Category: Latest Stories

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Latest StoriesResidential

Bengaluru Buyers Complain of Double Tax on Corner Site Development

Representative AI Image BENGALURU: Some allottees are finding that a few extra square meters can almost double their property tax based on the BDA’s current policy. Owners of irregularly-sized plots argue that the existing slab-based rates unfairly penalize them, despite their properties using the same facilities as standard plots. They maintain that only the excess area should be taxed at a higher rate, yet the current system applies the increased rate across their entire site. For the past five years, concerns have been raised by allottees regarding a 2016 BDA resolution on vacant-property taxation, which they deem flawed. Owners of…

IndustryLatest Stories

Budget 2026: REITs, Land Relief, and City Growth Boost Real Estate

File photo NEW DELHI: Finance Minister Nirmala Sitharaman presented the Union Budget 2026–27 on February 1, unveiling a series of initiatives designed to enhance capital recycling, simplify tax compliance, and accelerate urban infrastructure development, benefiting the real estate and construction sectors substantially. A major highlight was the government’s plan to fast-track the monetization of central public sector enterprise (CPSE) real estate assets through specialized Real Estate Investment Trusts (REITs). Sitharaman noted that REITs have proven to be an effective tool for asset monetization, which would aid in recycling mature public assets, while also generating consistent revenue and unlocking funds for…

IndustryLatest Stories

Budget 2026: Fast-Tracking CPSE Real Estate Recycling with REITs

NEW DELHI: Finance Minister Nirmala Sitharaman announced that the Union government will enhance efforts to monetize real estate assets owned by central public sector enterprises (CPSEs) through dedicated Real Estate Investment Trusts (REITs) during the presentation of the Union Budget 2026-27 on February 1, 2026. Sitharaman emphasized that market-linked instruments play a crucial role in unlocking value from public assets. She mentioned that REITs have proven to be effective for asset monetization and that the government intends to expedite the recycling of CPSE-owned real estate through these structures. The objective is to improve capital efficiency and generate ongoing revenue streams…

InfrastructureLatest Stories

BDA Layout Residents to Join New Greater Bengaluru Authority

Representative AI image BENGALURU: Residents of several previously neglected Bangalore Development Authority (BDA) layouts are on the verge of gaining democratic involvement. The government has started transferring major BDA-developed areas to the Greater Bengaluru Authority (GBA) and its respective city corporations. For the first time, residents will have the ability to hold the GBA accountable for developmental activities. The initiative includes significant residential areas such as Banashankari 6th Stage, JP Nagar 8th and 9th Phases, Anjanapura Township, and Sir M Visvesvaraya Layout, which were under BDA governance for many years—a body not designed for everyday civic management. Residents have expressed…

IndustryLatest Stories

Chandigarh to Revise Industrial Area Regulations

Representative AI image CHANDIGARH: The Chandigarh administration is set to implement significant relaxations for plots in the industrial area, including an increase in the permitted coverage area and the elimination of the mandatory central courtyard requirement. Officials indicate that this restructuring aims to respond to longstanding industry concerns and optimize land use in the city’s industrial zones. A senior UT official mentioned the current coverage limit of 60% would be revised upwards, with the existing central courtyard provision—applicable across all industrial plots—replaced by front and rear setbacks. Consequently, the mandatory open space requirement, presently fixed at 40%, would be reduced…

IndustryLatest Stories

Hyderabad: GHMC’s 15 Lakh Sq Yards of TDR Raises High-Rise Costs

HYDERABAD: The Greater Hyderabad Municipal Corporation (GHMC) has over 15 lakh square yards (equivalent to 316 acres) of Transferable Development Rights (TDRs) valued at ₹2,000 crore. Builders and developers believe these TDRs can satisfy Greater Hyderabad’s construction demands for the next two to three years. The state government intends to issue additional TDRs to property owners affected by land acquisitions for projects like the Musi rejuvenation, flyovers, road expansions, and lake development. The GHMC has issued TDRs amounting to 51.83 lakh square yards (about 1,070 acres) to property owners since 2017 after acquiring land for road widening and other public…

IndustryLatest Stories

Over ₹303 Crore in Unpaid Property Taxes: Big Defaulters Hurt NMC

NAGPUR: The ongoing financial challenges faced by the Nagpur Municipal Corporation (NMC) result less from inadequate revenue sources and more from its inability to address major tax defaulters. According to data from the property tax department, 474 commercial property owners in the city owe over Rs 5 lakh each, resulting in an alarming total outstanding amount of Rs 303 crore. This unpaid debt consists of Rs 137 crore in arrears, Rs 151 crore in penalties, and Rs 14.90 crore in current demands. These amounts suggest prolonged non-payment and ineffective enforcement measures. Despite ongoing claims regarding recovery initiatives, these high-value defaulters…

InfrastructureLatest Stories

CREDAI Calls for Centralized STPs for Safer Vizag Operations

VISAKHAPATNAM: Addressing rising concerns regarding the operations of Sewage Treatment Plants (STPs) in large apartment complexes, CREDAI-Visakhapatnam is advocating for a structured and centralized system to ensure safety, efficiency, and environmental compliance. According to government regulations, high-rise residential buildings with more than 100 dwelling units are mandated to install STPs. While these systems are crucial for wastewater treatment and recycling, their routine operation is often handed over to apartment associations post-construction. Many associations opt to hire third-party agencies for management due to a lack of technical expertise in-house. CREDAI leaders warn that inadequate vetting of these operators is becoming a…

IndustryLatest Stories

District Magistrate Questions Noida Authority on Condo Safety Reports

NOIDA: District Magistrate Medha Roopam has reprimanded the Noida, Greater Noida, and Yamuna Expressway development authorities for failing to submit required reports on fire preparedness and safety inspections of high-rise residential buildings, despite repeated reminders over the last two months. The deficiencies were highlighted during a District Disaster Management Authority (DDMA) meeting on Friday, where Roopam expressed strong dissatisfaction with the absence of senior officials from all three entities. She has requested written explanations from the chief executive officers regarding both the lack of compliance and the absence of senior personnel. Officials noted that the development authorities were instructed in…

Latest StoriesRegulatory

Bail Granted to Two Realty Employees in Noida Techie Death Case

NOIDA: A local court has granted bail to two employees of a real estate firm linked to the death of a 27-year-old software engineer earlier this month. According to lawyers, the Chief Judicial Magistrate Court in Surajpur granted bail to Ravi Bansal and Sachin Karanwal, employees of Lotus Greens Construction Private Limited, in connection with the drowning incident of software engineer Yuvraj Mehta in a waterlogged pit near a construction site in Sector 150. The accused have claimed they did not commit any offense and are being falsely implicated. Advocate Manoj Bhati, representing the accused, stated that bail was granted…