Category: Latest Stories

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CommercialLatest Stories

Manglam Group to invest ₹1,000 crore in Jaipur-Ajmer project

Representative AI image NEW DELHI: Manglam Group is set to invest ₹1,000 crore in PinkWest, an integrated commercial project located on the Jaipur-Ajmer Highway. This venture is projected to generate approximately ₹1,500 crore in revenue. The project will span around 13 lakh sq ft and will feature a mix of retail spaces, offices, hospitality, dining, entertainment, and lifestyle areas. The development is expected to be finalized by 2029, including 287 retail outlets, 262 office spaces, and a Sheraton hotel with 220 keys by Marriott International. The hospitality aspect of this project is being developed with an investment of around ₹350…

CommercialLatest Stories

315Work Avenue Leases 45,000 sq. ft; Welspun to Novel Jewels 15,232 sq. ft

Representative Image NEW DELHI: 315Work Avenue has leased approximately 45,000 sq ft of managed office space at Bhartiya City, Thanisandra, Bengaluru. This transaction was facilitated by Colliers India, a real estate consulting firm. Currently, the company oversees around four million sq ft of space, which translates to about 80,000 seats across 55 locations in Bengaluru, Chennai, Hyderabad, Mumbai, and Pune. In another announcement, the World Trade Center (WTC)-Thane, managed by Welspun One, has signed Novel Jewels (NJL), part of the Aditya Birla Group, for roughly 15,000 sq ft of space within its Grade-A Urban Distribution Centre (UDC). This facility will…

Latest StoriesResidential

New Registration Seva Kendras to Ease Property Deals: AP Minister

Representative AI image VIJAYAWADA: Revenue Minister Anagani Satya Prasad has defended the state government’s decision to establish Registration Seva Kendras (RSKs). He stated that this new technology-driven initiative aims to alleviate the difficulties faced by individuals at registration offices and to enhance transparency and citizen-friendliness in property registration services. In a media address on Tuesday, the minister highlighted that RSKs are part of wider revenue reforms initiated by the state government, intended to benefit the public without causing any inconvenience. He dismissed opposition criticism as mere political propaganda aimed at gaining electoral advantage. Anagani mentioned that the government has already…

IndustryLatest Stories

Pune Cantonment Board Orders Redevelopment of 100 Unsafe Buildings

Representative AI image PUNE: A recent survey has found approximately 100 century-old buildings in the Camp area to be structurally unsafe, uninhabitable, and prone to collapse. The Pune Cantonment Board (PCB) has now mandated that property owners submit redevelopment plans. These dilapidated structures are mainly located in the older sections of the cantonment, including Dastur Meher Road, Sachapir Street, Bacchu Adda, Old Modikhana, and surrounding lanes. Officials have warned that these weakened buildings pose significant risks to occupants and pedestrians, especially during the monsoon season. The board has served notices to multiple property owners, instructing them to vacate and begin…

InfrastructureLatest Stories

Revamped Bengaluru Stations to Feature Retail, Cafes & Co-Working

Representative AI image BENGALURU: The South Western Railway (SWR) is starting work on the commercial utilization of newly developed spaces at various railway stations in the city, thanks to recent redevelopment efforts. The Bengaluru division of SWR has called for consultants to assist in utilizing the expanded areas at KSR Bengaluru, Yeshwantpur, Cantonment, and others. The consultant’s role will involve studying, planning, and supporting the commercial monetization of these railway assets, which is expected to significantly boost SWR’s non-fare revenue. According to a source, “Yeshwantpur and Bengaluru Cantonment now boast newly constructed multi-storey station buildings with extensive commercial space that…

Latest StoriesResidential

Bengaluru Housing Body Faces Criticism for Fire Safety Violations

Representative AI image BENGALURU: As the skyline of the city rises with state-sponsored housing, a critical question remains — are these homes truly safe? Various projects by the Bangalore Development Authority (BDA) are under scrutiny due to missing fire clearances and incomplete safety measures, transforming dream residences into potential dangers. One significant example is the BDA Indraprastha apartment complex in Kengeri, which has been denied a fire no-objection certificate (NOC). This complex, comprising multiple high-rise structures, reportedly fails to meet necessary open space regulations. When TOI spoke with residents, many expressed that the absence of fire NOCs and lift clearances…

Latest StoriesResidential

Gurugram civic body has 5,000+ pending property ID requests

GURUGRAM: There are currently 5,390 pending property ID objections and applications with the Municipal Corporation of Gurugram (MCG). Of these, 51% (2,740 cases) remain unresolved at the civic level, leaving many property owners in limbo regarding corrections and information about their property tax assessments. Additionally, 1,764 objections (32.7%) concerning existing property IDs have been returned to residents for further documents or clarifications, and thus remain pending. The issue also affects new property ID requests. Out of 886 pending applications, 585 are awaiting action from MCG, while 301 have been returned to applicants for more information. Homeowners are left waiting for…

Latest StoriesRegulatory

ITAT: Redevelopment Deal Isn’t Taxable as Property Receipt

Representative image MUMBAI: The mere execution and registration of a redevelopment agreement does not constitute the receipt of immovable property, and thus, cannot trigger taxation under the anti-abuse clause of the Income Tax Act, according to a ruling by the Mumbai bench of the Income Tax Appellate Tribunal (ITAT). This decision regarding tax implications for redevelopment transactions comes amidst a significant surge in redevelopment projects in Mumbai. The tribunal, consisting of judicial member Siddhartha Nautiyal and accountant member Vikram Singh Yadav, ruled last week in favor of taxpayer Manoj Devshichhadva, who contested an addition of ₹1.38 crore labeled as “income…

Latest StoriesResidential

John Abraham Acquires 100-Year-Old Bandra Bungalow for ₹84 Crore

MUMBAI: Actor John Abraham, a notable figure in Mumbai’s real estate scene, has acquired a bungalow in Bandra West for approximately Rs 84 crore. This 1926-built bungalow, owned by the DeVitre Parsi family, is located on the serene St Martin Road, connecting Bandra’s iconic Turner Road and the lively Hill Road. Addressed simply as 20, St Martin Road, the property includes four bedrooms, a spacious hall, a garden with fruit trees, and an outhouse. When asked about redevelopment plans, a source familiar with the deal stated, “He has no such intentions. He simply fell in love with the property.” Fredun…

IndustryLatest Stories

Delhi to issue smart property cards in Lal Dora areas soon: CM

Representative AI image NEW DELHI: The Delhi government is surveying Lal Dora areas (village Abadi land) to create digital records, with plans to issue smart property cards to owners, addressing a longstanding issue, as stated by Chief Minister Rekha Gupta on Tuesday. Gupta noted that 48 villages are included in the SWAMITVA scheme, established through an agreement with the Survey of India. Surveys in 30 of these villages have been finalized, and their respective property cards have been developed. The government will provide SVAMITVA PVC property cards as per UIDAI standards. These cards will include data such as the Property…