Category: Latest Stories

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Latest StoriesRera

West Bengal REAT: GST Refund for Cancelled Flat Deals

KOLKATA: The West Bengal Real Estate Appellate Tribunal has ruled that a home buyer cannot reclaim GST from a developer after a property purchase deal has been terminated. Refund requests must be made directly to the GST authority. In this case, Malabika Bhoumic agreed to purchase a flat at Project ONE-10 on May 25, 2022, and made a partial payment of Rs 9,17,919 towards the total cost of Rs 88,26,140 for the 665 sq ft flat on the 15th floor. The agreement was terminated by the promoter, PS Group Realty Pvt Ltd, on June 16, 2023, due to non-payment of…

Latest StoriesRegulatory

SC Ruling on Supertech Supernova Offers Hope to Buyers

NEW DELHI: The Supreme Court’s recent order to appoint a new developer for the Supertech Supernova project in Noida, which is currently undergoing insolvency proceedings, has sparked renewed hope for countless homebuyers awaiting progress on stalled housing projects. As the construction of several projects has come to a halt during the insolvency process, the Supreme Court has stepped in to protect homebuyers’ interests by appointing a three-member committee to select another builder for the Supernova project, putting all entities under the Insolvency and Bankruptcy Code aside. The committee is tasked with appointing a new developer by evaluating proposals based on…

IndustryLatest Stories

RG Group Revives Greater Noida West Housing Post-Insolvency

NEW DELHI: RG Group has successfully completed the first phase of its previously stalled RG Luxury Homes project in Greater Noida West, following insolvency proceedings. The total construction costs post-NCLT are estimated at around ₹200 crore. Following the project’s admission to the National Company Law Tribunal (NCLT), the developer has refunded approximately ₹95 crore to homebuyers. Post-insolvency, ₹43 crore was infused by the promoter into the project, while banks provided nearly ₹27 crore in construction financing. After NCLT proceedings, the outstanding authority dues amounted to about ₹200 crore, of which ₹60 crore has already been paid. To obtain regulatory approvals…

IndustryLatest Stories

Gurugram Unveils Its First Cooling Action Plan

Representative AI image GURUGRAM: A long-term strategy is underway to combat rising heat stress and increasing air-conditioning demands in the city, incorporating passive design techniques, eco-friendly materials, efficient cooling solutions, and district cooling networks. Gurgaon has unveiled its first ‘Cooling Action Plan’ amid projections of sharply rising cooling demand and emissions by 2050. Commissioned by GMDA, the plan emphasizes methods like green roofs coupled with underfloor cooling systems and minimizing air leakage. “The cooling action plan highlights that implementing passive design, improving building envelopes, and targeted strategies such as green roofs and district cooling can decrease cooling energy consumption by…

InfrastructureLatest Stories

Ahmedabad: Auda Approves Transit Zone Benefits for 4,604 Hectares

Representative AI image AHMEDABAD: The Ahmedabad Urban Development Authority (Auda) has approved a proposal to extend Transit Oriented Zone (TOZ) benefits—including a higher floor space index (FSI) of 4.0 and parking concessions—to 4,604 hectares along ten major city roads. These benefits will also apply in areas where Bus Rapid Transit System (BRTS) corridors are not physically present. A TOZ is a planning tool designed to promote dense, vertical development near mass transport corridors like Metro or BRT, enabling the construction of high-rise buildings ranging from 70m to 100m in height, depending on their plot size and design. This move is…

IndustryLatest Stories

Cabinet Approves New Building Plan Norms for Noida Private Land

LUCKNOW: The Uttar Pradesh cabinet approved the New Okhla Industrial Development Authority (Building Construction on Land Transferred Through Exchange) Regulations, 2025, during a meeting on Monday. This initiative seeks to streamline the building plan approval process on privately owned land in the Noida region. Following the meeting chaired by Chief Minister Yogi Adityanath, the cabinet’s decision enables direct processing of applications for building map approvals on exchanged land by the Noida Industrial Development Authority (Noida Authority), bypassing the courts. According to Industrial Development Minister Nand Gopal Gupta ‘Nandi’, there weren’t clear policies under the existing Noida Building Regulations, 2010, for…

IndustryLatest Stories

Puravankara Acquires 53 Acres in Bengaluru

Representative image NEW DELHI: Puravankara has acquired a 53.5-acre land parcel in Anekal Taluk, Bengaluru. Ashish Puravankara, the company’s managing director, stated, “This acquisition is part of our strategy to systematically enhance our launch pipeline with quality developable land across key micro-markets.” The newly acquired land in Attibele Hobli boasts a saleable area of 6.4 million sq ft, with a potential gross development value (GDV) exceeding ₹4,800 crore. Mallanna Sasalu, CEO – South, highlighted, “Prior to this acquisition, in H1 FY26, we added a total of 6.36 million sq ft of developable area in Bengaluru and Mumbai, translating to an…

Latest StoriesRegulatory

FIR Filed Against Ocean Seven Buildtech Directors Over Fund Misuse

Sure! Here’s a rewritten version of the content: GURUGRAM: An FIR has been filed against the directors and officers of Ocean Seven Buildtech Pvt Ltd after homebuyers of a delayed project in the area accused the builder of deception, breach of trust, forgery, and conspiracy. Buyers further allege intimidation by the builder. The FIR—lodged at Bajghera police station under sections 420, 406, 409, and 120-B of the IPC—names Swaraj Singh Yadav, Sunita Swaraj Yadav, and Arun Yadav as the accused in connection with the Expressway Towers affordable housing project in Sector 109. The case was initiated following a complaint by…

Housing FinanceLatest Stories

Unity Small Finance Bank Wins Auction for Aviom India Housing

MUMBAI: Unity Small Finance Bank has successfully bid for the bankrupt Aviom India Housing Finance, offering an upfront payment of ₹977.5 crore, according to sources familiar with the matter. Initially, six companies expressed interest in acquiring Aviom India Housing Finance under the National Company Law Tribunal (NCLT) process, with three ultimately participating in the auction held last week. Areion, a fund backed by Omkara Asset Reconstruction Company, and Authum Investment and Infrastructure were the other two bidders in the auction conducted by Ram Kumar, the RBI-appointed administrator and former general manager of Punjab National Bank. “The bidding involved 13 rounds,…

InfrastructureLatest Stories

CRDA Greenlights ₹1,300 Crore for Amaravati Layouts

Representative AI image AMARAVATI: During the 56th meeting of the Capital Region Development Authority (CRDA) held on Monday, over Rs 1,300 crore was allocated for layout development, alongside a Rs 444-crore investment in a flood pumping system. Chaired by Andhra Pradesh Chief Minister N Chandrababu Naidu, the CRDA announced the establishment of a research center on two acres in Amaravati’s Quantum Computing Centre, with a budget of Rs 104 crore. The planned pumping station will cost Rs 444 crore and will have a capacity of 8,400 cusecs. Additionally, Rs 1,358 crore has been allocated for infrastructure development in Zone-8 of…