goa’s Town and Country Planning (TCP) Minister, Vishwajit Rane, highlighted the state’s limited developable land due to ecological concerns. “Construction in no-development zones, as identified by the TCP and forest departments, will not be permitted,” he stated. Rane emphasized that future development permits would be based strictly on necessity. “Only after careful assessment will approvals be granted on a need-based basis. We will not allow…

Latest StoriesRegulatory

Ahmedabad: Partners Charged in ₹11.3 Crore Real Estate Scam

AHMEDABAD: A businessman has lodged a complaint with the Detection of Crime Branch, alleging a fraud of ₹11.3 crores involving a partnership real estate firm. He accuses two partners of misappropriating funds, misusing company documents, and unlawfully selling flats. The complainant, who manages a game zone and owns a 5% share in the real estate business, claims that the two managing partners exercised financial and administrative control over the firm. The partnership was formed in 2021 and has engaged in various real estate projects, including a residential initiative in the Sola area. The complaint emerged after an earlier application was…