Category: Latest Stories

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Latest StoriesResidential

Odisha to Convert Vacant Government Buildings into Affordable Housing

Representative AI image BHUBANESWAR: The Odisha government is taking steps to identify vacant and unused state-owned buildings in urban areas to convert them into affordable rental housing, as stated in an official document. The initiative aims to improve housing options for the urban poor and working class. Usha Padhee, Additional Chief Secretary of the Housing & Urban Development Department, directed key departments to identify underutilized assets within their control and to report this information to the Odisha Urban Housing Mission (OUHM). Padhee emphasized that housing is essential for urbanization, impacting health, stability, education, and economic opportunities for families. Previously, housing…

InfrastructureLatest Stories

Greater Noida Seals 100 Illegal Flats, Recovers 54,000 sq m

Representative AI image NOIDA: The Greater Noida Industrial Development Authority (GNIDA) has recovered over 54,000 square meters of encroached land in five villages in the last two weeks, intensifying efforts against illegal construction in environmentally sensitive areas near the Hindon floodplain. According to officials, the campaign, which took place over the past 16 days, covered Kheda Choganpur, Bhanota, Haibatpur, Chipiyana Khurd, and Rohillapur. As a result, eight unauthorized residential towers with over 100 flats were sealed, and several unlawful structures were demolished. On Friday, the Authority’s team dismantled illegal constructions at Shivam Enclave in Haibatpur village, clearing nearly 7,000 square…

Latest StoriesRegulatory

Bankruptcy Court Initiates Insolvency Proceedings for Vatika

NEW DELHI: A bankruptcy court has approved the admission of a real estate developer from Gurgaon into the corporate insolvency resolution process (CIRP) following an application by IDBI Trusteeship Services. This action was prompted after the firm defaulted on dues totaling approximately Rs 274 crore. The Chandigarh bench of the National Company Law Tribunal (NCLT) has designated Jayant Prakash as the interim resolution professional (IRP) to oversee the company’s proceedings. IDBI Trusteeship, acting on behalf of non-convertible debenture (NCD) holders, submitted the case to the tribunal. Senior counsel Gopal Jain and advocate Meghna Mishra represented the trustee company, arguing that…

InfrastructureLatest Stories

Gurugram Metro Land Acquisition Gains Momentum

Representative AI image GURUGRAM: The land acquisition process for the Gurgaon Metro project has progressed, with the initial meeting of the Land Purchase Committee (LPC) chaired by Deputy Commissioner Ajay Kumar. The committee, established under Haryana’s policy for private land acquisition via mutual consent, evaluated the land requirements submitted by GMRL. During the meeting, the DC directed the land acquisition officer to carry out a joint inspection and prioritize ownership verification for land identified for corridor-1. “This process is expected to take about a week, after which the next LPC meeting will be scheduled for February 11,” an official noted.…

Latest StoriesRegulatory

Property Sales Halted in Gurugram’s Valley View Estate Due to License Lapse

GURUGRAM: The Haryana Department of Town and Country Planning (DTCP) has prohibited the execution of sale or conveyance deeds for properties in Valley View Estate, a 21.61-acre group housing colony in Gwalpahari. This action follows the expiration of the project’s development license, originally issued in 1994, which has not been renewed for over a decade. In a recent notice to the sub-registrar at Wazirabad and district authorities, the district town planner (enforcement) in Gurgaon indicated that the development license, granted on June 8, 1994, was only valid until June 7, 2011. This license was issued to BSF Co-operative House Building…

CommercialLatest Stories

Standard Chartered Sells BKC Office in Mumbai for ₹197 Crore

MUMBAI: Standard Chartered Bank has divested one of its commercial properties in the Parinee Crescenzo tower located in Mumbai’s Bandra Kurla Complex (BKC) to Advanced Realty for ₹197 crore. The office boasts a chargeable area of 28,516 sq ft and a carpet area of 27,003 sq ft, including 27 parking slots. This sale translates to approximately ₹69,084 per sq ft on the chargeable area. The transaction was officially recorded on February 2, 2026, according to documents obtained via the real estate data analytics platform Propstack. The commercial tower currently accommodates a variety of multinational corporations, banks, financial service companies, and…

IndustryLatest Stories

Bengaluru to Reduce Penalties for Vacant Sites Citywide

BENGALURU: The Bangalore Development Authority (BDA) is considering a reduction in penalties for allottees who have left their residential plots vacant for years. This decision comes after the authority recognized that the current flat-rate penalty system has not been effective. During a recent governing council meeting, officials acknowledged that the existing 10% penalty, linked to market values, has failed to incentivize site owners to either pay or begin construction. Many beneficiaries have ignored demand notices, prompting the BDA to explore a more practical and graded penalty structure. Under the proposed changes, beneficiaries who build homes within five years of receiving…

Latest StoriesResidential

Gurugram’s Malibu Towne Club Closed, Residents Want Reopening

Sure, here’s a rewritten version of the content: — GURUGRAM: Residents of Malibu Towne are urging the Department of Town and Country Planning (DTCP) to lift the seal on Malibu Towne Country Club, which has been closed for nearly two years due to compliance issues from planning authorities. The 204-acre township, established in the mid-1990s in Sector 50, relied on the club for amenities such as a swimming pool, gardens, and spaces for community events—facilities residents have greatly missed since the closure. Vijay Shiv Nath, chairman of the Malibu RWA Federation, explained that the club was closed after the authorities…

Latest StoriesResidential

Delhi slum dwellers hope for better housing as 18,000 flats revamp.

NEW DELHI: Residents in ‘jhuggi-jhopri’ (JJ) clusters are set to benefit from improved living conditions as the Delhi government partners with the National Buildings Construction Corporation Limited (NBCC) to refurbish approximately 18,000 flats and upgrade civic infrastructure across multiple clusters. An official from the Delhi Urban Shelter Improvement Board (DUSIB) stated that both DUSIB and NBCC will commence repair and refurbishment works for the dilapidated flats plagued by poor maintenance, structural damage, and insufficient facilities. “The focus will be on renovating existing flats and enhancing basic infrastructure within the clusters. About 18,000 flats have been earmarked for repairs,” the official…

IndustryLatest Stories

Telangana Considers Major Updates to Building Regulations

HYDERABAD: The Telangana government is contemplating a series of revisions to building regulations aimed at reducing compliance burdens and costs within the real estate sector. These changes include modifications regarding mortgaging built-up space, building fee payments, issuance of No Objection Certificates (NOCs), project timelines, and permissible floor heights. The proposed changes follow multiple appeals from builders and developers, who contend that current regulations have become outdated and excessively restrictive. According to government sources, there is a preliminary agreement to lower the required mortgaging of built-up space from 10% to 5%, responding to requests from builders’ and developers’ associations. The remaining…