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Latest StoriesRegulatory

HC urges UP to establish forum for apartment owner-RWA disputes

LUCKNOW: The Allahabad High Court’s Lucknow bench has noted that current laws fail to provide a proper mechanism for resolving disputes between apartment owners and Residents’ Welfare Associations (RWAs). The court directed the Uttar Pradesh government to explore the feasibility of establishing a dedicated grievance redressal forum. The directive came when Justice Alok Mathur and Justice Amitabh Kumar Rai dismissed a petition from four residents of Sarvodaya Sulabh Apartments in Gomti Nagar Extension. The court affirmed that managing a residential society is a collective duty of the RWA, and that discord among a few apartment owners regarding decisions made democratically…

IndustryLatest Stories

Delhi government probes building plans approved without IFC fee

NEW DELHI: The Delhi government has initiated an investigation into residential, commercial, and group housing projects where building plans might have been approved over the past five years without the necessary payment of the Infrastructure Development Charge (IFC). Officials estimate this lapse has led to a substantial revenue loss, amounting to thousands of crores of rupees. According to DJB minister Parvesh Verma, the inquiry was prompted by allegations of irregularities. Initial findings suggest that numerous applicants secured building plan approvals from the Municipal Corporation of Delhi (MCD) using official DJB letterheads instead of obtaining valid no-objection certificates (NOCs) to confirm…

IndustryLatest Stories

Prestige Estates reports ₹6,579 crore in Q1 FY27 pre-sales

NEW DELHI: Prestige Estates Projects achieved residential pre-sales of ₹6,579 crore in Q1 FY27, selling 3,337 units and covering a sales volume of 6.04 million sq ft. Hyderabad led the quarterly sales, contributing 49% of the total, followed by Bengaluru at 27%, Mumbai at 12%, NCR at 7%, and other markets at 5%. The average price realization for apartments was ₹11,193 per sq ft, while plotted developments averaged ₹8,043 per sq ft. Collections reached ₹4,802 crore in Q1 FY27. The company launched four projects covering a total developable area of 20.16 million sq ft, with a gross development value of…

Latest StoriesRegulatory

Chennai Extends Property Tax Collection Camps to July 31

CHENNAI: In a move to boost property tax collections, the Greater Chennai Corporation (GCC) has extended its special tax collection camps until July 31, with nearly half of the city’s property owners yet to settle their dues. Out of 14.23 lakh assessed property owners in Chennai, only 6.98 lakh have paid their property tax to date, leaving around 7.25 lakh still outstanding. The corporation typically collects around ₹1,800 crore annually in property taxes. During the special camps from July 3 to July 15, ₹96 crore was recovered. Though originally set to conclude on July 17, the drive has now been…

IndustryLatest Stories

Delhi Development Body’s Revenue Soars 120% in Q1 FY27

NEW DELHI: The Delhi Development Authority (DDA) reported a remarkable revenue of ₹1,020 crores from housing sales in the first quarter of the current fiscal year, as stated by officials on Thursday. This revenue represents a significant increase from the previous year, which saw sales of only ₹462 crores. The DDA noted that “Robust demand for housing across all segments led to the sale of 1,284 flats during this period, contributing to the ₹1,020 crores in revenue. This indicates a growing confidence among the public in our housing initiatives.” The surge in revenue is attributed to a consistent focus on…

CommercialLatest Stories

Real Estate Capital Inflows Surge 32% to $8.5B in H1 2026

NEW DELHI: India’s real estate sector saw equity capital inflows of $8.5 billion in H1 2026, marking a 32% increase from $6.4 billion in the same period of 2025, according to a report by CBRE South Asia. In Q2 2026 alone, total inflows reached $3.4 billion, remaining stable compared to Q2 2025. Acquisitions of land and development sites, along with built-up office assets, constituted approximately 94% of overall equity investments in the quarter. Developers contributed about 34% of total capital, followed closely by domestic institutional investors at 32%, together accounting for roughly 66% of Q2 2026 inflows. Capital inflows from…

Latest StoriesRegulatory

ITAT: Redevelopment Rights Transfer Not Taxable as ‘Other Income’

MUMBAI: The Mumbai Income Tax Appellate Tribunal (ITAT) has made a pivotal ruling affecting property owners engaged in redevelopment projects. It determined that payments received for the transfer of development rights should be classified as ‘capital gains’ rather than ‘income from other sources.’ The tribunal also noted that taxpayers meeting specific legal requirements can claim exemptions under Section 54EC of the Income-Tax (I-T) Act by investing their capital gains in designated bonds. Such reinvestment can help lower the taxable amount of capital gains. This ruling is particularly significant in light of numerous redevelopment projects reshaping Mumbai and its surrounding areas.…

Latest StoriesRegulatory

Uttarakhand HC Cancels DM’s Fire NOC for Dehradun Builder

DEHRADUN: The Uttarakhand High Court has annulled an order from the former Dehradun District Magistrate, Sonika, that required the fire department to issue a no-objection certificate (NOC) for the Pinnacle Residency group housing complex, despite known fire safety deficiencies. Justice Manoj Kumar Tiwari deemed the order “legally unsustainable”. The issue revolves around unauthorized construction by M/s Disha Hospitality Private Limited, which allegedly strayed from the building plan sanctioned by the Mussoorie Dehradun Development Authority (MDDA). Residents raised concerns in court, claiming that the construction, including RCC slabs and other unauthorized structures, obstructed access for fire emergency vehicles, thereby violating the…

Latest StoriesRegulatory

Telangana HC Blocks GHMC Demolition of Somajiguda BLISS Project

HYDERABAD: The Telangana High Court provided temporary relief to Pradeep Constructions on Wednesday, instructing the GHMC to refrain from taking any coercive action against the BLISS residential project in Somajiguda until July 23. Previously, the civic body issued notices on July 7, claiming that the residential project’s multi-storied buildings were constructed within the full tank level (FTL) of Hussainsagar and that permissions were obtained by withholding pertinent information. The GHMC proposed the demolition of the high-rise structures. Justice Pulla Karthik has scheduled the next hearing for July 23 and directed the authorities involved to submit their responses to the case.…

Latest StoriesRegulatory

12-Year Housing Project Stalled: Refund Ordered for Buyers

NOIDA: The District Consumer Disputes Redressal Commission (DCDRC) has ordered the Yamuna Expressway Industrial Development Authority (YEIDA) to refund ₹2.8 lakh to a flat buyer, with an annual interest rate of 6%, due to the Authority’s failure to deliver a flat as promised in its 2014 housing scheme. Buyer Omveer Singh filed a complaint after the Yamunotri Housing Scheme failed to launch, and he never received possession of his assigned flat. Singh claimed he applied to the scheme on November 28, 2014, and was allotted an 880 square foot, 2BHK flat in Greater Noida’s Sector 22A, having paid a registration…