Category: Latest Stories

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IndustryLatest Stories

Lucknow to Simplify Property Mutation Fees

LUCKNOW: A proposal from the Lucknow Municipal Corporation (LMC) to simplify mutation charges for the transfer and sale of residential and commercial properties aims to provide relief to owners. This proposal will be discussed in the LMC House meeting on Wednesday. Currently, mutation fees are set at high flat rates, typically around Rs 5,000 or 1% of the property value, particularly for ancestral property transfers. The existing system lacks clarity regarding the connection between mutation charges and property size or value. The new proposal suggests a straightforward slab-based structure. For property sales, charges will be determined by the property’s value,…

InfrastructureLatest Stories

Ludhiana Developers Demand Action on Illegal Colonies

LUDHIANA: Local real estate developers have called on district officials to take action against the rapid growth of illegal colonies, arguing that these unauthorized developments lead to financial losses for legitimate builders, reduce government revenue, cause long-term difficulties for residents, and promote unplanned urban expansion. Industry stakeholders point out that once illegal colonies are set up and residents move in, reversing the situation becomes extremely difficult. Actions such as demolition can result in homelessness for families, creating complex legal and social issues. Developers questioned the lack of proactive measures by authorities to prevent these projects before they begin, suggesting the…

Latest StoriesRegulatory

3.76 Lakh Owners Skip Property Tax, Nagpur’s Finances Suffer

NAGPUR: The property tax revenue of the Nagpur Municipal Corporation (NMC) has seen a decline in 2025-26, despite a continuous increase in the number of properties, highlighting serious compliance and recovery issues. To date, the NMC has collected Rs252.66 crore, a marked decrease from Rs306 crore gathered in 2024-25, where they achieved 94% of their Rs325 crore target. This reduction comes even with the total property count rising to 836,842, indicating that revenue growth is lagging behind property expansion. Alarmingly, only 460,094 property owners have settled their taxes, leaving 376,000 properties either in default or outside the tax system. Property…

Latest StoriesResidential

45,000+ Nashik Properties Lack Building Completion Documents

NASHIK: Over 45,700 unauthorized residential properties in Nashik city remain occupied despite their owners not securing building completion certificates (BCC) and occupancy certificates (OC) from the Nashik Municipal Corporation’s (NMC) town planning department. Residents continue to use these properties without the necessary clearances. “The property tax department has now imposed taxes on all such properties,” a civic official reported. According to data from the NMC, the Nashik Road division has the most unauthorized properties, tallying around 10,400, followed by Panchavati with 9,800. The Cidco division is accountable for about 9,000 properties, while Satpur division has 7,800 unauthorized units. Nashik East…

IndustryLatest Stories

19 Major Mumbai Slums to be Redeveloped Under New Scheme

MUMBAI: The Slum Rehabilitation Authority (SRA) is set to initiate 18 projects in Mumbai, including a 100-acre site in Andheri West near Gilbert Hill, under the state government’s newly launched slum cluster redevelopment scheme. Projects will target clusters of at least 50 acres where over 51% of the area is occupied by slums, including those in coastal regulation zones I and II. Under the scheme, redevelopment can include slums alongside non-slum areas, old and dilapidated buildings, tenant-occupied sites, vacant land unsuitable for construction, and selected private properties. The Andheri site currently contains approximately 14,000 huts and several residential buildings. SRA…

IndustryLatest Stories

Dharavi Redevelopment Accelerates: 11,000 Homes Planned

MUMBAI: The redevelopment of Dharavi, Asia’s largest slum, is gaining momentum as the Dharavi Redevelopment Project (DRP) has called upon residents of Sector-6, situated on a 35-acre railway land in Matunga, to cooperate with authorities and vacate their homes to facilitate construction of rehabilitation buildings. The initial phase aims to develop 11,000 tenements of 350 sq ft each in Dharavi’s Sector 6, which has been acquired from Indian Railways across multiple stages. This railway land is a vital part of the Dharavi Notified Area (DNA), originally planned to be mostly vacant and ready for construction. However, the presence of existing…

Latest StoriesResidential

Haryana Okays Housing for 2,646 PMAY-Urban Beneficiaries

CHANDIGARH: The Haryana government has made significant strides towards offering affordable housing for urban poor and middle-class families, approving housing projects for 2,646 beneficiaries across 60 urban local bodies (ULBs) on Tuesday. The decisions were taken during a session of the state-level sanctioning and monitoring committee under the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0. The meeting, led by Chief Secretary Anurag Rastogi, highlighted the state’s progress in executing the central government’s housing initiative aimed at providing pucca houses to families in the economically weaker section (EWS), lower income group (LIG), and middle income group (MIG) in urban areas. Mohammed Shayin,…

Latest StoriesResidential

Karnataka to Create Private-Style Layouts for SC/ST Groups

BELAGAVI: The state government has launched the ‘Buddha, Basava, Ambedkar Site Allotment Scheme’ to create residential layouts comparable to private developments. The scheme aims to develop fully serviced layouts with complete infrastructure, providing residential sites to individuals from Scheduled Castes (SC) and Scheduled Tribes (ST) throughout the state. During the announcement, Public Works and Belagavi district in-charge Minister Satish Jarkiholi shared that the initiative will commence as a pilot project spanning 1,000 acres. After paying tribute to Dr. Babasaheb Ambedkar’s statue on his birth anniversary at Dr. B R Ambedkar Park in Belagavi, the minister emphasized that this is a…

CommercialLatest Stories

Mindspace REIT Buys 51% of ITPC – Radial Road for ₹3,000 Cr

NEW DELHI: Mindspace Business Parks REIT (Mindspace REIT) has secured a 51% ownership stake in the 2.6 million sq ft International Tech Park Chennai, Radial Road (ITPC – Radial Road) from AIGP2 Chennai 1, a subsidiary of CapitaLand India Growth Fund 2 (CIGF2), for ₹3,000 crore. The remaining 49% stake will be held by 360 ONE Asset’s real assets funds. This acquisition is expected to contribute ₹241 crore to net operating income (NOI) on a proforma basis (51% attributable to Mindspace REIT), while increasing the loan-to-value (LTV) ratio from 28.0% to 30.3%. Regarding the acquisition, Ramesh Nair, MD and CEO…

IndustryLatest Stories

Lucknow plans to transform low-rise buildings into high-rises

LUCKNOW: The Lucknow Development Authority (LDA) is planning to replace old low-rise buildings in residential schemes with modern high-rise apartments as part of the Uttar Pradesh Urban Redevelopment Policy-2026. LDA Vice-chairperson Prathamesh Kumar has instructed officials to develop detailed redevelopment proposals. The first phase will focus on residential blocks along Wazir Hasan Road in Hazratganj, and also includes schemes in Paper Mill Colony and Sector-G of the Kanpur Road Scheme. Officials noted that the Wazir Hasan Road complex, constructed in 1988, consists of four G+3 towers housing 64 flats. While most units are registered, a few remain unallotted or pending.…