Category: Latest Stories

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Latest StoriesRegulatory

ED Arrests Earth Infrastructures’ Promoters in ₹2,004 Crore Fraud

NEW DELHI: The Enforcement Directorate (ED) has apprehended four promoters of a real estate company as part of a money laundering investigation linked to a reported Rs 2,004-crore scam that has impacted over 19,000 homebuyers and investors. The individuals involved–Avdhesh Kumar Goel, Rajnish Mittal, Atul Gupta, and Vikas Gupta–are directors of Earth Infrastructures Ltd. They were taken into custody on June 1 under the Prevention of Money Laundering Act (PMLA), according to an official announcement made on Tuesday. The accused were presented before a specialized PMLA court in Delhi, which granted the agency five days for further interrogation. The federal…

Latest StoriesRegulatory

NGT Forms Panel to Investigate Illegal Brick Kilns in Balasore

CUTTACK: The National Green Tribunal (NGT) has mandated a joint investigation into reports of illegal brick kiln activities and unauthorized clay mining in the Balasore district. A multi-agency panel will be tasked with verifying the claims and suggesting corrective actions. This decision was made during NGT’s east zone hearing of a petition by Rajanikanta Jena, a resident of Ambakuduchi in the Basta tehsil. In the petition, Jena claimed that the illegal clay extraction for the kiln was resulting in environmental pollution, negatively impacting the health and daily lives of local residents. He sought the demolition of the kiln, confiscation of…

IndustryLatest Stories

Adani Properties Wins MHADA’s Worli, Bandra Redevelopment Bids

NEW DELHI: Adani Properties has secured the top bid for cluster redevelopment projects at Adarsh Nagar in Worli and Bandra Reclamation, as confirmed by the Maharashtra Housing and Area Development Authority (MHADA). For the Sardar Vallabhbhai Patel (S.V.P.) Nagar project located in Andheri West, the highest bid has come from a consortium including Hanura Realty, Chandak Realtors, Premsagar Infra Realty, and Vantier Realty. Notably, Hanura Realty is a subsidiary of JSW Steel. The financial bids were unveiled for appointing construction and development agencies for these three cluster redevelopment projects overseen by MHADA’s Mumbai Housing and Area Development Board. The committee…

Latest StoriesRegulatory

Uttarakhand HC Extends Stay on Haldwani Property Demolitions

DEHRADUN: The Uttarakhand High Court has extended its interim stay on the demolition of private properties in Haldwani, where a road-widening and urban beautification initiative is underway. A division bench composed of Chief Justice Manoj Kumar Gupta and Justice Subhash Upadhyay has scheduled the next hearing for June 4. The petitioners, including Hotel Ok and Hotel Happy Home, argued that the road-widening work is being conducted on the route between Mangal Padav and the Haldwani roadways bus station. They claimed that demolition notices were given with insufficient notice, breaching standard procedures. According to the petitions, the affected parties have operated…

Latest StoriesRegulatory

Chandigarh Civic Body Collects ₹61 Crore in Property Tax Rebate

CHANDIGARH: The Chandigarh municipal corporation has achieved a record collection of ₹61 crore in property tax during the two-month rebate period from April to May, marking the highest amount collected in this timeframe. The rebate scheme concluded on May 31. Taxpayers who failed to meet the deadline will incur a 25% penalty in addition to 12% interest on the outstanding amount. Out of the total collection, ₹37.21 crore originated from commercial properties, while residential units contributed ₹23.79 crore, according to municipal records. This represents an increase from the previous year’s collection of ₹59.94 crore in the same period. Of approximately…

Latest StoriesResidential

Over 35,000 Chandigarh rehab residents may gain ownership rights

CHANDIGARH: The Chandigarh administration has proposed to grant ownership rights to occupants of over 35,000 dwelling units in the city’s rehabilitation colonies. The draft policy has been forwarded to the Ministry of Home Affairs (MHA) for consideration and approval. Currently, this proposal applies only to the original allottees of the dwelling units in rehabilitation colonies. Holders of General Power of Attorney (GPA) who purchased houses from the original allottees are excluded from this policy. However, given that approximately 80% of such houses have been sold under GPA in the past few decades, sources indicate that they will be included in…

Latest StoriesResidential

Lucknow Development Body Resumes Premium Flat Bookings

LUCKNOW: The Lucknow Development Authority (LDA) has reopened registrations for 394 flats as part of its Aishbagh Square and Park View Apartment housing projects, providing homebuyers with another chance to acquire these premium residential units through a lottery system. Out of the total flats available, 276 can be found at Aishbagh Square on Mill Road in Aishbagh. This project features three-bedroom apartments, complete with servant rooms, and spans nearly 1,900 sq ft, starting at approximately Rs 1.11 crore. At Park View Apartments, situated opposite Rashtra Prerna Sthal in the Basant Kunj scheme, there are 118 flats open for registration. These…

Latest StoriesRegulatory

Property for daughter without gift deed isn’t unexplained: ITAT

MUMBAI: The Income Tax Appellate Tribunal (ITAT) Mumbai bench has ruled that not having a formal gift deed does not automatically classify a property purchase as an ‘unexplained investment’ if the funding sources are clearly identifiable. Under tax laws, unexplained income or assets incur a harsh punitive tax rate. The ITAT stated in its May 27 ruling that a property’s purchase by a father in his daughter’s name, motivated by familial love and affection, should not be deemed questionable simply due to the absence of formal documentation. The daughter, a homemaker in Mumbai without a personal income, came under scrutiny…

Latest StoriesRegulatory

SC probes Jaipur body over delay in commercial use in homes

JAIPUR: The Supreme Court has expressed strong disapproval towards the Jaipur Development Authority (JDA) for neglecting its directives concerning commercial entities in residential zones of Jaipur. The court noted that the JDA did not appear during proceedings nor submit an affidavit outlining actions taken after conducting necessary surveys, despite ongoing complaints from residents about significant violations. A bench consisting of Justice Ahsanuddin Amanullah and Justice R. Mahadevan acknowledged that amicus curiae Ajit Kumar Sinha pointed out the JDA’s absence from the hearings. This lapse was deemed serious, especially as it pertains to the enforcement of town planning regulations and the…

IndustryLatest Stories

West Bengal CM: Don’t Rush to Demolish Illegal Buildings

KOLKATA: Chief Minister Suvendu Adhikari has urged the Kolkata Municipal Corporation’s buildings department to avoid rushing into demolitions without prior notification, allowing those affected adequate time to defend their cases. During an interactive session with various municipal officials on Saturday evening, Adhikari underscored the need for careful consideration when addressing illegal constructions in the city. The Chief Minister advised KMC’s senior buildings officials to approach the demolition of structures inhabited by economically disadvantaged individuals cautiously, particularly where residents have purchased flats or built homes that do not significantly breach KMC regulations. Adhikari expressed his concerns in a meeting after the…