Category: Latest Stories

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CommercialLatest Stories

Executive Centre India Gets SEBI Nod for ₹2,600-Crore IPO

NEW DELHI: Executive Centre India has received approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO). The IPO will feature a fresh equity share issuance with a face value of ₹2 each, totaling up to ₹2,600 crore. As outlined in the draft red herring prospectus (DRHP), the net proceeds are intended primarily for investments in TEC Abu Dhabi, a direct subsidiary, and to fund part of the acquisition costs for TEC Singapore and TEC Dubai. These two entities are currently step-down subsidiaries of TEC Singapore, a corporate promoter of the company, and…

IndustryLatest Stories

Tulip Infratech Records ₹450 Crore Turnover and ₹80–90 Crore Profit

NEW DELHI: Tulip Infratech, based in Gurugram, has reported a turnover of approximately ₹450 crore for FY25, with profits ranging from ₹80–90 crore, yielding margins of 15–20%, as disclosed by Parveen Jain, chairman & managing director of the company. The firm anticipates that its revenue in the current fiscal year will remain largely stable, with potential fluctuations of ±10%. It aims to maintain margins between 10–20%, supported by controlled leverage, strategic pricing, and consistent progress on ongoing construction projects. The company adopts a conservative operational model, limiting itself to a maximum of four simultaneous projects at a time. In 2025,…

Latest StoriesRegulatory

Telangana HC Dismisses Union Bank’s Property Auction Appeal

HYDERABAD: The Telangana High Court has dismissed an appeal from Union Bank of India regarding the cancellation of an auction for a property owned by a city-based company undergoing liquidation. The court found that the bank had not adhered to proper legal procedures. A division bench, featuring Justices K. Lakshman and V. Ramakrishna Reddy, stated that while banks can recover funds through auctions, they must do so transparently and involve the official liquidator to ensure the property achieves the best possible sale price. The ruling came during the bank’s appeal against a March 2025 decision, in which a single judge…

IndustryLatest Stories

Ghaziabad Body Lowers Interest Rates on Properties

GHAZIABAD: The Ghaziabad Development Authority (GDA) has reduced the interest rate on its properties from 10.7% to 8.7%, aligning it with the State Bank of India’s current rate as mandated by the state government. The rates will be subject to change in tandem with SBI’s adjustments. If SBI alters its interest rates, the GDA will likewise make necessary changes. This rate had been unchanged at 10.7% for the past seven years (since 2018). “Discussions regarding the interest rates charged by development authorities across the state were held, where it was emphasized that rates should be aligned with SBI. Why impose…

Latest StoriesRegulatory

HC Upholds Land Acquisition for Banashankari VI Stage

BENGALURU: The High Court has upheld the Bangalore Development Authority’s (BDA) acquisition of land for extending Banashankari VI Stage, connecting the existing layout via Kanakapura Road. A division bench, comprising Justice DK Singh and Justice Tara Vitasta Ganju, rejected the appeals filed by K Gangamma and others against a single bench ruling that dismissed their petitions challenging the acquisition of 75 guntas in Gubbalala village. The land was initially notified on November 17, 2002, with the final notification released on September 9, 2003. The appellants argued they were unfairly treated compared to owners of 657 acres and 15 guntas who…

IndustryLatest Stories

Builders seek EDC relief, urge Haryana for affordable housing boost

NEW DELHI: Real estate developers in Haryana have put forth a comprehensive set of policy recommendations to the state government, aiming for immediate regulatory, fiscal, and infrastructure reforms to revive stalled projects, reduce compliance burdens, enhance housing affordability, and accelerate urban development. Developers are requesting an extension of relief measures under the one-time settlement scheme for outstanding license renewal fees and the ‘Samadhan Se Vikas’ policy for EDC recovery. They are also advocating for the removal of the condition that halts project approvals at a group level when EDC dues exceed ₹20 crore. The industry argues that this blanket application…

Latest StoriesRegulatory

Court Rules No GST on MIDC Plot Transfers to Third Parties

NAGPUR: The Nagpur bench of the Bombay High Court has ruled that transferring plots allotted by the Maharashtra Industries Development Corporation (MIDC) to third parties does not incur goods and services tax (GST). This decision aligns with a previous ruling from the Gujarat High Court concerning the transfer of land from the Gujarat Industries Development Corporation (GIDC) to a third party. The Gujarat court referenced a June 2017 notification that set a zero rate for a one-time charge on long-term leases (exceeding 30 years) by state government industrial development corporations to businesses. The court noted that if the original allottee…

IndustryLatest Stories

Punjab Slashes Reserve Prices by 22% for Gmada Properties

MOHALI: In a significant move to monetize stalled public assets and rekindle buyer interest, the Punjab government has sanctioned a notable reduction in the reserve prices for properties listed by the Greater Mohali Area Development Authority (Gmada) that have failed to attract buyers over the years. The new policy indicates an average drop of 22% in the reserve prices for these unsold properties, a change anticipated to generate revenues between Rs 5,000 crore and Rs 10,000 crore. The announcement, made by Finance Minister Harpal Singh Cheema, followed the establishment of a committee tasked with evaluating government-owned properties that remained unsold…

IndustryLatest Stories

Noida Authority Extends Rehab Lifeline for Builders with Dues

NOIDA: The Noida Authority has decided to continue the Uttar Pradesh government’s rehabilitation policy for stalled real estate projects, extending its benefits to developers who have not yet paid the required 25% of their recalculated dues. This move brings fresh hope to thousands of homebuyers awaiting the completion and registration of their flats. Initially, the Authority planned to withdraw benefits from non-compliant developers, but reversed its decision during a board meeting on January 3. They opted to maintain the state government’s directive from December 2023 aimed at reviving legacy stalled projects. Authority CEO Lokesh M stated that while the policy…

Latest StoriesResidential

Punjab government simplifies and secures housing society registration

CHANDIGARH: In a significant move to enhance property rights and resolve longstanding legal ambiguities, the Punjab government has rolled out substantial reforms aimed at benefiting residents of cooperative housing societies. Following the directives of Chief Minister Bhagwant Mann, who also oversees the Cooperation Department, the government has approved a comprehensive framework intended to streamline the registration process for cooperative housing properties, making it both affordable and legally secure, while ensuring proper recovery of stamp duty for the state. An official statement released on Tuesday indicated that the state has implemented extensive measures to formalize property transactions in cooperative housing societies,…