Category: Latest Stories

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CommercialLatest Stories

Embassy REIT Buys 0.3M Sq Ft Office in Bengaluru for ₹852 Cr

NEW DELHI: Embassy Office Parks REIT has acquired a 0.3 million sq ft office property in Bengaluru’s Embassy GolfLinks Business Park for ₹852 crore. The acquisition was finalized through purchasing Eleanor Realty Holdings India, the owner and operator of the commercial building ‘Pinehurst’ within the integrated business park. This grade-A office asset is fully leased to a global investment firm. According to the company, the transaction was made at a discount compared to the average valuation given by two independent valuers. Pwc acted as the financial and tax due diligence advisor for the transaction, while Trilegal handled title diligence. S&R…

Latest StoriesRegulatory

Hyderabad: Builder Accused of Cheating Buyers in ₹5 Crore Scam

Representative AI image HYDERABAD: The Central Crime Station (CCS) has filed a cheating case against a real estate firm and its promoters, accused of defrauding multiple buyers of over ₹5.6 crore in a pre-launch project in Tellapur. The complainant, Vinod Sadak, a 47-year-old private employee from Kothapet, stated that he paid ₹77 lakh for a 2,200 sq ft flat in a proposed gated community, but has yet to receive the flat or a refund. Vinod discovered the project, named ‘Tripura Nirvana’, in November 2022, which the company advertised as a residential high-rise with over 1,000 flats across 12 acres, featuring…

Latest StoriesRegulatory

Consumer Commission Orders Aditya Builders to Finalize Sale Deed

PANAJI: The North Goa District Consumer Dispute Redressal Commission has instructed a construction firm to execute a deed of sale within two months for a flat bought by a couple from Margao in 2004, for which they paid the full price. If the construction firm fails to adhere to this order within the specified timeframe, the consumers have the right to get the sale executed through the commission. According to the law, the firm was obliged to register the sale deed within 18 months after the building’s construction, but it did not do so. This prompted the complainants, Santosh Joshi…

IndustryLatest Stories

Godrej Properties Snags 11 Acres in Gurugram, 5 Acres in Kolkata

Representative AI image NEW DELHI: Godrej Properties (GPL) has secured 11.36 acres of land in Sector 63A, Gurugram, for residential development via an outright purchase. This venture is projected to generate an estimated revenue of over ₹4,500 crore, featuring a combination of premium low-rise and high-rise residences. Gaurav Pandey, Managing Director & CEO, stated, “With this new project, we have successfully added over ₹40,000 crore in future sales potential through portfolio expansions in FY26, achieving twice our business development target for the fiscal year.” In a separate initiative, the company also won a bid in an e-auction conducted by the…

InfrastructureLatest Stories

Pune Mandates Sensors for STP Monitoring in Housing Societies

PUNE: The civic authorities have mandated the installation of sensors in nearly 750 housing societies to facilitate effective monitoring of sewage treatment plants (STPs) within these residential areas. According to Pune Municipal Corporation (PMC) officials, all residential complexes with over 100 flats must manage their wastewater on-site. “The sensors will enable us to assess the efficiency of the STPs. Housing societies must handle their generated sewage. If they fail, corrective measures will be enforced,” stated Prithviraj BP, additional commissioner of PMC. The initiative is aimed at preventing the discharge of untreated wastewater and combatting water pollution. With urbanization leading to…

Latest StoriesRegulatory

Credai Challenges Pallikaranai Construction Ban in Madras HC

CHENNAI: The Confederation of Real Estate Developers’ Associations of India (Credai) has approached the Madras High Court to challenge a National Green Tribunal (NGT) ruling that bans construction activities within a 1km radius of the Pallikaranai marshland. This ban will remain until a comprehensive scientific study is conducted to identify the wetland’s zone of influence. The first bench, including Chief Justice Manindra Mohan Shrivastava and Justice G. Arul Murugan, has admitted the plea and instructed the Chennai Metropolitan Development Authority (CMDA) and the state forest department to respond within four weeks. According to the petitioner, the NGT prohibited approvals or…

Latest StoriesResidential

NDMC Orders Palika Dham Residents to Vacate by March 7

NEW DELHI: The New Delhi Municipal Council (NDMC) issued a new public notice on Tuesday instructing residents of the Palika Dham complex near Gole Market to vacate the premises immediately due to safety concerns regarding the building. The notice, signed by the NDMC’s joint director, sets March 7 as the deadline for residents to leave. “We wish to inform the public that the structure is in a dilapidated state and is unsafe for habitation. We request all Palika Dham residents to cooperate with the administration in vacating the premises to avoid any risks,” the notice stated. Additionally, the NDMC announced…

InfrastructureLatest Stories

Ahmedabad’s Development Plan Now Targets 2041

Representative AI image AHMEDABAD: A new Development Plan (DP) is in the works before the current plan’s 10-year term wraps up. However, the Ahmedabad Urban Development Authority (Auda) has yet to finalize this draft, despite the previous plan—Ahmedabad Development Plan 2021—expiring a year ago. This delay stems from Auda’s decision to depart from longstanding traditions. Rather than crafting another 10-year plan, they are developing a 20-year plan, extending through to 2041, largely influenced by the potential hosting of the 2036 Olympics in Ahmedabad and Gandhinagar. For the first time, Auda is committed to creating a 20-year Development Plan instead of…

Latest StoriesRegulatory

SC Issues Notice on Ramodaya Housing Project in Mormugao

PANAJI: The Supreme Court has issued a notice to the town and country planning department and the Mormugao planning and development authority regarding a petition challenging the permissions granted for the Ramodaya Cooperative Housing Society project in Mormugao. The SC bench, consisting of Justices Vikram Nath and Sandeep Mehta, has directed all parties to maintain the status quo concerning the possession and construction of the disputed property. Swapnesh Sherlekar approached the SC after the Bombay High Court dismissed his petition last year, which contested the development permissions and alleged significant hill cutting for the project. Sherlekar is challenging the inaction…

IndustryLatest Stories

Noida: Paramount Developers Pays ₹106 Cr, Unlocks 135 Flats

NOIDA: Paramount Developers has paid over ₹106 crore to the Noida and Greater Noida authorities, settling dues on two housing projects and paving the way for the registration of 135 flats. This includes 35 flats in Paramount Emotions located in Greater Noida West and 100 in Paramount Floraville in Sector 137, Noida. As per the developer, approximately ₹26 crore was paid to the Greater Noida Authority, while ₹80 crore went to the Noida Authority, following a settlement framework established by the Uttar Pradesh government for distressed housing projects. Paramount Emotions, covering 11 acres, was launched in 2010 and includes 19…