Category: Latest Stories

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Latest StoriesRegulatory

NCLAT Delays Hearing on Vedanta’s Adani Bid Challenge

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has postponed its hearing regarding Vedanta Group’s challenges against the selection of Adani Enterprises’ bid for the financially troubled Jaiprakash Associates Ltd (JAL) until April 16. The case will be reviewed on Thursday, following a change in the bench composition due to one member’s unavailability. The tribunal was expected to conclude arguments from Vedanta’s legal team, after which lenders and the resolution professional would present their cases. However, the NCLAT decided to defer proceedings after discussions with the involved parties. Last Friday, Vedanta raised concerns about the evaluation criteria used by…

Latest StoriesRegulatory

ED raids Gurugram’s 32nd Avenue over ₹500 crore scam

NEW DELHI: On Monday, the Enforcement Directorate executed raids targeting a real estate group based in Gurugram as part of an investigation into an alleged ₹500 crore fraud involving investors, officials reported. Authorities searched seven locations associated with the entity known as 32nd Avenue, which operates in Delhi-NCR and Goa. The company or its promoter has not yet responded to requests for comment. According to ED officials, the case arises from multiple FIRs filed by Haryana Police, prompted by complaints from investors who claim to have been defrauded by the group. The promoter-directors of the group are currently either evading…

Latest StoriesRegulatory

SIT to Investigate MHADA Quota Irregularities in Nashik

MUMBAI: Maharashtra Minister Chandrashekhar Bawankule announced on Monday that a special investigation team (SIT) will be formed to investigate alleged irregularities in the implementation of the MHADA quota in Nashik, warning that those who deny the less fortunate their rightful homes will face consequences. This decision follows reports of misconduct concerning the allocation of the 20% MHADA quota designated for economically weaker sections (EWS) and low-income groups (LIG) in Nashik. Under the direction of Chief Minister Devendra Fadnavis, the SIT will be overseen by the Nashik divisional commissioner and will include senior state officials. Bawankule stated, “Those who obstruct the…

Latest StoriesRegulatory

No capital gains tax if flat’s sale price matches cost: ITAT

MUMBAI: The Income Tax Appellate Tribunal (ITAT) has determined that capital gains tax cannot be applied when the sale price of a property matches its purchase price, despite initial disagreements from the I-T officer due to documentation issues. In a recent decision, the Mumbai bench of the tribunal supported the appeal from taxpayer Kamini V, reversing a Rs 42.5 lakh addition made by the tax department under ‘short-term capital gains’ for the fiscal year 2015-16. The case involved a jointly owned residential property bought for Rs 85 lakh and sold two years later for the same amount. The I-T officer…

CommercialLatest Stories

India Office Leasing Up 10% to 21.6M Sq Ft in Q1 2026

NEW DELHI: India’s office market achieved a gross absorption of 21.6 million sq ft across six major cities in the January-March quarter of 2026, reflecting a 10% year-on-year increase, as reported by Savills India. This growth comes against a backdrop of global economic uncertainties. The quarter also saw a 28% year-on-year decline in new supply, totaling 7.9 million sq ft, which contributed to a decrease in overall vacancy rates to 13.9% amid consistent leasing activity. The robust beginning of the year positions the total office demand for 2026 at an estimated 75 million sq ft, while supply is anticipated to…

IndustryLatest Stories

Puravankara’s Sales Soar 55% to ₹7,407 Crore in FY26

NEW DELHI: Puravankara reported a remarkable 190% year-on-year increase in sales, reaching ₹3,547 crore for the March quarter. This brings the company’s total sales for FY26 to ₹7,407 crore, a 55% rise compared to the previous fiscal year. Quarterly collections amounted to ₹1,213 crore, reflecting a 36% growth from last year, while total collections for FY26 rose by 15% to ₹4,258 crore. The company sold 7.25 million sq ft during the year, marking a 28% year-on-year increase, with average realization climbing 21% to ₹10,213 per sq ft. In the March quarter, realizations surged to ₹11,787 per sq ft. During FY26,…

Latest StoriesResidential

Mangaluru Issues Notices as Sewage Pollutes Moilykere

Representative image MANGALURU: The Mangaluru City Corporation (MCC) has issued notices to residences and apartments near the historic Moilykere lake at Mahakalipadpu, following the discovery of sewage flowing into the water body from surrounding areas. Known also as Shettibettu Kere, Moilykere was developed by the Mangaluru Urban Development Authority (MUDA) but continues to face pollution issues even after being transferred to the MCC. The civic body plans to take legal action under the Karnataka Municipal Corporations Act of 1976. The pollution problem was brought to light in the state legislature by MLC Ivan D’Souza, who highlighted it during a discussion…

InfrastructureLatest Stories

Two Firms Compete for Nagpur Metro Phase III DPR, Work Starts May

NAGPUR: The tendering process for the detailed project report (DPR) for the Nagpur Metro’s Phase 3 has progressed to the evaluation stage, with two firms participating in the bidding, as confirmed by officials. With the tender now closed, MahaMetro is conducting a technical evaluation of the bids. This critical step will assess the eligibility and capability of the firms involved. “After finishing the technical evaluation, the financial bids will be opened, and the contract will be awarded to the selected agency,” stated a MahaMetro representative. The DPR is crucial as it will outline the plan for Phase 3, which is…

CommercialLatest Stories

Engineer flags commercial use of homes in Guwahati

GUWAHATI: Guwahati Municipal Corporation (GMC) mayor Mrigen Sarania stated on Sunday that there are buildings in some areas of the city where the ground floors are utilized for commercial activities while the upper floors serve as residences. This comes as the city awaits more clarity on a Supreme Court order issued on March 25. The Supreme Court has instructed municipal corporations across all states and Union Territories to carry out an inquiry to identify areas designated solely for residential use that are being misappropriated for commercial purposes. Sarania noted that within GMC’s jurisdiction, certain buildings possess both residential and commercial…

IndustryLatest Stories

Patna Civic Body to Survey Properties to Boost Revenue and Curb Abuse

PATNA: The Patna Municipal Corporation (PMC) is launching a comprehensive survey to address the significant disparity between electricity connections and registered properties in the state capital. This initiative aims to identify unregistered properties, verify self-assessments, confirm actual occupancy status, and uncover misuse of residential properties for commercial activities. According to PMC officials, there are over five lakh electricity connections in Patna, yet only around 3.06 lakh properties are registered with the municipal body. Alarmed by this inconsistency, the urban development and housing department (UDHD) has directed a thorough survey across all sectors under PMC jurisdiction to validate these records. This…