Category: Latest Stories

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InfrastructureLatest Stories

Haryana Approves 26 Colonies; Panchkula Excluded

PANCHKULA: The Haryana government has regularized 26 colonies statewide through a notification issued earlier this month, yet none from Panchkula district are included in this list. This situation arises despite repeated commitments from the BJP-led Panchkula municipal corporation to regularize local settlements. Last year, former mayor Kulbhushan Goyal proposed to regularize illegal colonies by offering 1-marla plots at the 2004 collector rates to eligible families residing there for over two decades, but the proposal was never approved. Nearly 70 colonies in the Pinjore-Kalka region, along with several in Panchkula city, have been awaiting regularization for years. Areas like Gandhi Colony,…

Latest StoriesRegulatory

Income Tax Raids on Ahmedabad Builders Continue Day Three

AHMEDABAD: The income tax (I-T) department’s ongoing search of real estate groups in the city is now entering its third day. Officials have not disclosed any details about the seizures made, as they are in the process of verifying bank account and locker information, according to sources. On Tuesday, searches commenced at over 30 locations throughout the city, including corporate offices and the homes of key individuals from two groups. These operations were prompted by a decoy sent by the department that confirmed builders were accepting part of the payment for real estate in cash. The searches included corporate offices,…

IndustryLatest Stories

Gujarat Plans Deregulation of NA in Town Planning Schemes

GANDHINAGAR: The Gujarat government is considering a proposal to remove the mandatory requirement for obtaining a non-agriculture (NA) certificate from the revenue department for projects—be it residential, commercial, mixed-use, or industrial—within town planning (TP) scheme areas. In a high-level meeting held on Thursday in Gandhinagar with officials from the government of India and secretaries of all state departments, the Gujarat government indicated to the Union government that it would likely repeal the clause requiring NA permission in areas governed by draft and finalized TP schemes. This certificate, issued by collectorates and district development offices, has been cited as a significant…

Housing FinanceLatest Stories

Roha Group Secures ₹400 Crore from Private Credit Investors

Roha Housing Finance, a subsidiary of Roha Group, has successfully raised ₹400 crore from alternative credit investors via a structured private credit transaction involving a promoter-owned vehicle. Key participants included ICICI Prudential Corporate Credit Opportunities Fund, Nippon India Credit Opportunities Fund, and ASK Alternate Private Credit Fund. The capital will be utilized to bolster Roha Housing Finance, increasing its assets under management from approximately ₹1,250 crore to around ₹5,000 crore in the coming years, as per sources. The funds are being raised through Compulsory Convertible Debentures (CCDs) and Compulsory Convertible Preference Shares (CCPS), which serve to strengthen capital at the…

IndustryLatest Stories

Housing Revolution Needed: Niranjan Hiranandani, Naredco

NEW DELHI: The National Real Estate Development Council (Naredco) has pointed out a significant tax imbalance between corporations and individual taxpayers, urging the government to adjust income tax rates. The organization claims that individuals and partnerships engaged in business face substantially higher taxes compared to companies. Niranjan Hiranandani, chairman of Naredco, emphasized that while corporations generally pay an effective tax rate around 25%, individuals in similar business roles may pay up to 40%, including surcharges and cesses. “If a company is taxed at 25%, why should an individual or partnership in the same field face a 40% tax?” he questioned,…

InfrastructureLatest Stories

Haryana Fast-Tracks Metro Project with Direct Land Purchases

GURUGRAM: To expedite the long-awaited Millennium City Centre-Cyber City Metro corridor, the Haryana government has introduced a policy permitting GMRL to acquire private land through negotiated settlements. They will also maintain the option for compulsory acquisition if landowners do not cooperate. Although most of the 29.05 km corridor runs through government-owned land, certain sections—including those near existing buildings, properties needing demolition, and a depot primarily on public land—require the acquisition of small but essential private parcels. A GMRL official remarked, “Even minor delays in securing these areas could impact the project’s overall completion timeline.” Announced by the town and country…

IndustryLatest Stories

TVS Emerald Secures ₹425 Crore from IFC for Housing Projects

NEW DELHI: Realty company TVS Emerald has secured Rs 425 crore in equity funding from the International Finance Corporation (IFC) to finance new housing developments. Part of the TVS Group, TVS Emerald announced on Thursday that these funds will assist in the development of two upcoming residential projects, set to launch in the next fiscal year in Chennai and Bengaluru, along with additional projects in the pipeline. The company will allocate Rs 136 crore for the Chennai project and Rs 103 crore for the Bengaluru project. The remaining funds will support further residential ventures over the next two years. The…

InfrastructureLatest Stories

Bengaluru body recovers ₹700 crore in encroached land through 14 demolitions

BENGALURU: The Bangalore Development Authority (BDA) undertook 14 demolition drives from July to December last year, reclaiming encroached properties valued at over ₹704.3 crore throughout the city. These efforts led to the recovery of over 25 acres of encroached land across various regions, including South, North, and East Bengaluru. The BDA demolished unauthorized RCC buildings, sheds, compound walls, and industrial structures that had been illegally erected on lands designated for layouts, roads, and infrastructure projects. The most significant recoveries occurred in JP Nagar 9th Phase, where approximately 12.5 acres, valued at around ₹370 crore, were reclaimed in three phases. Notable…

IndustryLatest Stories

RMZ Plans $30 Billion Investment in Mumbai Region Over 10 Years

NEW DELHI: RMZ has announced an investment collaboration with the Mumbai Metropolitan Region Development Authority (MMRDA) and the City & Industrial Development Corporation of Maharashtra (CIDCO) at the World Economic Forum (WEF) in Davos. The company aims to mobilize investments totaling up to USD 30 billion in the Mumbai Metropolitan Region (MMR) over the next decade, potentially creating around three lakh direct and indirect jobs throughout the project lifecycle. RMZ will lead the investment structuring and capital mobilization efforts, along with master planning, development, and long-term asset management. MMRDA will assist in land identification and aggregation. Additionally, the company plans…

Latest StoriesRegulatory

SC: No tolerance for Unitech project order non-compliance

NEW DELHI: The Supreme Court stated on Thursday that it will take a stringent stance against any state authorities that fail to comply with its orders regarding the real estate group Unitech Ltd. The court cautioned against any impediments to the completion of stalled housing projects. A bench comprising Justices J B Pardiwala and K V Viswanathan established a priority schedule for addressing issues related to Unitech and mandated that state development authorities—such as the Noida Authority, Greater Noida Authority, and Haryana’s Town and Country Planning Department—must grant all necessary approvals. The bench indicated, “We will seriously consider any non-compliance…