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IndustryLatest Stories

Ghaziabad body granted power to alter land use for townships

Representative AI image GHAZIABAD: The GDA Board now holds the authority to change land use from agricultural to residential for townships developed under the CM Urban Expansion New City Promotion Scheme, a power that was previously with the state government. This modification will enable the GDA to address delays or disputes related to land-use issues in its projects, particularly in the Harnandipuram township, where over 80% of the 501 hectares proposed for acquisition is currently agricultural land. “Change of land use (CLU) is a long and complex process requiring state government approval, which can take months. In 2023, the state…

IndustryLatest Stories

Mumbai Bungalow Sold for ₹164 Crore for Redevelopment

Representative AI image MUMBAI: A historic standalone bungalow in Mumbai’s Bandra-Khar-Santacruz area is set for redevelopment, with a prominent property in Santacruz West selling for ₹164 crore. This transaction adds to the growing trend of vintage homes in the western suburbs being acquired for high-end residential projects. The property, known as Dwarka Bungalow on Linking Road, covers 13,629 sq ft and features a ground-plus-one structure alongside a garage and ancillary sheds. The buyer, ZYJ Estates LLP, has paid a stamp duty exceeding ₹9.84 crore for the transaction, which took place on November 17, according to documents accessed via Zapkey.com. Such…

IndustryLatest Stories

BMC to Auction Six-Acre Century Mill Land in Worli, Mumbai

Representative AI image MUMBAI: Nearly a year after the Supreme Court overturned a March 2022 Bombay High Court decision, ruling that almost six acres of Century Cotton Textile Mill land in Worli belong wholly to the BMC, the civic body is now looking to monetize the property. The BMC has issued a tender to auction the land for a 30-year lease, which can be renewed for an additional 30 years via private participation. The starting bid is set at Rs 1,348 crore, and development will adhere to the Development Control & Promotion Regulations (DCPR-2034) guidelines. “The base price reflects the…

Latest StoriesRera

Uttar Pradesh REAT Demands Builder’s Interest Payment for 45 Days

NOIDA: The Uttar Pradesh Real Estate Appellate Tribunal has mandated that the promoter of a residential cluster in Greater Noida’s Sector 27 must compensate homebuyers for delays and refund charges related to the township’s master club and golf course. The promoter is also required to execute a correction deed to rectify missing information from the registered tripartite sub-lease deed. The tribunal, consisting of Justice Suneet Kumar (chairman) and Rameshwar Singh (administrative member), issued this ruling while rejecting six appeals from AR Landcraft LLP, the promoter of the Godrej Crest residential cluster within the 100-acre Godrej Golf Links township, challenging a…

Latest StoriesRegulatory

NGT Reduces Environmental Fine for Gurugram High-Rise Society

NEW DELHI: The National Green Tribunal (NGT) has provided notable relief to Freedom Park Life AOA, developed by BPTP Builder, by significantly decreasing the environmental compensation previously imposed on the society by the Haryana State Pollution Control Board. The appeal, presented by Advocates Sumit Gehlot, T.S. Thakraon, Manju Gehlot, and Abhishek Singh for the appellant, led the Tribunal to determine that the penalty calculated by the Board was unjustified and lacked supporting evidence. Initially, the HSPCB had levied a penalty of Rs 1,55,62,500 on the housing society, claiming that its sewage treatment plant (STP) had been out of order for…

Latest StoriesRegulatory

NCLAT Orders Chronos Properties to Renew Bank Guarantee for IL&FS

NEW DELHI: On Friday, the National Company Law Appellate Tribunal (NCLAT) instructed Brookfield-backed Chronos Properties to renew the bank guarantee for the acquisition of the flagship Bandra Kurla Complex property from Infrastructure Leasing and Financial Services Ltd (IL&FS). In an interim order, NCLAT also prohibited the debt-laden IL&FS group from creating third-party rights on its headquarters until the appeal is resolved. NCLAT emphasized the necessity for Chronos to renew the Performance Bank Guarantee to avoid disqualification in acquiring the IL&FS headquarters. Both parties have been directed to finalize pleadings, file replies, and rejoinders by January 16, with the next hearing…

Housing FinanceLatest Stories

Ajai Kumar Shukla Appointed MD and CEO of PNB Housing Finance

India’s PNB Housing Finance has appointed Ajai Kumar Shukla as its managing director and CEO for a five-year term starting December 18, resulting in a 5% increase in the mortgage lender’s shares. Shukla brings over 30 years of experience in housing and mortgage lending and will take over from Girish Kousgi, who was instrumental in accelerating the company’s growth in the affordable housing sector, outperforming its competitors. The announcement comes as significant home financiers face growing challenges from banks in the luxury home lending market, while affordable housing has become more appealing due to higher yields and limited competition. Currently…

InfrastructureLatest Stories

DDA Demolishes Illegal Farmhouses in Sainik Farms, Recovers 4.5 Acres

NEW DELHI: On Friday, the Delhi Development Authority (DDA) conducted a demolition operation in Tilpath Valley, located in the Sainik Farms area of south Delhi, targeting illegal constructions on land designated for a biodiversity park. Officials confirmed that the demolished structures were not protected under the National Capital Territory of Delhi (Special Provisions) Act, 2014, which typically shields jhuggi jhopri (JJ) clusters from demolition. The action specifically took place on Khasra numbers 595, 596, and 620. During an initial phase of the operation on December 5, nine properties were identified by the DDA. Out of these, five properties—including two fully…

Latest StoriesResidential

AIPL to invest ₹987.25 crore in Dwarka Expressway project

NEW DELHI: AIPL, based in Gurugram, is set to invest ₹987.25 crore in the development of its residential project, Riviera, at AIPL LakeCity in Sector 103 along the Dwarka Expressway. As per the company’s filing with the Haryana RERA website, the project’s total estimated cost is ₹987.25 crore, which includes ₹183.72 crore for land acquisition and ₹456.54 crore for construction. Spanning 5.14 acres, Phase I of the project is projected to generate revenues of ₹1,500 crore. It will consist of two high-rise towers, each 43 floors tall, featuring 3 and 4 BHK units. The company has appointed Morphogenesis as the…

IndustryLatest Stories

Satya, Maple Group to Invest ₹1,600 Crore in Dwarka Project

NEW DELHI: The Satya Group and Maple Group have made a ₹1,600 crore investment to launch Levante Residences, a high-rise residential project located in Sector 104, Gurugram, adjacent to the Dwarka Expressway. This project will encompass five acres and consist of three towers, each with 47 floors, offering a total of 488 units. Apartment options include 3BHK, 4BHK, and 5BHK configurations, with prices starting at ₹2.96 crore. Construction is anticipated to begin in January 2026, with completion projected for 2030. The funding for this investment will be secured through promoter equity, ASK Fund, and internal cash flows, with expected sales…