Category: Latest Stories

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Latest StoriesRegulatory

Lucknow: Deputy Registrar Nullifies RWA Registration

LUCKNOW: The Deputy Registrar’s office for Firms, Societies, and Chits in Lucknow has annulled the registration of the Celebrity Green F & G Resident Welfare Association (RWA) immediately, citing significant breaches of the Uttar Pradesh Apartment Act, 2010, and the concealment of key facts during the registration process. This decision was made on December 17. The RWA, situated in Celebrity Green, Sector-B, Sushant Golf City, and developed by Ansal API, was registered on July 31, 2023, under the Societies Registration Act, 1860, with a validity until July 30, 2028. A complaint by Sikta Mishra and other residents on October 9,…

Latest StoriesRera

21% of Builders Still Haven’t Filed Gujarat RERA Report

AHMEDABAD: Despite receiving an extension, only 79% of developers have submitted their annual financial reports for 2024-25, as reported by sources from GujRERA (Gujarat Real Estate Regulatory Authority). The authority has put in place a penalty system for developers who fail to adhere to the regulations. Historically, about 80% of developers complied with submitting this Form-5. GujRERA also actively pursues action against non-compliant developers. Each promoter is obligated to have their accounts audited within six months after the financial year ends for every registered project and must upload the annual report in Form-5 to their GujRERA webpage. This year, for…

IndustryLatest Stories

JM AMC Launches ₹1,000-Crore Real Estate Fund in AIFs

NEW DELHI: JM Financial Asset Management Company is enhancing its Alternative Investment Fund (AIF) platform by launching a Rs 1,000 crore early-stage real estate fund to fill the financing gaps in the sector. According to Amitabh Mohanty, MD and CEO of JM Financial Asset Management Ltd, “Our aim is to develop a comprehensive AIF ecosystem that facilitates India’s next wave of enterprise growth. We are formulating thematic strategies that are backed by real assets and focus on non-traditional opportunities,” as reported to PTI. The AIF platform will provide specialized capital pools targeting credit, real estate, and pre-IPO opportunities, he noted.…

IndustryLatest Stories

Keystone Realtors’ ₹3,000 Crore Housing Project in Mumbai Next Month

NEW DELHI: Keystone Realtors, a prominent real estate firm, is set to unveil a super luxury residential project in Mumbai next month, projected to generate approximately ₹3,000 crore in revenue, according to a senior company official. Based in Mumbai, Keystone Realtors operates under the Rustomjee brand and is recognized as one of India’s leading real estate developers. In a recent interview with PTI, Boman Irani, Chairman and Managing Director of Keystone Realtors, expressed a strong optimism regarding housing demand. He is confident that the sales bookings target of ₹4,000 crore for the current fiscal year will easily be met. The…

InfrastructureLatest Stories

Delhi Minister: Strict Action on Construction Ban Violations

NEW DELHI: As air quality in Delhi hovers around the ‘severe’ mark, Environment Minister Manjinder Singh Sirsa announced on Saturday that stringent actions will be taken against polluting industries and anyone breaching the construction ban in the national capital. According to predictions from the India Meteorological Department, a western disturbance is expected to influence Delhi on Sunday, potentially exacerbating the already poor air quality. Currently, GRAP 4 restrictions are enforced citywide. Sirsa noted that authorities are receiving multiple complaints regarding construction activities continuing despite the ban. He warned violators of strict consequences. He instructed all industries in Delhi to adhere…

InfrastructureLatest Stories

Delhi fines construction sites ₹33.95 lakh for GRAP-IV violations

NEW DELHI: The Municipal Corporation of Delhi (MCD) has imposed fines totaling ₹33.95 lakh on construction sites over the last week for breaching guidelines outlined in the Graded Response Action Plan (GRAP) aimed at reducing air pollution, officials announced on Saturday. The MCD stated that construction and demolition activities are strictly banned in Delhi during the GRAP-IV phase, following directions by the Commission for Air Quality Management (CAQM) and orders from the National Green Tribunal (NGT). Enforcement teams from the MCD conducted inspections across all zones, verifying 1,792 construction sites and issuing 771 fines where violations were identified. In November,…

Latest StoriesRegulatory

NGT Halts Order to Attach Gaursons Promoters’ Office, MD Case

NOIDA: The National Green Tribunal (NGT) has suspended its prior directive to attach the headquarters of Gaursons Promoters Private Limited and initiate criminal proceedings against the company’s managing director, granting temporary relief to the real estate developer. This ruling was made by a bench featuring judicial member Justice Arun Kumar Tyagi and expert member Dr. Afroz Ahmad, following the company’s request to modify or overturn the tribunal’s Dec 16 directive. This directive had been issued during the hearing of an execution application presented by a Greater Noida resident, claiming non-compliance with earlier tribunal orders. Senior advocate A R Takkar, representing…

IndustryLatest Stories

Brookfield India REIT Secures ₹2,000 Cr via Green Bonds

Brookfield India Real Estate Trust has successfully raised Rs 2,000 crore through its first sustainability-linked bonds, with the International Finance Corporation (IFC) as a key anchor investor, according to sources familiar with the matter. Other notable subscribers include a mix of domestic and international institutional investors. The listed REIT is set to issue the bonds with a quarterly coupon of 7.06% over a tenure of five years. This marks the second fundraising effort by Brookfield India REIT in two weeks, following a Rs 3,500 crore equity offering through a qualified institutional placement (QIP) from both domestic and global investors earlier…

Latest StoriesResidential

Property Tax to Increase for 5,000 Households in Patna

PATNA: The urban development and housing department (UDHD) has upgraded 19 main roads to the ‘principal main road’ (PMR) category, affecting over 5,000 households who will now face approximately 1.5 times higher residential property taxes. This significant change in property tax assessment for the Patna Municipal Corporation (PMC) comes after UDHD’s approval. The UDHD announced the upgrade of roads on May 19, leading to the PMC’s notification on December 2. A list of 112 newly classified roads has been released by the PMC. Of these, 43 roads are now designated as PMRs, and 69 are classified as main roads. Prominent…