Category: Latest Stories

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Latest StoriesRera

Telangana RERA Launches Grievance and Guidance Cell

HYDERABAD: The Telangana Real Estate Regulatory Authority (TG-RERA) has established a Public Grievance and Guidance Cell aimed at improving stakeholder engagement and enhancing grievance resolution mechanisms across the state. Launched on Thursday at the Administrative Staff College of India in Hyderabad, this initiative aligns with national discussions and the Ministry of Housing and Urban Affairs’ recommendations for better grievance handling. “The PGGC is designed to bolster grievance redressal and enhance engagement among stakeholders in the real estate sector throughout the state,” TG-RERA Chairman N Satyanarayana stated in an official press release. The Cell will provide guidance to stakeholders regarding their…

CommercialLatest Stories

NBCC sells ₹5,779 crore commercial space in Sarojini Nagar

NEW DELHI: NBCC has successfully completed the e-auction of commercial built-up space available on freehold basis at Bharat Business Park (BBP), Sarojini Nagar, New Delhi. A total of approximately 23.44 lakh sq ft of super built-up area was offered across eight towers. The auction generated a total sales value of about ₹5,779 crore, which reflects the highest bid rates for approximately 14 lakh sq ft auctioned across five towers. The average sale rate recorded during this e-auction was ₹41,207 per sq ft, marking an increase of ₹2,107 per sq ft (5% over the reserve price). The proceeds from this e-auction…

InfrastructureLatest Stories

Ahmedabad Penalizes Four Construction Sites for Violations

AHMEDABAD: On Thursday, the North Zone estate department of the Ahmedabad Municipal Corporation (AMC) imposed penalties ranging from Rs 25,000 to Rs 2 lakh at four construction sites located in Gota, Bodakdev, and Chandlodia for violating environmental regulations and worsening air quality. The Arambh Greens construction site in Chandlodia failed to install the required green net and encroached upon the roadway with materials, resulting in a penalty of Rs 50,000. Similarly, the Orium Zenith site in Chandlodia was fined Rs 50,000 for not having the green net in place. The Valenor site in Bodakdev faced a Rs 25,000 fine for…

InfrastructureLatest Stories

30+ buildings demolished for road expansion in Varanasi

Representative AI image VARANASI: On Thursday, significant portions of over 32 out of 41 buildings in the Baulia Lehartara area were demolished as part of the project for the six-lane Mohansarai-Cantt railway station road. Under strict security, a Public Works Department (PWD) team, led by Executive Engineer K.K. Singh, arrived with numerous earthmovers, bulldozers, loaders, and dumpers to begin the demolition. As part of the Rs 410 crore project, the work on the stretch from Mohansarai to Collectory Farm (Chandpur) is nearly complete. Despite serving eviction notices to building owners in 2025, the PWD had been unable to proceed with…

Latest StoriesResidential

Lucknow to Offer 630 Flats in Atalnagar Scheme

LUCKNOW: Homebuyers have another opportunity to purchase budget housing as registration for 630 flats under the Atalnagar scheme begins on April 18. Officials from the Lucknow Development Authority (LDA) announced that the online registration will be open until May 17, with allotments conducted via a lottery system. The available units consist of 539 one-bedroom and 91 two-bedroom flats at the Atalnagar project in Devpur Para, sized from 30 sqmt to 54.95 sqmt, with prices starting around Rs 9.82 lakh. According to officials, the project will feature essential amenities including water and electricity supply, lifts, power backup, security, green spaces, children’s…

IndustryLatest Stories

Suraj Estate Developers Buys ₹18 Crore Land in Dadar West

NEW DELHI: Suraj Estate Developers has purchased a plot of land in Dadar West, Mumbai, for ₹18 crore, according to a company statement. The deal comprises a cash payment of ₹8.53 crore and an obligation to provide approximately 2,200 sq ft of space to the landowners, bringing the total transaction value to ₹18 crore. Rahul Thomas, the company’s whole-time director, stated, “We are focused on disciplined growth, selective acquisitions, and efficient execution, and we are exploring additional opportunities that align with our strategic objectives.” The company plans to redevelop the land, which has a saleable carpet area of 0.18 lakh…

Latest StoriesRegulatory

ITAT Upholds Tax Benefit for Reinvestment During Reassessment

Representative Image MUMBAI: In a ruling favoring taxpayers, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has determined that a claim for capital gains exemption under Section 54 of the Income Tax (I-T) Act cannot be rejected solely due to the absence of an initial I-T return. The tribunal stated that such claims should be considered if made during reassessment proceedings. The case centered around M Sheikh, a taxpayer who initially did not file an ‘original’ I-T return as required under Section 139(1) but later submitted it in response to a notice for reassessment under Section 148. This…

IndustryLatest Stories

Sowparnika Projects targets ₹500 crore to double revenue

Sowparnika Projects, a prominent real estate developer in South India, is in the final stages of raising ₹500 crore to support its expansion and enhance its project portfolio over the next 18 to 24 months. “We are negotiating with several funds, including Neo Alternative Asset Managers, WSB Real Estate Partners, and ASK. The company has received approvals for transactions from some of these investors and is aiming to finalize the ₹500 crore target,” stated Ramji Subramaniam, Managing Director of Sowparnika Projects. “In the next two years, we plan to develop 5.5 million sq ft across Bengaluru, Kerala, and Tamil Nadu,”…

IndustryLatest Stories

India to Establish NCLT Bench for Faster Cross-Border Insolvency

NEW DELHI: India is set to establish a dedicated bench within the National Company Law Tribunal (NCLT) that will focus on cross-border insolvency cases, aiming to expedite legal proceedings following the notification of new bankruptcy regulations, according to sources familiar with the development. The cross-border framework, which received approval last month as part of amendments to the Insolvency and Bankruptcy Code (IBC), will draw from a UN model law but will be tailored to better fit India’s requirements. This initiative is designed to simplify access for creditors to the foreign assets of distressed companies and facilitate India’s collaboration with international…