Category: Latest Stories

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IndustryLatest Stories

Jharkhand to Impose Surcharge on Property Transactions for Revenues

RANCHI: The cost of purchasing properties in urban areas across Jharkhand is poised to increase. The state government has introduced a new levy on property transactions aimed at boosting revenue. The proposed Jharkhand Municipal Land/Building Transfer Surcharge Rules 2026, shared by the state’s urban development and housing department, suggests a 10% surcharge on the total stamp duty and registration fees for property transfers within municipal and industrial township limits. This revenue will be allocated to civic bodies for various expenditures. “These rules are part of our strategy to enhance municipal revenue and assist in alleviating financial constraints. We are pursuing…

IndustryLatest Stories

Sobha’s Q1 FY27 Net Profit Soars 274% to ₹50.84 Crore

NEW DELHI: Sobha has announced a remarkable 273.5% increase in its net consolidated profit after tax, totaling ₹50.84 crore for the quarter ending June 30, 2026, compared to ₹13.61 crore during the same period last year. The company’s net consolidated total income rose 47.6% to ₹1,330.17 crore in Q1 FY27, up from ₹901.40 crore in Q1 FY26. Real estate sales value surged 76% year-on-year, reaching ₹3,656 crore. The company sold 2.34 million sq. ft. in this quarter, a 62% increase compared to the previous year. Collections saw an 8% increase year-on-year, amounting to ₹1,924 crore. The average sales realization was…

Latest StoriesRegulatory

ED seizes 389 properties worth ₹240 crore in Grand Venezia case

ED provisionally attaches assets worth ₹158.37 crore in Rockland Hospitals PMLA case NEW DELHI: The Enforcement Directorate’s Lucknow Zonal Office has provisionally attached 389 immovable properties valued at ₹240.03 crore under the Prevention of Money Laundering Act, 2002, concerning a money laundering case involving Bhasin Infotech and Infrastructure, Grand Venezia Commercial Towers, Satinder Singh Bhasin, and others. The agency noted that the current market value of the attached properties exceeds ₹700 crore. The assets seized include five properties in Goa, valued at ₹37 crore, owned by India Oceanworld and Goa Connect Properties. Additionally, 384 commercial units and shops in Grand…

IndustryLatest Stories

Bhubaneswar to Survey Buildings in August for Identification

BHUBANESWAR: In light of recent Supreme Court observations regarding the conversion of residential buildings into commercial spaces, the Bhubaneswar Municipal Corporation (BMC) plans to conduct a door-to-door survey starting in August to accurately categorize residential and commercial properties. Currently, BMC lacks a detailed inventory of these properties, which hinders their ability to evaluate the holding tax—levied at different rates for residential and commercial entities. Officials pointed out that the absence of data on commercial properties adversely affects BMC’s revenue, as taxes for commercial holdings are considerably higher than for residential ones. “Our records indicate a total of 1.19 lakh holdings…

Latest StoriesRegulatory

Bombay HC Cancels Auction of 4-Acre Shikrapur Housing Land

PUNE: The Bombay High Court has overturned the auction held on April 29 for a 4.42-acre plot, part of the Aura City housing project at Shikrapur in Shirur taluka, due to a recovery warrant issued by MahaRERA in 2021. On July 15, a bench comprising Justice AS Gadkari and Justice Kamal Khata instructed the developer, Bhagvati Infra (formerly M/s Jalan Maple Shelters), to reimburse 13 flat purchasers from 2012, including interest, within a fortnight. According to advocate Vikramsinh Patil, who represented the buyers, the total amount, including interest, stands at Rs 3.15 crore. The court mandated that once the payment…

IndustryLatest Stories

Ahmedabad Redevelopment Faces Cost and Consent Hurdles

AHMEDABAD: For many residents in aging housing societies, redevelopment was anticipated to bring larger homes, improved amenities, and safer structures. However, a growing number of families are finding themselves paying rent for months while projects remain stagnant. Throughout Ahmedabad, redevelopment initiatives are experiencing delays due to weak housing demand, rising construction costs, and conflicts among society members, making builders hesitant to proceed until all approvals are secured. A recent case near Parimal Garden illustrates how quickly plans can fall apart. Two housing societies struck an agreement with a developer about three years ago, but disagreements among some members prevented the…

Latest StoriesResidential

Telangana’s Indiramma Housing Scheme for Hyderabad’s Poor

Representative AI image HYDERABAD: The Telangana government has officially inaugurated the Indiramma housing scheme aimed at supporting the underprivileged in the Hyderabad Core Urban Region. The scheme was launched by State Housing Minister Ponguleti Srinivasa Reddy, along with cabinet colleagues D Sridhar Babu, Ponnam Prabhakar, and Mohammad Azharuddin. In the first phase, the government will allocate 500 houses each in 16 of the 24 Assembly constituencies within the CURE. The implementation in the remaining eight areas will follow shortly, Reddy noted. Overall, the government aims to construct one lakh homes in Hyderabad CURE. Previously, four lakh houses were approved in…

Latest StoriesRera

MahaRERA Dashboard Lacks Updates for Six Months, Activists Alarmed

Representative AI image PUNE: Consumer activists have raised concerns regarding MahaRERA’s commitment to transparency as its online dashboard for tracking recovery warrants against defaulting developers has remained stagnant for nearly six months. This lack of updates persists despite the regulator issuing new orders during that period. The “Recovery Warrants District Wise” section on the MahaRERA website was last refreshed on January 20. Although individual recovery warrant orders issued thereafter have been uploaded, the consolidated dashboard has not been updated. This makes it challenging for homebuyers to monitor enforcement actions and recoveries. Shirish Deshpande, chairperson of Mumbai Grahak Panchayat, stated, “The…

Latest StoriesRegulatory

SC Gives Parsvnath a Week to Pay Homebuyer Dues or Face Jail

NEW DELHI: On Monday, the Supreme Court provided Parsvnath Developers with one final week to comply with orders favoring homebuyers in Gurugram. They must deposit the full amount along with 12% interest with the court registry. The bench, including Chief Justice Surya Kant and Justices Joymalya Bagchi and V Mohana, issued strong warnings to the real estate firm and its directors, stating that failure to comply could lead to imprisonment. “The entire country has been misled,” the Chief Justice remarked, threatening jail time if they do not adhere to the orders within a week. He emphasized that they are treating…

Latest StoriesResidential

FONRWA Acts Against Unlicensed PGs in Noida

Representative AI image NOIDA: The Federation of Noida Residents’ Welfare Associations (FONRWA) has urged the Noida Authority to take action against unauthorized paying guest (PG) accommodations in residential sectors, flagging issues related to fire safety, parking shortages, and security. In a letter to the Authority, KK Jain, the secretary general of FONRWA—which represents over 120 RWAs—stated that many PGs are operating without necessary approvals or compliance with safety regulations. He claimed that numerous accommodations lack fundamental fire safety measures such as fire extinguishers and emergency exits, presenting significant risks to residents. “Most of these facilities lack essential fire safety equipment,…