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Latest StoriesRegulatory

CBI Files Chargesheet in Ozone Urbana Homebuyers’ Fraud Case

NEW DELHI: The CBI has filed a charge sheet against Ozone Urbana Infra Developers Pvt Ltd and its director in relation to alleged builder-banker nexus scams, where numerous home buyers were reportedly deceived by exaggerated promises made during the purchase of their apartments, officials announced on Friday. The CBI submitted its 17th charge sheet regarding the scam before the Special Court in Bengaluru, targeting the builder for “alleged fraudulent activities” connected to a housing project in the city. A CBI spokesperson stated, “Our investigation has uncovered that the accused builder company and its director engaged in a criminal conspiracy to…

IndustryLatest Stories

Oberoi Realty Q1 FY27 Net Profit Jumps 29% to ₹543.51 Crore

NEW DELHI: Oberoi Realty has announced a 29% rise in its net consolidated profit after tax, amounting to ₹543.51 crore for the quarter ending June 30, 2026, up from a profit of ₹421.25 crore in the same quarter last fiscal year, as stated in a regulatory filing. The company’s net consolidated total income rose by 26.8% to ₹1,361.69 crore in Q1 FY27, compared to ₹1,073.98 crore in Q1 FY26. As of June 30, 2026, the company’s net worth was ₹18,398.68 crore. Its debt-equity ratio was 0.15, and the current liability ratio was noted at 0.60. The operating margin for the…

Latest StoriesResidential

Notandas Realty Directors Buy Juhu Villa Wilson for ₹135 Crore

Representative AI image NEW DELHI: Mahesh Jagwani and Harsh Jagwani, directors of Notandas Realty, have purchased Villa Wilson, a bungalow located in Mumbai’s Juhu for ₹135 crore, according to a company statement. The property, situated near actor Amitabh Bachchan’s residence, spans approximately 1,038.50 square meters. This marks the second bungalow acquisition by the directors in Juhu in 2026; earlier, they bought the sea-facing Leela Bungalow for ₹221 crore. The company plans to work with international architects for the redevelopment of the property. Villa Wilson was previously owned by the Wilson family and designed by architect Nirmala Banaji, featuring a Spanish-style…

InfrastructureLatest Stories

Ranchi Takes Action Against Illegal Rural Building

Representative AI image RANCHI: The Ranchi district administration has taken action against unauthorized rural construction, warning property owners of severe legal repercussions if they do not comply with the government’s mandatory building plan approval requirements. In a public announcement made on Thursday, Sanjay Kumar Bhagat, the deputy development commissioner and CEO of the Zila Parishad in Ranchi, indicated that the administration will pursue strict legal measures against any construction that circumvents established protocols. According to state regulations, obtaining building layout plan approvals from the Zila Parishad is compulsory for any construction exceeding 5,000 square feet within Panchayati Raj Institutions. This…

Latest StoriesResidential

Delhi Minister Speeds Up Allotment of 7,400 EWS Flats

Representative AI image NEW DELHI: On Thursday, Delhi’s Urban Development Minister Ashish Sood announced that the city government is accelerating the upgrade and allocation of over 7,400 Economically Weaker Section (EWS) flats in Bhalswa. He emphasized that the homes will be expanded to enhance living conditions for beneficiaries. During an inspection of the ongoing renovation at the housing project, Sood indicated that current flats are being redesigned with an increased carpet area of about four to five square meters, aiming to meet the standards set by the Pradhan Mantri Awas Yojana (PMAY). This initiative encompasses over 7,400 EWS homes, with…

Latest StoriesRegulatory

Civic Body Launches Tax Camps Amid Panchkula Recovery Delays

Representative AI image PANCHKULA: The municipal corporation (MC) of Panchkula has initiated Property Tax Facilitation and Rectification Camps across various wards to assist property owners in clearing their dues before the extended deadline of August 31. This move comes as property tax collections have not met expectations. The camps, which began on Thursday, are located at community centers and MC offices. They offer residents help with self-certifying property details, correcting records, updating ownership information and mobile numbers, verifying outstanding dues, and paying property tax. Property owners must complete self-certification through the Property Tax Dues Payment and No Dues Certificate Management…

Latest StoriesRegulatory

Ranchi I-T Surveys Uncover ₹50 Crore Hidden Income in Realty

RANCHI: The Income Tax (I-T) investigation wing has uncovered undisclosed income amounting to approximately Rs 50 crore during recent surveys at five locations linked to Panache Realtors and the Dayanand Modi Group in Ranchi over the past two days, as reported on Thursday. According to sources, I-T teams are currently reviewing various documents and digital data, including chats mainly pertaining to cash transactions. Experts have been enlisted to recover deleted messages. The partners involved with both real estate firms, such as Narayan Prasad Jalan, Aditya Jhunjhunwala, and Pradeep Modi from Panache Realtors, along with Anurag Modi, Sandip Modi, and Abhimanyu…

Latest StoriesRegulatory

NCDRC Orders Kakade Construction to Refund or Provide Flats

PUNE: The National Consumer Disputes Redressal Commission (NCDRC) has stated that a builder’s inability to complete a project and deliver possession in a timely manner constitutes a clear deficiency in service and an unfair trade practice. According to the NCDRC bench, led by Justice Sudip Ahluwalia and member Sadhna Shanker, “A homebuyer cannot be expected to wait indefinitely for possession. In cases of significant delays, the consumer is entitled to a refund with applicable interest and compensation.” This ruling was based on a Supreme Court judgment from 2020. The bench has mandated that Kakade Construction Company Private Limited, based in…

Latest StoriesRegulatory

Pune Builder, Partner Charged with Duping Retiree of ₹12.58 Crore

PUNE: The Economic Offences Wing (EOW) of the city police has launched an inquiry into a case of fraud against a builder and his associate. They are accused of defrauding an 80-year-old man of ₹12.58 crore over the last decade. A formal complaint was filed at the Koregaon Park police station on Wednesday, leading the EOW to assume responsibility for further investigation. According to Assistant Inspector Kalyani Pandole of the EOW, the complainant was a successful warehouse businessman who is now retired. The police report indicates that the builder initiated a housing project in 2016, prompting the complainant and his…

Latest StoriesRegulatory

HC Permits Bengaluru to Invite Karanth Layout Applications, No Allotments

BENGALURU: The Karnataka High Court has revised its earlier interim order regarding the Dr. K Shivaram Karanth Layout case. The new ruling allows the Bangalore Development Authority (BDA) to invite applications for sites but prohibits any allotments without prior court permission. A special division bench, consisting of Justices M. Nagaprasanna and Venkatesh Naik T, passed this order after reviewing an interlocutory application and an affidavit from BDA that outlined the authority’s financial situation. The Advocate General mentioned that in January 2024, the High Court instructed BDA to maintain the status quo on calling applications for the layout. The authority contended…