Category: Latest Stories

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InfrastructureLatest Stories

Pune Links Building Permits to Land Acquisition for Road Widening

PUNE: The Pune Municipal Corporation (PMC) has implemented new regulations aimed at eliminating persistent delays in infrastructure projects by tying building permits to land acquisition for road widening. Under the updated guidelines, developers are required to submit a formal proposal to transfer any land that may be impacted by upcoming road expansions within 15 days of requesting building approval. Importantly, the land must be physically conveyed to the PMC before the construction reaches the plinth level — the base of the structure. This directive was communicated through a circular from the building permission department. “We will strictly monitor this process,”…

Latest StoriesRegulatory

Redeveloped Flat Exempt from ‘Other Income’ Tax: ITAT

MUMBAI: The Income Tax Appellate Tribunal (ITAT) in Mumbai has favored a taxpayer who received a flat valued at ₹11.7 crore as part of a redevelopment project in exchange for surrendering his tenancy rights. ITAT determined that the surrender of tenancy rights constituted the transfer of a capital asset, qualifying taxpayer V Asher for an exemption under Section 54F of the Income Tax Act. The tribunal also stated that the flat’s value should not be taxed as ‘Income from other sources.’ During the review of Asher’s 2019-20 tax return, the I-T officer questioned the legitimacy of the tenancy arrangement. Consequently,…

Latest StoriesResidential

Kolkata Home Registrations Fall 1% YoY to 4,974 in Feb 2026

Sure! Here’s a rewritten version of the content: KOLKATA: In February, the Kolkata Metropolitan Area (KMA) saw a significant increase in residential property registrations, reaching 4,974—a 63% rise from the previous month. This uptick is attributed to a recovery from the seasonal dip observed in January, according to property consultant Knight Frank India. Compared to February 2025, this year’s registrations saw a slight decline of 1%, with 5,016 units recorded last year. The data originates from the Directorate of Registrations and Stamps Revenue, Government of West Bengal, and accounts for transactions in both the primary (new sales) and secondary (resale)…

Latest StoriesRegulatory

Ludhiana Yet to Recover Dues from 100,000 Property Taxpayers

LUDHIANA: As the deadline approaches for property tax payments this fiscal year, the Ludhiana Municipal Corporation (MC) is still awaiting tax contributions from approximately 100,000 taxpayers. To date, they have collected over ₹147 crore against a target of ₹160 crore, but the pressure remains high as the internal target stands at ₹180 crore. In previous years, tax collection efforts have exceeded expectations, and officials are hopeful of reaching at least the budgeted target this year. Significant targets have already been set for the next fiscal year. MC Superintendent Vivek Verma expressed optimism, stating that taxpayer dues will be collected with…

IndustryLatest Stories

Jan Vishwas Bill: New Property Tax System for NDMC Areas

Representative image NEW DELHI: The government has proposed a new property tax framework for the New Delhi Municipal Council (NDMC) areas, easing criminal provisions for minor offences while tightening enforcement for tax violations. This is part of the Jan Vishwas (Amendment of Provisions) Bill, 2026, introduced in the Lok Sabha on Friday by Minister of State for Commerce and Industry Jitin Prasada. The bill suggests a complete overhaul of the tax structure under the NDMC Act, 1994. It establishes that property tax will now consist of two components: building tax and vacant land tax, replacing the original Section 61. To…

IndustryLatest Stories

Centre to Eliminate One-Year Jail for Realty Norm Violations

NEW DELHI: In a significant development for homebuyers, the Centre has proposed the removal of the existing penalty of up to one year of imprisonment for allottees who do not comply with orders from the Real Estate Appellate Tribunal. The proposed amendment aims to revise Section 68 of the Real Estate (Regulation and Development) Act, 2016, stating that defaulters could face a financial penalty of up to ten percent of the property cost, which includes plots, apartments, or buildings. This change is part of the Jan Vishwas (Amendment of Provisions) Bill, 2026, recently introduced in the Lok Sabha by Minister…

Latest StoriesResidential

31,000 Homes Built in J&K Under PMAY-U, Delays Cited

JAMMU: On Friday, the Jammu and Kashmir government announced that over 31,000 houses have been constructed under the Pradhan Mantri Awas Yojana (PMAY) since the program began. The construction of several units is currently ongoing, primarily due to constraints faced by beneficiaries. In response to an assembly inquiry, the government stated that 39,153 houses have been sanctioned under the beneficiary-led construction (BLC) vertical of the PMAY-urban mission 1.0 across the Union Territory. Of these, 31,173 are complete and 7,980 are still under construction, with a goal to finish by the extended mission deadline of September 2026. District-wise data indicates that…

Latest StoriesResidential

Free Regularization of 500 sq ft Encroachments in Maharashtra

MUMBAI: The Maharashtra government has announced a significant policy change allowing for the free regularization of residential encroachments up to 500 square feet that existed as of January 1, 2011, applicable statewide, but excluding Mumbai and its suburbs, according to a minister’s statement on Friday. Revenue Minister Chandrashekhar Bawankule clarified that encroachments on riverbeds, drains, grazing land, public roads, forests, cremation grounds, playgrounds, and designated school or hospital lands will not be regularized under any circumstances. “Such encroachments will be removed, and families affected will be considered for alternative housing under the Pradhan Mantri Awas Yojana (PMAY),” he added. The…

Latest StoriesResidential

Birla Estates and Arvind SmartSpaces Launch Mumbai Housing Projects

NEW DELHI: Birla Estates and Arvind SmartSpaces are entering Mumbai’s society redevelopment market with distinct residential projects in Khar West and Santacruz, as both companies aim to seize redevelopment opportunities in the city’s limited land market. Birla Estates (BEPL), a subsidiary of Aditya Birla Real Estate, is set to redevelop the Anmol Co-operative Housing Society and Bhartiya Bhavan Co-operative Housing Society in Khar West, in collaboration with Parinee Real Estate Builders. The project encompasses a saleable area of approximately 2.9 lakh sq ft, with a projected revenue potential of around ₹1,700 crore, marking the company’s debut in Mumbai’s redevelopment sector.…